# NPR-RIKEN 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3期(2025/04/01－2026/03/31) (S100YHYP)
> Page: https://vizora.meequs.com/en/company/npr-riken
> Retrieved: 2026-09-30T21:37:04.655Z

## Company

Npr-Riken, founded in 2022, is a company in Auto Parts listed on TSE Prime. It has 6,511 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NPR-RIKEN CORPORATION |
| Ticker | 6209 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6209.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区三番町8番地1 |
| Representative (per filing) | 代表取締役会長兼会長執行役員兼CEO 前川 泰則 |
| Founded | Jul 2022 |
| Share capital | ¥5.21B |
| Employees (consolidated) | 6,511 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.npr-riken.co.jp (https://www.npr-riken.co.jp/) |
| Corporate number | 9010001238935 |
| EDINET | E38761 |
| Industries (Vizora) | Auto Parts, Housing Equipment & Building Materials, Industrial Machinery |

> Profile source: annual securities report (S100YHYP, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.6 | 110 |
| Profitability | 85.1 | 111 |
| Cash conversion | 30.1 | 108 |
| Efficiency | 17.6 | 111 |

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 75% of Npr-Riken's sales come from AutomobileIndustrialMachineryPartsBusiness, with PipingProductsProductsForConstructionBusiness and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -4.2% from the prior year, operating profit +8.8%.

## Company structure

- Segment revenue mix: AutomobileIndustrialMachineryPartsBusiness 75.5%、PipingProductsProductsForConstructionBusiness 10.6%、Other 8.3%、Thermal Engineering business 5.6%
- Revenue → net income: ¥163114000000 → ¥15035000000
- Net income → operating cash flow: ¥15035000000 → ¥16343000000（difference ¥1308000000）
- Main uses of operating cash flow: CapEx ¥8898000000 / dividends ¥3617000000 / buybacks ¥6000000
- Change in cash: ¥1309000000
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 | ¥163.1B |  |
| Operating income | ¥12.8B | Margin 7.9% |
| Net income | ¥14B | Margin 8.6% |
| Free cash flow | ¥7.45B |  |
| Largest business | AutomobileIndustrialMachineryPartsBusiness | of segment revenue 75.5% |
| Employees (consolidated) | 6,511 |  |
| EPS | ¥300.13 |  |
| Diluted EPS | ¥299.54 |  |
| Book value per share | ¥2729.12 |  |
| Equity ratio | 70.0% |  |
| Shares outstanding | 28,247,910 |  |
| Treasury shares | 1,344,600 |  |
| Shareholders | 14,589 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 11.8% | Cash ÷ revenue 16.6% |
| Vs. industry median margin | +3.1 pp | Auto Parts |
| ROE | 11.0% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 78% of positive segment profit
- FY2026, employees -4% while operating income rose 9%

## What changed in 2 years

| Metric | FY ending Mar 2024 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥138586000000 | ¥163114000000 | +17.7% |
| Operating income | ¥8764000000 | ¥12847000000 | +46.6% |
| Operating margin | 6.3% | 7.9% | +1.6 pp |
| Employees | 7,036 people | 6,511 people | -7.5% |
| Cash and equivalents | ¥22261000000 | ¥27069000000 | +21.6% |

### Change in segment revenue mix

Span: FY ending Mar 2024 → 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 |
| --- | ---: |
| 自動車・産業機械部品事業 → 自動車・産業機械部品事業 | 75.5% |
| 自動車・産業機械部品事業 → 事業再編・廃止 | 2.5% |
| 配管・建設機材事業 → 配管・建設機材事業 | 10.6% |
| 配管・建設機材事業 → 事業再編・廃止 | 2.0% |
| その他 → その他 | 8.3% |
| その他 → 事業再編・廃止 | 1.1% |
| 新設・再編 → 熱エンジニアリング事業 | 5.6% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| AutomobileIndustrialMachineryPartsBusiness | 2 years | +6.7% | ¥123118000000 | 8.5% | 2 |
| PipingProductsProductsForConstructionBusiness | 2 years | -0.6% | ¥17241000000 | 3.7% | 2 |
| Other | 2 years | +1.7% | ¥13549000000 | 11.0% | 2 |
| Thermal Engineering business | — | — | ¥9204000000 | 9.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 163,114 | 100.0% | S100YHYP |
| Cost of revenue | 120,917 | 74.1% | S100YHYP |
| Gross profit | 42,197 | 25.9% | S100YHYP |
| SG&A | 29,350 | 18.0% | S100YHYP |
| Operating income | 12,847 | 7.9% | S100YHYP |
| Ordinary income | 17,345 | 10.6% | S100YHYP |
| Pretax income | 18,660 | 11.4% | S100YHYP |
| Income tax | 3,624 | 2.2% | S100YHYP |
| Net income | 15,035 | 9.2% | S100YHYP |
| Net income attributable to owners | 14,027 | 8.6% | S100YHYP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 18 |
| Operating income | 8 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 25.9% → Operating margin 7.9% → Net margin 8.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -4.2%; Core profit growth: +8.8%
Operating leverage (core profit growth ÷ revenue growth): -2.08×
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 | 170,340 | 163,114 | -7,226 | -4.2% |
| Gross profit | 40,792 | 42,197 | 1,405 | +3.4% |
| Operating income | 11,807 | 12,847 | 1,040 | +8.8% |
| Net income attributable to owners | 8,756 | 14,027 | 5,271 | +60.2% |
| Operating cash flow | 17,477 | 16,343 | -1,134 | -6.5% |
| Free cash flow | 9,758 | 7,445 | -2,313 | -23.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2024 | 138,586 | 8,764 | 6.3% | 26,324 | 18,496 | 12,405 | S100W1Z7 |
| FY ending Mar 2025 | 170,340 | 11,807 | 6.9% | 8,756 | 17,477 | 9,758 | S100YHYP |
| FY ending Mar 2026 | 163,114 | 12,847 | 7.9% | 14,027 | 16,343 | 7,445 | S100YHYP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥25.1M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥2.2M |

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

| History | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Employees (consolidated) | 7,036 | 6,809 | 6,511 |
| Average salary (parent company) | ¥13M | ¥7.7M | ¥8M |
| Average age (parent company) | 54.4 years | 43.9 years | 45.1 years |
| Average tenure (parent company) | 25.0 years | 18.8 years | 19.8 years |

Year over year: Employees (consolidated) -4.4% · Revenue (consolidated) -4.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| AutomobileIndustrialMachineryPartsBusiness | 123,118 | 75.5% | 10,405 | 8.5% |
| PipingProductsProductsForConstructionBusiness | 17,241 | 10.6% | 644 | 3.7% |
| Thermal Engineering business | 9,204 | 5.6% | 879 | 9.6% |
| Other | 13,549 | 8.3% | 1,497 | 11.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| AutomobileIndustrialMachineryPartsBusiness | 75.5% | 77.5% | 2.0 | 8.5% |
| PipingProductsProductsForConstructionBusiness | 10.6% | 4.8% | -5.8 | 3.7% |
| Thermal Engineering business | 5.6% | 6.5% | 0.9 | 9.6% |
| Other | 8.3% | 11.2% | 2.8 | 11.0% |

Segment → industry: AutomobileIndustrialMachineryPartsBusiness → Auto Parts / PipingProductsProductsForConstructionBusiness → Housing Equipment & Building Materials / Thermal Engineering business → 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 | 16,343 | 10.0% | S100YHYP |
| Capital expenditure | 8,898 | 5.5% | S100YHYP |
| Free cash flow | 7,445 | 4.6% | 算出 |
| Investing cash flow | -4,855 | -3.0% | S100YHYP |
| Financing cash flow | -10,375 | -6.4% | S100YHYP |
| Dividends paid | 3,617 | 2.2% | S100YHYP |
| Share buyback | 6 | 0.0% | S100YHYP |
| Change in cash | 1,309 | 0.8% | S100YHYP |
| Cash and equivalents | 27,069 | 16.6% | S100YHYP |

## 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 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: |
| Cash and equivalents | 22,261 | 25,760 | 27,069 | S100YHYP |
| Total assets | 220,164 | 219,045 | 228,954 | S100W1Z7, S100YHYP |
| Net assets | 149,418 | 154,669 | 169,673 | S100YHYP |
| Share capital | 5,061 | 5,212 | 5,212 | S100W1Z7, S100YHYP |
| Property, plant and equipment | 50,195 | 50,546 | 49,084 | S100W1Z7, S100YHYP |
| Intangible assets excluding goodwill | 9,137 | 8,381 | 8,230 | S100W1Z7, S100YHYP |
| Goodwill | 2,806 | 2,551 | 2,296 | S100W1Z7, S100YHYP |
| Investment securities | 40,401 | 37,109 | 45,764 | S100W1Z7, S100YHYP |
| Current assets | 104,348 | 105,376 | 109,124 | S100W1Z7, S100YHYP |
| Current liabilities | 44,668 | 35,726 | 37,215 | S100W1Z7, S100YHYP |
| Trade payables | 10,915 | 11,033 | 10,455 | S100W1Z7, S100YHYP |
| Short-term borrowings | 7,816 | 3,772 | 762 | S100W1Z7, S100YHYP |
| Long-term borrowings | 9,565 | 13,305 | 6,600 | S100W1Z7, S100YHYP |
| Total liabilities | 70,745 | 64,375 | 59,281 | S100W1Z7, S100YHYP |
| Non-controlling interests | 8,867 | 9,414 | 9,293 | S100W1Z7, S100YHYP |
| Equity attributable to owners of parent | 120,530 | 122,506 | 132,785 | S100W1Z7, S100YHYP |
| Retained earnings | 89,884 | 95,462 | 105,860 | S100W1Z7, S100YHYP |
| Treasury stock | -6 | -3,867 | -3,768 | S100W1Z7, S100YHYP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YHYP |
| Property, plant and equipment | 21% | S100YHYP |
| Intangibles and goodwill | 5% | S100YHYP |
| Investment securities | 20% | S100YHYP |
| Other assets | 42% | S100YHYP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YHYP |
| Other liabilities | 21% | S100YHYP |
| Equity | 74% | S100YHYP |

### Balance sheet history

| Metric | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: |
| Total assets | 220,164 | 219,045 | 228,954 |
| Equity | 149,418 | 154,669 | 169,673 |
| Interest-bearing debt | — | — | — |
| Cash | 22,261 | 25,760 | 27,069 |

## 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) | 30.1% | S100YHYP |
| Fixed assets ÷ total assets | 21.4% | S100YHYP |
| Goodwill ÷ parent equity | 1.7% | S100YHYP |

### 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) | 11.8% |
| Cash ÷ revenue | 16.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 127.2% |
| Cash vs. profit gap | 2,316 JPY mn (of net income 16.5%) |
| Shareholder returns / net income | 25.8% |
| Shareholder returns / FCF | 48.7% |
| Shareholder payments — dividends / net income | 25.8% |
| Shareholder payments — dividends / FCF | 48.6% |
| CapEx intensity (capex ÷ revenue) | 5.5% |
| Investing CF relative to operating CF | 29.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2024 | 19.0% | 0.63× | 12.0% | 1.83× | 21.8% | S100W1Z7 |
| 2025 | 5.1% | 0.78× | 4.0% | 1.81× | 7.2% | S100YHYP |
| 2026 | 8.6% | 0.73× | 6.3% | 1.75× | 11.0% | S100YHYP |

## 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 | 11.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.6% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.5% | 2026-03-31 |
| リケンＮＰＲ従業員持株会 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社第四北越銀行 | Major shareholder | 2.4% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| リケン柏崎持株会 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.9% | 2026-03-31 |
| ＲＥ ＦＵＮＤ １０７－ＣＬＩＥＮＴ ＡＣ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第3期(2025/04/01－2026/03/31) | S100YHYP | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHYP,, |
| 有価証券報告書－第2期(2024/04/01－2025/03/31) | S100W1Z7 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1Z7,, |
| 有価証券報告書－第1期(2023/04/01－2024/03/31) | S100TPK7 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPK7,, |

## 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).