Balance Sheet StrengthNichicon’s low leverage (debt-to-equity ~0.21) and growing equity provide durable financial flexibility. This reduces refinancing risk in hardware cycles, supports capital spending for manufacturing or certifications, and preserves capacity to fund working capital or dividends over the next several quarters.
Diversified End Markets & Product MixNichicon’s product breadth across aluminum electrolytic, film and other capacitors and exposure to automotive, industrial and power markets supports more stable demand. Higher-spec automotive/industrial sales typically carry better margins and long-term OEM relationships, aiding revenue resilience.
Positive Cash GenerationThe company still generates positive operating cash flow (~¥12.5B) and FCF (~¥5.8B), enabling reinvestment and shareholder returns without immediate reliance on new debt. This cash-generation capacity, while volatile, is a durable source to support working capital and selective capex over the medium term.