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Presentation materials for financial results6849NIHON KOHDEN CORPORATIONElectrical Equipment and Precision Instruments

Materials for the Financial Results Briefing for the Fiscal Year Ending March 2026

For the fiscal year ended March 2026, revenue increased, driven by growth in overseas sales, while operating profit declined due to higher personnel costs, research and development expenses, and amortization and depreciation associated with M&A and capital investments. For the fiscal year ending March 2027, revenue is expected to decline, but the company aims to increase operating profit through an improved product mix and profitability reforms.

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Contents of this document

Presentation materials for financial resultsFiscal year ending March 2026, full year14 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥235,099 million+4.3%
Operating profit¥18,745 million-9.5%
Ordinary income¥22,544 million+10.7%
Net income¥14,513 million+2.9%
Gross Profit Margin51.8%
Operating profit margin8.0%
Selling, general and administrative expenses¥102,981 million
Results for the three months of the current quarter
Net Sales
¥71,086 million+6.2%
Operating profit
¥9,610 million-1.7%
Ordinary income
¥10,661 million+55.3%
Net income
¥8,104 million+36.0%
Full-year earnings forecast
Net Sales
¥232,500 million
Operating profit
¥23,500 million
Ordinary income
¥23,500 million
Net income
¥15,000 million
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Plan not achieved
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Increase in gross profit from higher revenue¥4,486 million
  • Selling price and cost impact¥834 million
  • Increase in selling, general and administrative expenses¥-6,729 million
  • Foreign exchange impact¥-559 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Average exchange rate
US$1¥150
€1¥175
Revision of medical service fees in JapanJune 2026: +3.09% for core fees
Market Growth Rate
DomesticApproximately 1–2%
North AmericaMid-single digits
New initiatives
  • Establishment of a headquarters for overseeing the domestic business
  • Making ドゥウェル社 a consolidated subsidiary
  • Introduction of a new CRM system
  • Rollout of on-site alarm analysis software, software supporting admission and discharge operations, AlarmSense and other products
  • Introduction of 日本光電's ROIC methodology
Key KPIsA metric the company considers important as a management benchmark.
  • Overseas revenue ratio38.6%
    Year on year against the same period last year+3.0 percentage points
  • Consumables and services sales ratio50.7%
    Year on year against the same period last year+1.0 percentage points
  • Proprietary products sales ratio75.2%
    Year on year against the same period last year+1.6 percentage points
  • Operating income per employee¥3.11 million
    Year on year against the same period last yearDecreased
  • ROE8.1%
    Year on year against the same period last year+0.3 percentage points
  • CCC215 days
    Year on year against the same period last yearShortened from 225 days at the end of the previous fiscal year
Unit price and quantity metricsThese figures show sales broken down by price and volume.
AED units sold
Current fiscal year115,400 Units
Prior-year period117,000 Units
Year on year against the same period last year-1.4%
AED units sold in Japan
Current fiscal year57,900 Units
Prior-year period63,800 Units
Year on year against the same period last year-9.2%
Medium-term management plan targets
Net Sales
Target value2,560 Hundreds of millions of yen
Target fiscal yearFiscal year ending March 2027
Operating profit margin
Target value15%
Target fiscal yearFiscal year ending March 2027
ROE
Target value12%
Target fiscal yearFiscal year ending March 2027
Overseas revenue ratio
Target value38.7%
Target fiscal yearFiscal year ending March 2027
Financial targets
ROIC
Target value12%
Actual value4.0%
ROE
Target value12%
Actual value8.1%
Equity ratio
Actual value70.1%
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
Impact of the situation in the Middle East
Net Sales-18 Hundreds of millions of yen
Operating profit-12 Hundreds of millions of yen
Market Size / Share
Domestic market growth rateApproximately 1–2%
North American ventilator market shareMore than 40% (company estimate for 2025)
Capital expenditures
¥7,807 million
Annual Dividend
Annual dividend per share
Fiscal year ending March 2026¥32
Forecast for the fiscal year ending March 2027¥33
Payout ratio
Fiscal year ending March 202635.9%
Forecast for the fiscal year ending March 202735.4%
Total payout ratio target35% or more
Acquisition of treasury shares
Acquisition amount50 Hundreds of millions of yen
PeriodFiscal year ending March 2026
Contents of this document
ItemDetails
Document typePresentation materials for financial results
Fiscal Period CoveredFiscal year ending March 2026, full year
Net Sales¥235,099 million (YoY +4.3%)
Operating profit¥18,745 million (YoY -9.5%)
Ordinary income¥22,544 million (YoY +10.7%)
