Financials NEC Corporation

Equities

6701

JP3733000008

IT Services & Consulting

Market Closed - Japan Exchange Other stock markets 06:30:00 16/01/2026 GMT			5-day change	1st Jan Change
5,899.00 ^JPY	-0.39%		+5.11%	+11.09%

12-29	NEC Exits 4G and 5G Base Station Market Amid Financial Struggles	MT
12-16	NEC Corporation - Analyst/Investor Day

Projected Income Statement: NEC Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	2,994,023	3,014,095	3,313,018	3,477,262	3,423,400	3,554,636	3,746,354	3,941,526
Change	-	0.67%	9.92%	4.96%	-1.55%	3.83%	5.39%	5.21%
EBITDA ¹	321,372	313,064	353,745	375,712	441,600	514,902	581,954	635,163
Change	-	-2.59%	12.99%	6.21%	17.54%	16.6%	13.02%	9.14%
EBIT ¹	153,759	132,525	170,447	188,012	256,500	350,720	415,500	467,100
Change	-	-13.81%	28.61%	10.31%	36.43%	36.73%	18.47%	12.42%
Interest Paid ¹	-10,613	-11,367	-17,624	-18,072	-6,623	-6,100	-4,267	-4,500
Earnings before Tax (EBT) ¹	157,831	144,436	167,671	185,011	239,771	345,776	407,646	460,474
Change	-	-8.49%	16.09%	10.34%	29.6%	44.21%	17.89%	12.96%
Net income ¹	149,606	141,277	114,500	149,521	175,183	246,962	292,431	334,198
Change	-	-5.57%	-18.95%	30.59%	17.16%	40.97%	18.41%	14.28%
Announcement Date	12/05/21	28/04/22	28/04/23	26/04/24	28/04/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	729,406	949,587	651,941	730,864	713,551	917,739	659,669	795,702	813,888	1,043,759	706,542	842,259	844,475	1,083,986	690,296	796,380	835,133	1,101,600	715,700	854,121	850,083	1,129,819	735,500	876,500	872,500	1,169,000
Change	-	30.19%	-31.34%	12.11%	-2.37%	28.62%	-28.12%	20.62%	2.29%	28.24%	-32.31%	19.21%	0.26%	28.36%	-36.32%	15.37%	4.87%	31.91%	-35.03%	19.34%	-0.47%	32.91%	-34.9%	19.17%	-0.46%	33.98%
EBITDA	103,187	118,739	46,610	59,890	69,818	136,746	28,862	74,836	91,594	158,453	37,930	83,239	90,027	164,516	44,771	-	-	187,100	-	-	-	-	-	-	-	-
Change	-	15.07%	-60.75%	28.49%	16.58%	95.86%	-78.89%	159.29%	22.39%	72.99%	-76.06%	119.45%	8.15%	82.74%	-72.79%	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	62,402	71,384	1,133	22,072	24,057	85,263	-15,341	29,208	43,232	113,348	-8,125	36,120	41,820	118,197	4,540	40,153	81,473	130,300	35,389	83,181	81,533	150,446	43,000	101,500	92,000	162,000
Change	-	14.39%	-98.41%	1,848.1%	8.99%	254.42%	-117.99%	290.39%	48.01%	162.19%	-107.17%	544.55%	15.78%	182.63%	-96.16%	784.43%	102.91%	59.93%	-72.84%	135.05%	-1.98%	84.52%	-71.42%	136.05%	-9.36%	76.09%
Charge d'intérêts	-2,118	-	-2,968	-	-2,517	-	-2,041	-	-7,156	-	-2,917	-	-6,579	-	-3,667	-	-	-	-7,660	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	66,410	72,058	2,944	22,814	23,327	95,351	-6,647	30,758	33,492	110,068	-2,463	34,440	36,177	116,857	-3,323	-	87,652	-	32,103	83,331	68,200	151,400	-	-	-	-
Change	-	8.5%	-95.91%	674.93%	2.25%	308.76%	-106.97%	562.74%	8.89%	228.64%	-102.24%	1,498.29%	5.04%	223.01%	-102.84%	-	-	-	-	159.57%	-18.16%	121.99%	-	-	-	-
Net income ¹	43,528	95,070	226	13,116	11,591	116,344	-13,862	17,835	22,396	88,131	-7,388	20,302	21,126	115,481	-5,836	19,296	58,094	103,629	19,310	53,520	66,807	109,384	27,000	71,000	56,000	-
Change	-	118.41%	-99.76%	5,703.54%	-11.63%	903.74%	-111.91%	228.66%	25.57%	293.51%	-108.38%	374.8%	4.06%	446.63%	-105.05%	430.64%	201.07%	78.38%	-81.37%	177.16%	24.83%	63.73%	-75.32%	162.96%	-21.13%	-
Announcement Date	29/01/21	12/05/21	30/07/21	29/10/21	31/01/22	28/04/22	28/07/22	28/10/22	30/01/23	28/04/23	28/07/23	30/10/23	30/01/24	26/04/24	30/07/24	29/10/24	30/01/25	28/04/25	29/07/25	29/10/25	-	-	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2026 S1	2026 S2
Net sales ¹	1,382,805	1,631,290	1,455,371	1,857,647	1,548,801	1,928,461	1,486,676	1,569,779	1,984,100
Change	-	17.97%	-10.78%	27.64%	-16.63%	24.51%	-22.91%	5.59%	26.39%
EBITDA	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
EBIT ¹	23,205	109,320	13,867	156,580	27,995	160,017	44,693	118,570	218,700
Change	-	371.11%	-87.32%	1,029.16%	-82.12%	471.59%	-72.07%	165.3%	84.45%
Charge d'intérêts	-6,258	-	-4,115	-	-6,095	-	-10,729	-10,921	-
Earnings before Tax (EBT) ¹	25,758	118,678	24,111	143,560	31,977	153,034	26,677	115,434	219,600
Change	-	360.74%	-79.68%	495.41%	-77.73%	378.58%	-82.57%	332.71%	90.24%
Net income ¹	13,342	127,935	3,973	110,527	12,914	136,607	13,460	72,830	172,550
Change	-	858.89%	-96.89%	2,681.95%	-88.32%	957.82%	-90.15%	441.08%	136.92%
Announcement Date	29/10/21	28/04/22	28/10/22	28/04/23	30/10/23	26/04/24	29/10/24	29/10/25	-

