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

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第103期(2025/04/01－2026/03/31) (S100YEXB)
> Page: https://vizora.meequs.com/en/company/nippon-shindo
> Retrieved: 2026-09-30T20:26:51.449Z

## Company

Nippon Shindo, founded in 1938, is a company in Non-ferrous Metals & Wires listed on TSE Standard. It has 92 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON SHINDO CO.,LTD. |
| Ticker | 5753 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5753.T) |
| Listing | TSE Standard |
| Head office | 大阪府堺市堺区匠町20番地1 |
| Representative (per filing) | 代表取締役社長 高倉 英朗 |
| Founded | Apr 1938 |
| Share capital | ¥1.59B |
| Employees (consolidated) | 92 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.nippon-shindo.co.jp (https://www.nippon-shindo.co.jp/) |
| Corporate number | 1120101008623 |
| EDINET | E01305 |
| Industries (Vizora) | Non-ferrous Metals & Wires |

> Profile source: annual securities report (S100YEXB, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Non-ferrous Metals & Wires (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70 | 25 |
| Profitability | 67.3 | 26 |
| Cash conversion | 6 | 25 |
| Efficiency | 87 | 27 |

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)

- Nippon Shindo brought in ¥30.1B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +15.4% from the prior year, operating profit +46.8%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥30.1B |  |
| Operating income | ¥2.69B | Margin 8.9% |
| Net income | ¥742M | Margin 2.5% |
| Free cash flow | -¥1.06B |  |
| Employees (consolidated) | 92 |  |
| EPS | ¥347.23 |  |
| Book value per share | ¥5948.06 |  |
| Equity ratio | 68.7% |  |
| Shares outstanding | 2,370,000 |  |
| Treasury shares | 232,900 |  |
| Shareholders | 1,086 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 1.3% | Cash ÷ revenue 0.8% |
| Vs. industry median margin | +3.3 pp | Non-ferrous Metals & Wires |
| ROE | 6.1% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 47%
- FY2026, cash is 1% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15618000000 | ¥30145000000 | +93.0% |
| Operating income | ¥1654000000 | ¥2694000000 | +62.9% |
| Operating margin | 10.6% | 8.9% | -1.7 pp |
| Employees | 99 people | 92 people | -7.1% |
| Cash and equivalents | ¥264000000 | ¥246000000 | -6.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 30,145 | 100.0% | S100YEXB |
| Cost of revenue | 26,631 | 88.3% | S100YEXB |
| Gross profit | 3,513 | 11.7% | S100YEXB |
| SG&A | 818 | 2.7% | S100YEXB |
| Operating income | 2,694 | 8.9% | S100YEXB |
| Ordinary income | 1,028 | 3.4% | S100YEXB |
| Pretax income | 1,068 | 3.5% | S100YEXB |
| Income tax | 326 | 1.1% | S100YEXB |
| Net income | 742 | 2.5% | S100YEXB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 3 |
| Operating income | 9 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 11.7% → Operating margin 8.9% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.4%; Core profit growth: +46.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.04×
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 | 26,122 | 30,145 | 4,023 | +15.4% |
| Gross profit | 2,682 | 3,513 | 831 | +31.0% |
| Operating income | 1,835 | 2,694 | 859 | +46.8% |
| Operating cash flow | 299 | -975 | -1,274 | -426.1% |
| Free cash flow | 222 | -1,060 | -1,282 | -577.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 17,218 | 1,104 | 6.4% | 1,027 | 2,640 | 2,562 | S100LMGQ |
| FY ending Mar 2021 | 15,618 | 1,654 | 10.6% | 415 | -1,095 | -1,400 | S100OA5T |
| FY ending Mar 2022 | 26,137 | 2,365 | 9.0% | 1,058 | -106 | -217 | S100QZNL |
| FY ending Mar 2023 | 27,242 | 1,591 | 5.8% | 1,031 | 157 | 2 | S100TQG3 |
| FY ending Mar 2024 | 23,338 | 1,200 | 5.1% | 555 | 841 | 767 | S100W1OZ |
| FY ending Mar 2025 | 26,122 | 1,835 | 7.0% | 964 | 299 | 222 | S100YEXB |
| FY ending Mar 2026 | 30,145 | 2,694 | 8.9% | 742 | -975 | -1,060 | S100YEXB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥327.7M |
| Operating income per employee (consolidated) | ¥29.3M |
| Net income per employee (consolidated) | ¥8.1M |

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) | 98 | 96 | 97 | 94 | 92 |
| Average salary (parent company) | ¥6.7M | ¥6.9M | ¥7.1M | ¥7.2M | ¥7.4M |
| Average age (parent company) | 41.0 years | 42.0 years | 42.0 years | 43.0 years | 42.0 years |
| Average tenure (parent company) | 17.0 years | 18.0 years | 18.0 years | 19.0 years | 19.0 years |

Year over year: Employees (consolidated) -2.1% · Revenue (consolidated) +15.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -975 | -3.2% | S100YEXB |
| Capital expenditure | 85 | 0.3% | S100YEXB |
| Free cash flow | -1,060 | -3.5% | 算出 |
| Investing cash flow | -43 | -0.1% | S100YEXB |
| Financing cash flow | 1,078 | 3.6% | S100YEXB |
| Dividends paid | 31 | 0.1% | S100YEXB |
| Change in cash | 59 | 0.2% | S100YEXB |
| Cash and equivalents | 246 | 0.8% | S100YEXB |

## 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 | 227 | 223 | 190 | 187 | 246 | S100TQG3, S100W1OZ, S100YEXB |
| Total assets | 15,426 | 15,408 | 14,972 | 16,474 | 18,492 | S100QZNL, S100TQG3, S100W1OZ, S100YEXB |
| Net assets | 9,457 | 10,359 | 10,927 | 11,909 | 12,711 | S100TQG3, S100W1OZ, S100YEXB |
| Share capital | 1,595 | 1,595 | 1,595 | 1,595 | 1,595 | S100QZNL, S100TQG3, S100W1OZ, S100YEXB |
| Property, plant and equipment | 2,669 | 2,563 | 2,506 | 2,486 | 2,436 | S100QZNL, S100TQG3, S100W1OZ, S100YEXB |
| Intangible assets excluding goodwill | 59 | 90 | 86 | 84 | 78 | S100QZNL, S100TQG3, S100W1OZ, S100YEXB |
| Investment securities | 390 | 424 | 471 | 533 | 666 | S100QZNL, S100TQG3, S100W1OZ, S100YEXB |
| Current assets | 12,269 | 12,305 | 11,893 | 13,362 | 15,294 | S100QZNL, S100TQG3, S100W1OZ, S100YEXB |
| Current liabilities | 5,559 | 4,630 | 3,599 | 4,096 | 5,242 | S100QZNL, S100TQG3, S100W1OZ, S100YEXB |
| Short-term borrowings | 2,340 | 2,490 | 1,700 | 1,500 | 2,610 | S100QZNL, S100TQG3, S100W1OZ, S100YEXB |
| Total liabilities | 5,968 | 5,048 | 4,044 | 4,565 | 5,781 | S100QZNL, S100TQG3, S100W1OZ, S100YEXB |
| Equity attributable to owners of parent | 9,420 | 10,299 | 10,810 | 11,753 | 12,463 | S100QZNL, S100TQG3, S100W1OZ, S100YEXB |
| Retained earnings | 7,798 | 8,808 | 9,342 | 10,285 | 10,995 | S100QZNL, S100TQG3, S100W1OZ, S100YEXB |
| Treasury stock | -262 | -394 | -417 | -417 | -417 | S100QZNL, S100TQG3, S100W1OZ, S100YEXB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 1% | S100YEXB |
| Property, plant and equipment | 13% | S100YEXB |
| Intangibles and goodwill | 0% | S100YEXB |
| Investment securities | 4% | S100YEXB |
| Other assets | 82% | S100YEXB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100YEXB |
| Equity | 69% | S100YEXB |

### 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 | 15,426 | 15,408 | 14,972 | 16,474 | 18,492 |
| Equity | 9,457 | 10,359 | 10,927 | 11,909 | 12,711 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 227 | 223 | 190 | 187 | 246 |

## 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) | 8.1% | S100YEXB |
| Fixed assets ÷ total assets | 13.2% | S100YEXB |
| Goodwill ÷ parent equity | — | —, S100YEXB |

### 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) | 1.3% |
| Cash ÷ revenue | 0.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -36.2% |
| Cash vs. profit gap | -1,717 JPY mn (of net income -231.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 4.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | — |

## 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 | 4.0% | 1.69× | 6.9% | 1.64× | 11.2% | S100QZNL |
| 2023 | 3.8% | 1.77× | 6.7% | 1.56× | 10.5% | S100TQG3 |
| 2024 | 2.4% | 1.54× | 3.7% | 1.44× | 5.3% | S100W1OZ |
| 2025 | 3.7% | 1.66× | 6.1% | 1.39× | 8.5% | S100YEXB |
| 2026 | 2.5% | 1.72× | 4.2% | 1.44× | 6.1% | S100YEXB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＣＫサンエツ | Major shareholder | 55.4% | 2026-03-31 |
| 根本 竜太郎 | Major shareholder | 5.5% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯ ＫＥＲＳ ＬＬＣ （インタラクティブ・ブローカー ズ証券株式会社） | Major shareholder | 4.4% | 2026-03-31 |
| ヨシダ トモヒロ | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.8% | 2026-03-31 |
| 高石 文夫 | Major shareholder | 1.5% | 2026-03-31 |
| 松井 崇 | Major shareholder | 1.4% | 2026-03-31 |
| 片木 寿之 | Major shareholder | 1.2% | 2026-03-31 |
| 對馬 満春 | Major shareholder | 0.8% | 2026-03-31 |
| 森永 清洲 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YEXB | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEXB,, |
| 有価証券報告書－第102期(2024/04/01－2025/03/31) | S100W1OZ | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1OZ,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TQG3 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQG3,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100QZNL | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZNL,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100OA5T | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA5T,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LMGQ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMGQ,, |

## 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).