# NPC Incorporated: business model and financials

> Latest period: FY ending Aug 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第33期(2024/09/01－2025/08/31) (S100X6PR)
> Page: https://vizora.meequs.com/en/company/npc
> Retrieved: 2026-09-30T20:25:03.998Z

## Company

NPC, founded in 1992, is a company in Industrial Machinery listed on TSE Growth. It has 168 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NPC Incorporated |
| Ticker | 6255 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6255.T) |
| Listing | TSE Growth |
| Head office | 東京都台東区東上野一丁目7番15号 |
| Representative (per filing) | 代表取締役社長 伊藤雅文 |
| Founded | Dec 1992 |
| Share capital | ¥2.81B |
| Employees (consolidated) | 168 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | August |
| Website | www.npcgroup.net (https://www.npcgroup.net/) |
| Corporate number | 9011501005718 |
| EDINET | E01734 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100X6PR, filed 2025-11-28). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2025-08-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 24.1 | 110 |
| Profitability | 96.3 | 122 |
| Cash conversion | 33.2 | 116 |
| Efficiency | 31.6 | 122 |

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)

- NPC brought in ¥9.27B in revenue.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed -14.1% from the prior year, operating profit -21.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥9272037000 → ¥1325483000
- Net income → operating cash flow: ¥1325483000 → ¥1477812000（difference ¥152329000）
- Main uses of operating cash flow: CapEx ¥64634000 / dividends ¥214299000 / buybacks —
- Change in cash: ¥1183965000
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 | ¥9.27B |  |
| Operating income | ¥1.92B | Margin 20.7% |
| Net income | ¥1.33B | Margin 14.3% |
| Free cash flow | ¥1.41B |  |
| Employees (consolidated) | 168 |  |
| EPS | ¥53.25 |  |
| Book value per share | ¥470.02 |  |
| Equity ratio | 83.9% |  |
| Shares outstanding | 22,052,426 |  |
| Treasury shares | 426,800 |  |
| Shareholders | 20,634 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 49.7% | Cash ÷ revenue 69.3% |
| Vs. industry median margin | +13.1 pp | Industrial Machinery |
| ROE | 13.1% | Derived from disclosed figures |
| ROA | 9.4% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 50% of total assets

## What changed in 5 years

| Metric | FY ending Aug 2020 | FY ending Aug 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7938097000 | ¥9272037000 | +16.8% |
| Operating income | ¥879716000 | ¥1920457000 | +118.3% |
| Operating margin | 11.1% | 20.7% | +9.6 pp |
| Employees | 155 people | 168 people | +8.4% |
| Cash and equivalents | ¥2052788000 | ¥6421790000 | +212.8% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 装置関連事業 → 事業再編・廃止 | 94.3% |
| 環境関連事業 → 事業再編・廃止 | 5.7% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,272 | 100.0% | S100X6PR |
| Cost of revenue | 6,171 | 66.6% | S100X6PR |
| Gross profit | 3,101 | 33.4% | S100X6PR |
| SG&A | 1,181 | 12.7% | S100X6PR |
| Operating income | 1,920 | 20.7% | S100X6PR |
| Ordinary income | 1,922 | 20.7% | S100X6PR |
| Pretax income | 1,922 | 20.7% | S100X6PR |
| Income tax | 597 | 6.4% | S100X6PR |
| Net income | 1,325 | 14.3% | S100X6PR |
| Net income attributable to owners | 1,325 | 14.3% | S100X6PR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 13 |
| Operating income | 21 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 33.4% → Operating margin 20.7% → Net margin 14.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -14.1%; Core profit growth: -21.2%
Operating leverage (core profit growth ÷ revenue growth): 1.50×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 10,798 | 9,272 | -1,526 | -14.1% |
| Gross profit | 3,580 | 3,101 | -479 | -13.4% |
| Operating income | 2,436 | 1,920 | -516 | -21.2% |
| Net income attributable to owners | 1,676 | 1,325 | -351 | -20.9% |
| Operating cash flow | 558 | 1,478 | 920 | +164.9% |
| Free cash flow | 467 | 1,413 | 946 | +202.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Aug 2019 | 6,879 | 687 | 10.0% | 681 | -17 | -63 | S100K9VJ |
| FY ending Aug 2020 | 7,938 | 880 | 11.1% | 749 | 1,596 | 1,528 | S100MXYN |
| FY ending Aug 2021 | 7,823 | 1,172 | 15.0% | 779 | 1,630 | 1,397 | S100PP7I |
| FY ending Aug 2022 | 4,379 | 620 | 14.2% | 379 | 84 | 16 | S100SDQ5 |
| FY ending Aug 2023 | 9,321 | 977 | 10.5% | 993 | 1,842 | 1,826 | S100UVAL |
| FY ending Aug 2024 | 10,798 | 2,436 | 22.6% | 1,676 | 558 | 467 | S100X6PR |
| FY ending Aug 2025 | 9,272 | 1,920 | 20.7% | 1,325 | 1,478 | 1,413 | S100X6PR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.2M |
| Operating income per employee (consolidated) | ¥11.4M |
| Net income per employee (consolidated) | ¥7.9M |

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

| History | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 155 | 163 | 157 | 171 | 168 |
| Average salary (parent company) | ¥4.5M | ¥4.6M | ¥4.7M | ¥5.9M | ¥5.3M |
| Average age (parent company) | 39.6 years | 39.5 years | 39.2 years | 38.4 years | 39.3 years |
| Average tenure (parent company) | 10.2 years | 10.5 years | 10.8 years | 10.6 years | 11.4 years |

Year over year: Employees (consolidated) -1.8% · Revenue (consolidated) -14.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,478 | 15.9% | S100X6PR |
| Capital expenditure | 65 | 0.7% | S100X6PR |
| Free cash flow | 1,413 | 15.2% | 算出 |
| Investing cash flow | -65 | -0.7% | S100X6PR |
| Financing cash flow | -219 | -2.4% | S100X6PR |
| Dividends paid | 214 | 2.3% | S100X6PR |
| Change in cash | 1,184 | 12.8% | S100X6PR |
| Cash and equivalents | 6,422 | 69.3% | S100X6PR |

## 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 Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,326 | 3,085 | 4,880 | 5,238 | 6,422 | S100SDQ5, S100UVAL, S100X6PR |
| Total assets | 10,005 | 12,297 | 13,612 | 15,436 | 12,912 | S100PP7I, S100SDQ5, S100UVAL, S100X6PR |
| Net assets | 6,987 | 7,111 | 8,074 | 9,685 | 10,836 | S100SDQ5, S100UVAL, S100X6PR |
| Share capital | 2,812 | 2,812 | 2,812 | 2,812 | 2,812 | S100PP7I, S100SDQ5, S100UVAL, S100X6PR |
| Trade receivables | 570 | — | — | — | — | S100PP7I |
| Property, plant and equipment | 3,672 | 3,426 | 3,282 | 3,159 | 3,010 | S100PP7I, S100SDQ5, S100UVAL, S100X6PR |
| Intangible assets excluding goodwill | 117 | 91 | 68 | 48 | 26 | S100PP7I, S100SDQ5, S100UVAL, S100X6PR |
| Current assets | 5,955 | 8,703 | 9,964 | 11,959 | 9,650 | S100PP7I, S100SDQ5, S100UVAL, S100X6PR |
| Current liabilities | 2,974 | 5,127 | 5,464 | 5,671 | 1,973 | S100PP7I, S100SDQ5, S100UVAL, S100X6PR |
| Total liabilities | 3,018 | 5,186 | 5,537 | 5,751 | 2,076 | S100PP7I, S100SDQ5, S100UVAL, S100X6PR |
| Equity attributable to owners of parent | 6,956 | 6,999 | 7,966 | 9,531 | 10,700 | S100PP7I, S100SDQ5, S100UVAL, S100X6PR |
| Retained earnings | 1,454 | 1,789 | 2,739 | 4,287 | 5,397 | S100PP7I, S100SDQ5, S100UVAL, S100X6PR |
| Treasury stock | -54 | -345 | -320 | -306 | -263 | S100PP7I, S100SDQ5, S100UVAL, S100X6PR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 50% | S100X6PR |
| Property, plant and equipment | 23% | S100X6PR |
| Intangibles and goodwill | 0% | S100X6PR |
| Other assets | 27% | S100X6PR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 16% | S100X6PR |
| Equity | 84% | S100X6PR |
| Other liabilities | 0% | S100X6PR |

### Balance sheet history

| Metric | FY ending Aug 2021 | FY ending Aug 2022 | FY ending Aug 2023 | FY ending Aug 2024 | FY ending Aug 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 10,005 | 12,297 | 13,612 | 15,436 | 12,912 |
| Equity | 6,987 | 7,111 | 8,074 | 9,685 | 10,836 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,326 | 3,085 | 4,880 | 5,238 | 6,422 |

## 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) | 32.5% | S100X6PR |
| Fixed assets ÷ total assets | 23.3% | S100X6PR |
| Goodwill ÷ parent equity | — | —, S100X6PR |

### 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) | 49.7% |
| Cash ÷ revenue | 69.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.0% |
| Cash vs. profit gap | 152 JPY mn (of net income 11.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.2% |
| Shareholder payments — dividends / FCF | 15.2% |
| CapEx intensity (capex ÷ revenue) | 0.7% |
| Investing CF relative to operating CF | 4.4% |

## 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 | 10.0% | 0.78× | 7.8% | 1.44× | 11.2% | S100PP7I |
| 2022 | 8.7% | 0.39× | 3.4% | 1.60× | 5.4% | S100SDQ5 |
| 2023 | 10.7% | 0.72× | 7.7% | 1.73× | 13.3% | S100UVAL |
| 2024 | 15.5% | 0.74× | 11.5% | 1.66× | 19.2% | S100X6PR |
| 2025 | 14.3% | 0.65× | 9.4% | 1.40× | 13.1% | S100X6PR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 伊 藤 雅 文 | Major shareholder | 6.0% | 2025-08-31 |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 2.9% | 2025-08-31 |
| STATE STREET BANK AND TRUST COMPANY 505050 （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.5% | 2025-08-31 |
| 吉 田 茂 | Major shareholder | 2.0% | 2025-08-31 |
| LIM JAPAN EVENT MASTER FUND MANAGING DIRECTOR GEORGE W LONG （常任代理人 立花証券株式会社） | Major shareholder | 1.6% | 2025-08-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 1.5% | 2025-08-31 |
| 隣 良 郎 | Major shareholder | 1.3% | 2025-08-31 |
| MLI FOR CLIENT GENERAL NON TREATY-PB | Major shareholder | 1.2% | 2025-08-31 |
| 廣 澤 一 夫 | Major shareholder | 1.1% | 2025-08-31 |
| 天 野 謙 二 郎 | Major shareholder | 0.9% | 2025-08-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第33期(2024/09/01－2025/08/31) | S100X6PR | 2025-11-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100X6PR,, |
| 有価証券報告書－第32期(2023/09/01－2024/08/31) | S100UVAL | 2024-11-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UVAL,, |
| 有価証券報告書－第31期(2022/09/01－2023/08/31) | S100SDQ5 | 2023-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SDQ5,, |
| 有価証券報告書－第30期(令和3年9月1日－令和4年8月31日) | S100PP7I | 2022-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PP7I,, |
| 有価証券報告書－第29期(令和2年9月1日－令和3年8月31日) | S100MXYN | 2021-11-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MXYN,, |
| 有価証券報告書－第28期(令和1年9月1日－令和2年8月31日) | S100K9VJ | 2020-11-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100K9VJ,, |

## 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).