# Nippon Tungsten 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115期(2025/04/01－2026/03/31) (S100YIQP)
> Page: https://vizora.meequs.com/en/company/nippon-tungsten
> Retrieved: 2026-09-30T21:38:16.509Z

## Company

Nippon Tungsten, founded in 1931, is a company in Machine Tools listed on TSE Standard. It has 493 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Tungsten Co.,Ltd. |
| Ticker | 6998 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6998.T) |
| Listing | TSE Standard |
| Head office | 福岡市博多区美野島一丁目2番8号 |
| Representative (per filing) | 取締役社長 中原賢治 |
| Founded | Apr 1931 |
| Share capital | ¥2.51B |
| Employees (consolidated) | 493 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Website | www.nittan.co.jp (https://www.nittan.co.jp/) |
| Corporate number | 7290001015268 |
| EDINET | E01907 |
| Industries (Vizora) | Machine Tools, Non-ferrous Metals & Wires, Electronic Components, Industrial Machinery |

> Profile source: annual securities report (S100YIQP, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37.7 | 110 |
| Profitability | 33.2 | 122 |
| Cash conversion | 59.9 | 116 |
| Efficiency | 46.3 | 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)

- About 54% of Nippon Tungsten's sales come from Machinery parts business department, with Electrical machinery parts business department making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +3.1% from the prior year, operating profit +3.5%.

## Company structure

- Segment revenue mix: Machinery parts business department 53.5%、Electrical machinery parts business department 46.5%
- Revenue → net income: ¥12776000000 → ¥270000000
- Net income → operating cash flow: ¥270000000 → ¥984000000（difference ¥714000000）
- Main uses of operating cash flow: CapEx ¥854000000 / dividends ¥243000000 / buybacks ¥0
- Change in cash: ¥-95000000
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 | ¥12.8B |  |
| Operating income | ¥713M | Margin 5.6% |
| Net income | ¥270M | Margin 2.1% |
| Free cash flow | ¥130M |  |
| Largest business | Machinery parts business department | of segment revenue 53.5% |
| Employees (consolidated) | 493 |  |
| EPS | ¥33.27 |  |
| Diluted EPS | ¥33.19 |  |
| Book value per share | ¥2261.84 |  |
| Equity ratio | 70.4% |  |
| Shares outstanding | 5,155,520 |  |
| Treasury shares | 298,400 |  |
| Shareholders | 4,029 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 16.9% | Cash ÷ revenue 25.0% |
| Vs. industry median margin | -1.5 pp | Machine Tools |
| ROE | 2.3% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.6× net income
- FY2026, employees -4% while operating income rose 3%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9894000000 | ¥12776000000 | +29.1% |
| Operating income | ¥275000000 | ¥713000000 | +159.3% |
| Operating margin | 2.8% | 5.6% | +2.8 pp |
| Employees | 527 people | 493 people | -6.5% |
| Cash and equivalents | ¥2460000000 | ¥3195000000 | +29.9% |

### 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 |
| --- | ---: |
| 機械部品事業 → 機械部品事業 | 53.5% |
| 機械部品事業 → 事業再編・廃止 | 3.1% |
| 電機部品事業 → 電機部品事業 | 43.3% |
| 新設・再編 → 電機部品事業 | 3.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,776 | 100.0% | S100YIQP |
| Cost of revenue | 9,663 | 75.6% | S100YIQP |
| Gross profit | 3,113 | 24.4% | S100YIQP |
| SG&A | 2,399 | 18.8% | S100YIQP |
| Operating income | 713 | 5.6% | S100YIQP |
| Ordinary income | 1,133 | 8.9% | S100YIQP |
| Pretax income | 335 | 2.6% | S100YIQP |
| Income tax | 64 | 0.5% | S100YIQP |
| Net income | 270 | 2.1% | S100YIQP |
| Net income attributable to owners | 270 | 2.1% | S100YIQP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 19 |
| Operating income | 5 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 24.4% → Operating margin 5.6% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.1%; Core profit growth: +3.5%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.12×
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 | 12,392 | 12,776 | 384 | +3.1% |
| Gross profit | 2,928 | 3,113 | 185 | +6.3% |
| Operating income | 689 | 713 | 24 | +3.5% |
| Net income attributable to owners | 676 | 270 | -406 | -60.1% |
| Operating cash flow | 1,020 | 984 | -36 | -3.5% |
| Free cash flow | 95 | 130 | 35 | +36.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 11,607 | 502 | 4.3% | 598 | 1,214 | 213 | S100LTLX |
| FY ending Mar 2021 | 9,894 | 275 | 2.8% | -62 | 1,336 | 718 | S100OB4Y |
| FY ending Mar 2022 | 12,038 | 913 | 7.6% | 870 | 1,908 | 1,603 | S100R4BG |
| FY ending Mar 2023 | 12,645 | 927 | 7.3% | 767 | 1,171 | 951 | S100TSTP |
| FY ending Mar 2024 | 11,464 | 476 | 4.2% | 527 | 289 | -830 | S100W5QR |
| FY ending Mar 2025 | 12,392 | 689 | 5.6% | 676 | 1,020 | 95 | S100YIQP |
| FY ending Mar 2026 | 12,776 | 713 | 5.6% | 270 | 984 | 130 | S100YIQP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.9M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥547.7K |

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) | 518 | 513 | 515 | 511 | 493 |
| Average salary (parent company) | ¥6.1M | ¥6.3M | ¥6M | ¥6.2M | ¥6.4M |
| Average age (parent company) | 39.9 years | 40.0 years | 39.9 years | 40.1 years | 40.0 years |
| Average tenure (parent company) | 16.5 years | 16.3 years | 16.2 years | 16.7 years | 16.4 years |

Year over year: Employees (consolidated) -3.5% · Revenue (consolidated) +3.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Machinery parts business department | 6,837 | 53.5% | 662 | 9.7% |
| Electrical machinery parts business department | 5,939 | 46.5% | 659 | 11.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Machinery parts business department | 53.5% | 50.1% | -3.4 | 9.7% |
| Electrical machinery parts business department | 46.5% | 49.9% | 3.4 | 11.1% |

Segment → industry: Machinery parts business department → Machine Tools / Electrical machinery parts business department → Non-ferrous Metals & Wires / Electrical machinery parts business department → Electronic Components / Machinery parts business department → Industrial 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 | 984 | 7.7% | S100YIQP |
| Capital expenditure | 854 | 6.7% | S100YIQP |
| Free cash flow | 130 | 1.0% | 算出 |
| Investing cash flow | -851 | -6.7% | S100YIQP |
| Financing cash flow | -263 | -2.1% | S100YIQP |
| Dividends paid | 243 | 1.9% | S100YIQP |
| Share buyback | 0 | 0.0% | S100YIQP |
| Change in cash | -95 | -0.7% | S100YIQP |
| Cash and equivalents | 3,195 | 25.0% | S100YIQP |

## 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 | 3,910 | 4,513 | 3,479 | 3,290 | 3,195 | S100TSTP, S100W5QR, S100YIQP |
| Total assets | 16,446 | 16,807 | 17,137 | 17,633 | 18,931 | S100R4BG, S100TSTP, S100W5QR, S100YIQP |
| Net assets | 10,736 | 11,251 | 12,113 | 12,563 | 13,343 | S100TSTP, S100W5QR, S100YIQP |
| Share capital | 2,509 | 2,509 | 2,509 | 2,509 | 2,509 | S100R4BG, S100TSTP, S100W5QR, S100YIQP |
| Property, plant and equipment | 3,314 | 3,250 | 3,435 | 3,737 | 3,163 | S100R4BG, S100TSTP, S100W5QR, S100YIQP |
| Intangible assets excluding goodwill | 23 | 16 | 10 | 16 | 7 | S100R4BG, S100TSTP, S100W5QR, S100YIQP |
| Investment securities | 1,113 | 1,205 | 1,620 | 1,730 | 2,223 | S100R4BG, S100TSTP, S100W5QR, S100YIQP |
| Current assets | 10,028 | 10,494 | 10,026 | 10,145 | 11,048 | S100R4BG, S100TSTP, S100W5QR, S100YIQP |
| Current liabilities | 5,393 | 5,224 | 4,545 | 4,557 | 5,071 | S100R4BG, S100TSTP, S100W5QR, S100YIQP |
| Trade payables | 1,151 | 986 | 844 | 672 | 465 | S100R4BG, S100TSTP, S100W5QR, S100YIQP |
| Short-term borrowings | 2,430 | 2,430 | 2,430 | 2,430 | 2,430 | S100R4BG, S100TSTP, S100W5QR, S100YIQP |
| Total liabilities | 5,709 | 5,556 | 5,024 | 5,070 | 5,587 | S100R4BG, S100TSTP, S100W5QR, S100YIQP |
| Equity attributable to owners of parent | 10,488 | 10,956 | 11,225 | 11,668 | 11,705 | S100R4BG, S100TSTP, S100W5QR, S100YIQP |
| Retained earnings | 6,087 | 6,539 | 6,800 | 7,234 | 7,262 | S100R4BG, S100TSTP, S100W5QR, S100YIQP |
| Treasury stock | -336 | -321 | -314 | -308 | -301 | S100R4BG, S100TSTP, S100W5QR, S100YIQP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YIQP |
| Property, plant and equipment | 17% | S100YIQP |
| Intangibles and goodwill | 0% | S100YIQP |
| Investment securities | 12% | S100YIQP |
| Other assets | 54% | S100YIQP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YIQP |
| Other liabilities | 27% | S100YIQP |
| Equity | 71% | S100YIQP |
| Other liabilities | 0% | S100YIQP |

