# Nitta Corporation: 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97期(2025/04/01－2026/03/31) (S100YGN5)
> Page: https://vizora.meequs.com/en/company/nitta
> Retrieved: 2026-09-30T17:49:39.064Z

## Company

Nitta, founded in 1909, is a company in Chemicals listed on TSE Prime. It has 2,993 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nitta Corporation |
| Ticker | 5186 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5186.T) |
| Listing | TSE Prime |
| Head office | 大阪市浪速区桜川四丁目4番26号 |
| Representative (per filing) | 代表取締役社長 北村精一 |
| Founded | Jun 1909 |
| Share capital | ¥8.06B |
| Employees (consolidated) | 2,993 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.nitta.co.jp (https://www.nitta.co.jp/) |
| Corporate number | 4120001039435 |
| EDINET | E01111 |
| Industries (Vizora) | Chemicals, Real Estate Development & Leasing, Tires & Rubber |

> Profile source: annual securities report (S100YGN5, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10.7 | 14 |
| Profitability | 32.1 | 14 |
| Cash conversion | 60.7 | 14 |
| Efficiency | 3.6 | 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 36% of Nitta's sales come from Hose and tube products, with Belt and rubber products and Other industrial products making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +1.7% from the prior year, operating profit +13.7%.

## Company structure

- Segment revenue mix: Hose and tube products 35.9%、Belt and rubber products 33.3%、Other industrial products 12.8%、Chemical industrial products 12.7%、Management service 2.7%
- Revenue → net income: ¥91834000000 → ¥13591000000
- Net income → operating cash flow: ¥13591000000 → ¥9612000000（difference ¥-3979000000）
- Main uses of operating cash flow: CapEx ¥4417000000 / dividends ¥4061000000 / buybacks ¥1460000000
- Change in cash: ¥1331000000
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 | ¥91.8B |  |
| Operating income | ¥5.86B | Margin 6.4% |
| Net income | ¥13.5B | Margin 14.7% |
| Free cash flow | ¥5.2B |  |
| Largest business | Hose and tube products | of segment revenue 35.9% |
| Employees (consolidated) | 2,993 |  |
| EPS | ¥152.06 |  |
| Book value per share | ¥3560.12 |  |
| Equity ratio | 85.6% |  |
| Shares outstanding | 29,272,000 |  |
| Treasury shares | 1,845,900 |  |
| Shareholders | 7,267 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 18.9% | Cash ÷ revenue 39.6% |
| Vs. industry median margin | -1.6 pp | Tires & Rubber |
| ROE | 9.7% | Derived from disclosed figures |
| ROA | 7.3% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -22 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥78697000000 | ¥91834000000 | +16.7% |
| Operating income | ¥2861000000 | ¥5862000000 | +104.9% |
| Operating margin | 3.6% | 6.4% | +2.7 pp |
| Employees | 3,001 people | 2,993 people | -0.3% |
| Cash and equivalents | ¥27527000000 | ¥36393000000 | +32.2% |

### 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 |
| --- | ---: |
| ベルト・ゴム製品事業 → ベルト・ゴム製品事業 | 33.3% |
| ベルト・ゴム製品事業 → 事業再編・廃止 | 0.9% |
| ホース・チューブ製品事業 → ホース・チューブ製品事業 | 34.0% |
| 化工品事業 → 化工品事業 | 12.7% |
| 化工品事業 → 事業再編・廃止 | 2.6% |
| その他産業用製品事業 → その他産業用製品事業 | 12.0% |
| 不動産事業 → 不動産事業 | 1.1% |
| 経営指導事業 → 経営指導事業 | 1.7% |
| その他 → その他 | 1.5% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → ホース・チューブ製品事業 | 1.9% |
| 新設・再編 → その他産業用製品事業 | 0.8% |
| 新設・再編 → 不動産事業 | 0.1% |
| 新設・再編 → 経営指導事業 | 0.9% |

Segment revenue source references: 14 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Hose and tube products | 5 years | +4.3% | ¥32983000000 | 3.3% | 2 |
| Belt and rubber products | 5 years | +2.6% | ¥30597000000 | 11.3% | 2 |
| Other industrial products | 5 years | +4.5% | ¥11739000000 | 2.0% | 2 |
| Chemical industrial products | 5 years | -0.7% | ¥11681000000 | 8.0% | 2 |
| Management service | 5 years | +12.4% | ¥2455000000 | 77.4% | 2 |
| Other | 5 years | +0.9% | ¥1347000000 | 1.0% | 2 |
| Real estate | 5 years | +4.2% | ¥1027000000 | 34.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 91,834 | 100.0% | S100YGN5 |
| Cost of revenue | 65,937 | 71.8% | S100YGN5 |
| Gross profit | 25,896 | 28.2% | S100YGN5 |
| SG&A | 20,034 | 21.8% | S100YGN5 |
| Operating income | 5,862 | 6.4% | S100YGN5 |
| Ordinary income | 14,810 | 16.1% | S100YGN5 |
| Pretax income | 15,903 | 17.3% | S100YGN5 |
| Income tax | 2,311 | 2.5% | S100YGN5 |
| Net income | 13,591 | 14.8% | S100YGN5 |
| Net income attributable to owners | 13,529 | 14.7% | S100YGN5 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 22 |
| Operating income | 6 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 28.2% → Operating margin 6.4% → Net margin 14.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.7%; Core profit growth: +13.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.95×
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 | 90,276 | 91,834 | 1,558 | +1.7% |
| Gross profit | 24,246 | 25,896 | 1,650 | +6.8% |
| Operating income | 5,155 | 5,862 | 707 | +13.7% |
| Net income attributable to owners | 12,131 | 13,529 | 1,398 | +11.5% |
| Operating cash flow | 7,007 | 9,612 | 2,605 | +37.2% |
| Free cash flow | 246 | 5,195 | 4,949 | +2011.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 83,861 | 3,527 | 4.2% | 6,148 | 7,670 | 4,558 | S100LN5N |
| FY ending Mar 2021 | 78,697 | 2,861 | 3.6% | 4,723 | 7,114 | 4,615 | S100OEUH |
| FY ending Mar 2022 | 83,734 | 5,337 | 6.4% | 10,489 | 9,011 | 6,352 | S100R56K |
| FY ending Mar 2023 | 88,000 | 4,989 | 5.7% | 10,853 | 11,995 | 8,441 | S100TRCD |
| FY ending Mar 2024 | 88,609 | 4,421 | 5.0% | 9,857 | 8,922 | 5,841 | S100W46Z |
| FY ending Mar 2025 | 90,276 | 5,155 | 5.7% | 12,131 | 7,007 | 246 | S100YGN5 |
| FY ending Mar 2026 | 91,834 | 5,862 | 6.4% | 13,529 | 9,612 | 5,195 | S100YGN5 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.7M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥4.5M |

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) | 2,971 | 2,976 | 2,952 | 2,940 | 2,993 |
| Average salary (parent company) | ¥6.8M | ¥6.9M | ¥6.6M | ¥6.7M | ¥6.8M |
| Average age (parent company) | 44.9 years | 43.3 years | 43.3 years | 43.3 years | 43.2 years |
| Average tenure (parent company) | 19.8 years | 18.9 years | 18.9 years | 18.3 years | 17.8 years |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) +1.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Belt and rubber products | 30,597 | 33.3% | 3,467 | 11.3% |
| Hose and tube products | 32,983 | 35.9% | 1,073 | 3.3% |
| Chemical industrial products | 11,681 | 12.7% | 929 | 8.0% |
| Other industrial products | 11,739 | 12.8% | 234 | 2.0% |
| Real estate | 1,027 | 1.1% | 357 | 34.8% |
| Management service | 2,455 | 2.7% | 1,899 | 77.4% |
| Other | 1,347 | 1.5% | 14 | 1.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Belt and rubber products | 33.3% | 43.5% | 10.2 | 11.3% |
| Hose and tube products | 35.9% | 13.5% | -22.5 | 3.3% |
| Chemical industrial products | 12.7% | 11.7% | -1.1 | 8.0% |
| Other industrial products | 12.8% | 2.9% | -9.8 | 2.0% |
| Real estate | 1.1% | 4.5% | 3.4 | 34.8% |
| Management service | 2.7% | 23.8% | 21.1 | 77.4% |
| Other | 1.5% | 0.2% | -1.3 | 1.0% |

Segment → industry: Chemical industrial products → Chemicals / Real estate → Real Estate Development & Leasing / Hose and tube products → Tires & Rubber / Belt and rubber products → 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 | 9,612 | 10.5% | S100YGN5 |
| Capital expenditure | 4,417 | 4.8% | S100YGN5 |
| Free cash flow | 5,195 | 5.7% | 算出 |
| Investing cash flow | -3,133 | -3.4% | S100YGN5 |
| Financing cash flow | -5,460 | -5.9% | S100YGN5 |
| Dividends paid | 4,061 | 4.4% | S100YGN5 |
| Share buyback | 1,460 | 1.6% | S100YGN5 |
| Change in cash | 1,331 | 1.4% | S100YGN5 |
| Cash and equivalents | 36,393 | 39.6% | S100YGN5 |

## 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 | 30,872 | 35,403 | 39,499 | 35,061 | 36,393 | S100TRCD, S100W46Z, S100YGN5 |
| Total assets | 147,450 | 158,385 | 169,504 | 179,931 | 192,432 | S100R56K, S100TRCD, S100W46Z, S100YGN5 |
| Net assets | 119,214 | 129,450 | 142,011 | 154,176 | 165,625 | S100TRCD, S100W46Z, S100YGN5 |
| Share capital | 8,060 | 8,060 | 8,060 | 8,060 | 8,060 | S100R56K, S100TRCD, S100W46Z, S100YGN5 |
| Trade receivables | 20,272 | 18,357 | 17,791 | 18,467 | 17,682 | S100R56K, S100TRCD, S100W46Z, S100YGN5 |
| Inventories | 11,575 | 14,119 | 14,931 | 15,637 | 15,469 | S100R56K, S100TRCD, S100W46Z, S100YGN5 |
| Property, plant and equipment | 23,931 | 25,952 | 25,570 | 30,297 | 30,620 | S100R56K, S100TRCD, S100W46Z, S100YGN5 |
| Intangible assets excluding goodwill | 949 | 784 | 796 | 702 | 861 | S100R56K, S100TRCD, S100W46Z, S100YGN5 |
| Goodwill | 446 | 311 | 204 | 53 | 20 | S100R56K, S100TRCD, S100W46Z, S100YGN5 |
| Investment securities | 41,048 | 45,069 | 52,820 | 60,444 | 71,422 | S100R56K, S100TRCD, S100W46Z, S100YGN5 |
| Current assets | 79,343 | 84,024 | 86,673 | 84,262 | 85,088 | S100R56K, S100TRCD, S100W46Z, S100YGN5 |
| Current liabilities | 22,154 | 22,484 | 20,331 | 17,997 | 17,890 | S100R56K, S100TRCD, S100W46Z, S100YGN5 |
| Trade payables | 11,886 | 7,090 | 7,966 | 8,758 | 7,475 | S100R56K, S100TRCD, S100W46Z, S100YGN5 |
| Short-term borrowings | 57 | — | — | — | — | S100R56K |
| Long-term borrowings | 804 | 540 | 286 | 19 | — | S100R56K, S100TRCD, S100W46Z, S100YGN5 |
| Total liabilities | 28,235 | 28,935 | 27,493 | 25,754 | 26,806 | S100R56K, S100TRCD, S100W46Z, S100YGN5 |
| Non-controlling interests | 758 | 696 | 731 | 784 | 824 | S100R56K, S100TRCD, S100W46Z, S100YGN5 |
| Equity attributable to owners of parent | 114,230 | 120,523 | 127,252 | 134,790 | 143,147 | S100R56K, S100TRCD, S100W46Z, S100YGN5 |
| Retained earnings | 103,396 | 110,972 | 117,597 | 124,072 | 133,541 | S100R56K, S100TRCD, S100W46Z, S100YGN5 |
| Treasury stock | -4,308 | -5,608 | -5,520 | -3,929 | -5,064 | S100R56K, S100TRCD, S100W46Z, S100YGN5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YGN5 |
| Receivables | 9% | S100YGN5 |
| Inventories | 8% | S100YGN5 |
| Property, plant and equipment | 16% | S100YGN5 |
| Intangibles and goodwill | 1% | S100YGN5 |
| Investment securities | 37% | S100YGN5 |
| Other assets | 10% | S100YGN5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YGN5 |
| Other liabilities | 10% | S100YGN5 |
| Equity | 86% | S100YGN5 |
| Other liabilities | 0% | S100YGN5 |

### 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 | 147,450 | 158,385 | 169,504 | 179,931 | 192,432 |
| Equity | 119,214 | 129,450 | 142,011 | 154,176 | 165,625 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 30,872 | 35,403 | 39,499 | 35,061 | 36,393 |

## 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) | 33.3% | S100YGN5 |
| Fixed assets ÷ total assets | 15.9% | S100YGN5 |
| Goodwill ÷ parent equity | 0.0% | S100YGN5 |

Goodwill over 4 years: 446 → 20 JPY; total investing cash flow: -17,641 JPY. This does not imply causation.

### 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) | 18.9% |
| Cash ÷ revenue | 39.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 164.0% |
| Cash vs. profit gap | -3,917 JPY mn (of net income -29.0%) |
| Shareholder returns / net income | 40.8% |
| Shareholder returns / FCF | 106.3% |
| Shareholder payments — dividends / net income | 30.0% |
| Shareholder payments — dividends / FCF | 78.2% |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 32.6% |

## 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 | 12.5% | 0.57× | 7.1% | 1.29× | 9.2% | S100R56K |
| 2023 | 12.3% | 0.58× | 7.1% | 1.30× | 9.2% | S100TRCD |
| 2024 | 11.1% | 0.54× | 6.0% | 1.32× | 8.0% | S100W46Z |
| 2025 | 13.4% | 0.52× | 6.9% | 1.33× | 9.3% | S100YGN5 |
| 2026 | 14.7% | 0.49× | 7.3% | 1.34× | 9.7% | S100YGN5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱(信託口) | Major shareholder | 10.9% | 2026-03-31 |
| 新田ゴム工業㈱ | Major shareholder | 10.4% | 2026-03-31 |
| アイビーピー㈱ | Major shareholder | 6.9% | 2026-03-31 |
| 合同会社オンガホールディングス | Major shareholder | 5.2% | 2026-03-31 |
| ㈱日本カストディ銀行(信託口) | Major shareholder | 3.9% | 2026-03-31 |
| ニッタ取引先持株会 | Major shareholder | 3.7% | 2026-03-31 |
| ニッタ共栄会 | Major shareholder | 2.6% | 2026-03-31 |
| ニッタ従業員持株会 | Major shareholder | 1.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY ５０５１０３(常任代理人)㈱みずほ銀行 決済営業部 | Major shareholder | 1.6% | 2026-03-31 |
| 日本ゼオン㈱ | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第97期(2025/04/01－2026/03/31) | S100YGN5 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGN5,, |
| 有価証券報告書－第96期(2024/04/01－2025/03/31) | S100W46Z | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W46Z,, |
| 有価証券報告書－第95期(2023/04/01－2024/03/31) | S100TRCD | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRCD,, |
| 有価証券報告書－第94期(2022/04/01－2023/03/31) | S100R56K | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R56K,, |
| 有価証券報告書－第93期(令和3年4月1日－令和4年3月31日) | S100OEUH | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEUH,, |
| 有価証券報告書－第92期(令和2年4月1日－令和3年3月31日) | S100LN5N | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN5N,, |

## 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).