Nippon Steel 日本製鉄（株）
Official name: NIPPON STEEL CORP.
Code 5401 · Prime market · Sector: Steel & Nonferrous Metals
Themes: Governance and capital-efficiency reform
Next results date: , as the company's IR page states
ROE, equity ratio, FCF margin and growth come from the latest annual report on EDINET. PBR and dividend yield use the weekly reference close. Ranks compare with the companies among the 100 that have a value.
In plain words
- Revenue grew 15.8% a year over the 5 fiscal years to March 2026.
- Operating cash flow was 41.78 times net profit in the fiscal year to March 2026.
- Free cash flow was −¥2.12 trillion in the fiscal year to March 2026, −21.1% of revenue.
- Equity was 37.7% of total assets at the end of March 2026.
Growth
Yearly growth of revenue, earnings per share and the dividend over 5 fiscal years (CAGR).
+15.8%
+74.1%
Revenue
Notes
- Revenue (2017-03-31): reported under JGAAP (current filings use IFRS)
Show data table
| Date | Revenue |
|---|---|
| 2017-03-31 | ¥4,632,890,000,000 |
| 2018-03-31 | ¥5,712,965,000,000 |
| 2019-03-31 | ¥6,177,947,000,000 |
| 2020-03-31 | ¥5,921,525,000,000 |
| 2021-03-31 | ¥4,829,272,000,000 |
| 2022-03-31 | ¥6,808,890,000,000 |
| 2023-03-31 | ¥7,975,586,000,000 |
| 2024-03-31 | ¥8,868,097,000,000 |
| 2025-03-31 | ¥8,695,526,000,000 |
| 2026-03-31 | ¥10,063,216,000,000 |
Basic EPS / DPS
- Basic EPS
- DPS
Notes
- Basic EPS (2017-03-31): reported under JGAAP (current filings use IFRS); adjusted for 5:1 split effective 2025-10-01
- Basic EPS (2018-03-31, 2019-03-31, 2020-03-31, 2021-03-31): adjusted for 5:1 split effective 2025-10-01
- DPS (2017-03-31, 2018-03-31, 2019-03-31, 2020-03-31, 2021-03-31, 2022-03-31, 2023-03-31, 2024-03-31, 2025-03-31): adjusted for 5:1 split effective 2025-10-01
- DPS (2026-03-31): disclosed as blank in this filing
Show data table
| Date | Basic EPS | DPS |
|---|---|---|
| 2017-03-31 | ¥29.59 | ¥9 |
| 2018-03-31 | ¥40.97 | ¥14 |
| 2019-03-31 | ¥56.35 | ¥16 |
| 2020-03-31 | −¥93.75 | ¥2 |
| 2021-03-31 | −¥7.04 | ¥2 |
| 2022-03-31 | ¥138.43 | ¥32 |
| 2023-03-31 | ¥150.73 | ¥36 |
| 2024-03-31 | ¥119.31 | ¥32 |
| 2025-03-31 | ¥70.18 | ¥32 |
| 2026-03-31 | ¥3.28 | — |
How it's calculated
- CAGR (compound annual growth rate):
CAGR = (Last / First)^(1 / years) - 1 - EPS (Earnings Per Share / 1株当たり利益):
EPS = Net profit attributable to owners / Shares outstanding
Short periods from a fiscal-year change are skipped. A starting value of zero or below gives no rate.
Profitability
Profit per yen of sales and of assets, and the three DuPont factors that multiply to ROE (ROE, ROA, DuPont analysis).
