TOYO SUISAN KAISHA, LTD.

東洋水産株式会社

Foods

Toyo Suisan Kaisha, Ltd., together with its subsidiaries, produces and sells food products in Japan and internationally. The company operates through Seafood Business, Overseas Instant Noodles Business, Domestic Instant Noodles Business, Low Temperature Food Business, Refrigeration Business, Processed Food Business, And Other segments. It also purchases, processes, and sells seafood products. In addition, the company manufactures and sells instant cup noodles, instant noodles, soup, chilled noodles and foods, frozen food, rice, seafood, commercial frozen food, and other processed foods, as well as fish, ham, and sausage. Further, it engages in the manufactures and sale of low- temperature foods; refrigeration and freezing of cargo activities; provision of warehouse, transportation, and customs clearance services; and bento and prepared food business. Toyo Suisan Kaisha, Ltd. was incorporated in 1948 and is based in Tokyo, Japan.

← Companies

Price

¥11,160

Market Cap

¥1.1T

Ent. Value

¥852.9B

Net Cash

¥257.0B

Shares Out.

99.5M

P / E

17.8×

EV / EBIT

11.3×

P / Book

2.31×

P / NCAV

4.18×

Div. Yield

1.79%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	—	¥507.6B	¥489.0B	¥435.8B	¥361.5B
Cost of Sales	—	¥356.3B	¥348.9B	¥327.7B	¥271.0B
Gross Profit	—	¥151.3B	¥140.1B	¥108.0B	¥90.5B
SG&A	—	¥75.8B	¥73.4B	¥67.7B	¥60.8B
Operating Income	—	¥75.5B	¥66.7B	¥40.3B	¥29.7B
Non-Operating Income	—	¥8.9B	¥8.7B	¥4.0B	¥2.5B
Dividend Income	—	¥754M	¥682M	¥596M	¥532M
Interest Income	—	¥6.9B	¥6.3B	¥2.2B	¥385M
Non-Operating Expenses	—	¥499M	¥545M	¥607M	¥372M
Interest Expense	—	¥203M	¥210M	¥222M	¥231M
Ordinary Income	—	¥83.9B	¥74.9B	¥43.7B	¥31.8B
Pre-tax Income	—	¥83.9B	¥73.2B	¥43.5B	¥31.6B
Income Taxes	—	¥20.6B	¥18.1B	¥10.1B	¥8.6B
Current Tax	—	¥20.3B	¥18.7B	¥10.0B	¥8.3B
Deferred Tax	—	¥309M	¥-592M	¥19M	¥299M
Net Income (owners)	¥1M	¥62.9B	¥55.7B	¥33.1B	¥22.4B
Minority Interest	—	¥402M	¥-553M	¥368M	¥600M
Comprehensive Income	—	¥62.4B	¥82.2B	¥46.9B	¥33.2B
EBITDA	—	¥92.2B	¥83.8B	¥56.3B	¥45.0B
Goodwill Amort. (J-GAAP)	—	¥54M	—	—	—
EPS	—	¥626.41	¥544.95	¥324.36	¥219.48
Shares Outstanding	—	99.5M	102.0M	102.0M	102.0M
Shares Issued (total)	—	110.9M	110.9M	110.9M	110.9M
Treasury Shares	—	11.4M	8.9M	8.9M	8.9M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	—	¥595.0B	¥571.0B	¥497.1B	¥454.7B
Current Assets	—	¥366.7B	¥362.5B	¥285.1B	¥263.4B
Cash & Deposits	—	¥257.5B	¥189.7B	¥124.0B	¥112.9B
Trade Receivables	—	¥63.2B	¥64.2B	¥58.5B	¥55.8B
Non-Current Assets	—	¥228.3B	¥208.4B	¥212.0B	¥191.3B
PP&E	—	¥183.6B	¥166.9B	¥159.9B	¥159.2B
Goodwill	—	¥670M	—	—	—
Intangible Assets	—	¥5.6B	¥2.6B	¥2.6B	¥1.3B
Investment Securities	—	¥35.1B	¥36.6B	¥29.2B	¥28.3B
Deferred Tax Assets	—	¥1.1B	¥1.3B	¥1.3B	¥1.5B
Total Liabilities	—	¥101.3B	¥96.5B	¥92.3B	¥87.5B
Current Liabilities	—	¥73.3B	¥69.8B	¥64.6B	¥59.0B
Accounts Payable	—	¥35.0B	¥32.4B	¥32.3B	¥28.5B
ST Debt	—	¥442M	¥390M	¥377M	¥378M
Taxes Payable	—	¥4.1B	¥5.5B	¥3.3B	¥2.3B
Non-Current Liabilities	—	¥28.0B	¥26.6B	¥27.7B	¥28.5B
Pension Obligations	—	¥15.8B	¥15.9B	¥20.2B	¥21.5B
Deferred Tax Liab.	—	¥5.6B	¥5.7B	¥2.4B	¥2.0B
Total Equity	—	¥493.6B	¥474.5B	¥404.8B	¥367.1B
Capital Stock	—	¥19.0B	¥19.0B	¥19.0B	¥19.0B
Capital Surplus	—	¥22.9B	¥22.9B	¥22.9B	¥22.9B
Retained Earnings	—	¥413.2B	¥369.6B	¥326.2B	¥302.2B
Treasury Stock	—	¥-32.2B	¥-8.2B	¥-8.2B	¥-8.2B
AOCI	—	¥58.2B	¥59.1B	¥32.3B	¥19.0B
Equity (owners)	—	¥422.9B	¥403.2B	¥359.8B	¥335.9B
Minority Interests	—	¥12.5B	¥12.2B	¥12.6B	¥12.3B

