Nittetsu Mining Co., Ltd. (1515) AI Stock Analysis

• Market Cap: ¥338.66B
• Dividend Yield: 2.3%
• Average Volume (3M): 298.66K
• Price to Earnings (P/E): 32.8
• Beta (1Y): 1.10
• Revenue Growth: 8.19%
• EPS Growth: 34.88%
• Country: JP
• Employees: 2,155
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): 33.86
• Shares Outstanding: 80,000,000
• 10 Day Avg. Volume: 289,690
• 30 Day Avg. Volume: 298,660
• PEG Ratio: 0.32
• Price to Book (P/B): 0.77
• Price to Sales (P/S): 0.55
• P/FCF Ratio: 48.22
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: ¥4,803.00 ▲(115.28% Upside)
• Action: Reiterated Date: 02/05/26
• Date: Action: Reiterated 02/05/26

The score is driven primarily by strong financial performance (revenue growth, solid balance sheet) and bullish technical trend signals. These positives are tempered by a relatively high P/E valuation and stretched momentum indicators (high RSI/Stochastic), which raise near-term pullback risk.

Positive Factors

Sustained Revenue Growth

Multi-year revenue expansion nearly doubled top-line scale from 2020–2025, demonstrating durable demand and successful commercialization of mined products. Sustained revenue growth supports investment capacity, economies of scale and long-term competitiveness in industrial materials markets.

Strong Balance Sheet

Rising equity and a high equity ratio with falling leverage provide financial flexibility to fund capex, weather commodity cycles, and pursue strategic initiatives. Improved balance-sheet hygiene reduces refinancing risk and supports long-term capital allocation optionality.

Positive Cash Generation

Consistent positive free cash flow and robust operating-cash-to-net-income conversion underpin sustainable internal funding for operations, maintenance capex and shareholder returns. Reliable cash generation enhances resilience through commodity cycles.

Negative Factors

Margin Compression

Material decline in gross and operating margins signals persistent cost pressures or competitive pricing, eroding profit per unit. If sustained, margin compression reduces reinvestment capacity and the buffer against cyclical downturns, requiring structural cost or pricing responses.

Declining FCF Conversion

A weakening conversion of earnings into free cash flow limits funding flexibility for capex, debt reduction, and dividends. Over the medium term, persistent declines in cash conversion raise the risk that profits do not translate into balance-sheet strength.

Commodity Price Exposure

Revenue and margin volatility are structurally linked to commodity cycles and contract pricing. This exposure makes earnings and cash flow sensitive to external price swings, necessitating robust hedging, long-term contracts or cost flexibility to stabilize returns.

Nittetsu Mining Co., Ltd. Business Overview & Revenue Model

Company Description

Nittetsu Mining Co., Ltd. engages in mining activities in Japan. It operates through Non-Metallic Minerals, Metallic Minerals, Machinery & Environmental Engineering, Real Estate, and Renewable Energy segments. The company mines for non-metallic minerals, including limestone, crushed stone, calcium carbonate, gypsum, chips for pulp, silica rock, quicklime/hydrated lime, and dolomite; fuel-related products, such as petroleum products, coal, and LPG; and fine chemicals comprising specialty papers (fire-retardant, calcium carbonate), Asheet paper shoe insoles, and white limestone. It also offers metallic minerals, such as electrolytic copper, gold, and silver; and mineral resources, such as materials for steel manufacturing, copper ore, and other materials. In addition, the company supplies environmental products, such as wastewater treatment chemicals, etc., as well as primarily deals in environmental products consisting of dust collectors, etc.; produces environment, and powder and fluid-related machines; leases and sells office buildings, condominiums, stores, factories and warehouses, and real estate; engages in the survey and development of geothermal energy, and supply and sale of geothermal steam; and generates power using solar and hydroelectric plants, as well as supplies and sells electricity. Further, it provides consulting services for geological surveys, geophysical exploration, test boring, and construction; buys and sells limestone, crushed stone, and calcium carbonate; manufactures and sells crushing and grinding equipment, as well as electric machinery; and mines and sells copper and other minerals. Nittetsu Mining Co., Ltd. was incorporated in 1939 and is headquartered in Tokyo, Japan.

How the Company Makes Money

Nittetsu Mining Co., Ltd. generates revenue primarily through the extraction and sale of minerals, with a significant focus on iron ore production. The company's revenue model is driven by the global demand for raw materials, particularly from industries such as steel manufacturing. Key revenue streams include the direct sale of mined minerals to domestic and international clients, long-term supply contracts with major industrial players, and potentially joint ventures or partnerships with other mining firms. Additionally, Nittetsu Mining may benefit from fluctuations in commodity prices, government contracts, and investments in technology for more efficient mining processes, which can enhance profitability.

Nittetsu Mining Co., Ltd. Financial Statement Overview

Summary

Strong multi-year revenue growth and improved net profit margin support a high score. Balance sheet strength is evident with rising equity and improved leverage. Offsetting factors include contracting EBIT/EBITDA margins and some weakening in free cash flow conversion despite positive free cash flow.

Income Statement

Nittetsu Mining Co., Ltd. has demonstrated strong revenue growth, increasing from JPY 117.5 billion in 2020 to JPY 196.8 billion in 2025. The gross profit margin has remained relatively stable, with a slight decrease from 24% in 2020 to 17.4% in 2025, reflecting some cost pressures. Net profit margin improved significantly from 3.8% in 2020 to 4.6% in 2025, indicating enhanced profitability. However, EBIT and EBITDA margins have shown some contraction, highlighting potential operational inefficiencies or increased competition.

Balance Sheet

The company's balance sheet reflects strong equity growth, with stockholders' equity rising from JPY 100.1 billion in 2020 to JPY 141.5 billion in 2025. The debt-to-equity ratio has decreased, indicating improved leverage management. The equity ratio is robust at 58.9% in 2025, up from 57.5% in 2020, showcasing financial stability. However, the return on equity has slightly decreased from 4.5% in 2020 to 6.4% in 2025, suggesting room for improvement in generating returns from equity.

Cash Flow

The company has maintained positive free cash flow, albeit with fluctuations. Free cash flow growth is evident, although it dipped in 2025 compared to 2024. The operating cash flow to net income ratio is strong, illustrating effective cash generation relative to earnings. However, the declining free cash flow to net income ratio in recent years may warrant attention, as it suggests potential challenges in converting earnings into free cash flow.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	195.96B	196.77B	166.88B	164.02B	149.08B	119.16B
Gross Profit	33.52B	34.23B	33.40B	34.98B	34.87B	27.05B
EBITDA	18.03B	23.31B	18.09B	20.15B	21.99B	12.18B
Net Income	8.10B	9.02B	6.60B	9.78B	9.28B	3.75B
Balance Sheet
Total Assets	239.46B	240.18B	229.58B	208.34B	197.73B	188.74B
Cash, Cash Equivalents and Short-Term Investments	36.57B	38.06B	37.41B	40.00B	33.22B	35.51B
Total Debt	31.66B	24.37B	22.16B	22.86B	22.96B	23.15B
Total Liabilities	87.80B	88.20B	78.86B	68.93B	71.36B	72.33B
Stockholders Equity	141.66B	141.49B	140.75B	132.34B	120.07B	111.07B
Cash Flow
Free Cash Flow	0.00	2.25B	2.53B	8.40B	532.00M	2.53B
Operating Cash Flow	0.00	17.71B	8.95B	15.82B	8.54B	9.41B
Investing Cash Flow	0.00	-12.26B	-6.33B	-5.51B	-7.26B	-6.54B
Financing Cash Flow	0.00	-6.48B	-5.84B	-4.92B	-4.76B	-999.00M

Nittetsu Mining Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 2231.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:1515, the sentiment is Positive. The current price of 2231 is below the 20-day moving average (MA) of 3953.50, below the 50-day MA of 3255.22, and above the 200-day MA of 2034.29, indicating a bullish trend. The MACD of 221.65 indicates Positive momentum. The RSI at 63.06 is Neutral, neither overbought nor oversold. The STOCH value of 74.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:1515.

Nittetsu Mining Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
5715	76 Outperform	¥193.49B	13.60	11.58%	1.62%	9.81%	30.20%
1515	74 Outperform	¥338.66B	32.78	6.77%	2.30%	8.19%	34.88%
5713	68 Neutral	$3.59T	35.98	1.33%	1.98%	3.15%	-63.65%
5711	66 Neutral	¥797.33B	36.87	2.14%	2.83%	-0.64%	-65.65%
5714	66 Neutral	¥703.92B	31.40	5.02%	2.12%	-7.98%	-42.51%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
5707	53 Neutral	¥23.91B	12.65	-111.61%	―	-11.92%	61.16%

Nittetsu Mining Co., Ltd. Corporate Events

Nittetsu Mining Unveils ¥10 Billion Share Buyback and Cancellation Linked to Mine Development Strategy

Nittetsu Mining Co., Ltd. has approved a share buyback program of up to 5 million common shares, representing 6.3% of its outstanding stock excluding treasury shares, with a maximum outlay of ¥10 billion through market purchases on the Tokyo Stock Exchange from April 1, 2026, to January 29, 2027. The company plans to cancel all shares acquired under this program by March 31, 2027, aiming to improve capital efficiency, implement agile capital policies amid a changing business environment, and strengthen shareholder returns while aligning capital strategy with expected cash flows from mine development projects and planned asset sales.

Alongside this capital policy move, Nittetsu Mining referenced a partial revision of the development plan for its Arqueros Copper Mine Project in Chile, signaling that future financial and capital decisions will reflect medium- to long-term earnings potential from such mining projects. By tying its buyback and cancellation plan to broader portfolio management and balance sheet optimization, the company underscores an intention to enhance corporate value and potentially support its market valuation and appeal to investors focused on disciplined capital allocation and shareholder-friendly policies.

The most recent analyst rating on (JP:1515) stock is a Buy with a Yen4253.00 price target. To see the full list of analyst forecasts on Nittetsu Mining Co., Ltd. stock, see the JP:1515 Stock Forecast page.

Nittetsu Mining Raises Arqueros Copper Mine Budget but Sees Profitability Improving

Nittetsu Mining has revised the development plan for its Arqueros Copper Mine project in Chile, raising estimated initial capital expenditure from US$396 million to US$486 million and delaying the expected production start to between July and September 2026. The cost increase stems from engineering changes, adjustments to construction methods in technically challenging areas, inflationary pressures, and permitting delays, with the additional investment to be financed mainly through borrowings.

Despite higher upfront costs, Nittetsu forecasts improved life-of-mine profitability thanks to updated assumptions, including lower operating costs per pound of copper and higher assumed copper and silver prices. The company expects the impact on results for the fiscal year ending March 31, 2026, to be immaterial and, alongside this project, sees its medium- to long-term cash-generation and planned asset divestments as supporting a strategy to boost capital efficiency while preserving financial health, underpinning its recently announced share repurchase and cancellation.

The most recent analyst rating on (JP:1515) stock is a Buy with a Yen4253.00 price target. To see the full list of analyst forecasts on Nittetsu Mining Co., Ltd. stock, see the JP:1515 Stock Forecast page.

Nittetsu Mining Lifts FY2025 Earnings Outlook and Hikes Year-End Dividend on Strong Copper Prices

Nittetsu Mining Co., Ltd. revised upward its full-year consolidated earnings forecast for the fiscal year ending March 31, 2026, citing higher-than-expected copper prices and sales premiums in its Metallic Minerals Division. Net sales are now projected at ¥205 billion, operating profit at ¥16.5 billion, ordinary profit at ¥16.7 billion, and profit attributable to owners of parent at ¥10.5 billion, all above the previous guidance and last year’s results, with earnings per share forecast to rise to ¥133.45. Reflecting stronger profitability and a policy targeting a 40% consolidated payout ratio or a minimum per-share dividend, the company also raised its year-end dividend forecast to ¥30 per share (post-split), up ¥5 from the earlier projection, signaling improved returns for shareholders amid favorable copper price and forex assumptions.

The most recent analyst rating on (JP:1515) stock is a Buy with a Yen4456.00 price target. To see the full list of analyst forecasts on Nittetsu Mining Co., Ltd. stock, see the JP:1515 Stock Forecast page.

Nittetsu Mining Lifts Nine-Month Profit and Raises Full-Year Outlook After Stock Split

Nittetsu Mining reported consolidated net sales of ¥151.0 billion for the nine months ended December 31, 2025, up 3.7% year on year, with operating profit surging 53.2% to ¥13.5 billion and profit attributable to owners of parent rising 12.0% to ¥9.3 billion, reflecting improved profitability and contributing to higher earnings per share despite a recent five-for-one stock split. Total assets expanded to ¥288.8 billion while the capital adequacy ratio eased to 52.3%, and the company revised both its dividend and full‑year guidance, now forecasting fiscal 2025–26 net sales of ¥205.0 billion and a 60.9% jump in operating profit to ¥16.5 billion, signaling confidence in earnings growth and continued returns to shareholders after adjusting the dividend framework to the new share count.

The most recent analyst rating on (JP:1515) stock is a Buy with a Yen4456.00 price target. To see the full list of analyst forecasts on Nittetsu Mining Co., Ltd. stock, see the JP:1515 Stock Forecast page.

Nittetsu Mining to Absorb Subsidiary’s Silica Stone Business in Internal Restructuring

Nittetsu Mining Co., Ltd. will consolidate the silica stone mining and distribution business of its wholly owned subsidiary Youra Silicastone Co., Ltd. in the Nitaku district through an absorption-type company split effective April 1, 2026, with Nittetsu as the successor company. Youra will be re-positioned to focus on mine closure management in the Honzan district, a move the group says is aimed at improving management efficiency while having no effect on consolidated financial results, no change in capital, and no need for shareholder approval due to the simplified intra-group restructuring.

The most recent analyst rating on (JP:1515) stock is a Hold with a Yen3610.00 price target. To see the full list of analyst forecasts on Nittetsu Mining Co., Ltd. stock, see the JP:1515 Stock Forecast page.