# NKK SWITCHES.CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第73期(2025/04/01－2026/03/31) (S100YQ47)
> Page: https://vizora.meequs.com/en/company/nkk-switches
> Retrieved: 2026-09-30T22:18:32.590Z

## Company

NKK Switches., founded in 1953, is a company in Electronic Components listed on TSE Standard. It has 262 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NKK SWITCHES CO., LTD. |
| Ticker | 6943 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6943.T) |
| Listing | TSE Standard |
| Head office | 神奈川県川崎市高津区宇奈根715番地1 |
| Representative (per filing) | 代表取締役社長 大橋智成 |
| Founded | Dec 1953 |
| Share capital | ¥951.8M |
| Employees (consolidated) | 262 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.nkkswitches.co.jp (https://www.nkkswitches.co.jp/) |
| Corporate number | 1020001066839 |
| EDINET | E01974 |
| Industries (Vizora) | Electronic Components |

> Profile source: annual securities report (S100YQ47, filed 2026-07-21). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 33 | 53 |
| Profitability | 29.5 | 56 |
| Cash conversion | 7.3 | 48 |
| Efficiency | 22.3 | 56 |

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 47% of NKK Switches.'s sales come from Europe and America, with JAPAN and ASIA making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +10.7% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Europe and America 47.1%、JAPAN 39.9%、ASIA 13.0%
- Revenue → net income: ¥8373789000 → ¥292667000
- Net income → operating cash flow: ¥292667000 → ¥29622000（difference ¥-263045000）
- Main uses of operating cash flow: CapEx ¥1111110000 / dividends ¥65519000 / buybacks ¥428000
- Change in cash: ¥-970622000
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 | ¥8.37B |  |
| Operating income | ¥280.8M | Margin 3.4% |
| Net income | ¥292.6M | Margin 3.5% |
| Free cash flow | -¥1.08B |  |
| Largest business | Europe and America | of segment revenue 47.1% |
| Employees (consolidated) | 262 |  |
| EPS | ¥-20.4 |  |
| Book value per share | ¥11191.72 |  |
| Equity ratio | 86.2% |  |
| Shares outstanding | 842,520 |  |
| Treasury shares | 19,800 |  |
| Shareholders | 440 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 23.5% | Cash ÷ revenue 44.4% |
| Vs. industry median margin | -2.6 pp | Electronic Components |
| ROE | 2.7% | Derived from disclosed figures |
| ROA | 1.9% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 28 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6830302000 | ¥8373789000 | +22.6% |
| Operating income | ¥11212000 | ¥280776000 | +2404.2% |
| Operating margin | 0.2% | 3.4% | +3.2 pp |
| Employees | 284 people | 262 people | -7.7% |
| Cash and equivalents | ¥5393823000 | ¥3718253000 | -31.1% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 39.9% |
| 日本 → 事業再編・廃止 | 16.9% |
| 米国 → 事業再編・廃止 | 28.9% |
| アジア → アジア | 13.0% |
| アジア → 事業再編・廃止 | 1.2% |
| 新設・再編 → 欧米 | 47.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Europe and America | 4 years | +7.2% | ¥3945289000 | 10.3% | 2 |
| JAPAN | 5 years | -3.0% | ¥3337125000 | -9.2% | 2 |
| ASIA | 5 years | +2.3% | ¥1091374000 | 25.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,374 | 100.0% | S100YQ47 |
| Cost of revenue | 4,834 | 57.7% | S100YQ47 |
| Gross profit | 3,540 | 42.3% | S100YQ47 |
| SG&A | 3,259 | 38.9% | S100YQ47 |
| Operating income | 281 | 3.4% | S100YQ47 |
| Ordinary income | 408 | 4.9% | S100YQ47 |
| Pretax income | 407 | 4.9% | S100YQ47 |
| Income tax | 114 | 1.4% | S100YQ47 |
| Net income | 293 | 3.5% | S100YQ47 |
| Net income attributable to owners | 293 | 3.5% | S100YQ47 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 58 |
| SG&A | 39 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 42.3% → Operating margin 3.4% → Net margin 3.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 7,564 | 8,374 | 809 | +10.7% |
| Gross profit | 3,002 | 3,540 | 538 | +17.9% |
| Operating income | -452 | 281 | 733 | — |
| Net income attributable to owners | -404 | 293 | 697 | — |
| Operating cash flow | 651 | 30 | -622 | -95.5% |
| Free cash flow | -59 | -1,081 | -1,023 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,266 | 85 | 1.2% | -76 | 389 | 68 | S100M2Q9 |
| FY ending Mar 2021 | 6,830 | 11 | 0.2% | 62 | 584 | 459 | S100OM0G |
| FY ending Mar 2022 | 8,939 | 800 | 9.0% | 581 | 190 | -31 | S100RA7O |
| FY ending Mar 2023 | 10,329 | 889 | 8.6% | 826 | 614 | 105 | S100TX7J |
| FY ending Mar 2024 | 9,441 | 370 | 3.9% | 389 | 425 | -936 | S100WNOZ |
| FY ending Mar 2025 | 7,564 | -452 | -6.0% | -404 | 651 | -59 | S100YQ47 |
| FY ending Mar 2026 | 8,374 | 281 | 3.4% | 293 | 30 | -1,081 | S100YQ47 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 280 | 288 | 282 | 273 | 262 |
| Average salary (parent company) | ¥6.6M | ¥6.6M | ¥6.8M | ¥6.6M | ¥6.3M |
| Average age (parent company) | 45.8 years | 46.8 years | 46.3 years | 45.9 years | 44.7 years |
| Average tenure (parent company) | 17.3 years | 17.0 years | 16.5 years | 15.2 years | 14.8 years |

Year over year: Employees (consolidated) -4.0% · Revenue (consolidated) +10.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 3,337 | 39.9% | -307 | -9.2% |
| Europe and America | 3,945 | 47.1% | 404 | 10.3% |
| ASIA | 1,091 | 13.0% | 277 | 25.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 39.9% | — | — | -9.2% |
| Europe and America | 47.1% | 59.3% | 12.2 | 10.3% |
| ASIA | 13.0% | 40.7% | 27.7 | 25.4% |

Loss-making segment (excluded from profit shares): JAPAN -307 JPY mn

Segment → industry: ASIA → Electronic Components / Europe and America → Electronic Components / JAPAN → Electronic Components

## 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 | 30 | 0.4% | S100YQ47 |
| Capital expenditure | 1,111 | 13.3% | S100YQ47 |
| Free cash flow | -1,081 | -12.9% | 算出 |
| Investing cash flow | -1,054 | -12.6% | S100YQ47 |
| Financing cash flow | -129 | -1.5% | S100YQ47 |
| Dividends paid | 66 | 0.8% | S100YQ47 |
| Share buyback | 0 | 0.0% | S100YQ47 |
| Change in cash | -971 | -11.6% | S100YQ47 |
| Cash and equivalents | 3,718 | 44.4% | S100YQ47 |

## 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 | 5,416 | 5,388 | 4,841 | 4,689 | 3,718 | S100TX7J, S100WNOZ, S100YQ47 |
| Total assets | 14,074 | 15,353 | 15,535 | 14,975 | 15,791 | S100RA7O, S100TX7J, S100WNOZ, S100YQ47 |
| Net assets | 11,223 | 12,323 | 13,272 | 12,702 | 13,614 | S100TX7J, S100WNOZ, S100YQ47 |
| Share capital | 952 | 952 | 952 | 952 | 952 | S100RA7O, S100TX7J, S100WNOZ, S100YQ47 |
| Property, plant and equipment | 2,047 | 2,287 | 3,360 | 3,170 | 3,540 | S100RA7O, S100TX7J, S100WNOZ, S100YQ47 |
| Intangible assets excluding goodwill | 57 | 56 | 254 | 509 | 814 | S100RA7O, S100TX7J, S100WNOZ, S100YQ47 |
| Investment securities | 1,009 | 1,223 | 1,260 | 1,175 | 1,677 | S100RA7O, S100TX7J, S100WNOZ, S100YQ47 |
| Current assets | 10,540 | 11,167 | 10,032 | 9,414 | 9,030 | S100RA7O, S100TX7J, S100WNOZ, S100YQ47 |
| Current liabilities | 2,367 | 2,476 | 1,516 | 1,515 | 1,333 | S100RA7O, S100TX7J, S100WNOZ, S100YQ47 |
| Total liabilities | 2,851 | 3,030 | 2,263 | 2,272 | 2,177 | S100RA7O, S100TX7J, S100WNOZ, S100YQ47 |
| Non-controlling interests | 1 | 2 | 2 | 2 | 2 | S100RA7O, S100TX7J, S100WNOZ, S100YQ47 |
| Equity attributable to owners of parent | 10,422 | 11,124 | 11,410 | 10,924 | 11,150 | S100RA7O, S100TX7J, S100WNOZ, S100YQ47 |
| Retained earnings | 8,799 | 9,501 | 9,788 | 9,301 | 9,528 | S100RA7O, S100TX7J, S100WNOZ, S100YQ47 |
| Treasury stock | -162 | -162 | -163 | -163 | -163 | S100RA7O, S100TX7J, S100WNOZ, S100YQ47 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YQ47 |
| Property, plant and equipment | 22% | S100YQ47 |
| Intangibles and goodwill | 5% | S100YQ47 |
| Investment securities | 11% | S100YQ47 |
| Other assets | 38% | S100YQ47 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100YQ47 |
| Equity | 86% | S100YQ47 |

### 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 | 14,074 | 15,353 | 15,535 | 14,975 | 15,791 |
| Equity | 11,223 | 12,323 | 13,272 | 12,702 | 13,614 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,416 | 5,388 | 4,841 | 4,689 | 3,718 |

## 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) | 42.3% | S100YQ47 |
| Fixed assets ÷ total assets | 22.4% | S100YQ47 |
| Goodwill ÷ parent equity | — | —, S100YQ47 |

### 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) | 23.5% |
| Cash ÷ revenue | 44.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 10.6% |
| Cash vs. profit gap | -263 JPY mn (of net income -89.9%) |
| Shareholder returns / net income | 22.5% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 22.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.3% |
| Investing CF relative to operating CF | 3558.7% |

## 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 | 6.5% | 0.64× | 4.1% | 1.35× | 5.6% | S100RA7O |
| 2023 | 8.0% | 0.70× | 5.6% | 1.37× | 7.7% | S100TX7J |
| 2024 | 4.1% | 0.61× | 2.5% | 1.37× | 3.5% | S100WNOZ |
| 2025 | — | —× | -2.6% | —× | — | S100YQ47 |
| 2026 | 3.5% | 0.54× | 1.9% | 1.39× | 2.7% | S100YQ47 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社ビッグブリッヂ | Major shareholder | 16.1% | 2026-03-31 |
| 株式会社TNNアドバイザーズ | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 大 橋 宏 成 | Major shareholder | 3.7% | 2026-03-31 |
| 大 橋 尚 子 | Major shareholder | 3.4% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| INTERACTIVE BROKERS LLC | Major shareholder | 2.8% | 2026-03-31 |
| 大 橋 智 成 | Major shareholder | 2.5% | 2026-03-31 |
| 大 橋 千 津 子 | Major shareholder | 2.4% | 2026-03-31 |
| 久 保 田 正 明 | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第73期(2025/04/01－2026/03/31) | S100YQ47 | 2026-07-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YQ47,, |
| 訂正有価証券報告書－第72期(2024/04/01－2025/03/31) | S100WNOZ | 2025-09-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WNOZ,, |
| 有価証券報告書－第71期(2023/04/01－2024/03/31) | S100TX7J | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX7J,, |
| 有価証券報告書－第70期(2022/04/01－2023/03/31) | S100RA7O | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RA7O,, |
| 有価証券報告書－第69期(令和3年4月1日－令和4年3月31日) | S100OM0G | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OM0G,, |
| 訂正有価証券報告書－第68期(令和2年4月1日－令和3年3月31日) | S100M2Q9 | 2021-07-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M2Q9,, |

## 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).