# NITCHO CORPORATION: business model and financials

> Latest period: FY ending Sep 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第87期(2024/10/01－2025/09/30) (S100XCJ8)
> Page: https://vizora.meequs.com/en/company/nitcho
> Retrieved: 2026-09-30T21:34:36.113Z

## Company

Nitcho, founded in 1947, is a company in Industrial Machinery listed on TSE Standard. It has 532 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NITCHO CORPORATION |
| Ticker | 2961 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2961.T) |
| Listing | TSE Standard |
| Head office | 東京都大田区東六郷三丁目15番8号 |
| Representative (per filing) | 代表取締役社長 齋藤 有史 |
| Founded | Jul 1947 |
| Share capital | ¥799.5M |
| Employees (consolidated) | 532 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | September |
| Website | www.nitcho.co.jp (https://www.nitcho.co.jp/) |
| Corporate number | 8010801009041 |
| EDINET | E36991 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100XCJ8, filed 2025-12-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 18.6 | 110 |
| Profitability | 25.8 | 122 |
| Cash conversion | 3.9 | 116 |
| Efficiency | 97.1 | 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)

- Nitcho brought in ¥18.1B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -1.8% from the prior year, operating profit -20.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥18.1B |  |
| Operating income | ¥844.6M | Margin 4.7% |
| Net income | ¥601.1M | Margin 3.3% |
| Free cash flow | -¥887.5M |  |
| Employees (consolidated) | 532 |  |
| EPS | ¥540.86 |  |
| Book value per share | ¥6717.68 |  |
| Equity ratio | 56.3% |  |
| Shares outstanding | 1,135,572 |  |
| Treasury shares | 22,900 |  |
| Shareholders | 429 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 26.3% | Cash ÷ revenue 19.2% |
| Vs. industry median margin | -2.9 pp | Industrial Machinery |
| ROE | 8.3% | Derived from disclosed figures |
| ROA | 4.3% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥15902295000 | ¥18118892000 | +13.9% |
| Operating income | ¥464106000 | ¥844615000 | +82.0% |
| Operating margin | 2.9% | 4.7% | +1.7 pp |
| Employees | 535 people | 532 people | -0.6% |
| Cash and equivalents | ¥2557297000 | ¥3485574000 | +36.3% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,119 | 100.0% | S100XCJ8 |
| Cost of revenue | 12,929 | 71.4% | S100XCJ8 |
| Gross profit | 5,190 | 28.6% | S100XCJ8 |
| SG&A | 4,345 | 24.0% | S100XCJ8 |
| Operating income | 845 | 4.7% | S100XCJ8 |
| Ordinary income | 909 | 5.0% | S100XCJ8 |
| Pretax income | 909 | 5.0% | S100XCJ8 |
| Income tax | 307 | 1.7% | S100XCJ8 |
| Net income | 601 | 3.3% | S100XCJ8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 24 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 28.6% → Operating margin 4.7% → Net margin 3.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.8%; Core profit growth: -20.2%
Operating leverage (core profit growth ÷ revenue growth): 11.49×
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 | 18,444 | 18,119 | -325 | -1.8% |
| Gross profit | 5,372 | 5,190 | -182 | -3.4% |
| Operating income | 1,059 | 845 | -214 | -20.2% |
| Operating cash flow | 429 | -859 | -1,289 | -300.1% |
| Free cash flow | 293 | -887 | -1,181 | -402.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2020 | 15,902 | 464 | 2.9% | 332 | 679 | 645 | S100N4M2 |
| FY ending Sep 2021 | 17,061 | 664 | 3.9% | 437 | 1,035 | 1,016 | S100PUTQ |
| FY ending Sep 2022 | 15,468 | 343 | 2.2% | 206 | -362 | -439 | S100SIYI |
| FY ending Sep 2023 | 17,642 | 541 | 3.1% | 332 | 1,951 | 1,697 | S100UZKP |
| FY ending Sep 2024 | 18,444 | 1,059 | 5.7% | 700 | 429 | 293 | S100XCJ8 |
| FY ending Sep 2025 | 18,119 | 845 | 4.7% | 601 | -859 | -887 | S100XCJ8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.1M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 542 | 535 | 535 | 532 | 532 |
| Average salary (parent company) | ¥5.4M | ¥5.5M | ¥5.6M | ¥5.4M | ¥5.6M |
| Average age (parent company) | 44.0 years | 44.0 years | 44.0 years | 45.0 years | 45.0 years |
| Average tenure (parent company) | 19.0 years | 20.0 years | 20.0 years | 20.0 years | 20.0 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) -1.8%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -859 | -4.7% | S100XCJ8 |
| Capital expenditure | 28 | 0.2% | S100XCJ8 |
| Free cash flow | -887 | -4.9% | 算出 |
| Investing cash flow | -10 | -0.1% | S100XCJ8 |
| Financing cash flow | -223 | -1.2% | S100XCJ8 |
| Dividends paid | 178 | 1.0% | S100XCJ8 |
| Change in cash | -1,092 | -6.0% | S100XCJ8 |
| Cash and equivalents | 3,486 | 19.2% | S100XCJ8 |

## 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 | 3,350 | 3,074 | 4,523 | 4,578 | 3,486 | S100SIYI, S100UZKP, S100XCJ8 |
| Total assets | 12,533 | 12,737 | 13,984 | 14,579 | 13,270 | S100PUTQ, S100SIYI, S100UZKP, S100XCJ8 |
| Net assets | 5,835 | 6,327 | 6,523 | 7,037 | 7,474 | S100SIYI, S100UZKP, S100XCJ8 |
| Share capital | 598 | 800 | 800 | 800 | 800 | S100PUTQ, S100SIYI, S100UZKP, S100XCJ8 |
| Property, plant and equipment | 2,384 | 2,526 | 2,618 | 2,573 | 2,511 | S100PUTQ, S100SIYI, S100UZKP, S100XCJ8 |
| Intangible assets excluding goodwill | 25 | 21 | 20 | 18 | 16 | S100PUTQ, S100SIYI, S100UZKP, S100XCJ8 |
| Investment securities | 64 | 63 | 62 | 70 | 59 | S100PUTQ, S100SIYI, S100UZKP, S100XCJ8 |
| Current assets | 9,408 | 9,512 | 10,650 | 11,274 | 10,051 | S100PUTQ, S100SIYI, S100UZKP, S100XCJ8 |
| Current liabilities | 5,554 | 5,139 | 6,224 | 6,387 | 4,642 | S100PUTQ, S100SIYI, S100UZKP, S100XCJ8 |
| Short-term borrowings | 230 | 230 | 230 | 230 | 230 | S100PUTQ, S100SIYI, S100UZKP, S100XCJ8 |
| Long-term borrowings | 67 | — | — | — | — | S100PUTQ |
| Total liabilities | 6,698 | 6,410 | 7,461 | 7,543 | 5,795 | S100PUTQ, S100SIYI, S100UZKP, S100XCJ8 |
| Equity attributable to owners of parent | 5,831 | 6,324 | 6,520 | 7,030 | 7,464 | S100PUTQ, S100SIYI, S100UZKP, S100XCJ8 |
| Retained earnings | 5,165 | 5,254 | 5,450 | 6,037 | 6,460 | S100PUTQ, S100SIYI, S100UZKP, S100XCJ8 |
| Treasury stock | -0 | -0 | -0 | -76 | -67 | S100PUTQ, S100SIYI, S100UZKP, S100XCJ8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100XCJ8 |
| Property, plant and equipment | 19% | S100XCJ8 |
| Intangibles and goodwill | 0% | S100XCJ8 |
| Investment securities | 1% | S100XCJ8 |
| Other assets | 54% | S100XCJ8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100XCJ8 |
| Equity | 56% | S100XCJ8 |
| Other liabilities | 0% | S100XCJ8 |

### 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 | 12,533 | 12,737 | 13,984 | 14,579 | 13,270 |
| Equity | 5,835 | 6,327 | 6,523 | 7,037 | 7,474 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,350 | 3,074 | 4,523 | 4,578 | 3,486 |

## 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) | 13.9% | S100XCJ8 |
| Fixed assets ÷ total assets | 18.9% | S100XCJ8 |
| Goodwill ÷ parent equity | — | —, S100XCJ8 |

### 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) | 26.3% |
| Cash ÷ revenue | 19.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -101.7% |
| Cash vs. profit gap | -1,460 JPY mn (of net income -242.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | — |

## 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 | 2.6% | 1.36× | 3.5% | 2.15× | 7.5% | S100PUTQ |
| 2022 | 1.3% | 1.22× | 1.6% | 2.08× | 3.4% | S100SIYI |
| 2023 | 1.9% | 1.32× | 2.5% | 2.08× | 5.2% | S100UZKP |
| 2024 | 3.8% | 1.29× | 4.9% | 2.11× | 10.3% | S100XCJ8 |
| 2025 | 3.3% | 1.30× | 4.3% | 1.92× | 8.3% | S100XCJ8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本調理機従業員持株会 | Major shareholder | 11.1% | 2025-09-30 |
| 株式会社マルゼン | Major shareholder | 10.2% | 2025-09-30 |
| 有限会社第一エア工業 | Major shareholder | 9.0% | 2025-09-30 |
| 田中 幸子 | Major shareholder | 8.2% | 2025-09-30 |
| 齋藤 徳子 | Major shareholder | 8.0% | 2025-09-30 |
| 齋藤 隆哉 | Major shareholder | 7.3% | 2025-09-30 |
| 田中 成和 | Major shareholder | 3.4% | 2025-09-30 |
| 佐藤 由美子 | Major shareholder | 2.7% | 2025-09-30 |
| 西山 智康 | Major shareholder | 2.4% | 2025-09-30 |
| 西山 秀康 | Major shareholder | 2.3% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第87期(2024/10/01－2025/09/30) | S100XCJ8 | 2025-12-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XCJ8,, |
| 有価証券報告書－第86期(2023/10/01－2024/09/30) | S100UZKP | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZKP,, |
| 有価証券報告書－第85期(2022/10/01－2023/09/30) | S100SIYI | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIYI,, |
| 有価証券報告書－第84期(令和3年10月1日－令和4年9月30日) | S100PUTQ | 2022-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PUTQ,, |
| 有価証券報告書－第83期(令和2年10月1日－令和3年9月30日) | S100N4M2 | 2021-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N4M2,, |

## 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).