1905

tenox corporation

株式会社テノックス

Construction

← Companies

Price

¥1,479

Market Cap

¥10.1B

Ent. Value

—

Net Cash est

—

Shares Out.

6.9M

P / E

13.1×

EV / EBIT

—

P / Book

0.76×

P / NCAV

1.10×

Div. Yield

3.38%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥21.5B	¥23.7B	¥20.2B	¥18.3B	¥14.8B
Cost of Sales	—	¥20.1B	¥17.4B	¥15.6B	¥12.5B
Gross Profit	—	¥3.6B	¥2.8B	¥2.8B	¥2.4B
SG&A	—	¥2.5B	¥2.3B	¥2.1B	¥1.9B
Operating Income	¥21.5B	¥1.1B	¥521M	¥653M	¥467M
Non-Operating Income	—	¥50M	¥43M	¥42M	¥52M
Dividend Income	—	¥16M	¥10M	¥8M	¥10M
Interest Income	—	¥2M	¥1M	¥0M	¥0M
Non-Operating Expenses	—	¥1M	¥6M	¥0M	¥2M
Interest Expense	—	¥0M	¥0M	¥0M	¥1M
Ordinary Income	¥21.5B	¥1.2B	¥558M	¥695M	¥516M
Pre-tax Income	—	¥1.1B	¥605M	¥732M	¥527M
Income Taxes	—	¥382M	¥212M	¥244M	¥173M
Current Tax	—	¥421M	¥151M	¥283M	¥208M
Deferred Tax	—	¥-39M	¥61M	¥-39M	¥-35M
Net Income (owners)	¥1M	¥749M	¥388M	¥483M	¥358M
Minority Interest	—	¥3M	¥4M	¥5M	¥-3M
Comprehensive Income	—	¥849M	¥481M	¥495M	¥323M
EBITDA	—	¥1.7B	¥999M	¥1.1B	¥936M
Goodwill Amort. (J-GAAP)	—	¥4M	¥4M	¥4M	¥4M
EPS	—	¥113.29	¥59.29	¥73.29	¥53.42
Shares Outstanding	—	6.9M	6.8M	6.7M	6.9M
Shares Issued (total)	—	7.3M	7.3M	7.3M	7.7M
Treasury Shares	—	0.5M	0.6M	0.6M	0.8M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	—	¥21.1B	¥19.1B	¥18.8B	¥17.7B
Current Assets	—	¥17.0B	¥15.3B	¥15.6B	¥14.9B
Cash & Deposits	—	¥10.2B	¥8.4B	¥9.5B	¥9.6B
Non-Current Assets	—	¥4.1B	¥3.8B	¥3.1B	¥2.8B
PP&E	—	¥2.9B	¥2.6B	¥2.2B	¥2.3B
Goodwill	—	¥8M	¥12M	¥16M	¥21M
Intangible Assets	—	¥195M	¥104M	¥57M	¥40M
Investment Securities	—	¥573M	¥632M	¥315M	¥280M
Deferred Tax Assets	—	¥39M	¥42M	¥130M	¥96M
Total Liabilities	—	¥7.8B	¥6.4B	¥6.3B	¥5.4B
Current Liabilities	—	¥7.0B	¥5.7B	¥5.7B	¥4.7B
ST Debt	—	—	¥10M	¥10M	¥10M
Taxes Payable	—	¥370M	¥31M	¥206M	¥189M
Non-Current Liabilities	—	¥815M	¥635M	¥623M	¥686M
Total LT Borrowings	—	—	—	¥10M	¥20M
Pension Obligations	—	¥536M	¥502M	¥493M	¥503M
Total Equity	—	¥13.3B	¥12.7B	¥12.5B	¥12.3B
Capital Stock	—	¥1.7B	¥1.7B	¥1.7B	¥1.7B
Capital Surplus	—	¥2.4B	¥2.3B	¥2.3B	¥2.4B
Retained Earnings	—	¥9.2B	¥8.7B	¥8.6B	¥8.4B
Treasury Stock	—	¥-486M	¥-541M	¥-557M	¥-630M
AOCI	—	¥203M	¥107M	¥18M	¥11M
Equity (owners)	—	¥12.7B	¥12.2B	¥12.1B	¥11.9B
Minority Interests	—	¥300M	¥297M	¥294M	¥290M

Total Interest-Bearing Debt ⓘ	—	—	¥10M	¥20M	¥30M
Net Cash ⓘ	—	¥10.2B	¥8.4B	¥9.5B	¥9.6B
NCAV ⓘ	—	¥9.2B	¥8.9B	¥9.3B	¥9.5B
NCAV/Share	—	¥1,339	¥1,316	¥1,384	¥1,370
BV/Share	—	¥1,859	¥1,801	¥1,788	¥1,722

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	—	¥3.0B	¥143M	¥956M	¥1.8B
Taxes Paid	—	¥-63M	¥-367M	¥-300M	¥1M
Interest Paid	—	¥-0M	¥-0M	¥-0M	¥-1M
Interest Received	—	¥18M	¥10M	¥9M	¥10M
D&A	—	¥541M	¥474M	¥430M	¥465M
Goodwill Amort.	—	¥4M	¥4M	¥4M	¥4M
Investing CF	—	¥-793M	¥-947M	¥-623M	¥-108M
CapEx	—	¥771M	¥708M	¥319M	¥187M
Purchase Investments	—	¥-1M	¥-200M	¥-21M	¥-1M
Financing CF	—	¥-302M	¥-310M	¥-404M	¥-514M
Dividends Paid	—	¥-272M	¥-281M	¥-184M	¥-165M
Share Buybacks	—	¥-0M	¥-0M	¥-170M	¥-207M
LT Debt Repaid	—	¥-10M	¥-10M	¥-10M	¥-204M
Free Cash Flow	—	¥2.3B	¥-565M	¥637M	¥1.6B
Net Change in Cash	—	¥1.9B	¥-1.2B	¥-66M	¥1.2B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	—	5.9%	3.2%	4.0%	3.0%
ROA	—	3.7%	2.1%	2.6%	2.0%
EPS	—	¥113.29	¥59.29	¥73.29	¥53.42
DPS	—	¥50.00	¥38.00	¥35.00	¥25.00
BPS	—	¥1,949.26	¥1,876.87	¥1,850.63	¥1,781.85
FCF/Share	—	¥332	¥-83	¥94	¥233
NCAV/Share	—	¥1,339	¥1,316	¥1,384	¥1,370
Payout Ratio	—	44.1%	64.1%	47.8%	46.8%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 7

Date	Activist	Stake	Event	Flag	Demands
2026-04-30	Hikari Tsushin K.K.	16.77% +1.02%	change	Passive	—
2025-11-25	Hikari Tsushin K.K.	15.75% +1.01%	change	Passive	—
2025-09-26	Hikari Tsushin K.K.	14.74% +0.44%	change	Passive	—
2025-07-02	Hikari Tsushin K.K.	14.3% +1.01%	change	Passive	—
2025-04-14	Hikari Tsushin K.K.	13.29% +1.07%	change	Passive	—
2024-01-12	Hikari Tsushin K.K.	12.22% +1.12%	change	Passive	—
2023-07-06	Hikari Tsushin K.K.	11.1%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-12 14:00	Div Increase	¥60.5/sh +21%	Tenox Corporation raised its FY2026 full-year dividend forecast from 52.00 yen per share to 60.50 yen per share (21% inc…
Summary Tenox Corporation raised its FY2026 full-year dividend forecast from 52.00 yen per share to 60.50 yen per share (21% increase), comprising an interim dividend of 26.00 yen and year-end dividend of 34.50 yen. The company also revised upward its earnings forecast for the fiscal year ending March 2026, with operating profit increased to 12.80 billion yen due to improved construction efficiency and cost adjustments. The dividend increase targets a dividend payout ratio (DOE) of 3.0% and reflects management's commitment to shareholder returns. YoY: +21% Source (JP) 2026年3月期の連結業績等を勘案し、前回予想において1株当たり26円00銭としておりました期末配当を34円50銭とし、中間配当金の1株当たり26円00銭と合わせまして年間配当金は1株当たり60円50銭（DOE3.0%）に修正いたします。業績予想の修正および配当予想の修正（増配）に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	HIKARI TSUSHIN,INC. 光通信株式会社	514	7.50%
2	住商セメント株式会社	432	6.30%
3	UH Partners 2 株式会社UH Partners 2	404	5.90%
4	MUCC商事株式会社	317	4.62%
5	INTERACTIVE BROKERS LLC INTERACTIVE BROKERS LLC （常任代理人インタラクティブ・ブローカーズ証券株式会社）	276	4.02%
6	Meiji Yasuda Life Insurance 明治安田生命保険相互会社	253	3.69%
7	Sumitomo Mitsui Banking Corporation 株式会社三井住友銀行	220	3.21%
8	Sumitomo Mitsui Trust Bank 三井住友信託銀行株式会社	220	3.20%
9	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行（信託E口）	214	3.12%
10	樗沢佐江子	213	3.10%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

6.3%

-0.1% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

0.0%

+0.0% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

38.3%

+0.1% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
HIKARI TSUSHIN,INC. 光通信		7.61%	7.59%	7.50% -0.09%
住商セメント		6.40%	6.38%	6.30% -0.08%
UH Partners 2 式会社UH Partners 2		3.66%	5.23%	5.90% +0.67%
MUCC商事		—	4.68%	4.62% -0.06%
Interactive Brokers		4.54%	4.26%	4.02% -0.24%
Meiji Yasuda Life Insurance 明治安田生命保険		3.74%	3.73%	3.69% -0.04%
Sumitomo Mitsui Banking Corporation 三井住友銀行		3.26%	3.25%	3.21% -0.04%
Sumitomo Mitsui Trust Bank 三井住友信託銀行		3.25%	3.24%	3.20% -0.04%
Japan Custody Bank 日本カストディ銀行		3.25%	3.19%	3.12% -0.07%
樗沢佐江子		3.15%	3.14%	3.10% -0.04%
三菱商事 last seen 2023	Exited Top 10	4.69%	—	—
Concentration (HHI) ⓘ		211	221	222

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

Portfolio Book Value ¥534M +88% since 2023

Holdings 6 +1 new 1 exited

Trend 2 building vs 2023

Held Company	FY2025 ¥534M total		FY2023 ¥285M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Nippon Hume Corporation 日本ヒューム㈱	235	117,300	88	117,300	M
Tokio Marine Holdings, Inc. 東京海上ホールディングス㈱	125	21,735	55	21,735	M
NIPPON CONCRETE INDUSTRIES CO.,LTD. 日本コンクリート工業㈱	103	301,800	77	301,800	M
Taiyo Kisokogyo Co.,Ltd. 太洋基礎工業㈱	44	+200.0% ↑ 23,700	50	7,900	M
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	21	+200.0% ↑ 5,490	10	1,830	M
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ㈱	7	NEW New 2,000	—		M
三井住友トラスト・ホールディングス㈱	—	−100% Exit —	4	1,000	M
Portfolio total	534		285

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