2664

CAWACHI LIMITED

株式会社カワチ薬品

Retail Trade

Price

¥3,280

Market Cap

¥73.3B

Ent. Value

¥51.3B

Net Cash

¥22.0B

Shares Out.

22.3M

P / E

22.9×

EV / EBIT

7.6×

⚠ TSE Capital Mandate

P / Book

0.63×

P / NCAV

7.61×

Div. Yield

—

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥284.5B	¥287.8B	¥286.0B	¥281.9B	¥279.5B
Cost of Sales	¥219.2B	¥221.1B	¥220.2B	¥217.8B	¥216.3B
Gross Profit	¥65.3B	¥66.7B	¥65.8B	¥64.0B	¥63.1B
SG&A	¥58.5B	¥59.3B	¥58.2B	¥57.4B	¥55.4B
Operating Income	¥6.8B	¥7.5B	¥7.6B	¥6.6B	¥7.7B
Non-Operating Income	¥1.6B	¥1.4B	¥1.5B	¥1.4B	¥1.4B
Dividend Income	—	¥3M	¥3M	¥2M	¥2M
Interest Income	—	¥17M	¥19M	¥21M	¥24M
Non-Operating Expenses	—	¥487M	¥452M	¥381M	¥409M
Interest Expense	—	¥36M	¥35M	¥41M	¥49M
Ordinary Income	¥7.9B	¥8.3B	¥8.6B	¥7.7B	¥8.7B
Pre-tax Income	¥5.6B	¥6.8B	¥7.2B	¥6.6B	¥7.7B
Income Taxes	¥2.4B	¥1.9B	¥2.4B	¥2.4B	¥2.9B
Current Tax	—	¥2.0B	¥2.4B	¥2.6B	¥2.9B
Deferred Tax	—	¥-80M	¥2M	¥-209M	¥-65M
Net Income (owners)	¥3.2B	¥4.9B	¥4.7B	¥4.2B	¥4.8B
Comprehensive Income	—	¥4.9B	¥4.7B	¥4.2B	¥4.8B
EBITDA	¥11.3B	¥12.0B	¥11.9B	¥11.0B	¥12.1B
EPS	¥143.30	¥218.72	¥211.03	¥187.06	¥216.44
Shares Outstanding	—	22.3M	22.3M	22.3M	22.3M
Shares Issued (total)	—	24.6M	24.6M	24.6M	24.6M
Treasury Shares	—	2.2M	2.2M	2.2M	2.3M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥199.6B	¥199.6B	¥196.1B	¥194.5B	¥191.7B
Current Assets	¥93.3B	¥90.5B	¥86.0B	¥83.5B	¥81.4B
Cash & Deposits	¥38.1B	¥36.7B	¥35.6B	¥38.5B	¥39.0B
Trade Receivables	—	¥14.7B	¥10.5B	¥6.6B	¥5.8B
Inventories	—	¥34.2B	¥34.7B	¥33.0B	¥31.4B
Non-Current Assets	¥106.3B	¥109.1B	¥110.1B	¥111.0B	¥110.3B
PP&E	¥89.7B	¥91.8B	¥92.5B	¥93.4B	¥92.9B
Intangible Assets	—	¥5.2B	¥5.4B	¥5.2B	¥5.1B
Investment Securities	¥306M	¥154M	¥129M	¥101M	¥79M
Deferred Tax Assets	—	¥4.3B	¥4.3B	¥4.3B	¥4.1B
Total Liabilities	¥83.7B	¥85.2B	¥84.8B	¥86.8B	¥87.1B
Current Liabilities	¥60.4B	¥60.9B	¥61.7B	¥62.4B	¥60.7B
ST Debt	¥5.7B	¥5.8B	¥6.7B	¥7.9B	¥9.2B
Taxes Payable	—	¥1.1B	¥1.4B	¥1.4B	¥1.2B
Non-Current Liabilities	¥23.3B	¥24.3B	¥23.1B	¥24.3B	¥26.4B
Total LT Borrowings	¥10.4B	¥10.8B	¥10.0B	¥11.6B	¥13.7B
Pension Obligations	—	¥9.3B	¥9.0B	¥8.7B	¥8.2B
Total Equity	¥115.9B	¥114.4B	¥111.3B	¥107.7B	¥104.6B
Capital Stock	—	¥13.0B	¥13.0B	¥13.0B	¥13.0B
Capital Surplus	—	¥14.9B	¥14.9B	¥14.9B	¥14.9B
Retained Earnings	¥92.2B	¥90.8B	¥87.7B	¥84.1B	¥81.0B
Treasury Stock	—	¥-4.4B	¥-4.4B	¥-4.4B	¥-4.4B
AOCI	—	¥51M	¥34M	¥15M	¥0M
Equity (owners)	¥115.7B	¥114.3B	¥111.2B	¥107.6B	¥104.5B

Total Interest-Bearing Debt ⓘ	¥16.1B	¥16.6B	¥16.7B	¥19.5B	¥22.9B
Net Cash ⓘ	¥22.0B	¥20.1B	¥18.9B	¥18.9B	¥16.0B
NCAV ⓘ	¥9.6B	¥5.3B	¥1.2B	¥-3.2B	¥-5.6B
NCAV/Share	—	¥236	¥53	¥-145	¥-253
BV/Share	—	¥5,118	¥4,979	¥4,818	¥4,683

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥8.9B	¥7.5B	¥6.4B	¥9.8B	¥6.9B
Interest Paid	—	¥-37M	¥-34M	¥-42M	¥-49M
Interest Received	—	¥3M	¥3M	¥3M	¥3M
D&A	¥4.5B	¥4.5B	¥4.3B	¥4.3B	¥4.4B
Investing CF	¥-5.2B	¥-4.5B	¥-5.3B	¥-5.8B	¥-4.5B
CapEx	¥4.2B	¥4.1B	¥4.8B	¥5.3B	¥4.0B
Financing CF	¥-2.3B	¥-1.9B	¥-3.9B	¥-4.5B	¥-4.6B
Dividends Paid	—	¥-1.8B	¥-1.1B	¥-1.1B	¥-1.1B
Share Buybacks	—	—	¥0M	—	¥0M
LT Debt Repaid	—	¥-7.3B	¥-8.5B	¥-9.9B	¥-11.1B
Free Cash Flow	¥4.7B	¥3.4B	¥1.6B	¥4.6B	¥2.9B
Net Change in Cash	—	¥1.1B	¥-2.8B	¥-509M	¥-2.3B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	2.8%	4.3%	4.3%	3.9%	4.7%
ROA	1.6%	2.5%	2.4%	2.2%	2.5%
EPS	¥143.30	¥218.72	¥211.03	¥187.06	¥216.44
DPS	¥0.00	¥80.00	¥80.00	¥50.00	¥50.00
BPS	¥5,188.27	¥5,120.32	¥4,980.82	¥4,818.93	¥4,682.61
FCF/Share	—	¥152	¥70	¥204	¥130
NCAV/Share	—	¥236	¥53	¥-145	¥-253
Payout Ratio	0.0%	36.6%	37.9%	26.7%	23.1%

No filings or capital allocation signals recorded for this company.

#	Shareholder	Shares (thou.)	% of Total
1	公益財団法人河内奨学財団	2,600	11.64%
2	河内伸二	2,436	10.91%
3	河内一真	2,287	10.24%
4	The Master Trust Bank of Japan, Ltd. (Trust Account) 日本マスタートラスト信託銀行株式会社（信託口）	1,744	7.81%
5	河内博子	1,330	5.96%
6	河内タカ	708	3.17%
7	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行（信託口）	398	1.78%
8	カワチ薬品従業員持株会	322	1.44%
9	株式会社栃木銀行	200	0.90%
10	株式会社商工組合中央金庫	140	0.63%

as of 2025-03-15 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

9.6%

+1.0% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

0.0%

-0.7% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

44.9%

+0.6% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
公益財団法人河内奨学財団		11.64%	11.64%	11.64%
河内伸二		10.90%	10.90%	10.91% +0.01%
河内一真		10.24%	10.24%	10.24%
日本マスタートラスト信託銀行		7.02%	6.96%	7.81% +0.85%
河内博子		5.96%	5.96%	5.96%
河内タカ		3.17%	3.17%	3.17%
日本カストディ銀行		1.42%	1.65%	1.78% +0.13%
カワチ薬品従業員持株会		1.47%	1.49%	1.44% -0.05%
式会社栃木銀行 NEW ENTRY	—	—	—	0.90% NEW
式会社商工組合中央金庫 NEW ENTRY	—	—	—	0.63% NEW
㈱栃木銀行 last seen 2024	Exited Top 10	0.90%	0.90%	—
State Street last seen 2024	Exited Top 10	—	0.71%	—
Morgan Stanley last seen 2023	Exited Top 10	1.00%	—	—
Concentration (HHI) ⓘ		460	459	472

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

Portfolio Book Value ¥142M +60% since 2023

Holdings 3 +2 new 2 exited

Trend Stable vs 2023

Held Company	FY2025 ¥142M total		FY2023 ¥89M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
譬ｪ蠑丈ｼ夂､ｾ繧√�ｶ縺阪ヵ繧｣繝翫Φ繧ｷ繝｣繝ｫ繧ｰ繝ｫ繝ｼ繝� 株式会社めぶきフィナンシャルグループ	108	NEW New 161,460	—
THE TOCHIGI BANK, LTD. 株式会社栃木銀行	34	NEW New 116,000	—		M
CREATE SD HOLDINGS CO.,LTD ㈱クリエイトＳＤホールディングス	—		—		M
譬ｪ蠑丈ｼ夂､ｾ繧√�ｶ縺阪ヵ繧｣繝翫Φ繧ｷ繝｣繝ｫ繧ｰ繝ｫ繝ｼ繝� ㈱めぶきフィナンシャルグループ	—	−100% Exit —	55	161,460
THE TOCHIGI BANK, LTD. ㈱栃木銀行	—	−100% Exit —	34	116,000	M
Portfolio total	142		89

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