3437
Special Electrode Co., Ltd.
特殊電極株式会社
Metal Products
Tokuden Co., Ltd. manufactures and sells welding materials in Japan. The company offers flux-cored wires for submerged arc welding and MAG welding, arc welding electrodes for hard facing, wire rods for TIG and MIG welding, agglomerated and fused fluxes, powdered material for PTA welding, etc. It also undertakes welding construction works, such as various types of welding and overhaul works to iron-making, petrochemicals, cement, home electronics, automobile, and foodstuff industries; and provides pipes, top plates, iron foundry press-equalizing devices, trunnion journals, and chutes, as well as environment-related equipment, including deodorizing devices and forced-cooling apparatus. Tokuden Co., Ltd. was founded in 1933 and is headquartered in Amagasaki, Japan.
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⚠ TSE Capital Mandate
P / Book
0.58×
Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥10.5B
¥9.6B
¥9.7B
¥8.6B
Cost of Sales
¥7.7B
¥6.9B
¥6.9B
¥6.2B
Gross Profit
¥2.8B
¥2.7B
¥2.8B
¥2.4B
SG&A
¥2.2B
¥2.2B
¥2.0B
¥1.8B
Operating Income
¥636M
¥495M
¥809M
¥615M
Non-Operating Income
¥18M
¥27M
¥18M
¥75M
Dividend Income
¥6M
¥5M
¥5M
¥3M
Interest Income
¥1M
¥0M
¥0M
¥0M
Non-Operating Expenses
¥8M
¥4M
¥2M
¥2M
Interest Expense
¥6M
¥3M
¥2M
¥0M
Ordinary Income
¥646M
¥518M
¥825M
¥687M
Pre-tax Income
¥610M
¥499M
¥938M
¥688M
Income Taxes
¥146M
¥113M
¥233M
¥196M
Current Tax
¥184M
¥130M
¥277M
¥255M
Deferred Tax
¥-38M
¥-16M
¥-44M
¥-58M
Net Income (owners)
¥467M
¥380M
¥697M
¥486M
Minority Interest
¥-3M
¥6M
¥8M
¥5M
Comprehensive Income
¥544M
¥435M
¥743M
¥521M
EBITDA
¥1.0B
¥748M
¥935M
¥721M
EPS
¥295.64
¥240.10
¥440.53
¥307.40
Shares Outstanding
1.6M
1.6M
1.6M
1.6M
Shares Issued (total)
1.6M
1.6M
1.6M
1.6M
Treasury Shares
0.0M
0.0M
0.0M
0.0M
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥11.9B
¥11.6B
¥10.9B
¥9.6B
Current Assets
¥7.6B
¥7.2B
¥7.4B
¥7.8B
Cash & Deposits
¥1.7B
¥2.0B
¥2.5B
¥3.4B
Trade Receivables
¥3.3B
¥2.7B
¥2.8B
¥2.5B
Non-Current Assets
¥4.3B
¥4.4B
¥3.5B
¥1.9B
PP&E
¥3.7B
¥3.8B
¥3.0B
¥1.4B
Intangible Assets
¥46M
¥24M
¥26M
¥26M
Investment Securities
¥201M
¥174M
¥122M
¥92M
Deferred Tax Assets
¥341M
¥338M
¥342M
¥306M
Total Liabilities
¥4.3B
¥4.3B
¥4.0B
¥3.4B
Current Liabilities
¥3.0B
¥2.9B
¥2.8B
¥2.7B
Accounts Payable
¥641M
¥2.1B
¥1.9B
¥1.8B
ST Debt
¥600M
¥100M
¥70M
¥130M
Taxes Payable
¥130M
¥17M
¥164M
¥217M
Non-Current Liabilities
¥1.2B
¥1.4B
¥1.2B
¥718M
Total LT Borrowings
¥684M
¥784M
¥595M
—
Pension Obligations
¥523M
¥599M
¥605M
¥597M
Total Equity
¥7.7B
¥7.3B
¥6.9B
¥6.3B
Capital Stock
¥485M
¥485M
¥485M
¥485M
Capital Surplus
¥395M
¥395M
¥395M
¥395M
Retained Earnings
¥6.6B
¥6.3B
¥6.0B
¥5.4B
Treasury Stock
¥-41M
¥-41M
¥-40M
¥-40M
AOCI
¥165M
¥86M
¥40M
¥3M
Equity (owners)
¥7.4B
¥7.1B
¥6.9B
¥6.2B
Minority Interests
¥56M
¥58M
¥48M
¥39M
Total Interest-Bearing Debt ⓘ
¥1.3B
¥885M
¥665M
¥130M
Net Cash ⓘ
¥419M
¥1.1B
¥1.8B
¥3.2B
NCAV ⓘ
¥3.4B
¥2.9B
¥3.4B
¥4.4B
NCAV/Share
¥2,121
¥1,813
¥2,146
¥2,755
BV/Share
¥4,702
¥4,501
¥4,332
¥3,928
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥-108M
¥309M
¥85M
¥862M
Taxes Paid
¥-62M
¥-283M
¥-328M
¥-37M
Interest Paid
¥-6M
¥-3M
¥-2M
¥-0M
Interest Received
¥6M
¥5M
¥6M
¥4M
D&A
¥383M
¥252M
¥126M
¥106M
Investing CF
¥-430M
¥-895M
¥-944M
¥119M
CapEx
¥319M
¥859M
¥1.6B
¥80M
Purchase Investments
¥-6M
¥-5M
¥-6M
¥-4M
Financing CF
¥250M
¥101M
¥473M
¥9M
Dividends Paid
¥-148M
¥-113M
¥-57M
¥-57M
LT Debt Repaid
¥-100M
¥-80M
¥-35M
—
Free Cash Flow
¥-427M
¥-550M
¥-1.5B
¥782M
Net Change in Cash
¥-286M
¥-482M
¥-384M
¥992M
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
6.3%
5.4%
10.6%
8.1%
ROA
4.0%
3.4%
6.8%
5.0%
EPS
¥295.64
¥240.10
¥440.53
¥307.40
DPS
¥97.00
¥92.00
¥46.00
¥36.00
BPS
¥4,806.61
¥4,555.34
¥4,357.77
¥3,929.68
FCF/Share
¥-270
¥-348
¥-945
¥495
NCAV/Share
¥2,121
¥1,813
¥2,146
¥2,755
Payout Ratio
32.8%
38.3%
10.4%
11.7%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 1
Date Activist Stake Event Flag Demands Source
2025-09-26
Hikari Tsushin K.K.
26.4%
change
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 5
#
Shareholder
Shares (thou.)
% of Total
1
UH Partners 2
株式会社UH Partners 2
156,400
9.89%
2
HIKARI TSUSHIN,INC.
光通信株式会社
134,100
8.48%
3
Employee Stock Ownership Plan
特殊電極従業員持株会
119,800
7.57%
4
UH Partners 3
株式会社UH Partners 3
110,100
6.96%
5
大野 昌克
34,000
2.15%
6
坂西 啓至
34,000
2.15%
7
宮田 純子
34,000
2.15%
8
福田 博
33,600
2.12%
9
特殊電極取引先持株会
31,000
1.96%
10
坂本 浩司
30,000
1.89%
Domestic Nominees
0.0%
+0.0% 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
45.3%
+1.1% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
UH Partners 2
式会社UH Partners 2
9.89%
9.89%
9.89%
HIKARI TSUSHIN,INC.
光通信
8.48%
8.48%
8.48%
Employee Stock Ownership Plan
特殊電極従業員持株会
7.61%
7.38%
7.57%
+0.19%
UH Partners 3
式会社UH Partners 3
6.11%
6.11%
6.96%
+0.85%
宮田 純子
2.15%
2.15%
2.15%
坂西 啓至
2.15%
2.15%
2.15%
大野 昌克
2.15%
2.15%
2.15%
福田 博
2.12%
2.12%
2.12%
特殊電極取引先持株会
NEW ENTRY
—
—
—
1.96%
NEW
坂本 浩司
1.89%
1.89%
1.89%
坂地 一晃
last seen 2024
Exited Top 10
1.89%
1.89%
—
Concentration (HHI)
ⓘ
290
287
301
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥199M
+66% since 2023
Holdings
5
Trend
5 building
vs 2023
Held Company
FY2025
¥199M total
FY2023
¥120M total
Book Val ¥M
Shares
Book Val ¥M
Shares
Resona Holdings, Inc.
㈱りそなホールディングス
130
+0.0%
↑
100,775
64
100,772
NIPPON STEEL CORPORATION
日本製鉄㈱
37
+16.4%
↑
11,575
31
9,943
JFE Holdings,Inc.
JFEホールディングス㈱
16
+12.3%
↑
8,456
13
7,528
Kamigumi Co., Ltd.
㈱上組
9
+8.2%
↑
2,638
7
2,438
Shinsho Corporation
神鋼商事㈱
8
+358.8%
↑
4,065
5
886
M
Portfolio total
199
120
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding