NIPPON STEEL CORPORATION NPSCY

MaterialsMetals & MiningJapan

Last close 4.18 USD on Nov 1, 2026, +4.8% year to date

Quant rating

Quant rating A Rank 26 of 220 in Materials

Growth A 22 of 220
Valuation B 49 of 220
Quality B 68 of 220
Revisions A 23 of 220
Momentum B 68 of 220

Wall Street consensus Buy (2.38)Average target 4.71 USD +12.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 22.4B
Enterprise value: 56.9B
52-week range: 3.32 – 4.67
3-year range: 3.32 – 5.16
Dividend yield: 3.62%
Beta (5 years): 0.66
Shares outstanding: 5,374M
Next earnings: Nov 4, 2026

About the company

Nippon Steel Corp is a Japan-based company mainly engaged in the steel manufacturing business, engineering business, chemical & material business and system solution business. The Company operates through four business segments. The Steel Manufacturing segment is engaged in the manufacture and sale of steel products. The Engineering segment is engaged in the manufacture and sale of industrial machinery and equipment, steel structures, contracting of construction work, waste treatment and reclamation, and supply of electricity, gas, heat. The Chemical and Materials segment manufactures and sells coal chemical products, petrochemical products, electronic materials, semiconductor and electronic component materials and components, carbon fiber and composite materials, and fabricated metal products. The System Solution segment provides engineering and consulting services related to computer systems, outsourcing services using information technology, and various other services.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	63,406	57,990	58,609	60,062	55,967	–
Revenue growth	9.3%	−1.1%	−2.4%	7.3%	28.3%	7.8%
EPS (basic, normalized)	0.02	0.48	0.77	1.12	1.06	–
EPS growth	−95.7%	−37.1%	−31.6%	5.7%	–	–
Gross margin	14.4%	15.8%	15.6%	16.2%	17.9%	16.0%
Net margin	0.2%	4.0%	6.2%	8.7%	9.4%	5.7%
ROE	0.3%	6.9%	12.3%	18.1%	–	9.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	3,378
Current ratio	1.71x
Long-term debt (mil)	29,505
Net debt (mil)	33,541
Total equity (mil)	34,675
Net debt / equity	0.97x
Net debt / EBITDA	5.27x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	63,406	+9.3%	0.9x	6,364	−8.0%	8.9x	0.02	−95.7%	201.2x
2027	71,798	+13.2%	0.8x	8,347	+31.2%	6.8x	0.37	+1,688.1%	11.3x
2028	73,373	+2.2%	0.8x	9,381	+12.4%	6.1x	0.47	+27.0%	8.9x
2029	74,073	+1.0%	0.8x	9,747	+3.9%	5.8x	0.50	+6.9%	8.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	71,798	−1.7%	−0.8%	+4.3%	0.37	+3.5%	+7.8%	−16.4%
2028	73,373	−3.4%	−2.0%	+3.9%	0.47	+4.0%	+6.8%	+1.9%
2029	74,073	+1.6%	+3.7%	+2.8%	0.50	+9.0%	+12.3%	+10.9%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2,226,281	2,191,509	2,188,226	2,172,763	2,143,028	2,008,749	2,626,898	2,620,676	2,806,893	2,821,196
Sales mean (mil)	2,326,912	2,190,772	2,207,269	2,088,245	2,145,926	1,974,591	2,467,801	2,634,051	2,732,524	2,704,439
Surprise	−4.3%	0.0%	−0.9%	+4.0%	−0.1%	+1.7%	+6.4%	−0.5%	+2.7%	+4.3%
EPS reported	23.56	33.86	16.96	22.91	−3.42	−37.47	15.78	13.08	11.89	14.40
EPS mean	6.42	24.40	24.88	17.11	0.26	17.74	15.79	14.11	−0.34	15.50
Surprise	+267.0%	+38.8%	−31.8%	+33.9%	−1,405.6%	−311.2%	0.0%	−7.3%	−3,556.4%	−7.1%

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NPSCY NIPPON STEEL CORPORATION	22.4B	5.27x	0.2%	0.61x	11.3x	8.9x	6.8x	6.1x
NUE Nucor Corporation	62.1B	1.14x	5.3%	2.72x	14.0x	12.5x	8.5x	8.0x
VALE Vale S.A.	51.2B	0.91x	6.5%	–	6.9x	6.8x	4.3x	4.2x
MT ArcelorMittal SA	46.4B	1.76x	5.1%	0.83x	16.3x	8.5x	7.2x	5.4x
STLD Steel Dynamics Inc	35.7B	1.49x	6.5%	3.63x	14.2x	11.5x	9.6x	8.0x
RS Reliance, Inc.	22.3B	1.06x	5.2%	2.88x	16.4x	17.0x	10.8x	11.4x
Mean		1.94x	4.8%	2.14x	13.2x	10.8x	7.9x	7.2x
Median		1.32x	5.3%	2.72x	14.1x	10.2x	7.9x	7.0x

Technical analysis

1M−4.3%
3M+3.0%
1Y+0.6%
3Y+13.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, NIPPON STEEL CORPORATION, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	63,406	57,990	58,609	60,062	55,967	43,625
Cost of revenue	54,303	48,842	49,444	50,320	45,926	38,518
Gross profit	9,103	9,147	9,165	9,741	10,041	5,107
Selling, general & administrative expenses	5,478	4,764	4,222	3,747	3,867	3,608
Research & development	449	435	401	444	448	476
Depreciation/amortization	336	242	204	173	162	154
Interest expense (income), operating	−775	−992	−1,391	−1,186	−2,067	−559
Unusual expense (income)	1,959	1,140	614	149	808	1,194
Other operating expenses	127	−94.9	−31.7	−239	−89.3	131
Operating income	1,530	3,654	5,146	6,654	6,912	103
Net interest income (expense)	−442	−157	−97.1	−126	−200	−181
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	1,089	3,497	5,049	6,528	6,712	−78.2
Provision for taxes	807	943	1,164	965	1,225	96.4
Minority interest	−174	−218	−255	−337	−248	−118
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	108	2,336	3,631	5,226	5,239	−293
Extraordinary items	–	–	–	–	–	–
Net income	108	2,336	3,631	5,226	5,239	−293
EBIT, normalized	2,714	3,802	4,370	5,617	5,653	738
EBITDA, normalized	6,330	6,371	6,769	8,179	8,370	3,366
Basic EPS, normalized	0.02	0.48	0.77	1.12	1.06	–

Balance sheet in millions of USD, fiscal years

Balance sheet, NIPPON STEEL CORPORATION, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	3,251	4,761	3,191	5,261	4,869	–
Receivables	11,141	9,539	10,495	8,000	7,722	–
Total inventory	17,491	14,666	15,046	15,709	14,439	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	1,445	1,367	1,407	1,684	1,860	–
Total current assets	33,329	30,333	30,139	30,654	28,889	–
Property, plant & equipment	38,051	24,925	23,006	24,607	25,734	–
Goodwill	1,637	478	464	490	507	–
Intangibles	5,247	1,755	1,175	1,186	1,073	–
Long-term investments	12,617	13,750	14,631	13,098	13,376	–
Note receivable	–	–	–	–	–	–
Other long-term assets	1,493	1,733	1,396	2,012	2,361	–
Total assets	92,373	72,974	70,812	72,047	71,941	–
Liabilities
Accounts payable	7,179	5,162	5,748	5,711	6,152	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	1,147	1,384	1,030	1,193	1,013	–
Current portion of long-term debt	2,041	1,774	2,548	1,843	1,815	–
Other current liabilities	8,363	7,256	7,737	7,021	7,612	–
Total current liabilities	18,730	15,575	17,063	15,768	16,592	–
Long-term debt	29,414	13,565	14,342	17,293	18,982	–
Minority interest	3,113	3,468	3,821	3,504	3,536	–
Other liabilities	6,270	4,465	4,010	3,995	4,335	–
Total liabilities	57,527	37,073	39,237	40,560	43,445	–
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3,588	3,798	2,774	3,159	3,448	–
Additional paid-in capital	3,705	3,858	2,636	3,008	3,235	–
Retained earnings (accumulated deficit)	23,642	25,475	23,300	23,188	20,671	–
Treasury stock	−372	−388	−384	−437	−477	–
Other equity	4,283	3,159	3,249	2,569	1,619	–
Total equity	34,846	35,901	31,576	31,487	28,496	–
Total liabilities & shareholders' equity	92,373	72,974	70,812	72,047	71,941	–

Cash flow statement in millions of USD, fiscal years

Cash flow statement, NIPPON STEEL CORPORATION, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	1,089	3,497	5,049	6,528	6,712	–
Depreciation, depletion & amortization	3,616	2,569	2,399	2,562	2,717	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	1,612	213	−255	−401	−587	–
Changes in working capital	−1,800	247	−517	−3,708	−3,782	–
Cash from operations	4,517	6,526	6,676	4,980	5,060	–
Investing activities
Capital expenditures	−5,606	−4,123	−3,082	−3,540	−3,838	–
Other investing cash flows	−12,271	1,039	−1,615	779	724	–
Cash from investing	−17,877	−3,084	−4,697	−2,761	−3,114	–
Financing activities
Financing cash flow items	174	−1,487	798	−235	−423	–
Cash dividends paid	−923	−1,081	−1,005	−1,250	−606	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	12,634	478	−3,387	−3.4	525	–
Cash from financing	11,885	−2,090	−3,595	−1,488	−504	–
Foreign exchange effects	143	139	151	168	132	–
Net change in cash	−1,331	1,491	−1,464	899	1,575	–
Free cash flow	−1,088	2,403	3,594	1,440	1,223	–

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.