Overview
Construction

NIPPON RIETEC CO.,LTD.

Nippon Leatec is a specialized electrical construction company focused on railway electrical facilities (signaling systems, overhead catenary lines, power substations, and information/communication systems), road infrastructure (traffic signal and road information control systems, safety signs, and sound barriers), and power transmission line construction. The company also undertakes indoor/outdoor electrical equipment installation including solar power generation systems, and engages in manufacturing and sales of traffic safety products. Operating primarily in Japan, the company serves public infrastructure clients including railway operators and road authorities, leveraging its integrated engineering capabilities and nationwide branch network.

Market Cap
US$432M
¥69.0B
EV
US$304M
¥48.6B
StockUS$17.43(¥2,784)▲+1.35%
US$1 = ¥159.70 (2026-11-12)
LTM EV/EBITDA
4.9
x
LTM EV/EBIT
5.9
x
LTM PER
10.5
x
LTM PBR
1.0
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+16.5%pt
100123
Nov 13, 25 – Nov 13, 26StockTOPIX
1Aug 7, 26Q1 FY2027/03 earnings announced
2Nov 9, 26Q2 FY2027/03 earnings announced
3Nov 10, 26Full-year guidance revised
MC → EV Bridge
US$432M¥69.0BMarket CapUS$42.9M¥6.85B+ DebtUS$43.3M¥6.91B− CashUS$127M¥20.3B− Inv. Sec.US$304M¥48.6BEV
AI Briefing
Nippon Leatec builds and maintains railway signaling, catenary and road infrastructure systems across Japan, anchored by JR East as top shareholder. FY26/3 revenue US$463M (¥74.0B) with operating margin expanding to 9.6%, continuing a multi-year climb in profitability since FY23/3. Not in public data on any market-read commentary, ownership review, or capital allocation note for the company.
Performance & Balance
Revenue 5Y (US$)
US$333M¥53.2B'22/3US$337M¥53.7B'23/3US$367M¥58.5B'24/3US$430M¥68.7B'25/3US$464M¥74.0B'26/3
EBITDA 5Y (US$)
US$27.0M¥4.31B'22/3US$25.5M¥4.07B'23/3US$30.4M¥4.86B'24/3US$41.8M¥6.68B'25/3US$54.1M¥8.65B'26/3
Net Income 5Y (US$)
US$15.0M¥2.40B'22/3US$13.4M¥2.14B'23/3US$17.3M¥2.77B'24/3US$29.6M¥4.73B'25/3US$34.8M¥5.55B'26/3
Capital Structure
91%
EquityD/E 0.10xDebt
Liquidity vs Debt 5Y (US$)▲ Net Cash
CashInv. Sec.Debt
US$139M¥22.2BUS$9.33M¥1.49B'22/3US$141M¥22.5BUS$11.2M¥1.79B'23/3US$158M¥25.2BUS$13.3M¥2.13B'24/3US$153M¥24.5BUS$14.2M¥2.26B'25/3US$178M¥28.5BUS$8.48M¥1.35B'26/3
Business Segments
2026/03 · US$ (¥B)
92%
Electricity installation work business
Revenue
US$441M(¥70.5B)
Segment profit
US$63.6M(¥10.2B)14.4%
7.3%
Side line business
Revenue
US$34.8M(¥5.55B)
Segment profit
US$2.62M(¥0.42B)7.5%
0.6%
Real estate leasing business
Revenue
US$2.86M(¥0.46B)
Segment profit
US$1.28M(¥0.20B)44.6%
Adjustments
Revenue
-US$15.3M(¥-2.45B)
Segment profit
-US$22.9M(¥-3.66B)
No segment changes in the last 5 years
Shareholders
Top 10 hold 53.2%
1
East Japan Railway Company
19.55%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
8.73%
3
NIPPON DENSETSU KOGYO CO.,LTD.
4.21%
4
Custody Bank of Japan, Ltd. (Trust Account)
4.09%
5
NIPPON RIETEC CO.,LTD. Employee Stock Ownership Association
3.82%
6
NIPPON RIETEC CO.,LTD. Business Partners' Stock Ownership Association
3.24%
7
Togue Safety Industry Co., Ltd.
2.61%
8
Hikari Tsushin K.K. Investment Limited Partnership
2.60%
9
Nippon Signal Company,Limited
2.30%
10
Daido Signal Co.,Ltd.
