# NIRECO CORPORATION: 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100期(2025/04/01－2026/03/31) (S100YFWS)
> Page: https://vizora.meequs.com/en/company/nireco
> Retrieved: 2026-09-30T20:25:44.552Z

## Company

Nireco, founded in 1950, is a company in Robots & Factory Automation listed on TSE Standard. It has 533 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIRECO CORPORATION |
| Ticker | 6863 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6863.T) |
| Listing | TSE Standard |
| Head office | 東京都八王子市石川町2951番地4 |
| Representative (per filing) | 代表取締役社長 中杉 真一 |
| Founded | Nov 1950 |
| Share capital | ¥3.09B |
| Employees (consolidated) | 533 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | nireco.jp (https://nireco.jp/) |
| Corporate number | 5010101003020 |
| EDINET | E02411 |
| Industries (Vizora) | Robots & Factory Automation, Cameras & Optics, Semiconductor Equipment |

> Profile source: annual securities report (S100YFWS, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Robots & Factory Automation (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 47 | 33 |
| Profitability | 83.8 | 34 |
| Cash conversion | 60.9 | 32 |
| Efficiency | 21.4 | 35 |

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 52% of Nireco's sales come from Control equipment business, with Optics operations and Inspection equipment operations making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +2.5% from the prior year, operating profit -10.8%.

## Company structure

- Segment revenue mix: Control equipment business 52.2%、Optics operations 25.9%、Inspection equipment operations 17.3%、Other 4.6%
- Revenue → net income: ¥11022975000 → ¥1436000000
- Net income → operating cash flow: ¥1436000000 → ¥1861560000（difference ¥425560000）
- Main uses of operating cash flow: CapEx ¥220414000 / dividends ¥785745000 / buybacks ¥513180000
- Change in cash: ¥1152898000
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 | ¥11B |  |
| Operating income | ¥1.7B | Margin 15.4% |
| Net income | ¥1.44B | Margin 13.1% |
| Free cash flow | ¥1.64B |  |
| Largest business | Control equipment business | of segment revenue 52.2% |
| Employees (consolidated) | 533 |  |
| EPS | ¥127.66 |  |
| Diluted EPS | ¥125.84 |  |
| Book value per share | ¥1860.29 |  |
| Equity ratio | 82.6% |  |
| Shares outstanding | 7,350,000 |  |
| Treasury shares | 192,300 |  |
| Shareholders | 5,871 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 21.4% | Cash ÷ revenue 40.0% |
| Vs. industry median margin | +3.7 pp | Robots & Factory Automation |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 7.2% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7899927000 | ¥11022975000 | +39.5% |
| Operating income | ¥600758000 | ¥1701256000 | +183.2% |
| Operating margin | 7.6% | 15.4% | +7.8 pp |
| Employees | 427 people | 533 people | +24.8% |
| Cash and equivalents | ¥3045096000 | ¥4406634000 | +44.7% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| プロセス事業 → 事業再編・廃止 | 32.7% |
| 検査機事業 → 検査機事業 | 17.3% |
| 検査機事業 → 事業再編・廃止 | 0.0% |
| ウェブ事業 → 事業再編・廃止 | 32.9% |
| オプティクス事業 → オプティクス事業 | 16.6% |
| その他 → その他 | 0.5% |
| 新設・再編 → 制御機器事業 | 52.2% |
| 新設・再編 → オプティクス事業 | 9.3% |
| 新設・再編 → その他 | 4.1% |

Segment revenue source references: 9 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Control equipment business | 2 years | +1.0% | ¥5758582000 | 24.3% | 2 |
| Optics operations | 5 years | +16.8% | ¥2854996000 | 35.9% | 2 |
| Inspection equipment operations | 5 years | +6.9% | ¥1904022000 | -1.6% | 2 |
| Other | 5 years | +68.5% | ¥505375000 | -2.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,023 | 100.0% | S100YFWS |
| Cost of revenue | 6,597 | 59.8% | S100YFWS |
| Gross profit | 4,426 | 40.2% | S100YFWS |
| SG&A | 2,725 | 24.7% | S100YFWS |
| Operating income | 1,701 | 15.4% | S100YFWS |
| Ordinary income | 1,795 | 16.3% | S100YFWS |
| Pretax income | 1,963 | 17.8% | S100YFWS |
| Income tax | 527 | 4.8% | S100YFWS |
| Net income | 1,436 | 13.0% | S100YFWS |
| Net income attributable to owners | 1,442 | 13.1% | S100YFWS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 25 |
| Operating income | 15 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 40.2% → Operating margin 15.4% → Net margin 13.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.5%; Core profit growth: -10.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -4.37×
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 | 10,757 | 11,023 | 266 | +2.5% |
| Gross profit | 4,499 | 4,426 | -73 | -1.6% |
| Operating income | 1,907 | 1,701 | -206 | -10.8% |
| Net income attributable to owners | 1,563 | 1,442 | -121 | -7.7% |
| Operating cash flow | 1,304 | 1,862 | 558 | +42.8% |
| Free cash flow | 1,157 | 1,641 | 484 | +41.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,775 | 952 | 10.9% | 779 | 241 | 73 | S100LOX3 |
| FY ending Mar 2021 | 7,900 | 601 | 7.6% | 433 | 1,144 | 925 | S100OSJ2 |
| FY ending Mar 2022 | 8,118 | 564 | 6.9% | 406 | 849 | 633 | S100R3CA |
| FY ending Mar 2023 | 9,155 | 1,182 | 12.9% | 861 | 136 | -81 | S100TQBE |
| FY ending Mar 2024 | 9,861 | 1,387 | 14.1% | 1,011 | 892 | 286 | S100W0SV |
| FY ending Mar 2025 | 10,757 | 1,907 | 17.7% | 1,563 | 1,304 | 1,157 | S100YFWS |
| FY ending Mar 2026 | 11,023 | 1,701 | 15.4% | 1,442 | 1,862 | 1,641 | S100YFWS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.7M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.7M |

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) | 453 | 449 | 450 | 466 | 533 |
| Average salary (parent company) | ¥6.2M | ¥6.3M | ¥6.5M | ¥6.6M | ¥7.1M |
| Average age (parent company) | 46.1 years | 47.0 years | 48.2 years | 48.0 years | 48.6 years |
| Average tenure (parent company) | 18.8 years | 19.3 years | 19.4 years | 19.5 years | 18.8 years |

Year over year: Employees (consolidated) +14.4% · Revenue (consolidated) +2.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Control equipment business | 5,759 | 52.2% | 1,399 | 24.3% |
| Inspection equipment operations | 1,904 | 17.3% | -31 | -1.6% |
| Optics operations | 2,855 | 25.9% | 1,025 | 35.9% |
| Other | 505 | 4.6% | -12 | -2.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Control equipment business | 52.2% | 57.7% | 5.5 | 24.3% |
| Inspection equipment operations | 17.3% | — | — | -1.6% |
| Optics operations | 25.9% | 42.3% | 16.4 | 35.9% |
| Other | 4.6% | — | — | -2.5% |

Loss-making segment (excluded from profit shares): Inspection equipment operations -31 JPY mn

Loss-making segment (excluded from profit shares): Other -12 JPY mn

Segment → industry: Inspection equipment operations → Robots & Factory Automation / Control equipment business → Robots & Factory Automation / Optics operations → Cameras & Optics / Optics operations → Semiconductor Equipment

## 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 | 1,862 | 16.9% | S100YFWS |
| Capital expenditure | 220 | 2.0% | S100YFWS |
| Free cash flow | 1,641 | 14.9% | 算出 |
| Investing cash flow | 776 | 7.0% | S100YFWS |
| Financing cash flow | -1,507 | -13.7% | S100YFWS |
| Dividends paid | 786 | 7.1% | S100YFWS |
| Share buyback | 513 | 4.7% | S100YFWS |
| Change in cash | 1,153 | 10.5% | S100YFWS |
| Cash and equivalents | 4,407 | 40.0% | S100YFWS |

