# NITTOKU 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54期(2025/04/01－2026/03/31) (S100YKQX)
> Page: https://vizora.meequs.com/en/company/nittoku
> Retrieved: 2026-09-30T21:02:11.869Z

## Company

Nittoku, founded in 1972, is a company in Electronic Components listed on TSE Standard. It has 1,235 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NITTOKU CO., LTD. |
| Ticker | 6145 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6145.T) |
| Listing | TSE Standard |
| Head office | 埼玉県さいたま市大宮区桜木町一丁目10番地2 (注)当社は、2026年3月23日をもって、本店所在地を「埼玉県さいたま市大宮区東町二丁目292番地1」から上記所在地に移転いたしました。 |
| Representative (per filing) | 代表取締役 社長執行役員 CEO 笹澤純人 |
| Founded | Sep 1972 |
| Share capital | ¥6.88B |
| Employees (consolidated) | 1,235 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | nittoku.co.jp (https://nittoku.co.jp/) |
| Corporate number | 9030001006415 |
| EDINET | E01981 |
| Industries (Vizora) | Electronic Components, Industrial Machinery |

> Profile source: annual securities report (S100YKQX, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.4 | 110 |
| Profitability | 79.1 | 122 |
| Cash conversion | 31.5 | 116 |
| Efficiency | 42.2 | 122 |

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 96% of Nittoku's sales come from Winding system and mechatronics, with Contactless IC tag and card making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +27.5% from the prior year, operating profit +386.1%.

## Company structure

- Segment revenue mix: Winding system and mechatronics 95.5%、Contactless IC tag and card 4.5%
- Revenue → net income: ¥42412000000 → ¥3426000000
- Net income → operating cash flow: ¥3426000000 → ¥4103000000（difference ¥677000000）
- Main uses of operating cash flow: CapEx ¥776000000 / dividends ¥858000000 / buybacks —
- Change in cash: ¥5305000000
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 | ¥42.4B |  |
| Operating income | ¥5.44B | Margin 12.8% |
| Net income | ¥3.44B | Margin 8.1% |
| Free cash flow | ¥3.33B |  |
| Largest business | Winding system and mechatronics | of segment revenue 95.5% |
| Employees (consolidated) | 1,235 |  |
| EPS | ¥153.47 |  |
| Book value per share | ¥1713.49 |  |
| Equity ratio | 64.0% |  |
| Shares outstanding | 18,098,923 |  |
| Treasury shares | 1,174,400 |  |
| Shareholders | 6,128 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 31.1% | Cash ÷ revenue 46.2% |
| Vs. industry median margin | +5.3 pp | Industrial Machinery |
| ROE | 10.2% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 91% of positive segment profit
- FY2026, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22046000000 | ¥42412000000 | +92.4% |
| Operating income | ¥1356000000 | ¥5439000000 | +301.1% |
| Operating margin | 6.2% | 12.8% | +6.7 pp |
| Employees | 856 people | 1,235 people | +44.3% |
| Cash and equivalents | ¥10110000000 | ¥19579000000 | +93.7% |

### 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 |
| --- | ---: |
| ワインディングシステム＆メカトロニクス事業 → ワインディングシステム＆メカトロニクス事業 | 91.0% |
| 非接触ＩＣタグ・カード事業 → 非接触ＩＣタグ・カード事業 | 4.5% |
| 非接触ＩＣタグ・カード事業 → 事業再編・廃止 | 4.5% |
| 新設・再編 → ワインディングシステム＆メカトロニクス事業 | 4.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 42,412 | 100.0% | S100YKQX |
| Cost of revenue | 29,496 | 69.5% | S100YKQX |
| Gross profit | 12,916 | 30.5% | S100YKQX |
| SG&A | 7,477 | 17.6% | S100YKQX |
| Operating income | 5,439 | 12.8% | S100YKQX |
| Ordinary income | 5,492 | 12.9% | S100YKQX |
| Pretax income | 4,893 | 11.5% | S100YKQX |
| Income tax | 1,467 | 3.5% | S100YKQX |
| Net income | 3,426 | 8.1% | S100YKQX |
| Net income attributable to owners | 3,439 | 8.1% | S100YKQX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 18 |
| Operating income | 13 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 30.5% → Operating margin 12.8% → Net margin 8.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +27.5%; Core profit growth: +386.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 14.05×
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 | 33,268 | 42,412 | 9,144 | +27.5% |
| Gross profit | 8,007 | 12,916 | 4,909 | +61.3% |
| Operating income | 1,119 | 5,439 | 4,320 | +386.1% |
| Net income attributable to owners | 1,307 | 3,439 | 2,132 | +163.1% |
| Operating cash flow | 50 | 4,103 | 4,053 | +8106.0% |
| Free cash flow | -838 | 3,327 | 4,165 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 27,492 | 2,484 | 9.0% | 2,120 | 3,246 | 653 | S100LTT6 |
| FY ending Mar 2021 | 22,046 | 1,356 | 6.2% | 1,247 | 2,687 | 1,936 | S100OLOQ |
| FY ending Mar 2022 | 28,121 | 2,885 | 10.3% | 2,308 | 2,689 | 2,306 | S100R9AG |
| FY ending Mar 2023 | 29,461 | 3,096 | 10.5% | 2,224 | 1,246 | 996 | S100TWWE |
| FY ending Mar 2024 | 30,803 | 4,164 | 13.5% | 2,744 | 525 | -236 | S100W68A |
| FY ending Mar 2025 | 33,268 | 1,119 | 3.4% | 1,307 | 50 | -838 | S100YKQX |
| FY ending Mar 2026 | 42,412 | 5,439 | 12.8% | 3,439 | 4,103 | 3,327 | S100YKQX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.3M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 904 | 945 | 993 | 1,229 | 1,235 |
| Average salary (parent company) | ¥5.7M | ¥5.9M | ¥6.3M | ¥6.1M | ¥6.6M |
| Average age (parent company) | 38.9 years | 39.7 years | 38.3 years | 38.5 years | 38.6 years |
| Average tenure (parent company) | 13.8 years | 13.6 years | 13.3 years | 12.7 years | 11.9 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +27.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Winding system and mechatronics | 40,513 | 95.5% | 6,115 | 15.1% |
| Contactless IC tag and card | 1,899 | 4.5% | 594 | 31.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Winding system and mechatronics | 95.5% | 91.1% | -4.4 | 15.1% |
| Contactless IC tag and card | 4.5% | 8.9% | 4.4 | 31.3% |

Segment → industry: Contactless IC tag and card → Electronic Components / Winding system and mechatronics → 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 | 4,103 | 9.7% | S100YKQX |
| Capital expenditure | 776 | 1.8% | S100YKQX |
| Free cash flow | 3,327 | 7.8% | 算出 |
| Investing cash flow | 813 | 1.9% | S100YKQX |
| Financing cash flow | -360 | -0.8% | S100YKQX |
| Dividends paid | 858 | 2.0% | S100YKQX |
| Change in cash | 5,305 | 12.5% | S100YKQX |
| Cash and equivalents | 19,579 | 46.2% | S100YKQX |

## 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 | 11,768 | 12,023 | 14,503 | 14,274 | 19,579 | S100TWWE, S100W68A, S100YKQX |
| Total assets | 47,340 | 47,675 | 56,785 | 60,415 | 62,940 | S100R9AG, S100TWWE, S100W68A, S100YKQX |
| Net assets | 33,919 | 36,024 | 39,770 | 36,603 | 40,516 | S100TWWE, S100W68A, S100YKQX |
| Share capital | 6,884 | 6,884 | 6,884 | 6,884 | 6,884 | S100R9AG, S100TWWE, S100W68A, S100YKQX |
| Trade receivables | 5,661 | 4,975 | 6,910 | 8,147 | 8,433 | S100R9AG, S100TWWE, S100W68A, S100YKQX |
| Property, plant and equipment | 9,272 | 8,964 | 9,683 | 12,050 | 10,178 | S100R9AG, S100TWWE, S100W68A, S100YKQX |
| Intangible assets excluding goodwill | 120 | 114 | 181 | 449 | 333 | S100R9AG, S100TWWE, S100W68A, S100YKQX |
| Goodwill | — | — | — | 211 | 156 | S100YKQX |
| Investment securities | 3,560 | 4,113 | 4,991 | 2,999 | 3,191 | S100R9AG, S100TWWE, S100W68A, S100YKQX |
| Current assets | 32,276 | 32,102 | 39,193 | 41,527 | 44,470 | S100R9AG, S100TWWE, S100W68A, S100YKQX |
| Current liabilities | 12,752 | 10,472 | 13,523 | 16,328 | 14,450 | S100R9AG, S100TWWE, S100W68A, S100YKQX |
| Trade payables | 1,579 | 1,890 | 1,913 | 2,496 | 1,828 | S100R9AG, S100TWWE, S100W68A, S100YKQX |
| Long-term borrowings | — | — | 1,584 | 6,067 | 6,462 | S100W68A, S100YKQX |
| Total liabilities | 13,420 | 11,650 | 17,014 | 23,812 | 22,423 | S100R9AG, S100TWWE, S100W68A, S100YKQX |
| Non-controlling interests | 265 | 309 | 349 | 212 | 258 | S100R9AG, S100TWWE, S100W68A, S100YKQX |
| Equity attributable to owners of parent | 30,447 | 31,948 | 34,106 | 32,456 | 35,040 | S100R9AG, S100TWWE, S100W68A, S100YKQX |
| Retained earnings | 21,054 | 22,555 | 24,722 | 25,343 | 27,923 | S100R9AG, S100TWWE, S100W68A, S100YKQX |
| Treasury stock | -27 | -28 | -29 | -2,334 | -2,357 | S100R9AG, S100TWWE, S100W68A, S100YKQX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YKQX |
| Receivables | 13% | S100YKQX |
| Property, plant and equipment | 16% | S100YKQX |
| Intangibles and goodwill | 1% | S100YKQX |
| Investment securities | 5% | S100YKQX |
| Other assets | 34% | S100YKQX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YKQX |
| Other liabilities | 33% | S100YKQX |
| Equity | 64% | S100YKQX |
| Other liabilities | 0% | S100YKQX |

### 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 | 47,340 | 47,675 | 56,785 | 60,415 | 62,940 |
| Equity | 33,919 | 36,024 | 39,770 | 36,603 | 40,516 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,768 | 12,023 | 14,503 | 14,274 | 19,579 |

## 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) | 24.0% | S100YKQX |
| Fixed assets ÷ total assets | 16.2% | S100YKQX |
| Goodwill ÷ parent equity | 0.4% | S100YKQX |

### 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) | 31.1% |
| Cash ÷ revenue | 46.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 75.4% |
| Cash vs. profit gap | 664 JPY mn (of net income 19.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.9% |
| Shareholder payments — dividends / FCF | 25.8% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 19.8% |

## 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 | 8.2% | 0.59× | 4.9% | 1.55× | 7.6% | S100R9AG |
| 2023 | 7.5% | 0.62× | 4.7% | 1.52× | 7.1% | S100TWWE |
| 2024 | 8.9% | 0.59× | 5.3% | 1.58× | 8.3% | S100W68A |
| 2025 | 3.9% | 0.57× | 2.2% | 1.76× | 3.9% | S100YKQX |
| 2026 | 8.1% | 0.69× | 5.6% | 1.83× | 10.2% | S100YKQX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社東京ウエルズ | Major shareholder | 5.3% | 2026-03-31 |
| ＳＭＣ株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| 田中電子工業株式会社 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.2% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行） | Major shareholder | 3.0% | 2026-03-31 |
| 大黒電線株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社安川電機 | Major shareholder | 2.7% | 2026-03-31 |
| ＮＩＴＴＯＫＵ共栄会 | Major shareholder | 2.4% | 2026-03-31 |
| 日星電気株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＬＵＸＥＭＢＯＵＲＧ／２Ｓ／ＪＡＳＤＥＣ／ＦＩＭ／ＬＵＸＥＭＢＯＵＲＧ ＦＵＮＤＳ／ＵＣＩＴＳ ＡＳＳＥＴＳ（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第54期(2025/04/01－2026/03/31) | S100YKQX | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKQX,, |
| 有価証券報告書－第53期(2024/04/01－2025/03/31) | S100W68A | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W68A,, |
| 有価証券報告書－第52期(2023/04/01－2024/03/31) | S100TWWE | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWWE,, |
| 有価証券報告書－第51期(2022/04/01－2023/03/31) | S100R9AG | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9AG,, |
| 有価証券報告書－第50期(令和3年4月1日－令和4年3月31日) | S100OLOQ | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OLOQ,, |
| 有価証券報告書－第49期(令和2年4月1日－令和3年3月31日) | S100LTT6 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTT6,, |

## 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).