NIKKISO CO., LTD.
6376・Prime Market・Precision Instruments
Business
Nikkiso Co., Ltd. is a Tokyo Stock Exchange-listed company founded in 1953, forming a group that includes 43 consolidated subsidiaries and 4 equity-method affiliates. Its business consists of two segments: the Industrial Segment and the Medical Segment. The Industrial Segment operates the Industrial Business (cryogenic pumps, heat exchangers, and process plants for LNG and industrial gas, Industrial Pumps & Systems, and Precision Equipment) and the Aerospace Business (CFRP Molded Products for Commercial Aircraft, thrust reverser components, wing components, etc.). The Medical Segment manufactures, sells, and maintains hemodialysis-related products such as Hemodialysis Devices, dialysate supply devices, and Dialyzers, both domestically and internationally. In FY2025 (ending December 2025), revenue was ¥215,642 million, with the Industrial Segment accounting for approximately 63% and the Medical Segment approximately 37%.
Business Model
The Industrial Segment centers on an order-based business that receives orders for large infrastructure projects (LNG liquefaction/receiving terminals, aircraft parts, etc.) and provides an integrated offering from design, manufacturing, and delivery through maintenance. An order backlog of ¥115,602 million (Industrial Segment) enhances visibility into future revenue. The Medical Segment combines sales of hemodialysis device units with a stock-type model that secures stable earnings through recurring sales of consumables (Dialyzers / Blood Circuits / Dialysis Agents). The company continues to invest ¥3,435 million in R&D and ¥7,122 million in capital expenditure to maintain its technological edge.
Company Strengths
The Industrial business, centered on the CE&IG Group, continues to actively secure orders for LNG liquefaction and receiving terminal projects across North America, Europe, and Asia. In FY2025 (ending December 2025), orders received in the Industrial Segment reached ¥152,912 million (up 9.2% year-on-year), with an order backlog of ¥115,602 million, providing strong medium-term revenue visibility. Expansion into new areas has also been confirmed, including the receipt of large-scale orders for LNG-related business targeting the space industry.
Under Phase 2 of the medium-term management plan, the company largely completed its withdrawal from the deep ultraviolet LED business and the CRRT business in 2025, and also decided to exit the healthcare business. As a result of this portfolio restructuring, operating profit for FY2025 (ending December 2025) reached ¥15,331 million (up 139.6% year-on-year), marking the highest profit since the company's founding, excluding FY2022 (ending December 2022) when a gain on the transfer of subsidiary shares was recorded.
The Medical Business is accelerating its overseas expansion into China, Europe, and Asia. In May 2025, the company obtained regulatory approval to sell hemodialysis devices in the United States, with sales commencing from January 2026. This reflects an ongoing structural transformation in which overseas growth is being used to offset the risk of a shrinking domestic market. A local production framework, including the Chinese joint venture (Weigao Nikkiso), has also been established.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal periods has been on an expanding trend, growing from ¥167,759 million (FY2021) to ¥215,642 million (FY2025). Operating profit reached ¥34,222 million in FY2022 (including temporary factors), then declined in FY2023 and FY2024, before recovering sharply to ¥15,331 million in FY2025, marking the highest profit since the company's founding. In Q1 of FY2026 (ending December 2026), revenue was ¥55,366 million (+14.6% year on year), operating profit was ¥3,689 million (+24.9% year on year), and order intake was ¥68,363 million (+30.2% year on year), with all indicators exceeding the same period of the previous year. As external factors, yen depreciation (against the US dollar and euro) boosted overseas revenue, and expanding capital investment demand in the LNG field drove order intake. Cash flow from operating activities was an outflow of ¥5,612 million (compared with an inflow of ¥4,210 million in the same period of the previous year), and attention should be paid to the increase in working capital (decrease in trade payables and increase in inventories).
Growth Strategy
Aiming for revenue of ¥270,000 million in 2028 through three-axis growth in LNG, overseas dialysis, and aerospace, alongside upfront investment in new decarbonization-related areas
Building up orders centered on LNG liquefaction and receiving terminal projects in North America, Europe, and Asia, while establishing an integrated business operation structure with the CE&IG Group and Japan. Orders received in the Industrial Business for the first quarter of FY2026 (ending December 2026) rose sharply to ¥41,967 million (up 51.9% year on year), progressing smoothly.
Expanding shipments of CFRP molded products against the backdrop of an increased production trend in the commercial aircraft market. In the first quarter of FY2026 (ending December 2026), segment profit turned positive at ¥452 million (compared with a loss of ¥64 million in the same period of the previous year), steadily capturing the industry-wide acceleration in production recovery.
Promoting expanded sales in Europe through favorable evaluation of high-performance, labor-saving models, capturing market expansion in the Asia region, and advancing entry into the U.S. market (sales of a new device) starting in January 2026. As a next step, continuing efforts to obtain U.S. regulatory approval for the multi-purpose hemodialysis device.
Continuing technology and product development for next-generation energy fields such as hydrogen and ammonia. Given that the pace of market progress varies by region and investment demand priority is currently shifting toward LNG, the company aims to secure medium- to long-term business opportunities.
Last updated: July 17, 2026