# NITCHITSU 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101期(2025/04/01－2026/03/31) (S100Y8BD)
> Page: https://vizora.meequs.com/en/company/nitchitsu
> Retrieved: 2026-09-30T18:09:01.879Z

## Company

Nitchitsu, founded in 1929, is a company in Oil, Gas & Mining listed on TSE Standard. It has 268 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NITCHITSU CO.,LTD. |
| Ticker | 7021 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7021.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂一丁目11番30号 |
| Representative (per filing) | 代表取締役社長 松原 祐生 |
| Founded | Sep 1929 |
| Share capital | ¥1.1B |
| Employees (consolidated) | 268 |
| Average salary (parent only) | ¥4.7M |
| Fiscal year end | March |
| Website | www.nitchitsu.co.jp (https://www.nitchitsu.co.jp/) |
| Corporate number | 4010401054508 |
| EDINET | E00035 |
| Industries (Vizora) | Oil, Gas & Mining, Real Estate Development & Leasing, Industrial Machinery, Paints & Inks |

> Profile source: annual securities report (S100Y8BD, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.9 | 110 |
| Profitability | 13.5 | 122 |
| Cash conversion | 97.8 | 116 |
| Efficiency | 14.3 | 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 69% of Nitchitsu's sales come from Machinery Business, with Mineral Resources and Materials Business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -4.8% from the prior year, operating profit -18.2%.

## Company structure

- Segment revenue mix: Machinery Business 69.2%、Mineral Resources 20.8%、Materials Business 8.5%、Real Estate Business 1.5%
- Revenue → net income: ¥9381394000 → ¥194520000
- Net income → operating cash flow: ¥194520000 → ¥1934686000（difference ¥1740166000）
- Main uses of operating cash flow: CapEx ¥1242881000 / dividends ¥78506000 / buybacks ¥306000
- Change in cash: ¥672768000
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 | ¥9.38B |  |
| Operating income | ¥220.9M | Margin 2.4% |
| Net income | ¥194.5M | Margin 2.1% |
| Free cash flow | ¥691.8M |  |
| Largest business | Machinery Business | of segment revenue 69.2% |
| Employees (consolidated) | 268 |  |
| EPS | ¥93.51 |  |
| Book value per share | ¥5944.11 |  |
| Equity ratio | 71.2% |  |
| Shares outstanding | 2,130,000 |  |
| Treasury shares | 11,900 |  |
| Shareholders | 1,218 |  |
| Average salary (parent only) | ¥4.7M | Filing company only |
| Cash ratio | 19.4% | Cash ÷ revenue 35.6% |
| Vs. industry median margin | -5.2 pp | Industrial Machinery |
| ROE | 1.9% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 9.9× net income
- FY2026, segment profit share differs by -20 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8473524000 | ¥9381394000 | +10.7% |
| Operating income | ¥99734000 | ¥220886000 | +121.5% |
| Operating margin | 1.2% | 2.4% | +1.2 pp |
| Employees | 333 people | 268 people | -19.5% |
| Cash and equivalents | ¥4840288000 | ¥3343425000 | -30.9% |

### 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 |
| --- | ---: |
| 機械関連事業 → 機械関連事業 | 64.6% |
| 資源関連事業 → 資源関連事業 | 20.8% |
| 資源関連事業 → 事業再編・廃止 | 5.1% |
| 不動産関連事業 → 不動産関連事業 | 1.5% |
| 不動産関連事業 → 事業再編・廃止 | 0.2% |
| 素材関連事業 → 素材関連事業 | 7.8% |
| 新設・再編 → 機械関連事業 | 4.6% |
| 新設・再編 → 素材関連事業 | 0.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Machinery Business | 5 years | +3.5% | ¥6492125000 | 1.7% | 2 |
| Mineral Resources | 5 years | -2.3% | ¥1948269000 | 2.6% | 2 |
| Materials Business | 5 years | +3.8% | ¥797722000 | 3.6% | 2 |
| Real Estate Business | 5 years | -0.3% | ¥143276000 | 22.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,381 | 100.0% | S100Y8BD |
| Cost of revenue | 8,199 | 87.4% | S100Y8BD |
| Gross profit | 1,182 | 12.6% | S100Y8BD |
| SG&A | 961 | 10.2% | S100Y8BD |
| Operating income | 221 | 2.4% | S100Y8BD |
| Ordinary income | 218 | 2.3% | S100Y8BD |
| Pretax income | 245 | 2.6% | S100Y8BD |
| Income tax | 50 | 0.5% | S100Y8BD |
| Net income | 195 | 2.1% | S100Y8BD |
| Net income attributable to owners | 195 | 2.1% | S100Y8BD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 88 |
| SG&A | 10 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 12.6% → Operating margin 2.4% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.8%; Core profit growth: -18.2%
Operating leverage (core profit growth ÷ revenue growth): 3.82×
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 | 9,851 | 9,381 | -470 | -4.8% |
| Gross profit | 1,225 | 1,182 | -43 | -3.5% |
| Operating income | 270 | 221 | -49 | -18.2% |
| Net income attributable to owners | 242 | 195 | -47 | -19.6% |
| Operating cash flow | 866 | 1,935 | 1,068 | +123.3% |
| Free cash flow | -148 | 692 | 840 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,015 | 157 | 1.7% | 41 | 465 | 176 | S100LIUX |
| FY ending Mar 2021 | 8,474 | 100 | 1.2% | -82 | 950 | 583 | S100OGSQ |
| FY ending Mar 2022 | 7,857 | -58 | -0.7% | -121 | 58 | -411 | S100R7MX |
| FY ending Mar 2023 | 8,025 | -39 | -0.5% | -540 | 241 | -312 | S100TNGA |
| FY ending Mar 2024 | 8,287 | 326 | 3.9% | 248 | -516 | -1,308 | S100W7EW |
| FY ending Mar 2025 | 9,851 | 270 | 2.7% | 242 | 866 | -148 | S100Y8BD |
| FY ending Mar 2026 | 9,381 | 221 | 2.4% | 195 | 1,935 | 692 | S100Y8BD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35M |
| Operating income per employee (consolidated) | ¥824.2K |
| Net income per employee (consolidated) | ¥725.8K |

