# Shin Nippon Air Technologies Co., Ltd.: 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57期(2025/04/01－2026/03/31) (S100YDMT)
> Page: https://vizora.meequs.com/en/company/shin-nippon-air-technologies
> Retrieved: 2026-09-30T18:26:03.306Z

## Company

Shin Nippon Air Technologies, founded in 1930, is a company in Plant Engineering & Building Services listed on TSE Prime. It has 1,698 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Shin Nippon Air Technologies Co., Ltd. |
| Ticker | 1952 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1952.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋浜町二丁目31番1号 |
| Representative (per filing) | 代表取締役社長 廣島雅則 |
| Founded | Dec 1930 |
| Share capital | ¥5.16B |
| Employees (consolidated) | 1,698 |
| Average salary (parent only) | ¥10.9M |
| Fiscal year end | March |
| Website | www.snk.co.jp (https://www.snk.co.jp/) |
| Corporate number | 2010001062912 |
| EDINET | E00227 |
| Industries (Vizora) | Plant Engineering & Building Services |

> Profile source: annual securities report (S100YDMT, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.8 | 72 |
| Profitability | 54.6 | 76 |
| Cash conversion | 48 | 74 |
| Efficiency | 84.9 | 76 |

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)

- Shin Nippon Air Technologies brought in ¥154.9B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +12.5% from the prior year, operating profit +33.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥154884000000 → ¥12154000000
- Net income → operating cash flow: ¥12154000000 → ¥11621000000（difference ¥-533000000）
- Main uses of operating cash flow: CapEx ¥899000000 / dividends ¥4083000000 / buybacks ¥1000000
- Change in cash: ¥6749000000
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 | ¥154.9B |  |
| Operating income | ¥15.1B | Margin 9.8% |
| Net income | ¥12.2B | Margin 7.8% |
| Free cash flow | ¥10.7B |  |
| Employees (consolidated) | 1,698 |  |
| EPS | ¥275.21 |  |
| Diluted EPS | ¥274.57 |  |
| Book value per share | ¥1686.92 |  |
| Equity ratio | 61.0% |  |
| Shares outstanding | 48,564,000 |  |
| Treasury shares | 3,115,900 |  |
| Shareholders | 10,554 |  |
| Average salary (parent only) | ¥10.9M | Filing company only |
| Cash ratio | 19.8% | Cash ÷ revenue 17.3% |
| Vs. industry median margin | +0.7 pp | Plant Engineering & Building Services |
| ROE | 19.4% | Derived from disclosed figures |
| ROA | 9.6% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 33%
- FY2026, parent-company salary changed +20% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥107253000000 | ¥154884000000 | +44.4% |
| Operating income | ¥6386000000 | ¥15128000000 | +136.9% |
| Operating margin | 6.0% | 9.8% | +3.8 pp |
| Employees | 1,598 people | 1,698 people | +6.3% |
| Cash and equivalents | ¥12095000000 | ¥26869000000 | +122.1% |