Operating margin
Notes
- Operating margin (2017-03-31, 2018-03-31): reported under JGAAP (current filings use IFRS); using ordinary income (経常利益) (operating income not separately tagged)
- Operating margin (2019-03-31, 2022-03-31, 2023-03-31, 2024-03-31): not computable
Show data table
| Date | Operating margin |
|---|---|
| 2017-03-31 | 3.767% |
| 2018-03-31 | 5.208% |
| 2019-03-31 | — |
| 2020-03-31 | −6.858% |
| 2021-03-31 | 0.236% |
| 2022-03-31 | — |
| 2023-03-31 | — |
| 2024-03-31 | — |
| 2025-03-31 | 6.302% |
| 2026-03-31 | 2.414% |
Return on equity
Notes
- Return on equity (2017-03-31): reported under JGAAP (current filings use IFRS)
Show data table
| Date | Return on equity |
|---|---|
| 2017-03-31 | 4.6% |
| 2018-03-31 | 6% |
| 2019-03-31 | 7.9% |
| 2020-03-31 | −14.7% |
| 2021-03-31 | −1.2% |
| 2022-03-31 | 20.5% |
| 2023-03-31 | 18.1% |
| 2024-03-31 | 12.3% |
| 2025-03-31 | 6.9% |
| 2026-03-31 | 0.3% |
Net margin / ROA
- Net margin
- ROA
Notes
- Net margin (2017-03-31): reported under JGAAP (current filings use IFRS)
- ROA (2017-03-31): reported under JGAAP (current filings use IFRS)
Show data table
| Date | Net margin | ROA |
|---|---|---|
| 2017-03-31 | 2.826% | 1.803% |
| 2018-03-31 | 3.165% | 2.331% |
| 2019-03-31 | 4.066% | 3.12% |
| 2020-03-31 | −7.287% | −5.796% |
| 2021-03-31 | −0.672% | −0.428% |
| 2022-03-31 | 9.36% | 7.282% |
| 2023-03-31 | 8.702% | 7.254% |
| 2024-03-31 | 6.195% | 5.127% |
| 2025-03-31 | 4.028% | 3.201% |
| 2026-03-31 | 0.171% | 0.117% |
Asset turnover / Leverage (assets / equity)
- Asset turnover
- Leverage (assets / equity)
Notes
- Asset turnover (2017-03-31): reported under JGAAP (current filings use IFRS)
- Leverage (assets / equity) (2017-03-31): reported under JGAAP (current filings use IFRS)
Show data table
| Date | Asset turnover | Leverage (assets / equity) |
|---|---|---|
| 2017-03-31 | 0.64x | 2.21x |
| 2018-03-31 | 0.74x | 2.47x |
| 2019-03-31 | 0.77x | 2.49x |
| 2020-03-31 | 0.8x | 2.82x |
| 2021-03-31 | 0.64x | 2.74x |
| 2022-03-31 | 0.78x | 2.52x |
| 2023-03-31 | 0.83x | 2.29x |
| 2024-03-31 | 0.83x | 2.24x |
| 2025-03-31 | 0.79x | 2.03x |
| 2026-03-31 | 0.69x | 2.65x |
How it's calculated
- ROE (Return on Equity):
ROE = Net profit attributable to owners / Equity - ROA (Return on Assets):
ROA = Net profit attributable to owners / Total assets - DuPont analysis:
ROE = (Net profit / Revenue) x (Revenue / Total assets) x (Total assets / Equity)
The ROE line is the company's filed figure, computed on average equity. The DuPont factors use year-end figures, so their product can differ slightly.
Cash
Cash from operations, cash spent on investment, and what was left (free cash flow, cash conversion).
Free cash flow and its inputs
Notes
- Free cash flow (2017-03-31): reported under JGAAP (current filings use IFRS)
- Operating cash flow (2017-03-31): reported under JGAAP (current filings use IFRS)
- Investing cash flow (2017-03-31): reported under JGAAP (current filings use IFRS)
- Financing cash flow (2017-03-31): reported under JGAAP (current filings use IFRS)
- FCF margin (2017-03-31): reported under JGAAP (current filings use IFRS)
- Cash conversion (2017-03-31): reported under JGAAP (current filings use IFRS)
Show data table
| Date | Free cash flow | Operating cash flow | Investing cash flow | Financing cash flow | FCF margin | Cash conversion |
|---|---|---|---|---|---|---|
| 2017-03-31 | +¥140,550,000,000 | +¥484,288,000,000 | −¥343,738,000,000 | −¥135,054,000,000 | 3.034% | 3.7x |
