# Nittetsu Mining 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112期(2025/04/01－2026/03/31) (S100YI8I)
> Page: https://vizora.meequs.com/en/company/nittetsu-mining
> Retrieved: 2026-09-30T18:55:12.008Z

## Company

Nittetsu Mining, founded in 1939, is a company in Oil, Gas & Mining listed on TSE Prime. It has 2,175 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nittetsu Mining Co., Ltd. |
| Ticker | 1515 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1515.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内二丁目3番2号(郵船ビル) |
| Representative (per filing) | 代表取締役社長 森川玲一 |
| Founded | May 1939 |
| Share capital | ¥4.18B |
| Employees (consolidated) | 2,175 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | www.nittetsukou.co.jp (https://www.nittetsukou.co.jp/) |
| Corporate number | 5010001008730 |
| EDINET | E00036 |
| Industries (Vizora) | Oil, Gas & Mining, Non-ferrous Metals & Wires, Electric Power & Gas, Cement & Concrete, Real Estate Development & Leasing, Industrial Machinery |

> Profile source: annual securities report (S100YI8I, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Oil, Gas & Mining (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 78.6 | 7 |
| Profitability | 31.3 | 8 |
| Cash conversion | 6.3 | 8 |
| Efficiency | 81.3 | 8 |

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 57% of Nittetsu Mining's sales come from Metal, with Mineral and Machine and environment making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +6.6% from the prior year, operating profit +83.5%.

## Company structure

- Segment revenue mix: Metal 57.4%、Mineral 31.9%、Machine and environment 7.6%、Real estate 2.3%、Renewable Energy 0.9%
- Revenue → net income: ¥209717000000 → ¥16229000000
- Net income → operating cash flow: ¥16229000000 → ¥7580000000（difference ¥-8649000000）
- Main uses of operating cash flow: CapEx ¥32939000000 / dividends ¥3944000000 / buybacks ¥1000000
- Change in cash: ¥5446000000
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 | ¥209.7B |  |
| Operating income | ¥18.8B | Margin 9.0% |
| Net income | ¥14B | Margin 6.7% |
| Free cash flow | -¥25.4B |  |
| Largest business | Metal | of segment revenue 57.4% |
| Employees (consolidated) | 2,175 |  |
| EPS | ¥164.37 |  |
| Book value per share | ¥1794.7 |  |
| Equity ratio | 50.7% |  |
| Shares outstanding | 80,000,000 |  |
| Treasury shares | 1,234,400 |  |
| Shareholders | 16,435 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 13.9% | Cash ÷ revenue 20.6% |
| Vs. industry median margin | -2.5 pp | Oil, Gas & Mining |
| ROE | 11.5% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 84%
- FY2026, segment profit share differs by -25 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥119159000000 | ¥209717000000 | +76.0% |
| Operating income | ¥8726000000 | ¥18826000000 | +115.7% |
| Operating margin | 7.3% | 9.0% | +1.7 pp |
| Employees | 1,941 people | 2,175 people | +12.1% |
| Cash and equivalents | ¥35236000000 | ¥43236000000 | +22.7% |

### 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 |
| --- | ---: |
| 鉱石 → 鉱石 | 31.9% |
| 鉱石 → 事業再編・廃止 | 9.8% |
| 金属 → 金属 | 45.1% |
| 機械・環境 → 機械・環境 | 7.6% |
| 機械・環境 → 事業再編・廃止 | 1.7% |
| 不動産 → 不動産 | 2.3% |
| 不動産 → 事業再編・廃止 | 0.1% |
| 再生可能エネルギー → 再生可能エネルギー | 0.9% |
| 再生可能エネルギー → 事業再編・廃止 | 0.6% |
| 新設・再編 → 金属 | 12.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Metal | 5 years | +17.5% | ¥120289000000 | 5.6% | 2 |
| Mineral | 5 years | +6.1% | ¥66907000000 | 12.0% | 2 |
| Machine and environment | 5 years | +7.5% | ¥15905000000 | 13.1% | 2 |
| Real estate | 5 years | +11.1% | ¥4746000000 | 69.9% | 2 |
| Renewable Energy | 5 years | +0.9% | ¥1868000000 | 34.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 209,717 | 100.0% | S100YI8I |
| Cost of revenue | 165,896 | 79.1% | S100YI8I |
| Gross profit | 43,820 | 20.9% | S100YI8I |
| SG&A | 24,993 | 11.9% | S100YI8I |
| Operating income | 18,826 | 9.0% | S100YI8I |
| Ordinary income | 20,221 | 9.6% | S100YI8I |
| Pretax income | 22,688 | 10.8% | S100YI8I |
| Income tax | 6,459 | 3.1% | S100YI8I |
| Net income | 16,229 | 7.7% | S100YI8I |
| Net income attributable to owners | 14,033 | 6.7% | S100YI8I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 12 |
| Operating income | 9 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 20.9% → Operating margin 9.0% → Net margin 6.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.6%; Core profit growth: +83.5%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 12.69×
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 | 196,766 | 209,717 | 12,951 | +6.6% |
| Gross profit | 34,231 | 43,820 | 9,589 | +28.0% |
| Operating income | 10,257 | 18,826 | 8,569 | +83.5% |
| Net income attributable to owners | 9,019 | 14,033 | 5,014 | +55.6% |
| Operating cash flow | 17,713 | 7,580 | -10,133 | -57.2% |
| Free cash flow | 2,233 | -25,359 | -27,592 | -1235.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 117,502 | 7,576 | 6.4% | 4,518 | 9,242 | 1,280 | S100LSQH |
| FY ending Mar 2021 | 119,159 | 8,726 | 7.3% | 3,746 | 9,414 | 2,529 | S100OJWT |
| FY ending Mar 2022 | 149,082 | 15,715 | 10.5% | 9,279 | 8,539 | 532 | S100RHAZ |
| FY ending Mar 2023 | 164,020 | 13,632 | 8.3% | 9,780 | 15,818 | 8,397 | S100TWAL |
| FY ending Mar 2024 | 166,884 | 11,177 | 6.7% | 6,602 | 8,951 | 2,532 | S100W6HN |
| FY ending Mar 2025 | 196,766 | 10,257 | 5.2% | 9,019 | 17,713 | 2,233 | S100YI8I |
| FY ending Mar 2026 | 209,717 | 18,826 | 9.0% | 14,033 | 7,580 | -25,359 | S100YI8I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥96.4M |
| Operating income per employee (consolidated) | ¥8.7M |
| Net income per employee (consolidated) | ¥6.5M |

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) | 2,019 | 2,127 | 2,155 | 2,199 | 2,175 |
| Average salary (parent company) | ¥7.2M | ¥7.4M | ¥7.4M | ¥7.8M | ¥8.1M |
| Average age (parent company) | 41.9 years | 41.7 years | 42.2 years | 42.4 years | 42.7 years |
| Average tenure (parent company) | 17.7 years | 17.4 years | 17.6 years | 17.4 years | 17.5 years |

Year over year: Employees (consolidated) -1.1% · Revenue (consolidated) +6.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mineral | 66,907 | 31.9% | 8,007 | 12.0% |
| Metal | 120,289 | 57.4% | 6,744 | 5.6% |
| Machine and environment | 15,905 | 7.6% | 2,081 | 13.1% |
| Real estate | 4,746 | 2.3% | 3,318 | 69.9% |
| Renewable Energy | 1,868 | 0.9% | 645 | 34.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Mineral | 31.9% | 38.5% | 6.6 | 12.0% |
| Metal | 57.4% | 32.4% | -24.9 | 5.6% |
| Machine and environment | 7.6% | 10.0% | 2.4 | 13.1% |
| Real estate | 2.3% | 16.0% | 13.7 | 69.9% |
| Renewable Energy | 0.9% | 3.1% | 2.2 | 34.5% |

Segment → industry: Metal → Oil, Gas & Mining / Mineral → Oil, Gas & Mining / Metal → Non-ferrous Metals & Wires / Renewable Energy → Electric Power & Gas / Mineral → Cement & Concrete / Real estate → Real Estate Development & Leasing / Machine and environment → Industrial Machinery

## 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 | 7,580 | 3.6% | S100YI8I |
| Capital expenditure | 32,939 | 15.7% | S100YI8I |
| Free cash flow | -25,359 | -12.1% | 算出 |
| Investing cash flow | -32,834 | -15.7% | S100YI8I |
| Financing cash flow | 31,726 | 15.1% | S100YI8I |
| Dividends paid | 3,944 | 1.9% | S100YI8I |
| Share buyback | 1 | 0.0% | S100YI8I |
| Change in cash | 5,446 | 2.6% | S100YI8I |
| Cash and equivalents | 43,236 | 20.6% | S100YI8I |

## 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 | 32,949 | 39,729 | 37,056 | 37,789 | 43,236 | S100TWAL, S100W6HN, S100YI8I |
| Total assets | 197,732 | 208,335 | 229,577 | 240,179 | 310,412 | S100RHAZ, S100TWAL, S100W6HN, S100YI8I |
| Net assets | 126,371 | 139,410 | 150,722 | 151,971 | 167,622 | S100TWAL, S100W6HN, S100YI8I |
| Share capital | 4,176 | 4,176 | 4,176 | 4,176 | 4,176 | S100RHAZ, S100TWAL, S100W6HN, S100YI8I |
| Property, plant and equipment | 67,117 | 70,276 | 70,811 | 84,286 | 113,323 | S100RHAZ, S100TWAL, S100W6HN, S100YI8I |
| Intangible assets excluding goodwill | 3,608 | 4,046 | 4,037 | 3,882 | 3,780 | S100RHAZ, S100TWAL, S100W6HN, S100YI8I |
| Investment securities | 29,172 | 30,855 | 40,016 | 39,161 | 49,870 | S100RHAZ, S100TWAL, S100W6HN, S100YI8I |
| Current assets | 89,705 | 94,178 | 105,090 | 101,970 | 130,871 | S100RHAZ, S100TWAL, S100W6HN, S100YI8I |
| Current liabilities | 46,938 | 48,258 | 54,230 | 55,606 | 71,163 | S100RHAZ, S100TWAL, S100W6HN, S100YI8I |
| Trade payables | 14,627 | 15,297 | 20,540 | 16,289 | 24,826 | S100RHAZ, S100TWAL, S100W6HN, S100YI8I |
| Short-term borrowings | 15,922 | 19,700 | 17,076 | 12,615 | 17,587 | S100RHAZ, S100TWAL, S100W6HN, S100YI8I |
| Long-term borrowings | 4,817 | 1,117 | 2,514 | 9,771 | 44,719 | S100RHAZ, S100TWAL, S100W6HN, S100YI8I |
| Total liabilities | 71,360 | 68,924 | 78,855 | 88,207 | 142,789 | S100RHAZ, S100TWAL, S100W6HN, S100YI8I |
| Non-controlling interests | 6,297 | 7,065 | 9,968 | 10,483 | 10,315 | S100RHAZ, S100TWAL, S100W6HN, S100YI8I |
| Equity attributable to owners of parent | 108,145 | 114,976 | 116,008 | 117,376 | 127,460 | S100RHAZ, S100TWAL, S100W6HN, S100YI8I |
| Retained earnings | 99,391 | 106,385 | 109,759 | 115,864 | 122,381 | S100RHAZ, S100TWAL, S100W6HN, S100YI8I |
| Treasury stock | -169 | -170 | -214 | -4,951 | -1,343 | S100RHAZ, S100TWAL, S100W6HN, S100YI8I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YI8I |
| Property, plant and equipment | 37% | S100YI8I |
| Intangibles and goodwill | 1% | S100YI8I |
| Investment securities | 16% | S100YI8I |
| Other assets | 32% | S100YI8I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YI8I |
| Other liabilities | 38% | S100YI8I |
| Equity | 54% | S100YI8I |
| Other liabilities | 0% | S100YI8I |

### 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 | 197,732 | 208,335 | 229,577 | 240,179 | 310,412 |
| Equity | 126,371 | 139,410 | 150,722 | 151,971 | 167,622 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 32,949 | 39,729 | 37,056 | 37,789 | 43,236 |

## 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) | 54.0% | S100YI8I |
| Fixed assets ÷ total assets | 36.5% | S100YI8I |
| Goodwill ÷ parent equity | — | —, S100YI8I |

### 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) | 13.9% |
| Cash ÷ revenue | 20.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 40.3% |
| Cash vs. profit gap | -6,453 JPY mn (of net income -46.0%) |
| Shareholder returns / net income | 28.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 15.7% |
| Investing CF relative to operating CF | 433.2% |

## 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 | 6.2% | 0.75× | 4.7% | 1.83× | 8.6% | S100RHAZ |
| 2023 | 6.0% | 0.81× | 4.8% | 1.82× | 8.8% | S100TWAL |
| 2024 | 4.0% | 0.76× | 3.0% | 1.90× | 5.7% | S100W6HN |
| 2025 | 4.6% | 0.84× | 3.8% | 2.01× | 7.7% | S100YI8I |
| 2026 | 6.7% | 0.76× | 5.1% | 2.25× | 11.5% | S100YI8I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本製鉄株式会社 | Major shareholder | 10.3% | 2026-03-31 |
| THE NORTHERN TRUST COMPANY AVFC S/A CONTINENTAL GENERAL INSURANCE COMPANY(常任代理人 香港上海銀行東京支店） | Major shareholder | 9.7% | 2026-03-31 |
| 公益財団法人日鉄鉱業奨学会 | Major shareholder | 8.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.1% | 2026-03-31 |
| 株式会社麻生 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社みずほ銀行（常任代理人株式会社日本カストディ銀行） | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.0% | 2026-03-31 |
| 日鉄鉱業持株会 | Major shareholder | 1.8% | 2026-03-31 |
| 住友大阪セメント株式会社 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第112期(2025/04/01－2026/03/31) | S100YI8I | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YI8I,, |
| 有価証券報告書－第111期(2024/04/01－2025/03/31) | S100W6HN | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6HN,, |
| 有価証券報告書－第110期(2023/04/01－2024/03/31) | S100TWAL | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWAL,, |
| 訂正有価証券報告書－第109期(2022/04/01－2023/03/31) | S100RHAZ | 2023-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RHAZ,, |
| 有価証券報告書－第108期(令和3年4月1日－令和4年3月31日) | S100OJWT | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJWT,, |
| 有価証券報告書－第107期(令和2年4月1日－令和3年3月31日) | S100LSQH | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSQH,, |

## 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).