¹JPY in Million

Estimates

Forecast Balance Sheet: NEC Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	179,511	149,044	126,187	56,425	81,744	-136,990	-359,003	-606,411
Change	-	-16.97%	-15.34%	-55.28%	44.87%	-267.58%	-162.07%	-68.92%
Announcement Date	12/05/21	28/04/22	28/04/23	26/04/24	28/04/25	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: NEC Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	70,936	71,106	77,714	96,499	150,625	111,042	122,301	115,735
Change	-	0.24%	9.29%	24.17%	56.09%	-26.28%	10.14%	-5.37%
Free Cash Flow (FCF) ¹	152,416	84,140	102,536	174,729	213,244	246,970	313,998	330,640
Change	-	-44.8%	21.86%	70.41%	22.04%	15.82%	27.14%	5.3%
Announcement Date	12/05/21	28/04/22	28/04/23	26/04/24	28/04/25	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: NEC Corporation

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	10.73%	10.39%	10.68%	10.8%	12.9%	14.49%	15.53%	16.11%
EBIT Margin (%)	5.14%	4.4%	5.14%	5.41%	7.49%	9.87%	11.09%	11.85%
EBT Margin (%)	5.27%	4.79%	5.06%	5.32%	7%	9.73%	10.88%	11.68%
Net margin (%)	5%	4.69%	3.46%	4.3%	5.12%	6.95%	7.81%	8.48%
FCF margin (%)	5.09%	2.79%	3.09%	5.02%	6.23%	6.95%	8.38%	8.39%
FCF / Net Income (%)	101.88%	59.56%	89.55%	116.86%	121.73%	100%	107.38%	98.94%
Profitability
ROA	4.65%	3.89%	4.33%	4.51%	5.61%	6.01%	6.77%	7.2%
ROE	13.5%	10%	7.3%	8.4%	9.1%	12.04%	12.88%	13.21%
Financial Health
Leverage (Debt/EBITDA)	0.56x	0.48x	0.36x	0.15x	0.19x	-	-	-
Debt / Free cash flow	1.18x	1.77x	1.23x	0.32x	0.38x	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.37%	2.36%	2.35%	2.78%	4.4%	3.12%	3.26%	2.94%
CAPEX / EBITDA (%)	22.07%	22.71%	21.97%	25.68%	34.11%	21.57%	21.02%	18.22%
CAPEX / FCF (%)	46.54%	84.51%	75.79%	55.23%	70.64%	44.96%	38.95%	35%
Items per share
Cash flow per share ¹	236.3	236.2	220.8	253.2	250.4	274	338	361
Change	-	-0.02%	-6.53%	14.65%	-1.08%	9.41%	23.37%	6.8%
Dividend per Share ¹	18	20	22	24	28	33.73	40.63	46.05
Change	-	11.11%	10%	9.09%	16.67%	20.45%	20.47%	13.33%
Book Value Per Share ¹	960.1	1,111	1,219	1,438	1,465	1,612	1,806	1,992
Change	-	15.71%	9.75%	17.92%	1.87%	10.09%	11.98%	10.31%
EPS ¹	111.4	103.7	84.9	112.2	131.5	184.9	218.5	250.9
Change	-	-6.93%	-18.13%	32.21%	17.15%	40.61%	18.19%	14.81%
Nbr of stocks (in thousands)	1,362,479	1,362,288	1,331,749	1,332,286	1,332,707	1,333,146	1,333,146	1,333,146
Announcement Date	12/05/21	28/04/22	28/04/23	26/04/24	28/04/25	-	-	-