Net income¥14,513 million (YoY +2.9%)
Gross Profit Margin51.8%
Operating profit margin8.0%
Selling, general and administrative expenses¥102,981 million
Results for the three months of the current quarterNet Sales ¥71,086 million (YoY +6.2%) / Operating profit ¥9,610 million (YoY -1.7%) / Ordinary income ¥10,661 million (YoY +55.3%) / Net income ¥8,104 million (YoY +36.0%)
Full-year earnings forecastNet Sales ¥232,500 million / Operating profit ¥23,500 million / Ordinary income ¥23,500 million / Net income ¥15,000 million
Self-assessment against the planPlan not achieved
Breakdown of Factors Affecting the ChangeFactors Increase in gross profit from higher revenue / Amount ¥4,486 million, Factors Selling price and cost impact / Amount ¥834 million, Factors Increase in selling, general and administrative expenses / Amount ¥-6,729 million, Factors Foreign exchange impact / Amount ¥-559 million
Key KPIsIndicator name Overseas revenue ratio / Value 38.6% / Year on year against the same period last year +3.0 percentage points, Indicator name Consumables and services sales ratio / Value 50.7% / Year on year against the same period last year +1.0 percentage points, Indicator name Proprietary products sales ratio / Value 75.2% / Year on year against the same period last year +1.6 percentage points, Indicator name Operating income per employee / Value ¥3.11 million / Year on year against the same period last year Decreased, Indicator name ROE / Value 8.1% / Year on year against the same period last year +0.3 percentage points, Indicator name CCC / Value 215 days / Year on year against the same period last year Shortened from 225 days at the end of the previous fiscal year
Unit price and quantity metricsAED units sold Current fiscal year 115,400 Units / Prior-year period 117,000 Units / yoy_pct -1.4 Units / AED units sold in Japan Current fiscal year 57,900 Units / Prior-year period 63,800 Units / yoy_pct -9.2 Units
Assumptions Underlying the Business OutlookAverage exchange rate US$1 ¥150 / €1 ¥175 / Revision of medical service fees in Japan June 2026: +3.09% for core fees / Market Growth Rate Domestic Approximately 1–2% / North America Mid-single digits
Risk amount incorporated into the outlookImpact of the situation in the Middle East Net Sales -18 Hundreds of millions of yen / Operating profit -12 Hundreds of millions of yen
Medium-term management plan targetsNet Sales Target value 2,560 Hundreds of millions of yen / Target fiscal year Fiscal year ending March 2027 / Operating profit margin Target value 15% / Target fiscal year Fiscal year ending March 2027 / ROE Target value 12% / Target fiscal year Fiscal year ending March 2027 / Overseas revenue ratio Target value 38.7% / Target fiscal year Fiscal year ending March 2027
Financial targetsROIC Target value 12% / Actual value 4.0% / ROE Target value 12% / Actual value 8.1% / Equity ratio Actual value 70.1%
Annual DividendAnnual dividend per share Fiscal year ending March 2026 ¥32 / Forecast for the fiscal year ending March 2027 ¥33 / Interim and Year-End Breakdown Not disclosed
Payout ratioFiscal year ending March 2026 35.9% / Forecast for the fiscal year ending March 2027 35.4% / Total payout ratio target 35% or more
Acquisition of treasury sharesAcquisition amount 50 Hundreds of millions of yen / Period Fiscal year ending March 2026
Capital expenditures¥7,807 million
Market Size / ShareDomestic market growth rate Approximately 1–2% / North American ventilator market share More than 40% (company estimate for 2025)
New initiativesEstablishment of a headquarters for overseeing the domestic business, Making ドゥウェル社 a consolidated subsidiary, Introduction of a new CRM system, Rollout of on-site alarm analysis software, software supporting admission and discharge operations, AlarmSense and other products, Introduction of 日本光電's ROIC methodology
Items this document does not state (6)
Progress against full-year forecastSegment resultsNumber of stores and locationsNumber of employeesOrders received and order backlogKey points of the Q&A

These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.

The reasons the company gives

The company's own explanation, not something inferred from the numbers.

For the fiscal year ended March 2026, the increase in overseas sales drove higher revenue, while lower domestic sales, higher personnel costs, research and development investment, and increased selling, general and administrative expenses due to higher amortization and depreciation associated with M&A and capital investments contributed to the decline in operating profit. For the next fiscal year, revenue is expected to decline following the discontinuation of Abbott products, while improvements in the product mix, company-wide profitability reforms, and growth in overseas sales are expected.

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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.
Materials for the Financial Results Briefing for the Fiscal Year Ending March 2026 | NIHON KOHDEN CORPORATION (6849) timely disclosure | Komori