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Nippon Sheet Glass Company
(5202)
Nippon Sheet Glass Company (5202) vs. iShares MSCI Japan ETF (EWJ)
Nippon Sheet Glass Company Business Overview & Revenue Model
Nippon Sheet Glass Company Financial Statement Overview
| 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 | 1.04T | 1.02T | 959.40B | 946.49B | 828.15B |
| 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 | 499.69B | 505.29B |
| Total Liabilities | 920.19B | 901.05B | 865.16B | 834.53B | 777.13B | 748.38B |
| Stockholders Equity | 124.32B | 108.06B | 124.28B | 97.04B | 145.29B | 62.94B |
Cash Flow | ||||||
| Free Cash Flow | 37.78B | 0.00 | 3.87B | 9.39B | 10.58B | -19.59B |
| Operating Cash Flow | 73.83B | 0.00 | 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
Nippon Sheet Glass Company Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | ¥689.69B | 14.05 | 7.20% | 2.41% | -0.73% | 88.36% | |
75 Outperform | ¥473.04B | 7.76 | 8.58% | 2.62% | 1.44% | -0.92% | |
72 Outperform | ¥7.19T | 15.56 | 8.97% | 1.38% | 4.96% | 8.64% | |
67 Neutral | $5.13T | 10.20 | 6.98% | 2.98% | 2.41% | 11.03% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
54 Neutral | ¥1.65T | 14.23 | 8.34% | 2.03% | 4.33% | 524.86% | |
42 Neutral | ¥42.13B | -16.06 | -8.11% | ― | 0.47% | -223.83% |
Nippon Sheet Glass Company Corporate Events
Nippon Sheet Glass has issued a partial correction to its March 24 announcement detailing a major capital restructuring that includes a third-party share allotment, debt-equity swap, share consolidation, and changes in its parent company and largest shareholder. The revision adjusts key assumptions and outputs in the independent DCF valuation, lowering the range of terminal values under both perpetuity growth and multiple methods, while keeping the equity value per share range and discount rate unchanged.
The corrected figures suggest more conservative long-term cash flow expectations, reflecting slower market growth and current earnings conditions, and underpin the pricing rationale for the new share issuance. Management emphasizes that the underlying business plan used in the valuation differs from its published medium-term plan but is viewed internally as a more objective and realistic basis for evaluating the transaction and the company’s capital restructuring.
The most recent analyst rating on (JP:5202) stock is a Sell with a Yen385.00 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 has received requests from all holders of its non-voting Class A shares to convert their holdings into common shares, triggering the acquisition and cancellation of all 22,644 Class A shares. In exchange, the company will issue 38,252,710 new common shares to three investment funds, increasing total common shares outstanding from 104,066,552 to 142,319,262 and simplifying its capital structure by eliminating the Class A share class, with implications for share dilution and future governance dynamics.
The move consolidates the company’s equity into a single class of voting common stock, potentially improving transparency and alignment between investors and management. While existing common shareholders face dilution from the substantial increase in issued shares, the transaction marks the end of a hybrid capital instrument introduced in 2017 and may clarify the firm’s capital policy and investor base over the longer term.
The most recent analyst rating on (JP:5202) stock is a Hold with a Yen441.00 price target. To see the full list of analyst forecasts on Nippon Sheet Glass Company stock, see the JP:5202 Stock Forecast page.
NSG Group, the global glass manufacturer based in Tokyo, has announced that its top executives, including President and CEO Munehiro Hosonuma, will voluntarily reduce their salaries. The move is presented as a demonstration of commitment to stakeholders as the Group undertakes fundamental initiatives to reshape its operations and improve performance.
Under the plan, the CEO will forgo 50 percent of his basic salary from April to September 2026, while the CHRO, Denise Haylor, and CFO, Hiroshi Aiura, will take 30 percent and 20 percent salary cuts respectively from April to June 2026. These reductions signal management’s willingness to share the burden of restructuring, potentially bolstering stakeholder confidence amid strategic changes at the company.
The most recent analyst rating on (JP:5202) stock is a Hold with a Yen441.00 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 Company said it will receive a 165 billion yen capital injection from Apollo Funds via a third-party allotment of new shares, while key existing investors plan to convert preferred shares and back the plan at the annual meeting. The group will also implement a share consolidation with cash consideration of 500 yen per share to take the company private, offering a premium to both the Apollo investment price and the latest market close.
Alongside the equity deal, major financial institutions will execute a 140 billion yen quasi debt-equity swap and the group will refinance domestic borrowings and repay 189 billion yen in debt at its U.K. subsidiary, sharply lowering leverage. Management says the resulting improvement in capital structure and interest burden will free up liquidity for strategic investments in environmental compliance, higher value-added glass products and solar-related businesses, aiming to underpin sustainable long-term growth for the newly privatized NSG Group.
The most recent analyst rating on (JP:5202) stock is a Hold with a Yen441.00 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 plans a major recapitalization that will see funds managed by Apollo Global Management acquire control through a ¥165 billion third-party share allotment and subsequent share consolidation, making Apollo’s vehicle the company’s sole shareholder and leading to delisting. The transaction, combined with a ¥140 billion quasi debt-equity swap involving major Japanese financial institutions, will be used to repay borrowings at a U.K. subsidiary and strengthen the balance sheet, reshaping NSG’s ownership structure and positioning it for future growth under private ownership.
The board has approved proposals to amend the articles of incorporation, increase authorized shares, consolidate 122,222,222 shares into one, abolish the share unit system, and provide a ¥500-per-share cash payment to existing shareholders other than Apollo’s vehicle, all subject to shareholder and regulatory approvals. Once completed, Apollo’s special purpose company will become NSG’s parent and largest shareholder, while participating banks convert their credit exposure into equity-like interests via the limited partnership structure, signaling a coordinated effort by creditors and the new sponsor to stabilize and recapitalize the glass maker.
The most recent analyst rating on (JP:5202) stock is a Hold with a Yen441.00 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 has acknowledged that a media report about a potential restructuring via delisting, backed by over 300 billion yen in financial support from Apollo and a consortium of banks, is mostly accurate. The company confirmed it is considering the proposal but emphasized that no decision has yet been made.
Management plans to decide on the matter at a board meeting scheduled for tomorrow, signaling that a pivotal shift in its capital structure and listing status could be imminent. The company said it will promptly disclose any resolutions that require public announcement, leaving investors and creditors awaiting clarity on the future of the glass maker’s market presence.
The most recent analyst rating on (JP:5202) stock is a Hold with a Yen441.00 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 has disclosed that Japan Industrial Solutions Fund II, a holder of its non-voting Class A shares, has exercised its right to request the acquisition of part of those shares in exchange for common stock. As a result, the company will deliver 1,500,106 common shares in exchange for 888 Class A shares, which will subsequently be cancelled.
Following this transaction, the company’s total common shares outstanding will increase from 102,566,446 to 104,066,552, while its Class A share count will decline from 23,532 to 22,644. The move marginally shifts the company’s capital structure toward a higher proportion of voting common equity and reduces the outstanding balance of its preferred-like Class A shares, refining its shareholder base and potentially improving equity liquidity over time.
The most recent analyst rating on (JP:5202) stock is a Hold with a Yen635.00 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 Company reported consolidated revenue of ¥640.6 billion for the nine months to 31 December 2025, up 1.7% year on year, with operating profit surging 71.3% to ¥18.5 billion, though the group still posted a net loss attributable to owners of ¥5.1 billion and a basic loss per share of ¥67.55. Total assets rose to ¥1.07 trillion and the shareholders’ equity ratio improved to 11.6%, while the company confirmed there were no changes to the previously announced third-quarter results following completion of an external review and maintained its policy of paying no interim or year-end dividend on common shares, signaling a continued focus on balance sheet reinforcement over shareholder payouts in the near term.
The most recent analyst rating on (JP:5202) stock is a Hold with a Yen635.00 price target. To see the full list of analyst forecasts on Nippon Sheet Glass Company stock, see the JP:5202 Stock Forecast page.
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 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 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.