Nippon Pigment Holdings Company Limited

株式会社日本ピグメントホールディングス

Chemicals

Nippon Pigment Holdings Company Limited manufactures and sells liquid dispersion products, colorants, and resin compounds in Japan and internationally. The company offers various resin compounds, such as olefin and styrene resins, and engineering plastic products; resin colorants for automobile interior and exterior parts, as well as plastic containers, such as shampoo, films, sheets, and fibers; and colorants for automotive interior coverings, sealing materials, flooring materials, etc. It also provides liquid dispersions for FPD colour filters, etc.; and other resin colorants. The company was formerly known as Nippon Pigment Company Limited and changed its name to Nippon Pigment Holdings Company Limited in October 2024. The company was founded in 1925 and is headquartered in Tokyo, Japan.

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Price

¥5,860

Market Cap

¥9.2B

Ent. Value

¥11.6B

Net Debt

−¥2.4B

Shares Out.

1.6M

P / E

1.8×

EV / EBIT

65.5×

⚠ TSE Capital Mandate

P / Book

0.47×

P / NCAV

3.86×

Div. Yield

1.71%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥37.9B	¥26.7B	¥27.5B	¥27.6B
Cost of Sales	¥32.4B	¥22.9B	¥24.3B	¥23.2B
Gross Profit	¥5.5B	¥3.8B	¥3.2B	¥4.4B
SG&A	¥5.3B	¥3.4B	¥3.2B	¥3.1B
Operating Income	¥177M	¥426M	¥-59M	¥1.3B
Non-Operating Income	¥375M	¥311M	¥351M	¥322M
Dividend Income	¥123M	¥98M	¥101M	¥82M
Interest Income	¥28M	¥17M	¥38M	¥5M
Non-Operating Expenses	¥149M	¥88M	¥227M	¥145M
Interest Expense	¥99M	¥72M	¥87M	¥107M
Ordinary Income	¥402M	¥649M	¥64M	¥1.5B
Pre-tax Income	¥5.1B	¥1.6B	¥-869M	¥1.4B
Income Taxes	¥92M	¥722M	¥-355M	¥411M
Current Tax	¥317M	¥342M	¥180M	¥347M
Deferred Tax	¥-225M	¥380M	¥-536M	¥64M
Net Income (owners)	¥5.0B	¥741M	¥-520M	¥886M
Minority Interest	¥-2M	¥100M	¥6M	¥66M
Comprehensive Income	¥5.5B	¥690M	¥389M	¥1.3B
EBITDA	¥1.1B	¥1.4B	¥1.1B	¥2.4B
EPS	¥3,202.18	¥471.86	¥-331.17	¥564.04
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	¥44.4B	¥29.6B	¥29.1B	¥32.8B
Current Assets	¥25.2B	¥16.0B	¥15.0B	¥17.5B
Cash & Deposits	¥4.3B	¥3.6B	¥2.8B	¥5.1B
Trade Receivables	¥10.1B	¥6.3B	¥6.7B	¥6.6B
Non-Current Assets	¥19.2B	¥13.6B	¥14.0B	¥15.3B
PP&E	¥8.3B	¥7.0B	¥7.6B	¥9.2B
Intangible Assets	¥106M	¥116M	¥148M	¥201M
Investment Securities	¥9.1B	¥5.1B	¥5.1B	¥4.8B
Deferred Tax Assets	¥435M	¥84M	¥228M	¥167M
Total Liabilities	¥22.8B	¥13.9B	¥13.9B	¥17.8B
Current Liabilities	¥15.6B	¥10.1B	¥9.9B	¥13.0B
Accounts Payable	¥9.6B	¥6.3B	¥6.2B	¥5.9B
ST Debt	¥3.6B	¥2.3B	¥2.6B	¥5.4B
Taxes Payable	¥292M	¥194M	¥34M	¥225M
Non-Current Liabilities	¥7.3B	¥3.8B	¥4.0B	¥4.8B
Total LT Borrowings	¥3.1B	¥2.5B	¥2.8B	¥3.0B
Pension Obligations	¥1.6B	¥424M	¥429M	¥457M
Deferred Tax Liab.	¥2.0B	¥798M	¥641M	¥993M
Total Equity	¥21.6B	¥15.7B	¥15.2B	¥15.0B
Capital Stock	¥1.5B	¥1.5B	¥1.5B	¥1.5B
Capital Surplus	¥1.0B	¥1.0B	¥1.0B	¥1.0B
Retained Earnings	¥15.1B	¥10.3B	¥9.7B	¥10.3B
Treasury Stock	¥-19M	¥-19M	¥-19M	¥-18M
AOCI	¥2.2B	¥1.8B	¥2.0B	¥1.1B
Equity (owners)	¥17.6B	¥12.7B	¥12.2B	¥12.8B
Minority Interests	¥1.8B	¥1.2B	¥1.0B	¥996M

