SUMINOE Co., Ltd.

ＳＵＭＩＮＯＥ株式会社

Consumer Cyclical · Textile Manufacturing

SUMINOE Co., Ltd. engages in the planning, manufacture, and sale of interior products in Japan, North and Central America, Asia, and internationally. The company operates through three segments: Interior Business; Automotive & Vehicle Interior Business; and Functional Material Business. The Interior Business segment is involved in the manufacture and sale of carpets, curtains, wallpaper, and various flooring materials, as well as interior construction and spatial design. Its Automotive & Vehicle Interior Business segment offers interior materials for automobiles, buses, and trains. The Functional Materials Business segment manufactures and sells heated carpets, related deodorizing products, aircraft interior materials, and other interior materials. The company also designs, constructs, and supervises construction of spaces. The company was formerly known as Suminoe Textile Co., Ltd. and changed its name to SUMINOE Co., Ltd. in December 2024. SUMINOE Co., Ltd. was founded in 1883 and is headquartered in Osaka, Japan.

← Companies

Price

¥1,177

Market Cap

¥15.6B

Ent. Value

¥26.7B

Net Debt

−¥11.1B

Shares Out.

13.2M

P / E

23.5×

EV / EBIT

8.9×

⚠ TSE Capital Mandate

P / Book

0.50×

P / NCAV

N/M

Div. Yield

5.10%

Financials

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥104.8B	¥103.5B	¥94.8B	¥81.7B	¥79.7B
Cost of Sales	¥82.4B	¥81.2B	¥75.4B	¥64.5B	¥62.9B
Gross Profit	¥22.3B	¥22.3B	¥19.4B	¥17.2B	¥16.8B
SG&A	¥19.3B	¥19.0B	¥18.1B	¥17.1B	¥15.8B
Operating Income	¥3.0B	¥3.3B	¥1.3B	¥110M	¥1.0B
Non-Operating Income	¥722M	¥1.1B	¥911M	¥1.2B	¥738M
Dividend Income	¥138M	¥117M	¥113M	¥120M	¥132M
Interest Income	¥31M	¥33M	¥35M	¥28M	¥20M
Non-Operating Expenses	¥1.2B	¥735M	¥631M	¥316M	¥575M
Interest Expense	¥385M	¥269M	¥431M	¥212M	¥232M
Ordinary Income	¥2.5B	¥3.7B	¥1.6B	¥950M	¥1.2B
Pre-tax Income	¥3.0B	¥2.7B	¥1.4B	¥1.5B	¥2.0B
Income Taxes	¥1.6B	¥1.2B	¥662M	¥803M	¥1.1B
Current Tax	¥1.3B	¥1.4B	¥858M	¥890M	¥967M
Deferred Tax	¥286M	¥-196M	¥-196M	¥-86M	¥83M
Net Income (owners)	¥669M	¥874M	¥320M	¥281M	¥409M
Minority Interest	¥758M	¥706M	¥466M	¥417M	¥504M
Comprehensive Income	¥622M	¥3.6B	¥1.7B	¥1.2B	¥866M
EBITDA	¥5.3B	¥5.6B	¥3.5B	¥2.0B	¥3.0B
EPS	¥50.18	¥132.22	¥50.55	¥44.44	¥64.84
Shares Outstanding	13.2M	6.8M	6.3M	6.3M	6.3M
Shares Issued (total)	15.4M	7.7M	7.7M	7.7M	7.7M
Treasury Shares	2.1M	0.9M	1.3M	1.4M	1.4M

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥95.0B	¥92.2B	¥88.2B	¥84.8B	¥83.7B
Current Assets	¥54.9B	¥50.9B	¥48.9B	¥46.7B	¥46.6B
Cash & Deposits	¥8.8B	¥8.3B	¥7.1B	¥8.2B	¥10.9B
Trade Receivables	¥16.0B	¥15.7B	¥15.8B	¥13.8B	—
Non-Current Assets	¥40.0B	¥41.2B	¥39.3B	¥38.1B	¥37.1B
PP&E	¥31.4B	¥30.9B	¥30.0B	¥29.6B	¥28.0B
Intangible Assets	¥1.6B	¥1.5B	¥1.7B	¥1.8B	¥1.5B
Investment Securities	¥4.5B	¥6.4B	¥4.9B	¥4.3B	¥4.9B
Deferred Tax Assets	¥1.2B	¥1.3B	¥1.7B	¥1.4B	¥1.5B
Total Liabilities	¥57.8B	¥54.5B	¥54.0B	¥51.4B	¥50.7B
Current Liabilities	¥42.6B	¥35.5B	¥36.0B	¥35.0B	¥31.9B
Accounts Payable	¥10.7B	¥11.5B	¥10.2B	¥12.1B	¥12.0B
ST Debt	¥14.0B	¥8.2B	¥12.8B	¥12.4B	¥9.8B
Taxes Payable	¥761M	¥812M	¥493M	¥507M	¥588M
Non-Current Liabilities	¥15.2B	¥19.0B	¥18.0B	¥16.3B	¥18.9B
Total LT Borrowings	¥5.9B	¥9.8B	¥8.4B	¥6.6B	¥8.9B
Pension Obligations	¥3.7B	¥4.0B	¥4.1B	¥4.2B	¥4.1B
Deferred Tax Liab.	¥342M	¥313M	¥311M	¥308M	¥313M
Total Equity	¥37.2B	¥37.7B	¥34.1B	¥33.4B	¥33.0B
Capital Stock	¥9.6B	¥9.6B	¥9.6B	¥9.6B	¥9.6B
Capital Surplus	¥2.4B	¥2.4B	¥2.6B	¥2.6B	¥2.6B
Retained Earnings	¥12.4B	¥12.2B	¥11.2B	¥11.5B	¥10.7B
Treasury Stock	¥-3.0B	¥-2.7B	¥-3.9B	¥-3.9B	¥-4.0B
AOCI	¥9.9B	¥10.6B	¥9.4B	¥8.6B	¥9.2B
Equity (owners)	¥21.3B	¥21.4B	¥19.5B	¥19.7B	¥18.9B
Minority Interests	¥6.0B	¥5.6B	¥5.3B	¥5.1B	¥4.9B

