# nishikawa keisoku co.,ltd.: business model and financials

> Latest period: FY ending Jun 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第90期(2024/07/01－2025/06/30) (S100WQDH)
> Page: https://vizora.meequs.com/en/company/nishikawa-keisoku
> Retrieved: 2026-09-30T20:32:29.783Z

## Company

nishikawa keisoku, founded in 1951, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 403 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NISHIKAWA KEISOKU Co., Ltd. |
| Ticker | 7500 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7500.T) |
| Listing | TSE Standard |
| Head office | 東京都渋谷区代々木三丁目22番7号 |
| Representative (per filing) | 代表取締役社長 田中 勝彦 |
| Founded | Nov 1951 |
| Share capital | ¥569.4M |
| Employees (consolidated) | 403 |
| Average salary (parent only) | ¥10.9M |
| Fiscal year end | June |
| Website | www.nskw.co.jp (https://www.nskw.co.jp/) |
| Corporate number | 1010401021428 |
| EDINET | E02847 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100WQDH, filed 2025-09-24). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-06-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 39.9 | 179 |
| Profitability | 94.3 | 185 |
| Cash conversion | 33.8 | 179 |
| Efficiency | 23.5 | 185 |

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)

- nishikawa keisoku brought in ¥38.7B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +6.3% from the prior year, operating profit +8.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥38719270000 → ¥2681935000
- Net income → operating cash flow: ¥2681935000 → ¥2802612000（difference ¥120677000）
- Main uses of operating cash flow: CapEx ¥128628000 / dividends ¥1014295000 / buybacks ¥439000
- Change in cash: ¥-663876000
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 | ¥38.7B |  |
| Operating income | ¥3.76B | Margin 9.7% |
| Net income | ¥2.68B | Margin 6.9% |
| Free cash flow | ¥2.67B |  |
| Employees (consolidated) | 403 |  |
| EPS | ¥792.12 |  |
| Book value per share | ¥6045.1 |  |
| Equity ratio | 60.4% |  |
| Shares outstanding | 3,432,475 |  |
| Treasury shares | 44,500 |  |
| Shareholders | 658 |  |
| Average salary (parent only) | ¥10.9M | Filing company only |
| Cash ratio | 28.4% | Cash ÷ revenue 24.8% |
| Vs. industry median margin | +6.8 pp | Specialty Trading & Wholesale |
| ROE | 16.5% | Derived from disclosed figures |
| ROA | 8.2% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 28% of total assets
- FY2025, employees -1% while operating income rose 8%

## What changed in 5 years

| Metric | FY ending Jun 2020 | FY ending Jun 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥31666911000 | ¥38719270000 | +22.3% |
| Operating income | ¥2078836000 | ¥3757394000 | +80.7% |
| Operating margin | 6.6% | 9.7% | +3.1 pp |
| Employees | 412 people | 403 people | -2.2% |
| Cash and equivalents | ¥8736954000 | ¥9606995000 | +10.0% |

### Change in segment revenue mix

Span: FY ending Jun 2020 → FY ending Jun 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Jun 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 38,719 | 100.0% | S100WQDH |
| Cost of revenue | 29,933 | 77.3% | S100WQDH |
| Gross profit | 8,786 | 22.7% | S100WQDH |
| SG&A | 5,029 | 13.0% | S100WQDH |
| Operating income | 3,757 | 9.7% | S100WQDH |
| Ordinary income | 3,918 | 10.1% | S100WQDH |
| Pretax income | 3,918 | 10.1% | S100WQDH |
| Income tax | 1,236 | 3.2% | S100WQDH |
| Net income | 2,682 | 6.9% | S100WQDH |

## Per ¥100 of revenue（FY ending Jun 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 13 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 22.7% → Operating margin 9.7% → Net margin 6.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.3%; Core profit growth: +8.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.33×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jun 2024 → FY ending Jun 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 36,418 | 38,719 | 2,301 | +6.3% |
| Gross profit | 8,363 | 8,786 | 424 | +5.1% |
| Operating income | 3,465 | 3,757 | 292 | +8.4% |
| Operating cash flow | 1,589 | 2,803 | 1,213 | +76.3% |
| Free cash flow | 1,477 | 2,674 | 1,197 | +81.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jun 2019 | 33,129 | 2,347 | 7.1% | 1,778 | 947 | 847 | S100JRTG |
| FY ending Jun 2020 | 31,667 | 2,079 | 6.6% | 1,502 | 992 | 863 | S100MI75 |
| FY ending Jun 2021 | 30,473 | 1,916 | 6.3% | 1,371 | 2,179 | 1,831 | S100P9LM |
| FY ending Jun 2022 | 29,462 | 2,037 | 6.9% | 1,160 | 395 | 237 | S100RXAC |
| FY ending Jun 2023 | 31,923 | 2,242 | 7.0% | 1,549 | 2,296 | 2,235 | S100UFT7 |
| FY ending Jun 2024 | 36,418 | 3,465 | 9.5% | 2,528 | 1,589 | 1,477 | S100WQDH |
| FY ending Jun 2025 | 38,719 | 3,757 | 9.7% | 2,682 | 2,803 | 2,674 | S100WQDH |

## People and productivity（FY ending Jun 2025, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥96.1M |
| Operating income per employee (consolidated) | ¥9.3M |
| Net income per employee (consolidated) | ¥6.7M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 413 | 401 | 402 | 408 | 403 |
| Average salary (parent company) | ¥9.2M | ¥9.2M | ¥9.4M | ¥10.4M | ¥10.9M |
| Average age (parent company) | 41.7 years | 42.2 years | 42.2 years | 42.3 years | 42.3 years |
| Average tenure (parent company) | 16.2 years | 16.6 years | 16.6 years | 16.9 years | 16.9 years |

Year over year: Employees (consolidated) -1.2% · Revenue (consolidated) +6.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Jun 2025, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,803 | 7.2% | S100WQDH |
| Capital expenditure | 129 | 0.3% | S100WQDH |
| Free cash flow | 2,674 | 6.9% | 算出 |
| Investing cash flow | -2,445 | -6.3% | S100WQDH |
| Financing cash flow | -1,021 | -2.6% | S100WQDH |
| Dividends paid | 1,014 | 2.6% | S100WQDH |
| Share buyback | 0 | 0.0% | S100WQDH |
| Change in cash | -664 | -1.7% | S100WQDH |
| Cash and equivalents | 9,607 | 24.8% | S100WQDH |

## 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 Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,810 | 8,869 | 9,890 | 10,271 | 9,607 | S100RXAC, S100UFT7, S100WQDH |
| Total assets | 23,552 | 23,918 | 27,069 | 31,588 | 33,882 | S100P9LM, S100RXAC, S100UFT7, S100WQDH |
| Net assets | 12,665 | 13,668 | 15,181 | 18,275 | 20,480 | S100RXAC, S100UFT7, S100WQDH |
| Share capital | 569 | 569 | 569 | 569 | 569 | S100P9LM, S100RXAC, S100UFT7, S100WQDH |
| Property, plant and equipment | 273 | 254 | 281 | 326 | 326 | S100P9LM, S100RXAC, S100UFT7, S100WQDH |
| Intangible assets excluding goodwill | 411 | 94 | 81 | 62 | 65 | S100P9LM, S100RXAC, S100UFT7, S100WQDH |
| Investment securities | 2,628 | 3,226 | 4,586 | 6,317 | 8,315 | S100P9LM, S100RXAC, S100UFT7, S100WQDH |
| Current assets | 19,358 | 19,010 | 20,822 | 23,223 | 22,456 | S100P9LM, S100RXAC, S100UFT7, S100WQDH |
| Current liabilities | 10,840 | 10,137 | 11,551 | 12,505 | 12,361 | S100P9LM, S100RXAC, S100UFT7, S100WQDH |
| Total liabilities | 10,887 | 10,250 | 11,888 | 13,312 | 13,401 | S100P9LM, S100RXAC, S100UFT7, S100WQDH |
| Equity attributable to owners of parent | 11,527 | 12,293 | 13,402 | 15,426 | 17,133 | S100P9LM, S100RXAC, S100UFT7, S100WQDH |
| Retained earnings | 10,301 | 11,041 | 12,118 | 14,106 | 15,773 | S100P9LM, S100RXAC, S100UFT7, S100WQDH |
| Treasury stock | -159 | -146 | -131 | -117 | -105 | S100P9LM, S100RXAC, S100UFT7, S100WQDH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 28% | S100WQDH |
| Property, plant and equipment | 1% | S100WQDH |
| Intangibles and goodwill | 0% | S100WQDH |
| Investment securities | 25% | S100WQDH |
| Other assets | 46% | S100WQDH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 40% | S100WQDH |
| Equity | 60% | S100WQDH |

