# NIPPON  THOMPSON 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77期(2025/04/01－2026/03/31) (S100YD87)
> Page: https://vizora.meequs.com/en/company/nippon-thompson
> Retrieved: 2026-09-30T19:50:13.090Z

## Company

Nippon Thompson, founded in 1950, is a company in Industrial Machinery listed on TSE Prime. It has 2,547 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON THOMPSON CO., LTD. |
| Ticker | 6480 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6480.T) |
| Listing | TSE Prime |
| Head office | 東京都港区高輪二丁目19番19号 |
| Representative (per filing) | 代表取締役社長CEO 細野幹人 |
| Founded | Feb 1950 |
| Share capital | ¥9.53B |
| Employees (consolidated) | 2,547 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.ikont.co.jp (https://www.ikont.co.jp/) |
| Corporate number | 4010401023033 |
| EDINET | E01631 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100YD87, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 52.3 | 110 |
| Profitability | 41.4 | 122 |
| Cash conversion | 84.1 | 116 |
| Efficiency | 8.6 | 122 |

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 Thompson brought in ¥63B in revenue.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +15.9% from the prior year, operating profit +249.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥63031000000 → ¥4069000000
- Net income → operating cash flow: ¥4069000000 → ¥9479000000（difference ¥5410000000）
- Main uses of operating cash flow: CapEx ¥3488000000 / dividends ¥1665000000 / buybacks ¥518000000
- Change in cash: ¥290000000
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 | ¥63B |  |
| Operating income | ¥4.1B | Margin 6.5% |
| Net income | ¥4.07B | Margin 6.5% |
| Free cash flow | ¥5.99B |  |
| Employees (consolidated) | 2,547 |  |
| EPS | ¥53.83 |  |
| Diluted EPS | ¥53.71 |  |
| Book value per share | ¥869.88 |  |
| Equity ratio | 66.2% |  |
| Shares outstanding | 73,501,425 |  |
| Treasury shares | 2,258,600 |  |
| Shareholders | 12,102 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 18.3% | Cash ÷ revenue 36.4% |
| Vs. industry median margin | -1.1 pp | Industrial Machinery |
| ROE | 6.1% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.3× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥44342000000 | ¥63031000000 | +42.1% |
| Operating income | ¥-559000000 | ¥4102000000 | — |
| Operating margin | -1.3% | 6.5% | +7.8 pp |
| Employees | 2,456 people | 2,547 people | +3.7% |
| Cash and equivalents | ¥15346000000 | ¥22968000000 | +49.7% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 63,031 | 100.0% | S100YD87 |
| Cost of revenue | 42,832 | 68.0% | S100YD87 |
| Gross profit | 20,198 | 32.0% | S100YD87 |
| SG&A | 16,095 | 25.5% | S100YD87 |
| Operating income | 4,102 | 6.5% | S100YD87 |
| Ordinary income | 5,162 | 8.2% | S100YD87 |
| Pretax income | 4,752 | 7.5% | S100YD87 |
| Income tax | 683 | 1.1% | S100YD87 |
| Net income | 4,069 | 6.5% | S100YD87 |
| Net income attributable to owners | 4,069 | 6.5% | S100YD87 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 26 |
| Operating income | 6 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 32.0% → Operating margin 6.5% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.9%; Core profit growth: +249.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 15.70×
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 | 54,384 | 63,031 | 8,647 | +15.9% |
| Gross profit | 16,703 | 20,198 | 3,495 | +20.9% |
| Operating income | 1,173 | 4,102 | 2,929 | +249.7% |
| Net income attributable to owners | 559 | 4,069 | 3,510 | +627.9% |
| Operating cash flow | 6,449 | 9,479 | 3,030 | +47.0% |
| Free cash flow | 2,818 | 5,991 | 3,173 | +112.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 47,457 | 1,341 | 2.8% | -185 | -2,497 | -8,726 | S100LP7C |
| FY ending Mar 2021 | 44,342 | -559 | -1.3% | 215 | 5,658 | 2,551 | S100ODQF |
| FY ending Mar 2022 | 62,284 | 5,898 | 9.5% | 4,134 | 10,265 | 8,292 | S100R4NN |
| FY ending Mar 2023 | 68,260 | 9,459 | 13.9% | 7,469 | 6,398 | 4,064 | S100TPN5 |
| FY ending Mar 2024 | 55,048 | 3,164 | 5.7% | 2,674 | -2,488 | -7,496 | S100VXN8 |
| FY ending Mar 2025 | 54,384 | 1,173 | 2.2% | 559 | 6,449 | 2,818 | S100YD87 |
| FY ending Mar 2026 | 63,031 | 4,102 | 6.5% | 4,069 | 9,479 | 5,991 | S100YD87 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.7M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 2,688 | 2,613 | 2,472 | 2,366 | 2,547 |
| Average salary (parent company) | ¥6M | ¥6.6M | ¥6.8M | ¥6.6M | ¥6.9M |
| Average age (parent company) | 39.6 years | 39.9 years | 39.8 years | 39.7 years | 39.6 years |
| Average tenure (parent company) | 16.2 years | 16.4 years | 16.2 years | 16.1 years | 15.8 years |

