1407
West Holdings corporation
株式会社ウエストホールディングス
Utilities · Utilities - Renewable
West Holdings Corporation, together with its subsidiaries, engages in the renewable energy business in Japan and internationally. It operates and maintains solar power generation and wind power generation. The company also generates and sells solar power to housing. In addition, it engages in energy-saving and green power businesses. The company was founded in 1981 and is headquartered in Hiroshima, Japan.
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Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥47.2B
¥50.4B
¥43.7B
¥67.2B
¥67.9B
Cost of Sales
¥31.0B
¥31.9B
¥28.4B
¥52.7B
¥51.3B
Gross Profit
¥16.3B
¥18.5B
¥15.4B
¥14.4B
¥16.7B
SG&A
¥7.6B
¥7.9B
¥6.9B
¥6.7B
¥6.5B
Operating Income
¥8.6B
¥10.6B
¥8.5B
¥7.8B
¥10.1B
Non-Operating Income
¥437M
¥198M
¥183M
¥70M
¥81M
Dividend Income
¥41M
¥34M
¥33M
¥14M
¥10M
Interest Income
¥41M
¥10M
¥2M
¥2M
¥4M
Non-Operating Expenses
¥1.1B
¥839M
¥710M
¥547M
¥580M
Interest Expense
¥1.1B
¥733M
¥609M
¥455M
¥414M
Ordinary Income
¥8.0B
¥10.0B
¥8.0B
¥7.3B
¥9.6B
Pre-tax Income
¥7.8B
¥9.9B
¥8.2B
¥5.8B
¥9.5B
Income Taxes
¥2.3B
¥3.0B
¥2.2B
¥1.5B
¥3.0B
Current Tax
¥2.5B
¥3.2B
¥2.3B
¥2.4B
¥3.1B
Deferred Tax
¥-365M
¥-193M
¥-88M
¥-885M
¥-138M
Net Income (owners)
¥5.4B
¥6.8B
¥6.0B
¥4.3B
¥6.5B
Minority Interest
¥144M
¥145M
—
—
—
Comprehensive Income
¥5.7B
¥7.0B
¥6.1B
¥4.3B
¥6.5B
EBITDA
¥11.4B
¥12.9B
¥10.7B
¥9.2B
¥11.6B
Goodwill Amort. (J-GAAP)
¥147M
—
—
—
—
EPS
¥135.09
¥167.46
¥147.97
¥104.71
¥159.70
Shares Outstanding
39.7M
39.7M
40.7M
40.7M
40.7M
Shares Issued (total)
46.0M
46.0M
46.0M
46.0M
46.0M
Treasury Shares
6.4M
6.4M
5.4M
5.4M
5.4M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥148.5B
¥125.9B
¥123.8B
¥101.4B
¥97.3B
Current Assets
¥89.2B
¥76.5B
¥84.0B
¥65.0B
¥79.5B
Cash & Deposits
¥35.6B
¥27.7B
¥46.1B
¥27.6B
¥35.9B
Trade Receivables
¥1.3B
¥1.0B
¥863M
¥1.3B
—
Inventories
¥8.0B
¥10.6B
¥12.0B
¥14.3B
¥6.6B
Non-Current Assets
¥59.4B
¥49.4B
¥39.8B
¥36.4B
¥17.7B
PP&E
¥44.8B
¥40.8B
¥30.8B
¥28.5B
¥15.1B
Goodwill
¥4.8B
—
—
—
—
Intangible Assets
¥5.1B
¥806M
¥4.2B
¥4.3B
¥353M
Investment Securities
¥1.7B
¥1.7B
¥1.2B
¥849M
¥329M
Deferred Tax Assets
¥1.8B
¥1.6B
¥1.4B
¥1.4B
¥497M
Total Liabilities
¥112.0B
¥92.5B
¥92.4B
¥73.9B
¥71.9B
Current Liabilities
¥39.7B
¥34.5B
¥30.9B
¥28.7B
¥38.0B
Accounts Payable
¥2.3B
¥529M
¥644M
¥2.2B
¥6.1B
ST Debt
¥24.0B
¥18.6B
¥17.9B
¥15.0B
¥20.7B
Taxes Payable
¥923M
¥2.7B
¥319M
¥444M
¥2.1B
Non-Current Liabilities
¥72.3B
¥58.0B
¥61.5B
¥45.2B
¥33.9B
Total LT Borrowings
¥70.1B
¥56.6B
¥60.2B
¥43.9B
¥32.9B
Deferred Tax Liab.
¥0M
¥0M
¥0M
¥13M
¥37M
Total Equity
¥36.5B
¥33.4B
¥31.4B
¥27.6B
¥25.3B
Capital Stock
¥2.0B
¥2.0B
¥2.0B
¥2.0B
¥2.0B
Capital Surplus
¥802M
¥781M
¥756M
¥734M
¥728M
Retained Earnings
¥39.1B
¥36.4B
¥31.8B
¥28.0B
¥25.8B
Treasury Stock
¥-6.1B
¥-6.1B
¥-3.3B
¥-3.3B
¥-3.2B
AOCI
¥333M
¥140M
¥50M
¥-13M
¥-40M
Equity (owners)
¥35.9B
¥33.1B
¥31.3B
¥27.6B
¥25.4B
Minority Interests
¥313M
¥168M
¥15M
¥15M
¥15M
Total Interest-Bearing Debt ⓘ
¥94.1B
¥75.2B
¥78.1B
¥58.9B
¥53.6B
Net Cash ⓘ
¥-58.5B
¥-47.5B
¥-32.0B
¥-31.3B
¥-17.6B
NCAV ⓘ
¥-22.8B
¥-16.0B
¥-8.4B
¥-8.8B
¥7.6B
NCAV/Share
¥-576
¥-403
¥-207
¥-217
¥187
BV/Share
¥905
¥834
¥771
¥677
¥624
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥3.3B
¥495M
¥7.3B
¥-4.9B
¥5.1B
Interest Paid
¥-1.1B
¥-721M
¥-632M
¥-479M
¥-420M
Interest Received
¥78M
¥46M
¥36M
¥17M
¥15M
D&A
¥2.6B
¥2.3B
¥2.2B
¥1.4B
¥1.4B
Goodwill Amort.
¥147M
—
—
—
—
Investing CF
¥-5.5B
¥-10.4B
¥-5.4B
¥-4.7B
¥-4.0B
CapEx
¥3.1B
¥7.0B
¥3.9B
¥5.2B
¥3.3B
Purchase Investments
¥-1M
¥-428M
¥-280M
¥-503M
¥-3M
Financing CF
¥10.1B
¥-8.6B
¥16.6B
¥2.9B
¥3.3B
Dividends Paid
¥-2.6B
¥-2.2B
¥-2.2B
¥-2.0B
¥-1.4B
Share Buybacks
¥0M
¥-2.8B
¥-15M
¥-38M
¥-95M
LT Debt Repaid
¥-20.5B
¥-18.1B
¥-16.9B
¥-16.7B
¥-15.5B
Free Cash Flow
¥207M
¥-6.5B
¥3.4B
¥-10.0B
¥1.9B
Net Change in Cash
¥7.9B
¥-18.4B
¥18.5B
¥-6.6B
¥4.4B
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
15.4%
20.9%
20.4%
16.1%
28.5%
ROA
3.9%
5.4%
5.3%
4.3%
6.7%
EPS
¥135.09
¥167.46
¥147.97
¥104.71
¥159.70
DPS
¥65.00
¥65.00
¥55.00
¥55.00
¥50.00
BPS
¥913.40
¥837.93
¥771.95
¥677.18
¥622.66
FCF/Share
¥5
¥-165
¥84
¥-246
¥46
NCAV/Share
¥-576
¥-403
¥-207
¥-217
¥187
Payout Ratio
48.1%
38.8%
37.2%
52.5%
31.3%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 14
Date Activist Stake Event Flag Demands Source
2026-01-09
Asset Management One Co., Ltd.
5.39%
-1.11%
change
Passive
—
2025-11-10
Asset Management One Co., Ltd.
6.5%
-1.63%
change
Passive
—
2025-10-22
Asset Management One Co., Ltd.
8.13%
-1.24%
change
Passive
—
2025-10-07
Asset Management One Co., Ltd.
9.37%
+1.16%
change
Passive
—
2025-06-06
Asset Management One Co., Ltd.
8.21%
+1.1%
change
Passive
—
2025-04-07
Asset Management One Co., Ltd.
7.11%
+1.33%
change
Passive
—
2025-02-07
Asset Management One Co., Ltd.
5.78%
+0.22%
change
Passive
—
2024-11-08
Asset Management One Co., Ltd.
5.56%
-1.5%
change
Passive
—
2024-09-06
Asset Management One Co., Ltd.
7.06%
+1.39%
change
Passive
—
2024-08-07
Asset Management One Co., Ltd.
5.67%
-2.75%
change
Passive
—
2023-09-25
Asset Management One Co., Ltd.
8.42%
+1.6%
change
Passive
—
2023-07-24
Asset Management One Co., Ltd.
6.82%
change
Passive
—
2023-07-03
Takashi Kikkawa
38.17%
correction
Passive
—
2023-06-26
Takashi Kikkawa
38.17%
change
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 3
#
Shareholder
Shares (thou.)
% of Total
1
吉川 隆
17,363
43.78%
2
Japan Master Trust Bank
日本マスタートラスト信託銀行株式会社(信託口)
2,934
7.40%
3
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
1,287
3.25%
4
JERA
株式会社JERA
935
2.36%
5
J.P. MORGAN SE - LUXEMBOURG BRANCH
J.P. MORGAN SE - LUXEMBOURG BRANCH 384524(常任代理人 株式会社みずほ銀行)
741
1.87%
6
CEPLUX-ERSTE GROUP BANK AG (UCITS CLIENTS)
CEPLUX-ERSTE GROUP BANK AG (UCITS CLIENTS)(常任代理人 シティバンク)
646
1.63%
7
OSAKA GAS CO.,LTD.
大阪瓦斯株式会社
569
1.43%
8
J.P. MORGAN SE - LUXEMBOURG BRANCH
J.P. MORGAN SE - LUXEMBOURG BRANCH 384523(常任代理人 株式会社みずほ銀行)
544
1.37%
9
MSIP CLIENT SECURITIES(常任代理人 モルガン・スタンレーMUFG証券株式会社)
498
1.26%
10
NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB)(常任代理人 野村證券株式会社)
475
1.20%
Domestic Nominees
10.7%
-1.2% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
3.2%
+0.5% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
51.7%
+0.1% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
吉川 隆
42.70%
43.78%
43.78%
Japan Master Trust Bank
日本マスタートラスト信託銀行
7.84%
5.85%
7.40%
+1.55%
Japan Custody Bank
日本カストディ銀行
5.85%
5.95%
3.25%
-2.70%
JP Morgan
1.14%
2.79%
3.24%
+0.45%
JERA
式会社JERA
2.30%
2.36%
2.36%
CEPLUX-ERSTE GROUP BANK AG (UCITS CLIENTS)
↑
1.33%
1.18%
1.63%
+0.45%
OSAKA GAS CO.,LTD.
大阪瓦斯
1.40%
1.43%
1.43%
MSIP CLIENT SECURITIES
NEW ENTRY
—
—
—
1.26%
NEW
NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB)
NEW ENTRY
—
—
—
1.20%
NEW
Fidelity
last seen 2024
Exited Top 10
1.59%
1.56%
—
Goldman Sachs
last seen 2024
Exited Top 10
—
1.20%
—
BNP PARIBAS SYDNEY/2S/JASDEC/AUSTRALIAN RESIDENTS
last seen 2023
Exited Top 10
1.15%
—
—
BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)
last seen 2023
Exited Top 10
2.17%
—
—
Concentration (HHI)
ⓘ
1938
2007
2006
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥171M
+289% since 2023
Holdings
3
+1 new
Trend
Stable
vs 2023
Held Company
FY2025
¥171M total
FY2023
¥44M total
Book Val ¥M
Shares
Book Val ¥M
Shares
The Gunma Bank, Ltd.
株式会社群馬銀行
77
50,000
33
50,000
Green Bee株式会社
70
NEW
New
70,000
—
The Keiyo Bank, Ltd.
株式会社京葉銀行
24
20,000
11
20,000
Portfolio total
171
44
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding