# Nippon Electric Glass Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第107期(2025/01/01－2025/12/31) (S100XU17)
> Page: https://vizora.meequs.com/en/company/nippon-electric-glass
> Retrieved: 2026-09-30T20:32:46.895Z

## Company

Nippon Electric Glass, founded in 1944, is a company in Glass & Ceramics listed on TSE Prime. It has 5,218 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Electric Glass Co., Ltd. |
| Ticker | 5214 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5214.T) |
| Listing | TSE Prime |
| Head office | 滋賀県大津市晴嵐二丁目7番1号 |
| Representative (per filing) | 代表取締役 社長 岸本 暁 |
| Founded | Oct 1944 |
| Share capital | ¥32.2B |
| Employees (consolidated) | 5,218 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | December |
| Website | www.neg.co.jp (https://www.neg.co.jp/) |
| Corporate number | 4160001001498 |
| EDINET | E01190 |
| Industries (Vizora) | Glass & Ceramics |

> Profile source: annual securities report (S100XU17, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Glass & Ceramics (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 26.5 | 17 |
| Profitability | 55.9 | 17 |
| Cash conversion | 78.1 | 16 |
| Efficiency | 26.5 | 17 |
| Financial strength | 50 | 5 |

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)

- Nippon Electric Glass brought in ¥311.4B in revenue.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +4.1% from the prior year, operating profit +457.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥311402000000 → ¥30059000000
- Net income → operating cash flow: ¥30059000000 → ¥52029000000（difference ¥21970000000）
- Main uses of operating cash flow: CapEx ¥28951000000 / dividends ¥10643000000 / buybacks ¥20003000000
- Change in cash: ¥-3269000000
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 | ¥311.4B |  |
| Operating income | ¥34.1B | Margin 11.0% |
| Net income | ¥29.6B | Margin 9.5% |
| Free cash flow | ¥23.1B |  |
| Employees (consolidated) | 5,218 |  |
| EPS | ¥407.12 |  |
| Book value per share | ¥5168.49 |  |
| Equity ratio | 70.2% |  |
| Shares outstanding | 89,523,246 |  |
| Treasury shares | 14,294,900 |  |
| Shareholders | 27,613 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 17.2% | Net cash ¥32.9B · Cash ÷ revenue 38.6% |
| Vs. industry median margin | 0 pp | Glass & Ceramics |
| ROE | 7.1% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -5% while operating income rose 458%
- FY2025, buybacks were 1.9× dividends

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥242886000000 | ¥311402000000 | +28.2% |
| Operating income | ¥17660000000 | ¥34131000000 | +93.3% |
| Operating margin | 7.3% | 11.0% | +3.7 pp |
| Employees | 6,157 people | 5,218 people | -15.3% |
| Cash and equivalents | ¥121215000000 | ¥120313000000 | -0.7% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 311,402 | 100.0% | S100XU17 |
| Cost of revenue | 231,392 | 74.3% | S100XU17 |
| Gross profit | 80,010 | 25.7% | S100XU17 |
| SG&A | 45,879 | 14.7% | S100XU17 |
| Operating income | 34,131 | 11.0% | S100XU17 |
| Ordinary income | 37,740 | 12.1% | S100XU17 |
| Pretax income | 41,925 | 13.5% | S100XU17 |
| Income tax | 11,866 | 3.8% | S100XU17 |
| Net income | 30,059 | 9.7% | S100XU17 |
| Net income attributable to owners | 29,616 | 9.5% | S100XU17 |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 15 |
| Operating income | 11 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 25.7% → Operating margin 11.0% → Net margin 9.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.1%; Core profit growth: +457.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 112.58×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 299,237 | 311,402 | 12,165 | +4.1% |
| Gross profit | 54,322 | 80,010 | 25,688 | +47.3% |
| Operating income | 6,120 | 34,131 | 28,011 | +457.7% |
| Net income attributable to owners | 12,091 | 29,616 | 17,525 | +144.9% |
| Operating cash flow | 52,200 | 52,029 | -171 | -0.3% |
| Free cash flow | 35,064 | 23,078 | -11,986 | -34.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 257,511 | 16,258 | 6.3% | -33,669 | 21,637 | 7,675 | S100L2LK |
| FY ending Dec 2020 | 242,886 | 17,660 | 7.3% | 15,252 | 47,861 | 22,690 | S100NSVW |
| FY ending Dec 2021 | 292,033 | 32,779 | 11.2% | 27,904 | 69,881 | 34,823 | S100QIFF |
| FY ending Dec 2022 | 324,634 | 26,184 | 8.1% | 28,167 | 31,563 | -28,439 | S100T66Z |
| FY ending Dec 2023 | 279,974 | -10,420 | -3.7% | -26,188 | -1,360 | -30,455 | S100VIV1 |
| FY ending Dec 2024 | 299,237 | 6,120 | 2.0% | 12,091 | 52,200 | 35,064 | S100XU17 |
| FY ending Dec 2025 | 311,402 | 34,131 | 11.0% | 29,616 | 52,029 | 23,078 | S100XU17 |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.7M |
| Operating income per employee (consolidated) | ¥6.5M |
| Net income per employee (consolidated) | ¥5.7M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 6,251 | 6,349 | 5,578 | 5,498 | 5,218 |
| Average salary (parent company) | ¥7.5M | ¥7.8M | ¥7.5M | ¥7M | ¥7.4M |
| Average age (parent company) | 45.5 years | 45.3 years | 44.5 years | 43.9 years | 43.3 years |
| Average tenure (parent company) | 23.8 years | 23.2 years | 22.2 years | 21.2 years | 20.0 years |

Year over year: Employees (consolidated) -5.1% · Revenue (consolidated) +4.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 52,029 | 16.7% | S100XU17 |
| Capital expenditure | 28,951 | 9.3% | S100XU17 |
| Free cash flow | 23,078 | 7.4% | 算出 |
| Investing cash flow | -10,397 | -3.3% | S100XU17 |
| Financing cash flow | -45,273 | -14.5% | S100XU17 |
| Dividends paid | 10,643 | 3.4% | S100XU17 |
| Share buyback | 20,003 | 6.4% | S100XU17 |
| Change in cash | -3,269 | -1.0% | S100XU17 |
| Cash and equivalents | 120,313 | 38.6% | S100XU17 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 134,723 | 106,862 | 75,083 | 123,582 | 120,313 | S100T66Z, S100VIV1, S100XU17 |
| Total assets | 698,129 | 747,907 | 703,917 | 695,163 | 701,413 | S100QIFF, S100T66Z, S100VIV1, S100XU17 |
| Net assets | 499,742 | 528,912 | 490,130 | 487,559 | 496,181 | S100T66Z, S100VIV1, S100XU17 |
| Share capital | 32,155 | 32,155 | 32,155 | 32,155 | 32,155 | S100QIFF, S100T66Z, S100VIV1, S100XU17 |
| Trade receivables | 59,579 | — | — | — | — | S100QIFF |
| Property, plant and equipment | 380,280 | 425,629 | 392,968 | 353,854 | 360,655 | S100QIFF, S100T66Z, S100VIV1, S100XU17 |
| Intangible assets excluding goodwill | 4,958 | 5,341 | 4,996 | 4,357 | 4,121 | S100QIFF, S100T66Z, S100VIV1, S100XU17 |
| Investment securities | 44,957 | 40,806 | 43,405 | 43,132 | 42,045 | S100QIFF, S100T66Z, S100VIV1, S100XU17 |
| Current assets | 264,512 | 271,680 | 253,104 | 285,495 | 283,783 | S100QIFF, S100T66Z, S100VIV1, S100XU17 |
| Current liabilities | 117,934 | 131,665 | 109,042 | 123,007 | 117,793 | S100QIFF, S100T66Z, S100VIV1, S100XU17 |
| Trade payables | 42,539 | 52,102 | 43,169 | 39,444 | 38,974 | S100QIFF, S100T66Z, S100VIV1, S100XU17 |
| Short-term borrowings | 24,910 | 40,878 | 32,505 | 45,777 | 23,732 | S100QIFF, S100T66Z, S100VIV1, S100XU17 |
| Long-term borrowings | 39,911 | 42,647 | 65,838 | 45,488 | 53,662 | S100QIFF, S100T66Z, S100VIV1, S100XU17 |
| Bonds | 20,000 | 20,000 | 20,000 | 20,000 | 10,000 | S100QIFF, S100T66Z, S100VIV1, S100XU17 |
| Interest-bearing debt | 84,821 | 103,525 | 118,343 | 111,265 | 87,394 | 算出 |
| Total liabilities | 198,386 | 218,995 | 213,786 | 207,604 | 205,231 | S100QIFF, S100T66Z, S100VIV1, S100XU17 |
| Non-controlling interests | 4,672 | 4,567 | 3,084 | 3,539 | 3,810 | S100QIFF, S100T66Z, S100VIV1, S100XU17 |
| Equity attributable to owners of parent | 475,684 | 492,721 | 444,407 | 417,452 | 416,463 | S100QIFF, S100T66Z, S100VIV1, S100XU17 |
| Retained earnings | 429,354 | 446,359 | 409,910 | 411,024 | 398,474 | S100QIFF, S100T66Z, S100VIV1, S100XU17 |
| Treasury stock | -20,120 | -20,072 | -31,932 | -60,007 | -48,068 | S100QIFF, S100T66Z, S100VIV1, S100XU17 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100XU17 |
| Property, plant and equipment | 51% | S100XU17 |
| Intangibles and goodwill | 1% | S100XU17 |
| Investment securities | 6% | S100XU17 |
| Other assets | 25% | S100XU17 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100XU17 |
| Interest-bearing debt | 12% | 算出 |
| Other liabilities | 11% | S100XU17 |
| Equity | 71% | S100XU17 |
| Other liabilities | 0% | S100XU17 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 698,129 | 747,907 | 703,917 | 695,163 | 701,413 |
| Equity | 499,742 | 528,912 | 490,130 | 487,559 | 496,181 |
| Interest-bearing debt | 84,821 | 103,525 | 118,343 | 111,265 | 87,394 |
| Cash | 134,723 | 106,862 | 75,083 | 123,582 | 120,313 |

## 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) | 115.8% | S100XU17 |
| Fixed assets ÷ total assets | 51.4% | S100XU17 |
| Goodwill ÷ parent equity | — | —, S100XU17 |

### 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) | 17.2% |
| Cash ÷ revenue | 38.6% |
| Net cash (cash − interest-bearing debt) | ¥32.9B |
| Net debt ÷ operating cash flow | -0.63× |
| Cash conversion (operating CF ÷ operating income) | 152.4% |
| Cash vs. profit gap | 22,413 JPY mn (of net income 75.7%) |
| Shareholder returns / net income | 103.5% |
| Shareholder returns / FCF | 132.8% |
| Shareholder payments — dividends / net income | 35.9% |
| Shareholder payments — dividends / FCF | 46.1% |
| CapEx intensity (capex ÷ revenue) | 9.3% |
| Investing CF relative to operating CF | 20.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 9.6% | 0.42× | 4.0% | 1.47× | 5.9% | S100QIFF |
| 2022 | 8.7% | 0.45× | 3.9% | 1.49× | 5.8% | S100T66Z |
| 2023 | — | —× | -3.6% | —× | — | S100VIV1 |
| 2024 | 4.0% | 0.43× | 1.7% | 1.62× | 2.8% | S100XU17 |
| 2025 | 9.5% | 0.45× | 4.2% | 1.67× | 7.1% | S100XU17 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 20.0% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 8.1% | 2025-12-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.5% | 2025-12-31 |
| 株式会社滋賀銀行 | Major shareholder | 2.1% | 2025-12-31 |
| 日本電気硝子取引先持株会 | Major shareholder | 1.8% | 2025-12-31 |
| ニプロ株式会社 | Major shareholder | 1.7% | 2025-12-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.5% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.4% | 2025-12-31 |
| THE NOMURA TRUST AND BANKING CO., LTD. AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND | Major shareholder | 1.3% | 2025-12-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.3% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Dec 2025 was ¥311.4B, up +4.1% from the prior year.
- Profit grew far faster: operating income rose +457.7% to ¥34.1B, and net income attributable to owners rose +144.9% to ¥29.6B.
- Cash did not follow the same path. Operating cash flow was flat at ¥52B (-0.3%), and free cash flow fell -34.2% to ¥23.1B.

### Drivers

- Demand for display glass held up all year, and the company raised selling prices.
- Sales of glass for electronic devices were strong, led by products for semiconductors and data centers.
- Better productivity in displays, cost work in the glass fiber business and lower shipping costs lifted profit.

### Risks

- The glass fiber business faces tough competition; sales were weak and a UK subsidiary stopped operating.
- Competition in support glass for semiconductors is expected to get tougher.
- Higher prices or tight supply for raw materials, fuel and shipping could hurt results.

Cited: Annual Securities Report, 107th fiscal term (Jan–Dec 2025) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 107th fiscal term (Jan–Dec 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第107期(2025/01/01－2025/12/31) | S100XU17 | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU17,, |
| 有価証券報告書－第106期(2024/01/01－2024/12/31) | S100VIV1 | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIV1,, |
| 有価証券報告書－第105期(2023/01/01－2023/12/31) | S100T66Z | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T66Z,, |
| 有価証券報告書－第104期(2022/01/01－2022/12/31) | S100QIFF | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIFF,, |
| 有価証券報告書－第103期(令和3年1月1日－令和3年12月31日) | S100NSVW | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSVW,, |
| 有価証券報告書－第102期(令和2年1月1日－令和2年12月31日) | S100L2LK | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2LK,, |

## 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).