### Balance sheet history

| Metric | FY ending Jun 2021 | FY ending Jun 2022 | FY ending Jun 2023 | FY ending Jun 2024 | FY ending Jun 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 23,552 | 23,918 | 27,069 | 31,588 | 33,882 |
| Equity | 12,665 | 13,668 | 15,181 | 18,275 | 20,480 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,810 | 8,869 | 9,890 | 10,271 | 9,607 |

## 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) | 0.8% | S100WQDH |
| Fixed assets ÷ total assets | 1.0% | S100WQDH |
| Goodwill ÷ parent equity | — | —, S100WQDH |

### 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) | 28.4% |
| Cash ÷ revenue | 24.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 74.6% |
| Cash vs. profit gap | 121 JPY mn (of net income 4.5%) |
| Shareholder returns / net income | 37.8% |
| Shareholder returns / FCF | 37.9% |
| Shareholder payments — dividends / net income | 37.8% |
| Shareholder payments — dividends / FCF | 37.9% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 87.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.5% | 1.29× | 5.8% | 2.04× | 11.9% | S100P9LM |
| 2022 | 3.9% | 1.24× | 4.9% | 1.99× | 9.7% | S100RXAC |
| 2023 | 4.9% | 1.25× | 6.1% | 1.98× | 12.1% | S100UFT7 |
| 2024 | 6.9% | 1.24× | 8.6% | 2.03× | 17.5% | S100WQDH |
| 2025 | 6.9% | 1.18× | 8.2% | 2.01× | 16.5% | S100WQDH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 横河電機株式会社 | Major shareholder | 13.1% | 2025-06-30 |
| 株式会社UH Partners２ | Major shareholder | 7.5% | 2025-06-30 |
| 光通信株式会社 | Major shareholder | 7.4% | 2025-06-30 |
| 株式会社UH Partners３ | Major shareholder | 7.3% | 2025-06-30 |
| 西川 徹 | Major shareholder | 7.1% | 2025-06-30 |
| 西川計測社員持株会 | Major shareholder | 4.9% | 2025-06-30 |
| 太平電業株式会社 | Major shareholder | 3.3% | 2025-06-30 |
| 西川 隆司 | Major shareholder | 3.1% | 2025-06-30 |
| ジーエルサイエンス株式会社 | Major shareholder | 3.1% | 2025-06-30 |
| 株式会社エスアイエル | Major shareholder | 2.4% | 2025-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第90期(2024/07/01－2025/06/30) | S100WQDH | 2025-09-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WQDH,, |
| 有価証券報告書－第89期(2023/07/01－2024/06/30) | S100UFT7 | 2024-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UFT7,, |
| 有価証券報告書－第88期(2022/07/01－2023/06/30) | S100RXAC | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RXAC,, |
| 有価証券報告書－第87期(令和3年7月1日－令和4年6月30日) | S100P9LM | 2022-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P9LM,, |
| 有価証券報告書－第86期(令和2年7月1日－令和3年6月30日) | S100MI75 | 2021-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MI75,, |
| 有価証券報告書－第85期(令和1年7月1日－令和2年6月30日) | S100JRTG | 2020-09-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100JRTG,, |

## 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).