4611
Dai Nippon Toryo Company, Limited
大日本塗料株式会社
Chemicals
Dai Nippon Toryo Company, Limited, together with its subsidiaries, manufactures and sells coatings and jet inks in Japan and internationally. The company operates through Domestic Coatings, Overseas Coatings, Lighting, and Fluorescent Color Material segments. It offers anticorrosive coatings for steel frames of buildings, bridges, industrial plants, and concrete structures; decorative coatings comprising water-based coatings for interiors and thermal insulation coatings that reflect sunlight and radiate heat when applied on roofs and walls; coatings for automotive components, such as door mirrors, bumpers, and other interior and exterior components; and powder coatings for industrial applications, such as curtain walls, aluminum sashes, steel furniture, agricultural and construction machinery, heavy and light electrical equipment, PCM, and exterior materials. The company also provides coating workshops for coating workers. In addition, it offers nanoparticle series products, including metal and inorganic oxides that exhibit optical, electrical, and other functions; an immunochromatography kit for detection of extracellular vesicles; and solutions for forming coating/ink composite coating films. Further, the company engages in the manufacture and sale of lighting equipment, fluorescent pigments, and special coating materials, as well as store construction activities. Dai Nippon Toryo Company, Limited was incorporated in 1929 and is headquartered in Osaka, Japan.
Price
¥1,288
Market Cap
¥36.7B
Ent. Value
¥35.6B
Net Cash
¥1.1B
Shares Out.
28.5M
P / E
3.9×
EV / EBIT
7.6×
⚠ TSE Capital Mandate
P / Book
0.56×
P / NCAV
N/M
Div. Yield
3.80%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | ¥72.5B | ¥71.9B | ¥72.8B | ¥66.9B |
| Cost of Sales | ¥50.0B | ¥50.1B | ¥52.2B | ¥47.3B |
| Gross Profit | ¥22.5B | ¥21.8B | ¥20.6B | ¥19.7B |
| SG&A | ¥17.7B | ¥16.9B | ¥16.7B | ¥16.5B |
| Operating Income | ¥4.7B | ¥4.9B | ¥3.9B | ¥3.2B |
| Non-Operating Income | ¥832M | ¥611M | ¥586M | ¥673M |
| Dividend Income | ¥276M | ¥278M | ¥229M | ¥210M |
| Interest Income | ¥127M | ¥51M | ¥15M | ¥17M |
| Non-Operating Expenses | ¥348M | ¥175M | ¥216M | ¥391M |
| Interest Expense | ¥81M | ¥72M | ¥71M | ¥65M |
| Ordinary Income | ¥5.2B | ¥5.3B | ¥4.3B | ¥3.5B |
| Pre-tax Income | ¥11.8B | ¥7.3B | ¥4.9B | ¥3.6B |
| Income Taxes | ¥2.1B | ¥2.5B | ¥1.3B | ¥1.3B |
| Current Tax | ¥1.3B | ¥1.5B | ¥947M | ¥595M |
| Deferred Tax | ¥831M | ¥949M | ¥348M | ¥732M |
| Net Income (owners) | ¥9.4B | ¥4.6B | ¥3.5B | ¥2.0B |
| Minority Interest | ¥206M | ¥225M | ¥159M | ¥251M |
| Comprehensive Income | ¥6.9B | ¥8.7B | ¥4.0B | ¥1.9B |
| EBITDA | ¥7.2B | ¥7.3B | ¥6.3B | ¥5.7B |
| EPS | ¥331.40 | ¥161.70 | ¥121.78 | ¥71.74 |
| Shares Outstanding | 28.5M | 28.5M | 28.4M | 28.3M |
| Shares Issued (total) | 29.7M | 29.7M | 29.7M | 29.7M |
| Treasury Shares | 1.2M | 1.2M | 1.3M | 1.4M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥133.3B | ¥101.6B | ¥92.8B | ¥87.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥53.1B | ¥40.2B | ¥38.6B | ¥34.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥12.6B | ¥8.4B | ¥6.9B | ¥6.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Receivables | ¥15.7B | ¥12.1B | ¥14.1B | ¥16.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥80.3B | ¥61.4B | ¥54.2B | ¥52.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥46.0B | ¥26.3B | ¥25.5B | ¥25.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥1.4B | ¥898M | ¥445M | ¥374M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥9.4B | ¥10.2B | ¥7.7B | ¥7.