# NITTO BOSEKI 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165期(2025/04/01－2026/03/31) (S100YDBM)
> Page: https://vizora.meequs.com/en/company/nitto-boseki
> Retrieved: 2026-09-30T18:31:55.226Z

## Company

Nitto Boseki, founded in 1898, is a company in Medical Devices listed on TSE Prime. It has 2,793 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NITTO BOSEKI CO., LTD. |
| Ticker | 3110 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3110.T) |
| Listing | TSE Prime |
| Head office | 福島県福島市郷野目字東1番地(上記は登記上の本店所在地で実際の本社業務は下記で行っております。) |
| Representative (per filing) | 代表執行役社長 林寿信 |
| Founded | Feb 1898 |
| Share capital | ¥19.7B |
| Employees (consolidated) | 2,793 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.nittobo.co.jp (https://www.nittobo.co.jp/) |
| Corporate number | 4380001001146 |
| EDINET | E00542 |
| Industries (Vizora) | Medical Devices, Chemicals, Glass & Ceramics, Electronic Components, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YDBM, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Glass & Ceramics (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 73.5 | 17 |
| Profitability | 91.2 | 17 |
| Cash conversion | 21.9 | 16 |
| Efficiency | 38.2 | 17 |
| Financial strength | 70 | 5 |

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 42% of Nitto Boseki's sales come from Electronic Materials Business, with Other Businesses and Insulation materials business making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +8.4% from the prior year, operating profit +26.6%.

## Company structure

- Segment revenue mix: Electronic Materials Business 41.7%、Other Businesses 14.4%、Insulation materials business 12.8%、Medical Business 11.7%、Composite Materials Business 11.3%
- Revenue → net income: ¥118229000000 → ¥42329000000
- Net income → operating cash flow: ¥42329000000 → ¥17296000000（difference ¥-25033000000）
- Main uses of operating cash flow: CapEx ¥20518000000 / dividends ¥3877000000 / buybacks —
- Change in cash: ¥33448000000
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 | ¥118.2B |  |
| Operating income | ¥20.8B | Margin 17.6% |
| Net income | ¥41.8B | Margin 35.3% |
| Free cash flow | -¥3.22B |  |
| Largest business | Electronic Materials Business | of segment revenue 41.7% |
| Employees (consolidated) | 2,793 |  |
| EPS | ¥1024.29 |  |
| Book value per share | ¥3480.6 |  |
| Equity ratio | 61.3% |  |
| Shares outstanding | 37,723,000 |  |
| Treasury shares | 1,145,700 |  |
| Shareholders | 10,498 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 21.8% | Net cash ¥20.2B · Cash ÷ revenue 52.3% |
| Vs. industry median margin | +6.7 pp | Glass & Ceramics |
| ROE | 31.3% | Derived from disclosed figures |
| ROA | 16.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 84% of positive segment profit
- FY2026, segment profit share differs by 42 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥78727000000 | ¥118229000000 | +50.2% |
| Operating income | ¥5964000000 | ¥20819000000 | +249.1% |
| Operating margin | 7.6% | 17.6% | +10 pp |
| Employees | 2,769 people | 2,793 people | +0.9% |
| Cash and equivalents | ¥30163000000 | ¥61835000000 | +105.0% |