Year over year: Employees (consolidated) +7.7% · Revenue (consolidated) +15.9%

## 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 | 9,479 | 15.0% | S100YD87 |
| Capital expenditure | 3,488 | 5.5% | S100YD87 |
| Free cash flow | 5,991 | 9.5% | 算出 |
| Investing cash flow | -3,725 | -5.9% | S100YD87 |
| Financing cash flow | -6,197 | -9.8% | S100YD87 |
| Dividends paid | 1,665 | 2.6% | S100YD87 |
| Share buyback | 518 | 0.8% | S100YD87 |
| Change in cash | 290 | 0.5% | S100YD87 |
| Cash and equivalents | 22,968 | 36.4% | S100YD87 |

## 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 | 17,847 | 18,593 | 18,980 | 22,678 | 22,968 | S100TPN5, S100VXN8, S100YD87 |
| Total assets | 107,078 | 114,347 | 119,187 | 121,106 | 125,459 | S100R4NN, S100TPN5, S100VXN8, S100YD87 |
| Net assets | 63,974 | 71,662 | 76,164 | 76,072 | 83,184 | S100TPN5, S100VXN8, S100YD87 |
| Share capital | 9,533 | 9,533 | 9,533 | 9,533 | 9,533 | S100R4NN, S100TPN5, S100VXN8, S100YD87 |
| Trade receivables | 17,159 | 17,272 | 13,435 | 13,997 | 17,167 | S100R4NN, S100TPN5, S100VXN8, S100YD87 |
| Property, plant and equipment | 22,565 | 22,453 | 23,926 | 23,677 | 23,928 | S100R4NN, S100TPN5, S100VXN8, S100YD87 |
| Intangible assets excluding goodwill | 1,093 | 1,056 | 1,650 | 1,949 | 1,996 | S100R4NN, S100TPN5, S100VXN8, S100YD87 |
| Investment securities | 9,021 | 9,113 | 11,826 | 11,110 | 14,397 | S100R4NN, S100TPN5, S100VXN8, S100YD87 |
| Current assets | 70,412 | 76,624 | 77,486 | 79,602 | 79,231 | S100R4NN, S100TPN5, S100VXN8, S100YD87 |
| Current liabilities | 24,802 | 24,337 | 25,383 | 17,046 | 22,514 | S100R4NN, S100TPN5, S100VXN8, S100YD87 |
| Trade payables | 11,845 | 11,595 | 4,590 | 3,977 | 4,205 | S100R4NN, S100TPN5, S100VXN8, S100YD87 |
| Short-term borrowings | 2,200 | — | 5,000 | — | — | S100R4NN, S100VXN8 |
| Long-term borrowings | 6,928 | 6,718 | 11,166 | 16,190 | 12,294 | S100R4NN, S100TPN5, S100VXN8, S100YD87 |
| Bonds | 10,000 | 10,000 | 5,000 | 10,000 | 5,000 | S100R4NN, S100TPN5, S100VXN8, S100YD87 |
| Interest-bearing debt | 19,128 | — | 21,166 | — | — | 算出 |
| Total liabilities | 43,104 | 42,685 | 43,022 | 45,034 | 42,274 | S100R4NN, S100TPN5, S100VXN8, S100YD87 |
| Equity attributable to owners of parent | 59,276 | 65,693 | 65,440 | 65,626 | 68,315 | S100R4NN, S100TPN5, S100VXN8, S100YD87 |
| Retained earnings | 37,881 | 44,191 | 45,451 | 45,531 | 47,945 | S100R4NN, S100TPN5, S100VXN8, S100YD87 |
| Treasury stock | -1,024 | -917 | -2,430 | -2,324 | -2,126 | S100R4NN, S100TPN5, S100VXN8, S100YD87 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YD87 |
| Receivables | 14% | S100YD87 |
| Property, plant and equipment | 19% | S100YD87 |
| Intangibles and goodwill | 2% | S100YD87 |
| Investment securities | 11% | S100YD87 |
| Other assets | 36% | S100YD87 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YD87 |
| Other liabilities | 30% | S100YD87 |
| Equity | 66% | S100YD87 |
| Other liabilities | 0% | S100YD87 |

### 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 | 107,078 | 114,347 | 119,187 | 121,106 | 125,459 |
| Equity | 63,974 | 71,662 | 76,164 | 76,072 | 83,184 |
| Interest-bearing debt | 19,128 | — | 21,166 | — | — |
| Cash | 17,847 | 18,593 | 18,980 | 22,678 | 22,968 |

## 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) | 38.0% | S100YD87 |
| Fixed assets ÷ total assets | 19.1% | S100YD87 |
| Goodwill ÷ parent equity | — | —, S100YD87 |

### 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) | 18.3% |
| Cash ÷ revenue | 36.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 231.1% |
| Cash vs. profit gap | 5,410 JPY mn (of net income 133.0%) |
| Shareholder returns / net income | 53.6% |
| Shareholder returns / FCF | 36.4% |
| Shareholder payments — dividends / net income | 40.9% |
| Shareholder payments — dividends / FCF | 27.8% |
| CapEx intensity (capex ÷ revenue) | 5.5% |
| Investing CF relative to operating CF | 39.3% |

## 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 | 6.6% | 0.58× | 3.9% | 1.81× | 7.0% | S100R4NN |
| 2023 | 10.9% | 0.62× | 6.7% | 1.77× | 12.0% | S100TPN5 |
| 2024 | 4.9% | 0.47× | 2.3% | 1.78× | 4.1% | S100VXN8 |
| 2025 | 1.0% | 0.45× | 0.5% | 1.83× | 0.9% | S100YD87 |
| 2026 | 6.5% | 0.51× | 3.3% | 1.84× | 6.1% | S100YD87 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 11.0% | 2026-03-31 |
| 日本トムソン取引先持株会 | Major shareholder | 8.3% | 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株式会社) | Major shareholder | 6.0% | 2026-03-31 |
| MM Investments株式会社 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社不二越 | Major shareholder | 2.8% | 2026-03-31 |
| 日本トムソン従業員持株会 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.3% | 2026-03-31 |
| HSBC BANK PLC A/C M AND G (ACS) VALUE PARTNERS CHINA EQUITY FUND(常任代理人 香港上海銀行東京支店 セキュリティ－ズ・サ－ビシズ・オペレ－ションズ) | Major shareholder | 2.0% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YD87 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD87,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100VXN8 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXN8,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TPN5 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPN5,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100R4NN | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4NN,, |
| 有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100ODQF | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODQF,, |
| 有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100LP7C | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP7C,, |

## 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).