# NIPPON FELT 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162期(2025/04/01－2026/03/31) (S100YIXB)
> Page: https://vizora.meequs.com/en/company/nippon-felt
> Retrieved: 2026-09-30T19:51:05.047Z

## Company

Nippon Felt, founded in 1917, is a company in Textiles & Fibers listed on TSE Standard. It has 541 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON FELT CO.,LTD. |
| Ticker | 3512 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3512.T) |
| Listing | TSE Standard |
| Head office | 東京都北区赤羽西一丁目7番1号 |
| Representative (per filing) | 代表取締役社長 矢崎 荘太郎 |
| Founded | Jul 1917 |
| Share capital | ¥2.44B |
| Employees (consolidated) | 541 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.felt.co.jp (https://www.felt.co.jp/) |
| Corporate number | 4011501003552 |
| EDINET | E00573 |
| Industries (Vizora) | Textiles & Fibers, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YIXB, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Textiles & Fibers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 14 |
| Profitability | 65.6 | 16 |
| Cash conversion | 54.2 | 12 |
| Efficiency | 9.4 | 16 |

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 93% of Nippon Felt's sales come from felt business, with Real estate leasing business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -3.1% from the prior year, operating profit +121.2%.

## Company structure

- Segment revenue mix: felt business 93.3%、Real estate leasing business 6.7%
- Revenue → net income: ¥9398361000 → ¥562885000
- Net income → operating cash flow: ¥562885000 → ¥692816000（difference ¥129931000）
- Main uses of operating cash flow: CapEx ¥828073000 / dividends ¥354213000 / buybacks ¥285611000
- Change in cash: ¥-515879000
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 | ¥9.4B |  |
| Operating income | ¥443.1M | Margin 4.7% |
| Net income | ¥560.2M | Margin 6.0% |
| Free cash flow | -¥135.3M |  |
| Largest business | felt business | of segment revenue 93.3% |
| Employees (consolidated) | 541 |  |
| EPS | ¥34.67 |  |
| Book value per share | ¥1180.8 |  |
| Equity ratio | 79.9% |  |
| Shares outstanding | 18,342,000 |  |
| Treasury shares | 1,010,700 |  |
| Shareholders | 14,741 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 9.2% | Cash ÷ revenue 27.6% |
| Vs. industry median margin | +1.3 pp | Textiles & Fibers |
| ROE | 3.6% | Derived from disclosed figures |
| ROA | 2.1% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -3% while operating income rose 121%
- FY2026, one segment accounts for 67% of positive segment profit
- FY2026, segment profit share differs by 26 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10005214000 | ¥9398361000 | -6.1% |
| Operating income | ¥232205000 | ¥443084000 | +90.8% |
| Operating margin | 2.3% | 4.7% | +2.4 pp |
| Employees | 607 people | 541 people | -10.9% |
| Cash and equivalents | ¥4119497000 | ¥2591738000 | -37.1% |