Total Interest-Bearing Debt ⓘ	¥6.6B	¥4.8B	¥5.4B	¥8.3B
Net Cash ⓘ	¥-2.4B	¥-1.2B	¥-2.6B	¥-3.2B
NCAV ⓘ	¥2.4B	¥2.1B	¥1.2B	¥-319M
NCAV/Share	¥1,516	¥1,318	¥738	¥-203
BV/Share	¥11,223	¥8,120	¥7,748	¥8,178

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥-414M	¥1.5B	¥993M	¥1.3B
Interest Paid	¥-100M	¥-72M	¥-85M	¥-105M
Interest Received	¥150M	¥115M	¥139M	¥88M
D&A	¥888M	¥933M	¥1.2B	¥1.1B
Investing CF	¥79M	¥192M	¥-699M	¥-367M
CapEx	¥929M	¥613M	¥1.0B	¥384M
Purchase Investments	¥-24M	¥-7M	¥-7M	¥-10M
Proceeds from Invest.	¥27M	¥793M	—	¥25M
Financing CF	¥743M	¥-897M	¥-3.2B	¥-1.8B
Dividends Paid	¥-157M	¥-157M	¥-157M	¥-78M
Share Buybacks	¥-0M	¥-0M	¥-0M	¥-0M
LT Debt Repaid	¥-1.6B	¥-1.2B	¥-3.9B	¥-1.5B
Free Cash Flow	¥-1.3B	¥911M	¥-7M	¥903M
Net Change in Cash	¥620M	¥876M	¥-2.3B	¥-722M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	29.3%	5.2%	-3.7%	6.6%
ROA	13.6%	2.5%	-1.7%	2.7%
EPS	¥3,202.18	¥471.86	¥-331.17	¥564.04
DPS	¥100.00	¥100.00	¥100.00	¥100.00
BPS	¥12,599.17	¥9,236.87	¥9,015.74	¥8,907.93
FCF/Share	¥-856	¥580	¥-5	¥575
NCAV/Share	¥1,516	¥1,318	¥738	¥-203
Payout Ratio	3.1%	21.2%	—	17.7%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 6

Date	Activist	Stake	Event	Flag	Demands
2026-04-28	Arne Wolf Klaus Deussen	6.55% +1.16%	change	Passive	—
2026-04-22	Arne Wolf Klaus Deussen	5.39%	initial_5pct	Passive	—
2026-04-07	Sumitomo Mitsui DS Asset Management Company, Limited	3.94%	change	Passive	—
2024-07-04	Kikukawa Kenji	—	exit	Passive	—
2024-07-04	Tsutsumi Youichirou	12.13%	initial_5pct	Passive	—
2023-10-02	Kikukawa Kenji	11.72%	change	Passive	—

#	Shareholder	Shares (thou.)	% of Total
1	Business Partner Stock Ownership Plan 日本ピグメント取引先持株会	192	12.29%
2	Mizuho Bank 株式会社みずほ銀行(常任代理人株式会社日本カストディ銀行)	70	4.46%
3	株式会社十六銀行	69	4.45%
4	Japan Custody Bank 株式会社日本カストディ銀行（信託口)	59	3.77%
5	三井住友信託銀行株式会社(常任代理人株式会社日本カストディ銀行)	43	2.79%
6	NIPPON KAYAKU CO.,LTD. 日本化薬株式会社	37	2.39%
7	Tokio Marine & Nichido Fire Insurance Co., Ltd. 東京海上日動火災保険株式会社	34	2.22%
8	千葉鴻儀	32	2.09%
9	NAGASE & CO., LTD. 長瀬産業株式会社	32	2.08%
10	田中洋二	30	1.91%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

6.6%

-0.2% 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

31.9%

-1.4% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
Business Partner Stock Ownership Plan 日本ピグメント取引先持株会		11.28%	11.84%	12.29% +0.45%
Mizuho Bank みずほ銀行		4.46%	4.46%	4.46%
式会社十六銀行		4.45%	4.45%	4.45%
Japan Custody Bank 日本カストディ銀行		3.92%	3.92%	3.77% -0.15%
Sumitomo Mitsui Trust Bank 三井住友信託銀行		2.79%	2.79%	2.79%
NIPPON KAYAKU CO.,LTD. 日本化薬		3.31%	3.13%	2.39% -0.74%
Tokio Marine & Nichido Fire Insurance Co., Ltd. 東京海上日動火災保険		3.14%	3.14%	2.22% -0.92%
千葉鴻儀 NEW ENTRY	—	—	—	2.09% NEW
NAGASE & CO., LTD. 長瀬産業		2.08%	2.08%	2.08%
田中洋二		1.91%	1.91%	1.91%
東レ last seen 2024	Exited Top 10	2.29%	2.29%	—
Concentration (HHI) ⓘ		224	236	236

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

Portfolio Book Value ¥3,384M -3% since 2023

Holdings 24 +1 new 4 exited

Trend 3 building vs 2023

Held Company	FY2025 ¥3,384M total		FY2023 ¥3,482M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
DAITO TRUST CONSTRUCTION CO.,LTD. 大東建託㈱	613	40,000	528	40,000
KONISHI CO.,LTD. コニシ㈱	600	+105.8% ↑ 512,059	476	248,803	M
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	317	78,153	147	78,153	M
Tokio Marine Holdings, Inc. 東京海上ホールディングス㈱	301	NEW New 52,500	—		M
Mitsubishi UFJ Financial Group, Inc. ㈱三菱UFJフィナンシャル・グループ	276	137,100	116	137,100	M
Juroku Financial Group, Inc. ㈱十六フィナンシャルグループ	272	56,335	159	56,335	M
NIPPON KAYAKU CO.,LTD. 日本化薬㈱	192	136,000	163	136,000	M
Japan Chemical Industries Co., Ltd. 日本化学産業㈱	173	112,000	119	112,000	M
NAGASE & CO., LTD. 長瀬産業㈱	111	42,000	86	42,000	M
OKAMOTO INDUSTRIES,INC. オカモト㈱	91	18,000	72	18,000	M
三井住友トラスト・ホールディングス㈱	88	+100.0% ↑ 23,656	54	11,828	M
Hodogaya Chemical Co., Ltd. 保土谷化学工業㈱	79	25,300	76	25,300	M
KUREHA CORPORATION ㈱クレハ	63	+200.0% ↑ 22,800	64	7,600	M
KANEKA CORPORATION ㈱カネカ	56	14,800	51	14,800	M
Astena Holdings Co., Ltd. アステナホールディングス㈱	35	78,000	34	78,000	M
第一生命ホールディングス㈱	32	7,100	17	7,100	M
KYOWA LEATHER CLOTH CO.,LTD 共和レザー㈱	32	45,000	24	45,000
NAKANO CORPORATION ㈱ナカノフドー建設	16	21,500	8	21,500	M
Achilles Co., Ltd. アキレス㈱	16	11,400	15	11,400
SBI Holdings, Inc. SBIホールディングス㈱	11	2,760	7	2,760	M
MEIWA Industry Co.,Ltd 盟和産業㈱	6	5,000	5	5,000
YUTAKA FOODS CORPORATION ユタカフーズ㈱	2	1,000	2	1,000	M
DYNIC CORPORATION ダイニック㈱	2	2,000	2	2,000
TSUKAMOTO CORPORATION CO., LTD. ㈱ツカモトコーポレーション	0	100	0	100	M
Shiseido Company, Limited ㈱資生堂	—	−100% Exit —	1,094	177,000
Tokio Marine Holdings, Inc. 東京海上ホールディングス㈱（注２）	—	−100% Exit —	134	52,500	M
TERAOKA SEISAKUSHO CO.,LTD. ㈱寺岡製作所	—	−100% Exit —	23	74,600	M
LONSEAL CORPORATION ロンシール工業㈱	—	−100% Exit —	7	5,600
Portfolio total	3,384		3,482

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