# NOZAWA 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166期(2025/04/01－2026/03/31) (S100YK4Z)
> Page: https://vizora.meequs.com/en/company/nozawa
> Retrieved: 2026-09-30T19:51:07.788Z

## Company

Nozawa, founded in 1897, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 332 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NOZAWA CORPORATION |
| Ticker | 5237 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5237.T) |
| Listing | TSE Standard |
| Head office | 神戸市中央区浪花町15番地 |
| Representative (per filing) | 代表取締役社長 野澤俊也 |
| Founded | Aug 1897 |
| Share capital | ¥2.45B |
| Employees (consolidated) | 332 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.nozawa-kobe.co.jp (https://www.nozawa-kobe.co.jp/) |
| Corporate number | 9140001010083 |
| EDINET | E01166 |
| Industries (Vizora) | Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YK4Z, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.2 | 56 |
| Profitability | 85.3 | 58 |
| Cash conversion | 11 | 50 |
| Efficiency | 31.9 | 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)

- Nozawa brought in ¥22.3B in revenue.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +1.6% from the prior year, operating profit +18.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥22312878000 → ¥605209000
- Net income → operating cash flow: ¥605209000 → ¥236698000（difference ¥-368511000）
- Main uses of operating cash flow: CapEx ¥793648000 / dividends — / buybacks ¥301000
- Change in cash: ¥-1032593000
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 | ¥22.3B |  |
| Operating income | ¥1.99B | Margin 8.9% |
| Net income | ¥605.2M | Margin 2.7% |
| Free cash flow | -¥557M |  |
| Employees (consolidated) | 332 |  |
| EPS | ¥42.34 |  |
| Book value per share | ¥1694.41 |  |
| Equity ratio | 72.0% |  |
| Shares outstanding | 12,075,000 |  |
| Treasury shares | 173,000 |  |
| Shareholders | 4,513 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 18.8% | Cash ÷ revenue 25.6% |
| Vs. industry median margin | +4.5 pp | Housing Equipment & Building Materials |
| ROE | 3.8% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -2% while operating income rose 19%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥22394324000 | ¥22312878000 | -0.4% |
| Operating income | ¥1846760000 | ¥1993781000 | +8.0% |
| Operating margin | 8.2% | 8.9% | +0.7 pp |
| Employees | 370 people | 332 people | -10.3% |
| Cash and equivalents | ¥5934676000 | ¥5722255000 | -3.6% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,313 | 100.0% | S100YK4Z |
| Cost of revenue | 16,002 | 71.7% | S100YK4Z |
| Gross profit | 6,311 | 28.3% | S100YK4Z |
| SG&A | 4,317 | 19.3% | S100YK4Z |
| Operating income | 1,994 | 8.9% | S100YK4Z |
| Ordinary income | 2,167 | 9.7% | S100YK4Z |
| Pretax income | 715 | 3.2% | S100YK4Z |
| Income tax | 110 | 0.5% | S100YK4Z |
| Net income | 605 | 2.7% | S100YK4Z |
| Net income attributable to owners | 605 | 2.7% | S100YK4Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 19 |
| Operating income | 9 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 28.3% → Operating margin 8.9% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.6%; Core profit growth: +18.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.42×
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 | 21,954 | 22,313 | 359 | +1.6% |
| Gross profit | 6,117 | 6,311 | 194 | +3.2% |
| Operating income | 1,680 | 1,994 | 314 | +18.7% |
| Net income attributable to owners | 1,157 | 605 | -552 | -47.7% |
| Operating cash flow | 432 | 237 | -195 | -45.2% |
| Free cash flow | -331 | -557 | -226 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 22,487 | 1,202 | 5.3% | 855 | 668 | -428 | S100LTOX |
| FY ending Mar 2021 | 22,394 | 1,847 | 8.2% | 1,262 | 2,411 | 1,642 | S100OK67 |
| FY ending Mar 2022 | 20,547 | 1,849 | 9.0% | 1,714 | 2,151 | 1,466 | S100R8QX |
| FY ending Mar 2023 | 20,976 | 1,007 | 4.8% | 487 | 782 | 222 | S100TWQO |
| FY ending Mar 2024 | 23,075 | 1,780 | 7.7% | 875 | 2,027 | 871 | S100W6GR |
| FY ending Mar 2025 | 21,954 | 1,680 | 7.7% | 1,157 | 432 | -331 | S100YK4Z |
| FY ending Mar 2026 | 22,313 | 1,994 | 8.9% | 605 | 237 | -557 | S100YK4Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥67.2M |
| Operating income per employee (consolidated) | ¥6M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 364 | 358 | 347 | 338 | 332 |
| Average salary (parent company) | ¥6.5M | ¥6.2M | ¥6.4M | ¥6.5M | ¥6.7M |
| Average age (parent company) | 43.8 years | 44.3 years | 44.9 years | 45.7 years | 46.9 years |
| Average tenure (parent company) | 19.5 years | 19.5 years | 20.3 years | 21.4 years | 22.3 years |

Year over year: Employees (consolidated) -1.8% · Revenue (consolidated) +1.6%

## 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 | 237 | 1.1% | S100YK4Z |
| Capital expenditure | 794 | 3.6% | S100YK4Z |
| Free cash flow | -557 | -2.5% | 算出 |
| Investing cash flow | -790 | -3.5% | S100YK4Z |
| Financing cash flow | -479 | -2.1% | S100YK4Z |
| Share buyback | 0 | 0.0% | S100YK4Z |
| Change in cash | -1,033 | -4.6% | S100YK4Z |
| Cash and equivalents | 5,722 | 25.6% | S100YK4Z |

## 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 | 7,016 | 6,993 | 7,389 | 6,755 | 5,722 | S100TWQO, S100W6GR, S100YK4Z |
| Total assets | 27,807 | 28,388 | 29,478 | 30,240 | 30,451 | S100R8QX, S100TWQO, S100W6GR, S100YK4Z |
| Net assets | 18,349 | 18,481 | 19,810 | 20,666 | 21,931 | S100TWQO, S100W6GR, S100YK4Z |
| Share capital | 2,449 | 2,449 | 2,449 | 2,449 | 2,449 | S100R8QX, S100TWQO, S100W6GR, S100YK4Z |
| Property, plant and equipment | 10,477 | 10,306 | 10,581 | 10,548 | 10,180 | S100R8QX, S100TWQO, S100W6GR, S100YK4Z |
| Intangible assets excluding goodwill | 84 | 141 | 132 | 110 | 69 | S100R8QX, S100TWQO, S100W6GR, S100YK4Z |
| Investment securities | 2,545 | 2,565 | 3,635 | 3,614 | 4,923 | S100R8QX, S100TWQO, S100W6GR, S100YK4Z |
| Current assets | 13,637 | 14,388 | 14,260 | 14,929 | 14,389 | S100R8QX, S100TWQO, S100W6GR, S100YK4Z |
| Current liabilities | 5,287 | 5,663 | 5,223 | 4,898 | 4,213 | S100R8QX, S100TWQO, S100W6GR, S100YK4Z |
| Trade payables | 3,211 | 3,614 | 3,674 | 3,179 | 2,684 | S100R8QX, S100TWQO, S100W6GR, S100YK4Z |
| Total liabilities | 9,458 | 9,907 | 9,668 | 9,574 | 8,520 | S100R8QX, S100TWQO, S100W6GR, S100YK4Z |
| Equity attributable to owners of parent | 14,483 | 14,513 | 15,107 | 16,025 | 16,171 | S100R8QX, S100TWQO, S100W6GR, S100YK4Z |
| Retained earnings | 10,824 | 10,854 | 11,330 | 12,083 | 12,032 | S100R8QX, S100TWQO, S100W6GR, S100YK4Z |
| Treasury stock | -261 | -261 | -209 | -136 | -68 | S100R8QX, S100TWQO, S100W6GR, S100YK4Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YK4Z |
| Property, plant and equipment | 34% | S100YK4Z |
| Intangibles and goodwill | 0% | S100YK4Z |
| Investment securities | 16% | S100YK4Z |
| Other assets | 31% | S100YK4Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YK4Z |
| Other liabilities | 19% | S100YK4Z |
| Equity | 72% | S100YK4Z |
| Other liabilities | 0% | S100YK4Z |

### 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 | 27,807 | 28,388 | 29,478 | 30,240 | 30,451 |
| Equity | 18,349 | 18,481 | 19,810 | 20,666 | 21,931 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,016 | 6,993 | 7,389 | 6,755 | 5,722 |

## 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) | 45.6% | S100YK4Z |
| Fixed assets ÷ total assets | 33.4% | S100YK4Z |
| Goodwill ÷ parent equity | — | —, S100YK4Z |

### 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) | 18.8% |
| Cash ÷ revenue | 25.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 11.9% |
| Cash vs. profit gap | -369 JPY mn (of net income -60.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 3.6% |
| Investing CF relative to operating CF | 334.0% |

## 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 | 8.3% | 0.74× | 6.2% | 1.92× | 11.8% | S100R8QX |
| 2023 | 2.3% | 0.75× | 1.7% | 1.94× | 3.4% | S100TWQO |
| 2024 | 3.8% | 0.80× | 3.0% | 1.95× | 5.9% | S100W6GR |
| 2025 | 5.3% | 0.74× | 3.9% | 1.92× | 7.4% | S100YK4Z |
| 2026 | 2.7% | 0.74× | 2.0% | 1.89× | 3.8% | S100YK4Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ノザワ取引先持株会 | Major shareholder | 5.9% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.8% | 2026-03-31 |
| 神栄株式会社 | Major shareholder | 4.1% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.7% | 2026-03-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| ＣＢＣ株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| 日工株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| ノザワ従業員持株会 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社トクヤマ | Major shareholder | 2.2% | 2026-03-31 |
| あいおいニッセイ同和損害保険株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社みなと銀行 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第166期(2025/04/01－2026/03/31) | S100YK4Z | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK4Z,, |
| 有価証券報告書－第165期(2024/04/01－2025/03/31) | S100W6GR | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6GR,, |
| 有価証券報告書－第164期(2023/04/01－2024/03/31) | S100TWQO | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWQO,, |
| 有価証券報告書－第163期(2022/04/01－2023/03/31) | S100R8QX | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8QX,, |
| 有価証券報告書－第162期(令和3年4月1日－令和4年3月31日) | S100OK67 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK67,, |
| 有価証券報告書－第161期(令和2年4月1日－令和3年3月31日) | S100LTOX | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTOX,, |

## 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).