Titan Kogyo, Ltd.

チタン工業株式会社

Chemicals

Titan Kogyo, Ltd. engages in the production and sale of industrial chemicals primarily in Japan. The company offers titanium oxide, ultrafine titanium oxide, and titanium oxide for cosmetics; conductive inorganic oxide; titanium oxide lithium; synthetic iron oxide; iron oxide pearl pigments; and iron sulfate. The company was incorporated in 1936 and is headquartered in Ube, Japan.

← Companies

Price

¥1,325

Market Cap

¥3.9B

Ent. Value

¥9.2B

Net Debt

−¥5.3B

Shares Out.

3.0M

P / E

19.6×

EV / EBIT

55.8×

P / Book

0.77×

P / NCAV

N/M

Div. Yield

0.75%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥7.8B	¥8.0B	¥8.1B	¥8.1B
Cost of Sales	¥6.6B	¥7.6B	¥6.6B	¥6.7B
Gross Profit	¥1.2B	¥360M	¥1.4B	¥1.5B
SG&A	¥1.0B	¥1.1B	¥1.1B	¥1.1B
Operating Income	¥165M	¥-726M	¥385M	¥373M
Non-Operating Income	¥53M	¥128M	¥67M	¥40M
Dividend Income	¥22M	¥25M	¥25M	¥16M
Interest Income	¥1M	¥0M	¥0M	¥0M
Non-Operating Expenses	¥108M	¥69M	¥112M	¥126M
Interest Expense	¥52M	¥42M	¥43M	¥46M
Ordinary Income	¥110M	¥-667M	¥341M	¥287M
Pre-tax Income	¥371M	¥-1.4B	¥239M	¥283M
Income Taxes	¥137M	¥146M	¥-103M	¥-2M
Current Tax	¥31M	¥54M	¥33M	¥44M
Deferred Tax	¥106M	¥92M	¥-137M	¥-46M
Net Income (owners)	¥200M	¥-1.7B	¥322M	¥265M
Minority Interest	¥33M	¥85M	¥19M	¥20M
Comprehensive Income	¥186M	¥-1.5B	¥432M	¥394M
EBITDA	¥878M	¥59M	¥1.2B	¥1.2B
EPS	¥67.48	¥-566.58	¥109.05	¥88.14
Shares Outstanding	3.0M	3.0M	3.0M	3.0M
Shares Issued (total)	3.0M	3.0M	3.0M	3.0M
Treasury Shares	0.1M	0.1M	0.1M	0.1M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥14.0B	¥14.9B	¥16.8B	¥16.4B
Current Assets	¥7.1B	¥7.7B	¥7.9B	¥7.0B
Cash & Deposits	¥825M	¥785M	¥402M	¥561M
Trade Receivables	¥1.3B	¥1.9B	¥1.4B	¥1.5B
Non-Current Assets	¥6.9B	¥7.2B	¥8.9B	¥9.4B
PP&E	¥6.2B	¥6.3B	¥7.6B	¥8.3B
Intangible Assets	¥4M	¥7M	¥12M	¥18M
Investment Securities	¥534M	¥806M	¥945M	¥826M
Deferred Tax Assets	¥1M	¥3M	¥164M	¥50M
Total Liabilities	¥8.3B	¥9.4B	¥9.7B	¥9.6B
Current Liabilities	¥4.9B	¥5.8B	¥5.4B	¥4.8B
Accounts Payable	¥462M	¥812M	¥660M	¥699M
ST Debt	¥3.4B	¥3.8B	¥3.7B	¥2.9B
Taxes Payable	¥36M	¥69M	¥31M	¥67M
Non-Current Liabilities	¥3.4B	¥3.6B	¥4.3B	¥4.9B
Total LT Borrowings	¥2.7B	¥3.1B	¥3.7B	¥4.3B
Pension Obligations	¥291M	¥476M	¥578M	¥584M
Deferred Tax Liab.	¥46M	¥8M	—	—
Total Equity	¥5.7B	¥5.5B	¥7.1B	¥6.7B
Capital Stock	¥3.4B	¥3.4B	¥3.4B	¥3.4B
Capital Surplus	¥402M	¥402M	¥402M	¥402M
Retained Earnings	¥979M	¥809M	¥2.6B	¥2.3B
Treasury Stock	¥-108M	¥-108M	¥-117M	¥-101M
AOCI	¥394M	¥442M	¥393M	¥303M
Equity (owners)	¥4.7B	¥4.5B	¥6.3B	¥6.0B
Minority Interests	¥541M	¥507M	¥422M	¥402M

Total Interest-Bearing Debt ⓘ	¥6.1B	¥7.0B	¥7.4B	¥7.1B
Net Cash ⓘ	¥-5.3B	¥-6.2B	¥-7.0B	¥-6.6B
NCAV ⓘ	¥-1.2B	¥-1.7B	¥-1.8B	¥-2.6B
NCAV/Share	¥-416	¥-575	¥-601	¥-888
BV/Share	¥1,589	¥1,532	¥2,121	¥2,030

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥817M	¥728M	¥-204M	¥687M
Interest Paid	¥-51M	¥-42M	¥-44M	¥-42M
Interest Received	¥23M	¥25M	¥26M	¥35M
D&A	¥713M	¥785M	¥857M	¥853M
Investing CF	¥132M	¥187M	¥-180M	¥-3.5B
CapEx	¥185M	¥106M	¥185M	¥3.5B
Purchase Investments	—	—	—	¥0M
Proceeds from Invest.	¥311M	—	—	¥5M
Financing CF	¥-909M	¥-512M	¥216M	¥2.7B
Dividends Paid	¥-29M	¥-59M	¥-53M	¥-30M
Share Buybacks	¥0M	¥0M	¥-23M	¥-76M
LT Debt Repaid	¥-610M	¥-552M	¥-506M	¥-452M
Free Cash Flow	¥632M	¥622M	¥-389M	¥-2.8B
Net Change in Cash	¥39M	¥403M	¥-168M	¥-25M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	4.0%	-28.8%	5.0%	4.3%
ROA	1.4%	-10.6%	1.9%	1.6%
EPS	¥67.48	¥-566.58	¥109.05	¥88.14
DPS	¥10.00	¥10.00	¥20.00	¥18.00
BPS	¥1,722.71	¥1,681.11	¥2,254.19	¥2,132.33
FCF/Share	¥213	¥210	¥-131	¥-931
NCAV/Share	¥-416	¥-575	¥-601	¥-888
Payout Ratio	14.8%	—	18.3%	20.4%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 4

Date	Activist	Stake	Event	Flag	Demands
2026-04-07	TOSHIBA CORPORATION	6.61%	change	Passive	—
2025-08-06	TOSHIBA CORPORATION	6.61%	change	Passive	—
2025-05-21	TOSHIBA CORPORATION	6.61%	change	Passive	—
2023-08-07	Inabata & Co.,Ltd.	4.9%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-04-30 15:00	Div Increase	¥12.0/sh +20%	Titan Industries (チタン工業) announced upward revision of FY2026 full-year earnings guidance and dividend forecast. Net prof…
Summary Titan Industries (チタン工業) announced upward revision of FY2026 full-year earnings guidance and dividend forecast. Net profit attributable to parent company increased from ¥10.0bn to ¥20.0bn (+100%), with year-end dividend per share raised from ¥10.00 to ¥12.00 (+20%). The revision reflects additional deferred tax asset recognition and aggressive cost reduction, partially offset by lower-than-expected sales in Titan dioxide and iron oxide related products. YoY: +20% Source (JP) 2026年3月期の期末配当予想につきましては、通期連結業績予想の修正及び今後の事業展開等を慎重に検討いたしました結果、1株当たり12円に修正いたします。繰延税金資産の計上、通期連結業績予想及び配当予想の修正（増配）に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	株式会社東芝	200	6.74%
2	稲畑産業株式会社	147	4.98%
3	株式会社山口銀行	128	4.32%
4	株式会社山田事務所	96	3.24%
5	小西安株式会社	93	3.15%
6	平井健治	87	2.94%
7	井本浩二	81	2.74%
8	第一生命保険株式会社	38	1.30%
9	株式会社ＳＢＩ証券	32	1.11%
10	山口産業株式会社	28	0.95%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

0.0%

-4.0% 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

31.5%

+1.6% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
式会社東芝		6.75%	6.74%	6.74%
稲畑産業		6.04%	4.98%	4.98%
式会社山口銀行		4.33%	4.32%	4.32%
式会社山田事務所		3.25%	3.24%	3.24%
小西安		3.16%	3.15%	3.15%
平井健治		2.70%	2.94%	2.94%
井本浩二		—	2.20%	2.74% +0.54%
第一生命保険		1.30%	1.30%	1.30%
式会社ＳＢＩ証券 NEW ENTRY	—	—	—	1.11% NEW
山口産業		0.96%	0.95%	0.95%
日本マスタートラスト信託銀行 last seen 2024	Exited Top 10	5.83%	3.97%	—
日本カストディ銀行 last seen 2023	Exited Top 10	1.15%	—	—
Concentration (HHI) ⓘ		167	141	129

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

Portfolio Book Value ¥468M -15% since 2023

Holdings 2 1 exited

Trend 1 unwinding vs 2023

Held Company	FY2025 ¥468M total		FY2023 ¥550M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Inabata & Co., Ltd. 稲畑産業株式会社	252	-50.0% ↓ 79,500	427	159,000	M
Yamaguchi Finacial Group,Inc. 株式会社山口フィナンシャルグループ	216	123,332	100	123,332
Mitsubishi UFJ Financial Group, Inc. 株式会社三菱ＵＦＪフィナンシャル・グループ	—	−100% Exit —	23	27,850
Portfolio total	468		550

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