HAVIX CORPORATION

ハビックス株式会社

Pulp & Paper

Havix Corporation engages in the non-woven fabric and paper related businesses in Japan. It offers pulp nonwoven fabrics; synthetic fiber nonwoven fabrics; and sanitary paper, such as disposable diapers and wet towels. The company was incorporated in 1950 and is headquartered in Gifu, Japan.

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Price

¥414

Market Cap

¥3.2B

Ent. Value

¥2.3B

Net Cash

¥930M

Shares Out.

7.8M

P / E

4.8×

EV / EBIT

2,302.2×

⚠ TSE Capital Mandate

P / Book

0.44×

P / NCAV

0.98×

Div. Yield

4.35%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥1M	¥13.4B	¥13.2B	¥12.1B	¥10.9B
Cost of Sales	—	¥10.8B	¥10.7B	¥10.6B	¥9.4B
Gross Profit	—	¥2.6B	¥2.5B	¥1.4B	¥1.5B
SG&A	—	¥1.9B	¥1.7B	¥1.5B	¥1.6B
Operating Income	¥1M	¥695M	¥755M	¥-92M	¥-62M
Non-Operating Income	—	¥120M	¥144M	¥153M	¥94M
Dividend Income	—	¥4M	¥4M	¥4M	¥5M
Interest Income	—	¥1M	¥0M	¥0M	¥0M
Non-Operating Expenses	—	¥23M	¥17M	¥86M	¥22M
Interest Expense	—	¥13M	¥16M	¥19M	¥22M
Ordinary Income	¥1M	¥792M	¥882M	¥-26M	¥9M
Pre-tax Income	—	¥800M	¥882M	¥-26M	¥-2.8B
Income Taxes	—	¥128M	¥208M	¥-78M	¥-345M
Current Tax	—	¥89M	¥121M	¥37M	¥25M
Deferred Tax	—	¥39M	¥86M	¥-114M	¥-370M
Net Income (owners)	—	¥672M	¥675M	¥52M	¥-2.4B
Comprehensive Income	—	¥649M	¥695M	¥53M	¥-2.5B
EBITDA	—	¥902M	¥905M	¥125M	¥528M
EPS	—	¥86.22	¥86.89	¥6.74	¥-311.55
Shares Outstanding	—	7.8M	7.8M	7.7M	7.7M
Shares Issued (total)	—	8.2M	8.2M	8.2M	8.2M
Treasury Shares	—	0.4M	0.4M	0.4M	0.5M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	—	¥12.3B	¥13.1B	¥12.6B	¥11.8B
Current Assets	—	¥8.3B	¥9.3B	¥9.0B	¥8.3B
Cash & Deposits	—	¥2.2B	¥3.3B	¥2.7B	¥2.5B
Trade Receivables	—	¥2.1B	¥2.0B	¥1.9B	¥1.7B
Non-Current Assets	—	¥4.0B	¥3.8B	¥3.6B	¥3.5B
PP&E	—	¥3.1B	¥2.8B	¥2.8B	¥2.9B
Intangible Assets	—	¥236M	¥217M	¥79M	¥18M
Investment Securities	—	¥150M	¥184M	¥143M	¥132M
Deferred Tax Assets	—	¥481M	¥507M	¥602M	¥489M
Total Liabilities	—	¥5.0B	¥6.4B	¥6.5B	¥5.7B
Current Liabilities	—	¥3.9B	¥4.8B	¥4.4B	¥3.5B
Accounts Payable	—	¥1.5B	¥1.4B	¥1.5B	¥1.4B
ST Debt	—	¥397M	¥540M	¥617M	¥497M
Taxes Payable	—	¥50M	¥109M	¥32M	¥13M
Non-Current Liabilities	—	¥1.1B	¥1.5B	¥2.1B	¥2.1B
Total LT Borrowings	—	¥904M	¥1.3B	¥1.8B	¥1.9B
Pension Obligations	—	¥199M	¥180M	¥163M	¥159M
Total Equity	—	¥7.3B	¥6.7B	¥6.1B	¥6.1B
Capital Stock	—	¥594M	¥594M	¥594M	¥594M
Capital Surplus	—	¥646M	¥645M	¥641M	¥638M
Retained Earnings	—	¥6.1B	¥5.5B	¥5.0B	¥5.0B
Treasury Stock	—	¥-103M	¥-111M	¥-122M	¥-134M
AOCI	—	¥37M	¥61M	¥41M	¥40M
Equity (owners)	—	¥7.2B	¥6.7B	¥6.1B	¥6.1B

Total Interest-Bearing Debt ⓘ	—	¥1.3B	¥1.8B	¥2.5B	¥2.4B
Net Cash ⓘ	—	¥930M	¥1.5B	¥235M	¥27M
NCAV ⓘ	—	¥3.3B	¥3.0B	¥2.5B	¥2.6B
NCAV/Share	—	¥422	¥379	¥321	¥337
BV/Share	—	¥926	¥858	¥785	¥792

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	—	¥52M	¥1.6B	¥447M	¥67M
Interest Paid	—	¥-12M	¥-16M	¥-19M	¥-21M
Interest Received	—	¥5M	¥4M	¥4M	¥5M
D&A	—	¥207M	¥150M	¥218M	¥590M
Investing CF	—	¥-488M	¥-13M	¥-140M	¥111M
CapEx	—	¥482M	¥129M	¥70M	¥130M
Proceeds from Invest.	—	¥30M	—	—	¥106M
Financing CF	—	¥-676M	¥-716M	¥-77M	¥-735M
Dividends Paid	—	¥-124M	¥-93M	¥-92M	¥-126M
Share Buybacks	—	—	—	—	¥-82M
LT Debt Repaid	—	¥-540M	¥-617M	¥-577M	¥-510M
Free Cash Flow	—	¥-430M	¥1.5B	¥377M	¥-63M
Net Change in Cash	—	¥-1.1B	¥918M	¥230M	¥-556M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	—	9.6%	10.5%	0.9%	-32.7%
ROA	—	5.3%	5.3%	0.4%	-20.8%
EPS	—	¥86.22	¥86.89	¥6.74	¥-311.55
DPS	—	¥18.00	¥16.00	¥12.00	¥12.00
BPS	—	¥930.51	¥865.37	¥790.12	¥797.51
FCF/Share	—	¥-55	¥195	¥49	¥-8
NCAV/Share	—	¥422	¥379	¥321	¥337
Payout Ratio	—	20.9%	18.4%	178.0%	—

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 3

Date	Activist	Stake	Event	Flag	Demands
2025-11-28	KAKAMU MASATO	2.2% -2.99%	change	Passive	—
2024-04-01	KAKAMU MASATO	5.19%	correction	Passive	—
2024-03-29	KAKAMU MASATO	5.19%	initial_5pct	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-14 15:40	Cost of Capital	—	Havix announced a capital cost and stock price-conscious management initiative addressing its below-target ROE of 7.3% a…
Summary Havix announced a capital cost and stock price-conscious management initiative addressing its below-target ROE of 7.3% against an 8% cost of capital benchmark. The company targets ROE improvement to 10%+ by 2030 through enhanced profitability, asset efficiency, and financial leverage optimization, alongside strengthened shareholder returns with a new DOE indicator complementing the existing 25%+ dividend payout ratio policy. Source (JP) 株主資本コスト８％程度に対し、当社のROE（自己資本利益率）は7.3％となっており、資本コストを上回る収益性の確保が課題です。配当性向25%以上に加えて、DOEを考慮した還元方針を策定します。資本コストや株価を意識した経営の実現に向けた対応について TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	酒井正吾	673	8.62%
2	福村大介	430	5.50%
3	株式会社十六銀行	385	4.93%
4	岐阜信用金庫	376	4.81%
5	福村善光	355	4.54%
6	丸紅株式会社	340	4.35%
7	The Ogaki Kyoritsu Bank, Ltd. 株式会社大垣共立銀行（常任代理人株式会社日本カストディ銀行）	300	3.84%
8	各務正人	300	3.84%
9	Employee Stock Ownership Plan ハビックス従業員持株会	211	2.70%
10	ヤマニ洋紙工業株式会社	159	2.04%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

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

45.2%

-0.0% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
酒井正吾		8.94%	8.82%	8.62% -0.20%
福村大介		5.26%	5.39%	5.50% +0.11%
式会社十六銀行		4.97%	4.94%	4.93% -0.01%
岐阜信用金庫		4.85%	4.83%	4.81% -0.02%
福村善光		5.16%	4.74%	4.54% -0.20%
丸紅		4.39%	4.37%	4.35% -0.02%
The Ogaki Kyoritsu Bank, Ltd. 式会社大垣共立銀行		3.87%	3.85%	3.84% -0.01%
各務正人		—	3.72%	3.84% +0.12%
Employee Stock Ownership Plan ハビックス従業員持株会		2.52%	2.73%	2.70% -0.03%
ヤマニ洋紙工業		2.00%	1.83%	2.04% +0.21%
福村洋介 last seen 2023	Exited Top 10	1.75%	—	—
Concentration (HHI) ⓘ		230	236	232

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

Portfolio Book Value ¥150M +13% since 2023

Holdings 4 2 exited

Trend Stable vs 2023

Held Company	FY2025 ¥150M total		FY2023 ¥133M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Juroku Financial Group, Inc. ㈱十六フィナンシャルグループ	76	15,715	44	15,715
Densan System Holdings Co.,Ltd. ㈱電算システムホールディングス	52	20,000	53	20,000	M
The Ogaki Kyoritsu Bank, Ltd. ㈱大垣共立銀行	12	5,000	9	5,000	M
㈱大和証券グループ本社	10	10,000	6	10,000
GLOBAL FOOD CREATORS CO.,LTD. ジーエフシー㈱	—	−100% Exit —	19	14,000	M
CDG Co.,Ltd. ㈱ＣＤＧ	—	−100% Exit —	1	900
Portfolio total	150		133

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