# NITTO KOGYO 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78期(2025/04/01－2026/03/31) (S100YIVN)
> Page: https://vizora.meequs.com/en/company/nitto-kogyo
> Retrieved: 2026-09-30T18:31:22.630Z

## Company

Nitto Kogyo, founded in 1948, is a company in Electrical Equipment listed on TSE Prime. It has 5,358 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NITTO KOGYO CORPORATION |
| Ticker | 6651 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6651.T) |
| Listing | TSE Prime |
| Head office | 愛知県長久手市蟹原2201番地 |
| Representative (per filing) | 取締役社長 黒野透 |
| Founded | Nov 1948 |
| Share capital | ¥6.58B |
| Employees (consolidated) | 5,358 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.nito.co.jp (https://www.nito.co.jp/) |
| Corporate number | 9180001067905 |
| EDINET | E01759 |
| Industries (Vizora) | Electrical Equipment, Electronic Components, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YIVN, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Electrical Equipment (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 77.1 | 24 |
| Profitability | 35.4 | 24 |
| Cash conversion | 71.7 | 23 |
| Efficiency | 98 | 25 |

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 61% of Nitto Kogyo's sales come from Electrical and telecommunications infrastructure-related manufacturing, construction and service business, with Electrical and telecommunications infrastructure-related distribution business and Electronic parts-related manufacturing business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +6.0% from the prior year, operating profit +15.0%.

## Company structure

- Segment revenue mix: Electrical and telecommunications infrastructure-related manufacturing, construction and service business 61.2%、Electrical and telecommunications infrastructure-related distribution business 30.6%、Electronic parts-related manufacturing business 8.1%
- Revenue → net income: ¥195783000000 → ¥11509000000
- Net income → operating cash flow: ¥11509000000 → ¥18347000000（difference ¥6838000000）
- Main uses of operating cash flow: CapEx ¥5757000000 / dividends ¥6021000000 / buybacks ¥1219000000
- Change in cash: ¥1284000000
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 | ¥195.8B |  |
| Operating income | ¥15.4B | Margin 7.9% |
| Net income | ¥11.5B | Margin 5.9% |
| Free cash flow | ¥12.6B |  |
| Largest business | Electrical and telecommunications infrastructure-related manufacturing, construction and service business | of segment revenue 61.2% |
| Employees (consolidated) | 5,358 |  |
| EPS | ¥302.38 |  |
| Book value per share | ¥2638.67 |  |
| Equity ratio | 66.8% |  |
| Shares outstanding | 40,458,000 |  |
| Treasury shares | 2,138,100 |  |
| Shareholders | 11,989 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 18.6% | Cash ÷ revenue 17.6% |
| Vs. industry median margin | -0.5 pp | Electrical Equipment |
| ROE | 10.4% | Derived from disclosed figures |
| ROA | 6.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 74% of positive segment profit
- FY2026, parent-company salary changed +20% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥137902000000 | ¥195783000000 | +42.0% |
| Operating income | ¥12333000000 | ¥15446000000 | +25.2% |
| Operating margin | 8.9% | 7.9% | -1.1 pp |
| Employees | 4,062 people | 5,358 people | +31.9% |
| Cash and equivalents | ¥34301000000 | ¥34417000000 | +0.3% |