### 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 |
| --- | ---: |
| 原繊材事業 → 事業再編・廃止 | 29.7% |
| 機能材事業 → 事業再編・廃止 | 26.2% |
| 設備材事業 → 事業再編・廃止 | 23.9% |
| ライフサイエンス事業 → 事業再編・廃止 | 17.4% |
| 繊維事業 → 事業再編・廃止 | 2.9% |
| 新設・再編 → 電子材料事業 | 41.7% |
| 新設・再編 → メディカル事業 | 11.7% |
| 新設・再編 → 複合材事業 | 11.3% |
| 新設・再編 → 資材・ケミカル事業 | 8.0% |
| 新設・再編 → 断熱材事業 | 12.8% |
| 新設・再編 → その他事業 | 14.4% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electronic Materials Business | 2 years | +28.4% | ¥49265000000 | 39.4% | 2 |
| Other Businesses | 2 years | +10.2% | ¥17059000000 | 2.9% | 2 |
| Insulation materials business | 2 years | +1.2% | ¥15136000000 | 1.3% | 2 |
| Medical Business | 2 years | +4.2% | ¥13850000000 | 17.6% | 2 |
| Composite Materials Business | 2 years | +2.8% | ¥13401000000 | -0.9% | 2 |
| Materials and Chemicals Business | 2 years | +2.2% | ¥9515000000 | 6.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 118,229 | 100.0% | S100YDBM |
| Cost of revenue | 70,652 | 59.8% | S100YDBM |
| Gross profit | 47,576 | 40.2% | S100YDBM |
| SG&A | 26,757 | 22.6% | S100YDBM |
| Operating income | 20,819 | 17.6% | S100YDBM |
| Ordinary income | 21,544 | 18.2% | S100YDBM |
| Pretax income | 58,629 | 49.6% | S100YDBM |
| Income tax | 16,300 | 13.8% | S100YDBM |
| Net income | 42,329 | 35.8% | S100YDBM |
| Net income attributable to owners | 41,770 | 35.3% | S100YDBM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 23 |
| Operating income | 17 |
| (Ref.) Net income | 35 |

### Margin funnel

Gross margin 40.2% → Operating margin 17.6% → Net margin 35.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.4%; Core profit growth: +26.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.15×
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 | 109,035 | 118,229 | 9,194 | +8.4% |
| Gross profit | 40,378 | 47,576 | 7,198 | +17.8% |
| Operating income | 16,445 | 20,819 | 4,374 | +26.6% |
| Net income attributable to owners | 12,837 | 41,770 | 28,933 | +225.4% |
| Operating cash flow | 19,121 | 17,296 | -1,825 | -9.5% |
| Free cash flow | 5,983 | -3,222 | -9,205 | -153.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 85,722 | 8,160 | 9.5% | 5,771 | 10,614 | -6,562 | S100LKIS |
| FY ending Mar 2021 | 78,727 | 5,964 | 7.6% | 8,100 | 7,815 | -6,025 | S100OGUH |
| FY ending Mar 2022 | 84,051 | 7,268 | 8.6% | 6,519 | 6,965 | -10,361 | S100R7QZ |
| FY ending Mar 2023 | 87,529 | 4,880 | 5.6% | 2,772 | 7,643 | 470 | S100TNQ2 |
| FY ending Mar 2024 | 93,253 | 8,387 | 9.0% | 7,296 | 5,057 | -1,892 | S100VZQB |
| FY ending Mar 2025 | 109,035 | 16,445 | 15.1% | 12,837 | 19,121 | 5,983 | S100YDBM |
| FY ending Mar 2026 | 118,229 | 20,819 | 17.6% | 41,770 | 17,296 | -3,222 | S100YDBM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.3M |
| Operating income per employee (consolidated) | ¥7.5M |
| Net income per employee (consolidated) | ¥15M |

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) | 2,729 | 2,631 | 2,690 | 2,745 | 2,793 |
| Average salary (parent company) | ¥6.7M | ¥6.7M | ¥6.7M | ¥7.2M | ¥7.5M |
| Average age (parent company) | 43.3 years | 43.3 years | 43.0 years | 42.5 years | 41.7 years |
| Average tenure (parent company) | 18.7 years | 18.5 years | 18.0 years | 17.1 years | 15.8 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) +8.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronic Materials Business | 49,265 | 41.7% | 19,391 | 39.4% |
| Medical Business | 13,850 | 11.7% | 2,431 | 17.6% |
| Composite Materials Business | 13,401 | 11.3% | -122 | -0.9% |
| Materials and Chemicals Business | 9,515 | 8.0% | 588 | 6.2% |
| Insulation materials business | 15,136 | 12.8% | 202 | 1.3% |
| Other Businesses | 17,059 | 14.4% | 488 | 2.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronic Materials Business | 41.7% | 83.9% | 42.3 | 39.4% |
| Medical Business | 11.7% | 10.5% | -1.2 | 17.6% |
| Composite Materials Business | 11.3% | — | — | -0.9% |
| Materials and Chemicals Business | 8.0% | 2.5% | -5.5 | 6.2% |
| Insulation materials business | 12.8% | 0.9% | -11.9 | 1.3% |
| Other Businesses | 14.4% | 2.1% | -12.3 | 2.9% |

