# NIPPON FILCON CO.,LTD.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第126期(2024/12/01－2025/11/30) (S100XMRB)
> Page: https://vizora.meequs.com/en/company/nippon-filcon
> Retrieved: 2026-09-30T19:51:00.453Z

## Company

Nippon Filcon, founded in 1916, is a company in Textiles & Fibers listed on TSE Standard. It has 1,273 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON FILCON CO.,LTD. |
| Ticker | 5942 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5942.T) |
| Listing | TSE Standard |
| Head office | 東京都稲城市大丸2220番地 |
| Representative (per filing) | 代表取締役社長 名倉宏之 |
| Founded | Apr 1916 |
| Share capital | ¥2.69B |
| Employees (consolidated) | 1,273 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | November |
| Website | www.filcon.co.jp (https://www.filcon.co.jp/) |
| Corporate number | 4013401002394 |
| EDINET | E01370 |
| Industries (Vizora) | Textiles & Fibers, Semiconductor Materials, Electronic Components, Real Estate Development & Leasing, Waste Management & Recycling, Industrial Machinery |

> Profile source: annual securities report (S100XMRB, filed 2026-02-25). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35.9 | 110 |
| Profitability | 14.3 | 122 |
| Cash conversion | 94.4 | 116 |
| Efficiency | 28.3 | 122 |

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 72% of Nippon Filcon's sales come from Industrial functional filter and conveyer, with Electronic component materials and photo masks and Environment and water processing related making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -2.8% from the prior year, operating profit -27.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥27.8B |  |
| Operating income | ¥668M | Margin 2.4% |
| Net income | -¥726.2M | Margin -2.6% |
| Free cash flow | -¥17.1M |  |
| Largest business | Industrial functional filter and conveyer | of segment revenue 71.9% |
| Employees (consolidated) | 1,273 |  |
| EPS | ¥-53.57 |  |
| Book value per share | ¥667.2 |  |
| Equity ratio | 51.6% |  |
| Shares outstanding | 22,167,211 |  |
| Treasury shares | 2,676,600 |  |
| Shareholders | 21,167 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 11.9% | Cash ÷ revenue 18.4% |
| Vs. industry median margin | -1 pp | Textiles & Fibers |
| ROA | -1.7% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by 35 points

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21741584000 | ¥27842145000 | +28.1% |
| Operating income | ¥110462000 | ¥668029000 | +504.8% |
| Operating margin | 0.5% | 2.4% | +1.9 pp |
| Employees | 1,282 people | 1,273 people | -0.7% |
| Cash and equivalents | ¥3852835000 | ¥5113885000 | +32.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 産業用機能フィルター・コンベア事業 → 産業用機能フィルター・コンベア事業 | 71.9% |
| 産業用機能フィルター・コンベア事業 → 事業再編・廃止 | 1.0% |
| 電子部材・フォトマスク事業 → 電子部材・フォトマスク事業 | 15.5% |
| 環境・水処理関連事業 → 環境・水処理関連事業 | 6.7% |
| 不動産賃貸事業 → 不動産賃貸事業 | 3.7% |
| 不動産賃貸事業 → 事業再編・廃止 | 1.1% |
| 新設・再編 → 電子部材・フォトマスク事業 | 0.8% |
| 新設・再編 → 環境・水処理関連事業 | 1.3% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industrial functional filter and conveyer | 5 years | +4.8% | ¥20030658000 | 3.9% | 2 |
| Electronic component materials and photo masks | 5 years | +6.2% | ¥4556913000 | 8.1% | 2 |
| Environment and water processing related | 5 years | +8.9% | ¥2223071000 | 2.9% | 2 |
| Real estate leasing business | 5 years | -0.4% | ¥1031501000 | 75.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 27,842 | 100.0% | S100XMRB |
| Cost of revenue | 18,293 | 65.7% | S100XMRB |
| Gross profit | 9,549 | 34.3% | S100XMRB |
| SG&A | 8,881 | 31.9% | S100XMRB |
| Operating income | 668 | 2.4% | S100XMRB |
| Ordinary income | 944 | 3.4% | S100XMRB |
| Pretax income | -690 | -2.5% | S100XMRB |
| Income tax | -20 | -0.1% | S100XMRB |
| Net income | -669 | -2.4% | S100XMRB |
| Net income attributable to owners | -726 | -2.6% | S100XMRB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 32 |
| Operating income | 2 |
| (Ref.) Net income | -3 |

### Margin funnel

Gross margin 34.3% → Operating margin 2.4% → Net margin -2.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.8%; Core profit growth: -27.8%
Operating leverage (core profit growth ÷ revenue growth): 9.98×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 28,639 | 27,842 | -797 | -2.8% |
| Gross profit | 9,858 | 9,549 | -309 | -3.1% |
| Operating income | 925 | 668 | -257 | -27.8% |
| Net income attributable to owners | 623 | -726 | -1,349 | -216.6% |
| Operating cash flow | 1,972 | 2,994 | 1,022 | +51.8% |
| Free cash flow | 254 | -17 | -271 | -106.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 24,702 | 627 | 2.5% | -446 | 1,304 | -985 | S100KUVR |
| FY ending Nov 2020 | 21,742 | 110 | 0.5% | -93 | 2,975 | 1,610 | S100NK7Q |
| FY ending Nov 2021 | 24,782 | 1,104 | 4.5% | 1,085 | 2,138 | 266 | S100QAIJ |
| FY ending Nov 2022 | 25,950 | 1,060 | 4.1% | 1,078 | 800 | -814 | S100SXYN |
| FY ending Nov 2023 | 27,986 | 632 | 2.3% | 1,270 | 1,785 | -517 | S100VAH5 |
| FY ending Nov 2024 | 28,639 | 925 | 3.2% | 623 | 1,972 | 254 | S100XMRB |
| FY ending Nov 2025 | 27,842 | 668 | 2.4% | -726 | 2,994 | -17 | S100XMRB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥21.9M |
| Operating income per employee (consolidated) | ¥524.8K |
| Net income per employee (consolidated) | -¥570.4K |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,280 | 1,299 | 1,281 | 1,312 | 1,273 |
| Average salary (parent company) | ¥6M | ¥5.9M | ¥6M | ¥5.7M | ¥5.6M |
| Average age (parent company) | 44.1 years | 44.2 years | 44.4 years | 44.0 years | 44.6 years |
| Average tenure (parent company) | 20.6 years | 20.8 years | 20.9 years | 20.1 years | 20.3 years |

Year over year: Employees (consolidated) -3.0% · Revenue (consolidated) -2.8%

## Segments（FY ending Nov 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Industrial functional filter and conveyer | 20,031 | 71.9% | 786 | 3.9% |
| Electronic component materials and photo masks | 4,557 | 16.4% | 369 | 8.1% |
| Environment and water processing related | 2,223 | 8.0% | 64 | 2.9% |
| Real estate leasing business | 1,032 | 3.7% | 779 | 75.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Industrial functional filter and conveyer | 71.9% | 39.3% | -32.6 | 3.9% |
| Electronic component materials and photo masks | 16.4% | 18.5% | 2.1 | 8.1% |
| Environment and water processing related | 8.0% | 3.2% | -4.8 | 2.9% |
| Real estate leasing business | 3.7% | 39.0% | 35.3 | 75.5% |

Segment → industry: Industrial functional filter and conveyer → Textiles & Fibers / Electronic component materials and photo masks → Semiconductor Materials / Electronic component materials and photo masks → Electronic Components / Real estate leasing business → Real Estate Development & Leasing / Environment and water processing related → Waste Management & Recycling / Industrial functional filter and conveyer → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,994 | 10.8% | S100XMRB |
| Capital expenditure | 3,011 | 10.8% | S100XMRB |
| Free cash flow | -17 | -0.1% | 算出 |
| Investing cash flow | -2,439 | -8.8% | S100XMRB |
| Financing cash flow | -345 | -1.2% | S100XMRB |
| Dividends paid | 573 | 2.1% | S100XMRB |
| Share buyback | 281 | 1.0% | S100XMRB |
| Change in cash | 291 | 1.0% | S100XMRB |
| Cash and equivalents | 5,114 | 18.4% | S100XMRB |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,354 | 4,664 | 4,375 | 4,823 | 5,114 | S100SXYN, S100VAH5, S100XMRB |
| Total assets | 41,120 | 43,479 | 42,823 | 43,220 | 42,957 | S100QAIJ, S100SXYN, S100VAH5, S100XMRB |
| Net assets | 21,897 | 22,724 | 23,156 | 23,259 | 22,553 | S100SXYN, S100VAH5, S100XMRB |
| Share capital | 2,686 | 2,686 | 2,686 | 2,686 | 2,686 | S100QAIJ, S100SXYN, S100VAH5, S100XMRB |
| Trade receivables | 7,200 | — | — | — | — | S100QAIJ |
| Property, plant and equipment | 13,290 | 13,826 | 14,312 | 14,848 | 14,039 | S100QAIJ, S100SXYN, S100VAH5, S100XMRB |
| Intangible assets excluding goodwill | 665 | 659 | 586 | 505 | 389 | S100QAIJ, S100SXYN, S100VAH5, S100XMRB |
| Goodwill | 371 | 332 | 298 | 229 | 176 | S100QAIJ, S100SXYN, S100VAH5, S100XMRB |
| Investment securities | 5,500 | 4,285 | 3,562 | 2,866 | 3,196 | S100QAIJ, S100SXYN, S100VAH5, S100XMRB |
| Current assets | 17,944 | 20,433 | 21,162 | 21,441 | 21,443 | S100QAIJ, S100SXYN, S100VAH5, S100XMRB |
| Current liabilities | 12,170 | 14,281 | 13,686 | 14,024 | 14,777 | S100QAIJ, S100SXYN, S100VAH5, S100XMRB |
| Trade payables | 4,009 | 4,177 | 4,024 | 3,866 | 3,586 | S100QAIJ, S100SXYN, S100VAH5, S100XMRB |
| Short-term borrowings | 4,976 | 6,603 | 5,187 | 5,863 | 6,235 | S100QAIJ, S100SXYN, S100VAH5, S100XMRB |
| Long-term borrowings | 4,191 | 3,893 | 3,563 | 3,530 | 3,426 | S100QAIJ, S100SXYN, S100VAH5, S100XMRB |
| Total liabilities | 19,223 | 20,755 | 19,667 | 19,960 | 20,404 | S100QAIJ, S100SXYN, S100VAH5, S100XMRB |
| Non-controlling interests | 318 | 408 | 396 | 435 | 369 | S100QAIJ, S100SXYN, S100VAH5, S100XMRB |
| Equity attributable to owners of parent | 19,154 | 19,639 | 19,983 | 19,816 | 18,224 | S100QAIJ, S100SXYN, S100VAH5, S100XMRB |
| Retained earnings | 14,912 | 15,662 | 16,476 | 16,451 | 15,152 | S100QAIJ, S100SXYN, S100VAH5, S100XMRB |
| Treasury stock | -356 | -621 | -1,091 | -1,235 | -1,396 | S100QAIJ, S100SXYN, S100VAH5, S100XMRB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100XMRB |
| Property, plant and equipment | 33% | S100XMRB |
| Intangibles and goodwill | 1% | S100XMRB |
| Investment securities | 7% | S100XMRB |
| Other assets | 47% | S100XMRB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100XMRB |
| Other liabilities | 39% | S100XMRB |
| Equity | 53% | S100XMRB |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 41,120 | 43,479 | 42,823 | 43,220 | 42,957 |
| Equity | 21,897 | 22,724 | 23,156 | 23,259 | 22,553 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,354 | 4,664 | 4,375 | 4,823 | 5,114 |

## 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) | 50.4% | S100XMRB |
| Fixed assets ÷ total assets | 32.7% | S100XMRB |
| Goodwill ÷ parent equity | 1.0% | S100XMRB |

Goodwill over 4 years: 371 → 176 JPY; total investing cash flow: -6,807 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) | 11.9% |
| Cash ÷ revenue | 18.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 448.2% |
| Cash vs. profit gap | 3,720 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.8% |
| Investing CF relative to operating CF | 81.5% |

## 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 | 4.4% | 0.60× | 2.6% | 2.15× | 5.7% | S100QAIJ |
| 2022 | 4.2% | 0.61× | 2.5% | 2.18× | 5.6% | S100SXYN |
| 2023 | 4.5% | 0.65× | 2.9% | 2.18× | 6.4% | S100VAH5 |
| 2024 | 2.2% | 0.67× | 1.4% | 2.16× | 3.1% | S100XMRB |
| 2025 | — | —× | -1.7% | —× | — | S100XMRB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 王子ホールディングス株式会社 | Major shareholder | 13.9% | 2025-11-30 |
| 大王製紙株式会社 | Major shareholder | 9.3% | 2025-11-30 |
| 日本フイルコングループ従業員持株会 | Major shareholder | 7.6% | 2025-11-30 |
| 日本製紙株式会社 | Major shareholder | 5.7% | 2025-11-30 |
| 日本フエルト株式会社 | Major shareholder | 1.5% | 2025-11-30 |
| 竹 田 昌 弘 | Major shareholder | 1.3% | 2025-11-30 |
| 明治安田生命保険相互会社 | Major shareholder | 1.0% | 2025-11-30 |
| 名 倉 宏 之 | Major shareholder | 0.7% | 2025-11-30 |
| 齋 藤 芳 治 | Major shareholder | 0.5% | 2025-11-30 |
| 東京海上日動火災保険株式会社 | Major shareholder | 0.5% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第126期(2024/12/01－2025/11/30) | S100XMRB | 2026-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XMRB,, |
| 有価証券報告書－第125期(2023/12/01－2024/11/30) | S100VAH5 | 2025-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VAH5,, |
| 有価証券報告書－第124期(2022/12/01－2023/11/30) | S100SXYN | 2024-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SXYN,, |
| 有価証券報告書－第123期(2021/12/01－2022/11/30) | S100QAIJ | 2023-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QAIJ,, |
| 有価証券報告書－第122期(令和2年12月1日－令和3年11月30日) | S100NK7Q | 2022-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NK7Q,, |
| 有価証券報告書－第121期(令和1年12月1日－令和2年11月30日) | S100KUVR | 2021-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KUVR,, |

## 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).