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

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第81期(2025/04/01－2026/03/31) (S100YHIT)
> Page: https://vizora.meequs.com/en/company/nippon-seiki
> Retrieved: 2026-09-30T20:28:10.223Z

## Company

Nippon Seiki, founded in 1946, is a company in Auto Parts listed on TSE Standard. It has 13,246 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON SEIKI CO.,LTD. |
| Ticker | 7287 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7287.T) |
| Listing | TSE Standard |
| Head office | 新潟県長岡市東蔵王2丁目2番34号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 永野恵一 |
| Founded | Dec 1946 |
| Share capital | ¥14.5B |
| Employees (consolidated) | 13,246 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.nippon-seiki.co.jp (https://www.nippon-seiki.co.jp/) |
| Corporate number | 3110001023135 |
| EDINET | E02214 |
| Industries (Vizora) | Auto Parts, Chemicals, Electronic Components, Car Dealers & Used Cars |

> Profile source: annual securities report (S100YHIT, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.4 | 110 |
| Profitability | 35.6 | 111 |
| Cash conversion | 90.3 | 108 |
| Efficiency | 44.6 | 111 |

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 82% of Nippon Seiki's sales come from In-vehicle parts business, with Automotive sales business and Consumer parts business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +3.6% from the prior year, operating profit +21.3%.

## Company structure

- Segment revenue mix: In-vehicle parts business 81.5%、Automotive sales business 8.2%、Consumer parts business 4.2%、Other 3.5%、Resin compound business 2.6%
- Revenue → net income: ¥327894000000 → ¥8727000000
- Net income → operating cash flow: ¥8727000000 → ¥40481000000（difference ¥31754000000）
- Main uses of operating cash flow: CapEx ¥14912000000 / dividends ¥3727000000 / buybacks —
- Change in cash: ¥16617000000
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 | ¥327.9B |  |
| Operating income | ¥11.6B | Margin 3.5% |
| Net income | ¥8.22B | Margin 2.5% |
| Free cash flow | ¥25.6B |  |
| Largest business | In-vehicle parts business | of segment revenue 81.5% |
| Employees (consolidated) | 13,246 |  |
| EPS | ¥143.23 |  |
| Diluted EPS | ¥143.03 |  |
| Book value per share | ¥1970.16 |  |
| Equity ratio | 66.7% | Derived from disclosed figures |
| Shares outstanding | 58,471,000 |  |
| Treasury shares | 995,200 |  |
| Shareholders | 9,321 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 15.0% | Cash ÷ revenue 15.8% |
| Vs. industry median margin | -1.2 pp | Auto Parts |
| ROE | 3.7% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.9× net income
- FY2026, one segment accounts for 70% of positive segment profit
- FY2026, employees -2% while operating income rose 21%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥216926000000 | ¥327894000000 | +51.2% |
| Operating income | ¥3900000000 | ¥11624000000 | +198.1% |
| Operating margin | 1.8% | 3.5% | +1.7 pp |
| Employees | 13,641 people | 13,246 people | -2.9% |
| Cash and equivalents | ¥41650000000 | ¥51922000000 | +24.7% |

### 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 |
| --- | ---: |
| 車載部品事業 → 車載部品事業 | 38.8% |
| 自動車及び汎用計器事業 → 事業再編・廃止 | 38.6% |
| 民生部品事業 → 民生部品事業 | 2.8% |
| コンポーネント事業 → 事業再編・廃止 | 3.3% |
| 樹脂コンパウンド事業 → 樹脂コンパウンド事業 | 2.1% |
| 樹脂材料事業 → 事業再編・廃止 | 2.1% |
| 自動車販売事業 → 自動車販売事業 | 4.9% |
| ディスプレイ事業 → 事業再編・廃止 | 0.4% |
| 自動車販売事業 → 事業再編・廃止 | 4.9% |
| その他 → その他 | 2.1% |
| 新設・再編 → 車載部品事業 | 42.7% |
| 新設・再編 → 民生部品事業 | 1.5% |
| 新設・再編 → 樹脂コンパウンド事業 | 0.5% |
| 新設・再編 → 自動車販売事業 | 3.3% |
| 新設・再編 → その他 | 1.4% |

Segment revenue source references: 15 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| In-vehicle parts business | 5 years | +10.1% | ¥267236000000 | 3.2% | 2 |
| Automotive sales business | 5 years | +5.1% | ¥27000000000 | 4.9% | 2 |
| Consumer parts business | 5 years | +3.3% | ¥13881000000 | -2.2% | 2 |
| Other | 5 years | +5.3% | ¥11401000000 | 14.6% | 2 |
| Resin compound business | 5 years | -1.1% | ¥8374000000 | 6.7% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 327,894 | 100.0% | S100YHIT |
| Cost of revenue | 279,042 | 85.1% | S100YHIT |
| Gross profit | 48,852 | 14.9% | S100YHIT |
| SG&A | 36,963 | 11.3% | S100YHIT |
| Operating income | 11,624 | 3.5% | S100YHIT |
| Pretax income | 13,875 | 4.2% | S100YHIT |
| Income tax | 5,148 | 1.6% | S100YHIT |
| Net income | 8,727 | 2.7% | S100YHIT |
| Net income attributable to owners | 8,220 | 2.5% | S100YHIT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 11 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 14.9% → Operating margin 3.5% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.6%; Core profit growth: +21.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.86×
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 | 316,397 | 327,894 | 11,497 | +3.6% |
| Gross profit | 46,339 | 48,852 | 2,513 | +5.4% |
| Operating income | 9,584 | 11,624 | 2,040 | +21.3% |
| Net income attributable to owners | 6,122 | 8,220 | 2,098 | +34.3% |
| Operating cash flow | 15,271 | 40,481 | 25,210 | +165.1% |
| Free cash flow | -1,849 | 25,569 | 27,418 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 245,967 | — | — | 10,164 | 16,504 | — | S100LPO6 |
| FY ending Mar 2018 | 263,163 | — | — | 11,105 | 22,522 | — | S100OHPF |
| FY ending Mar 2019 | 263,239 | — | — | 11,569 | 16,815 | — | S100R97P |
| FY ending Mar 2020 | 246,340 | 7,669 | 3.1% | -350 | 16,845 | 1,393 | S100LPO6 |
| FY ending Mar 2021 | 216,926 | 3,900 | 1.8% | 517 | 10,599 | 525 | S100OHPF |
| FY ending Mar 2022 | 223,621 | -4,276 | -1.9% | -5,180 | -5,437 | -12,910 | S100R97P |
| FY ending Mar 2023 | 275,776 | 2,727 | 1.0% | 1,306 | -18,057 | -27,605 | S100TW0W |
| FY ending Mar 2024 | 312,355 | 8,484 | 2.7% | 5,300 | 24,639 | 13,154 | S100W6PR |
| FY ending Mar 2025 | 316,397 | 9,584 | 3.0% | 6,122 | 15,271 | -1,849 | S100YHIT |
| FY ending Mar 2026 | 327,894 | 11,624 | 3.5% | 8,220 | 40,481 | 25,569 | S100YHIT |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.8M |
| Operating income per employee (consolidated) | ¥877.5K |
| Net income per employee (consolidated) | ¥620.6K |

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) | 13,386 | 13,624 | 13,291 | 13,450 | 13,246 |
| Average salary (parent company) | ¥5.7M | ¥5.9M | ¥5.8M | ¥6M | ¥6.2M |
| Average age (parent company) | 43.1 years | 43.6 years | 43.5 years | 43.5 years | 43.7 years |
| Average tenure (parent company) | 18.6 years | 18.8 years | 18.3 years | 18.0 years | 18.3 years |

Year over year: Employees (consolidated) -1.5% · Revenue (consolidated) +3.6%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| In-vehicle parts business | 267,236 | 81.5% | 8,514 | 3.2% |
| Consumer parts business | 13,881 | 4.2% | -307 | -2.2% |
| Resin compound business | 8,374 | 2.6% | 565 | 6.7% |
| Automotive sales business | 27,000 | 8.2% | 1,332 | 4.9% |
| Other | 11,401 | 3.5% | 1,667 | 14.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| In-vehicle parts business | 81.5% | 70.5% | -11.0 | 3.2% |
| Consumer parts business | 4.2% | — | — | -2.2% |
| Resin compound business | 2.6% | 4.7% | 2.1 | 6.7% |
| Automotive sales business | 8.2% | 11.0% | 2.8 | 4.9% |
| Other | 3.5% | 13.8% | 10.3 | 14.6% |

Loss-making segment (excluded from profit shares): Consumer parts business -307 JPY mn

Segment → industry: In-vehicle parts business → Auto Parts / Resin compound business → Chemicals / Consumer parts business → Electronic Components / Automotive sales business → Car Dealers & Used Cars

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 40,481 | 12.3% | S100YHIT |
| Capital expenditure | 14,912 | 4.5% | S100YHIT |
| Free cash flow | 25,569 | 7.8% | 算出 |
| Investing cash flow | -12,945 | -3.9% | S100YHIT |
| Financing cash flow | -13,866 | -4.2% | S100YHIT |
| Dividends paid | 3,727 | 1.1% | S100YHIT |
| Change in cash | 16,617 | 5.1% | S100YHIT |
| Cash and equivalents | 51,922 | 15.8% | S100YHIT |

## 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 | 24,796 | 30,043 | 33,257 | 35,305 | 51,922 | S100TW0W, S100W6PR, S100YHIT |
| Total assets | 329,553 | 356,233 | 338,632 | 332,095 | 347,265 | S100R97P, S100TW0W, S100W6PR, S100YHIT |
| Net assets | 194,874 | 206,375 | 229,054 | 220,230 | 233,880 | S100TW0W, S100W6PR, S100YHIT |
| Share capital | 14,494 | 14,494 | 14,494 | 14,494 | 14,494 | S100R97P, S100TW0W, S100W6PR, S100YHIT |
| Property, plant and equipment | 67,125 | 68,829 | 74,393 | 78,370 | 82,163 | S100R97P, S100TW0W, S100W6PR, S100YHIT |
| Goodwill | 60 | 343 | 343 | 343 | 343 | S100R97P, S100TW0W, S100W6PR, S100YHIT |
| Current assets | 221,870 | 244,999 | 213,235 | 216,499 | 226,193 | S100R97P, S100TW0W, S100W6PR, S100YHIT |
| Total liabilities | 134,679 | 149,858 | 109,577 | 111,864 | 113,384 | S100R97P, S100TW0W, S100W6PR, S100YHIT |
| Equity attributable to owners of parent | 186,257 | 199,542 | 221,537 | 216,694 | 231,592 | S100R97P, S100TW0W, S100W6PR, S100YHIT |
| Retained earnings | 149,946 | 149,233 | 150,775 | 154,320 | 158,795 | S100R97P, S100TW0W, S100W6PR, S100YHIT |
| Treasury stock | -1,014 | -972 | -1,940 | -1,445 | -1,296 | S100R97P, S100TW0W, S100W6PR, S100YHIT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YHIT |
| Property, plant and equipment | 24% | S100YHIT |
| Intangibles and goodwill | 0% | — |
| Other assets | 61% | S100YHIT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100YHIT |
| Equity | 67% | S100YHIT |
| Other liabilities | 0% | S100YHIT |

### 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 | 329,553 | 356,233 | 338,632 | 332,095 | 347,265 |
| Equity | 194,874 | 206,375 | 229,054 | 220,230 | 233,880 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 24,796 | 30,043 | 33,257 | 35,305 | 51,922 |

## 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) | 25.1% | S100YHIT |
| Fixed assets ÷ total assets | 23.7% | S100YHIT |
| Goodwill ÷ parent equity | 0.1% | S100YHIT |

Goodwill over 4 years: 60 → 343 JPY; total investing cash flow: 28,875 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) | 15.0% |
| Cash ÷ revenue | 15.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 348.3% |
| Cash vs. profit gap | 32,261 JPY mn (of net income 392.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 45.3% |
| Shareholder payments — dividends / FCF | 14.6% |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 32.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -1.6% | —× | — | S100R97P |
| 2023 | 0.5% | 0.80× | 0.4% | 1.78× | 0.7% | S100TW0W |
| 2024 | 1.7% | 0.90× | 1.5% | 1.65× | 2.5% | S100W6PR |
| 2025 | 1.9% | 0.94× | 1.8% | 1.53× | 2.8% | S100YHIT |
| 2026 | 2.5% | 0.97× | 2.4% | 1.52× | 3.7% | S100YHIT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 本田技研工業株式会社 | Major shareholder | 6.5% | 2026-03-31 |
| アルプスアルパイン株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| THE CHASE MANHATTAN BANK,N.A. LONDONSECS LENDING OMNIBUS ACCOUNT (常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 4.0% | 2026-03-31 |
| 日本精機株式会社従業員持株会 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.1% | 2026-03-31 |
| 日亜化学工業株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社第四北越銀行 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 2.6% | 2026-03-31 |
| ヤマハ発動機株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.9% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 grew 3.6%, from ¥316.4B to ¥327.9B.
- Operating income grew much faster, up 21.3% from ¥9.58B to ¥11.6B, and net income attributable to owners rose 34.3% to ¥8.22B.
- Operating cash flow climbed from ¥15.3B to ¥40.5B, and free cash flow swung from a negative figure last year to ¥25.6B.

### Drivers

- Strong sales of motorcycle gauges, mainly in ASEAN, India and Brazil, more than made up for weaker car gauge sales caused by poor sales of Japanese and European cars in China.
- The company negotiated price increases to cover higher material costs and kept cutting production costs, which lifted profit.
- A foreign exchange loss in the prior year turned into a gain this year, adding to net income.

### Risks

- A large share of sales goes to the Honda group, so Honda's production and sales plans directly affect results.
- The shift toward software-defined vehicles and the rise of Chinese and other new suppliers are changing how the industry competes; falling behind would hurt.
- Overseas sales make up a growing share of revenue, so currency swings have a bigger effect on results.

Cited: Annual Securities Report, 81st fiscal year (Apr 2025 – Mar 2026) (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, 81st fiscal year (Apr 2025 – Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第81期(2025/04/01－2026/03/31) | S100YHIT | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHIT,, |
| 有価証券報告書－第80期(2024/04/01－2025/03/31) | S100W6PR | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6PR,, |
| 有価証券報告書－第79期(2023/04/01－2024/03/31) | S100TW0W | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TW0W,, |
| 有価証券報告書－第78期(2022/04/01－2023/03/31) | S100R97P | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R97P,, |
| 有価証券報告書－第77期(令和3年4月1日－令和4年3月31日) | S100OHPF | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHPF,, |
| 有価証券報告書－第76期(令和2年4月1日－令和3年3月31日) | S100LPO6 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPO6,, |

## 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).