# NOK 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120期(2025/04/01－2026/03/31) (S100YFWJ)
> Page: https://vizora.meequs.com/en/company/nok
> Retrieved: 2026-09-30T18:10:42.285Z

## Company

NOK, founded in 1939, is a company in Auto Parts listed on TSE Prime. It has 36,655 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NOK CORPORATION |
| Ticker | 7240 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7240.T) |
| Listing | TSE Prime |
| Head office | 東京都港区芝大門1丁目12番15号 |
| Representative (per filing) | 代表取締役社長執行役員グループCEO 鶴 正雄 |
| Founded | Dec 1939 |
| Share capital | ¥23.3B |
| Employees (consolidated) | 36,655 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | www.nokgrp.com (https://www.nokgrp.com/) |
| Corporate number | 1010401004837 |
| EDINET | E02176 |
| Industries (Vizora) | Auto Parts, Electronic Components, Tires & Rubber |

> Profile source: annual securities report (S100YFWJ, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Tires & Rubber (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25 | 14 |
| Profitability | 17.9 | 14 |
| Cash conversion | 82.1 | 14 |
| Efficiency | 39.3 | 14 |

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 52% of NOK's sales come from Seal, with Electronic components business making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -3.7% from the prior year, operating profit -11.5%.

## Company structure

- Segment revenue mix: Seal 51.6%、Electronic components business 48.4%
- Revenue → net income: ¥738434000000 → ¥50988000000
- Net income → operating cash flow: ¥50988000000 → ¥68156000000（difference ¥17168000000）
- Main uses of operating cash flow: CapEx ¥49828000000 / dividends ¥19864000000 / buybacks —
- Change in cash: ¥20556000000
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 | ¥738.4B |  |
| Operating income | ¥33B | Margin 4.5% |
| Net income | ¥46.3B | Margin 6.3% |
| Free cash flow | ¥18.3B |  |
| Largest business | Seal | of segment revenue 51.6% |
| Employees (consolidated) | 36,655 |  |
| EPS | ¥270.15 |  |
| Book value per share | ¥1835.38 |  |
| Equity ratio | 65.7% |  |
| Shares outstanding | 160,903,000 |  |
| Treasury shares | 292,200 |  |
| Shareholders | 16,984 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 16.5% | Cash ÷ revenue 21.2% |
| Vs. industry median margin | -0.3 pp | Auto Parts |
| ROE | 10.6% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 88% of positive segment profit
- FY2026, segment profit share differs by 36 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥596369000000 | ¥738434000000 | +23.8% |
| Operating income | ¥14467000000 | ¥32990000000 | +128.0% |
| Operating margin | 2.4% | 4.5% | +2 pp |
| Employees | 37,999 people | 36,655 people | -3.5% |
| Cash and equivalents | ¥120385000000 | ¥156706000000 | +30.2% |

### 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 |
| --- | ---: |
| シール事業 → シール事業 | 49.8% |
| 電子部品事業 → 電子部品事業 | 47.8% |
| ロール事業 → 事業再編・廃止 | 2.4% |
| 新設・再編 → シール事業 | 1.8% |
| 新設・再編 → 電子部品事業 | 0.6% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 738,434 | 100.0% | S100YFWJ |
| Cost of revenue | 607,087 | 82.2% | S100YFWJ |
| Gross profit | 131,346 | 17.8% | S100YFWJ |
| SG&A | 98,356 | 13.3% | S100YFWJ |
| Operating income | 32,990 | 4.5% | S100YFWJ |
| Ordinary income | 49,835 | 6.7% | S100YFWJ |
| Pretax income | 72,750 | 9.9% | S100YFWJ |
| Income tax | 21,761 | 2.9% | S100YFWJ |
| Net income | 50,988 | 6.9% | S100YFWJ |
| Net income attributable to owners | 46,338 | 6.3% | S100YFWJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 13 |
| Operating income | 5 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 17.8% → Operating margin 4.5% → Net margin 6.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.7%; Core profit growth: -11.5%
Operating leverage (core profit growth ÷ revenue growth): 3.09×
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 | 766,859 | 738,434 | -28,425 | -3.7% |
| Gross profit | 136,051 | 131,346 | -4,705 | -3.5% |
| Operating income | 37,264 | 32,990 | -4,274 | -11.5% |
| Net income attributable to owners | 30,320 | 46,338 | 16,018 | +52.8% |
| Operating cash flow | 91,594 | 68,156 | -23,438 | -25.6% |
| Free cash flow | 42,782 | 18,328 | -24,454 | -57.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 626,815 | 12,028 | 1.9% | -2,218 | 71,370 | 19,905 | S100LLEU |
| FY ending Mar 2021 | 596,369 | 14,467 | 2.4% | -1,361 | 45,824 | 22,697 | S100OCDH |
| FY ending Mar 2022 | 682,507 | 31,337 | 4.6% | 25,835 | 54,999 | 15,623 | S100R5JS |
| FY ending Mar 2023 | 709,956 | 15,378 | 2.2% | 13,320 | 46,030 | 601 | S100TT4F |
| FY ending Mar 2024 | 750,502 | 22,912 | 3.1% | 31,602 | 89,153 | 42,807 | S100W1NR |
| FY ending Mar 2025 | 766,859 | 37,264 | 4.9% | 30,320 | 91,594 | 42,782 | S100YFWJ |
| FY ending Mar 2026 | 738,434 | 32,990 | 4.5% | 46,338 | 68,156 | 18,328 | S100YFWJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.1M |
| Operating income per employee (consolidated) | ¥900K |
| 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 Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 37,613 | 37,913 | 38,097 | 37,958 | 36,655 |
| Average salary (parent company) | ¥7.3M | ¥7.4M | ¥7.6M | ¥8M | ¥8.5M |
| Average age (parent company) | 41.0 years | 41.3 years | 41.4 years | 41.7 years | 42.3 years |
| Average tenure (parent company) | 18.3 years | 18.5 years | 18.6 years | 18.8 years | 19.3 years |

Year over year: Employees (consolidated) -3.4% · Revenue (consolidated) -3.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Seal | 367,397 | 51.6% | 27,860 | 7.6% |
| Electronic components business | 345,109 | 48.4% | 3,967 | 1.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Seal | 51.6% | 87.5% | 36.0 | 7.6% |
| Electronic components business | 48.4% | 12.5% | -36.0 | 1.1% |

Segment → industry: Seal → Auto Parts / Electronic components business → Electronic Components / Seal → Tires & Rubber

## 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 | 68,156 | 9.2% | S100YFWJ |
| Capital expenditure | 49,828 | 6.7% | S100YFWJ |
| Free cash flow | 18,328 | 2.5% | 算出 |
| Investing cash flow | -10,259 | -1.4% | S100YFWJ |
| Financing cash flow | -47,078 | -6.4% | S100YFWJ |
| Dividends paid | 19,864 | 2.7% | S100YFWJ |
| Change in cash | 20,556 | 2.8% | S100YFWJ |
| Cash and equivalents | 156,706 | 21.2% | S100YFWJ |

## 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 | 111,247 | 104,117 | 136,256 | 136,149 | 156,706 | S100TT4F, S100W1NR, S100YFWJ |
| Total assets | 857,324 | 862,750 | 952,379 | 898,667 | 951,650 | S100R5JS, S100TT4F, S100W1NR, S100YFWJ |
| Net assets | 554,355 | 577,346 | 639,001 | 623,421 | 670,270 | S100TT4F, S100W1NR, S100YFWJ |
| Share capital | 23,335 | 23,335 | 23,335 | 23,335 | 23,335 | S100R5JS, S100TT4F, S100W1NR, S100YFWJ |
| Trade receivables | 151,015 | 141,172 | 154,313 | 142,193 | 143,658 | S100R5JS, S100TT4F, S100W1NR, S100YFWJ |
| Property, plant and equipment | 249,203 | 252,638 | 249,753 | 245,320 | 249,009 | S100R5JS, S100TT4F, S100W1NR, S100YFWJ |
| Intangible assets excluding goodwill | 3,971 | 3,958 | 14,874 | 14,719 | 15,193 | S100R5JS, S100TT4F, S100W1NR, S100YFWJ |
| Goodwill | 421 | 141 | 10,512 | 9,885 | 9,257 | S100R5JS, S100TT4F, S100W1NR, S100YFWJ |
| Investment securities | 163,644 | 163,316 | 188,007 | 162,144 | 152,928 | S100R5JS, S100TT4F, S100W1NR, S100YFWJ |
| Current assets | 407,043 | 401,146 | 440,977 | 420,723 | 450,514 | S100R5JS, S100TT4F, S100W1NR, S100YFWJ |
| Current liabilities | 202,337 | 183,319 | 213,222 | 186,251 | 200,248 | S100R5JS, S100TT4F, S100W1NR, S100YFWJ |
| Short-term borrowings | 60,545 | 54,329 | 56,593 | 44,067 | 48,169 | S100R5JS, S100TT4F, S100W1NR, S100YFWJ |
| Long-term borrowings | 10,398 | 17,526 | 18,871 | 17,623 | 14,364 | S100R5JS, S100TT4F, S100W1NR, S100YFWJ |
| Total liabilities | 302,969 | 285,404 | 313,377 | 275,245 | 281,379 | S100R5JS, S100TT4F, S100W1NR, S100YFWJ |
| Non-controlling interests | 52,092 | 54,920 | 52,946 | 44,415 | 45,413 | S100R5JS, S100TT4F, S100W1NR, S100YFWJ |
| Equity attributable to owners of parent | 412,577 | 411,008 | 420,815 | 431,846 | 444,269 | S100R5JS, S100TT4F, S100W1NR, S100YFWJ |
| Retained earnings | 365,880 | 368,823 | 385,291 | 398,858 | 395,769 | S100R5JS, S100TT4F, S100W1NR, S100YFWJ |
| Treasury stock | -230 | -4,741 | -14,014 | -17,691 | -2,553 | S100R5JS, S100TT4F, S100W1NR, S100YFWJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YFWJ |
| Receivables | 15% | S100YFWJ |
| Property, plant and equipment | 26% | S100YFWJ |
| Intangibles and goodwill | 3% | S100YFWJ |
| Investment securities | 16% | S100YFWJ |
| Other assets | 24% | S100YFWJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 30% | S100YFWJ |
| Equity | 70% | S100YFWJ |
| Other liabilities | 0% | S100YFWJ |

### 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 | 857,324 | 862,750 | 952,379 | 898,667 | 951,650 |
| Equity | 554,355 | 577,346 | 639,001 | 623,421 | 670,270 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 111,247 | 104,117 | 136,256 | 136,149 | 156,706 |

## 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) | 33.7% | S100YFWJ |
| Fixed assets ÷ total assets | 26.2% | S100YFWJ |
| Goodwill ÷ parent equity | 2.1% | S100YFWJ |

Goodwill over 4 years: 421 → 9,257 JPY; total investing cash flow: -156,295 JPY. This does not imply causation.

### 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) | 16.5% |
| Cash ÷ revenue | 21.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 206.6% |
| Cash vs. profit gap | 21,818 JPY mn (of net income 47.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 42.9% |
| Shareholder payments — dividends / FCF | 108.4% |
| CapEx intensity (capex ÷ revenue) | 6.7% |
| Investing CF relative to operating CF | 15.1% |

## 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 | 3.8% | 0.80× | 3.0% | 2.08× | 6.3% | S100R5JS |
| 2023 | 1.9% | 0.83× | 1.5% | 2.09× | 3.2% | S100TT4F |
| 2024 | 4.2% | 0.83× | 3.5% | 2.18× | 7.6% | S100W1NR |
| 2025 | 4.0% | 0.83× | 3.3% | 2.17× | 7.1% | S100YFWJ |
| 2026 | 6.3% | 0.80× | 5.0% | 2.11× | 10.6% | S100YFWJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| フロイデンベルグ・エス・エー | Major shareholder | 27.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.3% | 2026-03-31 |
| 正和地所株式会社 | Major shareholder | 5.5% | 2026-03-31 |
| 第一生命保険株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.5% | 2026-03-31 |
| NOK持株会 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社SMBC信託銀行（株式会社三井住友銀行退職給付信託口） | Major shareholder | 1.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 1.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the year to March 2026 was ¥738.4B, down 3.7% from ¥766.9B.
- Operating income dropped 11.5% to ¥33B.
- Net income went the other way, up 52.8% to ¥46.3B, helped by gains outside the core business.
- Operating cash flow fell 25.6% to ¥68.2B, and free cash flow shrank to ¥18.3B.

### Drivers

- Electronic components sold less because of currency effects and slower growth in parts for car batteries, while depreciation and labor costs rose
- Seals grew sales and profit through more sales to non-Japanese carmakers in China and price increases, but not enough to offset the overall decline
- Net income was lifted by larger gains on selling investment securities, despite a loss on selling the roll products business

### Risks

- Production by Japanese carmakers is unlikely to grow much, and Chinese carmakers are changing the market in China and Thailand
- Most sales are overseas, so exchange rates move results
- Higher prices for steel, synthetic rubber, copper foil and other materials may not pass through to product prices right away

Cited: Annual Securities Report, 120th fiscal year (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 120th fiscal year (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第120期(2025/04/01－2026/03/31) | S100YFWJ | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFWJ,, |
| 有価証券報告書－第119期(2024/04/01－2025/03/31) | S100W1NR | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1NR,, |
| 有価証券報告書－第118期(2023/04/01－2024/03/31) | S100TT4F | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT4F,, |
| 有価証券報告書－第117期(2022/04/01－2023/03/31) | S100R5JS | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5JS,, |
| 有価証券報告書－第116期(令和3年4月1日－令和4年3月31日) | S100OCDH | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCDH,, |
| 有価証券報告書－第115期(令和2年4月1日－令和3年3月31日) | S100LLEU | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLEU,, |

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

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| フロイデンベルグ社 | Co-development | オイルシール・Oリング等のシール製品と関連技術の共同開発 | S100YFWJ |
| フロイデンベルグ社 | Joint venture | 米国でのシール製品事業の合弁（フロイデンベルグ NOK ジェネラルパートナーシップ） | S100YFWJ |
| イーグル工業 | Capital alliance | 共同株式移転による経営統合（共同持株会社 NOK Group 設立予定） | S100YFWJ |

## 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).