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥1.5B | ¥1.5B | ¥1.9B | ¥1.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥57.2B | ¥39.1B | ¥37.6B | ¥35.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥39.6B | ¥28.7B | ¥28.2B | ¥25.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable | ¥20.3B | ¥16.7B | ¥17.3B | ¥16.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥10.5B | ¥5.1B | ¥4.3B | ¥3.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | ¥856M | ¥959M | ¥721M | ¥429M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥17.5B | ¥10.4B | ¥9.4B | ¥9.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥1.0B | — | ¥700M | ¥1.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | ¥2.2B | ¥982M | ¥1.0B | ¥938M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥11.9B | ¥7.7B | ¥5.7B | ¥5.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥76.2B | ¥62.5B | ¥55.2B | ¥52.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | ¥8.8B | ¥8.8B | ¥8.8B | ¥8.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥2.4B | ¥2.4B | ¥2.4B | ¥2.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥44.6B | ¥36.2B | ¥32.3B | ¥29.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-1.4B | ¥-1.4B | ¥-1.5B | ¥-1.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥10.5B | ¥13.5B | ¥9.9B | ¥9.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥54.5B | ¥46.0B | ¥42.1B | ¥39.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥11.0B | ¥2.8B | ¥3.0B | ¥2.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥11.6B | ¥5.1B | ¥5.0B | ¥4.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥1.1B | ¥3.3B | ¥1.9B | ¥2.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥-4.1B | ¥1.1B | ¥1.0B | ¥-940M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥-144 | ¥38 | ¥36 | ¥-33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥1,913 | ¥1,617 | ¥1,481 | ¥1,380 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Operating CF | ¥3.6B | ¥3.5B | ¥1.3B | ¥3.4B |
| Interest Paid | ¥-81M | ¥-72M | ¥-71M | ¥-65M |
| Interest Received | ¥403M | ¥330M | ¥245M | ¥229M |
| D&A | ¥2.5B | ¥2.4B | ¥2.4B | ¥2.5B |
| Investing CF | ¥-364M | ¥-772M | ¥-1.4B | ¥-966M |
| CapEx | ¥4.4B | ¥3.6B | ¥2.9B | ¥1.3B |
| Purchase Investments | ¥-7M | ¥-11M | ¥-11M | ¥-13M |
| Proceeds from Invest. | ¥2.9B | ¥1.7B | ¥102M | ¥265M |
| Financing CF | ¥-75M | ¥-1.7B | ¥-473M | ¥-2.8B |
| Dividends Paid | ¥-996M | ¥-710M | ¥-708M | ¥-707M |
| Share Buybacks | ¥0M | — | — | ¥0M |
| LT Debt Repaid | ¥-700M | ¥-600M | ¥-600M | ¥-600M |
| Free Cash Flow | ¥-816M | ¥-103M | ¥-1.6B | ¥2.1B |
| Net Change in Cash | ¥3.6B | ¥1.5B | ¥-138M | ¥-257M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| ROE | 15.2% | 8.2% | 6.8% | 4.2% |
| ROA | 8.0% | 4.7% | 3.8% | 2.3% |
| EPS | ¥331.40 | ¥161.70 | ¥121.78 | ¥71.74 |
| DPS | ¥49.00 | ¥35.00 | ¥25.00 | ¥25.00 |
| BPS | ¥2,281.92 | ¥2,092.10 | ¥1,829.75 | ¥1,730.00 |
| FCF/Share | ¥-29 | ¥-4 | ¥-58 | ¥73 |
| NCAV/Share | ¥-144 | ¥38 | ¥36 | ¥-33 |
| Payout Ratio | 14.8% | 21.6% | 20.5% | 34.8% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 4
| # | 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)
|
2,916 | 10.23% |
| 2 |
Meiji Yasuda Life Insurance
明治安田生命保険相互会社 (常任代理人 株式会社日本カストディ銀行)
|
1,400 | 4.91% |
| 3 |
Stock Ownership Plan
DNT取引関係持株会
|
1,375 | 4.82% |
| 4 |
MUFG Bank
株式会社三菱UFJ銀行
|
1,228 | 4.31% |
| 5 | ダイニッカ株式会社 | 1,215 | 4.26% |
| 6 |
Fukoku Mutual Life Insurance
富国生命保険相互会社 (常任代理人 株式会社日本カストディ銀行)
|
1,000 | 3.51% |
| 7 |
Shimadzu Corporation
株式会社島津製作所
|
1,000 | 3.51% |
| 8 |
Tokio Marine & Nichido Fire Insurance Co., Ltd.
