# NISSEI ASB MACHINE CO., LTD.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第47期(2024/10/01－2025/09/30) (S100XB87)
> Page: https://vizora.meequs.com/en/company/nissei-asb-machine
> Retrieved: 2026-09-30T19:52:20.265Z

## Company

Nissei ASB Machine, founded in 1978, is a company in Industrial Machinery listed on TSE Prime. It has 2,177 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NISSEI ASB MACHINE CO., LTD. |
| Ticker | 6284 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6284.T) |
| Listing | TSE Prime |
| Head office | 長野県小諸市甲4586番地3 |
| Representative (per filing) | 代表取締役社長 藤原 誠 |
| Founded | Nov 1978 |
| Share capital | ¥3.86B |
| Employees (consolidated) | 2,177 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | September |
| Website | www.nisseiasb.co.jp (https://www.nisseiasb.co.jp/) |
| Corporate number | 7100001008315 |
| EDINET | E01682 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100XB87, filed 2025-12-18). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 75 | 110 |
| Profitability | 98 | 122 |
| Cash conversion | 35.8 | 116 |
| Efficiency | 16 | 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 32% of Nissei ASB Machine's sales come from America, with South and West Asia and East Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed +18.7% from the prior year, operating profit +34.6%.

## Company structure

- Segment revenue mix: America 32.3%、South and West Asia 29.9%、East Asia 19.3%、Europe 18.5%
- Revenue → net income: ¥43654000000 → ¥7749000000
- Net income → operating cash flow: ¥7749000000 → ¥8390000000（difference ¥641000000）
- Main uses of operating cash flow: CapEx ¥1026000000 / dividends ¥2247000000 / buybacks ¥0
- Change in cash: ¥4029000000
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 | ¥43.7B |  |
| Operating income | ¥10.6B | Margin 24.4% |
| Net income | ¥7.74B | Margin 17.7% |
| Free cash flow | ¥7.36B |  |
| Largest business | America | of segment revenue 32.3% |
| Employees (consolidated) | 2,177 |  |
| EPS | ¥197.56 |  |
| Book value per share | ¥2699.73 |  |
| Equity ratio | 75.1% |  |
| Shares outstanding | 14,991,108 |  |
| Shareholders | 2,253 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 41.4% | Cash ÷ revenue 74.4% |
| Vs. industry median margin | +16.8 pp | Industrial Machinery |
| ROE | 14.0% | Derived from disclosed figures |
| ROA | 10.2% | Derived from disclosed figures |

## Notable figures

- FY2025, segment profit share differs by 31 points
- FY2025, cash is 41% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27254000000 | ¥43654000000 | +60.2% |
| Operating income | ¥4850000000 | ¥10641000000 | +119.4% |
| Operating margin | 17.8% | 24.4% | +6.6 pp |
| Employees | 2,003 people | 2,177 people | +8.7% |
| Cash and equivalents | ¥19199000000 | ¥32469000000 | +69.1% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 米州 → 米州 | 29.8% |
| 欧州 → 欧州 | 18.5% |
| 欧州 → 事業再編・廃止 | 2.7% |
| 南・西アジア → 南・西アジア | 27.7% |
| 東アジア → 東アジア | 19.3% |
| 東アジア → 事業再編・廃止 | 2.0% |
| 新設・再編 → 米州 | 2.6% |
| 新設・再編 → 南・西アジア | 2.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| America | 5 years | +11.7% | ¥14119000000 | 17.6% | 2 |
| South and West Asia | 5 years | +11.5% | ¥13042000000 | 23.4% | 2 |
| East Asia | 5 years | +7.7% | ¥8408000000 | 82.7% | 2 |
| Europe | 5 years | +7.0% | ¥8083000000 | 16.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 43,654 | 100.0% | S100XB87 |
| Cost of revenue | 23,073 | 52.9% | S100XB87 |
| Gross profit | 20,581 | 47.1% | S100XB87 |
| SG&A | 9,940 | 22.8% | S100XB87 |
| Operating income | 10,641 | 24.4% | S100XB87 |
| Ordinary income | 10,912 | 25.0% | S100XB87 |
| Pretax income | 10,912 | 25.0% | S100XB87 |
| Income tax | 3,162 | 7.2% | S100XB87 |
| Net income | 7,749 | 17.8% | S100XB87 |
| Net income attributable to owners | 7,740 | 17.7% | S100XB87 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 23 |
| Operating income | 24 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 47.1% → Operating margin 24.4% → Net margin 17.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +18.7%; Core profit growth: +34.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.85×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 36,778 | 43,654 | 6,876 | +18.7% |
| Gross profit | 17,381 | 20,581 | 3,200 | +18.4% |
| Operating income | 7,907 | 10,641 | 2,734 | +34.6% |
| Net income attributable to owners | 5,779 | 7,740 | 1,961 | +33.9% |
| Operating cash flow | 9,609 | 8,390 | -1,219 | -12.7% |
| Free cash flow | 8,821 | 7,364 | -1,457 | -16.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 26,129 | 4,304 | 16.5% | 3,154 | 2,049 | 220 | S100KDKK |
| FY ending Sep 2020 | 27,254 | 4,850 | 17.8% | 4,239 | 8,690 | 6,544 | S100N2TT |
| FY ending Sep 2021 | 35,890 | 8,735 | 24.3% | 6,680 | 5,580 | 3,760 | S100PTGH |
| FY ending Sep 2022 | 30,277 | 5,556 | 18.4% | 6,130 | 3,454 | 269 | S100SHR2 |
| FY ending Sep 2023 | 34,798 | 7,166 | 20.6% | 5,085 | 7,885 | 7,218 | S100UYVU |
| FY ending Sep 2024 | 36,778 | 7,907 | 21.5% | 5,779 | 9,609 | 8,821 | S100XB87 |
| FY ending Sep 2025 | 43,654 | 10,641 | 24.4% | 7,740 | 8,390 | 7,364 | S100XB87 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.1M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥3.6M |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,093 | 2,025 | 1,974 | 2,142 | 2,177 |
| Average salary (parent company) | ¥7.3M | ¥7.2M | ¥7.4M | ¥7.7M | ¥8M |
| Average age (parent company) | 42.3 years | 41.7 years | 42.5 years | 42.9 years | 42.9 years |
| Average tenure (parent company) | 14.6 years | 13.9 years | 13.8 years | 14.3 years | 14.3 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +18.7%

## Segments（FY ending Sep 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| America | 14,119 | 32.3% | 2,482 | 17.6% |
| Europe | 8,083 | 18.5% | 1,305 | 16.1% |
| South and West Asia | 13,042 | 29.9% | 3,051 | 23.4% |
| East Asia | 8,408 | 19.3% | 6,951 | 82.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| America | 32.3% | 18.0% | -14.3 | 17.6% |
| Europe | 18.5% | 9.5% | -9.1 | 16.1% |
| South and West Asia | 29.9% | 22.1% | -7.8 | 23.4% |
| East Asia | 19.3% | 50.4% | 31.1 | 82.7% |

Segment → industry: East Asia → Industrial Machinery / South and West Asia → Industrial Machinery / Europe → Industrial Machinery / America → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 8,390 | 19.2% | S100XB87 |
| Capital expenditure | 1,026 | 2.4% | S100XB87 |
| Free cash flow | 7,364 | 16.9% | 算出 |
| Investing cash flow | -1,004 | -2.3% | S100XB87 |
| Financing cash flow | -3,866 | -8.9% | S100XB87 |
| Dividends paid | 2,247 | 5.1% | S100XB87 |
| Share buyback | 0 | 0.0% | S100XB87 |
| Change in cash | 4,029 | 9.2% | S100XB87 |
| Cash and equivalents | 32,469 | 74.4% | S100XB87 |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 20,389 | 19,188 | 23,578 | 28,439 | 32,469 | S100SHR2, S100UYVU, S100XB87 |
| Total assets | 64,276 | 68,956 | 70,195 | 72,761 | 78,386 | S100PTGH, S100SHR2, S100UYVU, S100XB87 |
| Net assets | 37,901 | 45,903 | 50,384 | 52,848 | 58,946 | S100SHR2, S100UYVU, S100XB87 |
| Share capital | 3,860 | 3,860 | 3,860 | 3,860 | 3,860 | S100PTGH, S100SHR2, S100UYVU, S100XB87 |
| Trade receivables | 6,841 | — | — | — | — | S100PTGH |
| Property, plant and equipment | 15,142 | 18,436 | 17,494 | 15,730 | 14,670 | S100PTGH, S100SHR2, S100UYVU, S100XB87 |
| Intangible assets excluding goodwill | 120 | 111 | 101 | 127 | 177 | S100PTGH, S100SHR2, S100UYVU, S100XB87 |
| Investment securities | 259 | 277 | 466 | 449 | 775 | S100PTGH, S100SHR2, S100UYVU, S100XB87 |
| Current assets | 46,318 | 48,296 | 50,699 | 55,106 | 61,477 | S100PTGH, S100SHR2, S100UYVU, S100XB87 |
| Current liabilities | 13,679 | 11,854 | 10,265 | 11,862 | 12,891 | S100PTGH, S100SHR2, S100UYVU, S100XB87 |
| Trade payables | 3,521 | 1,685 | 2,043 | 2,270 | 2,219 | S100PTGH, S100SHR2, S100UYVU, S100XB87 |
| Short-term borrowings | 2,125 | 1,805 | 1,493 | 1,493 | 1,493 | S100PTGH, S100SHR2, S100UYVU, S100XB87 |
| Long-term borrowings | 10,911 | 9,105 | 7,611 | 6,118 | 4,624 | S100PTGH, S100SHR2, S100UYVU, S100XB87 |
| Total liabilities | 26,374 | 23,053 | 19,811 | 19,912 | 19,439 | S100PTGH, S100SHR2, S100UYVU, S100XB87 |
| Non-controlling interests | 28 | 37 | 40 | 45 | 57 | S100PTGH, S100SHR2, S100UYVU, S100XB87 |
| Equity attributable to owners of parent | 40,223 | 44,854 | 48,440 | 52,420 | 57,912 | S100PTGH, S100SHR2, S100UYVU, S100XB87 |
| Retained earnings | 33,467 | 38,098 | 41,685 | 45,665 | 50,855 | S100PTGH, S100SHR2, S100UYVU, S100XB87 |
| Treasury stock | -300 | -301 | -301 | -302 | — | S100PTGH, S100SHR2, S100UYVU, S100XB87 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 41% | S100XB87 |
| Property, plant and equipment | 19% | S100XB87 |
| Intangibles and goodwill | 0% | S100XB87 |
| Investment securities | 1% | S100XB87 |
| Other assets | 39% | S100XB87 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100XB87 |
| Other liabilities | 22% | S100XB87 |
| Equity | 75% | S100XB87 |
| Other liabilities | 0% | S100XB87 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 64,276 | 68,956 | 70,195 | 72,761 | 78,386 |
| Equity | 37,901 | 45,903 | 50,384 | 52,848 | 58,946 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 20,389 | 19,188 | 23,578 | 28,439 | 32,469 |

