# NITTOH 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53期(2025/04/01－2026/03/31) (S100YC8S)
> Page: https://vizora.meequs.com/en/company/nittoh
> Retrieved: 2026-09-30T21:33:21.001Z

## Company

Nittoh, founded in 1973, is a company in Plant Engineering & Building Services listed on Nagoya. It has 439 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NITTOH CORPORATION |
| Ticker | 1738 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1738.T) |
| Listing | Nagoya |
| Head office | 名古屋市中川区広川町三丁目1番地8 |
| Representative (per filing) | 代表取締役社長 中野英樹 |
| Founded | Apr 1973 |
| Share capital | ¥186.1M |
| Employees (consolidated) | 439 |
| Average salary (parent only) | ¥5.5M |
| Fiscal year end | March |
| Website | www.nittoh-info.co.jp (https://www.nittoh-info.co.jp/) |
| Corporate number | 1180001013107 |
| EDINET | E05065 |
| Industries (Vizora) | Plant Engineering & Building Services, Homebuilders, Real Estate Brokerage & Management, Home & Lifestyle Services |

> Profile source: annual securities report (S100YC8S, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41 | 72 |
| Profitability | 12.5 | 76 |
| Cash conversion | 83.1 | 74 |
| Efficiency | 91.4 | 76 |

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 70% of Nittoh's sales come from Construction work, with Building maintenance and Housing related service making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +7.4% from the prior year, operating profit +55.7%.

## Company structure

- Segment revenue mix: Construction work 69.8%、Building maintenance 18.0%、Housing related service 12.2%
- Revenue → net income: ¥11088486000 → ¥330184000
- Net income → operating cash flow: ¥330184000 → ¥561834000（difference ¥231650000）
- Main uses of operating cash flow: CapEx ¥89319000 / dividends ¥81062000 / buybacks —
- Change in cash: ¥288553000
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 | ¥11.1B |  |
| Operating income | ¥433.5M | Margin 3.9% |
| Net income | ¥330.2M | Margin 3.0% |
| Free cash flow | ¥472.5M |  |
| Largest business | Construction work | of segment revenue 69.8% |
| Employees (consolidated) | 439 |  |
| EPS | ¥72.52 |  |
| Book value per share | ¥930.79 |  |
| Equity ratio | 64.6% |  |
| Shares outstanding | 4,060,360 |  |
| Treasury shares | 7,200 |  |
| Shareholders | 1,185 |  |
| Average salary (parent only) | ¥5.5M | Filing company only |
| Cash ratio | 23.7% | Cash ÷ revenue 16.3% |
| Vs. industry median margin | -5.2 pp | Plant Engineering & Building Services |
| ROE | 7.0% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥8618898000 | ¥11088486000 | +28.7% |
| Operating income | ¥331870000 | ¥433518000 | +30.6% |
| Operating margin | 3.9% | 3.9% | +0.1 pp |
| Employees | 423 people | 439 people | +3.8% |
| Cash and equivalents | ¥1292220000 | ¥1806189000 | +39.8% |

### 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 |
| --- | ---: |
| 建設工事事業 → 建設工事事業 | 67.9% |
| 住宅等サービス事業 → 住宅等サービス事業 | 12.2% |
| 住宅等サービス事業 → 事業再編・廃止 | 0.5% |
| ビルメンテナンス事業 → ビルメンテナンス事業 | 18.0% |
| ビルメンテナンス事業 → 事業再編・廃止 | 1.4% |
| 新設・再編 → 建設工事事業 | 1.9% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Construction work | 5 years | +5.7% | ¥7736240000 | 5.2% | 2 |
| Building maintenance | 5 years | +3.6% | ¥1995816000 | 7.9% | 2 |
| Housing related service | 5 years | +4.3% | ¥1356429000 | 12.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 11,088 | 100.0% | S100YC8S |
| Cost of revenue | 8,299 | 74.8% | S100YC8S |
| Gross profit | 2,790 | 25.2% | S100YC8S |
| SG&A | 2,356 | 21.3% | S100YC8S |
| Operating income | 434 | 3.9% | S100YC8S |
| Ordinary income | 461 | 4.2% | S100YC8S |
| Pretax income | 461 | 4.2% | S100YC8S |
| Income tax | 131 | 1.2% | S100YC8S |
| Net income | 330 | 3.0% | S100YC8S |
| Net income attributable to owners | 330 | 3.0% | S100YC8S |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 21 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 25.2% → Operating margin 3.9% → Net margin 3.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.4%; Core profit growth: +55.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.57×
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 | 10,329 | 11,088 | 760 | +7.4% |
| Gross profit | 2,551 | 2,790 | 239 | +9.4% |
| Operating income | 278 | 434 | 155 | +55.7% |
| Net income attributable to owners | 402 | 330 | -72 | -18.0% |
| Operating cash flow | 305 | 562 | 257 | +84.0% |
| Free cash flow | -10 | 473 | 482 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,067 | 345 | 3.8% | 249 | 365 | 256 | S100LKAP |
| FY ending Mar 2021 | 8,619 | 332 | 3.9% | 240 | 88 | -142 | S100O9EA |
| FY ending Mar 2022 | 9,306 | 408 | 4.4% | 261 | 342 | 113 | S100QY7S |
| FY ending Mar 2023 | 9,679 | 345 | 3.6% | 223 | 184 | 50 | S100TMF4 |
| FY ending Mar 2024 | 10,121 | 429 | 4.2% | 247 | 360 | -216 | S100W1WO |
| FY ending Mar 2025 | 10,329 | 278 | 2.7% | 402 | 305 | -10 | S100YC8S |
| FY ending Mar 2026 | 11,088 | 434 | 3.9% | 330 | 562 | 473 | S100YC8S |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.3M |
| Operating income per employee (consolidated) | ¥987.5K |
| Net income per employee (consolidated) | ¥752.1K |

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) | 418 | 436 | 440 | 435 | 439 |
| Average salary (parent company) | ¥5.1M | ¥5.2M | ¥5.2M | ¥5.3M | ¥5.5M |
| Average age (parent company) | 41.5 years | 41.2 years | 41.6 years | 42.3 years | 42.0 years |
| Average tenure (parent company) | 10.2 years | 10.2 years | 10.8 years | 10.9 years | 11.3 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +7.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Construction work | 7,736 | 69.8% | 400 | 5.2% |
| Housing related service | 1,356 | 12.2% | 171 | 12.6% |
| Building maintenance | 1,996 | 18.0% | 158 | 7.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Construction work | 69.8% | 54.8% | -14.9 | 5.2% |
| Housing related service | 12.2% | 23.5% | 11.2 | 12.6% |
| Building maintenance | 18.0% | 21.7% | 3.7 | 7.9% |

Segment → industry: Construction work → Plant Engineering & Building Services / Construction work → Homebuilders / Building maintenance → Real Estate Brokerage & Management / Housing related service → Home & Lifestyle Services

## 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 | 562 | 5.1% | S100YC8S |
| Capital expenditure | 89 | 0.8% | S100YC8S |
| Free cash flow | 473 | 4.3% | 算出 |
| Investing cash flow | -91 | -0.8% | S100YC8S |
| Financing cash flow | -182 | -1.6% | S100YC8S |
| Dividends paid | 81 | 0.7% | S100YC8S |
| Change in cash | 289 | 2.6% | S100YC8S |
| Cash and equivalents | 1,806 | 16.3% | S100YC8S |