### 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 | 154,884 | 100.0% | S100YDMT |
| Cost of revenue | 127,693 | 82.4% | S100YDMT |
| Gross profit | 27,190 | 17.6% | S100YDMT |
| SG&A | 12,061 | 7.8% | S100YDMT |
| Operating income | 15,128 | 9.8% | S100YDMT |
| Ordinary income | 15,881 | 10.3% | S100YDMT |
| Pretax income | 16,878 | 10.9% | S100YDMT |
| Income tax | 4,723 | 3.0% | S100YDMT |
| Net income | 12,154 | 7.8% | S100YDMT |
| Net income attributable to owners | 12,154 | 7.8% | S100YDMT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 82 |
| SG&A | 8 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 17.6% → Operating margin 9.8% → Net margin 7.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +12.5%; Core profit growth: +33.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.67×
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 | 137,684 | 154,884 | 17,200 | +12.5% |
| Gross profit | 22,002 | 27,190 | 5,188 | +23.6% |
| Operating income | 11,346 | 15,128 | 3,782 | +33.3% |
| Net income attributable to owners | 9,656 | 12,154 | 2,498 | +25.9% |
| Operating cash flow | 14,238 | 11,621 | -2,617 | -18.4% |
| Free cash flow | 13,637 | 10,722 | -2,915 | -21.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 120,106 | 6,409 | 5.3% | 4,603 | 11,172 | 10,875 | S100LO7B |
| FY ending Mar 2021 | 107,253 | 6,386 | 6.0% | 4,637 | 1,917 | 1,681 | S100ODLE |
| FY ending Mar 2022 | 106,718 | 6,881 | 6.4% | 5,403 | 7,004 | 6,544 | S100R1QZ |
| FY ending Mar 2023 | 112,234 | 7,124 | 6.3% | 5,597 | 12,820 | 12,112 | S100TPS3 |
| FY ending Mar 2024 | 127,978 | 9,235 | 7.2% | 7,168 | -13,562 | -14,716 | S100W6DZ |
| FY ending Mar 2025 | 137,684 | 11,346 | 8.2% | 9,656 | 14,238 | 13,637 | S100YDMT |
| FY ending Mar 2026 | 154,884 | 15,128 | 9.8% | 12,154 | 11,621 | 10,722 | S100YDMT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥91.2M |
| Operating income per employee (consolidated) | ¥8.9M |
| Net income per employee (consolidated) | ¥7.2M |

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

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,585 | 1,608 | 1,649 | 1,717 | 1,698 |
| Average salary (parent company) | ¥9.1M | ¥9.6M | ¥9.6M | ¥9.9M | ¥10.9M |
| Average age (parent company) | 44.2 years | 44.1 years | 43.8 years | 43.4 years | 43.3 years |
| Average tenure (parent company) | 16.5 years | 16.5 years | 16.4 years | 16.0 years | 15.9 years |

Year over year: Employees (consolidated) -1.1% · Revenue (consolidated) +12.5%

## 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 | 11,621 | 7.5% | S100YDMT |
| Capital expenditure | 899 | 0.6% | S100YDMT |
| Free cash flow | 10,722 | 6.9% | 算出 |
| Investing cash flow | 197 | 0.1% | S100YDMT |
| Financing cash flow | -5,169 | -3.3% | S100YDMT |
| Dividends paid | 4,083 | 2.6% | S100YDMT |
| Share buyback | 1 | 0.0% | S100YDMT |
| Change in cash | 6,749 | 4.4% | S100YDMT |
| Cash and equivalents | 26,869 | 17.3% | S100YDMT |

## 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 | 15,435 | 24,927 | 13,481 | 20,120 | 26,869 | S100TPS3, S100W6DZ, S100YDMT |
| Total assets | 99,966 | 109,146 | 117,351 | 118,166 | 135,391 | S100R1QZ, S100TPS3, S100W6DZ, S100YDMT |
| Net assets | 53,813 | 58,212 | 65,594 | 69,294 | 82,669 | S100TPS3, S100W6DZ, S100YDMT |
| Share capital | 5,158 | 5,158 | 5,158 | 5,158 | 5,158 | S100R1QZ, S100TPS3, S100W6DZ, S100YDMT |
| Property, plant and equipment | 2,701 | 2,628 | 2,253 | 2,264 | 2,615 | S100R1QZ, S100TPS3, S100W6DZ, S100YDMT |
| Intangible assets excluding goodwill | 703 | 1,062 | 1,802 | 1,752 | 1,579 | S100R1QZ, S100TPS3, S100W6DZ, S100YDMT |
| Investment securities | 21,278 | 21,989 | 27,233 | 22,443 | 29,572 | S100R1QZ, S100TPS3, S100W6DZ, S100YDMT |
| Current assets | 73,338 | 81,530 | 84,297 | 89,836 | 99,815 | S100R1QZ, S100TPS3, S100W6DZ, S100YDMT |
| Current liabilities | 43,934 | 48,618 | 48,226 | 46,899 | 49,504 | S100R1QZ, S100TPS3, S100W6DZ, S100YDMT |
| Short-term borrowings | 3,944 | 3,267 | 9,650 | 3,650 | 2,250 | S100R1QZ, S100TPS3, S100W6DZ, S100YDMT |
| Long-term borrowings | — | 249 | 83 | — | 274 | S100TPS3, S100W6DZ, S100YDMT |
| Total liabilities | 46,153 | 50,933 | 51,756 | 48,872 | 52,721 | S100R1QZ, S100TPS3, S100W6DZ, S100YDMT |
| Equity attributable to owners of parent | 44,826 | 48,751 | 52,477 | 58,450 | 66,829 | S100R1QZ, S100TPS3, S100W6DZ, S100YDMT |
| Retained earnings | 34,282 | 38,130 | 43,212 | 49,895 | 57,965 | S100R1QZ, S100TPS3, S100W6DZ, S100YDMT |
| Treasury stock | -1,528 | -1,456 | -2,856 | -3,707 | -3,559 | S100R1QZ, S100TPS3, S100W6DZ, S100YDMT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YDMT |
| Property, plant and equipment | 2% | S100YDMT |
| Intangibles and goodwill | 1% | S100YDMT |
| Investment securities | 22% | S100YDMT |
| Other assets | 55% | S100YDMT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100YDMT |
| Equity | 61% | S100YDMT |
| Other liabilities | 0% | S100YDMT |

### 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 | 99,966 | 109,146 | 117,351 | 118,166 | 135,391 |
| Equity | 53,813 | 58,212 | 65,594 | 69,294 | 82,669 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,435 | 24,927 | 13,481 | 20,120 | 26,869 |

## 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) | 1.7% | S100YDMT |
| Fixed assets ÷ total assets | 1.9% | S100YDMT |
| Goodwill ÷ parent equity | — | —, S100YDMT |

### 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) | 19.8% |
| Cash ÷ revenue | 17.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 76.8% |
| Cash vs. profit gap | -533 JPY mn (of net income -4.4%) |
| Shareholder returns / net income | 33.6% |
| Shareholder returns / FCF | 38.1% |
| Shareholder payments — dividends / net income | 33.6% |
| Shareholder payments — dividends / FCF | 38.1% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 1.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 5.1% | 1.07× | 5.4% | 2.23× | 12.1% | S100R1QZ |
| 2023 | 5.0% | 1.07× | 5.4% | 2.23× | 12.0% | S100TPS3 |
| 2024 | 5.6% | 1.13× | 6.3% | 2.24× | 14.2% | S100W6DZ |
| 2025 | 7.0% | 1.17× | 8.2% | 2.12× | 17.4% | S100YDMT |
| 2026 | 7.8% | 1.22× | 9.6% | 2.02× | 19.4% | S100YDMT |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 新日本空調協和会 | Major shareholder | 8.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.3% | 2026-03-31 |
| 新日本空調従業員持株会 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.5% | 2026-03-31 |
| 日本電設工業株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社東芝 | Major shareholder | 2.8% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 三井不動産株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 三井物産株式会社 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/04/01－2026/03/31) | S100YDMT | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDMT,, |
| 有価証券報告書－第56期(2024/04/01－2025/03/31) | S100W6DZ | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6DZ,, |
| 有価証券報告書－第55期(2023/04/01－2024/03/31) | S100TPS3 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPS3,, |
| 有価証券報告書－第54期(2022/04/01－2023/03/31) | S100R1QZ | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1QZ,, |
| 有価証券報告書－第53期(令和3年4月1日－令和4年3月31日) | S100ODLE | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODLE,, |
| 有価証券報告書－第52期(令和2年4月1日－令和3年3月31日) | S100LO7B | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO7B,, |

## 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).