2.03%
Management
12 officers
Kimito KUBO
Representative Director, President and Executive Officer; in charge of Audit Department, Risk Management and Compliance
Apr 1989 Joined East Japan Railway Company Feb 2002 Power Section Manager, Equipment Department, Morioka Branch, East Japan Railway Company May 2004 Power Section Manager, Electrical Department, Tokyo Branch, East Japan Railway Company Feb 2007 Section Manager, Construction Works Department, East Japan Railway Company Jul 2007 Section Manager, Electric Network Department, East Japan Railway Company Jun 2009 General Manager, Equipment Department, Chiba Branch, East Japan Railway Company Jun 2012 General Manager, Electrical Department, Tokyo Branch, East Japan Railway Company Jun 2014 Deputy General Manager, Investment Planning Department, Corporate Planning Headquarters, East Japan Railway Company Jun 2017 Senior Manager, Electric Network Department, East Japan Railway Company Jun 2019 General Manager, Audit Department, East Japan Railway Company Jun 2021 Executive Officer, General Manager, Morioka Branch, East Japan Railway Company Jun 2024 Joined the Company Jun 2024 Managing Director, General Manager, Sustainability Promotion Headquarters, the Company Jun 2025 Representative Director, President and Executive Officer, the Company (current)
1964-05-22
Shigeru EGUSA
Director, Chairman and Executive Officer
Apr 1992 Joined East Japan Railway Company Jun 2003 Section Manager, Signal and Telecommunications Section, Electrical Department, Tokyo Branch, East Japan Railway Company Apr 2006 Section Manager, Planning Section, Electrical Department, Tokyo Branch, East Japan Railway Company Jun 2007 General Manager, General Affairs Department, Morioka Branch, East Japan Railway Company Jun 2009 Deputy Manager, Tokyo Electrical System Development Works Office, East Japan Railway Company May 2013 Seconded to the Company May 2013 Deputy General Manager, Railway Division, the Company Jun 2013 Director, General Manager, Railway Division, the Company May 2015 Deputy General Manager, Electric Network Department, and Director, Signal System Management Center, Railway Operations Headquarters, East Japan Railway Company Jun 2017 Director, Tokyo Electrical System Development Works Office, East Japan Railway Company Jun 2021 Joined the Company Jun 2021 Managing Director, General Manager, Corporate Planning Department, the Company Jun 2022 Representative Director, President, the Company Jun 2025 Director, Chairman and Executive Officer, the Company (current)
1963-09-16
Masaaki SAWAMURA
Director, Senior Managing Executive Officer; General Manager, Planning Department
Apr 1986 Joined The Fuji Bank, Ltd. Apr 2002 Senior Officer, Business Planning Department, Mizuho Corporate Bank, Ltd. Apr 2010 Executive Officer, General Manager, Human Resources Department, Mizuho Information & Research Institute, Inc. Jul 2014 Seconded to the Company Jul 2014 Deputy General Manager, Corporate Planning Headquarters, the Company Jun 2015 Joined the Company Jun 2015 Executive Officer, Deputy Branch Manager, Chuo Branch, Railway Division, the Company Jul 2016 Executive Officer, General Manager, Finance Department, the Company Jun 2017 Director, General Manager, Finance Department, the Company Jun 2019 Outside Corporate Auditor, Daido Signal Co., Ltd. Jun 2022 Director, General Manager, Corporate Planning Department and Finance Department, the Company Oct 2022 Director, General Manager, Corporate Planning Department and Finance Department; Director, General Training Center, the Company Jun 2023 Managing Director, General Manager, Corporate Planning Department; Director, General Training Center, the Company Jun 2025 Director, Managing Executive Officer, General Manager, Planning Department, the Company Jun 2026 Director, Senior Managing Executive Officer, General Manager, Planning Department, the Company (current)
1963-09-21
Hisaaki KOYANAGI
Director, Managing Executive Officer; General Manager, Power Systems Headquarters
Apr 1988 Joined Chitose Electric Industry Co., Ltd. Feb 2015 Joined the Company; General Manager, Tokyo Construction Department, Power Systems Headquarters Jul 2016 General Manager, Metropolitan Area Power Branch, Power Systems Headquarters Oct 2021 Deputy General Manager, Power Systems Headquarters Jun 2022 Executive Officer, General Manager, Power Systems Headquarters Jun 2024 Managing Executive Officer, General Manager, Power Systems Headquarters Jun 2025 Managing Executive Officer, General Manager, Power Systems Headquarters; in charge of Safety Promotion Department Jun 2026 Director, Managing Executive Officer, General Manager, Power Systems Headquarters (current)
1965-09-25
Sanae JIN
Director (Audit and Supervisory Committee Member)
Apr 1989 Joined Hoan Kogyo Co., Ltd. Apr 2009 Section Manager, General Affairs Department, Hokkaido Branch, the Company Oct 2010 Assistant Section Manager, Planning Section, Corporate Planning Headquarters, the Company Jul 2011 Section Manager, General Administration Center, Management Headquarters; Assistant Section Manager, Planning Section, Corporate Planning Headquarters, the Company Apr 2012 Seconded to NR Shared Service Co., Ltd. Apr 2012 General Manager, Service Business Division, NR Shared Service Co., Ltd. Jun 2017 Director, General Manager, Service Business Division, NR Shared Service Co., Ltd. Dec 2019 General Manager, Audit Department, the Company Jun 2021 Corporate Auditor, the Company Jun 2022 Director (Full-time Audit and Supervisory Committee Member), the Company Jun 2024 Director (Audit and Supervisory Committee Member), the Company (current)
1964-03-16
Naomi INOUE
Director
Apr 1974 Joined The Fuji Bank, Ltd. May 1995 Branch Manager, Musashi-Kosugi Branch, The Fuji Bank, Ltd. May 1998 General Manager, Related Business Division, The Fuji Bank, Ltd. Apr 2002 Executive Officer, General Manager, Related Business Division, Mizuho Bank, Ltd. Jan 2005 Managing Executive Officer, Mizuho Bank, Ltd. Apr 2007 Managing Director, Mizuho Bank, Ltd. Mar 2008 Retired from Mizuho Bank, Ltd. Apr 2008 Joined Mizuho Information & Research Institute, Inc. as Adviser Apr 2008 Corporate Auditor, Mizuho Securities Co., Ltd. Jun 2008 Senior Managing Director, Mizuho Information & Research Institute, Inc. Mar 2010 President and Director, Mizuho Information & Research Institute, Inc. Apr 2013 Joined Joban Kosan Co., Ltd. as Adviser Jun 2013 Representative Director, President, Joban Kosan Co., Ltd. Jun 2013 Outside Corporate Auditor, Tokyo Seimitsu Co., Ltd. Jun 2019 Outside Director, Tokyo Seimitsu Co., Ltd. Jun 2020 Representative Director, Chairman, Joban Kosan Co., Ltd. Jun 2021 Adviser, Joban Kosan Co., Ltd. Jun 2022 Director, the Company (current)
1950-11-06
Yuki SAITO
Director
Apr 1993 Joined East Japan Railway Company May 2006 Section Manager, Signal and Telecommunications Section, Equipment Department, Morioka Branch, East Japan Railway Company Apr 2009 Section Manager, Signal and Telecommunications Works Planning Section, Electric Network Department (Planning), East Japan Railway Company Apr 2013 Section Manager, Planning Section, Equipment Department, Sendai Branch, East Japan Railway Company Jun 2015 General Manager, Equipment Department, Nagano Branch, East Japan Railway Company Jun 2017 Deputy General Manager, Shinkansen Integrated Group, East Japan Railway Company Jan 2019 Deputy General Manager for Shinkansen Integration, Preparatory Office, Shinkansen Integrated Headquarters, East Japan Railway Company Apr 2019 Deputy General Manager, Electric Network Department (Planning), East Japan Railway Company Jun 2021 Senior Manager, Electric Network Department (Planning), East Japan Railway Company Jun 2022 Unit Leader, Planning Unit, Electric Network Division, Railway Operations Headquarters, East Japan Railway Company Jun 2023 Executive Officer, General Manager, Electric Network Division, Railway Operations Headquarters, East Japan Railway Company (current) Jun 2023 Director, the Company (current)
1970-12-08
Naoto HIGAKI
Director
Oct 2002 Registered as an attorney-at-law Apr 2008 Established Higaki Sogo Law Office (current) Apr 2008 Part-time Lecturer, Tsukuba Law School (current) Jun 2022 Outside Corporate Auditor, Tokushu Tokai Paper Co., Ltd. Jun 2023 Director, the Company (current) Jun 2023 Outside Director (Audit and Supervisory Committee Member), Tokushu Tokai Paper Co., Ltd. (current)
