# TSUBAKI NAKASHIMA CO., LTD.: business model and financials

> Latest period: FY ending Dec 2024, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第20期(2025/01/01－2025/12/31) (S100XTLM), 有価証券報告書－第19期(2024/01/01－2024/12/31) (S100VFZP)
> Page: https://vizora.meequs.com/en/company/tsubaki-nakashima
> Retrieved: 2026-09-30T22:25:07.590Z

## Company

Tsubaki Nakashima, founded in 2007, is a company in Industrial Machinery listed on TSE Prime. It has 2,776 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TSUBAKI NAKASHIMA CO., LTD. |
| Ticker | 6464 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/6464.T) |
| Listing | TSE Prime |
| Head office | 奈良県葛城市尺土19番地 |
| Representative (per filing) | 取締役 代表執行役 CEO 松山 達 |
| Founded | Aug 2007 |
| Share capital | ¥17.1B |
| Employees (consolidated) | 2,776 |
| Average salary (parent only) | ¥4.8M |
| Fiscal year end | December |
| Website | www.tsubaki-nakashima.com (https://www.tsubaki-nakashima.com/) |
| Corporate number | 2150001014908 |
| EDINET | E31954 |
| Industries (Vizora) | Industrial Machinery |

> Profile source: annual securities report (S100XTLM, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2024-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 25.9 | 110 |
| Profitability | 7.8 | 122 |
| Cash conversion | 96.1 | 116 |
| Efficiency | 4.5 | 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)

- About 99% of Tsubaki Nakashima's sales come from Precision Components Business, with Blower and Real Estate Business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -1.5% from the prior year, operating profit -83.8%.

## Company structure

- Segment revenue mix: Precision Components Business 98.9%、Blower and Real Estate Business 1.1%
- Revenue → net income: ¥75921000000 → ¥912000000
- Net income → operating cash flow: ¥912000000 → ¥4873000000（difference ¥3961000000）
- Main uses of operating cash flow: CapEx ¥3831000000 / dividends ¥569000000 / buybacks —
- Change in cash: ¥331000000
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 | ¥75.9B |  |
| Operating income | ¥814M | Margin 1.1% |
| Net income | ¥912M | Margin 1.2% |
| Free cash flow | ¥1.04B |  |
| Largest business | Precision Components Business | of segment revenue 98.9% |
| Employees (consolidated) | 2,776 |  |
| EPS | ¥22.91 |  |
| Diluted EPS | ¥-2.12 |  |
| Book value per share | ¥782.33 |  |
| Equity ratio | 35.2% | Derived from disclosed figures |
| Shares outstanding | 41,599,600 |  |
| Treasury shares | 1,734,600 |  |
| Shareholders | 26,017 |  |
| Average salary (parent only) | ¥4.8M | Filing company only |
| Cash ratio | 13.2% | Cash ÷ revenue 30.4% |
| Vs. industry median margin | -6.5 pp | Industrial Machinery |
| ROE | 1.6% | Derived from disclosed figures |
| ROA | 0.5% | Derived from disclosed figures |

## Notable figures

- FY2024, operating cash flow is 5.3× net income
- FY2024, one segment accounts for 78% of positive segment profit
- FY2024, segment profit share differs by -21 points

## What changed in 5 years

| Metric | FY ending Dec 2019 | FY ending Dec 2024 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥64563000000 | ¥75921000000 | +17.6% |
| Operating income | ¥8186000000 | ¥814000000 | -90.1% |
| Operating margin | 12.7% | 1.1% | -11.6 pp |
| Employees | 3,009 people | 2,776 people | -7.7% |
| Cash and equivalents | ¥16946000000 | ¥23060000000 | +36.1% |

### Change in segment revenue mix

Span: FY ending Dec 2019 → FY ending Dec 2024. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| プレシジョン・コンポーネントビジネス → プレシジョン・コンポーネントビジネス | 91.1% |
| リニアビジネス → 事業再編・廃止 | 8.9% |
| 新設・再編 → プレシジョン・コンポーネントビジネス | 7.8% |
| 新設・再編 → ブロア・リアルエステイトビジネス | 1.1% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Dec 2024, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 75,921 | 100.0% | S100XTLM |
| Cost of revenue | 65,403 | 86.1% | S100XTLM |
| Gross profit | 10,518 | 13.9% | S100XTLM |
| SG&A | 9,354 | 12.3% | S100XTLM |
| Operating income | 814 | 1.1% | S100XTLM |
| Pretax income | 1,747 | 2.3% | S100XTLM |
| Income tax | 647 | 0.9% | S100XTLM |
| Net income | 912 | 1.2% | S100XTLM |
| Net income attributable to owners | 912 | 1.2% | S100XTLM |

## Per ¥100 of revenue（FY ending Dec 2024）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 13 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 13.9% → Operating margin 1.1% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.5%; Core profit growth: -83.8%
Operating leverage (core profit growth ÷ revenue growth): 55.48×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2023 → FY ending Dec 2024、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 77,085 | 75,921 | -1,164 | -1.5% |
| Gross profit | 14,272 | 10,518 | -3,754 | -26.3% |
| Operating income | 5,018 | 814 | -4,204 | -83.8% |
| Net income attributable to owners | -1,287 | 912 | 2,199 | — |
| Operating cash flow | 1,405 | 4,873 | 3,468 | +246.8% |
| Free cash flow | -3,373 | 1,042 | 4,415 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 36,886 | — | — | 4,632 | 6,675 | — | S100KZTZ |
| FY ending Dec 2017 | 53,244 | — | — | 2,658 | 5,131 | — | S100NM9V |
| FY ending Dec 2018 | 74,832 | — | — | 6,819 | 8,131 | — | S100QDWS |
| FY ending Dec 2019 | 64,563 | 8,186 | 12.7% | 4,891 | 6,040 | 3,557 | S100KZTZ |
| FY ending Dec 2020 | 52,024 | 3,611 | 6.9% | 1,877 | 2,222 | 917 | S100NM9V |
| FY ending Dec 2021 | 67,926 | 5,816 | 8.6% | 3,554 | 6,265 | 3,868 | S100QDWS |
| FY ending Dec 2022 | 79,036 | — | — | -9,089 | -4,136 | — | S100XTLM |
| FY ending Dec 2023 | 77,085 | 5,018 | 6.5% | -1,287 | 1,405 | -3,373 | S100VFZP |
| FY ending Dec 2024 | 75,921 | 814 | 1.1% | 912 | 4,873 | 1,042 | S100XTLM |

## People and productivity（FY ending Dec 2024, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.3M |
| Operating income per employee (consolidated) | ¥293.2K |
| Net income per employee (consolidated) | ¥328.5K |

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

| History | FY ending Dec 2020 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 2,869 | 2,999 | 3,112 | 3,066 | 2,776 |
| Average salary (parent company) | ¥4.3M | ¥4.7M | — | ¥4.9M | ¥4.8M |
| Average age (parent company) | 41.9 years | 42.7 years | — | 44.2 years | 42.7 years |
| Average tenure (parent company) | 10.1 years | 11.0 years | — | 11.9 years | 12.1 years |

Year over year: Employees (consolidated) -9.5% · Revenue (consolidated) -1.5%

## Segments（FY ending Dec 2024, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Precision Components Business | 75,102 | 98.9% | 632 | 0.8% |
| Blower and Real Estate Business | 819 | 1.1% | 181 | 22.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Precision Components Business | 98.9% | 77.7% | -21.2 | 0.8% |
| Blower and Real Estate Business | 1.1% | 22.3% | 21.2 | 22.1% |

Segment → industry: Blower and Real Estate Business → Industrial Machinery / Precision Components Business → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2024, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,873 | 6.4% | S100XTLM |
| Capital expenditure | 3,831 | 5.0% | S100XTLM |
| Free cash flow | 1,042 | 1.4% | 算出 |
| Investing cash flow | -3,800 | -5.0% | S100XTLM |
| Financing cash flow | -1,906 | -2.5% | S100XTLM |
| Dividends paid | 569 | 0.7% | S100XTLM |
| Change in cash | 331 | 0.4% | S100XTLM |
| Cash and equivalents | 23,060 | 30.4% | S100XTLM |

## 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 Dec 2020 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 14,987 | 32,524 | 24,119 | 23,003 | 23,060 | S100QDWS, S100STL6, S100XTLM, S100VFZP |
| Total assets | 130,466 | 157,174 | 159,891 | 166,078 | 174,721 | S100NM9V, S100QDWS, S100XTLM, S100VFZP |
| Net assets | 44,712 | 53,369 | — | 54,142 | 61,508 | S100QDWS, S100STL6, S100XTLM |
| Share capital | 16,843 | 17,102 | — | 17,117 | 17,117 | S100NM9V, S100QDWS, S100VFZP, S100XTLM |
| Property, plant and equipment | 31,108 | 32,370 | — | 34,226 | 36,695 | S100NM9V, S100QDWS, S100VFZP, S100XTLM |
| Goodwill | 38,168 | 39,852 | — | 34,253 | 36,274 | S100NM9V, S100QDWS, S100VFZP, S100XTLM |
| Current assets | 53,350 | 77,030 | — | 84,225 | 84,963 | S100NM9V, S100QDWS, S100VFZP, S100XTLM |
| Total liabilities | 85,754 | 103,805 | — | 111,936 | 113,213 | S100NM9V, S100QDWS, S100VFZP, S100XTLM |
| Equity attributable to owners of parent | 44,683 | 53,335 | — | 54,107 | 61,472 | S100NM9V, S100QDWS, S100VFZP, S100XTLM |
| Retained earnings | 25,947 | 27,844 | — | 15,209 | 15,486 | S100NM9V, S100QDWS, S100VFZP, S100XTLM |
| Treasury stock | -1,651 | -1,648 | — | -2,616 | -2,298 | S100NM9V, S100QDWS, S100VFZP, S100XTLM |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100XTLM |
| Property, plant and equipment | 21% | S100XTLM |
| Intangibles and goodwill | 21% | — |
| Other assets | 45% | S100XTLM |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 65% | S100XTLM |
| Equity | 35% | S100XTLM |

### Balance sheet history

| Metric | FY ending Dec 2020 | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 130,466 | 157,174 | 159,891 | 166,078 | 174,721 |
| Equity | 44,712 | 53,369 | — | 54,142 | 61,508 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 14,987 | 32,524 | 24,119 | 23,003 | 23,060 |

## 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) | 48.3% | S100XTLM |
| Fixed assets ÷ total assets | 21.0% | S100XTLM |
| Goodwill ÷ parent equity | 59.0% | S100XTLM |

Goodwill over 4 years: 38,168 → 36,274 JPY; total investing cash flow: -15,752 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) | 13.2% |
| Cash ÷ revenue | 30.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 598.6% |
| Cash vs. profit gap | 3,961 JPY mn (of net income 434.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 62.4% |
| Shareholder payments — dividends / FCF | 54.6% |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 78.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2020 | 3.6% | 0.40× | 1.4% | 2.92× | 4.2% | S100NM9V |
| 2021 | 5.2% | 0.47× | 2.5% | 2.93× | 7.3% | S100QDWS |
| 2022 | — | —× | -5.7% | —× | — | S100XTLM |
| 2023 | — | —× | -0.8% | —× | — | S100VFZP |
| 2024 | 1.2% | 0.45× | 0.5% | 2.95× | 1.6% | S100XTLM |

## 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 | 14.8% | 2025-12-31 |
| BBH CO FOR ARCUS JAPAN VALUE FUND（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 3.8% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.3% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（株式付与ＥＳＯＰ信託口・８０１８９口） | Major shareholder | 2.3% | 2025-12-31 |
| 青木 達也 | Major shareholder | 2.1% | 2025-12-31 |
| UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.9% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（役員報酬ＢＩＰ信託口・７６２０６口） | Major shareholder | 1.8% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.7% | 2025-12-31 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 1.4% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.4% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第20期(2025/01/01－2025/12/31) | S100XTLM | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTLM,, |
| 有価証券報告書－第19期(2024/01/01－2024/12/31) | S100VFZP | 2025-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFZP,, |
| 有価証券報告書－第18期(2023/01/01－2023/12/31) | S100STL6 | 2024-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100STL6,, |
| 有価証券報告書－第17期(2022/01/01－2022/12/31) | S100QDWS | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QDWS,, |
| 有価証券報告書－第16期(令和3年1月1日－令和3年12月31日) | S100NM9V | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NM9V,, |
| 有価証券報告書－第15期(令和2年1月1日－令和2年12月31日) | S100KZTZ | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KZTZ,, |

## 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).