### 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 | 16,446 | 16,807 | 17,137 | 17,633 | 18,931 |
| Equity | 10,736 | 11,251 | 12,113 | 12,563 | 13,343 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,910 | 4,513 | 3,479 | 3,290 | 3,195 |

## 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) | 24.8% | S100YIQP |
| Fixed assets ÷ total assets | 16.7% | S100YIQP |
| Goodwill ÷ parent equity | — | —, S100YIQP |

### 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) | 16.9% |
| Cash ÷ revenue | 25.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 138.0% |
| Cash vs. profit gap | 714 JPY mn (of net income 264.4%) |
| Shareholder returns / net income | 90.0% |
| Shareholder returns / FCF | 186.9% |
| Shareholder payments — dividends / net income | 90.0% |
| Shareholder payments — dividends / FCF | 186.9% |
| CapEx intensity (capex ÷ revenue) | 6.7% |
| Investing CF relative to operating CF | 86.5% |

## 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 | 7.2% | 0.73× | 5.3% | 1.57× | 8.3% | S100R4BG |
| 2023 | 6.1% | 0.76× | 4.6% | 1.55× | 7.2% | S100TSTP |
| 2024 | 4.6% | 0.68× | 3.1% | 1.53× | 4.8% | S100W5QR |
| 2025 | 5.5% | 0.71× | 3.9% | 1.52× | 5.9% | S100YIQP |
| 2026 | 2.1% | 0.70× | 1.5% | 1.56× | 2.3% | S100YIQP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(退職給付信託口・九州電力株式会社及び九州電力送配電株式会社口) | Major shareholder | 6.9% | 2026-03-31 |
| 株式会社福岡銀行 | Major shareholder | 4.4% | 2026-03-31 |
| 日本タングステン取引先持株会 | Major shareholder | 4.3% | 2026-03-31 |
| 日本タングステン従業員持株会 | Major shareholder | 3.9% | 2026-03-31 |
| みずほ信託銀行株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社西日本シティ銀行 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社佐賀銀行 | Major shareholder | 2.1% | 2026-03-31 |
| HMG JAPAN FUND(常任代理人 香港上海銀行東京支店) | Major shareholder | 1.9% | 2026-03-31 |
| 宇部マテリアルズ株式会社 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第115期(2025/04/01－2026/03/31) | S100YIQP | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIQP,, |
| 有価証券報告書－第114期(2024/04/01－2025/03/31) | S100W5QR | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5QR,, |
| 有価証券報告書－第113期(2023/04/01－2024/03/31) | S100TSTP | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSTP,, |
| 有価証券報告書－第112期(2022/04/01－2023/03/31) | S100R4BG | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4BG,, |
| 有価証券報告書－第111期(令和3年4月1日－令和4年3月31日) | S100OB4Y | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OB4Y,, |
| 有価証券報告書－第110期(令和2年4月1日－令和3年3月31日) | S100LTLX | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTLX,, |

## 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).