Nippon Sheet Glass Company (5202) AI Stock Analysis

• Market Cap: ¥68.18B
• Dividend Yield: N/A
• Average Volume (3M): 1.17M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.16
• Revenue Growth: 0.47%
• EPS Growth: -223.83%
• Country: JP
• Employees: 24,880
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Parts
• EPS (TTM): -48.27
• Shares Outstanding: 99,566,230
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: ¥644.00 ▲(25.78% Upside)

The score is held back mainly by weak financial performance—loss-making results and very high leverage—despite strong reported revenue growth. Technicals are a positive contributor with clear uptrend signals, but overbought momentum indicators add near-term risk. Valuation also remains challenged because the company is currently unprofitable (negative P/E).

Positive Factors

Diversified End Markets

NSG's exposure across architectural, automotive and technical glass reduces single-market cyclicality. Diversification provides multiple revenue streams, enables cross-selling, and helps smooth demand volatility, supporting steadier performance over the next several quarters.

Robust Revenue Growth

Sustained TTM revenue growth of +54.4% indicates strong demand traction and expanding market share. Higher volumes can deliver operating leverage, enabling margin recovery and improved cash generation if growth persists over the coming 2-6 months.

Innovation & Strategic Partnerships

A strategic emphasis on innovation and sustainability, plus partnerships with major automakers and construction firms, aligns NSG with structural demand for energy-efficient and specialty glass. This supports product differentiation and longer-term contract opportunities.

Negative Factors

Very High Leverage

A debt-to-equity ratio of 5.31 signals materially elevated leverage. High debt limits financial flexibility, raises refinancing and interest-rate risk, and can force prioritization of debt service over capex or strategic investment, weakening resilience over months.

Negative Profitability

Negative net margin and ROE show the company is not converting revenue into sustainable profits or shareholder returns. Persistent unprofitability erodes equity, constrains reinvestment capacity and undermines the firm's ability to self-fund growth or delever over time.

Weak Cash Generation

Declining FCF growth and a low operating cash flow to net income ratio indicate poor cash conversion. Limited cash reduces capacity to pay down debt, invest in R&D/capex, or absorb shocks, increasing reliance on external funding and elevating solvency risk.

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

Financial health is pressured by negative profitability (net margin -1.96%, ROE -14.99%) and very high leverage (debt-to-equity 5.31). Revenue growth is strong (+54.4% TTM), but weakening cash generation (FCF growth -18.89% TTM) and declining operating efficiency keep the score low.

Income Statement

Nippon Sheet Glass Company shows a mixed performance in its income statement. The TTM data reveals a gross profit margin of 20.51%, which is decent, but the company is struggling with profitability, as indicated by a negative net profit margin of -1.96%. Revenue growth is strong at 54.4% TTM, suggesting potential for future earnings improvement. However, the negative net income and declining EBIT and EBITDA margins highlight challenges in operational efficiency.

Balance Sheet

The balance sheet indicates high leverage with a debt-to-equity ratio of 5.31 TTM, which poses a significant risk. The return on equity is negative at -14.99%, reflecting poor profitability relative to shareholder equity. The equity ratio is not directly provided, but the high debt levels suggest a low equity base, which could impact financial stability.

Cash Flow

Cash flow analysis shows a decline in free cash flow growth at -18.89% TTM, indicating potential liquidity issues. The operating cash flow to net income ratio is 0.16, suggesting that operating cash flow is not fully covering net losses. However, the free cash flow to net income ratio of 0.08 indicates some ability to generate cash relative to net losses, albeit limited.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	838.72B	840.40B	832.54B	763.52B	600.57B	499.22B
Gross Profit	174.78B	167.83B	180.48B	171.82B	135.43B	117.14B
EBITDA	65.45B	63.78B	90.02B	40.92B	62.28B	31.33B
Net Income	-14.18B	-13.83B	10.63B	-33.76B	4.13B	-16.93B
Balance Sheet
Total Assets	1.02T	1.03T	1.01T	951.39B	939.28B	824.96B
Cash, Cash Equivalents and Short-Term Investments	42.18B	65.31B	51.18B	69.31B	60.46B	58.67B
Total Debt	535.18B	522.73B	500.56B	491.54B	466.36B	470.14B
Total Liabilities	885.51B	890.52B	853.75B	826.52B	769.93B	745.20B
Stockholders Equity	106.09B	108.06B	124.28B	97.04B	145.29B	62.94B
Cash Flow
Free Cash Flow	3.90B	2.14B	3.87B	9.39B	10.58B	-19.59B
Operating Cash Flow	57.95B	56.85B	58.77B	48.51B	45.06B	21.05B
Investing Cash Flow	-40.17B	-42.44B	-43.51B	-34.65B	-22.79B	-25.59B
Financing Cash Flow	-25.20B	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: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

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 641.50, below the 50-day MA of 559.04, and above the 200-day MA of 499.38, indicating a bullish trend. The MACD of 35.66 indicates Negative momentum. The RSI at 69.33 is Neutral, neither overbought nor oversold. The STOCH value of 80.48 is Negative, 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
6923	78 Outperform	¥398.14B	12.34	6.37%	2.88%	4.86%	10.95%
7282	74 Outperform	¥532.39B	11.43	8.26%	2.62%	1.44%	-0.92%
5991	74 Outperform	¥568.42B	14.00	―	2.60%	1.06%	-5.99%
3116	74 Outperform	¥463.04B	22.12	4.51%	3.42%	2.10%	-50.33%
6473	70 Outperform	¥579.21B	29.88	2.51%	3.18%	0.44%	-11.36%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
5202	52 Neutral	¥68.18B	-3.92	-13.51%	―	0.47%	-223.83%

Nippon Sheet Glass Company Corporate Events

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.

Nippon Sheet Glass Reports Discrepancy in Financial Forecasts Amid Bond Disposal Losses

Nippon Sheet Glass Co., Ltd. reported a discrepancy between its actual financial results and previous forecasts for the first half of the fiscal year ending March 2026. While revenue and operating profit exceeded expectations due to improved sales prices in the European Architectural business, the company faced greater-than-expected losses before taxation and attributable to owners, primarily due to the disposal of UK government bonds. Despite these challenges, the full-year forecast remains unchanged amidst an uncertain business environment and anticipated gradual market recovery in Europe.

The most recent analyst rating on (JP:5202) stock is a Hold with a Yen545.00 price target. To see the full list of analyst forecasts on Nippon Sheet Glass Company stock, see the JP:5202 Stock Forecast page.