# Nippon Crucible co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第186期(2025/04/01－2026/03/31) (S100YINX)
> Page: https://vizora.meequs.com/en/company/nippon-crucible
> Retrieved: 2026-09-30T21:40:19.865Z

## Company

Nippon Crucible, founded in 1896, is a company in Glass & Ceramics listed on TSE Standard. It has 259 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Crucible Co., Ltd. |
| Ticker | 5355 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5355.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区恵比寿一丁目21番3号 |
| Representative (per filing) | 代表取締役社長 西村 有司 |
| Founded | Apr 1896 |
| Share capital | ¥704.5M |
| Employees (consolidated) | 259 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.rutsubo.com (https://www.rutsubo.com/) |
| Corporate number | 9011001018113 |
| EDINET | E01131 |
| Industries (Vizora) | Glass & Ceramics, Plant Engineering & Building Services, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YINX, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Glass & Ceramics (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38.2 | 17 |
| Profitability | 8.8 | 17 |
| Cash conversion | 53.1 | 16 |
| Efficiency | 91.2 | 17 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 53% of Nippon Crucible's sales come from Refractories, with Engineering and Real estate making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +4.5% from the prior year, operating profit -13.4%.

## Company structure

- Segment revenue mix: Refractories 53.4%、Engineering 42.7%、Real estate 3.9%
- Revenue → net income: ¥10220922000 → ¥426606000
- Net income → operating cash flow: ¥426606000 → ¥512737000（difference ¥86131000）
- Main uses of operating cash flow: CapEx ¥455660000 / dividends ¥113629000 / buybacks —
- Change in cash: ¥478274000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥10.2B |  |
| Operating income | ¥410.2M | Margin 4.0% |
| Net income | ¥426.6M | Margin 4.2% |
| Free cash flow | ¥57.1M |  |
| Largest business | Refractories | of segment revenue 53.4% |
| Employees (consolidated) | 259 |  |
| EPS | ¥42.73 |  |
| Book value per share | ¥835.6 |  |
| Equity ratio | 51.3% |  |
| Shares outstanding | 7,045,200 |  |
| Treasury shares | 317,400 |  |
| Shareholders | 4,459 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 18.2% | Cash ÷ revenue 21.5% |
| Vs. industry median margin | -6.9 pp | Glass & Ceramics |
| ROE | 8.2% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -29 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7657790000 | ¥10220922000 | +33.5% |
| Operating income | ¥59370000 | ¥410155000 | +590.8% |
| Operating margin | 0.8% | 4.0% | +3.2 pp |
| Employees | 245 people | 259 people | +5.7% |
| Cash and equivalents | ¥2135399000 | ¥2201154000 | +3.1% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 耐火物 → 耐火物 | 53.4% |
| 耐火物 → 事業再編・廃止 | 8.4% |
| エンジニアリング → エンジニアリング | 32.9% |
| 不動産事業 → 不動産事業 | 3.9% |
| 不動産事業 → 事業再編・廃止 | 1.5% |
| 新設・再編 → エンジニアリング | 9.8% |

Segment revenue source references: 6 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Refractories | 5 years | +1.9% | ¥5203625000 | 4.9% | 2 |
| Engineering | 5 years | +10.6% | ¥4166920000 | 14.5% | 2 |
| Real estate | 5 years | -1.6% | ¥379314000 | 55.1% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,221 | 100.0% | S100YINX |
| Cost of revenue | 7,514 | 73.5% | S100YINX |
| Gross profit | 2,707 | 26.5% | S100YINX |
| SG&A | 2,297 | 22.5% | S100YINX |
| Operating income | 410 | 4.0% | S100YINX |
| Ordinary income | 494 | 4.8% | S100YINX |
| Pretax income | 611 | 6.0% | S100YINX |
| Income tax | 184 | 1.8% | S100YINX |
| Net income | 427 | 4.2% | S100YINX |
| Net income attributable to owners | 427 | 4.2% | S100YINX |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 22 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 26.5% → Operating margin 4.0% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.5%; Core profit growth: -13.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -2.99×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,784 | 10,221 | 436 | +4.5% |
| Gross profit | 2,770 | 2,707 | -63 | -2.3% |
| Operating income | 473 | 410 | -63 | -13.4% |
| Net income attributable to owners | 350 | 427 | 76 | +21.7% |
| Operating cash flow | 1,046 | 513 | -533 | -51.0% |
| Free cash flow | 469 | 57 | -412 | -87.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,243 | 386 | 4.2% | 307 | 863 | 652 | S100LMW4 |
| FY ending Mar 2021 | 7,658 | 59 | 0.8% | 117 | 966 | 805 | S100OE2J |
| FY ending Mar 2022 | 8,675 | 256 | 2.9% | 212 | 809 | 683 | S100RAPO |
| FY ending Mar 2023 | 8,842 | 162 | 1.8% | 25 | 49 | -90 | S100TXC6 |
| FY ending Mar 2024 | 9,611 | 308 | 3.2% | 271 | 448 | 147 | S100WJDM |
| FY ending Mar 2025 | 9,784 | 473 | 4.8% | 350 | 1,046 | 469 | S100YINX |
| FY ending Mar 2026 | 10,221 | 410 | 4.0% | 427 | 513 | 57 | S100YINX |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.5M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 259 | 259 | 252 | 258 | 259 |
| Average salary (parent company) | ¥6.2M | ¥6.1M | ¥6.1M | ¥6.7M | ¥6.8M |
| Average age (parent company) | 41.5 years | 43.1 years | 43.5 years | 43.5 years | 44.2 years |
| Average tenure (parent company) | 13.1 years | 14.6 years | 14.1 years | 14.6 years | 15.2 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +4.5%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Refractories | 5,204 | 53.4% | 256 | 4.9% |
| Engineering | 4,167 | 42.7% | 603 | 14.5% |
| Real estate | 379 | 3.9% | 209 | 55.1% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Refractories | 53.4% | 24.0% | -29.4 | 4.9% |
| Engineering | 42.7% | 56.4% | 13.7 | 14.5% |
| Real estate | 3.9% | 19.6% | 15.7 | 55.1% |

Segment → industry: Refractories → Glass & Ceramics / Engineering → Plant Engineering & Building Services / Real estate → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 513 | 5.0% | S100YINX |
| Capital expenditure | 456 | 4.5% | S100YINX |
| Free cash flow | 57 | 0.6% | 算出 |
| Investing cash flow | -260 | -2.5% | S100YINX |
| Financing cash flow | 226 | 2.2% | S100YINX |
| Dividends paid | 114 | 1.1% | S100YINX |
| Change in cash | 478 | 4.7% | S100YINX |
| Cash and equivalents | 2,201 | 21.5% | S100YINX |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,149 | 1,709 | 1,558 | 1,723 | 2,201 | S100TXC6, S100WJDM, S100YINX |
| Total assets | 11,077 | 10,785 | 10,671 | 11,217 | 12,100 | S100RAPO, S100TXC6, S100WJDM, S100YINX |
| Net assets | 5,186 | 5,160 | 5,285 | 5,581 | 6,204 | S100TXC6, S100WJDM, S100YINX |
| Share capital | 705 | 705 | 705 | 705 | 705 | S100RAPO, S100TXC6, S100WJDM, S100YINX |
| Property, plant and equipment | 2,344 | 2,132 | 2,144 | 2,438 | 2,721 | S100RAPO, S100TXC6, S100WJDM, S100YINX |
| Intangible assets excluding goodwill | 316 | 251 | 195 | 235 | 193 | S100RAPO, S100TXC6, S100WJDM, S100YINX |
| Goodwill | 261 | 218 | 175 | 212 | 175 | S100RAPO, S100TXC6, S100WJDM, S100YINX |
| Investment securities | 842 | 876 | 999 | 1,138 | 1,604 | S100RAPO, S100TXC6, S100WJDM, S100YINX |
| Current assets | 6,575 | 6,607 | 6,602 | 6,657 | 7,060 | S100RAPO, S100TXC6, S100WJDM, S100YINX |
| Current liabilities | 3,382 | 3,534 | 3,664 | 3,880 | 3,851 | S100RAPO, S100TXC6, S100WJDM, S100YINX |
| Trade payables | 698 | 800 | 590 | 724 | 640 | S100RAPO, S100TXC6, S100WJDM, S100YINX |
| Short-term borrowings | 1,311 | 1,345 | 1,348 | 1,335 | 1,477 | S100RAPO, S100TXC6, S100WJDM, S100YINX |
| Long-term borrowings | 1,124 | 714 | 500 | 546 | 828 | S100RAPO, S100TXC6, S100WJDM, S100YINX |
| Total liabilities | 5,891 | 5,585 | 5,386 | 5,635 | 5,896 | S100RAPO, S100TXC6, S100WJDM, S100YINX |
| Equity attributable to owners of parent | 4,821 | 4,777 | 4,777 | 5,046 | 5,375 | S100RAPO, S100TXC6, S100WJDM, S100YINX |
| Retained earnings | 4,140 | 4,097 | 4,148 | 4,418 | 4,734 | S100RAPO, S100TXC6, S100WJDM, S100YINX |
| Treasury stock | -109 | -109 | -161 | -161 | -149 | S100RAPO, S100TXC6, S100WJDM, S100YINX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YINX |
| Property, plant and equipment | 23% | S100YINX |
| Intangibles and goodwill | 3% | S100YINX |
| Investment securities | 13% | S100YINX |
| Other assets | 43% | S100YINX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YINX |
| Other liabilities | 44% | S100YINX |
| Equity | 51% | S100YINX |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 11,077 | 10,785 | 10,671 | 11,217 | 12,100 |
| Equity | 5,186 | 5,160 | 5,285 | 5,581 | 6,204 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,149 | 1,709 | 1,558 | 1,723 | 2,201 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 26.6% | S100YINX |
| Fixed assets ÷ total assets | 22.5% | S100YINX |
| Goodwill ÷ parent equity | 3.3% | S100YINX |

Goodwill over 4 years: 261 → 175 JPY; total investing cash flow: -1,442 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 18.2% |
| Cash ÷ revenue | 21.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 125.0% |
| Cash vs. profit gap | 86 JPY mn (of net income 20.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.6% |
| Shareholder payments — dividends / FCF | 199.1% |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 50.8% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.4% | 0.78× | 1.9% | 2.30× | 4.4% | S100RAPO |
| 2023 | 0.3% | 0.81× | 0.2% | 2.28× | 0.5% | S100TXC6 |
| 2024 | 2.8% | 0.90× | 2.5% | 2.25× | 5.7% | S100WJDM |
| 2025 | 3.6% | 0.89× | 3.2% | 2.23× | 7.1% | S100YINX |
| 2026 | 4.2% | 0.88× | 3.7% | 2.24× | 8.2% | S100YINX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 岡田民雄 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社みずほ銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.8% | 2026-03-31 |
| 柏屋商事株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| 美濃窯業株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 野村信託銀行株式会社（信託口） | Major shareholder | 3.2% | 2026-03-31 |
| 野間一 | Major shareholder | 3.1% | 2026-03-31 |
| 日本坩堝従業員持株会 | Major shareholder | 3.1% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 日本精鉱株式会社 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第186期(2025/04/01－2026/03/31) | S100YINX | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YINX,, |
| 訂正有価証券報告書－第185期(2024/04/01－2025/03/31) | S100WJDM | 2025-08-14 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WJDM,, |
| 有価証券報告書－第184期(2023/04/01－2024/03/31) | S100TXC6 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXC6,, |
| 有価証券報告書－第183期(2022/04/01－2023/03/31) | S100RAPO | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAPO,, |
| 有価証券報告書－第182期(令和3年4月1日－令和4年3月31日) | S100OE2J | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE2J,, |
| 有価証券報告書－第181期(令和2年4月1日－令和3年3月31日) | S100LMW4 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMW4,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).