# NOF CORPORATION: 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103期(2025/04/01－2026/03/31) (S100YO71)
> Page: https://vizora.meequs.com/en/company/nof
> Retrieved: 2026-09-30T21:03:35.079Z

## Company

NOF, founded in 1949, is a company in Chemicals listed on TSE Prime. It has 4,155 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NOF CORPORATION |
| Ticker | 4403 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4403.T) |
| Listing | TSE Prime |
| Head office | 東京都渋谷区恵比寿四丁目20番3号 |
| Representative (per filing) | 代表取締役社長 沢村 孝司 |
| Founded | Jul 1949 |
| Share capital | ¥17.7B |
| Employees (consolidated) | 4,155 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | www.nof.co.jp (https://www.nof.co.jp/) |
| Corporate number | 1011001025967 |
| EDINET | E00880 |
| Industries (Vizora) | Chemicals, Pharmaceuticals, Aerospace, Food Ingredients, Defense |

> Profile source: annual securities report (S100YO71, filed 2026-07-16). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.7 | 96 |
| Profitability | 95.5 | 100 |
| Cash conversion | 13 | 96 |
| Efficiency | 46.5 | 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)

- About 57% of NOF's sales come from Functional chemicals, with Explosive and propulsion and Pharmaceuticals, Medicals and Health making up much of the rest.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +8.2% from the prior year, operating profit +4.6%.

## Company structure

- Segment revenue mix: Functional chemicals 56.5%、Explosive and propulsion 23.9%、Pharmaceuticals, Medicals and Health 19.4%、Other 0.2%
- Revenue → net income: ¥257967000000 → ¥40658000000
- Net income → operating cash flow: ¥40658000000 → ¥35865000000（difference ¥-4793000000）
- Main uses of operating cash flow: CapEx ¥14391000000 / dividends ¥11546000000 / buybacks ¥20006000000
- Change in cash: ¥266000000
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 | ¥258B |  |
| Operating income | ¥47.4B | Margin 18.4% |
| Net income | ¥40.5B | Margin 15.7% |
| Free cash flow | ¥21.5B |  |
| Largest business | Functional chemicals | of segment revenue 56.5% |
| Employees (consolidated) | 4,155 |  |
| EPS | ¥153.89 |  |
| Book value per share | ¥986.8 |  |
| Equity ratio | 74.0% |  |
| Shares outstanding | 236,524,000 |  |
| Treasury shares | 10,167,000 |  |
| Shareholders | 13,176 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 20.8% | Cash ÷ revenue 32.2% |
| Vs. industry median margin | +10.9 pp | Chemicals |
| ROE | 16.1% | Derived from disclosed figures |
| ROA | 10.7% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.7× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥172645000000 | ¥257967000000 | +49.4% |
| Operating income | ¥26602000000 | ¥47411000000 | +78.2% |
| Operating margin | 15.4% | 18.4% | +3 pp |
| Employees | 3,755 people | 4,155 people | +10.7% |
| Cash and equivalents | ¥76596000000 | ¥82973000000 | +8.3% |

### 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 |
| --- | ---: |
| 機能化学品事業 → 機能化学品事業 | 56.5% |
| 機能化学品事業 → 事業再編・廃止 | 7.1% |
| ライフサイエンス事業 → 事業再編・廃止 | 18.1% |
| 化薬事業 → 化薬事業 | 17.4% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 医薬・医療・健康事業 | 19.4% |
| 新設・再編 → 化薬事業 | 6.5% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Functional chemicals | 5 years | +5.8% | ¥145751000000 | 18.4% | 2 |
| Explosive and propulsion | 5 years | +15.4% | ¥61675000000 | 12.9% | 2 |
| Pharmaceuticals, Medicals and Health | 3 years | -0.9% | ¥49931000000 | 31.7% | 2 |
| Other | 5 years | -16.6% | ¥608000000 | 71.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 257,967 | 100.0% | S100YO71 |
| Cost of revenue | 168,874 | 65.5% | S100YO71 |
| Gross profit | 89,092 | 34.5% | S100YO71 |
| SG&A | 41,681 | 16.2% | S100YO71 |
| Operating income | 47,411 | 18.4% | S100YO71 |
| Ordinary income | 50,366 | 19.5% | S100YO71 |
| Pretax income | 57,329 | 22.2% | S100YO71 |
| Income tax | 16,671 | 6.5% | S100YO71 |
| Net income | 40,658 | 15.8% | S100YO71 |
| Net income attributable to owners | 40,550 | 15.7% | S100YO71 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 16 |
| Operating income | 18 |
| (Ref.) Net income | 16 |

### Margin funnel

Gross margin 34.5% → Operating margin 18.4% → Net margin 15.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.2%; Core profit growth: +4.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.56×
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 | 238,310 | 257,967 | 19,657 | +8.2% |
| Gross profit | 85,153 | 89,092 | 3,939 | +4.6% |
| Operating income | 45,308 | 47,411 | 2,103 | +4.6% |
| Net income attributable to owners | 36,497 | 40,550 | 4,053 | +11.1% |
| Operating cash flow | 28,975 | 35,865 | 6,890 | +23.8% |
| Free cash flow | 12,639 | 21,474 | 8,835 | +69.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 180,917 | 26,874 | 14.9% | 21,140 | 27,837 | 20,126 | S100LSIH |
| FY ending Mar 2021 | 172,645 | 26,602 | 15.4% | 23,302 | 30,726 | 24,744 | S100OG8P |
| FY ending Mar 2022 | 192,642 | 35,595 | 18.5% | 26,690 | 27,393 | 19,977 | S100R2TO |
| FY ending Mar 2023 | 217,709 | 40,624 | 18.7% | 33,973 | 23,333 | 17,114 | S100TUSU |
| FY ending Mar 2024 | 222,252 | 42,142 | 19.0% | 33,990 | 29,970 | 12,222 | S100W41Q |
| FY ending Mar 2025 | 238,310 | 45,308 | 19.0% | 36,497 | 28,975 | 12,639 | S100YO71 |
| FY ending Mar 2026 | 257,967 | 47,411 | 18.4% | 40,550 | 35,865 | 21,474 | S100YO71 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62.1M |
| Operating income per employee (consolidated) | ¥11.4M |
| Net income per employee (consolidated) | ¥9.8M |

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) | 3,787 | 3,818 | 3,879 | 3,997 | 4,155 |
| Average salary (parent company) | ¥7.9M | ¥8M | ¥8.2M | ¥8.4M | ¥8.4M |
| Average age (parent company) | 43.4 years | 43.6 years | 43.4 years | 43.1 years | 42.9 years |
| Average tenure (parent company) | 18.8 years | 18.9 years | 18.4 years | 17.9 years | 17.5 years |

Year over year: Employees (consolidated) +4.0% · Revenue (consolidated) +8.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Functional chemicals | 145,751 | 56.5% | 26,846 | 18.4% |
| Pharmaceuticals, Medicals and Health | 49,931 | 19.4% | 15,816 | 31.7% |
| Explosive and propulsion | 61,675 | 23.9% | 7,979 | 12.9% |
| Other | 608 | 0.2% | 434 | 71.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Functional chemicals | 56.5% | 52.6% | -3.9 | 18.4% |
| Pharmaceuticals, Medicals and Health | 19.4% | 31.0% | 11.6 | 31.7% |
| Explosive and propulsion | 23.9% | 15.6% | -8.3 | 12.9% |
| Other | 0.2% | 0.8% | 0.6 | 71.4% |

Segment → industry: Functional chemicals → Chemicals / Pharmaceuticals, Medicals and Health → Pharmaceuticals / Explosive and propulsion → Aerospace / Pharmaceuticals, Medicals and Health → Food Ingredients / Explosive and propulsion → Defense

## 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 | 35,865 | 13.9% | S100YO71 |
| Capital expenditure | 14,391 | 5.6% | S100YO71 |
| Free cash flow | 21,474 | 8.3% | 算出 |
| Investing cash flow | -4,427 | -1.7% | S100YO71 |
| Financing cash flow | -31,407 | -12.2% | S100YO71 |
| Dividends paid | 11,546 | 4.5% | S100YO71 |
| Share buyback | 20,006 | 7.8% | S100YO71 |
| Change in cash | 266 | 0.1% | S100YO71 |
| Cash and equivalents | 82,973 | 32.2% | S100YO71 |

## 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 | 81,431 | 89,081 | 87,509 | 82,706 | 82,973 | S100TUSU, S100W41Q, S100YO71 |
| Total assets | 289,630 | 309,438 | 341,449 | 357,196 | 399,168 | S100R2TO, S100TUSU, S100W41Q, S100YO71 |
| Net assets | 221,706 | 240,002 | 265,907 | 279,550 | 296,465 | S100TUSU, S100W41Q, S100YO71 |
| Share capital | 17,742 | 17,742 | 17,742 | 17,742 | 17,742 | S100R2TO, S100TUSU, S100W41Q, S100YO71 |
| Property, plant and equipment | 61,944 | 63,863 | 74,695 | 85,069 | 96,726 | S100R2TO, S100TUSU, S100W41Q, S100YO71 |
| Intangible assets excluding goodwill | 947 | 1,148 | 2,166 | 1,950 | 1,918 | S100R2TO, S100TUSU, S100W41Q, S100YO71 |
| Investment securities | 47,812 | 44,719 | 51,192 | 41,864 | 46,086 | S100R2TO, S100TUSU, S100W41Q, S100YO71 |
| Current assets | 173,322 | 193,750 | 204,863 | 211,978 | 236,825 | S100R2TO, S100TUSU, S100W41Q, S100YO71 |
| Current liabilities | 50,468 | 51,598 | 54,129 | 58,325 | 86,241 | S100R2TO, S100TUSU, S100W41Q, S100YO71 |
| Trade payables | 21,262 | 18,496 | 21,741 | 22,305 | 21,429 | S100R2TO, S100TUSU, S100W41Q, S100YO71 |
| Short-term borrowings | 1,997 | 2,080 | 1,607 | 1,490 | 1,341 | S100R2TO, S100TUSU, S100W41Q, S100YO71 |
| Long-term borrowings | 610 | 2,332 | 2,775 | 2,008 | 1,961 | S100R2TO, S100TUSU, S100W41Q, S100YO71 |
| Total liabilities | 67,924 | 69,436 | 75,541 | 77,646 | 102,703 | S100R2TO, S100TUSU, S100W41Q, S100YO71 |
| Non-controlling interests | 777 | 825 | 904 | 1,022 | 1,119 | S100R2TO, S100TUSU, S100W41Q, S100YO71 |
| Equity attributable to owners of parent | 195,627 | 214,588 | 231,894 | 246,724 | 255,683 | S100R2TO, S100TUSU, S100W41Q, S100YO71 |
| Retained earnings | 166,062 | 192,092 | 206,309 | 220,195 | 249,159 | S100R2TO, S100TUSU, S100W41Q, S100YO71 |
| Treasury stock | -3,292 | -10,299 | -7,209 | -6,271 | -26,276 | S100R2TO, S100TUSU, S100W41Q, S100YO71 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YO71 |
| Property, plant and equipment | 24% | S100YO71 |
| Intangibles and goodwill | 0% | S100YO71 |
| Investment securities | 12% | S100YO71 |
| Other assets | 43% | S100YO71 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YO71 |
| Other liabilities | 20% | S100YO71 |
| Equity | 74% | S100YO71 |

### 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 | 289,630 | 309,438 | 341,449 | 357,196 | 399,168 |
| Equity | 221,706 | 240,002 | 265,907 | 279,550 | 296,465 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 81,431 | 89,081 | 87,509 | 82,706 | 82,973 |

## 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) | 37.5% | S100YO71 |
| Fixed assets ÷ total assets | 24.2% | S100YO71 |
| Goodwill ÷ parent equity | — | —, S100YO71 |

### 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) | 20.8% |
| Cash ÷ revenue | 32.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 75.6% |
| Cash vs. profit gap | -4,685 JPY mn (of net income -11.6%) |
| Shareholder returns / net income | 77.8% |
| Shareholder returns / FCF | 146.9% |
| Shareholder payments — dividends / net income | 28.5% |
| Shareholder payments — dividends / FCF | 53.8% |
| CapEx intensity (capex ÷ revenue) | 5.6% |
| Investing CF relative to operating CF | 12.3% |

## 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 | 13.9% | 0.67× | 9.2% | 1.48× | 13.6% | S100R2TO |
| 2023 | 15.6% | 0.73× | 11.3% | 1.46× | 16.6% | S100TUSU |
| 2024 | 15.3% | 0.68× | 10.4% | 1.46× | 15.2% | S100W41Q |
| 2025 | 15.3% | 0.68× | 10.4% | 1.46× | 15.3% | S100YO71 |
| 2026 | 15.7% | 0.68× | 10.7% | 1.51× | 16.1% | S100YO71 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 15.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.2% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 4.1% | 2026-03-31 |
| 日油親栄会 | Major shareholder | 2.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.9% | 2026-03-31 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ） | Major shareholder | 1.9% | 2026-03-31 |
| US BANK NATIONAL ASSOCIATION JP ACCTS TS （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.8% | 2026-03-31 |
| 日油共栄会 | Major shareholder | 1.8% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| BNYM AS AGT/CLTS NON TREATY JASDEC （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YO71 | 2026-07-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YO71,, |
| 有価証券報告書－第102期(2024/04/01－2025/03/31) | S100W41Q | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W41Q,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TUSU | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUSU,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100R2TO | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2TO,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100OG8P | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG8P,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LSIH | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSIH,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| INTERNATIONAL MILITARY SERVICES LIMITED | Co-development | 155mm榴弾砲用発射装薬の製造技術の導入（英国） | S100YO71 |
| RHEINMETAL L W & M GMBH | Co-development | 120mm戦車砲の技術援助契約（ドイツ） | S100YO71 |
| Northrop Grumman International Trading Inc. | Co-development | 子会社日本工機の30mm機関砲用弾薬の技術援助契約 | S100YO71 |
| Nammo Raufoss AS | Co-development | 子会社日本工機の20mmMP弾の技術援助契約（ノルウェー） | S100YO71 |

## 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).