### 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 |
| --- | ---: |
| フェルト事業 → フェルト事業 | 93.3% |
| フェルト事業 → 事業再編・廃止 | 1.1% |
| 不動産賃貸事業 → 不動産賃貸事業 | 5.6% |
| 新設・再編 → 不動産賃貸事業 | 1.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,398 | 100.0% | S100YIXB |
| Cost of revenue | 6,539 | 69.6% | S100YIXB |
| Gross profit | 2,860 | 30.4% | S100YIXB |
| SG&A | 2,417 | 25.7% | S100YIXB |
| Operating income | 443 | 4.7% | S100YIXB |
| Ordinary income | 748 | 8.0% | S100YIXB |
| Pretax income | 768 | 8.2% | S100YIXB |
| Income tax | 206 | 2.2% | S100YIXB |
| Net income | 563 | 6.0% | S100YIXB |
| Net income attributable to owners | 560 | 6.0% | S100YIXB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 26 |
| Operating income | 5 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 30.4% → Operating margin 4.7% → Net margin 6.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -3.1%; Core profit growth: +121.2%
Operating leverage (core profit growth ÷ revenue growth): -39.05×
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 | 9,699 | 9,398 | -301 | -3.1% |
| Gross profit | 2,966 | 2,860 | -106 | -3.6% |
| Operating income | 200 | 443 | 243 | +121.2% |
| Net income attributable to owners | 430 | 560 | 130 | +30.3% |
| Operating cash flow | 1,064 | 693 | -371 | -34.9% |
| Free cash flow | 187 | -135 | -323 | -172.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,842 | 428 | 4.0% | 419 | 2,060 | 988 | S100LRD1 |
| FY ending Mar 2021 | 10,005 | 232 | 2.3% | 330 | 1,054 | 631 | S100QAHS |
| FY ending Mar 2022 | 9,840 | 629 | 6.4% | 499 | 1,281 | 1,007 | S100R34Q |
| FY ending Mar 2023 | 10,400 | 825 | 7.9% | 750 | 1,062 | 499 | S100TRKD |
| FY ending Mar 2024 | 10,083 | 469 | 4.7% | 488 | 611 | 109 | S100W36D |
| FY ending Mar 2025 | 9,699 | 200 | 2.1% | 430 | 1,064 | 187 | S100YIXB |
| FY ending Mar 2026 | 9,398 | 443 | 4.7% | 560 | 693 | -135 | S100YIXB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.4M |
| Operating income per employee (consolidated) | ¥819K |
| Net income per employee (consolidated) | ¥1M |

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) | 586 | 566 | 570 | 557 | 541 |
| Average salary (parent company) | ¥6.4M | ¥6.5M | ¥6.5M | ¥6.6M | ¥6.6M |
| Average age (parent company) | 44.0 years | 45.0 years | 44.0 years | 44.0 years | 44.0 years |
| Average tenure (parent company) | 23.0 years | 23.0 years | 23.0 years | 22.0 years | 21.0 years |

Year over year: Employees (consolidated) -2.9% · Revenue (consolidated) -3.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| felt business | 8,773 | 93.3% | 736 | 8.4% |
| Real estate leasing business | 625 | 6.7% | 360 | 57.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| felt business | 93.3% | 67.2% | -26.2 | 8.4% |
| Real estate leasing business | 6.7% | 32.8% | 26.2 | 57.5% |

Segment → industry: felt business → Textiles & Fibers / Real estate leasing business → 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 | 693 | 7.4% | S100YIXB |
| Capital expenditure | 828 | 8.8% | S100YIXB |
| Free cash flow | -135 | -1.4% | 算出 |
| Investing cash flow | -521 | -5.5% | S100YIXB |
| Financing cash flow | -684 | -7.3% | S100YIXB |
| Dividends paid | 354 | 3.8% | S100YIXB |
| Share buyback | 286 | 3.0% | S100YIXB |
| Change in cash | -516 | -5.5% | S100YIXB |
| Cash and equivalents | 2,592 | 27.6% | S100YIXB |

## 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 | 4,759 | 5,029 | 3,393 | 3,108 | 2,592 | S100TRKD, S100W36D, S100YIXB |
| Total assets | 22,789 | 23,590 | 25,070 | 25,265 | 28,053 | S100R34Q, S100TRKD, S100W36D, S100YIXB |
| Net assets | 17,394 | 18,214 | 20,367 | 20,720 | 22,903 | S100TRKD, S100W36D, S100YIXB |
| Share capital | 2,435 | 2,435 | 2,435 | 2,435 | 2,435 | S100R34Q, S100TRKD, S100W36D, S100YIXB |
| Property, plant and equipment | 4,969 | 5,067 | 4,973 | 5,502 | 5,527 | S100R34Q, S100TRKD, S100W36D, S100YIXB |
| Intangible assets excluding goodwill | 92 | 40 | 13 | 18 | 16 | S100R34Q, S100TRKD, S100W36D, S100YIXB |
| Investment securities | 4,912 | 5,166 | 7,791 | 8,233 | 11,093 | S100R34Q, S100TRKD, S100W36D, S100YIXB |
| Current assets | 12,582 | 13,085 | 12,052 | 11,189 | 10,514 | S100R34Q, S100TRKD, S100W36D, S100YIXB |
| Current liabilities | 3,546 | 3,570 | 2,571 | 2,593 | 2,319 | S100R34Q, S100TRKD, S100W36D, S100YIXB |
| Trade payables | 655 | 580 | 607 | 587 | 485 | S100R34Q, S100TRKD, S100W36D, S100YIXB |
| Short-term borrowings | 1,600 | 1,600 | 800 | 800 | 800 | S100R34Q, S100TRKD, S100W36D, S100YIXB |
| Total liabilities | 5,395 | 5,376 | 4,704 | 4,545 | 5,150 | S100R34Q, S100TRKD, S100W36D, S100YIXB |
| Non-controlling interests | 373 | 404 | 439 | 477 | 488 | S100R34Q, S100TRKD, S100W36D, S100YIXB |
| Equity attributable to owners of parent | 15,408 | 15,930 | 15,930 | 15,763 | 15,669 | S100R34Q, S100TRKD, S100W36D, S100YIXB |
| Retained earnings | 12,170 | 12,673 | 12,222 | 12,287 | 12,492 | S100R34Q, S100TRKD, S100W36D, S100YIXB |
| Treasury stock | -523 | -505 | -52 | -286 | -561 | S100R34Q, S100TRKD, S100W36D, S100YIXB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YIXB |
| Property, plant and equipment | 20% | S100YIXB |
| Intangibles and goodwill | 0% | S100YIXB |
| Investment securities | 40% | S100YIXB |
| Other assets | 31% | S100YIXB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YIXB |
| Other liabilities | 16% | S100YIXB |
| Equity | 82% | S100YIXB |

### 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 | 22,789 | 23,590 | 25,070 | 25,265 | 28,053 |
| Equity | 17,394 | 18,214 | 20,367 | 20,720 | 22,903 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,759 | 5,029 | 3,393 | 3,108 | 2,592 |

## 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) | 58.8% | S100YIXB |
| Fixed assets ÷ total assets | 19.7% | S100YIXB |
| Goodwill ÷ parent equity | — | —, S100YIXB |

### 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) | 9.2% |
| Cash ÷ revenue | 27.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 156.4% |
| Cash vs. profit gap | 133 JPY mn (of net income 23.7%) |
| Shareholder returns / net income | 114.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 63.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.8% |
| Investing CF relative to operating CF | 75.2% |

## 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 | 5.1% | 0.43× | 2.2% | 1.48× | 3.2% | S100R34Q |
| 2023 | 7.2% | 0.45× | 3.2% | 1.48× | 4.8% | S100TRKD |
| 2024 | 4.8% | 0.41× | 2.0% | 1.53× | 3.1% | S100W36D |
| 2025 | 4.4% | 0.39× | 1.7% | 1.59× | 2.7% | S100YIXB |
| 2026 | 6.0% | 0.35× | 2.1% | 1.70× | 3.6% | S100YIXB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 王子ホールディングス株式会社 | Major shareholder | 9.7% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 4.6% | 2026-03-31 |
| 日本製紙株式会社 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.0% | 2026-03-31 |
| 日本フエルト従業員持株会 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社武蔵野銀行 | Major shareholder | 2.1% | 2026-03-31 |
| 日本フイルコン株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| NORDEA BANK ABP / FINNISH CLIENTS (常任代理人 香港上海銀行東京支店) | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社SBI証券 | Major shareholder | 1.7% | 2026-03-31 |
| DBS BANK LTD 700170 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第162期(2025/04/01－2026/03/31) | S100YIXB | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIXB,, |
| 有価証券報告書－第161期(2024/04/01－2025/03/31) | S100W36D | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W36D,, |
| 有価証券報告書－第160期(2023/04/01－2024/03/31) | S100TRKD | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRKD,, |
| 有価証券報告書－第159期(2022/04/01－2023/03/31) | S100R34Q | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R34Q,, |
| 訂正有価証券報告書－第158期(2021/04/01－2022/03/31) | S100QAHS | 2023-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QAHS,, |
| 有価証券報告書－第157期(令和2年4月1日－令和3年3月31日) | S100LRD1 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRD1,, |

## 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).