# NIPPON KINZOKU 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119期(2025/04/01－2026/03/31) (S100YJG2)
> Page: https://vizora.meequs.com/en/company/nippon-kinzoku
> Retrieved: 2026-09-30T22:27:53.768Z

## Company

Nippon Kinzoku, founded in 1930, is a company in Steel listed on TSE Standard. It has 787 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON KINZOKU CO., LTD. |
| Ticker | 5491 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5491.T) |
| Listing | TSE Standard |
| Head office | 東京都板橋区舟渡四丁目10番1号 (上記は登記上の本店所在地でありますが、本店業務は下記の本社事務所で行っております。) |
| Representative (per filing) | 取締役社長 下川 康志 |
| Founded | Nov 1930 |
| Share capital | ¥6.86B |
| Employees (consolidated) | 787 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Website | www.nipponkinzoku.co.jp (https://www.nipponkinzoku.co.jp/) |
| Corporate number | 1011401011162 |
| EDINET | E01276 |
| Industries (Vizora) | Steel |

> Profile source: annual securities report (S100YJG2, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.9 | 33 |
| Profitability | 32.9 | 35 |
| Cash conversion | 59.7 | 31 |
| Efficiency | 50 | 35 |

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 83% of Nippon Kinzoku's sales come from Steel Strip Division, with Processed Products Division making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -3.3% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Steel Strip Division 82.9%、Processed Products Division 17.1%
- Revenue → net income: ¥49619000000 → ¥213000000
- Net income → operating cash flow: ¥213000000 → ¥2604000000（difference ¥2391000000）
- Main uses of operating cash flow: CapEx ¥1736000000 / dividends ¥0 / buybacks —
- Change in cash: ¥-2933000000
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 | ¥49.6B |  |
| Operating income | ¥1.27B | Margin 2.6% |
| Net income | ¥213M | Margin 0.4% |
| Free cash flow | ¥868M |  |
| Largest business | Steel Strip Division | of segment revenue 82.9% |
| Employees (consolidated) | 787 |  |
| EPS | ¥55.04 |  |
| Book value per share | ¥3271.96 |  |
| Equity ratio | 44.4% |  |
| Shares outstanding | 6,700,000 |  |
| Treasury shares | 244,000 |  |
| Shareholders | 4,538 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 13.5% | Cash ÷ revenue 17.9% |
| Vs. industry median margin | -0.9 pp | Steel |
| ROE | 1.1% | Derived from disclosed figures |
| ROA | 0.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 12.2× net income
- FY2026, one segment accounts for 77% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥40106000000 | ¥49619000000 | +23.7% |
| Operating income | ¥-2386000000 | ¥1268000000 | — |
| Operating margin | -5.9% | 2.6% | +8.5 pp |
| Employees | 878 people | 787 people | -10.4% |
| Cash and equivalents | ¥8703000000 | ¥8901000000 | +2.3% |

### 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 |
| --- | ---: |
| みがき帯鋼 → みがき帯鋼 | 78.7% |
| 加工品 → 加工品 | 17.1% |
| 加工品 → 事業再編・廃止 | 4.2% |
| 新設・再編 → みがき帯鋼 | 4.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 49,619 | 100.0% | S100YJG2 |
| Cost of revenue | 43,358 | 87.4% | S100YJG2 |
| Gross profit | 6,261 | 12.6% | S100YJG2 |
| SG&A | 4,992 | 10.1% | S100YJG2 |
| Operating income | 1,268 | 2.6% | S100YJG2 |
| Ordinary income | 483 | 1.0% | S100YJG2 |
| Pretax income | 565 | 1.1% | S100YJG2 |
| Income tax | 352 | 0.7% | S100YJG2 |
| Net income | 213 | 0.4% | S100YJG2 |
| Net income attributable to owners | 213 | 0.4% | S100YJG2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 87 |
| SG&A | 10 |
| Operating income | 3 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 12.6% → Operating margin 2.6% → Net margin 0.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 51,298 | 49,619 | -1,679 | -3.3% |
| Gross profit | 5,147 | 6,261 | 1,114 | +21.6% |
| Operating income | -189 | 1,268 | 1,457 | — |
| Net income attributable to owners | 703 | 213 | -490 | -69.7% |
| Operating cash flow | 1,209 | 2,604 | 1,395 | +115.4% |
| Free cash flow | 101 | 868 | 767 | +759.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 45,181 | 629 | 1.4% | -197 | 1,714 | -643 | S100LSVE |
| FY ending Mar 2021 | 40,106 | -2,386 | -5.9% | -277 | 2,346 | -46 | S100OJAK |
| FY ending Mar 2022 | 49,117 | 1,437 | 2.9% | 2,517 | 4,500 | 1,771 | S100R7TX |
| FY ending Mar 2023 | 52,566 | 1,273 | 2.4% | 916 | -1,513 | -6,143 | S100TUYW |
| FY ending Mar 2024 | 51,411 | -1,095 | -2.1% | 1,545 | -203 | -2,915 | S100W66M |
| FY ending Mar 2025 | 51,298 | -189 | -0.4% | 703 | 1,209 | 101 | S100YJG2 |
| FY ending Mar 2026 | 49,619 | 1,268 | 2.6% | 213 | 2,604 | 868 | S100YJG2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥63M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥270.6K |

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) | 884 | 873 | 855 | 828 | 787 |
| Average salary (parent company) | ¥5.8M | ¥5.9M | ¥5.9M | ¥5.7M | ¥5.7M |
| Average age (parent company) | 39.8 years | 40.0 years | 39.9 years | 40.0 years | 40.4 years |
| Average tenure (parent company) | 16.6 years | 16.6 years | 16.4 years | 16.7 years | 16.8 years |

Year over year: Employees (consolidated) -5.0% · Revenue (consolidated) -3.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Steel Strip Division | 41,128 | 82.9% | 1,667 | 4.1% |
| Processed Products Division | 8,491 | 17.1% | 489 | 5.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Steel Strip Division | 82.9% | 77.3% | -5.6 | 4.1% |
| Processed Products Division | 17.1% | 22.7% | 5.6 | 5.8% |

Segment → industry: Processed Products Division → Steel / Steel Strip Division → Steel

## 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 | 2,604 | 5.2% | S100YJG2 |
| Capital expenditure | 1,736 | 3.5% | S100YJG2 |
| Free cash flow | 868 | 1.7% | 算出 |
| Investing cash flow | -1,372 | -2.8% | S100YJG2 |
| Financing cash flow | -4,392 | -8.9% | S100YJG2 |
| Dividends paid | 0 | 0.0% | S100YJG2 |
| Change in cash | -2,933 | -5.9% | S100YJG2 |
| Cash and equivalents | 8,901 | 17.9% | S100YJG2 |

## 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 | 10,065 | 8,035 | 11,875 | 11,834 | 8,901 | S100TUYW, S100W66M, S100YJG2 |
| Total assets | 72,179 | 73,874 | 75,085 | 69,897 | 65,697 | S100R7TX, S100TUYW, S100W66M, S100YJG2 |
| Net assets | 23,314 | 24,449 | 26,863 | 27,856 | 29,194 | S100TUYW, S100W66M, S100YJG2 |
| Share capital | 6,857 | 6,857 | 6,857 | 6,857 | 6,857 | S100R7TX, S100TUYW, S100W66M, S100YJG2 |
| Trade receivables | 9,102 | 8,937 | 8,406 | 6,472 | 6,208 | S100R7TX, S100TUYW, S100W66M, S100YJG2 |
| Property, plant and equipment | 32,292 | 32,053 | 28,264 | 27,368 | 26,592 | S100R7TX, S100TUYW, S100W66M, S100YJG2 |
| Intangible assets excluding goodwill | 152 | 133 | 120 | 106 | 86 | S100R7TX, S100TUYW, S100W66M, S100YJG2 |
| Investment securities | 2,120 | 2,377 | 3,002 | 2,881 | 3,813 | S100R7TX, S100TUYW, S100W66M, S100YJG2 |
| Current assets | 36,580 | 38,297 | 42,551 | 38,693 | 34,746 | S100R7TX, S100TUYW, S100W66M, S100YJG2 |
| Current liabilities | 31,778 | 31,339 | 30,444 | 28,987 | 16,918 | S100R7TX, S100TUYW, S100W66M, S100YJG2 |
| Trade payables | 13,323 | 10,283 | 10,152 | 8,079 | 8,126 | S100R7TX, S100TUYW, S100W66M, S100YJG2 |
| Short-term borrowings | 10,922 | 12,328 | 12,412 | 14,150 | 3,000 | S100R7TX, S100TUYW, S100W66M, S100YJG2 |
| Long-term borrowings | 11,520 | 12,212 | 11,710 | 6,930 | 14,000 | S100R7TX, S100TUYW, S100W66M, S100YJG2 |
| Total liabilities | 48,865 | 49,424 | 48,222 | 42,040 | 36,503 | S100R7TX, S100TUYW, S100W66M, S100YJG2 |
| Equity attributable to owners of parent | 16,298 | 17,197 | 18,961 | 19,664 | 19,657 | S100R7TX, S100TUYW, S100W66M, S100YJG2 |
| Retained earnings | 8,465 | 9,364 | 11,128 | 11,831 | 12,024 | S100R7TX, S100TUYW, S100W66M, S100YJG2 |
| Treasury stock | -10 | -10 | -10 | -10 | -210 | S100R7TX, S100TUYW, S100W66M, S100YJG2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YJG2 |
| Receivables | 9% | S100YJG2 |
| Property, plant and equipment | 40% | S100YJG2 |
| Intangibles and goodwill | 0% | S100YJG2 |
| Investment securities | 6% | S100YJG2 |
| Other assets | 31% | S100YJG2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YJG2 |
| Other liabilities | 43% | S100YJG2 |
| Equity | 45% | S100YJG2 |

### 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 | 72,179 | 73,874 | 75,085 | 69,897 | 65,697 |
| Equity | 23,314 | 24,449 | 26,863 | 27,856 | 29,194 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,065 | 8,035 | 11,875 | 11,834 | 8,901 |

## 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) | 53.6% | S100YJG2 |
| Fixed assets ÷ total assets | 40.5% | S100YJG2 |
| Goodwill ÷ parent equity | — | —, S100YJG2 |

### 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) | 13.5% |
| Cash ÷ revenue | 17.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 205.4% |
| Cash vs. profit gap | 2,391 JPY mn (of net income 1122.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 0.0% |
| Shareholder payments — dividends / FCF | 0.0% |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| Investing CF relative to operating CF | 52.7% |

## 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% | 0.68× | 3.5% | 4.43× | 15.4% | S100R7TX |
| 2023 | 1.7% | 0.72× | 1.3% | 4.36× | 5.5% | S100TUYW |
| 2024 | 3.0% | 0.69× | 2.1% | 4.12× | 8.5% | S100W66M |
| 2025 | 1.4% | 0.71× | 1.0% | 3.75× | 3.6% | S100YJG2 |
| 2026 | 0.4% | 0.73× | 0.3% | 3.45× | 1.1% | S100YJG2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本金属取引先持株会 | Major shareholder | 11.3% | 2026-03-31 |
| 日本製鉄株式会社 | Major shareholder | 6.7% | 2026-03-31 |
| 伊藤忠丸紅鉄鋼株式会社 | Major shareholder | 5.9% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 4.7% | 2026-03-31 |
| 山本 知宏 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 3.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社アドバネクス | Major shareholder | 1.6% | 2026-03-31 |
| 大田 昭彦 | Major shareholder | 1.6% | 2026-03-31 |
| ＡＳＡＤＡ株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第119期(2025/04/01－2026/03/31) | S100YJG2 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJG2,, |
| 有価証券報告書－第118期(2024/04/01－2025/03/31) | S100W66M | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W66M,, |
| 有価証券報告書－第117期(2023/04/01－2024/03/31) | S100TUYW | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUYW,, |
| 有価証券報告書－第116期(2022/04/01－2023/03/31) | S100R7TX | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7TX,, |
| 有価証券報告書－第115期(令和3年4月1日－令和4年3月31日) | S100OJAK | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJAK,, |
| 有価証券報告書－第114期(令和2年4月1日－令和3年3月31日) | S100LSVE | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSVE,, |

## 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).