1968-12-11
Norio SHIMIZU
Director
Apr 1981 Joined Bank of Japan Feb 2004 Branch Manager, Aomori Branch, Bank of Japan May 2007 Branch Manager, Kobe Branch, Bank of Japan May 2009 Senior Adviser, General Affairs and Personnel Bureau, Bank of Japan Jun 2010 Director General, Issue Department, Bank of Japan Apr 2013 Director General, General Affairs and Personnel Bureau, Bank of Japan Jun 2014 Retired from Bank of Japan Jun 2015 Director, Managing Executive Officer, Shoko Chukin Bank, Ltd. Jun 2019 Representative Director, President, Tokiwa Sogo Service Co., Ltd. (current) Jun 2026 Director, the Company (current)
1957-07-24
Fumiko AKAGI
Director
Apr 1984 Joined Central Research Laboratory, Hitachi, Ltd. Mar 2013 Left Central Research Laboratory, Hitachi, Ltd. Apr 2013 Professor, Department of Information and Communication Engineering, Faculty of Engineering, Kogakuin University Apr 2015 Professor, Department of Applied Physics, Faculty of Advanced Engineering, Kogakuin University (current) Jun 2026 Director, the Company (current)
1960-08-16
Naomi NAKAYAMA
Director (Full-time Audit and Supervisory Committee Member)
Apr 1988 Joined Ando Construction Co., Ltd. (now Ando Corporation) Jul 2001 Joined Right Management Consultants Japan Co., Ltd. (now ManpowerGroup Co., Ltd.) Sep 2005 Director, Quest Consulting Co., Ltd. Feb 2013 Joined Abeam Consulting Ltd. as Senior Manager, Business Transformation Sector Dec 2015 Joined Toshiba Corporation as Senior Specialist, Human Resources and General Affairs Department Aug 2018 Joined Mitsubishi UFJ Research & Consulting Co., Ltd. as Principal, Organization and Human Resources Business Unit, Consulting Division May 2025 Outside Director, Chiyoda Co., Ltd. (current) Sep 2025 Established TMT Partners Co., Ltd.; Representative Director (current) May 2026 Outside Director, Selec Corporation (current) Jun 2026 Director (Full-time Audit and Supervisory Committee Member), the Company (current)
1965-09-08
Mutsumi KANAI
Director (Audit and Supervisory Committee Member)
Oct 1992 Joined Asahi Shinwa Audit Corporation (now Azsa LLC) Jun 2011 Partner, Azsa LLC Jul 2021 Representative, Mutsumi Kanai Certified Public Accountant Office (current) Dec 2022 Supervisory Officer, JR East Private REIT Investment Corporation (current) Jun 2023 Outside Corporate Auditor, Fuji Oil Co., Ltd. (current) Aug 2023 Part-time Auditor, Japan National Tourism Organization (current) Jun 2026 Director (Audit and Supervisory Committee Member), the Company (current)
1969-09-30
Large Shareholding Reports
Koutsushin Co., Ltd.
2026-07-16
5.15%→4.13%
Koutsushin Co., Ltd.
2025-09-26
4.86%→5.15%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-11-11
Semi-Annual Securities Report
Period: Apr 2026 – Mar 2027
TDnet
2026-11-09
Forecast Revision
TDnet
2026-11-09
Q2 Earnings Flash
FY ending Mar 2027
TDnet
2026-08-06
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-07-16
Large Shareholding Report
EDINET
2026-06-24
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-05-12
Full-Year Earnings Flash
FY ending Mar 2026
TDnet
2026-02-12
Q3 Earnings Flash
FY ending Mar 2026
TDnet
2026-02-12
業績予想の修正
EDINET
2025-11-12
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-09-26
Large Shareholding Report
TDnet
2025-08-07
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-25
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-12
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-11
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-09
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-10
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-08
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-27
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-10
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-10
Quarterly Securities Report
EDINET
2022-08-09
Quarterly Securities Report
EDINET
2022-06-24
Annual Securities Report
EDINET
2022-02-10
Quarterly Securities Report
EDINET
2021-11-05
Quarterly Securities Report
EDINET
2021-08-06
Quarterly Securities Report
EDINET
2021-06-24
Annual Securities Report
EDINET
2021-02-10
Quarterly Securities Report
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