Nippon SteelNIPPON STEEL CORPORATION5401東証プライム鉄鋼FY ending Mar 2026, consolidated, IFRS

Nippon Steel revenue and profit

Out of every ¥100 of sales, about ¥2 is left as operating profit. Revenue changed +15.7% from the prior year, operating profit -55.7%.

Five-year trend

Revenue¥10.1T
FY ending Mar 2022: ¥6.81T¥6.81TFY ending Mar 2023: ¥7.98T¥7.98TFY ending Mar 2024: ¥8.87T¥8.87TFY ending Mar 2025: ¥8.7T¥8.7TFY ending Mar 2026: ¥10.1T¥10.1TFY22FY23FY24FY25FY26
Operating income¥242.9B
FY ending Mar 2022: ¥840.9B¥840.9BFY ending Mar 2023: ¥883.6B¥883.6BFY ending Mar 2024: ¥778.7B¥778.7BFY ending Mar 2025: ¥548B¥548BFY ending Mar 2026: ¥242.9B¥242.9BFY22FY23FY24FY25FY26
Operating margin2.4%
FY ending Mar 2022: 12.4%12.4%FY ending Mar 2023: 11.1%11.1%FY ending Mar 2024: 8.8%8.8%FY ending Mar 2025: 6.3%6.3%FY ending Mar 2026: 2.4%2.4%FY22FY23FY24FY25FY26

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin0.2%
Asset turnover0.79×
ROA0.1%
ROA0.1%
Financial leverage2.35×
ROE0.3%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin0.2%
2022: 9.4%9.4%2023: 8.7%8.7%2024: 6.2%6.2%2025: 4.0%4.0%2026: 0.2%0.2%2223242526
Asset turnover0.79×
2022: 0.78×0.78×2023: 0.87×0.87×2024: 0.87×0.87×2025: 0.80×0.80×2026: 0.79×0.79×2223242526
ROA0.1%
2022: 7.3%7.3%2023: 7.6%7.6%2024: 5.4%5.4%2025: 3.2%3.2%2026: 0.1%0.1%2223242526
Financial leverage2.35×
2022: 2.52×2.52×2023: 2.40×2.40×2024: 2.26×2.26×2025: 2.13×2.13×2026: 2.35×2.35×2223242526
ROE0.3%
2022: 18.4%18.4%2023: 18.1%18.1%2024: 12.3%12.3%2025: 6.9%6.9%2026: 0.3%0.3%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20229.4%0.78×7.3%2.52×18.4%
20238.7%0.87×7.6%2.40×18.1%
20246.2%0.87×5.4%2.26×12.3%
20254.0%0.80×3.2%2.13×6.9%
20260.2%0.79×0.1%2.35×0.3%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue58.6%
2021: 61.2%61.2%2022: 44.8%44.8%2023: 39.9%39.9%2024: 38.1%38.1%2025: 41.8%41.8%2026: 58.6%58.6%212223242526
PPE ÷ total assets40.2%
2021: 39.0%39.0%2022: 34.9%34.9%2023: 33.3%33.3%2024: 31.5%31.5%2025: 33.2%33.2%2026: 40.2%40.2%212223242526
Goodwill ÷ parent equity4.7%
2021: 1.7%1.7%2022: 1.8%1.8%2023: 1.6%1.6%2024: 1.5%1.5%2025: 1.3%1.3%2026: 4.7%4.7%212223242526
Goodwill balance¥259.7B
2021: ¥46.3B¥46.3B2022: ¥61.7B¥61.7B2023: ¥65.1B¥65.1B2024: ¥70.2B¥70.2B2025: ¥71.6B¥71.6B2026: ¥259.7B¥259.7B212223242526

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥82.7B
2021: ¥65.3B¥65.3B2022: ¥66.4B¥66.4B2023: ¥70.5B¥70.5B2024: ¥72.7B¥72.7B2025: ¥80.7B¥80.7B2026: ¥82.7B¥82.7B212223242526
R&D / revenue0.8%
2021: 1.4%1.4%2022: 1.0%1.0%2023: 0.9%0.9%2024: 0.8%0.8%2025: 0.9%0.9%2026: 0.8%0.8%212223242526

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue6,808,8907,975,5868,868,0978,695,52610,063,216
Cost of revenue5,587,3316,682,0287,481,3317,323,8748,618,408
Gross profit1,221,5591,293,5571,386,7651,371,6511,444,808
SG&A544,725579,411730,388815,817993,968
Operating income840,901883,646778,662547,960242,903
Pretax income816,583866,849763,972524,377172,814
Income tax149,052128,117176,074141,405128,059
Net income attributable to owners637,321694,016549,372350,22717,158
Operating margin12.4%11.1%8.8%6.3%2.4%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

3%
Property, plant and equipment 40%
2%
Other assets 55%

Funding

Other liabilities 59%
Equity 41%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥551B¥670.4B¥448.9B¥672.5B¥461.3B
Total assets¥8.75T¥9.57T¥10.7T¥10.9T¥14.7T
Net assets¥3.9T¥4.65T¥5.36T¥5.9T¥6.02T
Share capital¥419.5B¥419.5B¥419.8B¥569.5B¥569.5B
Property, plant and equipment¥3.05T¥3.18T¥3.38T¥3.64T¥5.9T
Goodwill¥61.7B¥65.1B¥70.2B¥71.6B¥259.7B
Current assets¥3.51T¥4.07T¥4.56T¥4.55T¥5.29T
Total liabilities¥4.86T¥4.92T¥5.36T¥5.04T¥8.64T
Equity attributable to owners of parent¥3.47T¥4.18T¥4.78T¥5.38T¥5.53T
Retained earnings¥2.51T¥3.08T¥3.53T¥3.82T¥3.75T
Treasury stock-¥58B-¥58.1B-¥58.1B-¥58.2B-¥59B

Sources

Show source documents (6)
  • EDINET (FSA Japan)

    有価証券報告書-第101期(2025/04/01-2026/03/31)

    ID S100YF8E2026-06-23Open
  • EDINET (FSA Japan)

    有価証券報告書-第100期(2024/04/01-2025/03/31)

    ID S100W3AT2025-06-24Open
  • EDINET (FSA Japan)

    有価証券報告書-第99期(2023/04/01-2024/03/31)

    ID S100TOAW2024-06-21Open
  • EDINET (FSA Japan)

    有価証券報告書-第98期(2022/04/01-2023/03/31)

    ID S100R2FO2023-06-23Open
  • EDINET (FSA Japan)

    有価証券報告書-第97期(令和3年4月1日-令和4年3月31日)

    ID S100OCKQ2022-06-23Open
  • EDINET (FSA Japan)

    有価証券報告書-第96期(令和2年4月1日-令和3年3月31日)

    ID S100LM6X2021-06-23Open

Extracted from XBRL: 44 / Derived from other figures: 1

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