## 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 | 1,280 | 1,365 | 1,550 | 1,518 | 1,806 | S100TMF4, S100W1WO, S100YC8S |
| Total assets | 6,512 | 6,820 | 7,598 | 7,458 | 7,622 | S100QY7S, S100TMF4, S100W1WO, S100YC8S |
| Net assets | 3,922 | 4,089 | 4,297 | 4,641 | 4,927 | S100TMF4, S100W1WO, S100YC8S |
| Share capital | 186 | 186 | 186 | 186 | 186 | S100QY7S, S100TMF4, S100W1WO, S100YC8S |
| Inventories | 877 | 1,043 | 1,039 | 1,119 | 938 | S100QY7S, S100TMF4, S100W1WO, S100YC8S |
| Property, plant and equipment | 2,574 | 2,606 | 3,041 | 3,060 | 3,080 | S100QY7S, S100TMF4, S100W1WO, S100YC8S |
| Intangible assets excluding goodwill | 8 | 11 | 15 | 14 | 12 | S100QY7S, S100TMF4, S100W1WO, S100YC8S |
| Investment securities | 60 | 62 | 93 | 103 | 156 | S100QY7S, S100TMF4, S100W1WO, S100YC8S |
| Current assets | 3,528 | 3,787 | 4,078 | 3,980 | 4,080 | S100QY7S, S100TMF4, S100W1WO, S100YC8S |
| Current liabilities | 1,898 | 1,935 | 2,090 | 1,984 | 1,962 | S100QY7S, S100TMF4, S100W1WO, S100YC8S |
| Trade payables | 803 | 870 | 823 | 877 | 717 | S100QY7S, S100TMF4, S100W1WO, S100YC8S |
| Short-term borrowings | 510 | 510 | 510 | 510 | 510 | S100QY7S, S100TMF4, S100W1WO, S100YC8S |
| Long-term borrowings | 118 | 188 | 595 | 195 | 95 | S100QY7S, S100TMF4, S100W1WO, S100YC8S |
| Total liabilities | 2,590 | 2,730 | 3,301 | 2,817 | 2,696 | S100QY7S, S100TMF4, S100W1WO, S100YC8S |
| Equity attributable to owners of parent | 3,900 | 4,065 | 4,252 | 4,590 | 4,839 | S100QY7S, S100TMF4, S100W1WO, S100YC8S |
| Retained earnings | 3,570 | 3,735 | 3,922 | 4,260 | 4,509 | S100QY7S, S100TMF4, S100W1WO, S100YC8S |
| Treasury stock | -2 | -2 | -2 | -2 | -2 | S100QY7S, S100TMF4, S100W1WO, S100YC8S |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YC8S |
| Inventories | 12% | S100YC8S |
| Property, plant and equipment | 41% | S100YC8S |
| Intangibles and goodwill | 0% | S100YC8S |
| Investment securities | 2% | S100YC8S |
| Other assets | 21% | S100YC8S |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YC8S |
| Other liabilities | 26% | S100YC8S |
| Equity | 65% | S100YC8S |
| Other liabilities | 0% | S100YC8S |

### 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 | 6,512 | 6,820 | 7,598 | 7,458 | 7,622 |
| Equity | 3,922 | 4,089 | 4,297 | 4,641 | 4,927 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,280 | 1,365 | 1,550 | 1,518 | 1,806 |

## 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) | 27.8% | S100YC8S |
| Fixed assets ÷ total assets | 40.4% | S100YC8S |
| Goodwill ÷ parent equity | — | —, S100YC8S |

### 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) | 23.7% |
| Cash ÷ revenue | 16.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 129.6% |
| Cash vs. profit gap | 232 JPY mn (of net income 70.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.6% |
| Shareholder payments — dividends / FCF | 17.2% |
| CapEx intensity (capex ÷ revenue) | 0.8% |
| Investing CF relative to operating CF | 16.3% |

## 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 | 2.8% | 1.43× | 4.0% | 1.67× | 6.7% | S100QY7S |
| 2023 | 2.3% | 1.45× | 3.3% | 1.67× | 5.6% | S100TMF4 |
| 2024 | 2.4% | 1.40× | 3.4% | 1.73× | 5.9% | S100W1WO |
| 2025 | 3.9% | 1.37× | 5.3% | 1.70× | 9.1% | S100YC8S |
| 2026 | 3.0% | 1.47× | 4.4% | 1.60× | 7.0% | S100YC8S |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ナカノコーポレーション | Major shareholder | 26.6% | 2026-03-31 |
| 堀 由紀子 | Major shareholder | 12.8% | 2026-03-31 |
| 中野 英樹 | Major shareholder | 3.8% | 2026-03-31 |
| 堀 裕紀 | Major shareholder | 3.7% | 2026-03-31 |
| ＮＩＴＴＯＨ社員持株会 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.2% | 2026-03-31 |
| 内藤 征吾 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社あいち銀行 | Major shareholder | 2.0% | 2026-03-31 |
| 奥田 清人 | Major shareholder | 1.7% | 2026-03-31 |
| 住化エンバイロメンタルサイエンス株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 東邦瓦斯株式会社 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第53期(2025/04/01－2026/03/31) | S100YC8S | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC8S,, |
| 有価証券報告書－第52期(2024/04/01－2025/03/31) | S100W1WO | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1WO,, |
| 有価証券報告書－第51期(2023/04/01－2024/03/31) | S100TMF4 | 2024-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMF4,, |
| 有価証券報告書－第50期(2022/04/01－2023/03/31) | S100QY7S | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QY7S,, |
| 有価証券報告書－第49期(令和3年4月1日－令和4年3月31日) | S100O9EA | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9EA,, |
| 有価証券報告書－第48期(令和2年4月1日－令和3年3月31日) | S100LKAP | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKAP,, |

## 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).