Overview
Electric Appliances

Nippon Avionics Co.,Ltd.

Nippon Avionics develops and sells infrared thermography cameras and systems, joining/bonding equipment (including resistance welding, ultrasonic welding, laser bonding, and pulse heat technologies), and microelectronics products. The company also provides defense systems, space-use electronic components, and industrial electronic equipment through its Information Systems division. Its products serve a broad range of markets including R&D, industrial manufacturing, defense, and medical applications, with proprietary offerings such as Japan's only portable medical thermography camera.

Market Cap
¥93.2B
US$594M
EV
¥107B
US$684M
Stock¥6,300▼-5.97%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
15.0
x
LTM EV/EBIT
16.1
x
LTM PER
20.3
x
LTM PBR
5.5
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+3.5%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Jul 31, 26Q1 FY2027/03 earnings announced
MC → EV Bridge
93.2BUS$594MMarket Cap15.5BUS$98.8M+ Debt1.38BUS$8.82M− Cash0.02BUS$0.15M− Inv. Sec.107BUS$684MEV
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Performance & Balance
Revenue 5Y (¥B)
19.2US$123M'22/317.8US$113M'23/318.1US$115M'24/320.1US$128M'25/329.2US$186M'26/3
EBITDA 5Y (¥B)
2.10US$13.4M'22/32.17US$13.8M'23/32.47US$15.7M'24/33.27US$20.9M'25/35.99US$38.2M'26/3
Net Income 5Y (¥B)
1.63US$10.4M'22/31.82US$11.6M'23/32.15US$13.7M'24/31.96US$12.5M'25/33.82US$24.4M'26/3
Capital Structure
52%
48%
EquityD/E 0.91xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
3.06US$19.5M3.87US$24.7M'22/32.13US$13.6M3.65US$23.3M'23/32.36US$15.1M4.79US$30.5M'24/31.95US$12.5M4.79US$30.5M'25/31.05US$6.68M10.5US$66.9M'26/3
Shareholders
Top 10 hold 66.1%
1
NAJ Holdings Co., Ltd.
52.61%
2
Custody Bank of Japan, Ltd. (Trust Account)
6.22%
3
The Master Trust Bank of Japan, Ltd. (Trust Account)
1.74%
4
MSIP CLIENT SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)
1.36%
5
STATE STREET BANK WEST CLIENT - TREATY 505234 (Standing Proxy: Mizuho Bank, Ltd. Settlement Operations Department)
0.85%
6
JPMSLLC CL JPY (Standing Proxy: Citibank, N.A., Tokyo Branch)
0.77%
7
Sumitomo Life Insurance Company
0.74%
8
Nomura Securities Co., Ltd.
0.64%
9
Central Tanshi Co., Ltd.
0.61%
10
BNP PARIBAS SINGAPORE/2S/JASDEC/CLIENT ASSET (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
0.60%
Management
7 officers
Masato TAKEUCHI
Representative Director, Executive Officer, President
Apr 1986 Joined the Company Jul 2008 Deputy General Manager, Solution Products Business Division May 2010 General Manager, Bonding Equipment Business Division Apr 2014 Executive Officer Jun 2018 Director Jul 2018 Director, Managing Executive Officer Apr 2019 General Manager, Electronic Equipment Business Headquarters Jun 2019 Representative Director, Executive Officer, President (current)
1964-02-07
Hiroyuki YAMAGO
Director, Executive Officer, General Manager, Corporate Planning Headquarters
Apr 1987 Joined the Company Jul 2006 General Manager in charge of Accounting, Corporate Planning Headquarters Jul 2011 General Manager, Accounting Department, Corporate Planning Headquarters Jul 2015 Executive Officer, Chief Financial Officer (CFO) (current) Jun 2020 Director (current) Oct 2022 General Manager, Corporate Planning Headquarters (current)
1965-01-31
Seihiko KATO
Non-Executive Director
Apr 1974 Joined Daini Seikosha Co., Ltd. Apr 2001 Executive Officer, Seiko Instruments Inc. Apr 2003 Managing Executive Officer, Seiko Instruments Inc. Jun 2003 Director, Managing Executive Officer, Seiko Instruments Inc. Mar 2007 Director, Senior Managing Executive Officer, Seiko Instruments Inc. Nov 2010 President and Representative Director, Seiko Precision Inc. Jan 2011 Director, Senior Managing Executive Officer, Seiko Clock Inc. Aug 2013 Senior Managing Executive Officer, Nissha Co., Ltd. Jun 2020 Director of the Company (current)
1951-12-17
Seiichi MORI
Non-Executive Director
Apr 1983 Joined Toshiba Corporation (Semiconductor Research Center) Nov 2004 General Manager, Mobile Memory Device Technology, Memory Business Unit, Semiconductor Company, Toshiba Corporation Jul 2011 Chief Engineer, Memory, Semiconductor & Storage Products Company, Toshiba Corporation Jun 2013 Executive Vice President, Executive Officer, General Manager, Memory Business Unit, Toshiba Corporation Sep 2015 Senior Executive Vice President, Executive Officer, President, Semiconductor & Storage Products Company, Toshiba Corporation Jul 2017 Director, Senior Executive Vice President, Toshiba Device & Storage Corporation Oct 2024 Senior Advisor, Japan Industrial Partners, Inc. Dec 2024 Temporary Member, Industrial Structure Council, Ministry of Economy, Trade and Industry (current) Apr 2025 Managing Director, Japan Industrial Partners, Inc. (current) Jun 2025 Director of the Company (current)
1959-01-17
Shinobu UNNO
Non-Executive Director (Audit and Supervisory Committee Member)
Apr 1975 Joined Nippon Telegraph and Telephone Public Corporation Apr 1999 General Manager, Third Industry Systems Business Division, Industry Systems Business Headquarters, NTT DATA Corporation Jun 2003 Director, General Manager, Corporate Planning Department, NTT DATA Corporation Jun 2008 Representative Director, Executive Vice President, NTT Communications Corporation Jun 2012 Representative Director, President, NTT COMWARE Corporation Jun 2017 Director, Advisor, NTT COMWARE Corporation Jun 2018 Advisor, NTT COMWARE Corporation May 2019 Outside Director, TerraSky Co., Ltd. Jun 2021 Director of the Company Jun 2023 Outside Director, NetOne Systems Co., Ltd. Jun 2024 Director (Audit and Supervisory Committee Member) of the Company (current) Jun 2025 Outside Director (Audit and Supervisory Committee Member), NetOne Systems Co., Ltd. (current)
1952-08-04
Kaoru AOYAMA
Non-Executive Director (Audit and Supervisory Committee Member)
Oct 2006 Registered as attorney-at-law; joined Kataoka Sogo Law Office Jan 2017 Partner Attorney, Kataoka Sogo Law Office (current) Jun 2023 Audit & Supervisory Board Member of the Company Jun 2024 Director (Audit and Supervisory Committee Member) of the Company (current)
1981-07-31
Masashi KONDO
Non-Executive Director (Audit and Supervisory Committee Member)
Apr 1991 Joined Fuji Bank, Ltd. Jan 2004 Joined McKinsey & Company Oct 2010 Senior Researcher, Economic and Social Research Institute, Ricoh Company, Ltd. Feb 2012 Principal, Boston Consulting Group Jan 2014 Joined Japan Industrial Partners, Inc. May 2015 Executive Officer, Chief Financial Officer (CFO) and General Manager, Finance & Accounting Division, seconded to BIGLOBE Inc. May 2018 Managing Director, Japan Industrial Partners, Inc. (current) Jun 2024 Director (Audit and Supervisory Committee Member) of the Company (current) Mar 2025 Director, NAJ Holdings Co., Ltd. (current)
1967-04-05
Large Shareholding Reports
NAJ Holdings Co., Ltd.
2025-09-26
50.01%→46.41%
Annual report (as of 2026-03-31): 52.61%
NAJ Holdings Co., Ltd.
2025-09-26
50.01%→46.41%
Correction filing (name/detail fix only) — ratio carried over from the original filing
Annual report (as of 2026-03-31): 52.61%
Asset Management One Co., Ltd.
2025-09-05
5.40%→4.13%
NAJ Holdings Co., Ltd.
2025-09-03
50.01%→50.01%
Annual report (as of 2026-03-31): 52.61%
NAJ Holdings Co., Ltd.
2025-08-18
50.01%→50.01%
Annual report (as of 2026-03-31): 52.61%
NAJ Holdings Co., Ltd.
2025-08-05
50.01%→50.01%
Annual report (as of 2026-03-31): 52.61%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-07-30
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-18
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-01-30
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-05
Semi-Annual Securities Report
Period: Apr 2025 – Sep 2025
EDINET
2025-09-26
Large Shareholding Report
EDINETAmended
2025-09-26
Change Report
EDINET
2025-09-05
Large Shareholding Report
EDINET
2025-09-03
Large Shareholding Report
EDINETAmended
2025-08-18
Change Report
EDINET
2025-08-05
Large Shareholding Report
TDnet
2025-08-01
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-23
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-01-31
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-02
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-21
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-06
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-07
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-02
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-27
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-03
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-04
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-06-22
Annual Securities Report
EDINET
2022-02-03
Quarterly Securities Report
EDINET
2021-11-05
Quarterly Securities Report
EDINET
2021-08-12
Quarterly Securities Report
EDINET
2021-06-23
Annual Securities Report
EDINET
2021-02-03
Quarterly Securities Report
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