## 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) | 33.6% | S100XB87 |
| Fixed assets ÷ total assets | 18.7% | S100XB87 |
| Goodwill ÷ parent equity | — | —, S100XB87 |

### 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) | 41.4% |
| Cash ÷ revenue | 74.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 78.8% |
| Cash vs. profit gap | 650 JPY mn (of net income 8.4%) |
| Shareholder returns / net income | 29.0% |
| Shareholder returns / FCF | 30.5% |
| Shareholder payments — dividends / net income | 29.0% |
| Shareholder payments — dividends / FCF | 30.5% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 12.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 18.6% | 0.56× | 10.4% | 1.60× | 16.6% | S100PTGH |
| 2022 | 20.2% | 0.45× | 9.2% | 1.57× | 14.4% | S100SHR2 |
| 2023 | 14.6% | 0.50× | 7.3% | 1.49× | 10.9% | S100UYVU |
| 2024 | 15.7% | 0.51× | 8.1% | 1.42× | 11.5% | S100XB87 |
| 2025 | 17.7% | 0.58× | 10.2% | 1.37× | 14.0% | S100XB87 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エー・エス・ビー インコーポレーテッド株式会社 | Major shareholder | 43.6% | 2025-09-30 |
| 日本マスタートラスト信託銀行 株式会社（信託口） | Major shareholder | 10.4% | 2025-09-30 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 4.6% | 2025-09-30 |
| THE BANK OF NEW YORK MELLON 140044 （常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 2.6% | 2025-09-30 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・ エイ東京支店） | Major shareholder | 2.4% | 2025-09-30 |
| 株式会社八十二銀行 | Major shareholder | 2.2% | 2025-09-30 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.4% | 2025-09-30 |
| STATE STREET BANK AND TRUST COMPANY 505019 （常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 1.3% | 2025-09-30 |
| 青木 高太 | Major shareholder | 1.0% | 2025-09-30 |
| 青木 佐知 | Major shareholder | 1.0% | 2025-09-30 |
| 青木 元太 | Major shareholder | 1.0% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第47期(2024/10/01－2025/09/30) | S100XB87 | 2025-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XB87,, |
| 有価証券報告書－第46期(2023/10/01－2024/09/30) | S100UYVU | 2024-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UYVU,, |
| 有価証券報告書－第45期(2022/10/01－2023/09/30) | S100SHR2 | 2023-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHR2,, |
| 有価証券報告書－第44期(令和3年10月1日－令和4年9月30日) | S100PTGH | 2022-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTGH,, |
| 有価証券報告書－第43期(令和2年10月1日－令和3年9月30日) | S100N2TT | 2021-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N2TT,, |
| 有価証券報告書－第42期(令和1年10月1日－令和2年9月30日) | S100KDKK | 2020-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KDKK,, |

## 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).