Total Interest-Bearing Debt ⓘ	—	¥442M	¥390M	¥377M	¥378M
Net Cash ⓘ	—	¥257.0B	¥189.3B	¥123.6B	¥112.5B
NCAV ⓘ	—	¥265.4B	¥266.1B	¥192.7B	¥175.9B
NCAV/Share	—	¥2,668	¥2,610	¥1,890	¥1,725
BV/Share	—	¥4,253	¥3,955	¥3,529	¥3,295

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	—	¥78.8B	¥70.5B	¥42.0B	¥33.3B
Interest Paid	—	¥-204M	¥-210M	¥-222M	¥-231M
Interest Received	—	¥8.0B	¥5.8B	¥1.2B	¥1.1B
D&A	—	¥16.7B	¥17.1B	¥16.0B	¥15.3B
Goodwill Amort.	—	¥54M	—	—	—
Investing CF	—	¥-40.1B	¥-53.7B	¥-25.2B	¥-27.3B
CapEx	—	¥29.8B	¥18.7B	¥13.4B	¥12.6B
Purchase Investments	—	¥-516M	¥-30M	¥-32M	¥-236M
Proceeds from Invest.	—	¥1.0B	¥550M	—	¥2M
Financing CF	—	¥-43.5B	¥-12.7B	¥-9.6B	¥-9.6B
Dividends Paid	—	¥-19.2B	¥-12.2B	¥-9.2B	¥-9.2B
Share Buybacks	—	¥-23.9B	—	—	—
Free Cash Flow	—	¥49.0B	¥51.8B	¥28.7B	¥20.7B
Net Change in Cash	—	¥-2.7B	¥4.5B	¥8.2B	¥-3.5B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	—	13.3%	13.0%	8.9%	6.5%
ROA	—	10.8%	10.4%	7.0%	4.9%
EPS	—	¥626.41	¥544.95	¥324.36	¥219.48
DPS	—	¥200.00	¥170.00	¥100.00	¥90.00
BPS	—	¥4,829.96	¥4,526.89	¥3,840.08	¥3,474.89
FCF/Share	—	¥493	¥508	¥281	¥203
NCAV/Share	—	¥2,668	¥2,610	¥1,890	¥1,725
Payout Ratio	—	31.9%	31.2%	30.8%	41.0%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 4

