# Nippon Yakin Kogyo 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144期(2025/04/01－2026/03/31) (S100YC9N)
> Page: https://vizora.meequs.com/en/company/nippon-yakin-kogyo
> Retrieved: 2026-09-30T21:10:12.736Z

## Company

Nippon Yakin Kogyo, founded in 1925, is a company in Steel listed on TSE Prime. It has 2,093 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Yakin Kogyo Co.,Ltd. |
| Ticker | 5480 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5480.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区京橋一丁目5番8号 |
| Representative (per filing) | 代表取締役社長 浦田 成己 |
| Founded | Aug 1925 |
| Share capital | ¥24.3B |
| Employees (consolidated) | 2,093 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | www.nyk.co.jp (https://www.nyk.co.jp/) |
| Corporate number | 2010001034977 |
| EDINET | E01242 |
| Industries (Vizora) | Steel |

> Profile source: annual securities report (S100YC9N, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Steel (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.1 | 33 |
| Profitability | 81.4 | 35 |
| Cash conversion | 30.6 | 31 |
| Efficiency | 35.7 | 35 |
| Financial strength | 16.7 | 3 |

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 Yakin Kogyo brought in ¥150.9B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed -12.3% from the prior year, operating profit -35.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥150866000000 → ¥7219000000
- Net income → operating cash flow: ¥7219000000 → ¥13545000000（difference ¥6326000000）
- Main uses of operating cash flow: CapEx ¥8693000000 / dividends ¥3216000000 / buybacks ¥952000000
- Change in cash: ¥1665000000
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 | ¥150.9B |  |
| Operating income | ¥11B | Margin 7.3% |
| Net income | ¥7.21B | Margin 4.8% |
| Free cash flow | ¥4.85B |  |
| Employees (consolidated) | 2,093 |  |
| EPS | ¥468.7 |  |
| Book value per share | ¥6309.98 |  |
| Equity ratio | 46.1% |  |
| Shares outstanding | 15,497,000 |  |
| Treasury shares | 1,649,300 |  |
| Shareholders | 21,787 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 5.0% | Net cash -¥56.3B · Cash ÷ revenue 7.3% |
| Vs. industry median margin | +3.8 pp | Steel |
| ROE | 7.8% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥112482000000 | ¥150866000000 | +34.1% |
| Operating income | ¥6145000000 | ¥10973000000 | +78.6% |
| Operating margin | 5.5% | 7.3% | +1.8 pp |
| Employees | 2,077 people | 2,093 people | +0.8% |
| Cash and equivalents | ¥13828000000 | ¥11034000000 | -20.2% |

### 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 | 150,866 | 100.0% | S100YC9N |
| Cost of revenue | 125,507 | 83.2% | S100YC9N |
| Gross profit | 25,359 | 16.8% | S100YC9N |
| SG&A | 14,385 | 9.5% | S100YC9N |
| Operating income | 10,973 | 7.3% | S100YC9N |
| Ordinary income | 9,657 | 6.4% | S100YC9N |
| Pretax income | 9,585 | 6.4% | S100YC9N |
| Income tax | 2,365 | 1.6% | S100YC9N |
| Net income | 7,219 | 4.8% | S100YC9N |
| Net income attributable to owners | 7,215 | 4.8% | S100YC9N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 10 |
| Operating income | 7 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 16.8% → Operating margin 7.3% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -12.3%; Core profit growth: -35.3%
Operating leverage (core profit growth ÷ revenue growth): 2.86×
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 | 172,097 | 150,866 | -21,231 | -12.3% |
| Gross profit | 30,649 | 25,359 | -5,290 | -17.3% |
| Operating income | 16,967 | 10,973 | -5,994 | -35.3% |
| Net income attributable to owners | 11,579 | 7,215 | -4,364 | -37.7% |
| Operating cash flow | 11,041 | 13,545 | 2,504 | +22.7% |
| Free cash flow | -250 | 4,852 | 5,102 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 136,373 | 7,838 | 5.7% | 5,325 | 7,979 | 2,474 | S100LJ79 |
| FY ending Mar 2021 | 112,482 | 6,145 | 5.5% | 3,764 | 11,182 | 4,530 | S100O9QA |
| FY ending Mar 2022 | 148,925 | 13,966 | 9.4% | 8,471 | -697 | -16,725 | S100R6VA |
| FY ending Mar 2023 | 199,324 | 29,256 | 14.7% | 19,703 | 3,649 | -9,482 | S100TNQY |
| FY ending Mar 2024 | 180,341 | 20,010 | 11.1% | 13,565 | 26,824 | 18,760 | S100VZ2C |
| FY ending Mar 2025 | 172,097 | 16,967 | 9.9% | 11,579 | 11,041 | -250 | S100YC9N |
| FY ending Mar 2026 | 150,866 | 10,973 | 7.3% | 7,215 | 13,545 | 4,852 | S100YC9N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥72.1M |
| Operating income per employee (consolidated) | ¥5.2M |
| Net income per employee (consolidated) | ¥3.4M |

