# NISHIKAWA RUBBER 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) (S100YIPC)
> Page: https://vizora.meequs.com/en/company/nishikawa-rubber
> Retrieved: 2026-09-30T21:38:57.327Z

## Company

Nishikawa Rubber, founded in 1949, is a company in Auto Parts listed on TSE Standard. It has 6,294 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NISHIKAWA RUBBER CO.,LTD. |
| Ticker | 5161 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5161.T) |
| Listing | TSE Standard |
| Head office | 広島市西区三篠町二丁目2番8号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 小川秀樹 |
| Founded | Apr 1949 |
| Share capital | ¥3.36B |
| Employees (consolidated) | 6,294 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.nishikawa-rbr.co.jp (https://www.nishikawa-rbr.co.jp/) |
| Corporate number | 8240001008325 |
| EDINET | E01112 |
| Industries (Vizora) | Auto Parts, Tires & Rubber |

> Profile source: annual securities report (S100YIPC, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Tires & Rubber (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.9 | 14 |
| Profitability | 46.4 | 14 |
| Cash conversion | 53.6 | 14 |
| Efficiency | 75 | 14 |

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 44% of Nishikawa Rubber's sales come from Japan, with North America and Southeast Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +1.2% from the prior year, operating profit +23.6%.

## Company structure

- Segment revenue mix: Japan 43.9%、North America 39.0%、Southeast Asia 9.8%、East Asia 7.3%
- Revenue → net income: ¥122138000000 → ¥12042000000
- Net income → operating cash flow: ¥12042000000 → ¥12214000000（difference ¥172000000）
- Main uses of operating cash flow: CapEx ¥5506000000 / dividends ¥6824000000 / buybacks ¥7441000000
- Change in cash: ¥2672000000
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 | ¥122.1B |  |
| Operating income | ¥9.05B | Margin 7.4% |
| Net income | ¥11B | Margin 9.0% |
| Free cash flow | ¥6.71B |  |
| Largest business | Japan | of segment revenue 43.9% |
| Employees (consolidated) | 6,294 |  |
| EPS | ¥271.48 |  |
| Book value per share | ¥1779.38 |  |
| Equity ratio | 59.6% |  |
| Shares outstanding | 37,000,000 |  |
| Treasury shares | 744,900 |  |
| Shareholders | 15,562 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 30.0% | Cash ÷ revenue 36.2% |
| Vs. industry median margin | +2.6 pp | Auto Parts |
| ROE | 16.9% | Derived from disclosed figures |
| ROA | 7.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.1× dividends
- FY2026, employees -8% while operating income rose 24%
- FY2026, parent-company salary changed +20% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥80234000000 | ¥122138000000 | +52.2% |
| Operating income | ¥4735000000 | ¥9052000000 | +91.2% |
| Operating margin | 5.9% | 7.4% | +1.5 pp |
| Employees | 6,642 people | 6,294 people | -5.2% |
| Cash and equivalents | ¥34061000000 | ¥44265000000 | +30.0% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 43.9% |
| 日本 → 事業再編・廃止 | 6.1% |
| 北米 → 北米 | 25.0% |
| 東アジア → 東アジア | 7.3% |
| 東アジア → 事業再編・廃止 | 8.8% |
| 東南アジア → 東南アジア | 8.9% |
| 新設・再編 → 北米 | 14.0% |
| 新設・再編 → 東南アジア | 0.9% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +6.0% | ¥53630000000 | 7.6% | 2 |
| North America | 5 years | +18.9% | ¥47642000000 | 3.7% | 2 |
| Southeast Asia | 5 years | +10.8% | ¥11952000000 | 20.3% | 2 |
| East Asia | 5 years | -7.1% | ¥8913000000 | 7.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 122,138 | 100.0% | S100YIPC |
| Cost of revenue | 98,697 | 80.8% | S100YIPC |
| Gross profit | 23,440 | 19.2% | S100YIPC |
| SG&A | 14,388 | 11.8% | S100YIPC |
| Operating income | 9,052 | 7.4% | S100YIPC |
| Ordinary income | 11,189 | 9.2% | S100YIPC |
| Pretax income | 14,421 | 11.8% | S100YIPC |
| Income tax | 2,379 | 1.9% | S100YIPC |
| Net income | 12,042 | 9.9% | S100YIPC |
| Net income attributable to owners | 10,960 | 9.0% | S100YIPC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 12 |
| Operating income | 7 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 19.2% → Operating margin 7.4% → Net margin 9.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.2%; Core profit growth: +23.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 18.99×
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 | 120,639 | 122,138 | 1,499 | +1.2% |
| Gross profit | 21,428 | 23,440 | 2,012 | +9.4% |
| Operating income | 7,324 | 9,052 | 1,728 | +23.6% |
| Net income attributable to owners | 3,957 | 10,960 | 7,003 | +177.0% |
| Operating cash flow | 9,243 | 12,214 | 2,971 | +32.1% |
| Free cash flow | 5,386 | 6,708 | 1,322 | +24.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 97,267 | 6,848 | 7.0% | 4,486 | 10,446 | 2,821 | S100L6RJ |
| FY ending Mar 2021 | 80,234 | 4,735 | 5.9% | 2,697 | 6,385 | 1,639 | S100OKHD |
| FY ending Mar 2022 | 84,503 | 2,473 | 2.9% | 2,105 | 4,163 | 171 | S100RA76 |
| FY ending Mar 2023 | 98,167 | -105 | -0.1% | 1,170 | 5,243 | -173 | S100UEI1 |
| FY ending Mar 2024 | 117,904 | 6,555 | 5.6% | 5,038 | 14,884 | 10,327 | S100W8Z8 |
| FY ending Mar 2025 | 120,639 | 7,324 | 6.1% | 3,957 | 9,243 | 5,386 | S100YIPC |
| FY ending Mar 2026 | 122,138 | 9,052 | 7.4% | 10,960 | 12,214 | 6,708 | S100YIPC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.4M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 6,518 | 6,515 | 6,966 | 6,807 | 6,294 |
| Average salary (parent company) | ¥5.6M | ¥5.7M | ¥5.9M | ¥6.3M | ¥6.7M |
| Average age (parent company) | 44.7 years | 45.1 years | 45.2 years | 45.0 years | 45.3 years |
| Average tenure (parent company) | 20.8 years | 21.1 years | 21.2 years | 20.7 years | 20.7 years |

Year over year: Employees (consolidated) -7.5% · Revenue (consolidated) +1.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 53,630 | 43.9% | 4,095 | 7.6% |
| North America | 47,642 | 39.0% | 1,780 | 3.7% |
| East Asia | 8,913 | 7.3% | 627 | 7.0% |
| Southeast Asia | 11,952 | 9.8% | 2,432 | 20.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 43.9% | 45.8% | 1.9 | 7.6% |
| North America | 39.0% | 19.9% | -19.1 | 3.7% |
| East Asia | 7.3% | 7.0% | -0.3 | 7.0% |
| Southeast Asia | 9.8% | 27.2% | 17.4 | 20.3% |

Segment → industry: Japan → Auto Parts / Japan → Tires & Rubber / North America → Auto Parts / North America → Tires & Rubber / East Asia → Auto Parts / East Asia → Tires & Rubber / Southeast Asia → Auto Parts / Southeast Asia → Tires & Rubber

## 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 | 12,214 | 10.0% | S100YIPC |
| Capital expenditure | 5,506 | 4.5% | S100YIPC |
| Free cash flow | 6,708 | 5.5% | 算出 |
| Investing cash flow | -856 | -0.7% | S100YIPC |
| Financing cash flow | -9,725 | -8.0% | S100YIPC |
| Dividends paid | 6,824 | 5.6% | S100YIPC |
| Share buyback | 7,441 | 6.1% | S100YIPC |
| Change in cash | 2,672 | 2.2% | S100YIPC |
| Cash and equivalents | 44,265 | 36.2% | S100YIPC |

## 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 | 33,644 | 37,095 | 38,591 | 41,592 | 44,265 | S100UEI1, S100W8Z8, S100YIPC |
| Total assets | 115,631 | 125,156 | 137,732 | 138,400 | 147,367 | S100RA76, S100UEI1, S100W8Z8, S100YIPC |
| Net assets | 72,463 | 74,560 | 87,510 | 91,721 | 92,332 | S100UEI1, S100W8Z8, S100YIPC |
| Share capital | 3,364 | 3,364 | 3,364 | 3,364 | 3,364 | S100RA76, S100UEI1, S100W8Z8, S100YIPC |
| Trade receivables | 13,889 | 15,953 | 15,077 | 15,124 | 15,881 | S100RA76, S100UEI1, S100W8Z8, S100YIPC |
| Property, plant and equipment | 29,257 | 29,876 | 30,291 | 29,671 | 29,340 | S100RA76, S100UEI1, S100W8Z8, S100YIPC |
| Intangible assets excluding goodwill | 1,338 | 1,273 | 1,283 | 1,332 | 1,192 | S100RA76, S100UEI1, S100W8Z8, S100YIPC |
| Investment securities | 17,019 | 17,946 | 26,041 | 22,877 | 25,711 | S100RA76, S100UEI1, S100W8Z8, S100YIPC |
| Current assets | 64,710 | 71,043 | 72,317 | 76,120 | 80,387 | S100RA76, S100UEI1, S100W8Z8, S100YIPC |
| Current liabilities | 24,482 | 39,920 | 31,718 | 29,924 | 34,260 | S100RA76, S100UEI1, S100W8Z8, S100YIPC |
| Trade payables | 9,402 | 11,039 | 10,885 | 10,122 | 8,837 | S100RA76, S100UEI1, S100W8Z8, S100YIPC |
| Short-term borrowings | 8,207 | 21,915 | 10,590 | 11,115 | 14,956 | S100RA76, S100UEI1, S100W8Z8, S100YIPC |
| Long-term borrowings | 12,889 | 3,871 | 8,024 | 7,310 | 9,223 | S100RA76, S100UEI1, S100W8Z8, S100YIPC |
| Total liabilities | 43,168 | 50,595 | 50,221 | 46,679 | 55,035 | S100RA76, S100UEI1, S100W8Z8, S100YIPC |
| Non-controlling interests | 3,836 | 2,622 | 2,968 | 3,785 | 4,442 | S100RA76, S100UEI1, S100W8Z8, S100YIPC |
| Equity attributable to owners of parent | 59,235 | 59,149 | 63,512 | 66,543 | 63,342 | S100RA76, S100UEI1, S100W8Z8, S100YIPC |
| Retained earnings | 52,740 | 53,135 | 57,404 | 60,396 | 58,077 | S100RA76, S100UEI1, S100W8Z8, S100YIPC |
| Treasury stock | -405 | -889 | -795 | -773 | -1,627 | S100RA76, S100UEI1, S100W8Z8, S100YIPC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 30% | S100YIPC |
| Receivables | 11% | S100YIPC |
| Property, plant and equipment | 20% | S100YIPC |
| Intangibles and goodwill | 1% | S100YIPC |
| Investment securities | 17% | S100YIPC |
| Other assets | 21% | S100YIPC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YIPC |
| Other liabilities | 31% | S100YIPC |
| Equity | 63% | S100YIPC |

### 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 | 115,631 | 125,156 | 137,732 | 138,400 | 147,367 |
| Equity | 72,463 | 74,560 | 87,510 | 91,721 | 92,332 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 33,644 | 37,095 | 38,591 | 41,592 | 44,265 |

## 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) | 24.0% | S100YIPC |
| Fixed assets ÷ total assets | 19.9% | S100YIPC |
| Goodwill ÷ parent equity | — | —, S100YIPC |

### 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) | 30.0% |
| Cash ÷ revenue | 36.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 134.9% |
| Cash vs. profit gap | 1,254 JPY mn (of net income 11.4%) |
| Shareholder returns / net income | 130.2% |
| Shareholder returns / FCF | 212.7% |
| Shareholder payments — dividends / net income | 62.3% |
| Shareholder payments — dividends / FCF | 101.7% |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 7.0% |

## 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 | 2.5% | 0.73× | 1.8% | 1.95× | 3.6% | S100RA76 |
| 2023 | 1.2% | 0.82× | 1.0% | 2.03× | 2.0% | S100UEI1 |
| 2024 | 4.3% | 0.90× | 3.8% | 2.14× | 8.2% | S100W8Z8 |
| 2025 | 3.3% | 0.87× | 2.9% | 2.12× | 6.1% | S100YIPC |
| 2026 | 9.0% | 0.85× | 7.7% | 2.20× | 16.9% | S100YIPC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 公益財団法人西川記念財団 | Major shareholder | 8.4% | 2026-03-31 |
| 株式会社ハイレックスコーポレーション | Major shareholder | 6.9% | 2026-03-31 |
| 西川ゴム工業取引先持株会 | Major shareholder | 5.9% | 2026-03-31 |
| 西 川 正 洋 | Major shareholder | 5.5% | 2026-03-31 |
| 株式会社広島銀行 | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社山口銀行 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（金銭信託課税口） | Major shareholder | 2.2% | 2026-03-31 |
| 西川ゴム工業社員持株会 | Major shareholder | 2.2% | 2026-03-31 |
| ＢＮＹＭ ＳＡ／ＮＶ ＦＯＲ ＢＮＹＭ ＦＯＲ ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴＳ Ｍ ＬＳＣＢ ＲＤ （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.0% | 2026-03-31 |
| 西 川 泰 央 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YIPC | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIPC,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100W8Z8 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8Z8,, |
| 訂正有価証券報告書－第75期(2023/04/01－2024/03/31) | S100UEI1 | 2024-09-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UEI1,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100RA76 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA76,, |
| 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) | S100OKHD | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKHD,, |
| 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) | S100L6RJ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L6RJ,, |

## 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).