4543
TERUMO CORPORATION
テルモ株式会社
Precision Instruments
Terumo Corporation engages in the manufacture and sale of medical products and equipment in Japan, Europe, China, the United States, Asia, and internationally. The company operates through four segments: Cardiac and Vascular Company, Medical Care Solutions Company, Blood and Cell Technologies Company, and Terumo Organ Technologies. The Cardiac and Vascular Company segment offers angiographic guidewires, angiographic catheters, introducer sheaths, vascular closure devices, PTCA balloon catheters, coronary stents, self-expanding peripheral stents, intravascular ultrasound systems, imaging catheters, and others; coils, stents, and intrasaccular devices for treating cerebral aneurysm; embolization systems, aspiration catheters, and clot retrievers for treating ischemic stroke and others; oxygenators, cardio-pulmonary bypass systems, and others; and artificial vascular stent grafts, and others. The Medical Care Solutions Company segment provides syringes, infusion pumps, syringe pumps, infusion lines, I.V. solutions, peritoneal dialysis fluids, pain management adhesion barriers, and others; blood glucose monitoring systems, disposable needles for pen-injector, insulin patch pumps, blood pressure monitors, digital thermometers, and others; and contract manufacturing of prefilled syringes, devices to pharmaceutical companies for use in drug kits, such as prefillable syringes, needles for pharmaceutical packaging business, and others. The Blood and Cell Technologies Company segment offers blood bags, component collection systems, automated blood processing systems, pathogen reduction systems, centrifugal apheresis systems, cell expansion systems, and others. The Terumo Organ Technologies segment provides organ preservation devices. The company was formerly known as Sekisen Ken-onki Corporation and changed its name to Terumo Corporation in October 1974. Terumo Corporation was incorporated in 1921 and is headquartered in Shibuya, Japan.
Price
¥2,401
Market Cap
¥3.5T
Ent. Value
¥3.5T
Net Cash
¥47.0B
Shares Out.
1.5B
P / E
30.4×
EV / EBIT
22.2×
P / Book
—
P / NCAV
13.43×
Div. Yield
1.08%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | ¥1,036.2B | ¥921.9B | ¥820.2B | ¥703.3B |
| Cost of Sales | ¥475.5B | ¥442.7B | ¥402.8B | ¥334.0B |
| Gross Profit | ¥560.7B | ¥479.2B | ¥417.4B | ¥369.3B |
| SG&A | ¥381.6B | ¥345.0B | ¥299.9B | ¥250.9B |
| Operating Income | ¥157.7B | ¥140.1B | ¥117.3B | ¥116.0B |
| Non-Operating Income | ¥3.6B | ¥3.5B | ¥2.6B | ¥1.1B |
| Non-Operating Expenses | ¥6.2B | ¥2.8B | ¥4.0B | ¥3.0B |
| Pre-tax Income | ¥154.6B | ¥140.8B | ¥116.1B | ¥114.5B |
| Net Income (owners) | ¥117.0B | ¥106.4B | ¥89.3B | ¥88.8B |
| Comprehensive Income | ¥106.8B | ¥258.8B | ¥176.4B | ¥178.4B |
| EBITDA | ¥243.1B | ¥216.8B | ¥187.6B | ¥174.8B |
| EPS | ¥79.01 | ¥71.50 | ¥119.00 | ¥117.45 |
| Shares Outstanding | 1.47B | 742.4M | 744.6M | 756.3M |
| Shares Issued (total) | 1.48B | 745.3M | 747.7M | 759.5M |
| Treasury Shares | 5.6M | 3.0M | 3.1M | 3.2M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥1,828.4B | ¥1,831.4B | ¥1,602.2B | ¥1,473.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥723.5B | ¥722.1B | ¥611.4B | ¥558.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥221.9B | ¥204.9B | ¥187.3B | ¥205.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥1,104.9B | ¥1,109.3B | ¥990.8B | ¥915.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥431.1B | ¥415.8B | ¥370.9B | ¥333.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | ¥293.2B | ¥302.3B | ¥267.7B | ¥250.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥31.1B | ¥20.0B | ¥20.5B | ¥20.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥459.9B | ¥504.3B | ¥491.2B | ¥461.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥241.0B | ¥379.2B | ¥218.0B | ¥177.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥15.0B | ¥156.9B | ¥11.2B | ¥1.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥218.9B | ¥125.2B | ¥273.2B | ¥283.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥159.8B | ¥75.0B | ¥220.7B | ¥224.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥5.8B | ¥3.0B | ¥8.9B | ¥12.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥1,368.5B | ¥1,327.1B | ¥1,111.1B | ¥1,012.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥51.7B | ¥51.8B | ¥51.8B | ¥51.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥1,016.2B | ¥954.7B | ¥874.3B | ¥847.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-14.9B | ¥-12.4B | ¥-11.5B | ¥-6.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥276.8B | ¥294.4B | ¥157.9B | ¥80.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥1,368.5B | ¥1,327.1B | ¥1,111.1B | ¥1,012.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥174.8B | ¥231.8B | ¥231.9B | ¥226.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥47.0B | ¥-27.0B | ¥-44.6B | ¥-20.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥263.6B | ¥217.8B | ¥120.2B | ¥97.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥179 | ¥293 | ¥161 | ¥129 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥928 | ¥1,788 | ¥1,492 | ¥1,338 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Operating CF | ¥210.8B | ¥146.3B | ¥117.5B | ¥141.5B |
| D&A | ¥85.4B | ¥76.7B | ¥70.2B | ¥58.9B |
| Investing CF | ¥-82.5B | ¥-81.5B | ¥-59.1B | ¥-78.5B |
| CapEx | ¥68.6B | ¥60.7B | ¥52.7B | ¥53.5B |
| Financing CF | ¥-108.8B | ¥-62.1B | ¥-86.6B | ¥-70.9B |
| Free Cash Flow | ¥142.2B | ¥85.6B | ¥64.8B | ¥88.0B |
| Net Change in Cash | ¥17.0B | ¥17.6B | ¥-17.9B | ¥4.5B |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 9
| # | 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)
|
329,203 | 22.30% |
| 2 |
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
|
136,542 | 9.30% |
| 3 |
Dai-ichi Life Insurance
第一生命保険株式会社
|
60,327 | 4.10% |
| 4 |
Meiji Yasuda Life Insurance
明治安田生命保険相互会社
|
48,844 | 3.30% |
| 5 | STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | 46,406 | 3.10% |
| 6 | 公益財団法人テルモ生命科学振興財団 | 29,440 | 2.00% |
| 7 | STATE STREET BANK AND TRUST COMPANY 505103(常任代理人 株式会社みずほ銀行決済営業部) | 27,072 | 1.80% |
| 8 |
STATE STREET BANK WEST CLIENT - TREATY
STATE STREET BANK WEST CLIENT - TREATY 505234(常任代理人 株式会社みずほ銀行決済営業部)
|
27,072 | 1.80% |
| 9 |
GOVERNMENT OF NORWAY
GOVERNMENT OF NORWAY(常任代理人 シティバンク、エヌ・エイ東京支店)
|
23,912 | 1.60% |
| 10 |
STATE STREET BANK AND TRUST COMPANY
STATE STREET BANK AND TRUST COMPANY 505223(常任代理人 株式会社みずほ銀行決済営業部)
|
23,626 | 1.60% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
31.6%
+1.9% 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
19.3%
+2.0% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 50.9% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Japan Master Trust Bank 日本マスタートラスト信託銀行 | 22.50% | 20.70% | 22.30% +1.60% | |
| Japan Custody Bank 日本カストディ銀行 | 10.40% | 9.00% | 9.30% +0.30% | |
| Dai-ichi Life Insurance 第一生命保険 | 4.30% | 4.10% | 4.10% | |
| Meiji Yasuda Life Insurance 明治安田生命保険 | 3.30% | 3.30% | 3.30% | |
| STATE STREET BANK AND TRUST COMPANY 505001 NEW ENTRY | 1.40% | — | 3.10% NEW | |
| 公益財団法人テルモ生命科学振興財団 | 2.00% | 2.00% | 2.00% | |
| STATE STREET BANK WEST CLIENT - TREATY STATE STREET BANK WEST CLIENT - TREATY 505234 | 1.50% | 1.70% | 1.80% +0.10% | |
| STATE STREET BANK AND TRUST COMPANY 505103 NEW ENTRY | — | — | — | 1.80% NEW |
| STATE STREET BANK AND TRUST COMPANY STATE STREET BANK AND TRUST COMPANY 505223 | 1.40% | 1.60% | 1.60% | |
| GOVERNMENT OF NORWAY GOVERNMENT OF NORWAY | — | 1.50% | 1.60% +0.10% | |
| SSBTC CLIENT OMNIBUS ACCOUNT SSBTC CLIENT OMNIBUS ACCOUNT last seen 2024 | Exited Top 10 | — | 1.60% | — |
| Mizuho Bank みずほ銀行 last seen 2024 | Exited Top 10 | 1.70% | 1.50% | — |
| 全国共済農業協同組合連合会 last seen 2023 | Exited Top 10 | 1.40% | — | — |
| Concentration (HHI) ⓘ | 659 | 554 | 637 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥5,801M
+99% since 2023
Holdings
13
+2 new
8 exited
Trend
1 building
vs 2023
| Held Company | FY2025 ¥5,801M total | FY2023 ¥2,922M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
Cuorips Inc.
クオリプス(株)
|
4,404 |
NEW
New
530,000
|
— | ||
|
TOHO HOLDINGS CO.,LTD.
東邦ホールディングス(株)
|
544 |
122,080
|
286 | 122,080 | M |
| 第一生命ホールディングス(株) | 316 |
+300.0%
↑
279,200
|
169 | 69,800 | |
| アルフレッサ ホールディングス(株) | 178 |
84,692
|
143 | 84,692 | |
|
Hokuyaku Takeyama Holdings Co., Ltd.
(株)ほくやく・竹山ホールディングス
|
124 |
140,368
|
88 | 140,368 | |
|
MEDIPAL HOLDINGS CORPORATION
(株)メディパルホールディングス
|
101 |
43,303
|
78 | 43,303 | M |
|
MEDIUS HOLDINGS Co.,Ltd.
メディアスホールディングス(株)
|
68 |
72,000
|
58 | 72,000 | M |
|
Win Partners Co., Ltd.
ウイン・パートナーズ(株)
|
66 |
NEW
New
50,000
|
— | ||
|
螟ァ譛ィ繝倥Ν繧ケ繧ア繧「繝帙�シ繝ォ繝�繧」繝ウ繧ー繧ケ譬ェ蠑丈シ夂、セ
大木ヘルスケアホールディングス(株)
|
— | — | |||
|
Mizuho Financial Group, Inc.
(株)みずほフィナンシャルグループ
|
— | — | |||
|
TOPPAN Holdings Inc.
TOPPANホールディングス(株)
|
— | — | |||
|
Tokio Marine Holdings, Inc.
東京海上ホールディングス(株)
|
— | — | |||
|
Azbil Corporation
アズビル(株)
|
— | — | M | ||
|
Mitsubishi UFJ Financial Group, Inc.
(株)三菱UFJフィナンシャル・グループ
|
— |
−100%
Exit
—
|
1,643 | 1,938,270 | |
|
TOWA CORPORATION
TOWA(株)
|
— |
−100%
Exit
—
|
232 | 110,880 | M |
|
SUZUKEN CO.,LTD.
(株)スズケン
|
— |
−100%
Exit
—
|
102 | 30,624 | M |
|
Vital KSK Holdings Co., Ltd.
(株)バイタルケーエスケー・ホールディングス
|
— |
−100%
Exit
—
|
33 | 37,485 | |
|
Dai Nippon Printing Co.,Ltd.
大日本印刷(株)
|
— |
−100%
Exit
—
|
20 | 5,512 | M |
|
Win Partners Co., Ltd.
(株)ウイン・パートナーズ
|
— |
−100%
Exit
—
|
50 | 50,000 | |
| 凸版印刷(株) | — |
−100%
Exit
—
|
15 | 5,948 | M |
| (株)三菱ケミカルホールディングス | — |
−100%
Exit
—
|
5 | 7,579 | |
| Portfolio total | 5,801 | 2,922 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding