# NTN 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127期(2025/04/01－2026/03/31) (S100Y8YZ)
> Page: https://vizora.meequs.com/en/company/ntn
> Retrieved: 2026-09-30T19:09:23.279Z

## Company

NTN, founded in 1927, is a company in Industrial Machinery listed on TSE Prime. It has 21,305 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NTN CORPORATION |
| Ticker | 6472 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6472.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区中之島三丁目6番32号 |
| Representative (per filing) | 執行役社長 鵜飼 英一 |
| Founded | Mar 1927 |
| Share capital | ¥65.3B |
| Employees (consolidated) | 21,305 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Corporate number | 3120001048981 |
| EDINET | E01601 |
| Industries (Vizora) | Industrial Machinery, Auto Parts |

> Profile source: annual securities report (S100Y8YZ, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 60.5 | 110 |
| Profitability | 20.1 | 122 |
| Cash conversion | 76.3 | 116 |
| Efficiency | 85.7 | 122 |
| Financial strength | 5.6 | 9 |

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 32% of NTN's sales come from Americas, with Japan and Europe making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +0.1% from the prior year, operating profit +35.2%.

## Company structure

- Segment revenue mix: Americas 31.8%、Japan 26.2%、Europe 23.4%、Asia and other areas 18.6%
- Revenue → net income: ¥826344000000 → ¥13984000000
- Net income → operating cash flow: ¥13984000000 → ¥57179000000（difference ¥43195000000）
- Main uses of operating cash flow: CapEx ¥32183000000 / dividends ¥5847000000 / buybacks —
- Change in cash: ¥3642000000
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 | ¥826.3B |  |
| Operating income | ¥31B | Margin 3.8% |
| Net income | ¥12.9B | Margin 1.6% |
| Free cash flow | ¥25B |  |
| Largest business | Americas | of segment revenue 31.8% |
| Employees (consolidated) | 21,305 |  |
| EPS | ¥37.42 |  |
| Book value per share | ¥299.17 |  |
| Equity ratio | 33.8% |  |
| Shares outstanding | 597,533,000 |  |
| Treasury shares | 884,500 |  |
| Shareholders | 64,958 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 14.9% | Net cash -¥177.9B · Cash ÷ revenue 15.9% |
| Vs. industry median margin | -3.8 pp | Industrial Machinery |
| ROE | 7.0% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.4× net income
- FY2026, employees -3% while operating income rose 35%
- FY2026, segment profit share differs by 36 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥562847000000 | ¥826344000000 | +46.8% |
| Operating income | ¥-3138000000 | ¥31034000000 | — |
| Operating margin | -0.6% | 3.8% | +4.3 pp |
| Employees | 23,292 people | 21,305 people | -8.5% |
| Cash and equivalents | ¥147249000000 | ¥131255000000 | -10.9% |

### 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 |
| --- | ---: |
| 日本 → 事業再編・廃止 | 29.9% |
| 米州 → 事業再編・廃止 | 25.3% |
| 欧州 → 事業再編・廃止 | 22.5% |
| アジア他 → 事業再編・廃止 | 22.3% |
| 新設・再編 → 日本 | 26.2% |
| 新設・再編 → 米州 | 31.8% |
| 新設・再編 → 欧州 | 23.4% |
| 新設・再編 → アジア他 | 18.6% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Americas | 2 years | -1.8% | ¥262523000000 | 2.1% | 2 |
| Japan | 2 years | +0.1% | ¥216392000000 | 4.2% | 2 |
| Europe | 2 years | +1.5% | ¥193562000000 | -0.5% | 2 |
| Asia and other areas | 2 years | -1.9% | ¥153866000000 | 11.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 826,344 | 100.0% | S100Y8YZ |
| Cost of revenue | 674,569 | 81.6% | S100Y8YZ |
| Gross profit | 151,774 | 18.4% | S100Y8YZ |
| SG&A | 120,739 | 14.6% | S100Y8YZ |
| Operating income | 31,034 | 3.8% | S100Y8YZ |
| Ordinary income | 23,484 | 2.8% | S100Y8YZ |
| Pretax income | 15,202 | 1.8% | S100Y8YZ |
| Income tax | 1,217 | 0.1% | S100Y8YZ |
| Net income | 13,984 | 1.7% | S100Y8YZ |
| Net income attributable to owners | 12,871 | 1.6% | S100Y8YZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 14 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 18.4% → Operating margin 3.8% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.1%; Core profit growth: +35.2%
Growth quality: margin-expansion
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 | 825,587 | 826,344 | 757 | +0.1% |
| Gross profit | 141,366 | 151,774 | 10,408 | +7.4% |
| Operating income | 22,959 | 31,034 | 8,075 | +35.2% |
| Net income attributable to owners | -23,801 | 12,871 | 36,672 | — |
| Operating cash flow | 45,623 | 57,179 | 11,556 | +25.3% |
| Free cash flow | 19,178 | 24,996 | 5,818 | +30.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 651,956 | 7,517 | 1.2% | -43,992 | 43,749 | -25,334 | S100LSGG |
| FY ending Mar 2021 | 562,847 | -3,138 | -0.6% | -11,641 | 36,473 | 6,849 | S100OBZE |
| FY ending Mar 2022 | 642,023 | 6,880 | 1.1% | 7,341 | 8,956 | -12,914 | S100R2L5 |
| FY ending Mar 2023 | 773,960 | 17,145 | 2.2% | 10,367 | 34,219 | 10,494 | S100TMOB |
| FY ending Mar 2024 | 836,285 | 28,149 | 3.4% | 10,568 | 65,103 | 38,045 | S100W1RK |
| FY ending Mar 2025 | 825,587 | 22,959 | 2.8% | -23,801 | 45,623 | 19,178 | S100Y8YZ |
| FY ending Mar 2026 | 826,344 | 31,034 | 3.8% | 12,871 | 57,179 | 24,996 | S100Y8YZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥38.8M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥604.1K |

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) | 23,383 | 23,027 | 22,617 | 21,996 | 21,305 |
| Average salary (parent company) | ¥6.7M | ¥7M | ¥7.1M | ¥7.2M | ¥7.5M |
| Average age (parent company) | 41.8 years | 42.2 years | 42.2 years | 42.1 years | 41.7 years |
| Average tenure (parent company) | 19.9 years | 20.3 years | 20.2 years | 20.1 years | 19.6 years |

Year over year: Employees (consolidated) -3.1% · Revenue (consolidated) +0.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 216,392 | 26.2% | 9,192 | 4.2% |
| Americas | 262,523 | 31.8% | 5,469 | 2.1% |
| Europe | 193,562 | 23.4% | -1,061 | -0.5% |
| Asia and other areas | 153,866 | 18.6% | 17,573 | 11.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 26.2% | 28.5% | 2.3 | 4.2% |
| Americas | 31.8% | 17.0% | -14.8 | 2.1% |
| Europe | 23.4% | — | — | -0.5% |
| Asia and other areas | 18.6% | 54.5% | 35.9 | 11.4% |

Loss-making segment (excluded from profit shares): Europe -1,061 JPY mn

Segment → industry: Japan → Industrial Machinery / Japan → Auto Parts / Americas → Industrial Machinery / Americas → Auto Parts / Europe → Industrial Machinery / Europe → Auto Parts / Asia and other areas → Industrial Machinery / Asia and other areas → Auto Parts

## 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 | 57,179 | 6.9% | S100Y8YZ |
| Capital expenditure | 32,183 | 3.9% | S100Y8YZ |
| Free cash flow | 24,996 | 3.0% | 算出 |
| Investing cash flow | -26,276 | -3.2% | S100Y8YZ |
| Financing cash flow | -35,322 | -4.3% | S100Y8YZ |
| Dividends paid | 5,847 | 0.7% | S100Y8YZ |
| Change in cash | 3,642 | 0.4% | S100Y8YZ |
| Cash and equivalents | 131,255 | 15.9% | S100Y8YZ |

## 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 | 121,460 | 110,675 | 127,266 | 127,712 | 131,255 | S100TMOB, S100W1RK, S100Y8YZ |
| Total assets | 855,483 | 869,827 | 910,252 | 856,425 | 878,676 | S100R2L5, S100TMOB, S100W1RK, S100Y8YZ |
| Net assets | 216,425 | 237,425 | 280,822 | 248,699 | 311,389 | S100TMOB, S100W1RK, S100Y8YZ |
| Share capital | 54,346 | 54,346 | 54,346 | 54,346 | 65,346 | S100R2L5, S100TMOB, S100W1RK, S100Y8YZ |
| Trade receivables | 125,507 | 129,760 | 120,554 | 111,962 | 120,172 | S100R2L5, S100TMOB, S100W1RK, S100Y8YZ |
| Property, plant and equipment | 265,797 | 264,113 | 271,068 | 254,074 | 259,320 | S100R2L5, S100TMOB, S100W1RK, S100Y8YZ |
| Intangible assets excluding goodwill | 44,029 | 39,890 | 35,432 | 29,759 | 26,463 | S100R2L5, S100TMOB, S100W1RK, S100Y8YZ |
| Goodwill | 1,983 | 1,768 | 1,554 | — | — | S100R2L5, S100TMOB, S100W1RK |
| Investment securities | 24,679 | 25,434 | 22,270 | 23,235 | 24,351 | S100R2L5, S100TMOB, S100W1RK, S100Y8YZ |
| Current assets | 512,031 | 529,024 | 562,928 | 533,861 | 545,000 | S100R2L5, S100TMOB, S100W1RK, S100Y8YZ |
| Current liabilities | 321,205 | 369,074 | 359,906 | 422,513 | 361,932 | S100R2L5, S100TMOB, S100W1RK, S100Y8YZ |
| Trade payables | 61,033 | 67,283 | 65,462 | 59,104 | 63,051 | S100R2L5, S100TMOB, S100W1RK, S100Y8YZ |
| Short-term borrowings | 134,229 | 161,943 | 125,714 | 141,292 | 136,025 | S100R2L5, S100TMOB, S100W1RK, S100Y8YZ |
| Long-term borrowings | 179,802 | 129,349 | 134,264 | 120,665 | 153,147 | S100R2L5, S100TMOB, S100W1RK, S100Y8YZ |
| Bonds | 80,000 | 80,000 | 70,000 | 20,000 | 20,000 | S100R2L5, S100TMOB, S100W1RK, S100Y8YZ |
| Interest-bearing debt | 394,031 | 371,292 | 329,978 | 281,957 | 309,172 | 算出 |
| Total liabilities | 639,058 | 632,402 | 629,430 | 607,726 | 567,286 | S100R2L5, S100TMOB, S100W1RK, S100Y8YZ |
| Non-controlling interests | 18,574 | 16,765 | 16,491 | 15,812 | 14,493 | S100R2L5, S100TMOB, S100W1RK, S100Y8YZ |
| Equity attributable to owners of parent | 181,578 | 190,626 | 197,253 | 167,501 | 197,760 | S100R2L5, S100TMOB, S100W1RK, S100Y8YZ |
| Retained earnings | 60,127 | 69,166 | 75,770 | 46,387 | 54,643 | S100R2L5, S100TMOB, S100W1RK, S100Y8YZ |
| Treasury stock | -866 | -856 | -834 | -1,202 | -1,199 | S100R2L5, S100TMOB, S100W1RK, S100Y8YZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100Y8YZ |
| Receivables | 14% | S100Y8YZ |
| Property, plant and equipment | 29% | S100Y8YZ |
| Intangibles and goodwill | 3% | S100Y8YZ |
| Investment securities | 3% | S100Y8YZ |
| Other assets | 36% | S100Y8YZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100Y8YZ |
| Interest-bearing debt | 35% | 算出 |
| Other liabilities | 22% | S100Y8YZ |
| Equity | 36% | S100Y8YZ |
| Other liabilities | 0% | S100Y8YZ |

### 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 | 855,483 | 869,827 | 910,252 | 856,425 | 878,676 |
| Equity | 216,425 | 237,425 | 280,822 | 248,699 | 311,389 |
| Interest-bearing debt | 394,031 | 371,292 | 329,978 | 281,957 | 309,172 |
| Cash | 121,460 | 110,675 | 127,266 | 127,712 | 131,255 |

## 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) | 31.4% | S100Y8YZ |
| Fixed assets ÷ total assets | 29.5% | S100Y8YZ |
| Goodwill ÷ parent equity | — | —, S100Y8YZ |

### 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) | 14.9% |
| Cash ÷ revenue | 15.9% |
| Net cash (cash − interest-bearing debt) | -¥177.9B |
| Net debt ÷ operating cash flow | 3.11× |
| Cash conversion (operating CF ÷ operating income) | 184.2% |
| Cash vs. profit gap | 44,308 JPY mn (of net income 344.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 45.4% |
| Shareholder payments — dividends / FCF | 23.4% |
| CapEx intensity (capex ÷ revenue) | 3.9% |
| Investing CF relative to operating CF | 46.0% |

## 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 | 1.1% | 0.75× | 0.9% | 4.71× | 4.0% | S100R2L5 |
| 2023 | 1.3% | 0.90× | 1.2% | 4.64× | 5.6% | S100TMOB |
| 2024 | 1.3% | 0.94× | 1.2% | 4.59× | 5.4% | S100W1RK |
| 2025 | — | —× | -2.7% | —× | — | S100Y8YZ |
| 2026 | 1.6% | 0.95× | 1.5% | 4.75× | 7.0% | S100Y8YZ |

## 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 | 4.8% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 3.6% | 2026-03-31 |
| 野村信託銀行株式会社(投信口） | Major shareholder | 3.2% | 2026-03-31 |
| ＮＴＮ共栄会 | Major shareholder | 2.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.8% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL (常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 2.6% | 2026-03-31 |
| ＮＴＮ従業員持株会 | Major shareholder | 2.2% | 2026-03-31 |
| BNYM AS AGT/CLTS 10 PERCENT (常任代理人 株式会社三菱ＵＦＪ銀行) | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.9% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥826.3B, barely changed from ¥825.6B (+0.1%).
- Operating income, however, climbed from ¥23B to ¥31B (+35.2%), and gross profit grew +7.4%.
- Net income attributable to owners turned from a loss of -¥23.8B to a profit of ¥12.9B.
- Cash generation improved too: operating cash flow reached ¥57.2B (+25.3%) and free cash flow ¥25B (+30.3%).

### Drivers

- Passing higher costs on to selling prices and cutting variable costs lifted operating income
- Restructuring, including consolidating production sites, also added to profit
- Lower demand from carmakers shrank sales volume, and higher labor costs and US tariffs held profit back

### Risks

- More than half of sales go to the auto industry, so sudden swings in car demand hit results
- Competition from emerging-market makers and price-cut requests from carmakers put pressure on prices
- Steel and other material costs, shipping costs and tariffs could rise more than expected and squeeze profit

Cited: Annual Securities Report (127th term) (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 (127th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第127期(2025/04/01－2026/03/31) | S100Y8YZ | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y8YZ,, |
| 有価証券報告書－第126期(2024/04/01－2025/03/31) | S100W1RK | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1RK,, |
| 有価証券報告書－第125期(2023/04/01－2024/03/31) | S100TMOB | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMOB,, |
| 有価証券報告書－第124期(2022/04/01－2023/03/31) | S100R2L5 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2L5,, |
| 有価証券報告書－第123期(令和3年4月1日－令和4年3月31日) | S100OBZE | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBZE,, |
| 有価証券報告書－第122期(令和2年4月1日－令和3年3月31日) | S100LSGG | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSGG,, |

## 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).