# NITTAN Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第104期(2025/04/01－2026/03/31) (S100YVDP)
> Page: https://vizora.meequs.com/en/company/nittan
> Retrieved: 2026-09-30T21:34:07.370Z

## Company

Nittan, founded in 1948, is a company in Auto Parts listed on TSE Standard. It has 2,503 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NITTAN Corporation |
| Ticker | 6493 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6493.T) |
| Listing | TSE Standard |
| Head office | 神奈川県秦野市曽屋518番地 |
| Representative (per filing) | 代表取締役社長 李 太煥 |
| Founded | Nov 1948 |
| Share capital | ¥4.53B |
| Employees (consolidated) | 2,503 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.niv.co.jp (https://www.niv.co.jp/) |
| Corporate number | 3021001022920 |
| EDINET | E02189 |
| Industries (Vizora) | Auto Parts, Shipbuilding |

> Profile source: annual securities report (S100YVDP, filed 2026-08-07). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 66.8 | 110 |
| Profitability | 84.2 | 111 |
| Cash conversion | 60.6 | 108 |
| Efficiency | 23.9 | 111 |

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 80% of Nittan's sales come from Miniature engine valve, with Vessel parts and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +0.4% from the prior year, operating profit +165.2%.

## Company structure

- Segment revenue mix: Miniature engine valve 80.3%、Vessel parts 9.8%、Other 6.4%、Cogwheel 3.5%
- Revenue → net income: ¥51676563000 → ¥3457422000
- Net income → operating cash flow: ¥3457422000 → ¥7784645000（difference ¥4327223000）
- Main uses of operating cash flow: CapEx ¥4235290000 / dividends ¥374180000 / buybacks ¥262000
- Change in cash: ¥2292181000
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 | ¥51.7B |  |
| Operating income | ¥4B | Margin 7.7% |
| Net income | ¥2.23B | Margin 4.3% |
| Free cash flow | ¥3.55B |  |
| Largest business | Miniature engine valve | of segment revenue 80.3% |
| Employees (consolidated) | 2,503 |  |
| EPS | ¥74.66 |  |
| Diluted EPS | ¥72.97 |  |
| Book value per share | ¥822.94 |  |
| Equity ratio | 46.3% |  |
| Shares outstanding | 28,978,860 |  |
| Treasury shares | 173,500 |  |
| Shareholders | 8,586 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 17.3% | Cash ÷ revenue 22.4% |
| Vs. industry median margin | +3 pp | Auto Parts |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.5× net income
- FY2026, employees -2% while operating income rose 165%
- FY2026, one segment accounts for 92% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34705315000 | ¥51676563000 | +48.9% |
| Operating income | ¥18808000 | ¥3998062000 | +21157.2% |
| Operating margin | 0.1% | 7.7% | +7.7 pp |
| Employees | 2,511 people | 2,503 people | -0.3% |
| Cash and equivalents | ¥6004558000 | ¥11565178000 | +92.6% |

### 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 |
| --- | ---: |
| 小型エンジンバルブ → 小型エンジンバルブ | 71.3% |
| 舶用部品 → 舶用部品 | 7.2% |
| 歯車 → 歯車 | 3.5% |
| 歯車 → 事業再編・廃止 | 2.6% |
| 可変動弁 ・ 歯車 ・ PBW → 事業再編・廃止 | 9.3% |
| その他 → その他 | 3.2% |
| PBW → 事業再編・廃止 | 3.0% |
| 新設・再編 → 小型エンジンバルブ | 9.0% |
| 新設・再編 → 舶用部品 | 2.6% |
| 新設・再編 → その他 | 3.3% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Miniature engine valve | 5 years | +8.8% | ¥41476216000 | 9.3% | 2 |
| Vessel parts | 5 years | +13.0% | ¥5045066000 | 7.0% | 2 |
| Other | 5 years | +22.5% | ¥3324684000 | -6.2% | 2 |
| Cogwheel | 5 years | -4.8% | ¥1830595000 | -8.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 51,677 | 100.0% | S100YVDP |
| Cost of revenue | 42,536 | 82.3% | S100YVDP |
| Gross profit | 9,140 | 17.7% | S100YVDP |
| SG&A | 5,142 | 10.0% | S100YVDP |
| Operating income | 3,998 | 7.7% | S100YVDP |
| Ordinary income | 4,424 | 8.6% | S100YVDP |
| Pretax income | 4,630 | 9.0% | S100YVDP |
| Income tax | 1,173 | 2.3% | S100YVDP |
| Net income | 3,457 | 6.7% | S100YVDP |
| Net income attributable to owners | 2,227 | 4.3% | S100YVDP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 10 |
| Operating income | 8 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 17.7% → Operating margin 7.7% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.4%; Core profit growth: +165.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 369.36×
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 | 51,446 | 51,677 | 230 | +0.4% |
| Gross profit | 6,623 | 9,140 | 2,517 | +38.0% |
| Operating income | 1,508 | 3,998 | 2,490 | +165.2% |
| Net income attributable to owners | 630 | 2,227 | 1,597 | +253.4% |
| Operating cash flow | 4,304 | 7,785 | 3,480 | +80.9% |
| Free cash flow | 1,236 | 3,549 | 2,314 | +187.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 42,465 | 1,338 | 3.2% | 432 | 4,178 | -1,715 | S100LOWB |
| FY ending Mar 2021 | 34,705 | 19 | 0.1% | 670 | 5,442 | 1,232 | S100OESW |
| FY ending Mar 2022 | 38,670 | 1,964 | 5.1% | 645 | 6,885 | 3,531 | S100RB71 |
| FY ending Mar 2023 | 41,877 | 1,441 | 3.4% | 392 | 4,798 | 2,253 | S100TOHC |
| FY ending Mar 2024 | 49,479 | 2,023 | 4.1% | 601 | 6,961 | 3,605 | S100W1BA |
| FY ending Mar 2025 | 51,446 | 1,508 | 2.9% | 630 | 4,304 | 1,236 | S100YVDP |
| FY ending Mar 2026 | 51,677 | 3,998 | 7.7% | 2,227 | 7,785 | 3,549 | S100YVDP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.6M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥889.9K |

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) | 2,542 | 2,469 | 2,579 | 2,549 | 2,503 |
| Average salary (parent company) | ¥6.5M | ¥6.5M | ¥6.7M | ¥6.6M | ¥6.7M |
| Average age (parent company) | 43.4 years | 44.5 years | 45.2 years | 45.5 years | 45.8 years |
| Average tenure (parent company) | 18.6 years | 19.7 years | 19.7 years | 19.9 years | 20.0 years |

Year over year: Employees (consolidated) -1.8% · Revenue (consolidated) +0.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Miniature engine valve | 41,476 | 80.3% | 3,841 | 9.3% |
| Vessel parts | 5,045 | 9.8% | 352 | 7.0% |
| Cogwheel | 1,831 | 3.5% | -163 | -8.9% |
| Other | 3,325 | 6.4% | -205 | -6.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Miniature engine valve | 80.3% | 91.6% | 11.3 | 9.3% |
| Vessel parts | 9.8% | 8.4% | -1.4 | 7.0% |
| Cogwheel | 3.5% | — | — | -8.9% |
| Other | 6.4% | — | — | -6.2% |

Loss-making segment (excluded from profit shares): Cogwheel -163 JPY mn

Loss-making segment (excluded from profit shares): Other -205 JPY mn

Segment → industry: Cogwheel → Auto Parts / Miniature engine valve → Auto Parts / Vessel parts → Shipbuilding

## 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 | 7,785 | 15.1% | S100YVDP |
| Capital expenditure | 4,235 | 8.2% | S100YVDP |
| Free cash flow | 3,549 | 6.9% | 算出 |
| Investing cash flow | -2,932 | -5.7% | S100YVDP |
| Financing cash flow | -2,567 | -5.0% | S100YVDP |
| Dividends paid | 374 | 0.7% | S100YVDP |
| Share buyback | 0 | 0.0% | S100YVDP |
| Change in cash | 2,292 | 4.4% | S100YVDP |
| Cash and equivalents | 11,565 | 22.4% | S100YVDP |

## 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 | 6,310 | 6,826 | 9,070 | 9,273 | 11,565 | S100TOHC, S100W1BA, S100YVDP |
| Total assets | 54,751 | 56,908 | 62,982 | 66,613 | 66,919 | S100RB71, S100TOHC, S100W1BA, S100YVDP |
| Net assets | 31,422 | 32,978 | 37,046 | 38,046 | 40,345 | S100TOHC, S100W1BA, S100YVDP |
| Share capital | 4,531 | 4,531 | 4,531 | 4,531 | 4,531 | S100RB71, S100TOHC, S100W1BA, S100YVDP |
| Trade receivables | 7,448 | 8,068 | 8,319 | 9,195 | 8,965 | S100RB71, S100TOHC, S100W1BA, S100YVDP |
| Property, plant and equipment | 24,647 | 24,041 | 23,872 | 24,714 | 24,581 | S100RB71, S100TOHC, S100W1BA, S100YVDP |
| Intangible assets excluding goodwill | 603 | 617 | 708 | 1,268 | 1,600 | S100RB71, S100TOHC, S100W1BA, S100YVDP |
| Goodwill | — | — | — | 54 | 36 | S100YVDP |
| Investment securities | 6,340 | 6,587 | 9,226 | 7,664 | 6,832 | S100RB71, S100TOHC, S100W1BA, S100YVDP |
| Current assets | 22,274 | 24,696 | 28,119 | 31,533 | 32,526 | S100RB71, S100TOHC, S100W1BA, S100YVDP |
| Current liabilities | 11,914 | 12,540 | 13,857 | 16,231 | 14,502 | S100RB71, S100TOHC, S100W1BA, S100YVDP |
| Trade payables | 3,092 | 3,439 | 4,029 | 4,583 | 4,251 | S100RB71, S100TOHC, S100W1BA, S100YVDP |
| Short-term borrowings | 5,000 | 4,408 | 3,945 | 5,632 | 4,740 | S100RB71, S100TOHC, S100W1BA, S100YVDP |
| Long-term borrowings | 5,589 | 5,677 | 5,639 | 6,325 | 4,655 | S100RB71, S100TOHC, S100W1BA, S100YVDP |
| Bonds | 222 | 138 | 54 | — | — | S100RB71, S100TOHC, S100W1BA |
| Interest-bearing debt | 10,811 | 10,224 | 9,639 | — | — | 算出 |
| Total liabilities | 23,329 | 23,930 | 25,936 | 28,568 | 26,574 | S100RB71, S100TOHC, S100W1BA, S100YVDP |
| Non-controlling interests | 7,495 | 8,027 | 8,577 | 9,017 | 9,364 | S100RB71, S100TOHC, S100W1BA, S100YVDP |
| Equity attributable to owners of parent | 22,529 | 22,543 | 22,975 | 23,243 | 25,107 | S100RB71, S100TOHC, S100W1BA, S100YVDP |
| Retained earnings | 13,554 | 13,598 | 14,016 | 14,272 | 16,125 | S100RB71, S100TOHC, S100W1BA, S100YVDP |
| Treasury stock | -49 | -79 | -67 | -57 | -48 | S100RB71, S100TOHC, S100W1BA, S100YVDP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YVDP |
| Receivables | 13% | S100YVDP |
| Property, plant and equipment | 37% | S100YVDP |
| Intangibles and goodwill | 3% | S100YVDP |
| Investment securities | 10% | S100YVDP |
| Other assets | 20% | S100YVDP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YVDP |
| Other liabilities | 34% | S100YVDP |
| Equity | 60% | S100YVDP |
| Other liabilities | 0% | S100YVDP |

### 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 | 54,751 | 56,908 | 62,982 | 66,613 | 66,919 |
| Equity | 31,422 | 32,978 | 37,046 | 38,046 | 40,345 |
| Interest-bearing debt | 10,811 | 10,224 | 9,639 | — | — |
| Cash | 6,310 | 6,826 | 9,070 | 9,273 | 11,565 |

## 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) | 47.6% | S100YVDP |
| Fixed assets ÷ total assets | 36.7% | S100YVDP |
| Goodwill ÷ parent equity | 0.1% | S100YVDP |

### 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) | 17.3% |
| Cash ÷ revenue | 22.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 194.7% |
| Cash vs. profit gap | 5,557 JPY mn (of net income 249.5%) |
| Shareholder returns / net income | 16.8% |
| Shareholder returns / FCF | 10.5% |
| Shareholder payments — dividends / net income | 16.8% |
| Shareholder payments — dividends / FCF | 10.5% |
| CapEx intensity (capex ÷ revenue) | 8.2% |
| Investing CF relative to operating CF | 37.7% |

## 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 | 1.7% | 0.71× | 1.2% | 2.43× | 2.9% | S100RB71 |
| 2023 | 0.9% | 0.75× | 0.7% | 2.48× | 1.7% | S100TOHC |
| 2024 | 1.2% | 0.83× | 1.0% | 2.63× | 2.6% | S100W1BA |
| 2025 | 1.2% | 0.79× | 1.0% | 2.80× | 2.7% | S100YVDP |
| 2026 | 4.3% | 0.77× | 3.3% | 2.76× | 9.2% | S100YVDP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| イートンコーポレーション（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 17.2% | 2026-03-31 |
| KSD-KB（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 4.8% | 2026-03-31 |
| 株式会社横浜銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.5% | 2026-03-31 |
| 岩谷産業株式会社 | Major shareholder | 4.5% | 2026-03-31 |
| 本田技研工業株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| 日本パーカライジング株式会社 | Major shareholder | 3.8% | 2026-03-31 |
| PHILLIP SECURITIES CLIENTS(RETAIL)（常任代理人 フィリップ証券株式会社） | Major shareholder | 3.7% | 2026-03-31 |
| INTERACTIVE BROKERS LLC（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.1% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.6% | 2026-03-31 |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN(CASHPB)（常任代理人 野村證券株式会社） | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第104期(2025/04/01－2026/03/31) | S100YVDP | 2026-08-07 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YVDP,, |
| 有価証券報告書－第103期(2024/04/01－2025/03/31) | S100W1BA | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1BA,, |
| 有価証券報告書－第102期(2023/04/01－2024/03/31) | S100TOHC | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOHC,, |
| 訂正有価証券報告書－第101期(2022/04/01－2023/03/31) | S100RB71 | 2023-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RB71,, |
| 有価証券報告書－第100期(令和3年4月1日－令和4年3月31日) | S100OESW | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OESW,, |
| 有価証券報告書－第99期(令和2年4月1日－令和3年3月31日) | S100LOWB | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOWB,, |

## 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).