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) | 327 | 286 | 276 | 270 | 268 |
| Average salary (parent company) | ¥4.1M | ¥4.2M | ¥4.3M | ¥4.5M | ¥4.7M |
| Average age (parent company) | 45.8 years | 46.1 years | 46.0 years | 47.1 years | 47.2 years |
| Average tenure (parent company) | 12.5 years | 15.5 years | 15.4 years | 15.9 years | 16.0 years |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) -4.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Machinery Business | 6,492 | 69.2% | 108 | 1.7% |
| Mineral Resources | 1,948 | 20.8% | 51 | 2.6% |
| Real Estate Business | 143 | 1.5% | 33 | 22.9% |
| Materials Business | 798 | 8.5% | 29 | 3.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Machinery Business | 69.2% | 49.0% | -20.2 | 1.7% |
| Mineral Resources | 20.8% | 23.2% | 2.5 | 2.6% |
| Real Estate Business | 1.5% | 14.8% | 13.3 | 22.9% |
| Materials Business | 8.5% | 13.0% | 4.5 | 3.6% |

Segment → industry: Mineral Resources → Oil, Gas & Mining / Real Estate Business → Real Estate Development & Leasing / Machinery Business → Industrial Machinery / Materials Business → Paints & Inks

## 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 | 1,935 | 20.6% | S100Y8BD |
| Capital expenditure | 1,243 | 13.2% | S100Y8BD |
| Free cash flow | 692 | 7.4% | 算出 |
| Investing cash flow | -1,117 | -11.9% | S100Y8BD |
| Financing cash flow | -145 | -1.5% | S100Y8BD |
| Dividends paid | 79 | 0.8% | S100Y8BD |
| Share buyback | 0 | 0.0% | S100Y8BD |
| Change in cash | 673 | 7.2% | S100Y8BD |
| Cash and equivalents | 3,343 | 35.6% | S100Y8BD |

## 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 | 4,342 | 4,412 | 2,713 | 2,671 | 3,343 | S100TNGA, S100W7EW, S100Y8BD |
| Total assets | 14,986 | 14,988 | 15,357 | 16,138 | 17,192 | S100R7MX, S100TNGA, S100W7EW, S100Y8BD |
| Net assets | 10,860 | 10,281 | 10,732 | 11,233 | 12,246 | S100TNGA, S100W7EW, S100Y8BD |
| Share capital | 1,100 | 1,100 | 1,100 | 1,100 | 1,100 | S100R7MX, S100TNGA, S100W7EW, S100Y8BD |
| Property, plant and equipment | 4,668 | 5,142 | 5,340 | 5,881 | 6,325 | S100R7MX, S100TNGA, S100W7EW, S100Y8BD |
| Intangible assets excluding goodwill | 103 | 83 | 76 | 50 | 43 | S100R7MX, S100TNGA, S100W7EW, S100Y8BD |
| Investment securities | 1,320 | 1,465 | 2,128 | 2,548 | 3,824 | S100R7MX, S100TNGA, S100W7EW, S100Y8BD |
| Current assets | 8,186 | 8,196 | 7,724 | 7,563 | 6,909 | S100R7MX, S100TNGA, S100W7EW, S100Y8BD |
| Current liabilities | 2,867 | 3,308 | 2,972 | 3,146 | 2,739 | S100R7MX, S100TNGA, S100W7EW, S100Y8BD |
| Trade payables | 628 | 598 | 645 | 624 | 583 | S100R7MX, S100TNGA, S100W7EW, S100Y8BD |
| Short-term borrowings | 1,225 | 1,227 | 1,127 | 1,202 | 1,127 | S100R7MX, S100TNGA, S100W7EW, S100Y8BD |
| Long-term borrowings | 20 | 29 | 92 | 60 | 69 | S100R7MX, S100TNGA, S100W7EW, S100Y8BD |
| Total liabilities | 4,126 | 4,707 | 4,625 | 4,905 | 4,946 | S100R7MX, S100TNGA, S100W7EW, S100Y8BD |
| Equity attributable to owners of parent | 10,500 | 9,915 | 9,910 | 10,078 | 10,193 | S100R7MX, S100TNGA, S100W7EW, S100Y8BD |
| Retained earnings | 8,696 | 8,092 | 8,276 | 8,454 | 8,570 | S100R7MX, S100TNGA, S100W7EW, S100Y8BD |
| Treasury stock | -107 | -88 | -277 | -287 | -288 | S100R7MX, S100TNGA, S100W7EW, S100Y8BD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100Y8BD |
| Property, plant and equipment | 37% | S100Y8BD |
| Intangibles and goodwill | 0% | S100Y8BD |
| Investment securities | 22% | S100Y8BD |
| Other assets | 21% | S100Y8BD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100Y8BD |
| Other liabilities | 25% | S100Y8BD |
| Equity | 71% | S100Y8BD |
| Other liabilities | 0% | S100Y8BD |

### 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 | 14,986 | 14,988 | 15,357 | 16,138 | 17,192 |
| Equity | 10,860 | 10,281 | 10,732 | 11,233 | 12,246 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,342 | 4,412 | 2,713 | 2,671 | 3,343 |

## 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) | 67.4% | S100Y8BD |
| Fixed assets ÷ total assets | 36.8% | S100Y8BD |
| Goodwill ÷ parent equity | — | —, S100Y8BD |

### 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) | 19.4% |
| Cash ÷ revenue | 35.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 875.9% |
| Cash vs. profit gap | 1,740 JPY mn (of net income 894.6%) |
| Shareholder returns / net income | 40.5% |
| Shareholder returns / FCF | 11.4% |
| Shareholder payments — dividends / net income | 40.4% |
| Shareholder payments — dividends / FCF | 11.3% |
| CapEx intensity (capex ÷ revenue) | 13.2% |
| Investing CF relative to operating CF | 57.7% |

## 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 | — | —× | -0.8% | —× | — | S100R7MX |
| 2023 | — | —× | -3.6% | —× | — | S100TNGA |
| 2024 | 3.0% | 0.55× | 1.6% | 1.53× | 2.5% | S100W7EW |
| 2025 | 2.5% | 0.63× | 1.5% | 1.58× | 2.4% | S100Y8BD |
| 2026 | 2.1% | 0.56× | 1.2% | 1.64× | 1.9% | S100Y8BD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱日本カストディ銀行（信託Ｅ口） | Major shareholder | 7.2% | 2026-03-31 |
| ㈱みずほ銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 旭化成㈱ | Major shareholder | 4.7% | 2026-03-31 |
| 大田 昭彦 | Major shareholder | 4.1% | 2026-03-31 |
| ㈱常陽銀行 | Major shareholder | 3.8% | 2026-03-31 |
| ㈱十八親和銀行 | Major shareholder | 3.8% | 2026-03-31 |
| 日本マスタートラスト信託銀行㈱（退職給付信託・㈱池田泉州銀行口） | Major shareholder | 3.5% | 2026-03-31 |
| 扇栄会 | Major shareholder | 3.0% | 2026-03-31 |
| 三菱重工業㈱ | Major shareholder | 2.9% | 2026-03-31 |
| ㈱証券ジャパン | Major shareholder | 2.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第101期(2025/04/01－2026/03/31) | S100Y8BD | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y8BD,, |
| 有価証券報告書－第100期(2024/04/01－2025/03/31) | S100W7EW | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7EW,, |
| 有価証券報告書－第99期(2023/04/01－2024/03/31) | S100TNGA | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNGA,, |
| 有価証券報告書－第98期(2022/04/01－2023/03/31) | S100R7MX | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7MX,, |
| 有価証券報告書－第97期(令和3年4月1日－令和4年3月31日) | S100OGSQ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGSQ,, |
| 有価証券報告書－第96期(令和2年4月1日－令和3年3月31日) | S100LIUX | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LIUX,, |

## 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).