4251
諱オ蜥梧ェ蠑丈シ夂、セ
恵和株式会社
Chemicals
KEIWA Incorporated engages in the manufacture and sale of various optical films in Japan, Vietnam, Germany, and the United States. It offers composite diffusion plates, diffusion films, advanced functional films, process films, and agricultural films, as well as processing paper, packaging materials, clean energy materials, and others. The company was formerly known as KEIWA Commerce and Industry Co., Ltd. and changed its name to KEIWA Incorporated in 1999. KEIWA Incorporated was incorporated in 1948 and is headquartered in Tokyo, Japan.
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Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥20.5B
¥21.1B
¥17.6B
¥21.1B
¥18.1B
Cost of Sales
¥11.7B
¥11.2B
¥10.3B
¥10.9B
¥10.9B
Gross Profit
¥8.8B
¥9.9B
¥7.2B
¥10.2B
¥7.2B
SG&A
¥4.5B
¥5.1B
¥4.8B
¥4.6B
¥4.1B
Operating Income
¥4.3B
¥4.7B
¥2.5B
¥5.6B
¥3.1B
Non-Operating Income
¥79M
¥521M
¥359M
¥712M
¥404M
Dividend Income
¥4M
¥3M
¥13M
¥3M
¥11M
Interest Income
¥23M
—
—
—
—
Non-Operating Expenses
¥125M
¥51M
¥58M
¥79M
¥72M
Interest Expense
¥23M
¥28M
¥33M
¥44M
¥49M
Ordinary Income
¥4.2B
¥5.2B
¥2.8B
¥6.2B
¥3.5B
Pre-tax Income
¥3.2B
¥3.9B
¥2.8B
¥6.7B
¥3.3B
Income Taxes
¥955M
¥1.1B
¥777M
¥1.8B
¥702M
Current Tax
¥896M
¥1.3B
¥660M
¥1.8B
¥875M
Deferred Tax
¥59M
¥-192M
¥117M
¥88M
¥-173M
Net Income (owners)
¥2.3B
¥2.8B
¥2.0B
¥4.9B
¥2.6B
Comprehensive Income
¥2.5B
¥3.1B
¥2.2B
¥5.0B
¥2.7B
EBITDA
¥6.4B
¥6.5B
¥4.0B
¥7.1B
¥4.5B
EPS
¥122.08
¥144.74
¥102.92
¥252.46
¥289.59
Shares Outstanding
18.5M
19.3M
19.3M
9.6M
9.6M
Shares Issued (total)
19.3M
19.3M
19.3M
9.6M
9.6M
Treasury Shares
0.8M
0.0M
0.0M
0.0M
0.0M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥30.9B
¥32.0B
¥29.3B
¥29.3B
¥28.8B
Current Assets
¥17.8B
¥18.9B
¥16.3B
¥17.9B
¥18.0B
Cash & Deposits
¥7.9B
¥9.9B
¥7.1B
¥6.3B
¥9.0B
Trade Receivables
¥4.5B
¥3.2B
¥4.0B
¥3.7B
—
Non-Current Assets
¥13.2B
¥13.1B
¥12.9B
¥11.4B
¥10.8B
PP&E
¥12.4B
¥12.2B
¥12.1B
¥10.5B
¥10.1B
Intangible Assets
¥314M
¥383M
¥470M
¥526M
¥85M
Investment Securities
¥176M
¥148M
¥131M
¥123M
¥152M
Deferred Tax Assets
¥240M
¥318M
¥105M
¥222M
¥332M
Total Liabilities
¥7.1B
¥9.1B
¥8.9B
¥10.4B
¥14.6B
Current Liabilities
¥4.6B
¥7.0B
¥5.8B
¥6.7B
¥9.5B
Accounts Payable
¥1.2B
¥1.4B
¥1.4B
¥1.2B
¥2.0B
ST Debt
¥780M
¥1.6B
¥1.2B
¥1.2B
¥1.4B
Taxes Payable
¥216M
¥916M
¥524M
¥1.4B
¥712M
Non-Current Liabilities
¥2.5B
¥2.1B
¥3.1B
¥3.8B
¥5.1B
Total LT Borrowings
¥1.3B
¥1.5B
¥2.7B
¥3.4B
¥4.6B
Pension Obligations
¥237M
¥247M
¥241M
¥242M
¥260M
Total Equity
¥23.9B
¥23.0B
¥20.4B
¥18.9B
¥14.1B
Capital Stock
¥3.9B
¥3.9B
¥3.9B
¥3.9B
¥3.9B
Capital Surplus
¥3.7B
¥3.7B
¥3.6B
¥3.6B
¥3.6B
Retained Earnings
¥16.1B
¥14.5B
¥12.2B
¥10.9B
¥6.3B
Treasury Stock
¥-944M
¥-1M
¥-1M
¥-1M
¥-0M
AOCI
¥1.2B
¥896M
¥621M
¥451M
¥325M
Equity (owners)
¥22.7B
¥22.1B
¥19.7B
¥18.5B
¥13.8B
Total Interest-Bearing Debt ⓘ
¥2.1B
¥3.1B
¥3.9B
¥4.6B
¥6.0B
Net Cash ⓘ
¥5.8B
¥6.8B
¥3.3B
¥1.6B
¥3.0B
NCAV ⓘ
¥10.7B
¥9.9B
¥7.4B
¥7.5B
¥3.4B
NCAV/Share
¥577
¥511
¥385
¥779
¥351
BV/Share
¥1,228
¥1,144
¥1,024
¥1,917
¥1,437
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥3.5B
¥5.9B
¥2.4B
¥6.8B
¥2.2B
Interest Paid
¥-23M
¥-28M
¥-33M
¥-44M
¥-50M
Interest Received
¥27M
¥35M
¥39M
¥7M
¥14M
D&A
¥2.1B
¥1.7B
¥1.6B
¥1.5B
¥1.3B
Investing CF
¥-3.0B
¥-2.7B
¥-3.9B
¥-4.0B
¥-2.3B
CapEx
¥2.9B
¥2.2B
¥2.9B
¥4.1B
¥2.6B
Purchase Investments
¥-13M
¥-4M
¥-3M
¥-5M
¥-11M
Proceeds from Invest.
—
¥0M
¥6M
¥29M
¥312M
Financing CF
¥-2.7B
¥-1.4B
¥-1.5B
¥-1.7B
¥5.0B
Dividends Paid
¥-675M
¥-482M
¥-722M
¥-240M
¥-118M
Share Buybacks
¥-958M
¥-0M
¥-0M
¥-0M
¥-0M
LT Debt Repaid
¥-1.6B
¥-1.2B
¥-1.3B
¥-1.4B
¥-1.5B
Free Cash Flow
¥616M
¥3.7B
¥-469M
¥2.7B
¥-414M
Net Change in Cash
¥-2.1B
¥2.3B
¥-2.6B
¥1.1B
¥5.1B
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
9.7%
12.9%
10.1%
29.4%
24.1%
ROA
7.2%
9.1%
6.8%
16.7%
8.9%
EPS
¥122.08
¥144.74
¥102.92
¥252.46
¥289.59
DPS
¥40.00
¥35.00
¥25.00
¥75.00
¥25.00
BPS
¥1,290.27
¥1,190.51
¥1,056.44
¥981.86
¥1,471.20
FCF/Share
¥33
¥194
¥-24
¥275
¥-43
NCAV/Share
¥577
¥511
¥385
¥779
¥351
Payout Ratio
32.8%
24.2%
24.3%
29.7%
8.6%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 1
Date Activist Stake Event Flag Demands Source
2026-05-20
Keiichi Osamura
36.41%
change
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 8
#
Shareholder
Shares (thou.)
% of Total
1
長村 惠弌
7,021,164
38.00%
2
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(信託口)
1,647,100
8.90%
3
Custody Bank of Japan, Ltd. (Trust Account)
株式会社日本カストディ銀行(信託口)
448,100
2.40%
4
中島 由起
200,000
1.10%
5
日本証券金融株式会社
185,000
1.00%
6
恵和従業員持株会
174,100
0.90%
7
小鶴 友博
170,600
0.90%
8
合同会社宮北キャピタル
169,100
0.90%
9
東亞合成株式会社
140,000
0.80%
10
野口 順次郎
135,662
0.70%
Domestic Nominees
11.3%
+1.1% 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
44.3%
+1.2% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
長村 惠弌
35.10%
36.40%
38.00%
+1.60%
日本マスタートラスト信託銀行
10.10%
8.80%
8.90%
+0.10%
日本カストディ銀行
4.40%
1.40%
2.40%
+1.00%
中島 由起
1.00%
1.00%
1.10%
+0.10%
日本証券金融
NEW ENTRY
—
—
—
1.00%
NEW
恵和従業員持株会
0.80%
0.90%
0.90%
小鶴 友博
—
0.80%
0.90%
+0.10%
同会社宮北キャピタル
NEW ENTRY
—
—
—
0.90%
NEW
東亞合成
—
0.70%
0.80%
+0.10%
野口 順次郎
—
0.70%
0.70%
木下 圭一郎
last seen 2024
Exited Top 10
—
1.50%
—
Morgan Stanley
last seen 2024
Exited Top 10
—
1.10%
—
江田 徐紅
last seen 2023
Exited Top 10
1.20%
—
—
BNY Mellon
last seen 2023
Exited Top 10
0.80%
—
—
足利 正夫
last seen 2023
Exited Top 10
1.20%
—
—
NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB)
last seen 2023
Exited Top 10
1.00%
—
—
Concentration (HHI)
ⓘ
1360
1411
1535
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥176M
+34% since 2023
Holdings
8
+1 new
Trend
1 unwinding
vs 2023
Held Company
FY2025
¥176M total
FY2023
¥131M total
Book Val ¥M
Shares
Book Val ¥M
Shares
NICHIBAN CO., LTD
ニチバン㈱
71
+3.9%
↑
35,347
59
34,009
Stanley Electric Co.,Ltd.
スタンレー電気㈱
66
+8.9%
↑
21,324
52
19,575
The Kiyo Bank, Ltd.
㈱紀陽銀行
12
-1.5%
↓
3,800
6
3,857
㈱神戸鉄鋼所
10
5,018
9
5,018
The Shoko Chukin Bank,Ltd.
㈱商工組合中央金庫
9
NEW
New
50,000
—
Juroku Financial Group, Inc.
㈱十六フィナンシャルグループ
6
852
3
852
Daishowa Paper Manufacturing Co., Ltd.
大王製紙㈱
1
1,265
1
1,265
譌・譛ャ陬ス邏呎ェ蠑丈シ夂、セ
日本製紙㈱
1
500
1
500
Portfolio total
176
131
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding