Hokuryo Co., Ltd.

株式会社　ホクリヨウ

Foods

Hokuryo Co., Ltd. engages in the production and sale of eggs in Japan. The company was incorporated in 1949 and is headquartered in Sapporo, Japan.

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Price

¥2,048

Market Cap

¥17.3B

Ent. Value

¥14.6B

Net Cash

¥2.8B

Shares Out.

8.5M

P / E

7.9×

EV / EBIT

7.6×

P / Book

1.22×

P / NCAV

10.00×

Div. Yield

3.42%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥19.4B	¥18.9B	¥17.8B	¥15.4B
Cost of Sales	¥15.6B	¥15.0B	¥14.7B	¥12.7B
Gross Profit	¥3.8B	¥3.9B	¥3.1B	¥2.6B
SG&A	¥1.9B	¥1.7B	¥1.8B	¥1.8B
Operating Income	¥1.9B	¥2.2B	¥1.3B	¥878M
Non-Operating Income	¥87M	¥84M	¥79M	¥78M
Dividend Income	¥12M	¥10M	¥10M	¥10M
Interest Income	¥1M	¥0M	¥0M	¥4M
Non-Operating Expenses	¥11M	¥12M	¥14M	¥14M
Interest Expense	¥3M	¥4M	¥5M	¥5M
Ordinary Income	¥2.0B	¥2.3B	¥1.4B	¥943M
Pre-tax Income	¥3.1B	¥2.4B	¥1.2B	¥1.4B
Income Taxes	¥898M	¥728M	¥464M	¥172M
Current Tax	¥871M	¥686M	¥700M	¥201M
Deferred Tax	¥27M	¥41M	¥-236M	¥-30M
Net Income (owners)	¥2.2B	¥1.7B	¥745M	¥1.2B
EBITDA	¥3.1B	¥3.3B	¥2.5B	¥1.7B
EPS	¥257.93	¥195.81	¥88.13	¥140.82
Shares Outstanding	8.5M	8.5M	8.5M	8.5M
Shares Issued (total)	8.5M	8.5M	8.5M	8.5M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥19.2B	¥17.8B	¥16.8B	¥15.5B
Current Assets	¥6.8B	¥6.3B	¥5.8B	¥3.8B
Cash & Deposits	¥4.2B	¥3.9B	¥2.5B	¥1.8B
Trade Receivables	¥2.1B	¥1.9B	¥1.9B	¥1.4B
Non-Current Assets	¥12.4B	¥11.4B	¥11.1B	¥11.7B
PP&E	¥11.3B	¥10.3B	¥10.1B	¥10.6B
Intangible Assets	¥64M	¥58M	¥62M	¥78M
Investment Securities	¥530M	¥545M	¥436M	¥473M
Deferred Tax Assets	¥205M	¥227M	¥299M	¥51M
Total Liabilities	¥5.1B	¥5.4B	¥6.1B	¥5.4B
Current Liabilities	¥3.6B	¥3.6B	¥4.0B	¥3.4B
ST Debt	¥294M	¥302M	¥529M	¥532M
Taxes Payable	¥564M	¥362M	¥575M	¥171M
Non-Current Liabilities	¥1.5B	¥1.8B	¥2.1B	¥2.0B
Total LT Borrowings	¥1.1B	¥1.4B	¥1.7B	¥1.6B
Total Equity	¥14.2B	¥12.3B	¥10.7B	¥10.2B
Capital Stock	¥1.1B	¥1.1B	¥1.1B	¥1.1B
Capital Surplus	¥754M	¥754M	¥754M	¥754M
Retained Earnings	¥12.2B	¥10.3B	¥8.8B	¥8.2B
Treasury Stock	¥0M	¥0M	¥0M	¥-0M
AOCI	¥186M	¥195M	¥110M	¥137M
Equity (owners)	¥14.0B	¥12.1B	¥10.6B	¥10.0B

Total Interest-Bearing Debt ⓘ	¥1.4B	¥1.7B	¥2.3B	¥2.1B
Net Cash ⓘ	¥2.8B	¥2.2B	¥269M	¥-280M
NCAV ⓘ	¥1.7B	¥898M	¥-339M	¥-1.5B
NCAV/Share	¥205	¥106	¥-40	¥-183
BV/Share	¥1,651	¥1,433	¥1,257	¥1,184

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥3.2B	¥3.4B	¥2.5B	¥1.8B
Interest Paid	¥-3M	¥-4M	¥-5M	¥-5M
Interest Received	¥14M	¥10M	¥10M	¥14M
D&A	¥1.1B	¥1.0B	¥1.1B	¥833M
Investing CF	¥-2.3B	¥-1.3B	¥-1.8B	¥-785M
CapEx	¥2.1B	¥1.2B	¥1.9B	¥843M
Purchase Investments	¥-9M	¥-4M	¥-10M	¥-4M
Proceeds from Invest.	¥10M	¥10M	¥10M	¥10M
Financing CF	¥-663M	¥-722M	¥-19M	¥-961M
Dividends Paid	¥-338M	¥-169M	¥-126M	¥-85M
Share Buybacks	—	—	¥0M	—
LT Debt Repaid	¥-302M	¥-529M	¥-569M	¥-567M
Free Cash Flow	¥1.1B	¥2.1B	¥599M	¥994M
Net Change in Cash	¥293M	¥1.4B	¥679M	¥91M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	16.5%	14.4%	7.1%	12.4%
ROA	11.8%	9.6%	4.6%	7.7%
EPS	¥257.93	¥195.81	¥88.13	¥140.82
DPS	¥70.00	¥40.00	¥20.00	¥15.00
BPS	¥1,673.22	¥1,456.27	¥1,270.49	¥1,200.45
FCF/Share	¥129	¥253	¥71	¥117
NCAV/Share	¥205	¥106	¥-40	¥-183
Payout Ratio	27.1%	20.4%	22.7%	10.7%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 2

Date	Activist	Stake	Event	Flag	Demands	Source
2025-07-07	Mizuho Securities Co., Ltd.	—	exit	Passive	—
2024-06-21	Mizuho Securities Co., Ltd.	5.15%	initial_5pct	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-15 15:32	Div Increase	¥1.1B ¥130.0/sh +86%	Hokuryo Corporation announced a dividend increase to ¥130 per share (from ¥120 forecast), raising total dividend payout …
Summary Hokuryo Corporation announced a dividend increase to ¥130 per share (from ¥120 forecast), raising total dividend payout to ¥1,099 million for fiscal year ending March 31, 2026. The increase was driven by higher egg prices and special gains totaling ¥458 million from avian flu-related subsidies, resulting in net income of ¥3,862 million exceeding prior guidance. The company maintains a 30% dividend payout ratio policy. YoY: +86% Source (JP) 当社は配当性向30％を方針としていることにより2026年３月期配当金額につきましては、前回発表の期末配当見込み一株120円から130円に修正いたします。剰余金の配当（増配）に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	株式会社ココリコ	3,556,000	42.04%
2	株式会社十文字チキンカンパニー	420,000	4.97%
3	米山惠子	265,500	3.14%
4	米山大介	222,800	2.63%
5	株式会社北海道銀行	170,000	2.01%
6	株式会社北陸銀行	132,000	1.56%
7	株式会社北洋銀行	132,000	1.56%
8	都丸高志	83,500	0.99%
9	株式会社丸喜堂	62,500	0.74%
10	BNP Paribas Financial Markets COO Charles Monnot （常任代理人 BNPパリバ証券株式会社）	40,800	0.48%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

0.0%

-1.4% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

0.0%

-2.0% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

60.1%

+0.9% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
式会社ココリコ		42.04%	42.04%	42.04%
式会社十文字チキンカンパニー		4.97%	4.97%	4.97%
米山惠子		3.19%	3.16%	3.14% -0.02%
米山大介		2.63%	2.63%	2.63%
式会社北海道銀行		2.01%	2.01%	2.01%
式会社北洋銀行		1.56%	1.56%	1.56%
式会社北陸銀行		1.56%	1.56%	1.56%
都丸高志 NEW ENTRY		0.99%	—	0.99% NEW
式会社丸喜堂 NEW ENTRY		0.74%	—	0.74% NEW
BNP Paribas Financial Markets COO Charles Monnot NEW ENTRY	—	—	—	0.48% NEW
BNY Mellon last seen 2024	Exited Top 10	—	2.02%	—
日本マスタートラスト信託銀行 last seen 2024	Exited Top 10	2.52%	1.44%	—
JPモルガン証券 last seen 2024	Exited Top 10	—	1.25%	—
Concentration (HHI) ⓘ		1826	1826	1820

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥473M +32% since 2023

Holdings 12 +1 new

Trend 4 building vs 2023

Held Company	FY2025 ¥473M total		FY2023 ¥358M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
ARCS COMPANY,LIMITED 株式会社アークス	197	+3.9% ↑ 67,876	146	65,317
Aeon Hokkaido Corporation イオン北海道株式会社	127	150,720	121	150,720
Chubu Feed Co. 中部飼料株式会社	47	35,000	36	35,000
Hokuhoku Financial Group, Inc. 株式会社ほくほくフィナンシャルグループ	38	15,060	13	15,060	M
Hokuyuu Lucky Co. 北雄ラッキー株式会社	12	4,000	11	4,000
Kewpie Corporation キユーピー株式会社	11	4,000	8	4,000
NICHIRYO BAKING CO.,LTD. 日糧製パン株式会社	10	+0.8% ↑ 4,695	9	4,659
Ifuji Sangyo Co., Ltd. イフジ産業株式会社	10	+376.2% ↑ 5,000	1	1,050	M
FEED ONE CO.,LTD. フィード・ワン株式会社	8	10,000	6	10,000
AEON Co.,Ltd. イオン株式会社	7	+23.1% ↑ 2,119	4	1,722
DAIICHI CO.,LTD. 株式会社ダイイチ	5	4,000	3	4,000
カルメインフーズ	1	NEW New 100	—
Portfolio total	473		358

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding