# Nippon Seisen 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96期(2025/04/01－2026/03/31) (S100YDZS)
> Page: https://vizora.meequs.com/en/company/nippon-seisen
> Retrieved: 2026-09-30T23:08:35.673Z

## Company

Nippon Seisen, founded in 1951, is a company in Steel listed on TSE Prime. It has 815 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Seisen Co.,Ltd. |
| Ticker | 5659 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5659.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区高麗橋四丁目1番1号 |
| Representative (per filing) | 代表取締役社長 利光 一浩 |
| Founded | Jun 1951 |
| Share capital | ¥5B |
| Employees (consolidated) | 815 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | n-seisen.co.jp (https://n-seisen.co.jp/) |
| Corporate number | 2120001093269 |
| EDINET | E01280 |
| Industries (Vizora) | Steel |

> Profile source: annual securities report (S100YDZS, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.1 | 33 |
| Profitability | 72.9 | 35 |
| Cash conversion | 27.4 | 31 |
| Efficiency | 70 | 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 89% of Nippon Seisen's sales come from Japan, with Thailand and ChinaAndKorea making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -0.3% from the prior year, operating profit -32.8%.

## Company structure

- Segment revenue mix: Japan 88.7%、Thailand 8.4%、ChinaAndKorea 2.9%
- Revenue → net income: ¥46601000000 → ¥2122000000
- Net income → operating cash flow: ¥2122000000 → ¥3617000000（difference ¥1495000000）
- Main uses of operating cash flow: CapEx ¥3000000000 / dividends ¥1358000000 / buybacks ¥0
- Change in cash: ¥-570000000
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 | ¥46.6B |  |
| Operating income | ¥3.08B | Margin 6.6% |
| Net income | ¥2.15B | Margin 4.6% |
| Free cash flow | ¥617M |  |
| Largest business | Japan | of segment revenue 88.7% |
| Employees (consolidated) | 815 |  |
| EPS | ¥71.87 |  |
| Book value per share | ¥1191.59 |  |
| Equity ratio | 75.4% |  |
| Shares outstanding | 31,265,000 |  |
| Treasury shares | 323,800 |  |
| Shareholders | 22,419 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 28.0% | Cash ÷ revenue 34.1% |
| Vs. industry median margin | +3.1 pp | Steel |
| ROE | 5.4% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 89% of positive segment profit
- FY2026, cash is 28% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34108000000 | ¥46601000000 | +36.6% |
| Operating income | ¥2380000000 | ¥3077000000 | +29.3% |
| Operating margin | 7.0% | 6.6% | -0.4 pp |
| Employees | 869 people | 815 people | -6.2% |
| Cash and equivalents | ¥13299000000 | ¥15909000000 | +19.6% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 88.7% |
| 日本 → 事業再編・廃止 | 3.3% |
| タイ → タイ | 5.8% |
| 中国・韓国 → 中国・韓国 | 2.3% |
| 新設・再編 → タイ | 2.7% |
| 新設・再編 → 中国・韓国 | 0.6% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +5.7% | ¥41325000000 | 6.8% | 2 |
| Thailand | 5 years | +14.9% | ¥3933000000 | 3.2% | 2 |
| ChinaAndKorea | 5 years | +11.4% | ¥1342000000 | 15.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 46,601 | 100.0% | S100YDZS |
| Cost of revenue | 39,815 | 85.4% | S100YDZS |
| Gross profit | 6,785 | 14.6% | S100YDZS |
| SG&A | 3,708 | 8.0% | S100YDZS |
| Operating income | 3,077 | 6.6% | S100YDZS |
| Ordinary income | 3,241 | 7.0% | S100YDZS |
| Pretax income | 2,990 | 6.4% | S100YDZS |
| Income tax | 867 | 1.9% | S100YDZS |
| Net income | 2,122 | 4.6% | S100YDZS |
| Net income attributable to owners | 2,147 | 4.6% | S100YDZS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 8 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 14.6% → Operating margin 6.6% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.3%; Core profit growth: -32.8%
Operating leverage (core profit growth ÷ revenue growth): 103.47×
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 | 46,749 | 46,601 | -148 | -0.3% |
| Gross profit | 8,218 | 6,785 | -1,433 | -17.4% |
| Operating income | 4,576 | 3,077 | -1,499 | -32.8% |
| Net income attributable to owners | 3,250 | 2,147 | -1,103 | -33.9% |
| Operating cash flow | 4,719 | 3,617 | -1,102 | -23.4% |
| Free cash flow | 3,298 | 617 | -2,681 | -81.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 34,910 | 1,926 | 5.5% | 1,395 | 2,814 | 652 | S100LV50 |
| FY ending Mar 2021 | 34,108 | 2,380 | 7.0% | 1,825 | 3,965 | 2,434 | S100OJ1O |
| FY ending Mar 2022 | 44,795 | 4,596 | 10.3% | 3,177 | 4,473 | 2,691 | S100R9UD |
| FY ending Mar 2023 | 49,055 | 4,179 | 8.5% | 3,086 | 1,861 | -95 | S100TVQM |
| FY ending Mar 2024 | 44,727 | 3,537 | 7.9% | 2,592 | 4,682 | 2,045 | S100W0AF |
| FY ending Mar 2025 | 46,749 | 4,576 | 9.8% | 3,250 | 4,719 | 3,298 | S100YDZS |
| FY ending Mar 2026 | 46,601 | 3,077 | 6.6% | 2,147 | 3,617 | 617 | S100YDZS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.2M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 882 | 893 | 870 | 846 | 815 |
| Average salary (parent company) | ¥6.7M | ¥7.1M | ¥6.9M | ¥7.2M | ¥7.6M |
| Average age (parent company) | 42.0 years | 42.0 years | 42.0 years | 43.0 years | 43.0 years |
| Average tenure (parent company) | 18.0 years | 19.0 years | 19.0 years | 19.0 years | 19.0 years |

Year over year: Employees (consolidated) -3.7% · Revenue (consolidated) -0.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 41,325 | 88.7% | 2,799 | 6.8% |
| Thailand | 3,933 | 8.4% | 125 | 3.2% |
| ChinaAndKorea | 1,342 | 2.9% | 204 | 15.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 88.7% | 89.5% | 0.8 | 6.8% |
| Thailand | 8.4% | 4.0% | -4.4 | 3.2% |
| ChinaAndKorea | 2.9% | 6.5% | 3.6 | 15.2% |

Segment → industry: ChinaAndKorea → Steel / Thailand → Steel / Japan → 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 | 3,617 | 7.8% | S100YDZS |
| Capital expenditure | 3,000 | 6.4% | S100YDZS |
| Free cash flow | 617 | 1.3% | 算出 |
| Investing cash flow | -3,400 | -7.3% | S100YDZS |
| Financing cash flow | -1,045 | -2.2% | S100YDZS |
| Dividends paid | 1,358 | 2.9% | S100YDZS |
| Share buyback | 0 | 0.0% | S100YDZS |
| Change in cash | -570 | -1.2% | S100YDZS |
| Cash and equivalents | 15,909 | 34.1% | S100YDZS |

## 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 | 14,928 | 14,122 | 14,608 | 16,479 | 15,909 | S100TVQM, S100W0AF, S100YDZS |
| Total assets | 51,230 | 54,054 | 53,402 | 55,884 | 56,747 | S100R9UD, S100TVQM, S100W0AF, S100YDZS |
| Net assets | 35,452 | 37,605 | 39,489 | 41,904 | 43,480 | S100TVQM, S100W0AF, S100YDZS |
| Share capital | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | S100R9UD, S100TVQM, S100W0AF, S100YDZS |
| Trade receivables | 9,170 | 8,810 | 8,037 | 7,705 | 7,844 | S100R9UD, S100TVQM, S100W0AF, S100YDZS |
| Property, plant and equipment | 14,423 | 15,601 | 15,800 | 15,745 | 17,519 | S100R9UD, S100TVQM, S100W0AF, S100YDZS |
| Intangible assets excluding goodwill | 229 | 202 | 185 | 155 | 198 | S100R9UD, S100TVQM, S100W0AF, S100YDZS |
| Investment securities | 66 | 69 | 100 | 68 | 161 | S100R9UD, S100TVQM, S100W0AF, S100YDZS |
| Current assets | 34,685 | 36,332 | 35,484 | 38,121 | 37,345 | S100R9UD, S100TVQM, S100W0AF, S100YDZS |
| Current liabilities | 10,886 | 11,012 | 8,828 | 9,326 | 8,799 | S100R9UD, S100TVQM, S100W0AF, S100YDZS |
| Trade payables | 7,470 | 7,660 | 5,946 | 6,475 | 6,446 | S100R9UD, S100TVQM, S100W0AF, S100YDZS |
| Short-term borrowings | 355 | 315 | 260 | 81 | 88 | S100R9UD, S100TVQM, S100W0AF, S100YDZS |
| Long-term borrowings | — | 338 | 176 | — | 338 | S100TVQM, S100W0AF, S100YDZS |
| Total liabilities | 15,777 | 16,448 | 13,912 | 13,980 | 13,267 | S100R9UD, S100TVQM, S100W0AF, S100YDZS |
| Non-controlling interests | 491 | 559 | 603 | 696 | 712 | S100R9UD, S100TVQM, S100W0AF, S100YDZS |
| Equity attributable to owners of parent | 34,598 | 36,359 | 37,653 | 39,393 | 40,215 | S100R9UD, S100TVQM, S100W0AF, S100YDZS |
| Retained earnings | 25,006 | 26,201 | 27,494 | 29,228 | 30,014 | S100R9UD, S100TVQM, S100W0AF, S100YDZS |
| Treasury stock | -849 | -400 | -398 | -393 | -357 | S100R9UD, S100TVQM, S100W0AF, S100YDZS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100YDZS |
| Receivables | 14% | S100YDZS |
| Property, plant and equipment | 31% | S100YDZS |
| Intangibles and goodwill | 0% | S100YDZS |
| Investment securities | 0% | S100YDZS |
| Other assets | 27% | S100YDZS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YDZS |
| Other liabilities | 12% | S100YDZS |
| Equity | 77% | S100YDZS |

### 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 | 51,230 | 54,054 | 53,402 | 55,884 | 56,747 |
| Equity | 35,452 | 37,605 | 39,489 | 41,904 | 43,480 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,928 | 14,122 | 14,608 | 16,479 | 15,909 |

## 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) | 37.6% | S100YDZS |
| Fixed assets ÷ total assets | 30.9% | S100YDZS |
| Goodwill ÷ parent equity | — | —, S100YDZS |

### 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) | 28.0% |
| Cash ÷ revenue | 34.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 117.5% |
| Cash vs. profit gap | 1,470 JPY mn (of net income 68.5%) |
| Shareholder returns / net income | 63.3% |
| Shareholder returns / FCF | 220.1% |
| Shareholder payments — dividends / net income | 63.3% |
| Shareholder payments — dividends / FCF | 220.1% |
| CapEx intensity (capex ÷ revenue) | 6.4% |
| Investing CF relative to operating CF | 94.0% |

## 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 | 7.1% | 0.87× | 6.2% | 1.48× | 9.2% | S100R9UD |
| 2023 | 6.3% | 0.93× | 5.9% | 1.48× | 8.7% | S100TVQM |
| 2024 | 5.8% | 0.83× | 4.8% | 1.45× | 7.0% | S100W0AF |
| 2025 | 7.0% | 0.86× | 5.9% | 1.42× | 8.4% | S100YDZS |
| 2026 | 4.6% | 0.83× | 3.8% | 1.41× | 5.4% | S100YDZS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大同特殊鋼株式会社 | Major shareholder | 50.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 6.1% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 1.9% | 2026-03-31 |
| 前尾吉信 | Major shareholder | 1.9% | 2026-03-31 |
| 特殊発條興業株式会社 | Major shareholder | 1.1% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| ASADA株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 日本精線共栄会 | Major shareholder | 0.9% | 2026-03-31 |
| 日本精線従業員持株会 | Major shareholder | 0.9% | 2026-03-31 |
| 株式会社信光ステンレス | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第96期(2025/04/01－2026/03/31) | S100YDZS | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDZS,, |
| 有価証券報告書－第95期(2024/04/01－2025/03/31) | S100W0AF | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0AF,, |
| 有価証券報告書－第94期(2023/04/01－2024/03/31) | S100TVQM | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVQM,, |
| 有価証券報告書－第93期(2022/04/01－2023/03/31) | S100R9UD | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9UD,, |
| 有価証券報告書－第92期(令和3年4月1日－令和4年3月31日) | S100OJ1O | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ1O,, |
| 有価証券報告書－第91期(令和2年4月1日－令和3年3月31日) | S100LV50 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV50,, |

## 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).