| 2018-03-31 | +¥122,369,000,000 | +¥485,539,000,000 | −¥363,170,000,000 | −¥104,969,000,000 | 2.142% | 2.69x |
| 2019-03-31 | +¥70,536,000,000 | +¥452,341,000,000 | −¥381,805,000,000 | −¥42,900,000,000 | 1.142% | 1.8x |
| 2020-03-31 | +¥148,703,000,000 | +¥494,330,000,000 | −¥345,627,000,000 | −¥14,582,000,000 | 2.511% | — |
| 2021-03-31 | +¥14,150,000,000 | +¥403,185,000,000 | −¥389,035,000,000 | +¥52,694,000,000 | 0.293% | — |
| 2022-03-31 | +¥236,769,000,000 | +¥615,635,000,000 | −¥378,866,000,000 | −¥61,304,000,000 | 3.477% | 0.97x |
| 2023-03-31 | +¥294,694,000,000 | +¥661,274,000,000 | −¥366,580,000,000 | −¥197,655,000,000 | 3.695% | 0.95x |
| 2024-03-31 | +¥299,505,000,000 | +¥1,010,159,000,000 | −¥710,654,000,000 | −¥543,945,000,000 | 3.377% | 1.84x |
| 2025-03-31 | +¥516,165,000,000 | +¥978,593,000,000 | −¥462,428,000,000 | −¥313,334,000,000 | 5.936% | 2.79x |
| 2026-03-31 | −¥2,120,242,000,000 | +¥716,939,000,000 | −¥2,837,181,000,000 | +¥1,886,301,000,000 | −21.069% | 41.78x |
Cash and cash equivalents at year end
Notes
- Cash and cash equivalents (2017-03-31): reported under JGAAP (current filings use IFRS)
Show data table
| Date | Cash and cash equivalents |
|---|---|
| 2017-03-31 | ¥91,391,000,000 |
| 2018-03-31 | ¥142,869,000,000 |
| 2019-03-31 | ¥163,176,000,000 |
| 2020-03-31 | ¥289,459,000,000 |
| 2021-03-31 | ¥359,465,000,000 |
| 2022-03-31 | ¥551,049,000,000 |
| 2023-03-31 | ¥670,410,000,000 |
| 2024-03-31 | ¥448,892,000,000 |
| 2025-03-31 | ¥672,526,000,000 |
| 2026-03-31 | ¥461,262,000,000 |
How it's calculated
- Free cash flow (FCF):
FCF = Operating cash flow + Investing cash flow - FCF margin:
FCF margin = Free cash flow / Revenue - Cash conversion:
Cash conversion = Operating cash flow / Net profit attributable to owners - Cash / total assets:
Cash and cash equivalents at year end / Total assets
Investing cash flow is negative when the company invests, so FCF is operating cash flow minus what was invested. Filings give no consistent debt line, so cash is shown against total assets instead of as net cash.
Dividends
The dividend per share over time, the share of profit it took, its size against book value, and how many times earnings covered it (DOE, dividend cover, payout ratio).
0 consecutive fiscal years without a dividend cut, including 0 years of increases in a row. The count runs back from the latest year with a dividend figure and stops at a gap or a fiscal-year change.
Source: Financial Services Agency (EDINET), KabuFacts · as of 2026-06-23 Download CSV
Payout ratio
Notes
- Payout ratio (2017-03-31): adjusted for 5:1 split effective 2025-10-01; reported under JGAAP (current filings use IFRS)
- Payout ratio (2018-03-31, 2019-03-31, 2022-03-31, 2023-03-31, 2024-03-31, 2025-03-31): adjusted for 5:1 split effective 2025-10-01
- Payout ratio (2020-03-31, 2021-03-31, 2026-03-31): not computable (loss year or zero EPS)
Show data table
| Date | Payout ratio |
|---|---|
| 2017-03-31 | 30.414% |
| 2018-03-31 | 34.168% |
| 2019-03-31 | 28.392% |
| 2020-03-31 | — |
| 2021-03-31 | — |
| 2022-03-31 | 23.116% |
| 2023-03-31 | 23.884% |
| 2024-03-31 | 26.821% |
| 2025-03-31 | 45.597% |
| 2026-03-31 | — |
How it's calculated
- DOE (Dividend on Equity):
DOE = Dividend per share / Book value per share - Dividend cover:
Dividend cover = EPS / DPS - Sustainable growth rate:
Sustainable growth = ROE x (1 - Payout ratio) - Payout ratio:
Payout ratio = DPS / EPS
Balance sheet
Equity as a share of assets, Altman's Z'' balance-sheet score and the nine Piotroski accounting checks (equity ratio, Altman Z'', Piotroski F-score).
Equity ratio
Notes
- Equity ratio (2017-03-31): reported under JGAAP (current filings use IFRS)
Show data table
| Date | Equity ratio |
|---|---|
| 2017-03-31 | 40.6% |
| 2018-03-31 | 40.4% |
| 2019-03-31 | 40.1% |
| 2020-03-31 | 35.5% |
| 2021-03-31 | 36.4% |
| 2022-03-31 | 39.6% |
| 2023-03-31 | 43.7% |
| 2024-03-31 | 44.6% |
| 2025-03-31 | 49.2% |
| 2026-03-31 | 37.7% |
Net income, total assets and equity
- Net income (owners of parent)
- Total assets
- Equity attributable to owners of parent
Notes
- Net income (owners of parent) (2017-03-31): reported under JGAAP (current filings use IFRS)
- Total assets (2017-03-31): reported under JGAAP (current filings use IFRS)
- Equity attributable to owners of parent (2017-03-31): reported under JGAAP (current filings use IFRS)
Show data table
| Date | Net income (owners of parent) | Total assets | Equity attributable to owners of parent |
|---|---|---|---|
| 2017-03-31 | +¥130,946,000,000 | ¥7,261,923,000,000 | ¥3,291,015,000,000 |
| 2018-03-31 | +¥180,832,000,000 | ¥7,756,134,000,000 | ¥3,136,991,000,000 |
| 2019-03-31 | +¥251,169,000,000 | ¥8,049,528,000,000 | ¥3,230,788,000,000 |
| 2020-03-31 | −¥431,513,000,000 | ¥7,444,965,000,000 | ¥2,641,618,000,000 |
| 2021-03-31 | −¥32,432,000,000 | ¥7,573,946,000,000 | ¥2,759,996,000,000 |
| 2022-03-31 | +¥637,321,000,000 | ¥8,752,346,000,000 | ¥3,466,799,000,000 |
| 2023-03-31 | +¥694,016,000,000 | ¥9,567,099,000,000 | ¥4,181,155,000,000 |
| 2024-03-31 | +¥549,372,000,000 | ¥10,714,627,000,000 | ¥4,777,727,000,000 |
| 2025-03-31 | +¥350,227,000,000 | ¥10,942,458,000,000 | ¥5,383,311,000,000 |
| 2026-03-31 | +¥17,158,000,000 | ¥14,660,583,000,000 | ¥5,530,448,000,000 |
Altman Z'' score
Z'' was 2.71 in the fiscal year to March 2026, in what Altman calls the safe zone. His bands: above 2.6 safe, 1.1 to 2.6 grey, below 1.1 distress.
- X1 working capital / total assets0.158 × 6.56 = 1.04
- X2 retained earnings / total assets0.256 × 3.26 = 0.83
- X3 operating income / total assets0.017 × 6.72 = 0.11
- X4 equity / total liabilities0.698 × 1.05 = 0.73
- Z''2.71
Source: Financial Services Agency (EDINET), KabuFacts · as of 2026-06-23 Download CSV
Piotroski checklist
Comparing the fiscal year to March 2026 with the year before: 4 of the 9 checks that could be evaluated (9 in total) answered yes.
- Net profit is positive (ROA above zero)Yes
- Operating cash flow is positiveYes
- ROA higher than the year beforeNo
- Operating cash flow larger than net profitYes
- Liabilities / total assets lower than the year beforeNo
- Current ratio higher than the year beforeNo
- No increase in shares issuedYes
- Gross margin higher than the year beforeNo
- Asset turnover higher than the year beforeNo
How it's calculated
- Equity ratio:
Equity ratio = Equity / Total assets - Altman Z'' score:
Z'' = 6.56 x (Working capital / Total assets) + 3.26 x (Retained earnings / Total assets) + 6.72 x (Operating income / Total assets) + 1.05 x (Equity / Total liabilities) - Piotroski F-score:
F-score = number of the nine checks passed (shown as 'passed of evaluated')
Z'' is Altman's 1995 form for non-manufacturers and non-US companies, using book equity rather than the share price. Piotroski's debt check uses liabilities divided by total assets, because filings carry no consistent debt line. A check whose input is missing counts neither way.
Owners & people
Who holds the shares by category, the company-reported total shareholder return, and the workforce (shareholder composition, TSR, average salary).
Shareholding by owner category
- Individuals and others36.04%829,156 shareholders
- Financial institutions29.38%187 shareholders
- Foreign corporations etc.23.91%825 shareholders
- Other corporations7.91%6,295 shareholders
- Securities firms2.65%98 shareholders
- Foreign individuals0.11%3,700 shareholders
- Government and local authorities0%6 shareholders
Note: treasury shares are not a separate category here: filings count them inside individuals and others (個人その他).
TSR rows share one starting point: the fiscal year end five years before the latest report. The first row covers one year and the last covers five. 100% means the holding, dividends included, was worth what it cost; the company reports the figure.
People
138,453
¥9.1 million
41.3 years
19.5 years
¥72.7 million
Average salary, age and tenure cover the parent company's own employees (提出会社), as filed. Revenue per employee divides group revenue by group employees.
Where each figure comes from
Each trail lists every year with its EDINET filing and the exact XBRL line.
Weekly snapshot
| Reference close† | Market cap (issued shares)‡ | PER (actual)‡ | PBR‡ | Yield (trailing)‡ | ROE‡ | Equity ratio‡ |
|---|---|---|---|---|---|---|
| ¥629.4 | ¥3.38 trillion | 191.89x | 0.59x | — | 0.3% | 37.7% |
† Reference close for the week ending 9 October 2026. ‡ Computed from the EDINET filings and the reference close.
IR events
Next: · Results
| JST | Event | Company's own title | Status |
|---|---|---|---|
| Results | 2nd Quarter FY2026 Earnings Announcement | Scheduled | |
Subscribe in your calendar (Nippon Steel)Google CalendarOutlook.ics file
The past year
| JST | Event | Company's own title | Status |
|---|---|---|---|
| Results | 2nd Quarter FY2025 Earnings Announcement | Held | |
| Results | 3rd Quarter FY2025 Earnings Announcement | Held | |
| Results | FY2025 Earnings Announcement | Held | |
| AGM | The 102nd General Meeting of Shareholders | Held | |
| Results | FY2026 Q1 Earnings Announcement | Held | |
Corrections filed
Amended reports filed on EDINET since 12 October 2021, newest first (1).
- : Amended quarterly report, for the quarter 1 April 2021 to 30 June 2021 (amends S100M4LB)
Capital actions
EDINET filings in the 12 months to 9 October 2026.
Buybacks
No buyback filings (自己株券買付状況報告書) found for this company in the trailing 12 months.
Large-holding filings
| Date | Filer | Type | Holding ratio | Prior ratio | EDINET docID |
|---|---|---|---|---|---|
| 2026-09-18 | ジェー・ピー・モルガン・セキュリティーズ・ピーエルシー | Change report (exempt securities) | 5.17% | 5.12% | S100Z38Q |
| 2026-09-03 | ジェー・ピー・モルガン・セキュリティーズ・ピーエルシー | Change report (exempt securities) | 5.12% | 5.08% | S100Z094 |
| 2026-08-19 | ジェー・ピー・モルガン・セキュリティーズ・ピーエルシー | Large shareholding report (exempt securities, initial) | 5.08% | — | S100YXG9 |
| 2026-08-06 | 三井住友信託銀行株式会社 | Large shareholding report (exempt securities, initial) | 5% | — | S100YTXR |
| 2026-04-06 | 野村證券株式会社 | Large shareholding report (exempt securities, initial) | 5.23% | — | S100XWRD |
Takeover-bid filings
| Date | Type | Filer | EDINET docID |
|---|---|---|---|
| 2026-02-02 | Target's opinion statement | 黒崎播磨株式会社 | S100XIQG |
| 2026-02-02 | TOB filing (bidder) | 日本製鉄株式会社 | S100XIPY |
Leverage
Liabilities were 1.65x equity, worked out from the equity ratio as (1 ÷ equity ratio) − 1. It is an estimate from the balance sheet, not a reported debt figure.
Rank among the 100 companies on six measures
Each rank is a percentile among the companies with a value: 0 is the lowest, 100 the highest. "Shareholder returns" counts dividend growth only, not buybacks.
| Measure | Rank among the 100 (percentile) | Inputs |
|---|---|---|
| Growth (5y revenue CAGR) | 85 | 5y revenue CAGR: 15.82% · Stocks ranked (n): 87 |
| Profitability (ROE, 3y average) | 11 | ROE (3y average): 6.5% · Stocks ranked (n): 100 |
| Balance sheet (equity ratio) | 32 | Equity ratio: 37.7% · Stocks ranked (n): 100 |
| Valuation vs own history (PBR) | insufficient data | Current PBR: 0.59x · 10y median PBR: — · Stocks ranked (n): 0 |
| Shareholder returns (DPS CAGR) | 100 | 5y DPS CAGR: 74.12% · Buyback yield: — · Stocks ranked (n): 95 |
| Momentum (52-week range position) | insufficient data | 52-week range position: — · Stocks ranked (n): 0 |
Themes
- Governance and capital-efficiency reform: PBR was 0.61x on 2 October 2026: a reference close of ¥642.5 against book value per share of ¥1,058.19 (the fiscal year to March 2026).
What changed since last week
No figure for this company crossed a change threshold since the previous week.