Nikkiso Co., Ltd. (6376) AI Stock Analysis

• Market Cap: ¥113.13B
• Dividend Yield: 2.04%
• Average Volume (3M): 185.66K
• Price to Earnings (P/E): 11.0
• Beta (1Y): 0.99
• Revenue Growth: 1.48%
• EPS Growth: 58.59%
• Country: JP
• Employees: 8,337
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): 20.73
• Shares Outstanding: 69,175,670
• 10 Day Avg. Volume: 215,040
• 30 Day Avg. Volume: 185,656
• PEG Ratio: -0.65
• Price to Book (P/B): 0.46
• Price to Sales (P/S): 0.30
• P/FCF Ratio: -5.11
• 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: ¥2,072.00 ▲(31.39% Upside)

Nikkiso Co., Ltd. receives a strong overall score driven by its solid financial performance and attractive valuation. The technical analysis supports a positive outlook with bullish momentum. However, challenges in cash flow generation and a slight decline in return on equity are areas to watch.

Positive Factors

Recurring aftermarket services

Nikkiso’s recurring aftermarket services provide a durable revenue stream tied to an installed base. These services stabilize cash flows across equipment cycles, improve customer retention, and create higher-margin, repeatable revenues that support long-term predictability and lifecycle upsell opportunities.

Improved gross and operating margins

Rising gross and operating margins indicate stronger pricing, cost control, and manufacturing efficiency across project delivery. Sustained margin expansion supports reinvestment capacity and resilience to commodity or input price swings, enhancing long-term profitability per unit sold.

Stronger balance sheet structure

A lower debt-to-equity ratio and near-45% equity ratio signal a more balanced capital structure, reducing refinancing and interest-rate vulnerability. This improved leverage profile preserves financial flexibility for capex, M&A, or downturns and supports sustainable investment in engineered products and service capabilities.

Negative Factors

Declining free cash flow

A large FCF decline reduces internal funding for capex, R&D, and acquisitions, increasing dependence on external financing. If sustained, weaker free cash flow can constrain lifecycle servicing investments and delay capacity upgrades critical for long-term equipment reliability and aftermarket growth.

Low and falling return on equity

A ROE near 5% indicates limited returns on shareholder capital versus peers. Persistently low ROE can signal underutilized assets or margin pressure, making it harder to justify incremental capital and potentially limiting shareholder value creation over the medium term.

Pressure on net profitability

A slipping net margin suggests rising SG&A, project mix shifts, or non-operating costs eroding bottom-line conversion. Sustained margin compression reduces retained earnings and the ability to fund aftermarket expansion or R&D, weakening long-term competitive positioning.

Nikkiso Co., Ltd. Business Overview & Revenue Model

Company Description

Nikkiso Co., Ltd. (6376) is a Japan-based company specializing in the manufacturing of precision equipment and systems primarily for the aerospace, medical, and industrial sectors. The company's core products include cryogenic pumps, gas and liquid pumps, and various components for medical applications, particularly in the fields of hemodialysis and blood purification. Nikkiso also provides integrated systems and solutions that leverage its technological expertise in fluid management and control.

How the Company Makes Money

Nikkiso generates revenue through the sale of its advanced pumping systems and components, which are utilized in a variety of high-demand applications across its target sectors. Key revenue streams include the sale of cryogenic pumps and systems to the aerospace and industrial markets, as well as medical equipment and consumables for healthcare facilities. Additionally, the company engages in service contracts and maintenance for its products, providing ongoing support to its customers. Strategic partnerships with major players in the aerospace and medical fields further enhance Nikkiso's market reach and contribute to its financial performance.

Nikkiso Co., Ltd. Financial Statement Overview

Summary

Nikkiso Co., Ltd. demonstrates solid revenue growth and improved operational efficiency, as reflected in the income statement. The balance sheet shows a healthier debt-to-equity ratio, although return on equity has slightly declined. Cash flow generation presents some challenges, particularly in free cash flow, which may impact future investments or debt repayments.

Income Statement

Nikkiso Co., Ltd. has shown consistent revenue growth over the years, with a TTM revenue growth rate of 1.39%. The gross profit margin has improved to 28.65% in the TTM period, indicating efficient cost management. However, the net profit margin has slightly decreased to 3.29% from 3.73% in the previous year, suggesting some pressure on net profitability. The EBIT and EBITDA margins have improved, reflecting better operational efficiency.

Balance Sheet

The company's debt-to-equity ratio has improved to 0.72 in the TTM period, indicating a more balanced capital structure compared to previous years. Return on equity has slightly decreased to 5.07%, which is a concern for shareholder returns. The equity ratio stands at 44.98%, showing a stable financial position with a good proportion of equity financing.

