# Noritsu Koki Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第71期(2025/01/01－2025/12/31) (S100XS3C)
> Page: https://vizora.meequs.com/en/company/noritsu-koki
> Retrieved: 2026-09-30T20:48:37.866Z

## Company

Noritsu Koki, founded in 1956, is a company in TVs, Audio & Musical Instruments listed on TSE Prime. It has 1,344 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Noritsu Koki Co., Ltd. |
| Ticker | 7744 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7744.T) |
| Listing | TSE Prime |
| Head office | 東京都港区麻布十番一丁目10番10号 |
| Representative (per filing) | 代表取締役CEO 岩切 隆吉 |
| Founded | Jun 1956 |
| Share capital | ¥7.68B |
| Employees (consolidated) | 1,344 |
| Average salary (parent only) | ¥9.9M |
| Fiscal year end | December |
| Website | www.noritsu.co.jp (https://www.noritsu.co.jp/) |
| Corporate number | 9170001002607 |
| EDINET | E02322 |
| Industries (Vizora) | TVs, Audio & Musical Instruments, Stationery & Office Supplies |

> Profile source: annual securities report (S100XS3C, filed 2026-03-19). As of filing

## Five-axis industry profile

Primary industry: TVs, Audio & Musical Instruments (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 95.8 | 12 |
| Cash conversion | 16.7 | 9 |
| Efficiency | 4.2 | 12 |

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 90% of Noritsu Koki's sales come from Audio equipment / Peripherals, with Parts / Materials making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +11.9% from the prior year, operating profit +4.2%.

## Company structure

- Segment revenue mix: Audio equipment / Peripherals 90.1%、Parts / Materials 9.9%
- Revenue → net income: ¥119223000000 → ¥15641000000
- Net income → operating cash flow: ¥15641000000 → ¥19948000000（difference ¥4307000000）
- Main uses of operating cash flow: CapEx ¥2915000000 / dividends ¥8278000000 / buybacks ¥2031000000
- Change in cash: ¥4542000000
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 | ¥119.2B |  |
| Operating income | ¥20.8B | Margin 17.5% |
| Net income | ¥15.6B | Margin 13.1% |
| Free cash flow | ¥17B |  |
| Largest business | Audio equipment / Peripherals | of segment revenue 90.1% |
| Employees (consolidated) | 1,344 |  |
| EPS | ¥146.95 |  |
| Diluted EPS | ¥142.74 |  |
| Book value per share | ¥1567.92 |  |
| Equity ratio | 75.7% | Derived from disclosed figures |
| Shares outstanding | 108,818,916 |  |
| Treasury shares | 1,421,300 |  |
| Shareholders | 9,743 |  |
| Average salary (parent only) | ¥9.9M | Filing company only |
| Cash ratio | 32.3% | Cash ÷ revenue 81.7% |
| Vs. industry median margin | +12.5 pp | TVs, Audio & Musical Instruments |
| ROE | 6.9% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2025, revenue is 2.2× its level five years ago
- FY2025, one segment accounts for 90% of positive segment profit
- FY2025, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥41148000000 | ¥119223000000 | +189.7% |
| Operating income | ¥5816000000 | ¥20815000000 | +257.9% |
| Operating margin | 14.1% | 17.5% | +3.3 pp |
| Employees | 1,776 people | 1,344 people | -24.3% |
| Cash and equivalents | ¥69596000000 | ¥97399000000 | +39.9% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ものづくり → 事業再編・廃止 | 70.2% |
| ヘルスケア → 事業再編・廃止 | 29.8% |
| 新設・再編 → 部品・材料 | 9.9% |
| 新設・再編 → 音響機器関連 | 90.1% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 119,223 | 100.0% | S100XS3C |
| Cost of revenue | 59,526 | 49.9% | S100XS3C |
| Gross profit | 59,697 | 50.1% | S100XS3C |
| Operating income | 20,815 | 17.5% | S100XS3C |
| Pretax income | 21,949 | 18.4% | S100XS3C |
| Income tax | 6,302 | 5.3% | S100XS3C |
| Net income | 15,641 | 13.1% | S100XS3C |
| Net income attributable to owners | 15,639 | 13.1% | S100XS3C |

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

| Part | JPY |
| --- | ---: |
| Operating expenses | 83 |
| Operating income | 17 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 50.1% → Operating margin 17.5% → Net margin 13.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.9%; Core profit growth: +4.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.35×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 106,539 | 119,223 | 12,684 | +11.9% |
| Gross profit | 52,661 | 59,697 | 7,036 | +13.4% |
| Operating income | 19,971 | 20,815 | 844 | +4.2% |
| Net income attributable to owners | 16,120 | 15,639 | -481 | -3.0% |
| Operating cash flow | 31,944 | 19,948 | -11,996 | -37.6% |
| Free cash flow | 30,305 | 17,033 | -13,272 | -43.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 50,045 | — | — | 4,290 | 2,100 | — | S100NQKC |
| FY ending Mar 2018 | 56,035 | — | — | 8,920 | 2,785 | — | S100QG0I |
| FY ending Mar 2019 | 63,527 | — | — | 2,948 | 7,099 | — | S100T3N6 |
| FY ending Mar 2020 | 26,147 | 4,134 | 15.8% | 1,289 | 7,064 | 5,676 | S100L25H |
| FY ending Dec 2020 | 41,148 | 5,816 | 14.1% | 9,893 | 5,557 | 1,992 | S100NQKC |
| FY ending Dec 2021 | 54,481 | 6,068 | 11.1% | 5,115 | 3,907 | 1,709 | S100QG0I |
| FY ending Dec 2022 | 73,515 | 1,262 | 1.7% | 101,554 | 11,738 | 9,781 | S100T3N6 |
| FY ending Dec 2023 | 90,052 | 14,388 | 16.0% | 10,199 | -31,588 | -33,616 | S100VIFV |
| FY ending Dec 2024 | 106,539 | 19,971 | 18.7% | 16,120 | 31,944 | 30,305 | S100XS3C |
| FY ending Dec 2025 | 119,223 | 20,815 | 17.5% | 15,639 | 19,948 | 17,033 | S100XS3C |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥88.7M |
| Operating income per employee (consolidated) | ¥15.5M |
| Net income per employee (consolidated) | ¥11.6M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,076 | 1,184 | 1,246 | 1,239 | 1,344 |
| Average salary (parent company) | ¥8.4M | ¥7.6M | ¥10.5M | ¥9.2M | ¥9.9M |
| Average age (parent company) | 39.6 years | 40.2 years | 42.3 years | 41.6 years | 41.2 years |
| Average tenure (parent company) | 2.3 years | 2.6 years | 2.8 years | 3.0 years | 3.4 years |

Year over year: Employees (consolidated) +8.5% · Revenue (consolidated) +11.9%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Parts / Materials | 11,744 | 9.9% | 2,778 | 23.7% |
| Audio equipment / Peripherals | 107,478 | 90.1% | 24,166 | 22.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Parts / Materials | 9.9% | 10.3% | 0.5 | 23.7% |
| Audio equipment / Peripherals | 90.1% | 89.7% | -0.5 | 22.5% |

Segment → industry: Audio equipment / Peripherals → TVs, Audio & Musical Instruments / Parts / Materials → Stationery & Office Supplies

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 19,948 | 16.7% | S100XS3C |
| Capital expenditure | 2,915 | 2.4% | S100XS3C |
| Free cash flow | 17,033 | 14.3% | 算出 |
| Investing cash flow | -43 | -0.0% | S100XS3C |
| Financing cash flow | -15,886 | -13.3% | S100XS3C |
| Dividends paid | 8,278 | 6.9% | S100XS3C |
| Share buyback | 2,031 | 1.7% | S100XS3C |
| Change in cash | 4,542 | 3.8% | S100XS3C |
| Cash and equivalents | 97,399 | 81.7% | S100XS3C |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 38,141 | 96,436 | 70,190 | 92,856 | 97,399 | S100T3N6, S100VIFV, S100XS3C |
| Total assets | 264,141 | 307,257 | 279,471 | 299,368 | 301,798 | S100QG0I, S100T3N6, S100VIFV, S100XS3C |
| Net assets | 126,736 | 192,895 | 205,844 | 222,960 | 228,590 | S100T3N6, S100VIFV, S100XS3C |
| Share capital | 7,025 | 7,025 | 7,025 | 7,025 | 7,685 | S100QG0I, S100T3N6, S100VIFV, S100XS3C |
| Property, plant and equipment | 9,361 | 7,314 | 7,785 | 7,468 | 8,304 | S100QG0I, S100T3N6, S100VIFV, S100XS3C |
| Goodwill | 72,179 | 48,589 | 49,256 | 50,451 | 50,333 | S100QG0I, S100T3N6, S100VIFV, S100XS3C |
| Current assets | 77,972 | 128,539 | 114,967 | 135,122 | 141,928 | S100QG0I, S100T3N6, S100VIFV, S100XS3C |
| Total liabilities | 137,404 | 114,362 | 73,626 | 76,408 | 73,208 | S100QG0I, S100T3N6, S100VIFV, S100XS3C |
| Equity attributable to owners of parent | 111,024 | 192,544 | 205,374 | 222,246 | 228,473 | S100QG0I, S100T3N6, S100VIFV, S100XS3C |
| Retained earnings | 63,522 | 157,863 | 162,135 | 172,787 | 177,516 | S100QG0I, S100T3N6, S100VIFV, S100XS3C |
| Treasury stock | -1,169 | -1,119 | -1,066 | -1,029 | -1,510 | S100QG0I, S100T3N6, S100VIFV, S100XS3C |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100XS3C |
| Property, plant and equipment | 3% | S100XS3C |
| Intangibles and goodwill | 17% | — |
| Other assets | 48% | S100XS3C |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100XS3C |
| Equity | 76% | S100XS3C |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 264,141 | 307,257 | 279,471 | 299,368 | 301,798 |
| Equity | 126,736 | 192,895 | 205,844 | 222,960 | 228,590 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 38,141 | 96,436 | 70,190 | 92,856 | 97,399 |

## 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) | 7.0% | S100XS3C |
| Fixed assets ÷ total assets | 2.8% | S100XS3C |
| Goodwill ÷ parent equity | 22.0% | S100XS3C |

Goodwill over 4 years: 72,179 → 50,333 JPY; total investing cash flow: 77,105 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) | 32.3% |
| Cash ÷ revenue | 81.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 95.8% |
| Cash vs. profit gap | 4,309 JPY mn (of net income 27.6%) |
| Shareholder returns / net income | 65.9% |
| Shareholder returns / FCF | 60.5% |
| Shareholder payments — dividends / net income | 52.9% |
| Shareholder payments — dividends / FCF | 48.6% |
| CapEx intensity (capex ÷ revenue) | 2.4% |
| Investing CF relative to operating CF | 0.2% |

## 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 | 9.4% | 0.21× | 1.9% | 2.38× | 4.6% | S100QG0I |
| 2022 | 138.1% | 0.26× | 35.5% | 1.88× | 66.9% | S100T3N6 |
| 2023 | 11.3% | 0.31× | 3.5% | 1.47× | 5.1% | S100VIFV |
| 2024 | 15.1% | 0.37× | 5.6% | 1.35× | 7.5% | S100XS3C |
| 2025 | 13.1% | 0.40× | 5.2% | 1.33× | 6.9% | S100XS3C |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 西本興産株式会社 | Major shareholder | 41.9% | 2025-12-31 |
| 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% | 2025-12-31 |
| 西本 佳代 | Major shareholder | 5.6% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.1% | 2025-12-31 |
| 岩切 隆吉 | Major shareholder | 1.7% | 2025-12-31 |
| 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 | 1.5% | 2025-12-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.3% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505025 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.1% | 2025-12-31 |
| GOVERNMENT OF NORWAY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.0% | 2025-12-31 |
| HSBC BANK PLC A/C M AND G (ACS) VALUE PARTNERS CHINA EQUITY FUND （常任代理人 香港上海銀行東京支店） | Major shareholder | 0.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第71期(2025/01/01－2025/12/31) | S100XS3C | 2026-03-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS3C,, |
| 有価証券報告書－第70期(2024/01/01－2024/12/31) | S100VIFV | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIFV,, |
| 有価証券報告書－第69期(2023/01/01－2023/12/31) | S100T3N6 | 2024-03-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3N6,, |
| 有価証券報告書－第68期(2022/01/01－2022/12/31) | S100QG0I | 2023-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG0I,, |
| 有価証券報告書－第67期(令和3年1月1日－令和3年12月31日) | S100NQKC | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQKC,, |
| 有価証券報告書－第66期(令和2年4月1日－令和2年12月31日) | S100L25H | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L25H,, |

## 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).