EIKEN CHEMICAL CO.,LTD.

4549 栄研化学株式会社

Medical Devices · Prime · TSE: Disclosed

PRICE: ¥2,700 · MKT CAP: ¥90.2B · P/E: 41.7x · P/B: 2.09x · DIV YIELD: 2.0%

PRICE — 5Y

Characteristics & Business Summary

Eiken Chemical Co., Ltd. engages in the manufacture and sale of clinical diagnostics in Japan. It offers microbiological reagents for diagnosis of microorganism infection, such as mediums, antimicrobial susceptibility, and rapid test reagents; urinalysis test...

Income Statement Highlights (¥ Million, except EPS/DPS in ¥)

Fiscal Period	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024
Net Sales	38,667	42,996	43,271	40,052	40,539
Operating Profit	6,612	8,387	7,457	3,377	2,999
Ordinary Profit	6,808	8,508	7,568	3,568	3,198
Net Profit	5,044	6,218	5,736	2,634	2,228
EPS	¥137	¥168	¥155	¥76	¥67
DPS	¥41	¥51	¥51	¥51	¥53

Balance Sheet & Valuation Highlights

Total Assets ¥62B

Net Assets (Equity) ¥44B

Equity Ratio 69.3%

ROE (Return on Equity) 5.2%

Cash & Equivalents ¥10B

Interest-Bearing Debt ¥3B

Capital Expenditure (CapEx) ¥5B

Depreciation & Amort. ¥3B

Major Shareholders

1. Japan Master Trust Bank 15.2%
2. NIPPON ACTIVE VALUE FUND PLC 9.7%
3. State Street Bank and Trust Company 6.0%
4. Custody Bank of Japan, Ltd. (Trust Account) 5.1%
5. AVI JAPAN OPPORTUNITY TRUST PLC 4.9%
6. BNY Mellon (Nominee) 4.1%
7. Dai-ichi Life Insurance Company, Ltd. 3.3%
8. NAVF SELECT LLC（常任代理人香港上海銀行東京支店カストディ業務部） 2.6%
9. CACEIS BANK， LUXEMBOURG BRANCH ／AIF CLIENTS ASSETS（常任代理人香港上海銀行東京支店カストディ業務部） 2.5%
10. Nippon Life Insurance Company 2.4%

Activist Activity

NIPPON ACTIVE VALUE FUND PLC 32.84%

2026-04-08 · change

Asset Value Investors Limited 7.37%

2025-12-05 · correction

Asset Value Investors Limited 7.79%

2025-12-03 · change

NIPPON ACTIVE VALUE FUND PLC 32.79%

2025-11-21 · change

NIPPON ACTIVE VALUE FUND PLC 28.92%

2025-11-13 · change

Historical Per-Share Data & Valuation Ratios

Per Share Metric	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024
Revenues per share	¥1,047	¥1,163	¥1,169	¥1,158	¥1,213
FCF/Share	¥106	¥90	¥118	¥53	¥25
EPS	¥137	¥168	¥155	¥76	¥67
DPS	¥41	¥51	¥51	¥51	¥53
Capital Spending per share	¥42	¥120	¥87	¥57	¥156
Book Value per share	¥1,107	¥1,216	¥1,316	¥1,298	¥1,279
Common Shares Outstanding	37M	37M	37M	35M	33M

Financial Aggregates & Margins

Financial Aggregate	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024
Revenues (Net Sales)	¥39B	¥43B	¥43B	¥40B	¥41B
Operating Margin (%)	17.1%	19.5%	17.2%	8.4%	7.4%
Net Profit (owners)	¥5B	¥6B	¥6B	¥3B	¥2B
Net Profit Margin (%)	13.0%	14.5%	13.3%	6.6%	5.5%
Working Capital	¥16B	¥20B	¥22B	¥22B	¥13B
Total Debt (Interest-bearing)	¥0B	¥3B	¥3B	¥3B	¥3B
Net Worth (Common Equity)	¥41B	¥45B	¥49B	¥45B	¥43B
Return on Total Assets (ROA)	9.1%	9.9%	8.7%	4.3%	3.6%
Return on Common Equity (ROE)	12.3%	13.8%	11.8%	5.9%	5.2%

Business Summary & Analysis

Capital Strategy Targets

No active capital policy disclosure records found.