Loss-making segment (excluded from profit shares): Composite Materials Business -122 JPY mn

Segment → industry: Medical Business → Medical Devices / Materials and Chemicals Business → Chemicals / Composite Materials Business → Glass & Ceramics / Electronic Materials Business → Glass & Ceramics / Electronic Materials Business → Electronic Components / Insulation materials business → Housing Equipment & Building Materials

## 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 | 17,296 | 14.6% | S100YDBM |
| Capital expenditure | 20,518 | 17.4% | S100YDBM |
| Free cash flow | -3,222 | -2.7% | 算出 |
| Investing cash flow | 22,787 | 19.3% | S100YDBM |
| Financing cash flow | -7,199 | -6.1% | S100YDBM |
| Dividends paid | 3,877 | 3.3% | S100YDBM |
| Change in cash | 33,448 | 28.3% | S100YDBM |
| Cash and equivalents | 61,835 | 52.3% | S100YDBM |

## 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 | 18,453 | 21,460 | 23,517 | 28,387 | 61,835 | S100TNQ2, S100VZQB, S100YDBM |
| Total assets | 187,289 | 185,585 | 212,112 | 223,105 | 283,038 | S100R7QZ, S100TNQ2, S100VZQB, S100YDBM |
| Net assets | 110,638 | 108,948 | 123,707 | 135,829 | 180,383 | S100TNQ2, S100VZQB, S100YDBM |
| Share capital | 19,699 | 19,699 | 19,699 | 19,699 | 19,699 | S100R7QZ, S100TNQ2, S100VZQB, S100YDBM |
| Property, plant and equipment | 77,270 | 68,609 | 70,839 | 77,398 | 87,558 | S100R7QZ, S100TNQ2, S100VZQB, S100YDBM |
| Intangible assets excluding goodwill | 3,082 | 3,133 | 3,066 | 3,069 | 1,896 | S100R7QZ, S100TNQ2, S100VZQB, S100YDBM |
| Goodwill | 1,550 | 1,580 | 1,489 | 1,447 | 1,231 | S100R7QZ, S100TNQ2, S100VZQB, S100YDBM |
| Investment securities | 15,771 | 14,094 | 23,049 | 21,020 | 26,046 | S100R7QZ, S100TNQ2, S100VZQB, S100YDBM |
| Current assets | 85,838 | 94,215 | 108,960 | 115,256 | 159,710 | S100R7QZ, S100TNQ2, S100VZQB, S100YDBM |
| Current liabilities | 36,864 | 36,039 | 51,683 | 40,142 | 47,997 | S100R7QZ, S100TNQ2, S100VZQB, S100YDBM |
| Trade payables | 6,523 | 7,493 | 8,604 | 7,242 | 8,015 | S100R7QZ, S100TNQ2, S100VZQB, S100YDBM |
| Short-term borrowings | 14,354 | 12,770 | 12,626 | 9,922 | 4,393 | S100R7QZ, S100TNQ2, S100VZQB, S100YDBM |
| Long-term borrowings | 14,891 | 15,995 | 16,638 | 23,743 | 27,204 | S100R7QZ, S100TNQ2, S100VZQB, S100YDBM |
| Bonds | 10,000 | 10,000 | 5,000 | 10,000 | 10,000 | S100R7QZ, S100TNQ2, S100VZQB, S100YDBM |
| Interest-bearing debt | 39,245 | 38,765 | 34,264 | 43,665 | 41,597 | 算出 |
| Total liabilities | 76,651 | 76,636 | 88,404 | 87,276 | 102,654 | S100R7QZ, S100TNQ2, S100VZQB, S100YDBM |
| Non-controlling interests | 4,815 | 5,155 | 5,516 | 6,095 | 6,787 | S100R7QZ, S100TNQ2, S100VZQB, S100YDBM |
| Equity attributable to owners of parent | 103,129 | 98,736 | 103,979 | 114,612 | 152,485 | S100R7QZ, S100TNQ2, S100VZQB, S100YDBM |
| Retained earnings | 66,619 | 62,676 | 67,925 | 78,567 | 116,460 | S100R7QZ, S100TNQ2, S100VZQB, S100YDBM |
| Treasury stock | -2,563 | -3,013 | -3,018 | -3,028 | -3,047 | S100R7QZ, S100TNQ2, S100VZQB, S100YDBM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YDBM |
| Property, plant and equipment | 31% | S100YDBM |
| Intangibles and goodwill | 1% | S100YDBM |
| Investment securities | 9% | S100YDBM |
| Other assets | 37% | S100YDBM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YDBM |
| Interest-bearing debt | 14% | 算出 |
| Other liabilities | 19% | S100YDBM |
| Equity | 64% | S100YDBM |
| Other liabilities | 0% | S100YDBM |