Date	Activist	Stake	Event	Flag	Demands
2025-09-19	Nomura Asset Management Co., Ltd.	5.07%	initial_5pct	Passive	—
2024-11-07	Sumitomo Mitsui Trust Bank,Limited	4.39%	change	Passive	—
2024-08-07	Massachusetts Financial Services Company	6.39% -1.2%	change	Passive	—
2023-12-07	Massachusetts Financial Services Company	7.59%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-15 12:20	Buyback	¥27.5B 3.1%	Toyo Suisan (Code: 2875) board resolved on May 15, 2026 to repurchase up to 3.0 million shares (3.08% of outstanding sha…
Summary Toyo Suisan (Code: 2875) board resolved on May 15, 2026 to repurchase up to 3.0 million shares (3.08% of outstanding shares) for a maximum of JPY 27.5 billion through December 30, 2026. The buyback supports flexible capital allocation strategy in light of business conditions and financial position for fiscal years ending March 2026 and 2027. Deadline: 2026-12-30 % of Shares: 3.1% Shares: 3,000,000 Source (JP) 自己株式取得に係る事項について決議いたしました。取得対象株式の種類当社普通株式、取得し得る株式の総数 3,000,000 株（上限）、株式の取得価額の額 27,500,000,000 円（上限）、取得期間 2026 年５月 18 日～2026 年 12 月 30 日自己株式取得に係る事項の決定に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	The Master Trust Bank of Japan, Ltd. (Trust Account) 日本マスタートラスト信託銀行㈱（信託口）	13,691	13.74%
2	Japan Custody Bank ㈱日本カストディ銀行（信託口）	7,514	7.54%
3	STATE STREET BANK AND TRUST COMPANY STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人㈱みずほ銀行）	5,597	5.62%
4	STATE STREET BANK AND TRUST COMPANY STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人㈱みずほ銀行）	3,224	3.23%
5	一般財団法人東洋水産財団	3,037	3.05%
6	MSCO CUSTOMER SECURITIES MSCO CUSTOMER SECURITIES （常任代理人モルガン・スタンレーＭＵＦＧ証券㈱）	2,023	2.03%
7	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人㈱みずほ銀行）	1,776	1.78%
8	Sumitomo Mitsui Banking Corporation ㈱三井住友銀行	1,761	1.77%
9	NHGGP CO-INVESTMENT A L.P. （常任代理人㈱三菱UFJ銀行）	1,691	1.70%
10	㈱榎本武平商店	1,662	1.67%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

21.3%

-0.5% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

10.6%

+0.6% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

10.2%

-0.2% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
日本マスタートラスト信託銀行		17.02%	15.02%	13.74% -1.28%
State Street		10.45%	8.16%	10.63% +2.47%
Japan Custody Bank 日本カストディ銀行		6.73%	6.80%	7.54% +0.74%
一般財団法人東洋水産財団		2.97%	2.97%	3.05% +0.08%
MSCO CUSTOMER SECURITIES		—	2.04%	2.03% -0.01%
Sumitomo Mitsui Banking Corporation 三井住友銀行		1.72%	1.72%	1.77% +0.05%
NHGGP CO-INVESTMENT A L.P. NEW ENTRY	—	—	—	1.70% NEW
㈱榎本武平商店		1.63%	1.63%	1.67% +0.04%
MSIP CLIENT SECURITIES last seen 2024	Exited Top 10	—	2.02%	—
JP Morgan last seen 2024	Exited Top 10	1.49%	1.89%	—
マルちゃん持株会 last seen 2023	Exited Top 10	1.63%	—	—
Concentration (HHI) ⓘ		463	365	381

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

Portfolio Book Value ¥27,197M +22% since 2023

Holdings 60 +18 new 18 exited

Trend 8 building vs 2023

Held Company	FY2025 ¥27,197M total		FY2023 ¥22,275M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
NIPPN CORPORATION ㈱ニップン	3,684	1,697,722	2,818	1,697,722	M
Kewpie Corporation キユーピー㈱	3,312	1,134,544	2,527	1,134,544	M
NISSHIN SEIFUN GROUP INC. ㈱日清製粉グループ本社（注）１	2,884	1,666,747	2,585	1,666,747
TOPPAN Holdings Inc. TOPPANホールディングス㈱（注）１	1,570	NEW New 387,345	—
㈱三井住友フィナンシャルグループ（注）１、２	1,559	NEW New 411,045	—
不二製油グループ本社㈱	1,107	361,841	695	361,841	M
Kato Sangyo Co., Ltd. 加藤産業㈱	1,048	212,642	746	212,642	M
Seven & i Holdings Co., Ltd. ㈱セブン＆アイ・ホールディングス	940	+200.0% ↑ 434,676	865	144,892
Dai Nippon Printing Co.,Ltd. 大日本印刷㈱（注）３	848	NEW New 400,450	—		M
KUMIAI CHEMICAL INDUSTRY CO., LTD. クミアイ化学工業㈱	777	938,486	797	938,486
Meiji Holdings Co., Ltd. 明治ホールディングス㈱	722	+100.0% ↑ 222,300	701	111,150	M
NOF CORPORATION 日油㈱（注）４	555	NEW New 275,073	—		M
Chuo Gyorui Co., Ltd. 中央魚類㈱	534	161,400	483	161,400	M
NICHIREI CORPORATION ㈱ニチレイ	533	150,000	402	150,000
Mitsubishi Shokuhin Co., Ltd. 三菱食品㈱	521	106,400	345	106,400
YAKULT HONSHA CO.,LTD. ㈱ヤクルト本社	516	+101.3% ↑ 181,030	866	89,951	M
TSUKIJI UOICHIBA COMPANY,LIMITED 築地魚市場㈱	475	121,652	334	121,652	M
K.R.S.Corporation ㈱キユーソー流通システム	384	217,100	214	217,100	M
三井住友トラストグループ㈱（注）１、５	333	NEW New 89,684	—
㈱マミーマート	327	+3.8% ↑ 67,641	147	65,195
Aeon Hokkaido Corporation イオン北海道㈱	316	372,300	299	372,300
Starzen Company Limited スターゼン㈱	279	100,000	217	100,000	M
AEON Co.,Ltd. イオン㈱	273	+3.6% ↑ 73,040	180	70,484
TRIAL Holdings, Inc. ㈱トライアルホールディングス	261	NEW New 120,000	—
Showa Sangyo Co., Ltd. 昭和産業㈱	230	81,180	205	81,180	M
United Super Markets Holdings Inc. ユナイテッド・スーパーマーケット・ホールディングス㈱（注）１	213	NEW New 258,556	—
BULL-DOG SAUCE CO.,LTD. ブルドックソース㈱	200	118,000	225	118,000	M
HOTEL OKURA Co.,Ltd. ㈱ホテルオークラ	200	50,000	200	50,000
Nichimo Co., Ltd. ニチモウ㈱	191	+100.0% ↑ 100,000	158	50,000	M
Rengo Co., Ltd. レンゴー㈱	176	222,276	190	222,276	M
DAITO KOUN CO.,LTD. 大東港運㈱	140	200,000	141	200,000	M
Mitsubishi UFJ Financial Group, Inc. ㈱三菱ＵＦＪフィナンシャル・グループ（注）１	128	63,760	54	63,760
TOMOKU CO.,LTD. ㈱トーモク	120	50,000	79	50,000	M
ARIAKE JAPAN Co.,Ltd. アリアケジャパン㈱	113	18,300	89	18,300
YAMAE GROUP HOLDINGS CO.,LTD. ヤマエグループホールディングス㈱	112	+4.7% ↑ 47,264	81	45,148
Yokohama Reito Co., Ltd. 横浜冷凍㈱	112	133,100	127	133,100	M
Ifuji Sangyo Co., Ltd. イフジ産業㈱	108	54,450	55	54,450
東京団地冷蔵㈱	108	4,033	108	4,033
Fuji Nihon Corporation フジ日本㈱（注）６	103	NEW New 100,000	—		M
Maruichi Sanisho Co., Ltd. ㈱マルイチ産商	101	+1.8% ↑ 92,016	99	90,429	M
ARCS COMPANY,LIMITED ㈱アークス	94	32,620	73	32,620
THE KEIHIN CO., LTD. ケイヒン㈱	81	34,650	56	34,650	M
LIFE CORPORATION ㈱ライフコーポレーション（注）７	80	NEW New 41,676	—
JA MITSUI LEASING, LTD. JA三井リース㈱	78	126,500	78	126,500	M
MS＆ADインシュアランスグループホールディングス㈱（注）１、８	77	NEW New 24,048	—
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ（注）１	72	17,842	33	17,842
yokohama gyorui co.,ltd. 横浜魚類㈱	71	123,281	64	123,281
アクシアルリテイリング㈱（注）９	69	NEW New 72,400	—
エイチ・ツー・オーリテイリング㈱	68	NEW New 30,087	—
YUASA FUNASHOKU CO.,LTD. ユアサ・フナショク㈱	50	12,365	34	12,365	M
第一生命ホールディングス㈱（注）１	48	NEW New 10,800	—
トモシアホールディングス㈱（注）１	43	60,000	43	60,000
ITOCHU-SHOKUHIN Co., Ltd. 伊藤忠食品㈱	43	5,810	29	5,810	M
KYOKUYO CO., LTD. ㈱極洋	41	10,000	34	10,000
Central Forest Group, Inc. セントラルフォレストグループ㈱（注）１	30	NEW New 10,000	—
NH Foods Ltd. 日本ハム㈱	30	NEW New 6,050	—
Belc CO., LTD. ㈱ベルク	29	NEW New 4,400	—
RETAIL PARTNERS CO., LTD. ㈱リテールパートナーズ	29	22,117	30	22,117
FUJI CO., LTD. ㈱フジ	26	NEW New 12,100	—
TOKYU CORPORATION 東急㈱	25	NEW New 14,845	—
凸版印刷㈱	—	−100% Exit —	1,032	387,345	M
Dai Nippon Printing Co.,Ltd. 大日本印刷㈱	—	−100% Exit —	741	200,225	M
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ（注）１	—	−100% Exit —	725	137,015
NOF CORPORATION 日油㈱	—	−100% Exit —	565	91,691	M
Lawson,Inc. ㈱ローソン	—	−100% Exit —	548	97,858
inageya co.,ltd. ㈱いなげや	—	−100% Exit —	270	210,589	M
三井住友トラスト・ホールディングス㈱（注）１	—	−100% Exit —	203	44,842
United Super Markets Holdings Inc. ユナイテッド・スーパーマーケット・ホールディングス㈱	—	−100% Exit —	146	131,354
TRIAL Holdings, Inc. ㈱トライアルホールディングス（注）２	—	−100% Exit —	125	120,000
アクシアルリテイリング㈱	—	−100% Exit —	62	18,100
YAIZU SUISANKAGAKU INDUSTRY CO.,LTD. 焼津水産化学工業㈱	—	−100% Exit —	56	66,550	M
LIFE CORPORATION ㈱ライフコーポレーション	—	−100% Exit —	53	20,838
フジ日本精糖㈱	—	−100% Exit —	51	100,000	M
㈱シジシーショップ	—	−100% Exit —	50	1,000
中島水産㈱	—	−100% Exit —	45	40,000	M
KANSAI FOOD MARKET LTD. ㈱関西フードマーケット	—	−100% Exit —	39	26,681
MS&AD Insurance Group Holdings, Inc. MS＆ADインシュアランスグループホールディングス㈱（注）１	—	−100% Exit —	32	8,016
隨ｬ荳逕溷多菫晞匱譬ｪ蠑丈ｼ夂､ｾ第一生命保険㈱	—	−100% Exit —	26	10,800	M
Portfolio total	27,197		22,275

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