# NORITZ CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第76期(2025/01/01－2025/12/31) (S100XUKL)
> Page: https://vizora.meequs.com/en/company/noritz
> Retrieved: 2026-09-30T21:03:33.600Z

## Company

Noritz, founded in 1951, is a company in Housing Equipment & Building Materials listed on TSE Prime. It has 5,934 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NORITZ CORPORATION |
| Ticker | 5943 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5943.T) |
| Listing | TSE Prime |
| Head office | 神戸市中央区江戸町93番地 |
| Representative (per filing) | 代表取締役社長 竹中 昌之 |
| Founded | Mar 1951 |
| Share capital | ¥20.2B |
| Employees (consolidated) | 5,934 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | December |
| Website | www.noritz.co.jp (https://www.noritz.co.jp/) |
| Corporate number | 6140001010383 |
| EDINET | E02379 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100XUKL, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36.6 | 56 |
| Profitability | 30.2 | 58 |
| Cash conversion | 85 | 50 |
| Efficiency | 57.8 | 58 |

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 68% of Noritz's sales come from Domestic business, with Overseas business making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -0.1% from the prior year, operating profit +79.5%.

## Company structure

- Segment revenue mix: Domestic business 67.7%、Overseas business 32.3%
- Revenue → net income: ¥202049000000 → ¥3613000000
- Net income → operating cash flow: ¥3613000000 → ¥9962000000（difference ¥6349000000）
- Main uses of operating cash flow: CapEx ¥6208000000 / dividends ¥3279000000 / buybacks ¥2001000000
- Change in cash: ¥-4496000000
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 | ¥202B |  |
| Operating income | ¥4.3B | Margin 2.1% |
| Net income | ¥3.36B | Margin 1.7% |
| Free cash flow | ¥3.75B |  |
| Largest business | Domestic business | of segment revenue 67.7% |
| Employees (consolidated) | 5,934 |  |
| EPS | ¥36.88 |  |
| Diluted EPS | ¥36.84 |  |
| Book value per share | ¥2041.5 |  |
| Equity ratio | 59.0% |  |
| Shares outstanding | 48,554,000 |  |
| Treasury shares | 2,642,400 |  |
| Shareholders | 9,954 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 9.6% | Cash ÷ revenue 11.3% |
| Vs. industry median margin | -2.3 pp | Housing Equipment & Building Materials |
| ROE | 3.4% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.0× net income
- FY2025, employees -3% while operating income rose 80%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥183859000000 | ¥202049000000 | +9.9% |
| Operating income | ¥4763000000 | ¥4300000000 | -9.7% |
| Operating margin | 2.6% | 2.1% | -0.5 pp |
| Employees | 6,995 people | 5,934 people | -15.2% |
| Cash and equivalents | ¥30669000000 | ¥22850000000 | -25.5% |

### 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 |
| --- | ---: |
| 国内事業 → 国内事業 | 67.7% |
| 国内事業 → 事業再編・廃止 | 4.9% |
| 海外事業 → 海外事業 | 27.5% |
| 新設・再編 → 海外事業 | 4.9% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 202,049 | 100.0% | S100XUKL |
| Cost of revenue | 138,349 | 68.5% | S100XUKL |
| Gross profit | 63,700 | 31.5% | S100XUKL |
| SG&A | 59,399 | 29.4% | S100XUKL |
| Operating income | 4,300 | 2.1% | S100XUKL |
| Ordinary income | 5,544 | 2.7% | S100XUKL |
| Pretax income | 5,543 | 2.7% | S100XUKL |
| Income tax | 1,929 | 1.0% | S100XUKL |
| Net income | 3,613 | 1.8% | S100XUKL |
| Net income attributable to owners | 3,358 | 1.7% | S100XUKL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 29 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 31.5% → Operating margin 2.1% → Net margin 1.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.1%; Core profit growth: +79.5%
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 | 202,204 | 202,049 | -155 | -0.1% |
| Gross profit | 63,142 | 63,700 | 558 | +0.9% |
| Operating income | 2,395 | 4,300 | 1,905 | +79.5% |
| Net income attributable to owners | 4,383 | 3,358 | -1,025 | -23.4% |
| Operating cash flow | 8,618 | 9,962 | 1,344 | +15.6% |
| Free cash flow | 1,604 | 3,754 | 2,150 | +134.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 208,396 | 2,693 | 1.3% | 1,512 | 6,138 | 346 | S100L230 |
| FY ending Dec 2020 | 183,859 | 4,763 | 2.6% | -3,013 | 9,415 | 4,626 | S100NROX |
| FY ending Dec 2021 | 178,142 | 2,500 | 1.4% | 5,479 | 15,447 | 11,818 | S100QI0P |
| FY ending Dec 2022 | 210,966 | 6,889 | 3.3% | 4,800 | 2,403 | -2,033 | S100T5D4 |
| FY ending Dec 2023 | 201,891 | 3,840 | 1.9% | 868 | -1,868 | -9,588 | S100VGXF |
| FY ending Dec 2024 | 202,204 | 2,395 | 1.2% | 4,383 | 8,618 | 1,604 | S100XUKL |
| FY ending Dec 2025 | 202,049 | 4,300 | 2.1% | 3,358 | 9,962 | 3,754 | S100XUKL |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34M |
| Operating income per employee (consolidated) | ¥724.6K |
| Net income per employee (consolidated) | ¥565.9K |

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) | 6,720 | 6,569 | 6,280 | 6,128 | 5,934 |
| Average salary (parent company) | ¥6.5M | ¥6.3M | ¥6.6M | ¥6.5M | ¥6.5M |
| Average age (parent company) | 43.0 years | 43.5 years | 43.8 years | 43.9 years | 43.8 years |
| Average tenure (parent company) | 17.5 years | 18.0 years | 18.2 years | 18.3 years | 18.1 years |

Year over year: Employees (consolidated) -3.2% · Revenue (consolidated) -0.1%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic business | 136,748 | 67.7% | 2,121 | 1.6% |
| Overseas business | 65,301 | 32.3% | 2,179 | 3.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic business | 67.7% | 49.3% | -18.4 | 1.6% |
| Overseas business | 32.3% | 50.7% | 18.4 | 3.3% |

Segment → industry: Overseas business → Housing Equipment & Building Materials / Domestic business → Housing Equipment & Building Materials

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 9,962 | 4.9% | S100XUKL |
| Capital expenditure | 6,208 | 3.1% | S100XUKL |
| Free cash flow | 3,754 | 1.9% | 算出 |
| Investing cash flow | -11,125 | -5.5% | S100XUKL |
| Financing cash flow | -3,673 | -1.8% | S100XUKL |
| Dividends paid | 3,279 | 1.6% | S100XUKL |
| Share buyback | 2,001 | 1.0% | S100XUKL |
| Change in cash | -4,496 | -2.2% | S100XUKL |
| Cash and equivalents | 22,850 | 11.3% | S100XUKL |

## 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 | 43,159 | 35,147 | 25,159 | 27,346 | 22,850 | S100T5D4, S100VGXF, S100XUKL |
| Total assets | 194,527 | 216,974 | 207,771 | 223,767 | 237,119 | S100QI0P, S100T5D4, S100VGXF, S100XUKL |
| Net assets | 116,193 | 119,656 | 126,667 | 136,939 | 145,029 | S100T5D4, S100VGXF, S100XUKL |
| Share capital | 20,167 | 20,167 | 20,167 | 20,167 | 20,167 | S100QI0P, S100T5D4, S100VGXF, S100XUKL |
| Trade receivables | 31,302 | — | — | — | — | S100QI0P |
| Inventories | 22,033 | 32,223 | 33,821 | 32,320 | 31,750 | S100QI0P, S100T5D4, S100VGXF, S100XUKL |
| Property, plant and equipment | 33,865 | 33,990 | 36,523 | 38,796 | 41,047 | S100QI0P, S100T5D4, S100VGXF, S100XUKL |
| Intangible assets excluding goodwill | 9,360 | 9,693 | 9,759 | 10,626 | 10,705 | S100QI0P, S100T5D4, S100VGXF, S100XUKL |
| Goodwill | 1,519 | 1,446 | 1,213 | 993 | 737 | S100QI0P, S100T5D4, S100VGXF, S100XUKL |
| Investment securities | 32,256 | 32,701 | 32,706 | 35,952 | 42,454 | S100QI0P, S100T5D4, S100VGXF, S100XUKL |
| Current assets | 112,010 | 132,183 | 121,518 | 126,267 | 124,114 | S100QI0P, S100T5D4, S100VGXF, S100XUKL |
| Current liabilities | 58,608 | 80,245 | 66,824 | 68,616 | 70,965 | S100QI0P, S100T5D4, S100VGXF, S100XUKL |
| Trade payables | 34,909 | 48,360 | 39,281 | 37,681 | 38,525 | S100QI0P, S100T5D4, S100VGXF, S100XUKL |
| Short-term borrowings | 809 | 2,112 | 2,527 | 3,227 | 5,982 | S100QI0P, S100T5D4, S100VGXF, S100XUKL |
| Long-term borrowings | 40 | — | — | 562 | 291 | S100QI0P, S100XUKL |
| Total liabilities | 78,333 | 97,318 | 81,104 | 86,828 | 92,090 | S100QI0P, S100T5D4, S100VGXF, S100XUKL |
| Non-controlling interests | 4,096 | 4,303 | 4,610 | 4,868 | 5,125 | S100QI0P, S100T5D4, S100VGXF, S100XUKL |
| Equity attributable to owners of parent | 100,618 | 99,948 | 98,320 | 100,450 | 99,540 | S100QI0P, S100T5D4, S100VGXF, S100XUKL |
| Retained earnings | 64,995 | 64,309 | 62,410 | 60,822 | 60,940 | S100QI0P, S100T5D4, S100VGXF, S100XUKL |
| Treasury stock | -7,509 | -7,486 | -7,215 | -3,535 | -4,630 | S100QI0P, S100T5D4, S100VGXF, S100XUKL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XUKL |
| Inventories | 13% | S100XUKL |
| Property, plant and equipment | 17% | S100XUKL |
| Intangibles and goodwill | 5% | S100XUKL |
| Investment securities | 18% | S100XUKL |
| Other assets | 37% | S100XUKL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 16% | S100XUKL |
| Other liabilities | 23% | S100XUKL |
| Equity | 61% | S100XUKL |

### 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 | 194,527 | 216,974 | 207,771 | 223,767 | 237,119 |
| Equity | 116,193 | 119,656 | 126,667 | 136,939 | 145,029 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 43,159 | 35,147 | 25,159 | 27,346 | 22,850 |

## 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) | 20.3% | S100XUKL |
| Fixed assets ÷ total assets | 17.3% | S100XUKL |
| Goodwill ÷ parent equity | 0.7% | S100XUKL |

Goodwill over 4 years: 1,519 → 737 JPY; total investing cash flow: -33,097 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) | 9.6% |
| Cash ÷ revenue | 11.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 231.7% |
| Cash vs. profit gap | 6,604 JPY mn (of net income 196.7%) |
| Shareholder returns / net income | 157.2% |
| Shareholder returns / FCF | 140.6% |
| Shareholder payments — dividends / net income | 97.6% |
| Shareholder payments — dividends / FCF | 87.3% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 111.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.1% | 0.92× | 2.8% | 1.93× | 5.4% | S100QI0P |
| 2022 | 2.3% | 1.03× | 2.3% | 2.05× | 4.8% | S100T5D4 |
| 2023 | 0.4% | 0.95× | 0.4% | 2.14× | 0.9% | S100VGXF |
| 2024 | 2.2% | 0.94× | 2.0% | 2.17× | 4.4% | S100XUKL |
| 2025 | 1.7% | 0.88× | 1.5% | 2.30× | 3.4% | S100XUKL |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 11.8% | 2025-12-31 |
| ノーリツ取引先持株会 | Major shareholder | 5.2% | 2025-12-31 |
| ㈱三井住友銀行 | Major shareholder | 3.8% | 2025-12-31 |
| 第一生命保険㈱ | Major shareholder | 3.5% | 2025-12-31 |
| ㈱長府製作所 | Major shareholder | 3.3% | 2025-12-31 |
| ＮＩＰＰＯＮ ＡＣＴＩＶＥ ＶＡＬＵＥ ＦＵＮＤ ＰＬＣ (常任代理人 香港上海銀行東京支店) | Major shareholder | 3.3% | 2025-12-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３ (常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 3.1% | 2025-12-31 |
| ノーリツ従業員持株会 | Major shareholder | 2.9% | 2025-12-31 |
| ノーリツ得意先持株会 | Major shareholder | 2.5% | 2025-12-31 |
| 日本電気硝子㈱ | Major shareholder | 2.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/01/01－2025/12/31) | S100XUKL | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XUKL,, |
| 有価証券報告書－第75期(2024/01/01－2024/12/31) | S100VGXF | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGXF,, |
| 有価証券報告書－第74期(2023/01/01－2023/12/31) | S100T5D4 | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5D4,, |
| 有価証券報告書－第73期(2022/01/01－2022/12/31) | S100QI0P | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QI0P,, |
| 有価証券報告書－第72期(令和3年1月1日－令和3年12月31日) | S100NROX | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NROX,, |
| 有価証券報告書－第71期(令和2年1月1日－令和2年12月31日) | S100L230 | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L230,, |

## 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).