### 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 | 187,289 | 185,585 | 212,112 | 223,105 | 283,038 |
| Equity | 110,638 | 108,948 | 123,707 | 135,829 | 180,383 |
| Interest-bearing debt | 39,245 | 38,765 | 34,264 | 43,665 | 41,597 |
| Cash | 18,453 | 21,460 | 23,517 | 28,387 | 61,835 |

## 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) | 74.1% | S100YDBM |
| Fixed assets ÷ total assets | 30.9% | S100YDBM |
| Goodwill ÷ parent equity | 0.8% | S100YDBM |

Goodwill over 4 years: 1,550 → 1,231 JPY; total investing cash flow: -11,853 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) | 21.8% |
| Cash ÷ revenue | 52.3% |
| Net cash (cash − interest-bearing debt) | ¥20.2B |
| Net debt ÷ operating cash flow | -1.17× |
| Cash conversion (operating CF ÷ operating income) | 83.1% |
| Cash vs. profit gap | -24,474 JPY mn (of net income -58.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 9.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 17.4% |
| Investing CF relative to operating CF | 131.7% |

## 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 | 7.8% | 0.45× | 3.5% | 1.82× | 6.3% | S100R7QZ |
| 2023 | 3.2% | 0.47× | 1.5% | 1.85× | 2.7% | S100TNQ2 |
| 2024 | 7.8% | 0.47× | 3.7% | 1.96× | 7.2% | S100VZQB |
| 2025 | 11.8% | 0.50× | 5.9% | 1.99× | 11.7% | S100YDBM |
| 2026 | 35.3% | 0.47× | 16.5% | 1.89× | 31.3% | S100YDBM |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.1% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.8% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（金銭信託課税口） | Major shareholder | 3.3% | 2026-03-31 |
| 住友不動産株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| ＭＳＣＯ ＣＵＳＴＯＭＥＲ ＳＥＣＵＲＩＴＩＥＳ（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 3.1% | 2026-03-31 |
| 住友生命保険相互会社 | Major shareholder | 3.0% | 2026-03-31 |
| エア・ウォーター株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社東邦銀行 | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第165期(2025/04/01－2026/03/31) | S100YDBM | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDBM,, |
| 有価証券報告書－第164期(2024/04/01－2025/03/31) | S100VZQB | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZQB,, |
| 有価証券報告書－第163期(2023/04/01－2024/03/31) | S100TNQ2 | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNQ2,, |
| 有価証券報告書－第162期(2022/04/01－2023/03/31) | S100R7QZ | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7QZ,, |
| 有価証券報告書－第161期(令和3年4月1日－令和4年3月31日) | S100OGUH | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGUH,, |
| 有価証券報告書－第160期(令和2年4月1日－令和3年3月31日) | S100LKIS | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKIS,, |

## 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).