# NIPPON SHARYO, 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197期(2025/04/01－2026/03/31) (S100YK10)
> Page: https://vizora.meequs.com/en/company/nippon-sharyo
> Retrieved: 2026-09-30T18:28:06.895Z

## Company

Nippon Sharyo, founded in 1896, is a company in Electrical Equipment listed on TSE Prime. It has 2,176 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON SHARYO,LTD. |
| Ticker | 7102 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7102.T) |
| Listing | TSE Prime |
| Head office | 名古屋市熱田区三本松町1番1号 |
| Representative (per filing) | 代表取締役社長 田中 守 |
| Founded | Sep 1896 |
| Share capital | ¥11.8B |
| Employees (consolidated) | 2,176 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.n-sharyo.co.jp (https://www.n-sharyo.co.jp/) |
| Corporate number | 4180001022575 |
| EDINET | E02134 |
| Industries (Vizora) | Electrical Equipment, Trucks & Buses, General Contractors, Industrial Machinery, Construction & Farm Machinery |

> Profile source: annual securities report (S100YK10, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Electrical Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10.4 | 24 |
| Profitability | 81.3 | 24 |
| Cash conversion | 41.3 | 23 |
| Efficiency | 22 | 25 |

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 49% of Nippon Sharyo's sales come from Railway Rolling Stock, with Construction Equipment and Transportation Equipment and Steel Structure making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +3.8% from the prior year, operating profit +67.5%.

## Company structure

- Segment revenue mix: Railway Rolling Stock 48.6%、Construction Equipment 22.0%、Transportation Equipment and Steel Structure 21.9%、Engineering 7.5%、Other 0.1%
- Revenue → net income: ¥99971000000 → ¥11661000000
- Net income → operating cash flow: ¥11661000000 → ¥8002000000（difference ¥-3659000000）
- Main uses of operating cash flow: CapEx ¥3545000000 / dividends ¥575000000 / buybacks —
- Change in cash: ¥2181000000
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 | ¥100B |  |
| Operating income | ¥11.6B | Margin 11.6% |
| Net income | ¥11.7B | Margin 11.7% |
| Free cash flow | ¥4.46B |  |
| Largest business | Railway Rolling Stock | of segment revenue 48.6% |
| Employees (consolidated) | 2,176 |  |
| EPS | ¥970.56 |  |
| Book value per share | ¥4915.49 |  |
| Equity ratio | 53.9% |  |
| Shares outstanding | 14,675,000 |  |
| Treasury shares | 247,500 |  |
| Shareholders | 8,461 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 9.0% | Cash ÷ revenue 13.7% |
| Vs. industry median margin | +3.2 pp | Electrical Equipment |
| ROE | 19.0% | Derived from disclosed figures |
| ROA | 8.2% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 67%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥99448000000 | ¥99971000000 | +0.5% |
| Operating income | ¥9047000000 | ¥11615000000 | +28.4% |
| Operating margin | 9.1% | 11.6% | +2.5 pp |
| Employees | 2,268 people | 2,176 people | -4.1% |
| Cash and equivalents | ¥20766000000 | ¥13709000000 | -34.0% |

### 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 |
| --- | ---: |
| 鉄道車両事業 → 鉄道車両事業 | 48.6% |
| 鉄道車両事業 → 事業再編・廃止 | 2.2% |
| 建設機械事業 → 建設機械事業 | 21.8% |
| 輸送用機器・鉄構事業 → 輸送用機器・鉄構事業 | 18.6% |
| エンジニアリング事業 → エンジニアリング事業 | 7.5% |
| エンジニアリング事業 → 事業再編・廃止 | 1.3% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 建設機械事業 | 0.3% |
| 新設・再編 → 輸送用機器・鉄構事業 | 3.2% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Railway Rolling Stock | 5 years | -0.8% | ¥48556000000 | 9.5% | 2 |
| Construction Equipment | 5 years | +0.4% | ¥22040000000 | 17.9% | 2 |
| Transportation Equipment and Steel Structure | 5 years | +3.4% | ¥21846000000 | 14.4% | 2 |
| Engineering | 5 years | -3.1% | ¥7452000000 | 14.8% | 2 |
| Other | 5 years | -0.5% | ¥75000000 | -38.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 99,971 | 100.0% | S100YK10 |
| Cost of revenue | 80,392 | 80.4% | S100YK10 |
| Gross profit | 19,579 | 19.6% | S100YK10 |
| SG&A | 7,964 | 8.0% | S100YK10 |
| Operating income | 11,615 | 11.6% | S100YK10 |
| Ordinary income | 11,986 | 12.0% | S100YK10 |
| Pretax income | 11,335 | 11.3% | S100YK10 |
| Income tax | -326 | -0.3% | S100YK10 |
| Net income | 11,661 | 11.7% | S100YK10 |
| Net income attributable to owners | 11,661 | 11.7% | S100YK10 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 8 |
| Operating income | 12 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 19.6% → Operating margin 11.6% → Net margin 11.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.8%; Core profit growth: +67.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 17.91×
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 | 96,340 | 99,971 | 3,631 | +3.8% |
| Gross profit | 14,691 | 19,579 | 4,888 | +33.3% |
| Operating income | 6,935 | 11,615 | 4,680 | +67.5% |
| Net income attributable to owners | 6,416 | 11,661 | 5,245 | +81.7% |
| Operating cash flow | 1,447 | 8,002 | 6,555 | +453.0% |
| Free cash flow | -1,379 | 4,457 | 5,836 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 94,634 | 8,538 | 9.0% | 7,895 | 1,309 | -3,306 | S100LUHN |
| FY ending Mar 2021 | 99,448 | 9,047 | 9.1% | 7,928 | 11,537 | 8,418 | S100OJLT |
| FY ending Mar 2022 | 94,022 | 6,237 | 6.6% | 5,226 | 14,507 | 11,947 | S100R9PL |
| FY ending Mar 2023 | 97,969 | 4,461 | 4.6% | 3,118 | 7,152 | 5,420 | S100TWOX |
| FY ending Mar 2024 | 88,058 | 6,060 | 6.9% | 5,381 | -2,478 | -4,509 | S100W8ID |
| FY ending Mar 2025 | 96,340 | 6,935 | 7.2% | 6,416 | 1,447 | -1,379 | S100YK10 |
| FY ending Mar 2026 | 99,971 | 11,615 | 11.6% | 11,661 | 8,002 | 4,457 | S100YK10 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.9M |
| Operating income per employee (consolidated) | ¥5.3M |
| Net income per employee (consolidated) | ¥5.4M |

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) | 2,331 | 2,321 | 2,263 | 2,211 | 2,176 |
| Average salary (parent company) | ¥6.4M | ¥6.3M | ¥6.3M | ¥6.7M | ¥7M |
| Average age (parent company) | 38.9 years | 38.9 years | 39.1 years | 39.6 years | 40.3 years |
| Average tenure (parent company) | 14.6 years | 14.7 years | 14.9 years | 15.4 years | 16.1 years |

Year over year: Employees (consolidated) -1.6% · Revenue (consolidated) +3.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Railway Rolling Stock | 48,556 | 48.6% | 4,589 | 9.5% |
| Construction Equipment | 22,040 | 22.0% | 3,947 | 17.9% |
| Transportation Equipment and Steel Structure | 21,846 | 21.9% | 3,152 | 14.4% |
| Engineering | 7,452 | 7.5% | 1,105 | 14.8% |
| Other | 75 | 0.1% | -29 | -38.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Railway Rolling Stock | 48.6% | 35.9% | -12.7 | 9.5% |
| Construction Equipment | 22.0% | 30.9% | 8.8 | 17.9% |
| Transportation Equipment and Steel Structure | 21.9% | 24.6% | 2.8 | 14.4% |
| Engineering | 7.5% | 8.6% | 1.2 | 14.8% |
| Other | 0.1% | — | — | -38.7% |

Loss-making segment (excluded from profit shares): Other -29 JPY mn

Segment → industry: Railway Rolling Stock → Electrical Equipment / Transportation Equipment and Steel Structure → Trucks & Buses / Transportation Equipment and Steel Structure → General Contractors / Engineering → Industrial Machinery / Construction Equipment → Construction & Farm Machinery

## 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 | 8,002 | 8.0% | S100YK10 |
| Capital expenditure | 3,545 | 3.5% | S100YK10 |
| Free cash flow | 4,457 | 4.5% | 算出 |
| Investing cash flow | -1,210 | -1.2% | S100YK10 |
| Financing cash flow | -4,608 | -4.6% | S100YK10 |
| Dividends paid | 575 | 0.6% | S100YK10 |
| Change in cash | 2,181 | 2.2% | S100YK10 |
| Cash and equivalents | 13,709 | 13.7% | S100YK10 |

## 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 | 29,111 | 23,263 | 15,347 | 11,528 | 13,709 | S100TWOX, S100W8ID, S100YK10 |
| Total assets | 132,868 | 124,363 | 136,397 | 131,164 | 152,564 | S100R9PL, S100TWOX, S100W8ID, S100YK10 |
| Net assets | 48,018 | 51,123 | 62,228 | 64,648 | 82,248 | S100TWOX, S100W8ID, S100YK10 |
| Share capital | 11,810 | 11,810 | 11,810 | 11,810 | 11,810 | S100R9PL, S100TWOX, S100W8ID, S100YK10 |
| Property, plant and equipment | 28,363 | 27,551 | 27,669 | 28,203 | 29,760 | S100R9PL, S100TWOX, S100W8ID, S100YK10 |
| Intangible assets excluding goodwill | 529 | 423 | 361 | 281 | 285 | S100R9PL, S100TWOX, S100W8ID, S100YK10 |
| Investment securities | 16,601 | 17,144 | 21,910 | 17,511 | 17,174 | S100R9PL, S100TWOX, S100W8ID, S100YK10 |
| Current assets | 81,362 | 72,925 | 75,771 | 74,180 | 87,013 | S100R9PL, S100TWOX, S100W8ID, S100YK10 |
| Current liabilities | 30,973 | 29,510 | 31,714 | 27,586 | 46,778 | S100R9PL, S100TWOX, S100W8ID, S100YK10 |
| Trade payables | 8,230 | 7,045 | 7,480 | 7,273 | 7,934 | S100R9PL, S100TWOX, S100W8ID, S100YK10 |
| Long-term borrowings | 48,762 | 38,165 | 34,454 | 31,332 | 13,678 | S100R9PL, S100TWOX, S100W8ID, S100YK10 |
| Total liabilities | 84,849 | 73,240 | 74,169 | 66,515 | 70,316 | S100R9PL, S100TWOX, S100W8ID, S100YK10 |
| Non-controlling interests | 151 | 162 | — | — | — | S100R9PL, S100TWOX |
| Equity attributable to owners of parent | 41,685 | 44,513 | 49,761 | 55,742 | 66,825 | S100R9PL, S100TWOX, S100W8ID, S100YK10 |
| Retained earnings | 30,396 | 33,225 | 38,319 | 44,302 | 55,386 | S100R9PL, S100TWOX, S100W8ID, S100YK10 |
| Treasury stock | -521 | -523 | -525 | -527 | -528 | S100R9PL, S100TWOX, S100W8ID, S100YK10 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YK10 |
| Property, plant and equipment | 20% | S100YK10 |
| Intangibles and goodwill | 0% | S100YK10 |
| Investment securities | 11% | S100YK10 |
| Other assets | 60% | S100YK10 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YK10 |
| Other liabilities | 41% | S100YK10 |
| Equity | 54% | S100YK10 |

### 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 | 132,868 | 124,363 | 136,397 | 131,164 | 152,564 |
| Equity | 48,018 | 51,123 | 62,228 | 64,648 | 82,248 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 29,111 | 23,263 | 15,347 | 11,528 | 13,709 |

## 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) | 29.8% | S100YK10 |
| Fixed assets ÷ total assets | 19.5% | S100YK10 |
| Goodwill ÷ parent equity | — | —, S100YK10 |

### 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) | 9.0% |
| Cash ÷ revenue | 13.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 68.9% |
| Cash vs. profit gap | -3,659 JPY mn (of net income -31.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 4.9% |
| Shareholder payments — dividends / FCF | 12.9% |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| Investing CF relative to operating CF | 15.1% |

## 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 | 5.6% | 0.71× | 3.9% | 3.19× | 12.5% | S100R9PL |
| 2023 | 3.2% | 0.76× | 2.4% | 2.98× | 7.2% | S100TWOX |
| 2024 | 6.1% | 0.68× | 4.1% | 2.77× | 11.4% | S100W8ID |
| 2025 | 6.7% | 0.72× | 4.8% | 2.54× | 12.2% | S100YK10 |
| 2026 | 11.7% | 0.70× | 8.2% | 2.31× | 19.0% | S100YK10 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東海旅客鉄道㈱ | Major shareholder | 50.9% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 5.9% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 2.9% | 2026-03-31 |
| 日本車輌従業員持株会 | Major shareholder | 1.9% | 2026-03-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.1% | 2026-03-31 |
| 村松 俊三 | Major shareholder | 1.0% | 2026-03-31 |
| ㈱三菱UFJ銀行 | Major shareholder | 1.0% | 2026-03-31 |
| RE FUND 107-CLIENT AC （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.9% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行㈱） | Major shareholder | 0.9% | 2026-03-31 |
| GOLDMAN SACHS BANK EUROPE SE （常任代理人 ゴールドマン・サックス証券㈱） | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第197期(2025/04/01－2026/03/31) | S100YK10 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK10,, |
| 有価証券報告書－第196期(2024/04/01－2025/03/31) | S100W8ID | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8ID,, |
| 有価証券報告書－第195期(2023/04/01－2024/03/31) | S100TWOX | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWOX,, |
| 有価証券報告書－第194期(2022/04/01－2023/03/31) | S100R9PL | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9PL,, |
| 有価証券報告書－第193期(令和3年4月1日－令和4年3月31日) | S100OJLT | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJLT,, |
| 有価証券報告書－第192期(令和2年4月1日－令和3年3月31日) | S100LUHN | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUHN,, |

## 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).