4452
Kao Corporation
花王株式会社
Consumer Defensive · Household & Personal Products
Kao Corporation develops and sells hygiene living care, health beauty care, life care, cosmetics, and chemical products in Japan. It offers fabric, kitchen, home, and sanitary care products; facial, body, hair, and oral care, hair styling and color, salon, in-bathroom health care, and warming products; and self-selection cosmetics, as well as provides cosmetics counselling services. It also provides oleo chemicals, such as oleochemicals, fat and oil derivatives, surfactants, and fragrances; water-reducing admixtures for concrete, casting sand binders, plastics additives, and process chemicals for various industries; and toners/toner binders, inkjet ink colorants, ink, fine polishing agents and cleaners for hard disk, and materials and process chemicals for semiconductor. The company was formerly known as Kao Soap Co., Ltd. and changed its name to Kao Corporation in 1982. Kao Corporation was founded in 1887 and is headquartered in Chuo, Japan.
Price
¥6,115
Market Cap
¥2.8T
Ent. Value
¥2.6T
Net Cash
¥191.6B
Shares Out.
453.6M
P / E
89.2×
EV / EBIT
57.5×
P / Book
2.58×
P / NCAV
22.09×
Div. Yield
2.52%
Financials
| Metric |
FY 2025
TDnet |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Net Sales | ¥413.2B | ¥1,628.4B | ¥1,532.6B | ¥1,551.1B | ¥1,418.8B |
| Cost of Sales | ¥254.5B | ¥990.0B | ¥972.2B | ¥1,002.7B | ¥845.6B |
| Gross Profit | ¥158.7B | ¥638.4B | ¥560.4B | ¥548.3B | ¥573.2B |
| SG&A | ¥126.4B | ¥498.1B | ¥466.8B | ¥440.9B | ¥427.0B |
| Operating Income | ¥44.9B | ¥146.6B | ¥60.0B | ¥110.1B | ¥143.5B |
| Non-Operating Income | ¥6.2B | ¥5.0B | ¥4.9B | ¥5.7B | ¥6.5B |
| Non-Operating Expenses | ¥3.8B | ¥4.1B | ¥3.4B | ¥2.4B | ¥2.6B |
| Ordinary Income | ¥31.6B | — | — | — | — |
| Pre-tax Income | ¥46.0B | ¥151.0B | ¥63.8B | ¥115.8B | ¥150.0B |
| Net Income (owners) | ¥31.0B | ¥107.8B | ¥43.9B | ¥86.0B | ¥109.6B |
| Minority Interest | ¥505M | ¥2.6B | ¥2.3B | ¥1.7B | ¥1.8B |
| Comprehensive Income | ¥148.8B | ¥160.4B | ¥84.5B | ¥128.3B | ¥165.1B |
| EBITDA | ¥67.2B | ¥235.1B | ¥149.6B | ¥199.8B | ¥230.9B |
| EPS | ¥68.53 | ¥231.94 | ¥94.37 | ¥183.28 | ¥230.59 |
| Shares Outstanding | 453.6M | 465.8M | 465.8M | 465.8M | 474.9M |
| Shares Issued (total) | 453.6M | 465.9M | 465.9M | 465.9M | 475.0M |
| Treasury Shares | 0.0M | 0.1M | 0.1M | 0.1M | 0.1M |
| Metric |
FY 2025
TDnet |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥38M | ¥1,867.2B | ¥1,769.7B | ¥1,726.3B | ¥1,704.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥905.9B | ¥914.0B | ¥817.1B | ¥807.2B | ¥809.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥323.3B | ¥357.7B | ¥291.7B | ¥268.2B | ¥336.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥969.2B | ¥953.2B | ¥952.6B | ¥919.1B | ¥894.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥443.1B | ¥423.3B | ¥420.6B | ¥439.3B | ¥428.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | ¥231.1B | ¥228.4B | ¥218.9B | ¥191.9B | ¥183.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥79.5B | ¥81.9B | ¥81.8B | ¥60.2B | ¥52.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥43.3B | ¥49.0B | ¥55.5B | ¥43.8B | ¥41.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥780.4B | ¥768.4B | ¥757.7B | ¥731.0B | ¥720.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥518.2B | ¥509.6B | ¥459.9B | ¥486.6B | ¥421.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥26.1B | ¥35.7B | ¥14.0B | ¥65.7B | ¥6.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥262.2B | ¥258.8B | ¥297.8B | ¥244.3B | ¥298.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥105.6B | ¥95.3B | ¥124.4B | ¥62.2B | ¥121.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥10.8B | ¥9.8B | ¥8.7B | ¥6.9B | ¥5.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥9.9B | ¥1,098.8B | ¥1,012.0B | ¥995.4B | ¥983.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥106.4B | ¥106.3B | ¥105.8B | ¥105.9B | ¥105.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥716.6B | ¥748.8B | ¥711.8B | ¥740.4B | ¥781.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-5.1B | ¥-5.9B | ¥-3.3B | ¥-3.5B | ¥-4.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥160.8B | ¥132.2B | ¥83.9B | ¥43.8B | ¥-3.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥1,064.1B | ¥1,066.8B | ¥983.7B | ¥972.1B | ¥965.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥30.6B | ¥32.1B | ¥28.4B | ¥23.3B | ¥18.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥131.7B | ¥131.1B | ¥138.5B | ¥127.8B | ¥127.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥191.6B | ¥226.7B | ¥153.2B | ¥140.4B | ¥208.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥125.5B | ¥145.6B | ¥59.4B | ¥76.2B | ¥89.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥277 | ¥313 | ¥128 | ¥164 | ¥189 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥2,346 | ¥2,290 | ¥2,112 | ¥2,087 | ¥2,032 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2025
TDnet |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Operating CF | ¥-16.8B | ¥201.6B | ¥202.5B | ¥130.9B | ¥175.5B |
| D&A | ¥22.3B | ¥88.4B | ¥89.6B | ¥89.7B | ¥87.3B |
| Investing CF | ¥5.4B | ¥-45.9B | ¥-109.3B | ¥-74.9B | ¥-67.2B |
| CapEx | ¥13.4B | ¥57.4B | ¥54.2B | ¥65.5B | ¥60.0B |
| Financing CF | ¥-41.3B | ¥-104.6B | ¥-80.0B | ¥-139.3B | ¥-141.6B |
| Free Cash Flow | ¥-30.2B | ¥144.2B | ¥148.3B | ¥65.4B | ¥115.6B |
| Metric |
FY 2025
TDnet |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| ROE | 5.6% | 10.2% | 4.4% | 8.7% | 11.1% |
| ROA | 3.3% | 5.9% | 2.5% | 5.0% | 6.4% |
| EPS | ¥68.53 | ¥231.94 | ¥94.37 | ¥183.28 | ¥230.59 |
| DPS | ¥154.00 | ¥152.00 | ¥150.00 | ¥148.00 | ¥144.00 |
| BPS | ¥2,371.02 | — | — | — | — |
| FCF/Share | ¥-66 | ¥310 | ¥318 | ¥140 | ¥243 |
| NCAV/Share | ¥277 | ¥313 | ¥128 | ¥164 | ¥189 |
| Payout Ratio | 224.7% | 65.5% | 158.9% | 80.8% | 62.4% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 59
| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 |
Japan Master Trust Bank
日本マスタートラスト信託銀行株式会社（信託口）
|
83,702 | 18.45% |
| 2 |
Japan Custody Bank
株式会社日本カストディ銀行（信託口）
|
31,943 | 7.04% |
| 3 |
State Street Bank and Trust Company
ステート ストリート バンク アンド トラスト カンパニー 505001（常任代理人 株式会社みずほ銀行決済営業部）
|
7,483 | 1.65% |
| 4 |
BNY Mellon (Nominee)
ビーエヌワイエム アズ エージーテイ クライアンツ ノン トリーテイー ジヤスデツク（常任代理人 株式会社三菱UFJ銀行）
|
7,385 | 1.63% |
| 5 |
Japan Securities Finance Co.,Ltd.
日本証券金融株式会社
|
6,997 | 1.54% |
| 6 | Oasis Opportunities Fund One SPC - ECHO SP（常任代理人 ゴールドマン・サックス証券株式会社） | 6,879 | 1.52% |
| 7 |
JPMorgan Chase Bank, N.A.
ジェーピー モルガン チェース バンク 385781（常任代理人 株式会社みずほ銀行決済営業部）
|
6,748 | 1.49% |
| 8 |
Nippon Life Insurance
日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社）
|
6,691 | 1.48% |
| 9 | ビービーエイチルクス フイデリテイ フアンズ グローバル デイビデンド プール（常任代理人 株式会社三菱UFJ銀行） | 6,010 | 1.32% |
| 10 | オアシスジャパンストラテジックファンド リミテッド（常任代理人 ゴールドマン・サックス証券株式会社） | 5,791 | 1.28% |
as of 2025-12-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
25.5%
-0.3% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
3.1%
-1.9% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
8.8%
+1.0% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 37.4% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 Activist |
|---|---|---|---|---|
| Japan Master Trust Bank 日本マスタートラスト信託銀行 | 18.86% | 18.90% | 18.45% -0.45% | |
| Japan Custody Bank 日本カストディ銀行 | 7.17% | 6.91% | 7.04% +0.13% | |
| State Street | 3.28% | 3.67% | 1.65% -2.02% | |
| ビーエヌワイエム アズ エージーテイ クライアンツ ノン トリーテイー ジヤスデツク NEW ENTRY | — | — | — | 1.63% NEW |
| Japan Securities Finance Co.,Ltd. 日本証券金融 | 1.47% | 1.46% | 1.54% +0.08% | |
| Oasis Opportunities Fund One SPC - ECHO SP | — | 1.48% | 1.52% +0.04% | |
| JP Morgan ↑ | 1.65% | 1.39% | 1.49% +0.10% | |
| Nippon Life Insurance 日本生命保険 | 1.44% | 1.44% | 1.48% +0.04% | |
| ビービーエイチルクス フイデリテイ フアンズ グローバル デイビデンド プール NEW ENTRY | — | — | — | 1.32% NEW |
| Oasis Management Activist NEW ENTRY | — | — | — | 1.28% NEW |
| SMBC Nikko Securities ＳＭＢＣ日興証券 last seen 2024 | Exited Top 10 | — | 1.93% | — |
| Mizuho Securities みずほ証券 last seen 2024 | Exited Top 10 | — | 1.47% | — |
| SMBC日興証券 last seen 2023 | Exited Top 10 | 2.46% | — | — |
| BNY Mellon last seen 2023 | Exited Top 10 | 1.42% | — | — |
| JPモルガン証券 last seen 2023 | Exited Top 10 | 1.40% | — | — |
| Concentration (HHI) ⓘ | 435 | 433 | 408 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥4,050M
+44% since 2023
Holdings
15
+2 new
3 exited
Trend
2 unwinding
vs 2023
| Held Company | FY2025 ¥4,050M total | FY2023 ¥2,814M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
AEON Co.,Ltd.
イオン㈱
|
2,104 |
+201.5%
↑
849,326
|
888 | 281,679 | |
|
Tokio Marine Holdings, Inc.
東京海上ホールディングス㈱
|
1,236 |
-33.3%
↓
212,410
|
1,124 | 318,510 | |
|
ZEON CORPORATION
日本ゼオン㈱
|
233 |
130,000
|
170 | 130,000 | M |
|
SANKYOKASEI CORPORATION
三京化成㈱
|
156 |
35,112
|
106 | 35,112 | M |
|
NICHIREKI GROUP CO., LTD.
ニチレキグループ㈱
|
129 |
NEW
New
52,807
|
— | ||
|
The Yamagata Bank, Ltd.
㈱山形銀行
|
55 |
-74.9%
↓
28,458
|
121 | 113,458 | M |
|
譬ｪ蠑丈ｼ夂､ｾ繧√�ｶ縺阪ヵ繧｣繝翫Φ繧ｷ繝｣繝ｫ繧ｰ繝ｫ繝ｼ繝�
㈱めぶきフィナンシャルグループ
|
52 |
50,223
|
22 | 50,223 | |
|
PLANET,INC.
㈱プラネット
|
31 |
24,000
|
29 | 24,000 | |
|
譬ｪ蠑丈ｼ夂､ｾ繝溘Λ繧､繝ｭ
㈱ミライロ
|
16 |
NEW
New
40,000
|
— | ||
|
ASIA PILE HOLDINGS CORPORATION
アジアパイルホールディングス㈱
|
16 |
11,000
|
8 | 11,000 | |
|
TOHO Co.,Ltd.
㈱トーホー
|
9 |
2,400
|
7 | 2,400 | |
|
Fujiya Co.,Ltd
㈱不二家
|
8 |
3,000
|
7 | 3,000 | |
|
NIPPON CONCRETE INDUSTRIES CO.,LTD.
日本コンクリート工業㈱
|
5 |
14,000
|
4 | 14,000 | |
| 三井住友トラスト・ホールディングス㈱ | — | — | |||
|
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
—
|
35 | 14,477 | |
|
Sumitomo Mitsui Financial Group, Inc.
㈱三井住友フィナンシャルグループ
|
— |
−100%
Exit
—
|
165 | 24,033 | |
| ニチレキ㈱ | — |
−100%
Exit
—
|
128 | 52,807 | |
| Portfolio total | 4,050 | 2,814 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding