# NSK Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第165期(2025/04/01－2026/03/31) (S100YFE3)
> Page: https://vizora.meequs.com/en/company/nsk
> Retrieved: 2026-09-30T18:28:23.276Z

## Company

NSK, founded in 1916, is a company in Auto Parts listed on TSE Prime. It has 26,278 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NSK Ltd. |
| Ticker | 6471 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6471.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区大崎一丁目6番3号 |
| Representative (per filing) | 代表執行役社長 市井 明俊 |
| Founded | Nov 1916 |
| Share capital | ¥67.2B |
| Employees (consolidated) | 26,278 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | nsk.com (https://nsk.com/) |
| Corporate number | 8010701007715 |
| EDINET | E01600 |
| Industries (Vizora) | Auto Parts, Industrial Machinery |

> Profile source: annual securities report (S100YFE3, filed 2026-06-22). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 16.8 | 110 |
| Profitability | 41 | 111 |
| Cash conversion | 80.1 | 108 |
| Efficiency | 19.4 | 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 44% of NSK's sales come from Automotive business, with Industrial machinery business and Steering Systems business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +14.4% from the prior year, operating profit +36.4%.

## Company structure

- Segment revenue mix: Automotive business 44.2%、Industrial machinery business 41.4%、Steering Systems business 11.0%、Other 3.3%
- Revenue → net income: ¥911644000000 → ¥24308000000
- Net income → operating cash flow: ¥24308000000 → ¥97806000000（difference ¥73498000000）
- Main uses of operating cash flow: CapEx ¥50734000000 / dividends ¥16630000000 / buybacks ¥0
- Change in cash: ¥3869000000
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 | ¥911.6B |  |
| Operating income | ¥38.8B | Margin 4.3% |
| Net income | ¥22.9B | Margin 2.5% |
| Free cash flow | ¥47.1B |  |
| Largest business | Automotive business | of segment revenue 44.2% |
| Employees (consolidated) | 26,278 |  |
| EPS | ¥46.75 |  |
| Diluted EPS | ¥46.53 |  |
| Book value per share | ¥711.21 |  |
| Equity ratio | 54.2% | Derived from disclosed figures |
| Shares outstanding | 500,000,000 |  |
| Treasury shares | 2,034,600 |  |
| Shareholders | 70,085 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 11.5% | Cash ÷ revenue 15.6% |
| Vs. industry median margin | -0.5 pp | Auto Parts |
| ROE | 3.5% | Derived from disclosed figures |
| ROA | 1.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.3× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥747559000000 | ¥911644000000 | +21.9% |
| Operating income | ¥6364000000 | ¥38812000000 | +509.9% |
| Operating margin | 0.9% | 4.3% | +3.4 pp |
| Employees | 30,378 people | 26,278 people | -13.5% |
| Cash and equivalents | ¥176638000000 | ¥142123000000 | -19.5% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 産業機械 → 産業機械 | 36.8% |
| 自動車 → 自動車 | 44.2% |
| 自動車 → 事業再編・廃止 | 15.9% |
| その他 → その他 | 3.0% |
| 新設・再編 → 産業機械 | 4.6% |
| 新設・再編 → ステアリング | 11.0% |
| 新設・再編 → その他 | 0.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Automotive business | 5 years | -2.2% | ¥403304000000 | 4.3% | 2 |
| Industrial machinery business | 5 years | +6.5% | ¥377491000000 | 3.3% | 2 |
| Steering Systems business | — | — | ¥100554000000 | 7.7% | 2 |
| Other | 5 years | +6.0% | ¥30294000000 | 1.6% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 911,644 | 100.0% | S100YFE3 |
| Cost of revenue | 720,353 | 79.0% | S100YFE3 |
| Gross profit | 191,291 | 21.0% | S100YFE3 |
| SG&A | 160,886 | 17.6% | S100YFE3 |
| Operating income | 38,812 | 4.3% | S100YFE3 |
| Pretax income | 38,039 | 4.2% | S100YFE3 |
| Income tax | 13,730 | 1.5% | S100YFE3 |
| Net income | 24,308 | 2.7% | S100YFE3 |
| Net income attributable to owners | 22,867 | 2.5% | S100YFE3 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 79 |
| SG&A | 18 |
| Other operating | -1 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 21.0% → Operating margin 4.3% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.4%; Core profit growth: +36.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.52×
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 | 796,667 | 911,644 | 114,977 | +14.4% |
| Gross profit | 172,783 | 191,291 | 18,508 | +10.7% |
| Operating income | 28,457 | 38,812 | 10,355 | +36.4% |
| Net income attributable to owners | 10,647 | 22,867 | 12,220 | +114.8% |
| Operating cash flow | 82,176 | 97,806 | 15,630 | +19.0% |
| Free cash flow | 31,821 | 47,072 | 15,251 | +47.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 949,170 | — | — | 45,560 | 67,936 | — | S100LLLQ |
| FY ending Mar 2018 | 1,020,338 | — | — | 69,312 | 83,746 | — | S100OEQM |
| FY ending Mar 2019 | 991,365 | — | — | 55,809 | 92,617 | — | S100R29U |
| FY ending Mar 2020 | 831,034 | 23,604 | 2.8% | 17,412 | 72,387 | 24,511 | S100LLLQ |
| FY ending Mar 2021 | 747,559 | 6,364 | 0.9% | 355 | 53,842 | 20,045 | S100OEQM |
| FY ending Mar 2022 | 865,166 | 29,430 | 3.4% | 16,587 | 22,733 | -18,889 | S100R29U |
| FY ending Mar 2023 | 776,762 | 43,836 | 5.6% | 18,412 | 64,163 | 12,414 | S100TRLE |
| FY ending Mar 2024 | 788,867 | 27,391 | 3.5% | 8,502 | 99,818 | 41,121 | S100W12Z |
| FY ending Mar 2025 | 796,667 | 28,457 | 3.6% | 10,647 | 82,176 | 31,821 | S100YFE3 |
| FY ending Mar 2026 | 911,644 | 38,812 | 4.3% | 22,867 | 97,806 | 47,072 | S100YFE3 |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.7M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥870.2K |

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) | 30,577 | 29,882 | 25,632 | 24,057 | 26,278 |
| Average salary (parent company) | ¥7.1M | ¥7.2M | ¥7.4M | ¥7.6M | ¥7.9M |
| Average age (parent company) | 41.3 years | 41.5 years | 41.6 years | 41.9 years | 42.1 years |
| Average tenure (parent company) | 15.9 years | 16.2 years | 16.2 years | 16.7 years | 16.6 years |

Year over year: Employees (consolidated) +9.2% · Revenue (consolidated) +14.4%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Industrial machinery business | 377,491 | 41.4% | 12,565 | 3.3% |
| Automotive business | 403,304 | 44.2% | 17,366 | 4.3% |
| Steering Systems business | 100,554 | 11.0% | 7,730 | 7.7% |
| Other | 30,294 | 3.3% | 484 | 1.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Industrial machinery business | 41.4% | 32.9% | -8.5 | 3.3% |
| Automotive business | 44.2% | 45.5% | 1.3 | 4.3% |
| Steering Systems business | 11.0% | 20.3% | 9.2 | 7.7% |
| Other | 3.3% | 1.3% | -2.1 | 1.6% |

Segment → industry: Steering Systems business → Auto Parts / Automotive business → Auto Parts / Industrial machinery business → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 97,806 | 10.7% | S100YFE3 |
| Capital expenditure | 50,734 | 5.6% | S100YFE3 |
| Free cash flow | 47,072 | 5.2% | 算出 |
| Investing cash flow | -64,751 | -7.1% | S100YFE3 |
| Financing cash flow | -37,790 | -4.1% | S100YFE3 |
| Dividends paid | 16,630 | 1.8% | S100YFE3 |
| Share buyback | 0 | 0.0% | S100YFE3 |
| Change in cash | 3,869 | 0.4% | S100YFE3 |
| Cash and equivalents | 142,123 | 15.6% | S100YFE3 |

## 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 | 137,504 | 160,109 | 150,583 | 138,253 | 142,123 | S100TRLE, S100W12Z, S100YFE3 |
| Total assets | 1,234,551 | 1,233,256 | 1,298,077 | 1,219,543 | 1,239,769 | S100R29U, S100TRLE, S100W12Z, S100YFE3 |
| Net assets | 637,460 | 634,724 | 677,954 | 669,189 | 692,135 | S100TRLE, S100W12Z, S100YFE3 |
| Share capital | 67,176 | 67,176 | 67,176 | 67,176 | 67,176 | S100R29U, S100TRLE, S100W12Z, S100YFE3 |
| Property, plant and equipment | 379,042 | 385,613 | 364,947 | 344,906 | 382,474 | S100R29U, S100TRLE, S100W12Z, S100YFE3 |
| Goodwill | 14,655 | 15,549 | 17,400 | 17,267 | 19,493 | S100R29U, S100TRLE, S100W12Z, S100YFE3 |
| Current assets | 569,879 | 587,656 | 636,623 | 636,662 | 651,805 | S100R29U, S100TRLE, S100W12Z, S100YFE3 |
| Total liabilities | 597,091 | 598,532 | 620,123 | 550,354 | 547,633 | S100R29U, S100TRLE, S100W12Z, S100YFE3 |
| Equity attributable to owners of parent | 617,800 | 616,213 | 659,979 | 651,462 | 671,975 | S100R29U, S100TRLE, S100W12Z, S100YFE3 |
| Retained earnings | 410,872 | 415,736 | 375,402 | 375,003 | 391,988 | S100R29U, S100TRLE, S100W12Z, S100YFE3 |
| Treasury stock | -37,025 | -36,781 | -10,422 | -10,310 | -9,820 | S100R29U, S100TRLE, S100W12Z, S100YFE3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YFE3 |
| Property, plant and equipment | 31% | S100YFE3 |
| Intangibles and goodwill | 2% | — |
| Other assets | 56% | S100YFE3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 44% | S100YFE3 |
| Equity | 56% | S100YFE3 |
| Other liabilities | 0% | S100YFE3 |

### 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 | 1,234,551 | 1,233,256 | 1,298,077 | 1,219,543 | 1,239,769 |
| Equity | 637,460 | 634,724 | 677,954 | 669,189 | 692,135 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 137,504 | 160,109 | 150,583 | 138,253 | 142,123 |

## 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) | 42.0% | S100YFE3 |
| Fixed assets ÷ total assets | 30.9% | S100YFE3 |
| Goodwill ÷ parent equity | 2.9% | S100YFE3 |

Goodwill over 4 years: 14,655 → 19,493 JPY; total investing cash flow: -283,069 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) | 11.5% |
| Cash ÷ revenue | 15.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 252.0% |
| Cash vs. profit gap | 74,939 JPY mn (of net income 327.7%) |
| Shareholder returns / net income | 72.7% |
| Shareholder returns / FCF | 35.3% |
| Shareholder payments — dividends / net income | 72.7% |
| Shareholder payments — dividends / FCF | 35.3% |
| CapEx intensity (capex ÷ revenue) | 5.6% |
| Investing CF relative to operating CF | 66.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 1.9% | 0.70× | 1.3% | 2.00× | 2.7% | S100R29U |
| 2023 | 2.4% | 0.63× | 1.5% | 2.00× | 3.0% | S100TRLE |
| 2024 | 1.1% | 0.62× | 0.7% | 1.98× | 1.3% | S100W12Z |
| 2025 | 1.3% | 0.63× | 0.8% | 1.92× | 1.6% | S100YFE3 |
| 2026 | 2.5% | 0.74× | 1.9% | 1.86× | 3.5% | S100YFE3 |

## 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 | 13.9% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 5.7% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 5.5% | 2026-03-31 |
| 富国生命保険相互会社 | Major shareholder | 4.5% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.7% | 2026-03-31 |
| 日本精工取引先持株会 | Major shareholder | 2.3% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴＣＯＭＰＡＮＹ ５０５００１(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.3% | 2026-03-31 |
| 日本精工社員持株会 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託Ｅ口) | Major shareholder | 1.8% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥911.6B, up +14.4% from ¥796.7B.
- Profit grew faster than sales: operating income rose +36.4% to ¥38.8B, and net income attributable to owners rose +114.8% to ¥22.9B.
- Operating cash flow climbed +19.0% to ¥97.8B, and free cash flow reached ¥47.1B.
- Even so, the operating margin of 4.3% is still below the company's own target.

### Drivers

- NSK bought out the steering company it previously held as an equity-method affiliate, so that business's sales and profit were added partway through the year
- In industrial machinery, a slow recovery in capital spending lifted sales to machine tool makers in Japan and China, and to aftermarket and chip equipment customers in the Americas
- In automotive, weak demand in Europe was offset by passing tariff costs on to prices

### Risks

- International conflicts and trade or economic security policies could disrupt sourcing and production and squeeze profits
- Demand in Europe remains weak, and restructuring there has brought one-off costs
- The company also lists major quality problems and reliance on specific suppliers as risks

Cited: Annual securities report: Management's discussion and analysis (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report: Business risks (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第165期(2025/04/01－2026/03/31) | S100YFE3 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFE3,, |
| 有価証券報告書－第164期(2024/04/01－2025/03/31) | S100W12Z | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W12Z,, |
| 有価証券報告書－第163期(2023/04/01－2024/03/31) | S100TRLE | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRLE,, |
| 有価証券報告書－第162期(2022/04/01－2023/03/31) | S100R29U | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R29U,, |
| 有価証券報告書－第161期(令和3年4月1日－令和4年3月31日) | S100OEQM | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEQM,, |
| 有価証券報告書－第160期(令和2年4月1日－令和3年3月31日) | S100LLLQ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLLQ,, |

## 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).