# NIX,INC.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第95期(2024/10/01－2025/09/30) (S100XC1P)
> Page: https://vizora.meequs.com/en/company/nix
> Retrieved: 2026-09-30T21:31:07.020Z

## Company

NIX, founded in 1949, is a company in Chemicals listed on TSE Standard. It has 154 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIX, INC. |
| Ticker | 4243 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4243.T) |
| Listing | TSE Standard |
| Head office | 神奈川県横浜市西区みなとみらい二丁目3番3号 |
| Representative (per filing) | 代表取締役社長 青木 一英 |
| Founded | Feb 1949 |
| Share capital | ¥468.1M |
| Employees (consolidated) | 154 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | September |
| Website | nix.co.jp (https://nix.co.jp/) |
| Corporate number | 2020001028152 |
| EDINET | E02494 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100XC1P, filed 2025-12-22). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 37 | 96 |
| Profitability | 30.5 | 100 |
| Cash conversion | 41.1 | 96 |
| Efficiency | 58.5 | 100 |

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)

- NIX brought in ¥4.4B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +0.4% from the prior year, operating profit -1.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥4403000000 → ¥194094000
- Net income → operating cash flow: ¥194094000 → ¥291215000（difference ¥97121000）
- Main uses of operating cash flow: CapEx ¥180892000 / dividends ¥46455000 / buybacks —
- Change in cash: ¥-121382000
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 | ¥4.4B |  |
| Operating income | ¥213.4M | Margin 4.8% |
| Net income | ¥194.1M | Margin 4.4% |
| Free cash flow | ¥110.3M |  |
| Employees (consolidated) | 154 |  |
| EPS | ¥27.73 |  |
| Book value per share | ¥1595.38 |  |
| Equity ratio | 74.7% |  |
| Shares outstanding | 2,323,000 |  |
| Treasury shares | 200 |  |
| Shareholders | 896 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 32.3% | Cash ÷ revenue 43.9% |
| Vs. industry median margin | -2.7 pp | Chemicals |
| ROE | 4.7% | Derived from disclosed figures |
| ROA | 3.3% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3580823000 | ¥4403000000 | +23.0% |
| Operating income | ¥2000 | ¥213371000 | +10668450.0% |
| Operating margin | 0.0% | 4.8% | +4.8 pp |
| Employees | 176 people | 154 people | -12.5% |
| Cash and equivalents | ¥1493232000 | ¥1931509000 | +29.4% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 4,403 | 100.0% | S100XC1P |
| Cost of revenue | 2,511 | 57.0% | S100XC1P |
| Gross profit | 1,892 | 43.0% | S100XC1P |
| SG&A | 1,678 | 38.1% | S100XC1P |
| Operating income | 213 | 4.8% | S100XC1P |
| Ordinary income | 251 | 5.7% | S100XC1P |
| Pretax income | 251 | 5.7% | S100XC1P |
| Income tax | 57 | 1.3% | S100XC1P |
| Net income | 194 | 4.4% | S100XC1P |
| Net income attributable to owners | 194 | 4.4% | S100XC1P |

## Per ¥100 of revenue（FY ending Sep 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 38 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 43.0% → Operating margin 4.8% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.4%; Core profit growth: -1.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -4.03×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 4,387 | 4,403 | 16 | +0.4% |
| Gross profit | 1,949 | 1,892 | -58 | -3.0% |
| Operating income | 217 | 213 | -3 | -1.5% |
| Net income attributable to owners | 182 | 194 | 12 | +6.5% |
| Operating cash flow | 374 | 291 | -83 | -22.2% |
| Free cash flow | 241 | 110 | -131 | -54.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 4,321 | 261 | 6.0% | 220 | 309 | 226 | S100KELZ |
| FY ending Sep 2020 | 3,581 | 0 | 0.0% | -26 | 228 | 78 | S100N391 |
| FY ending Sep 2021 | 4,069 | 188 | 4.6% | 197 | 280 | 138 | S100PTN6 |
| FY ending Sep 2022 | 4,465 | 201 | 4.5% | 215 | 127 | -56 | S100SJ5C |
| FY ending Sep 2023 | 4,517 | 333 | 7.4% | 157 | 348 | 256 | S100UZSA |
| FY ending Sep 2024 | 4,387 | 217 | 4.9% | 182 | 374 | 241 | S100XC1P |
| FY ending Sep 2025 | 4,403 | 213 | 4.8% | 194 | 291 | 110 | S100XC1P |

## People and productivity（FY ending Sep 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥28.6M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 173 | 162 | 165 | 157 | 154 |
| Average salary (parent company) | ¥5M | ¥5.4M | ¥5.3M | ¥4.9M | ¥4.8M |
| Average age (parent company) | 44.5 years | 45.3 years | 45.8 years | 46.7 years | 46.3 years |
| Average tenure (parent company) | 15.0 years | 16.0 years | 16.0 years | 17.0 years | 17.0 years |

Year over year: Employees (consolidated) -1.9% · Revenue (consolidated) +0.4%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 291 | 6.6% | S100XC1P |
| Capital expenditure | 181 | 4.1% | S100XC1P |
| Free cash flow | 110 | 2.5% | 算出 |
| Investing cash flow | -336 | -7.6% | S100XC1P |
| Financing cash flow | -105 | -2.4% | S100XC1P |
| Dividends paid | 46 | 1.1% | S100XC1P |
| Change in cash | -121 | -2.8% | S100XC1P |
| Cash and equivalents | 1,932 | 43.9% | S100XC1P |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,727 | 1,839 | 1,820 | 2,053 | 1,932 | S100SJ5C, S100UZSA, S100XC1P |
| Total assets | 5,732 | 5,928 | 5,763 | 5,910 | 5,987 | S100PTN6, S100SJ5C, S100UZSA, S100XC1P |
| Net assets | 3,701 | 4,018 | 4,158 | 4,276 | 4,470 | S100SJ5C, S100UZSA, S100XC1P |
| Share capital | 468 | 468 | 468 | 468 | 468 | S100PTN6, S100SJ5C, S100UZSA, S100XC1P |
| Trade receivables | 723 | — | — | — | — | S100N391 |
| Property, plant and equipment | 1,931 | 1,923 | 1,859 | 1,779 | 1,764 | S100PTN6, S100SJ5C, S100UZSA, S100XC1P |
| Intangible assets excluding goodwill | 89 | 75 | 73 | 51 | 37 | S100PTN6, S100SJ5C, S100UZSA, S100XC1P |
| Investment securities | 16 | 16 | 37 | 42 | 55 | S100PTN6, S100SJ5C, S100UZSA, S100XC1P |
| Current assets | 3,513 | 3,706 | 3,576 | 3,788 | 3,891 | S100PTN6, S100SJ5C, S100UZSA, S100XC1P |
| Current liabilities | 1,192 | 1,207 | 1,070 | 1,035 | 924 | S100PTN6, S100SJ5C, S100UZSA, S100XC1P |
| Trade payables | 331 | 283 | 200 | — | — | S100PTN6, S100SJ5C |
| Short-term borrowings | 21 | 28 | — | — | — | S100PTN6, S100SJ5C |
| Long-term borrowings | 132 | 142 | 82 | 108 | 75 | S100PTN6, S100SJ5C, S100UZSA, S100XC1P |
| Bonds | 100 | — | — | — | — | S100PTN6 |
| Interest-bearing debt | 254 | — | — | — | — | 算出 |
| Total liabilities | 2,031 | 1,910 | 1,604 | 1,634 | 1,517 | S100PTN6, S100SJ5C, S100UZSA, S100XC1P |
| Equity attributable to owners of parent | 3,651 | 3,831 | 3,941 | 4,077 | 4,225 | S100PTN6, S100SJ5C, S100UZSA, S100XC1P |
| Retained earnings | 2,795 | 2,975 | 3,085 | 3,221 | 3,369 | S100PTN6, S100SJ5C, S100UZSA, S100XC1P |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100PTN6, S100SJ5C, S100UZSA, S100XC1P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100XC1P |
| Property, plant and equipment | 29% | S100XC1P |
| Intangibles and goodwill | 1% | S100XC1P |
| Investment securities | 1% | S100XC1P |
| Other assets | 37% | S100XC1P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100XC1P |
| Equity | 75% | S100XC1P |
| Other liabilities | 0% | S100XC1P |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 5,732 | 5,928 | 5,763 | 5,910 | 5,987 |
| Equity | 3,701 | 4,018 | 4,158 | 4,276 | 4,470 |
| Interest-bearing debt | 254 | — | — | — | — |
| Cash | 1,727 | 1,839 | 1,820 | 2,053 | 1,932 |

## 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) | 40.1% | S100XC1P |
| Fixed assets ÷ total assets | 29.5% | S100XC1P |
| Goodwill ÷ parent equity | — | —, S100XC1P |

### 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) | 32.3% |
| Cash ÷ revenue | 43.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 136.5% |
| Cash vs. profit gap | 97 JPY mn (of net income 50.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.9% |
| Shareholder payments — dividends / FCF | 42.1% |
| CapEx intensity (capex ÷ revenue) | 4.1% |
| Investing CF relative to operating CF | 115.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.9% | 0.71× | 3.4% | 1.57× | 5.4% | S100PTN6 |
| 2022 | 4.8% | 0.77× | 3.7% | 1.56× | 5.7% | S100SJ5C |
| 2023 | 3.5% | 0.77× | 2.7% | 1.50× | 4.0% | S100UZSA |
| 2024 | 4.2% | 0.75× | 3.1% | 1.46× | 4.5% | S100XC1P |
| 2025 | 4.4% | 0.74× | 3.3% | 1.43× | 4.7% | S100XC1P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社SKコーポレーション | Major shareholder | 9.0% | 2025-09-30 |
| NIX従業員持株会 | Major shareholder | 7.3% | 2025-09-30 |
| 中島幹夫 | Major shareholder | 6.0% | 2025-09-30 |
| 青木一英 | Major shareholder | 5.4% | 2025-09-30 |
| 青木洋明 | Major shareholder | 4.3% | 2025-09-30 |
| 青木達也 | Major shareholder | 3.9% | 2025-09-30 |
| 中島とし子 | Major shareholder | 3.2% | 2025-09-30 |
| 青木伸一 | Major shareholder | 3.0% | 2025-09-30 |
| 中島和紀 | Major shareholder | 2.8% | 2025-09-30 |
| 中島忠政 | Major shareholder | 2.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第95期(2024/10/01－2025/09/30) | S100XC1P | 2025-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XC1P,, |
| 有価証券報告書－第94期(2023/10/01－2024/09/30) | S100UZSA | 2024-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZSA,, |
| 有価証券報告書－第93期(2022/10/01－2023/09/30) | S100SJ5C | 2023-12-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SJ5C,, |
| 有価証券報告書－第92期(令和3年10月1日－令和4年9月30日) | S100PTN6 | 2022-12-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PTN6,, |
| 有価証券報告書－第91期(令和2年10月1日－令和3年9月30日) | S100N391 | 2021-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N391,, |
| 有価証券報告書－第90期(令和1年10月1日－令和2年9月30日) | S100KELZ | 2020-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KELZ,, |

## 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).