### 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 |
| --- | ---: |
| 電気・情報インフラ関連 製造・工事・サービス事業 → 電気・情報インフラ関連 製造・工事・サービス事業 | 27.9% |
| 配電盤関連製造事業 → 事業再編・廃止 | 26.8% |
| 電気・情報インフラ関連 流通事業 → 電気・情報インフラ関連 流通事業 | 18.1% |
| 情報通信関連流通事業 → 事業再編・廃止 | 18.1% |
| 工事・サービス事業 → 事業再編・廃止 | 1.0% |
| 電子部品関連 製造事業 → 電子部品関連 製造事業 | 4.1% |
| 電子部品関連事業 → 事業再編・廃止 | 4.1% |
| 新設・再編 → 電気・情報インフラ関連 製造・工事・サービス事業 | 33.4% |
| 新設・再編 → 電気・情報インフラ関連 流通事業 | 12.5% |
| 新設・再編 → 電子部品関連 製造事業 | 4.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electrical and telecommunications infrastructure-related manufacturing, construction and service business | 5 years | +9.3% | ¥119877000000 | 9.4% | 2 |
| Electrical and telecommunications infrastructure-related distribution business | 5 years | +3.7% | ¥59956000000 | 4.4% | 2 |
| Electronic parts-related manufacturing business | 5 years | +7.3% | ¥15949000000 | 8.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 195,783 | 100.0% | S100YIVN |
| Cost of revenue | 142,212 | 72.6% | S100YIVN |
| Gross profit | 53,571 | 27.4% | S100YIVN |
| SG&A | 38,125 | 19.5% | S100YIVN |
| Operating income | 15,446 | 7.9% | S100YIVN |
| Ordinary income | 16,260 | 8.3% | S100YIVN |
| Pretax income | 15,532 | 7.9% | S100YIVN |
| Income tax | 4,023 | 2.1% | S100YIVN |
| Net income | 11,509 | 5.9% | S100YIVN |
| Net income attributable to owners | 11,493 | 5.9% | S100YIVN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 19 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 27.4% → Operating margin 7.9% → Net margin 5.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.0%; Core profit growth: +15.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.49×
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 | 184,683 | 195,783 | 11,100 | +6.0% |
| Gross profit | 49,419 | 53,571 | 4,152 | +8.4% |
| Operating income | 13,432 | 15,446 | 2,014 | +15.0% |
| Net income attributable to owners | 12,097 | 11,493 | -604 | -5.0% |
| Operating cash flow | 18,637 | 18,347 | -290 | -1.6% |
| Free cash flow | 9,520 | 12,590 | 3,070 | +32.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 139,421 | 12,402 | 8.9% | 8,048 | 12,649 | 5,984 | S100LV7T |
| FY ending Mar 2021 | 137,902 | 12,333 | 8.9% | 8,827 | 12,250 | 7,311 | S100OIZ6 |
| FY ending Mar 2022 | 132,735 | 8,637 | 6.5% | 6,607 | 8,471 | 3,000 | S100RA21 |
| FY ending Mar 2023 | 146,698 | 8,172 | 5.6% | 5,479 | 3,751 | -7,898 | S100TWX6 |
| FY ending Mar 2024 | 160,709 | 11,967 | 7.4% | 8,715 | 12,321 | -1,593 | S100W6YI |
| FY ending Mar 2025 | 184,683 | 13,432 | 7.3% | 12,097 | 18,637 | 9,520 | S100YIVN |
| FY ending Mar 2026 | 195,783 | 15,446 | 7.9% | 11,493 | 18,347 | 12,590 | S100YIVN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.5M |
| Operating income per employee (consolidated) | ¥2.9M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 4,120 | 4,261 | 4,528 | 5,338 | 5,358 |
| Average salary (parent company) | ¥6M | ¥6M | ¥6.1M | ¥6.4M | ¥7.2M |
| Average age (parent company) | 40.1 years | 40.1 years | 40.1 years | 40.1 years | 40.1 years |
| Average tenure (parent company) | 16.0 years | 15.1 years | 15.1 years | 15.1 years | 15.0 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +6.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electrical and telecommunications infrastructure-related manufacturing, construction and service business | 119,877 | 61.2% | 11,306 | 9.4% |
| Electrical and telecommunications infrastructure-related distribution business | 59,956 | 30.6% | 2,628 | 4.4% |
| Electronic parts-related manufacturing business | 15,949 | 8.1% | 1,379 | 8.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electrical and telecommunications infrastructure-related manufacturing, construction and service business | 61.2% | 73.8% | 12.6 | 9.4% |
| Electrical and telecommunications infrastructure-related distribution business | 30.6% | 17.2% | -13.5 | 4.4% |
| Electronic parts-related manufacturing business | 8.1% | 9.0% | 0.9 | 8.6% |

Segment → industry: Electrical and telecommunications infrastructure-related manufacturing, construction and service business → Electrical Equipment / Electronic parts-related manufacturing business → Electronic Components / Electrical and telecommunications infrastructure-related distribution business → Specialty Trading & Wholesale

## 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 | 18,347 | 9.4% | S100YIVN |
| Capital expenditure | 5,757 | 2.9% | S100YIVN |
| Free cash flow | 12,590 | 6.4% | 算出 |
| Investing cash flow | -7,190 | -3.7% | S100YIVN |
| Financing cash flow | -10,374 | -5.3% | S100YIVN |
| Dividends paid | 6,021 | 3.1% | S100YIVN |
| Share buyback | 1,219 | 0.6% | S100YIVN |
| Change in cash | 1,284 | 0.7% | S100YIVN |
| Cash and equivalents | 34,417 | 17.6% | S100YIVN |

## 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 | 28,319 | 20,098 | 25,411 | 33,132 | 34,417 | S100TWX6, S100W6YI, S100YIVN |
| Total assets | 124,316 | 135,579 | 161,742 | 183,897 | 185,299 | S100RA21, S100TWX6, S100W6YI, S100YIVN |
| Net assets | 99,221 | 101,370 | 108,696 | 116,507 | 125,238 | S100TWX6, S100W6YI, S100YIVN |
| Share capital | 6,578 | 6,578 | 6,578 | 6,578 | 6,578 | S100RA21, S100TWX6, S100W6YI, S100YIVN |
| Property, plant and equipment | 35,630 | 43,412 | 56,114 | 61,049 | 60,414 | S100RA21, S100TWX6, S100W6YI, S100YIVN |
| Intangible assets excluding goodwill | 3,708 | 3,657 | 3,560 | 3,232 | 2,945 | S100RA21, S100TWX6, S100W6YI, S100YIVN |
| Goodwill | 516 | 399 | 583 | 431 | 193 | S100RA21, S100TWX6, S100W6YI, S100YIVN |
| Investment securities | 3,109 | 4,366 | 5,557 | 5,970 | 7,918 | S100RA21, S100TWX6, S100W6YI, S100YIVN |
| Current assets | 78,373 | 80,110 | 90,826 | 106,841 | 105,390 | S100RA21, S100TWX6, S100W6YI, S100YIVN |
| Current liabilities | 22,431 | 24,651 | 33,785 | 39,920 | 35,249 | S100RA21, S100TWX6, S100W6YI, S100YIVN |
| Trade payables | 13,361 | 14,915 | 11,764 | — | — | S100RA21, S100TWX6, S100W6YI |
| Short-term borrowings | 84 | 11 | 8 | 52 | — | S100RA21, S100TWX6, S100W6YI, S100YIVN |
| Long-term borrowings | — | 6,063 | 16,221 | 24,010 | 20,000 | S100TWX6, S100W6YI, S100YIVN |
| Total liabilities | 25,095 | 34,209 | 53,046 | 67,390 | 60,060 | S100RA21, S100TWX6, S100W6YI, S100YIVN |
| Non-controlling interests | 157 | 204 | 208 | 1,371 | 1,522 | S100RA21, S100TWX6, S100W6YI, S100YIVN |
| Equity attributable to owners of parent | 97,098 | 98,282 | 102,088 | 107,567 | 113,044 | S100RA21, S100TWX6, S100W6YI, S100YIVN |
| Retained earnings | 86,734 | 87,919 | 91,728 | 95,382 | 100,867 | S100RA21, S100TWX6, S100W6YI, S100YIVN |
| Treasury stock | -3,202 | -3,203 | -3,205 | -3,196 | -4,054 | S100RA21, S100TWX6, S100W6YI, S100YIVN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YIVN |
| Property, plant and equipment | 33% | S100YIVN |
| Intangibles and goodwill | 2% | S100YIVN |
| Investment securities | 4% | S100YIVN |
| Other assets | 43% | S100YIVN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 32% | S100YIVN |
| Equity | 68% | S100YIVN |
| Other liabilities | 0% | S100YIVN |

### 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 | 124,316 | 135,579 | 161,742 | 183,897 | 185,299 |
| Equity | 99,221 | 101,370 | 108,696 | 116,507 | 125,238 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 28,319 | 20,098 | 25,411 | 33,132 | 34,417 |

## 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) | 30.9% | S100YIVN |
| Fixed assets ÷ total assets | 32.6% | S100YIVN |
| Goodwill ÷ parent equity | 0.2% | S100YIVN |

Goodwill over 4 years: 516 → 193 JPY; total investing cash flow: -52,934 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) | 18.6% |
| Cash ÷ revenue | 17.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 118.8% |
| Cash vs. profit gap | 6,854 JPY mn (of net income 59.6%) |
| Shareholder returns / net income | 63.0% |
| Shareholder returns / FCF | 57.5% |
| Shareholder payments — dividends / net income | 52.4% |
| Shareholder payments — dividends / FCF | 47.8% |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 39.2% |

## 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 | 5.0% | 1.07× | 5.3% | 1.28× | 6.8% | S100RA21 |
| 2023 | 3.7% | 1.13× | 4.2% | 1.33× | 5.6% | S100TWX6 |
| 2024 | 5.4% | 1.08× | 5.9% | 1.48× | 8.7% | S100W6YI |
| 2025 | 6.6% | 1.07× | 7.0% | 1.65× | 11.5% | S100YIVN |
| 2026 | 5.9% | 1.06× | 6.2% | 1.67× | 10.4% | S100YIVN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 名東興産株式会社 | Major shareholder | 18.1% | 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 | 9.1% | 2026-03-31 |
| 日東工業取引先持株会 | Major shareholder | 6.6% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.0% | 2026-03-31 |
| 有限会社伸和興産 | Major shareholder | 2.7% | 2026-03-31 |
| 日東工業グループ社員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| 公益財団法人日東学術振興財団 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社名古屋銀行 | Major shareholder | 1.5% | 2026-03-31 |
| 有限会社横山不動産 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YIVN | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIVN,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W6YI | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6YI,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TWX6 | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWX6,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100RA21 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA21,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OIZ6 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIZ6,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LV7T | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LV7T,, |

## 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).