Total Interest-Bearing Debt ⓘ	¥19.9B	¥18.1B	¥21.3B	¥19.0B	¥18.7B
Net Cash ⓘ	¥-11.1B	¥-9.8B	¥-14.2B	¥-10.8B	¥-7.8B
NCAV ⓘ	¥-2.9B	¥-3.6B	¥-5.2B	¥-4.6B	¥-4.2B
NCAV/Share	¥-218	¥-527	¥-813	¥-727	¥-658
BV/Share	¥1,610	¥3,172	¥3,067	¥3,113	¥2,988

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥2.3B	¥7.5B	¥1.8B	¥375M	¥4.2B
Taxes Paid	¥-1.4B	—	—	—	—
Interest Paid	¥-391M	¥-261M	¥-433M	¥-215M	¥-227M
Interest Received	¥170M	¥156M	¥148M	¥147M	¥148M
D&A	¥2.3B	¥2.3B	¥2.2B	¥1.9B	¥2.0B
Investing CF	¥-2.3B	¥-2.3B	¥-2.8B	¥-1.2B	¥-754M
CapEx	¥2.2B	¥3.0B	¥2.9B	¥3.8B	¥2.1B
Purchase Investments	¥-59M	¥-14M	¥-20M	¥-18M	¥-56M
Financing CF	¥773M	¥-4.2B	¥-52M	¥-2.1B	¥-3.2B
Dividends Paid	¥-501M	¥-361M	¥-445M	¥-348M	¥-190M
Share Buybacks	¥-296M	¥-1M	¥0M	¥0M	¥0M
LT Debt Repaid	¥-3.2B	¥-2.8B	¥-3.1B	¥-4.0B	¥-3.7B
Free Cash Flow	¥118M	¥4.5B	¥-1.1B	¥-3.4B	¥2.1B
Net Change in Cash	¥543M	¥1.2B	¥-1.0B	¥-2.8B	¥447M

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	2.1%	2.9%	1.1%	1.0%	1.5%
ROA	0.7%	1.0%	0.4%	0.3%	0.5%
EPS	¥50.18	¥132.22	¥50.55	¥44.44	¥64.84
DPS	¥60.00	¥70.00	¥55.00	¥70.00	¥35.00
BPS	¥2,354.28	¥4,742.69	¥4,549.75	¥4,470.49	¥4,438.67
FCF/Share	¥9	¥663	¥-175	¥-535	¥333
NCAV/Share	¥-218	¥-527	¥-813	¥-727	¥-658
Payout Ratio	119.6%	52.9%	108.8%	157.5%	54.0%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 3

Date	Activist	Stake	Event	Flag	Demands
2023-10-04	Nomura Securities Co.,Ltd.	4.24% -1.2%	change	Passive	—
2023-09-21	Nomura Securities Co.,Ltd.	5.44% -1.36%	change	Passive	—
2023-09-07	Nomura Securities Co.,Ltd.	6.8%	initial_5pct	Passive	—

#	Shareholder	Shares (thou.)	% of Total
1	Takashimaya Company,Limited 株式会社髙島屋	1,849	13.97%
2	Nippon Life Insurance 日本生命保険相互会社	953	7.20%
3	丸紅株式会社	733	5.54%
4	林テレンプホールディングス株式会社	466	3.52%
5	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(退職給付信託ユニチカ口)	357	2.70%
6	SUMINOE共栄会	307	2.32%
7	SUMINOE従業員持株会	286	2.16%
8	明治安田生命保険相互会社	231	1.74%
9	ヒューリック株式会社	150	1.13%
10	株式会社池田泉州銀行	147	1.11%

as of 2025-05-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

2.7%

-1.7% 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

38.7%

+0.8% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
Takashimaya Company,Limited 式会社髙島屋		14.58%	13.69%	13.97% +0.28%
Nippon Life Insurance 日本生命保険		7.52%	7.06%	7.20% +0.14%
丸紅		5.78%	5.43%	5.54% +0.11%
林テレンプホールディングス		3.67%	3.45%	3.52% +0.07%
Japan Master Trust Bank 日本マスタートラスト信託銀行		6.32%	4.39%	2.70% -1.69%
SUMINOE共栄会 NEW ENTRY	—	—	—	2.32% NEW
SUMINOE従業員持株会 NEW ENTRY	—	—	—	2.16% NEW
明治安田生命保険 NEW ENTRY		1.82%	—	1.74% NEW
ヒューリック NEW ENTRY	—	—	—	1.13% NEW
式会社池田泉州銀行 NEW ENTRY	—	—	—	1.11% NEW
Employee Stock Ownership Plan 住江織物従業員持株会 last seen 2024	Exited Top 10	2.56%	2.18%	—
住江織物共栄会 last seen 2024	Exited Top 10	2.52%	2.15%	—
BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) last seen 2024	Exited Top 10	—	1.98%	—
東レ last seen 2024	Exited Top 10	2.05%	1.92%	—
Concentration (HHI) ⓘ		376	315	313

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

Portfolio Book Value ¥4,141M -6% since 2023

Holdings 27 8 exited

Trend 3 unwinding vs 2023

Held Company	FY2025 ¥4,141M total		FY2023 ¥4,420M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Takashimaya Company,Limited ㈱髙島屋	1,839	+100.0% ↑ 1,594,656	1,494	797,328	M
Hulic Co.,Ltd. ヒューリック㈱	933	638,400	742	638,400	M
REFINVERSE Group, Inc. ㈱リファインバースグループ	200	+39.3% ↑ 246,500	293	177,000
HONDA MOTOR CO., LTD. 本田技研工業㈱	169	+217.4% ↑ 115,140	145	36,281
Central Japan Railway Company 東海旅客鉄道㈱	110	+400.0% ↑ 35,000	118	7,000
THE SHIGA BANK,LTD. ㈱滋賀銀行	105	17,204	46	17,204	M
TEIJIN LIMITED 帝人㈱	98	85,000	109	85,000
East Japan Railway Company 東日本旅客鉄道㈱	90	+200.0% ↑ 30,000	76	10,000
TACHIKAWA CORPORATION 立川ブラインド工業㈱	81	54,571	67	54,571	M
DYNIC CORPORATION ダイニック㈱	75	91,800	64	91,800	M
Hankyu Hanshin Holdings,Inc. 阪急阪神ホールディングス㈱	62	-50.2% ↓ 16,080	143	32,280
West Japan Railway Company 西日本旅客鉄道㈱	62	+100.0% ↑ 20,000	58	10,000
Senshu Ikeda Holdings,Inc. ㈱池田泉州ホールディングス	56	102,963	23	102,963
Keisei Electric Railway Co. 京成電鉄㈱	55	+215.2% ↑ 39,753	67	12,612
Kintetsu Group Holdings Co. 近鉄グループホールディングス㈱	44	15,545	71	15,545
HEIWADO CO.,LTD. ㈱平和堂	34	+8.0% ↑ 12,634	24	11,698
The Nanto Bank,Ltd. ㈱南都銀行	30	7,453	17	7,453	M
Sumitomo Realty & Development Co.,Ltd. 住友不動産㈱	27	-75.0% ↓ 5,000	67	20,000
Nishi-Nippon Railroad Co.,Ltd. 西日本鉄道㈱	24	+13.0% ↑ 11,098	23	9,820
UNITIKA LTD. ユニチカ㈱	15	101,320	21	101,320
第一生命ホールディングス㈱	15	+179.2% ↑ 13,400	11	4,800
TOKYU CORPORATION 東急㈱	13	+3.3% ↑ 7,500	13	7,259
AEON Co.,Ltd. イオン㈱	4	-97.2% ↓ 959	94	34,358
Sangetsu Corporation ㈱サンゲツ	—		—
TOLI Corporation 東リ㈱	—		—
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ㈱	—		—
Mitsubishi UFJ Financial Group, Inc. ㈱三菱UFJフィナンシャル・グループ	—		—
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	—	−100% Exit —	338	164,857
TORAY INDUSTRIES,INC. 東レ㈱	—	−100% Exit —	103	140,000	M
KANEKA CORPORATION ㈱カネカ	—	−100% Exit —	23	6,200	M
Isetan Mitsukoshi Holdings Ltd. ㈱三越伊勢丹ホールディングス	—	−100% Exit —	7	5,238
Sompo Holdings, Inc. SOMPOホールディングス㈱	—	−100% Exit —	5	1,000
Canon Marketing Japan Inc. キヤノンマーケティングジャパン㈱	—	−100% Exit —	3	1,155
KURARAY CO.,LTD. ㈱クラレ	—	−100% Exit —	113	86,250	M
三井住友トラスト・ホールディングス㈱	—	−100% Exit —	42	8,756
Portfolio total	4,141		4,420

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