Cash Flow

The operating cash flow has improved significantly to 13.24 billion yen in the TTM period, but free cash flow has decreased by 41.67%, indicating potential challenges in cash generation. The operating cash flow to net income ratio is 0.28, suggesting moderate cash conversion efficiency. The free cash flow to net income ratio is 0.66, which is relatively healthy but shows room for improvement.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	213.95B	213.38B	192.63B	177.11B	167.76B	158.54B
Gross Profit	62.00B	58.00B	50.96B	45.64B	51.15B	52.10B
EBITDA	23.30B	17.60B	22.85B	43.50B	15.10B	18.92B
Net Income	11.10B	7.96B	9.07B	13.64B	221.00M	6.56B
Balance Sheet
Total Assets	328.35B	325.56B	296.23B	286.60B	298.96B	272.89B
Cash, Cash Equivalents and Short-Term Investments	32.53B	36.71B	32.30B	48.80B	29.36B	29.06B
Total Debt	105.06B	107.21B	81.05B	89.34B	147.46B	132.27B
Total Liabilities	178.82B	183.56B	169.94B	170.84B	204.76B	184.72B
Stockholders Equity	147.71B	140.07B	124.43B	114.23B	92.20B	86.32B
Cash Flow
Free Cash Flow	7.36B	-12.60B	4.81B	658.00M	-8.63B	-644.00M
Operating Cash Flow	13.24B	-6.57B	14.24B	8.38B	3.59B	12.48B
Investing Cash Flow	349.00M	-4.99B	-9.22B	76.76B	-14.56B	-12.53B
Financing Cash Flow	-14.72B	13.36B	-14.55B	-68.68B	9.45B	8.52B

Nikkiso Co., Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1577.00
• 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:6376, the sentiment is Positive. The current price of 1577 is below the 20-day moving average (MA) of 1780.35, below the 50-day MA of 1656.76, and above the 200-day MA of 1415.62, indicating a bullish trend. The MACD of 47.02 indicates Positive momentum. The RSI at 66.46 is Neutral, neither overbought nor oversold. The STOCH value of 76.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:6376.

Nikkiso Co., Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6104	81 Outperform	¥91.54B	42.71	5.02%	3.23%	-10.00%	-51.92%
6455	79 Outperform	¥128.79B	11.46	―	2.25%	12.64%	34.19%
6490	79 Outperform	¥158.18B	18.09	―	2.50%	-2.46%	-10.72%
6376	74 Outperform	¥113.13B	11.04	8.17%	2.04%	1.48%	58.59%
6486	70 Outperform	¥155.97B	20.41	―	3.88%	1.70%	18.50%
6284	68 Neutral	¥93.80B	12.22	―	3.24%	18.70%	33.93%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

Nikkiso Co., Ltd. Corporate Events

Nikkiso Loses Tokyo High Court Appeal Over CFC Tax Reassessment

Nikkiso Co., Ltd. has lost its appeal at the Tokyo High Court over a tax reassessment related to Japan’s Controlled Foreign Company (CFC) tax regime, concerning three foreign subsidiaries within its Clean Energy & Industrial Gases Group. Tax authorities had previously determined that these subsidiaries did not meet CFC exemption requirements, triggering a reassessment of fiscal 2018 business income at Nikkiso International Co., Ltd. and subsequent penalties. After an unfavorable ruling from the National Tax Tribunal and the Tokyo District Court, the High Court has now also dismissed Nikkiso’s claims, leaving the reassessment in place. The company expressed regret and indicated it finds the decisions difficult to accept, and it will scrutinize the ruling and consider its next steps, signaling potential ongoing legal or administrative responses and continued uncertainty for stakeholders until a final course of action is determined.

The most recent analyst rating on (JP:6376) stock is a Hold with a Yen1922.00 price target. To see the full list of analyst forecasts on Nikkiso Co., Ltd. stock, see the JP:6376 Stock Forecast page.

Nikkiso Revamps Board Lineup Ahead of March 2026 Shareholders’ Meeting

Nikkiso Co., Ltd. has announced a slate of director and Audit & Supervisory Board candidates to be submitted for approval at its 85th Ordinary General Meeting of Shareholders on March 27, 2026, signalling a measured refresh of its governance structure while maintaining continuity in top management. Representative Director, President and CEO Koichi Kato and several incumbent directors, including independent outside directors, are nominated for reelection, while Executive Officer and Head of Corporate Unit Masaharu Murakami is set to join the board as a new director and Hiroaki Asakura, currently a director and general manager at the company’s Chinese dialysis equipment affiliate, is nominated as a new Audit & Supervisory Board member. The company is also reappointing Naoshi Ogasawara as an outside Audit & Supervisory Board member and maintaining Makoto Suzuki as a substitute outside Audit & Supervisory Board member, while Chairman and Director Toshihiko Kai and Audit & Supervisory Board Member Motohiro Takeuchi are scheduled to retire on March 27, 2026, underscoring an orderly leadership transition and a continued emphasis on outside oversight in its governance framework.

The most recent analyst rating on (JP:6376) stock is a Hold with a Yen1695.00 price target. To see the full list of analyst forecasts on Nikkiso Co., Ltd. stock, see the JP:6376 Stock Forecast page.

Nikkiso Keeps Core Leadership Intact in 2026 Executive Lineup

Nikkiso Co., Ltd. announced a series of officer appointments and role confirmations effective January 1, 2026, as approved by its Board of Directors. The resolution largely maintains continuity in top management, with President and CEO Koichi Kato and key business heads in the medical, industrial, aerospace, corporate, and R&D units retaining their current positions, while formalizing Executive Officer status for Kazuhiko Sugimoto as head of the Medical Factory at the Kanazawa Plant. The move underscores organizational stability across Nikkiso’s main business segments and reinforces its governance structure as it continues to manage its diversified portfolio, including its U.S.-based cryogenic subsidiary, without signaling major strategic or operational shifts for stakeholders.

The most recent analyst rating on (JP:6376) stock is a Buy with a Yen1766.00 price target. To see the full list of analyst forecasts on Nikkiso Co., Ltd. stock, see the JP:6376 Stock Forecast page.

Nikkiso Co., Ltd. Completes Strategic Share Repurchase

Nikkiso Co., Ltd. announced the completion of a share repurchase transaction, acquiring 1,000,000 shares for 1,544,000,000 yen through the Tokyo Stock Exchange’s ToSTNeT-3 system. This move aims to enhance shareholder returns and improve capital efficiency, reflecting the company’s strategic focus on optimizing its financial structure and delivering value to its stakeholders.

The most recent analyst rating on (JP:6376) stock is a Buy with a Yen1780.00 price target. To see the full list of analyst forecasts on Nikkiso Co., Ltd. stock, see the JP:6376 Stock Forecast page.

Nikkiso Co., Ltd. Announces Strategic Share Repurchase Plan

Nikkiso Co., Ltd. has announced a share repurchase plan as part of its strategy to enhance capital efficiency and provide stable returns to shareholders. The company plans to buy back up to 1,000,000 shares, representing 1.51% of its outstanding shares, at a total cost of up to 1,544,000,000 yen. This move aligns with their medium-term business plan, aiming for a total payout ratio of 35% by 2025, and reflects their commitment to improving business profitability and shareholder value.

The most recent analyst rating on (JP:6376) stock is a Buy with a Yen1780.00 price target. To see the full list of analyst forecasts on Nikkiso Co., Ltd. stock, see the JP:6376 Stock Forecast page.

Nikkiso Reports Strong Profit Growth and Dividend Increase for Q3 2025

Nikkiso Co., Ltd. reported a modest increase in revenue for the nine months ending September 30, 2025, with significant improvements in operating profit and profit before tax compared to the previous year. The company also announced a dividend increase, reflecting its positive financial outlook and stable market position, despite excluding six subsidiaries from its consolidation scope.

The most recent analyst rating on (JP:6376) stock is a Buy with a Yen1780.00 price target. To see the full list of analyst forecasts on Nikkiso Co., Ltd. stock, see the JP:6376 Stock Forecast page.

Nikkiso Co., Ltd. Reports Strong Profit Growth Amid Strategic Changes

Nikkiso Co., Ltd. reported its consolidated financial results for the nine months ending September 30, 2025, showing a slight increase in revenue by 0.4% year-on-year, reaching 152,278 million yen. The company experienced significant growth in operating profit and profit before tax, with increases of 119.6% and 72.7% respectively, indicating improved operational efficiency and profitability. The company’s financial position strengthened with a rise in total equity and a higher ratio of equity attributable to owners of the parent. Nikkiso also announced a forecasted annual dividend increase, reflecting confidence in sustained financial performance. The exclusion of six subsidiaries from its financials marks a strategic shift, potentially impacting its future operations and market focus.

The most recent analyst rating on (JP:6376) stock is a Buy with a Yen1654.00 price target. To see the full list of analyst forecasts on Nikkiso Co., Ltd. stock, see the JP:6376 Stock Forecast page.