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) | 2,080 | 2,091 | 2,079 | 2,095 | 2,093 |
| Average salary (parent company) | ¥6.6M | ¥6.8M | ¥7.4M | ¥7.2M | ¥7.8M |
| Average age (parent company) | 42.3 years | 42.9 years | 43.4 years | 43.8 years | 44.1 years |
| Average tenure (parent company) | 19.7 years | 19.7 years | 20.1 years | 20.2 years | 20.6 years |

Year over year: Employees (consolidated) -0.1% · Revenue (consolidated) -12.3%

## 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 | 13,545 | 9.0% | S100YC9N |
| Capital expenditure | 8,693 | 5.8% | S100YC9N |
| Free cash flow | 4,852 | 3.2% | 算出 |
| Investing cash flow | -9,383 | -6.2% | S100YC9N |
| Financing cash flow | -2,733 | -1.8% | S100YC9N |
| Dividends paid | 3,216 | 2.1% | S100YC9N |
| Share buyback | 952 | 0.6% | S100YC9N |
| Change in cash | 1,665 | 1.1% | S100YC9N |
| Cash and equivalents | 11,034 | 7.3% | S100YC9N |

## 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 | 12,545 | 11,797 | 16,918 | 9,369 | 11,034 | S100TNQY, S100VZ2C, S100YC9N |
| Total assets | 187,494 | 222,294 | 219,988 | 217,461 | 219,411 | S100R6VA, S100TNQY, S100VZ2C, S100YC9N |
| Net assets | 62,169 | 79,619 | 89,785 | 96,606 | 101,308 | S100TNQY, S100VZ2C, S100YC9N |
| Share capital | 24,301 | 24,301 | 24,301 | 24,301 | 24,301 | S100R6VA, S100TNQY, S100VZ2C, S100YC9N |
| Trade receivables | 26,996 | 29,829 | 26,888 | 26,520 | — | S100R6VA, S100TNQY, S100VZ2C |
| Property, plant and equipment | 88,295 | 96,503 | 98,683 | 106,047 | 108,670 | S100R6VA, S100TNQY, S100VZ2C, S100YC9N |
| Intangible assets excluding goodwill | 2,308 | 2,825 | 2,278 | 2,909 | 2,799 | S100R6VA, S100TNQY, S100VZ2C, S100YC9N |
| Investment securities | 4,096 | 4,300 | 6,217 | 6,052 | 7,730 | S100R6VA, S100TNQY, S100VZ2C, S100YC9N |
| Current assets | 91,773 | 117,501 | 111,804 | 101,735 | 99,249 | S100R6VA, S100TNQY, S100VZ2C, S100YC9N |
| Current liabilities | 75,413 | 81,788 | 76,758 | 74,154 | 70,153 | S100R6VA, S100TNQY, S100VZ2C, S100YC9N |
| Trade payables | 23,917 | 21,627 | 22,883 | 11,290 | 7,375 | S100R6VA, S100TNQY, S100VZ2C, S100YC9N |
| Short-term borrowings | 34,367 | 35,055 | 31,832 | 36,321 | 37,723 | S100R6VA, S100TNQY, S100VZ2C, S100YC9N |
| Long-term borrowings | 21,902 | 30,853 | 27,817 | 21,040 | 21,585 | S100R6VA, S100TNQY, S100VZ2C, S100YC9N |
| Bonds | 13,000 | 13,000 | 8,000 | 8,000 | 8,000 | S100R6VA, S100TNQY, S100VZ2C, S100YC9N |
| Interest-bearing debt | 69,269 | 78,908 | 67,649 | 65,361 | 67,308 | 算出 |
| Total liabilities | 125,324 | 142,675 | 130,203 | 120,855 | 118,103 | S100R6VA, S100TNQY, S100VZ2C, S100YC9N |
| Non-controlling interests | 5 | 5 | 252 | 192 | 200 | S100R6VA, S100TNQY, S100VZ2C, S100YC9N |
| Equity attributable to owners of parent | 58,985 | 76,145 | 84,504 | 91,221 | 94,334 | S100R6VA, S100TNQY, S100VZ2C, S100YC9N |
| Retained earnings | 26,093 | 43,548 | 53,892 | 62,436 | 66,437 | S100R6VA, S100TNQY, S100VZ2C, S100YC9N |
| Treasury stock | -950 | -1,246 | -3,231 | -5,058 | -5,956 | S100R6VA, S100TNQY, S100VZ2C, S100YC9N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YC9N |
| Property, plant and equipment | 50% | S100YC9N |
| Intangibles and goodwill | 1% | S100YC9N |
| Investment securities | 3% | S100YC9N |
| Other assets | 41% | S100YC9N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YC9N |
| Interest-bearing debt | 31% | 算出 |
| Other liabilities | 20% | S100YC9N |
| Equity | 46% | S100YC9N |

### 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 | 187,494 | 222,294 | 219,988 | 217,461 | 219,411 |
| Equity | 62,169 | 79,619 | 89,785 | 96,606 | 101,308 |
| Interest-bearing debt | 69,269 | 78,908 | 67,649 | 65,361 | 67,308 |
| Cash | 12,545 | 11,797 | 16,918 | 9,369 | 11,034 |

## 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) | 72.0% | S100YC9N |
| Fixed assets ÷ total assets | 49.5% | S100YC9N |
| Goodwill ÷ parent equity | — | —, S100YC9N |

### 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) | 5.0% |
| Cash ÷ revenue | 7.3% |
| Net cash (cash − interest-bearing debt) | -¥56.3B |
| Net debt ÷ operating cash flow | 4.15× |
| Cash conversion (operating CF ÷ operating income) | 123.4% |
| Cash vs. profit gap | 6,330 JPY mn (of net income 87.7%) |
| Shareholder returns / net income | 57.8% |
| Shareholder returns / FCF | 85.9% |
| Shareholder payments — dividends / net income | 44.6% |
| Shareholder payments — dividends / FCF | 66.3% |
| CapEx intensity (capex ÷ revenue) | 5.8% |
| Investing CF relative to operating CF | 69.3% |

## 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 | 5.7% | 0.79× | 4.5% | 3.18× | 14.4% | S100R6VA |
| 2023 | 9.9% | 0.97× | 9.6% | 3.03× | 29.2% | S100TNQY |
| 2024 | 7.5% | 0.82× | 6.1% | 2.75× | 16.9% | S100VZ2C |
| 2025 | 6.7% | 0.79× | 5.3% | 2.49× | 13.2% | S100YC9N |
| 2026 | 4.8% | 0.69× | 3.3% | 2.35× | 7.8% | S100YC9N |

## 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 | 10.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.9% | 2026-03-31 |
| 日本冶金協力会社持株会 | Major shareholder | 4.1% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５２２３（常任代理人 株式会社みずほ銀行） | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社みずほ銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.3% | 2026-03-31 |
| 河合 映治 | Major shareholder | 2.2% | 2026-03-31 |
| 日本冶金ナス持株会 | Major shareholder | 2.1% | 2026-03-31 |
| 楢崎 潤 | Major shareholder | 1.5% | 2026-03-31 |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１（常任代理人 株式会社みずほ銀行） | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第144期(2025/04/01－2026/03/31) | S100YC9N | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC9N,, |
| 有価証券報告書－第143期(2024/04/01－2025/03/31) | S100VZ2C | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZ2C,, |
| 有価証券報告書－第142期(2023/04/01－2024/03/31) | S100TNQY | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNQY,, |
| 有価証券報告書－第141期(2022/04/01－2023/03/31) | S100R6VA | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6VA,, |
| 有価証券報告書－第140期(令和3年4月1日－令和4年3月31日) | S100O9QA | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9QA,, |
| 有価証券報告書－第139期(令和2年4月1日－令和3年3月31日) | S100LJ79 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ79,, |

## 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).