## 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 | 3,168 | 2,752 | 2,779 | 3,254 | 4,407 | S100TQBE, S100W0SV, S100YFWS |
| Total assets | 16,153 | 17,002 | 18,574 | 19,353 | 20,588 | S100R3CA, S100TQBE, S100W0SV, S100YFWS |
| Net assets | 13,851 | 14,605 | 15,825 | 16,673 | 17,073 | S100TQBE, S100W0SV, S100YFWS |
| Share capital | 3,072 | 3,072 | 3,085 | 3,095 | 3,095 | S100R3CA, S100TQBE, S100W0SV, S100YFWS |
| Property, plant and equipment | 3,305 | 3,256 | 3,628 | 3,970 | 4,078 | S100R3CA, S100TQBE, S100W0SV, S100YFWS |
| Intangible assets excluding goodwill | 259 | 241 | 176 | 100 | 108 | S100R3CA, S100TQBE, S100W0SV, S100YFWS |
| Goodwill | 81 | 62 | 43 | 24 | 5 | S100R3CA, S100TQBE, S100W0SV, S100YFWS |
| Investment securities | 1,402 | 1,664 | 2,071 | 1,561 | 1,736 | S100R3CA, S100TQBE, S100W0SV, S100YFWS |
| Current assets | 10,894 | 11,620 | 12,347 | 13,268 | 13,793 | S100R3CA, S100TQBE, S100W0SV, S100YFWS |
| Current liabilities | 1,769 | 1,840 | 1,999 | 1,953 | 2,224 | S100R3CA, S100TQBE, S100W0SV, S100YFWS |
| Trade payables | 611 | 450 | 577 | 506 | 422 | S100R3CA, S100TQBE, S100W0SV, S100YFWS |
| Long-term borrowings | 220 | 166 | 133 | 117 | 297 | S100R3CA, S100TQBE, S100W0SV, S100YFWS |
| Total liabilities | 2,302 | 2,397 | 2,748 | 2,680 | 3,515 | S100R3CA, S100TQBE, S100W0SV, S100YFWS |
| Non-controlling interests | 10 | 15 | 16 | 21 | — | S100R3CA, S100TQBE, S100W0SV, S100YFWS |
| Equity attributable to owners of parent | 13,165 | 13,717 | 14,413 | 15,523 | 15,691 | S100R3CA, S100TQBE, S100W0SV, S100YFWS |
| Retained earnings | 6,656 | 6,795 | 7,446 | 8,521 | 8,695 | S100R3CA, S100TQBE, S100W0SV, S100YFWS |
| Treasury stock | -685 | -271 | -252 | -237 | -240 | S100R3CA, S100TQBE, S100W0SV, S100YFWS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YFWS |
| Property, plant and equipment | 20% | S100YFWS |
| Intangibles and goodwill | 1% | S100YFWS |
| Investment securities | 8% | S100YFWS |
| Other assets | 50% | S100YFWS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YFWS |
| Other liabilities | 15% | S100YFWS |
| Equity | 83% | S100YFWS |
| Other liabilities | 0% | S100YFWS |

### 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 | 16,153 | 17,002 | 18,574 | 19,353 | 20,588 |
| Equity | 13,851 | 14,605 | 15,825 | 16,673 | 17,073 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,168 | 2,752 | 2,779 | 3,254 | 4,407 |

## 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) | 37.0% | S100YFWS |
| Fixed assets ÷ total assets | 19.8% | S100YFWS |
| Goodwill ÷ parent equity | 0.0% | S100YFWS |

Goodwill over 4 years: 81 → 5 JPY; total investing cash flow: -450 JPY. This does not imply causation.

### 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) | 21.4% |
| Cash ÷ revenue | 40.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 109.4% |
| Cash vs. profit gap | 420 JPY mn (of net income 29.1%) |
| Shareholder returns / net income | 90.1% |
| Shareholder returns / FCF | 79.1% |
| Shareholder payments — dividends / net income | 54.5% |
| Shareholder payments — dividends / FCF | 47.9% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 41.7% |

## 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 | 5.0% | 0.50× | 2.5% | 1.23× | 3.1% | S100R3CA |
| 2023 | 9.4% | 0.55× | 5.2% | 1.23× | 6.4% | S100TQBE |
| 2024 | 10.3% | 0.55× | 5.7% | 1.26× | 7.2% | S100W0SV |
| 2025 | 14.5% | 0.57× | 8.2% | 1.27× | 10.4% | S100YFWS |
| 2026 | 13.1% | 0.55× | 7.2% | 1.28× | 9.2% | S100YFWS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ニレコ取引先持株会 | Major shareholder | 7.4% | 2026-03-31 |
| 極東貿易株式会社 | Major shareholder | 6.6% | 2026-03-31 |
| CLEARSTREAM BANKING S.A. (常任代理人香港上海銀行東京支店) | Major shareholder | 4.5% | 2026-03-31 |
| ニレコ従業員持株会 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社ヒラノテクシード | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 2.4% | 2026-03-31 |
| 岡田 幸勝 | Major shareholder | 1.8% | 2026-03-31 |
| 久保田 寿治 | Major shareholder | 1.7% | 2026-03-31 |
| 浅井 綾子 | Major shareholder | 1.3% | 2026-03-31 |
| コクサイエアロマリン株式会社 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第100期(2025/04/01－2026/03/31) | S100YFWS | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFWS,, |
| 有価証券報告書－第99期(2024/04/01－2025/03/31) | S100W0SV | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0SV,, |
| 有価証券報告書－第98期(2023/04/01－2024/03/31) | S100TQBE | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQBE,, |
| 有価証券報告書－第97期(2022/04/01－2023/03/31) | S100R3CA | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3CA,, |
| 訂正有価証券報告書－第96期(令和3年4月1日－令和4年3月31日) | S100OSJ2 | 2022-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OSJ2,, |
| 有価証券報告書－第95期(令和2年4月1日－令和3年3月31日) | S100LOX3 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOX3,, |

## 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).