Ticker 6594 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-09-30 · Period end 2026-03-31
Takeaway
Dig deepernotes disclose a ¥632.1B impairment / one-off charge; operating margin is -19.2%; operating cash stayed positive despite an operating loss.
Reported profit looks broken, but cash stayed positive — separate the accounting reset from the operating engine.
Nidec Corporation is a Japan-based industrial group that manufactures and sells electric motors and related drive products. Its business spans small precision motors (including HDD motors), automotive products, appliance / commercial / industrial motors, machinery and machine tools, and electronic / optical components. Results are reported across multiple segments under IFRS, with a global network of consolidated subsidiaries.
Segments Appliance, commercial & industrial motors · Automotive motors & electronic control · Group company businesses · Motion & energy · Machinery & automation · Small precision motors & solutions
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥2.6T | ¥2.7T |
| Cost of sales* | ¥2.1T | ¥2.2T |
| Gross profit | ¥548.6B | ¥526.6B |
| Operating profit (loss) | ¥128.2B | -¥519.0B |
| Finance income | ¥36.9B | ¥35.4B |
| Finance costs | ¥24.7B | ¥25.3B |
| Income tax expense | ¥45.2B | ¥126.7B |
| Profit (loss) | ¥79.2B | -¥623.0B |
| Profit (loss) attributable to owners | ¥84.7B | -¥564.6B |
| Basic EPS (¥) | 73.69 | -492.55 |
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥246.3B | ¥852.2B |
| Current assets | ¥1.6T | ¥2.3T |
| Non-current assets | ¥1.4T | ¥832.7B |
| Total assets | ¥2.9T | ¥3.1T |
| Short-term borrowings | ¥93.7B | ¥587.0B |
| Current liabilities | ¥1.1T | ¥1.7T |
| Non-current liabilities* | ¥546.6B | ¥666.3B |
| Total liabilities | ¥1.7T | ¥2.3T |
| Equity attributable to owners | ¥1.2T | ¥794.2B |
| Total equity | ¥1.3T | ¥764.7B |
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥272.5B | ¥234.2B |
| Cash flows from investing activities | -¥135.6B | -¥136.2B |
| Cash flows from financing activities | -¥80.4B | ¥418.2B |
| Net increase (decrease) in cash | ¥20.3B | ¥606.0B |
| Cash at end of period | ¥246.3B | ¥852.2B |
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥1.9T | ¥2.2T | ¥2.3T | ¥2.6T | ¥2.7T | |
| Operating profit | — | — | — | ¥128.2B | -¥519.0B | |
| Profit to owners | ¥107.4B | -¥163.8B | ¥98.4B | ¥84.7B | -¥564.6B | |
| Total assets | ¥2.6T | ¥2.6T | ¥2.8T | ¥2.9T | ¥3.1T | |
| Cash & equivalents | ¥199.7B | ¥186.1B | ¥217.0B | ¥246.3B | ¥852.2B | |
| Owners’ equity | ¥1.2T | ¥1.0T | ¥1.2T | ¥1.2T | ¥794.2B |
Segment detail covers ¥630.2B of the ¥632.1B group impairment.
| Item | Amount | Note |
|---|---|---|
| Impairment of non-financial assets (group) | -¥632.1B | Non-cash / largely one-off accounting charge |
| └ Appliance, commercial & industrial (ACIM) | -¥298.8B | Segment impairment (included in group total) |
| └ Group company businesses | -¥189.7B | Segment impairment (included in group total) |
| └ Motion & energy (MOEN) | -¥116.3B | Segment impairment (included in group total) |
| └ Automotive motors & electronic control (AMEC) | -¥18.4B | Segment impairment (included in group total) |
| └ Machinery & automation | -¥7.0B | Segment impairment (included in group total) |
| CF add-back: disposal / impairment of PP&E | ¥626.9B | Non-cash add-back in operating cash flow (prior year ¥115.0B) |
| Item | Amount | Note |
|---|---|---|
| Reported operating profit | -¥519.0B | As stated on the income statement |
| Add back: impairment charge | ¥632.1B | Non-cash charge included in reported OP |
| Approx. OP before impairment | ¥113.2B | Approx. add-back |
Revenue held, but a ¥632.1B impairment charge turned operating profit deeply red — read this year as an accounting reset, then judge the underlying engine on cash and segments.
On the income statement, revenue moved from ¥2.6T to ¥2.7T (▲ +3.9%), so the top line did not break. Gross profit only slipped from ¥548.6B to ¥526.6B, while operating profit swung from ¥128.2B to -¥519.0B — the damage is concentrated below gross profit.
The notes quantify the one-off: impairment of non-financial assets totaled ¥632.1B in the latest year, led by Appliance, commercial & industrial ¥298.8B, Group company businesses ¥189.7B, Motion & energy ¥116.3B. Adding the charge back, approximate operating profit before impairment would be ¥113.2B versus reported -¥519.0B. Management books these charges mainly in SG&A; they reverse into the cash-flow statement as a large non-cash add-back, which is why operating cash can stay positive while earnings look catastrophic.
Management cites intense competition in China’s appliance-motor market as a driver of the ACIM impairment.
A large share of the charge relates to goodwill and related equipment written down after impairment testing.
The parent-company income statement also shows material special losses (valuation, spin-off, and affiliate support items).
Goodwill on the balance sheet fell from ¥355.7B to ¥170.2B, consistent with heavy write-downs of past acquisitions’ carrying values.
The balance sheet got heavier on leverage. Total liabilities rose to ¥2.3T while owners’ equity fell to ¥794.2B. ROE moved from 6.9% to -55.5%, and the equity ratio from 42.5% to 25.6%. Employee count is 100,329 vs 104,285 a year earlier.
The filing discloses impairment of non-financial assets of ¥632.1B. That charge alone is larger than the operating loss of -¥519.0B in absolute terms — and operating cash flow remained ¥234.2B. This is primarily a non-cash reset of asset values, not evidence that the business stopped generating cash.
Short-term borrowings jumped from ¥93.7B to ¥587.0B; watch refinancing and working-capital pressure even with a larger cash balance.
Owners’ equity ratio fell from 42.5% to 25.6%; the balance sheet absorbed a heavy loss year.
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