Nippon Sheet Glass Company (5202) AI Stock Analysis

• Market Cap: ¥63.35B
• Dividend Yield: N/A
• Average Volume (3M): 1.17M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.12
• Revenue Growth: 0.47%
• EPS Growth: -223.83%
• Country: JP
• Employees: 24,880
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Parts
• EPS (TTM): -12.26
• Shares Outstanding: 102,566,444
• 10 Day Avg. Volume: 1,641,370
• 30 Day Avg. Volume: 1,170,496
• PEG Ratio: <0.01
• Price to Book (P/B): 0.33
• Price to Sales (P/S): 0.04
• P/FCF Ratio: 16.85
• 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): 2.54
• Revenue Forecast (FY): ¥862.42B

• Rating: 51 Neutral
• Price Target: ¥635.00 ▲(24.02% Upside)
• Action: Reiterated Date: 02/08/26
• Date: Action: Reiterated 02/08/26

Overall score is held back primarily by high leverage and inconsistent profitability (net losses), partly offset by positive operating/free cash flow and a moderately constructive longer-term technical trend. Valuation metrics provide limited support due to negative earnings and no dividend yield data.

Positive Factors

Cash generation

Consistent operating cash flow and positive free cash flow in the latest periods provide durable internal funding for operations and required maintenance capex, supporting ongoing operations and incrementally enabling debt paydown or targeted reinvestment despite earnings volatility.

Revenue growth trend

Sustained top-line growth since FY2022 indicates strengthening demand and improved market penetration across segments. Durable revenue expansion helps absorb fixed costs, supports scale advantages, and provides a base to improve margins if operating discipline continues.

Diversified, value‑added business model

A multi‑segment model (building, automotive, specialty) and higher-value processed products reduce single-cycle exposure and foster sticky OEM and construction customer relationships. Value-added offerings support sustainable margin premium versus commodity float glass over time.

Negative Factors

High financial leverage

Very high leverage materially constrains financial flexibility, increases refinancing and interest-rate sensitivity, and limits capacity for strategic investments or cyclical buffers. Elevated debt magnifies downside in slower end markets and slows recovery after downturns.

Inconsistent profitability

Recurring swings between profit and net losses reflect earnings-quality volatility and below-the-line pressures. Inconsistent net income undermines retained earnings growth, restricts deleveraging capacity, and complicates long-term planning for returns or investment.

Choppy, modest free cash flow vs revenue

Volatile free cash flow and modest FCF-to-revenue ratios limit the speed of debt reduction and constrain discretionary spending. This structural cash volatility raises execution risk for strategic initiatives and prolongs exposure to capital-structure stress.

Nippon Sheet Glass Company Business Overview & Revenue Model

Company Description

Nippon Sheet Glass Company, Limited (NSG Group) is a leading global glass manufacturer headquartered in Japan. The company operates primarily in the architectural, automotive, and technical glass sectors, providing a wide range of products including float glass, processed glass, and specialty glass solutions. With a strong focus on innovation and sustainability, NSG Group caters to diverse markets by delivering high-quality glass products for buildings, vehicles, and various industrial applications.

How the Company Makes Money

Nippon Sheet Glass Company generates revenue primarily through the manufacture and sale of glass products across its key sectors: architectural, automotive, and technical glass. The architectural segment includes products for commercial and residential buildings, while the automotive segment focuses on glass for vehicles such as windshields and windows. The technical glass division provides specialized products for industries like electronics and solar energy. Significant revenue streams include direct sales to construction companies, automotive manufacturers, and industrial clients. Additionally, partnerships with major automotive and construction firms enhance its market presence and contribute to steady revenue growth. The company also benefits from ongoing demand for energy-efficient and environmentally friendly glass solutions, which aligns with global trends towards sustainability.

Nippon Sheet Glass Company Financial Statement Overview

Summary

Mixed fundamentals. Revenue is roughly stable and operating metrics improved versus the latest annual period, and operating/free cash flow are positive. However, net losses in TTM and FY2025 and very high leverage (debt-to-equity ~4–5x) materially constrain financial quality and flexibility.

Income Statement

TTM (Trailing-Twelve-Months) revenue is roughly stable versus the latest annual period, but profitability remains pressured: the company is loss-making at the net level in TTM (Trailing-Twelve-Months) and FY2025 after a profitable FY2024. Operating performance improved from FY2025 to TTM (Trailing-Twelve-Months) (better operating margin and higher gross margin), but the swing back to net losses suggests meaningful below-the-line or cost pressures. Overall, revenue has grown materially since FY2022, yet earnings quality and consistency are volatile.

Balance Sheet

Leverage is the key constraint. Debt remains very high relative to equity (debt-to-equity ~4–5x in the last two periods and as high as ~7.5x historically), limiting financial flexibility and increasing sensitivity to downturns. Equity has improved from FY2021 levels, but returns on equity are negative in TTM (Trailing-Twelve-Months) and FY2025 due to net losses. Asset base is sizable, but the capital structure is aggressive for a cyclical auto-parts-linked business.

Cash Flow

Cash generation is a relative bright spot: operating cash flow is solid and steady across recent periods, and free cash flow is positive in TTM (Trailing-Twelve-Months) and FY2025. However, free cash flow has been choppy year-to-year (including negative in FY2021), and current free cash flow is modest versus revenue, which limits the pace of deleveraging. With net losses in TTM (Trailing-Twelve-Months), positive free cash flow is encouraging, but the overall cash profile still shows volatility.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	851.00B	840.40B	832.54B	763.52B	600.57B	499.22B
Gross Profit	184.06B	167.83B	180.48B	171.82B	135.43B	117.14B
EBITDA	73.24B	63.78B	90.02B	40.92B	62.28B	31.33B
Net Income	-8.89B	-13.83B	10.63B	-33.76B	4.13B	-16.93B
Balance Sheet
Total Assets	1.07T	1.03T	1.01T	951.39B	939.28B	824.96B
Cash, Cash Equivalents and Short-Term Investments	45.69B	65.31B	51.18B	69.31B	60.46B	58.67B
Total Debt	567.48B	522.73B	500.56B	491.54B	466.36B	470.14B
Total Liabilities	920.19B	890.52B	853.75B	826.52B	769.93B	745.20B
Stockholders Equity	124.32B	108.06B	124.28B	97.04B	145.29B	62.94B
Cash Flow
Free Cash Flow	9.63B	2.14B	3.87B	9.39B	10.58B	-19.59B
Operating Cash Flow	58.86B	56.85B	58.77B	48.51B	45.06B	21.05B
Investing Cash Flow	-35.94B	-42.44B	-43.51B	-34.65B	-22.79B	-25.59B
Financing Cash Flow	-31.47B	8.51B	-48.08B	-7.89B	-20.82B	13.54B

Nippon Sheet Glass Company Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 512.00
• 50DMA: Negative
• 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:5202, the sentiment is Positive. The current price of 512 is below the 20-day moving average (MA) of 615.15, below the 50-day MA of 611.20, and below the 200-day MA of 522.05, indicating a neutral trend. The MACD of -4.50 indicates Positive momentum. The RSI at 48.05 is Neutral, neither overbought nor oversold. The STOCH value of 56.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:5202.

Nippon Sheet Glass Company Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
7259	77 Outperform	¥2.09T	12.58	8.34%	2.03%	4.33%	524.86%
7276	76 Outperform	¥796.07B	19.73	7.20%	2.41%	-0.73%	88.36%
7282	75 Outperform	¥595.80B	13.50	8.26%	2.62%	1.44%	-0.92%
5802	72 Outperform	¥8.09T	31.45	8.97%	1.38%	4.96%	8.64%
6902	67 Neutral	¥6.19T	16.31	6.98%	2.98%	2.41%	11.03%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
5202	51 Neutral	¥63.35B	-5.33	-13.51%	―	0.47%	-223.83%

Nippon Sheet Glass Company Corporate Events

NSG Group Updates FY2026 Outlook and 2030 Financial Targets

NSG Group has released its financial results for the third quarter of the fiscal year ending March 2026 and provided an updated forecast for the full year, alongside revisions to its medium- to long-term financial targets under the “2030 Vision: Shift the Phase” plan. While detailed figures were not disclosed in the announcement, the company’s focus on quarterly performance, full-year outlook, and refreshed 2030 strategic financial goals signals an ongoing effort to strengthen its financial foundation and clarify its growth trajectory, with implications for profitability, capital allocation, and its competitive positioning in the global glass market.

The most recent analyst rating on (JP:5202) stock is a Hold with a Yen658.00 price target. To see the full list of analyst forecasts on Nippon Sheet Glass Company stock, see the JP:5202 Stock Forecast page.

Nippon Sheet Glass Narrows Losses and Lifts Profitability But Maintains Zero Dividend

Nippon Sheet Glass reported a modest 1.7% year-on-year increase in revenue to ¥640.6 billion for the first nine months of FY2026, while operating profit before exceptional items surged 71.3% to ¥18.5 billion, driven by improved profitability despite a still-negative bottom line. The company reduced its loss attributable to owners of the parent to ¥5.1 billion, narrowing from a ¥10.1 billion loss a year earlier and improving basic loss per share from ¥126.74 to ¥67.55, while total equity and the equity ratio also strengthened to ¥154.7 billion and 11.6%, respectively. Management kept its full-year FY2026 guidance unchanged, targeting slight revenue growth to ¥850 billion and a sharp rise in operating profit to ¥31 billion, and reiterated a zero dividend on common shares for the year, signaling a continued focus on balance sheet reinforcement and recovery in earnings rather than near-term shareholder payouts.

The most recent analyst rating on (JP:5202) stock is a Hold with a Yen658.00 price target. To see the full list of analyst forecasts on Nippon Sheet Glass Company stock, see the JP:5202 Stock Forecast page.

Nippon Sheet Glass Issues 3 Million New Shares as Class A Investor Swaps into Common Stock

Nippon Sheet Glass has disclosed that Japan Industrial Solutions Fund II, a holder of its non-voting Class A shares, has exercised its right to have 1,776 of those preferred shares acquired by the company in exchange for common stock. In response, the company will issue and deliver 3,000,212 new common shares, increasing its outstanding common share count from 99,566,234 to 102,566,446, while reducing Class A shares from 25,308 to 23,532, with the acquired Class A shares to be cancelled, slightly shifting the company’s capital structure toward a larger free-float of voting common shares and a reduced pool of non-voting preferred equity.

The most recent analyst rating on (JP:5202) stock is a Hold with a Yen490.00 price target. To see the full list of analyst forecasts on Nippon Sheet Glass Company stock, see the JP:5202 Stock Forecast page.