# NORITAKE CO., LIMITED: 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145期(2025/04/01－2026/03/31) (S100Y4PM)
> Page: https://vizora.meequs.com/en/company/noritake
> Retrieved: 2026-09-30T19:05:50.733Z

## Company

Noritake, founded in 1904, is a company in Machine Tools listed on TSE Prime. It has 4,901 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NORITAKE CO., LIMITED |
| Ticker | 5331 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5331.T) |
| Listing | TSE Prime |
| Head office | 名古屋市西区則武新町三丁目1番36号 |
| Representative (per filing) | 代表取締役社長 東山明 |
| Founded | Jan 1904 |
| Share capital | ¥15.6B |
| Employees (consolidated) | 4,901 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.noritake.co.jp (https://www.noritake.co.jp/) |
| Corporate number | 4180001026725 |
| EDINET | E01139 |
| Industries (Vizora) | Machine Tools, Glass & Ceramics, Electronic Components, Furniture, Interior & Lifestyle Goods, Industrial Machinery |

> Profile source: annual securities report (S100Y4PM, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Machine Tools (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 48.5 | 34 |
| Profitability | 54.4 | 34 |
| Cash conversion | 21 | 31 |
| Efficiency | 69.1 | 34 |

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 39% of Noritake's sales come from Industrial Products, with Ceramics and Materials and Engineering making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit +8.8%.

## Company structure

- Segment revenue mix: Industrial Products 39.5%、Ceramics and Materials 35.0%、Engineering 20.8%、Tabletop 4.7%
- Revenue → net income: ¥142908000000 → ¥14185000000
- Net income → operating cash flow: ¥14185000000 → ¥10043000000（difference ¥-4142000000）
- Main uses of operating cash flow: CapEx ¥14115000000 / dividends ¥4254000000 / buybacks ¥4145000000
- Change in cash: ¥1609000000
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 | ¥142.9B |  |
| Operating income | ¥11.1B | Margin 7.8% |
| Net income | ¥14.2B | Margin 9.9% |
| Free cash flow | -¥4.07B |  |
| Largest business | Industrial Products | of segment revenue 39.5% |
| Employees (consolidated) | 4,901 |  |
| EPS | ¥153.91 |  |
| Book value per share | ¥1732.82 |  |
| Equity ratio | 72.5% |  |
| Shares outstanding | 28,103,498 |  |
| Treasury shares | 99,800 |  |
| Shareholders | 10,515 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 5.9% | Cash ÷ revenue 9.4% |
| Vs. industry median margin | +0.7 pp | Machine Tools |
| ROE | 10.8% | Derived from disclosed figures |
| ROA | 6.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 71% of positive segment profit
- FY2026, segment profit share differs by 36 points
- FY2026, employees 0% while operating income rose 9%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥107000000000 | ¥142908000000 | +33.6% |
| Operating income | ¥2557000000 | ¥11114000000 | +334.6% |
| Operating margin | 2.4% | 7.8% | +5.4 pp |
| Employees | 5,029 people | 4,901 people | -2.5% |
| Cash and equivalents | ¥9741000000 | ¥13460000000 | +38.2% |

### 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 |
| --- | ---: |
| 工業機材 → 工業機材 | 39.5% |
| 工業機材 → 事業再編・廃止 | 4.8% |
| セラミック・マテリアル → セラミック・マテリアル | 30.6% |
| エンジニアリング → エンジニアリング | 20.0% |
| 食器 → 食器 | 4.7% |
| 食器 → 事業再編・廃止 | 0.3% |
| 新設・再編 → セラミック・マテリアル | 4.4% |
| 新設・再編 → エンジニアリング | 0.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industrial Products | 5 years | +3.5% | ¥56385000000 | 2.8% | 2 |
| Ceramics and Materials | 5 years | +8.8% | ¥50035000000 | 16.6% | 2 |
| Engineering | 5 years | +6.8% | ¥29757000000 | 6.1% | 2 |
| Tabletop | 5 years | +4.5% | ¥6730000000 | -9.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 142,908 | 100.0% | S100Y4PM |
| Cost of revenue | 101,937 | 71.3% | S100Y4PM |
| Gross profit | 40,971 | 28.7% | S100Y4PM |
| SG&A | 29,856 | 20.9% | S100Y4PM |
| Operating income | 11,114 | 7.8% | S100Y4PM |
| Ordinary income | 15,194 | 10.6% | S100Y4PM |
| Pretax income | 19,313 | 13.5% | S100Y4PM |
| Income tax | 5,128 | 3.6% | S100Y4PM |
| Net income | 14,185 | 9.9% | S100Y4PM |
| Net income attributable to owners | 14,178 | 9.9% | S100Y4PM |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 21 |
| Operating income | 8 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 28.7% → Operating margin 7.8% → Net margin 9.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.4%; Core profit growth: +8.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.58×
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 | 138,182 | 142,908 | 4,726 | +3.4% |
| Gross profit | 38,632 | 40,971 | 2,339 | +6.1% |
| Operating income | 10,213 | 11,114 | 901 | +8.8% |
| Net income attributable to owners | 12,939 | 14,178 | 1,239 | +9.6% |
| Operating cash flow | 2,015 | 10,043 | 8,028 | +398.4% |
| Free cash flow | -4,795 | -4,072 | 723 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 120,611 | 4,207 | 3.5% | 3,415 | 8,232 | 1,114 | S100LOCF |
| FY ending Mar 2021 | 107,000 | 2,557 | 2.4% | 2,806 | 5,903 | -527 | S100OHH4 |
| FY ending Mar 2022 | 127,641 | 9,353 | 7.3% | 9,068 | 12,835 | 8,014 | S100R31M |
| FY ending Mar 2023 | 139,494 | 8,969 | 6.4% | 10,024 | -213 | -5,571 | S100U1A8 |
| FY ending Mar 2024 | 137,912 | 10,709 | 7.8% | 11,480 | 22,036 | 16,723 | S100VD6B |
| FY ending Mar 2025 | 138,182 | 10,213 | 7.4% | 12,939 | 2,015 | -4,795 | S100Y4PM |
| FY ending Mar 2026 | 142,908 | 11,114 | 7.8% | 14,178 | 10,043 | -4,072 | S100Y4PM |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.2M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 5,007 | 4,831 | 4,821 | 4,921 | 4,901 |
| Average salary (parent company) | ¥6.4M | ¥6.6M | ¥6.6M | ¥6.7M | ¥7M |
| Average age (parent company) | 43.8 years | 44.1 years | 44.4 years | 44.8 years | 44.8 years |
| Average tenure (parent company) | 20.6 years | 20.9 years | 21.1 years | 21.4 years | 21.3 years |

Year over year: Employees (consolidated) -0.4% · Revenue (consolidated) +3.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Industrial Products | 56,385 | 39.5% | 1,605 | 2.8% |
| Ceramics and Materials | 50,035 | 35.0% | 8,324 | 16.6% |
| Engineering | 29,757 | 20.8% | 1,828 | 6.1% |
| Tabletop | 6,730 | 4.7% | -643 | -9.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Industrial Products | 39.5% | 13.7% | -25.8 | 2.8% |
| Ceramics and Materials | 35.0% | 70.8% | 35.8 | 16.6% |
| Engineering | 20.8% | 15.5% | -5.3 | 6.1% |
| Tabletop | 4.7% | — | — | -9.6% |

Loss-making segment (excluded from profit shares): Tabletop -643 JPY mn

Segment → industry: Industrial Products → Machine Tools / Ceramics and Materials → Glass & Ceramics / Ceramics and Materials → Electronic Components / Tabletop → Furniture, Interior & Lifestyle Goods / Engineering → 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 | 10,043 | 7.0% | S100Y4PM |
| Capital expenditure | 14,115 | 9.9% | S100Y4PM |
| Free cash flow | -4,072 | -2.8% | 算出 |
| Investing cash flow | -7,710 | -5.4% | S100Y4PM |
| Financing cash flow | -1,544 | -1.1% | S100Y4PM |
| Dividends paid | 4,254 | 3.0% | S100Y4PM |
| Share buyback | 4,145 | 2.9% | S100Y4PM |
| Change in cash | 1,609 | 1.1% | S100Y4PM |
| Cash and equivalents | 13,460 | 9.4% | S100Y4PM |

## 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 | 11,733 | 12,008 | 17,991 | 11,851 | 13,460 | S100U1A8, S100VD6B, S100Y4PM |
| Total assets | 163,562 | 180,585 | 202,069 | 198,312 | 230,076 | S100R31M, S100U1A8, S100VD6B, S100Y4PM |
| Net assets | 118,800 | 128,961 | 147,970 | 150,862 | 167,738 | S100U1A8, S100VD6B, S100Y4PM |
| Share capital | 15,632 | 15,632 | 15,632 | 15,632 | 15,632 | S100R31M, S100U1A8, S100VD6B, S100Y4PM |
| Trade receivables | 29,014 | 36,318 | 30,475 | 28,377 | 31,600 | S100R31M, S100U1A8, S100VD6B, S100Y4PM |
| Property, plant and equipment | 44,917 | 45,900 | 46,415 | 52,766 | 62,578 | S100R31M, S100U1A8, S100VD6B, S100Y4PM |
| Intangible assets excluding goodwill | 1,588 | 1,934 | 1,943 | 2,327 | 2,675 | S100R31M, S100U1A8, S100VD6B, S100Y4PM |
| Goodwill | 10 | — | — | 116 | 116 | S100R31M, S100Y4PM |
| Investment securities | 38,330 | 38,411 | 47,524 | 42,879 | 53,286 | S100R31M, S100U1A8, S100VD6B, S100Y4PM |
| Current assets | 73,660 | 88,603 | 96,576 | 90,406 | 99,345 | S100R31M, S100U1A8, S100VD6B, S100Y4PM |
| Current liabilities | 35,234 | 42,130 | 41,716 | 37,072 | 48,409 | S100R31M, S100U1A8, S100VD6B, S100Y4PM |
| Trade payables | 10,039 | 9,954 | 9,788 | 8,076 | 7,708 | S100R31M, S100U1A8, S100VD6B, S100Y4PM |
| Short-term borrowings | 5,600 | 12,450 | 2,606 | 6,089 | 13,155 | S100R31M, S100U1A8, S100VD6B, S100Y4PM |
| Total liabilities | 44,762 | 51,623 | 54,099 | 47,450 | 62,338 | S100R31M, S100U1A8, S100VD6B, S100Y4PM |
| Non-controlling interests | 679 | 772 | 869 | 885 | 994 | S100R31M, S100U1A8, S100VD6B, S100Y4PM |
| Equity attributable to owners of parent | 104,957 | 112,905 | 121,096 | 127,771 | 133,643 | S100R31M, S100U1A8, S100VD6B, S100Y4PM |
| Retained earnings | 71,983 | 79,936 | 87,959 | 95,246 | 101,237 | S100R31M, S100U1A8, S100VD6B, S100Y4PM |
| Treasury stock | -1,161 | -1,256 | -1,088 | -1,494 | -1,614 | S100R31M, S100U1A8, S100VD6B, S100Y4PM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100Y4PM |
| Receivables | 14% | S100Y4PM |
| Property, plant and equipment | 27% | S100Y4PM |
| Intangibles and goodwill | 1% | S100Y4PM |
| Investment securities | 23% | S100Y4PM |
| Other assets | 29% | S100Y4PM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100Y4PM |
| Other liabilities | 24% | S100Y4PM |
| Equity | 73% | S100Y4PM |

### 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 | 163,562 | 180,585 | 202,069 | 198,312 | 230,076 |
| Equity | 118,800 | 128,961 | 147,970 | 150,862 | 167,738 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,733 | 12,008 | 17,991 | 11,851 | 13,460 |

## 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) | 43.8% | S100Y4PM |
| Fixed assets ÷ total assets | 27.2% | S100Y4PM |
| Goodwill ÷ parent equity | 0.1% | S100Y4PM |

Goodwill over 4 years: 10 → 116 JPY; total investing cash flow: -25,560 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) | 5.9% |
| Cash ÷ revenue | 9.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 90.4% |
| Cash vs. profit gap | -4,135 JPY mn (of net income -29.2%) |
| Shareholder returns / net income | 59.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.9% |
| Investing CF relative to operating CF | 76.8% |

## 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 | 7.1% | 0.78× | 5.5% | 1.56× | 8.6% | S100R31M |
| 2023 | 7.2% | 0.81× | 5.8% | 1.58× | 9.2% | S100U1A8 |
| 2024 | 8.3% | 0.72× | 6.0% | 1.64× | 9.8% | S100VD6B |
| 2025 | 9.4% | 0.69× | 6.5% | 1.61× | 10.4% | S100Y4PM |
| 2026 | 9.9% | 0.67× | 6.6% | 1.64× | 10.8% | S100Y4PM |

## 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 | 9.7% | 2026-03-31 |
| 明治安田生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 9.2% | 2026-03-31 |
| ＩＮＴＥＲＴＲＵＳＴ ＴＲＵＳＴＥＥＳ（ＣＡＹＭＡＮ）ＬＩＭＩＴＥＤ ＳＯＬＥＬＹ ＩＮ ＩＴＳ ＣＡＰＡＣＩＴＹ ＡＳ ＴＲＵＳＴＥＥ ＯＦ ＪＡＰＡＮ−ＵＰ（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 6.9% | 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 | 5.8% | 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株式会社） | Major shareholder | 2.7% | 2026-03-31 |
| ＴＯＴＯ株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（役員報酬ＢＩＰ信託口・７５９４７口） | Major shareholder | 1.8% | 2026-03-31 |
| ＩＮＴＥＲＴＲＵＳＴ ＴＲＵＳＴＥＥＳ ＣＡＹＭＡＮ ＬＩＭＩＴＥＤ ＡＳ ＴＲＵＳＴＥＥ ＯＦ ＪＡＰＡＮ−ＵＰ ＵＮＩＴ ＴＲＵＳＴ （常任代理人 立花証券株式会社） | Major shareholder | 1.8% | 2026-03-31 |
| ＧＯＶＥＲＮＭＥＮＴ ＯＦ ＮＯＲＷＡＹ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第145期(2025/04/01－2026/03/31) | S100Y4PM | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y4PM,, |
| 有価証券報告書－第144期(2024/04/01－2025/03/31) | S100VD6B | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VD6B,, |
| 訂正有価証券報告書－第143期(2023/04/01－2024/03/31) | S100U1A8 | 2024-07-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U1A8,, |
| 有価証券報告書－第142期(2022/04/01－2023/03/31) | S100R31M | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R31M,, |
| 有価証券報告書－第141期(令和3年4月1日－令和4年3月31日) | S100OHH4 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHH4,, |
| 有価証券報告書－第140期(令和2年4月1日－令和3年3月31日) | S100LOCF | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOCF,, |

## 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).