東京海上日動火災保険株式会社
|
844 | 2.96% |
| 9 | 田邊 康秀 | 821 | 2.88% |
| 10 |
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
|
691 | 2.42% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
12.7%
-0.9% 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
31.2%
-0.6% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 43.8% · 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 | 9.88% | 9.66% | 10.23% +0.57% | |
| Meiji Yasuda Life Insurance 明治安田生命保険 | 4.92% | 4.91% | 4.91% | |
| Stock Ownership Plan DNT取引関係持株会 | 4.85% | 4.84% | 4.82% -0.02% | |
| MUFG Bank 式会社三菱UFJ銀行 | 4.31% | 4.31% | 4.31% | |
| ダイニッカ | 4.27% | 4.26% | 4.26% | |
| Shimadzu Corporation 式会社島津製作所 | 3.51% | 3.51% | 3.51% | |
| Fukoku Mutual Life Insurance 富国生命保険相互会社 | 3.51% | 3.51% | 3.51% | |
| Tokio Marine & Nichido Fire Insurance Co., Ltd. 東京海上日動火災保険 | 3.56% | 3.56% | 2.96% -0.60% | |
| 田邊 康秀 | 2.91% | 2.91% | 2.88% -0.03% | |
| Japan Custody Bank 日本カストディ銀行 | 2.52% | 3.92% | 2.42% -1.50% | |
| Concentration (HHI) ⓘ | 234 | 239 | 236 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥6,122M
-14% since 2023
Holdings
20
15 exited
Trend
2 unwinding
vs 2023
| Held Company | FY2025 ¥6,122M total | FY2023 ¥7,112M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
Mitsubishi UFJ Financial Group, Inc.
株式会社三菱UFJフィナンシャル・グループ
|
763 |
379,720
|
321 | 379,720 | |
|
Mitsubishi Logisnext Co., Ltd.
三菱ロジスネクスト株式会社
|
726 |
341,500
|
321 | 341,500 | M |
|
Sekisui House,Ltd.
積水ハウス株式会社
|
699 |
-50.0%
↓
209,495
|
1,129 | 418,795 | |
|
Shimadzu Corporation
株式会社島津製作所
|
642 |
172,199
|
712 | 172,199 | M |
|
KUBOTA CORPORATION
株式会社クボタ
|
641 |
350,425
|
700 | 350,425 | |
|
Sekisui Chemical Co.,Ltd.
積水化学工業株式会社
|
617 |
242,500
|
454 | 242,500 | |
|
O-WELL CORPORATION
オーウエル株式会社
|
530 |
550,000
|
436 | 550,000 | M |
|
Mitsubishi Corporation
三菱商事株式会社
|
508 |
-50.0%
↓
193,500
|
1,838 | 387,000 | |
|
Mitsubishi Research Institute, Inc.
株式会社三菱総合研究所
|
304 |
64,900
|
330 | 64,900 | |
|
Yokogawa Bridge Holdings Corp.
株式会社横河ブリッジホールディングス
|
131 |
52,574
|
113 | 52,574 | |
|
Mitsubishi Electric Corporation
三菱電機株式会社
|
127 |
46,749
|
73 | 46,749 | |
|
East Japan Railway Company
東日本旅客鉄道株式会社
|
88 |
+200.0%
↑
30,000
|
73 | 10,000 | |
|
NIHON PARKERIZING CO., LTD.
日本パーカライジング株式会社
|
86 |
73,000
|
72 | 73,000 | M |
| 株式会社コンコルディア・フィナンシャルグループ | 77 |
79,374
|
38 | 79,374 | |
|
MIYAJI ENGINEERING GROUP, INC.
宮地エンジニアリンググループ株式会社
|
65 |
+300.0%
↑
36,800
|
34 | 9,200 | |
|
MITSUBISHI GAS CHEMICAL COMPANY,INC.
三菱瓦斯化学株式会社
|
51 |
22,000
|
43 | 22,000 | M |
| 株式会社ジーエス・ユアサ コーポレーション | 45 |
19,172
|
45 | 19,172 | |
|
Kikusui Chemical Industry Co., Ltd.
菊水化学工業株式会社
|
21 |
56,000
|
21 | 56,000 | M |
|
Sankyo Tateyama,Inc.
三協立山株式会社
|
1 |
2,900
|
2 | 2,900 | |
|
NICHIHA CORPORATION
ニチハ株式会社
|
— | — | |||
|
Mitsubishi HC Capital Inc.
三菱HCキャピタル株式会社
|
— |
−100%
Exit
—
|
82 | 120,000 | |
|
NISSAN SHATAI CO.,LTD.
日産車体株式会社
|
— |
−100%
Exit
—
|
75 | 89,584 | |
| 株式会社淀川製鋼所 | — |
−100%
Exit
—
|
54 | 20,131 | |
|
Sakai Chemical Industry Co.,Ltd.
堺化学工業株式会社
|
— |
−100%
Exit
—
|
29 | 16,675 | M |
|
Sumitomo Riko Company Limited
住友理工株式会社
|
— |
−100%
Exit
—
|
15 | 21,883 | |
|
DIC Corporation
DIC株式会社
|
— |
−100%
Exit
—
|
15 | 6,651 | M |
|
HONDA MOTOR CO., LTD.
本田技研工業株式会社
|
— |
−100%
Exit
—
|
50 | 14,291 | |
|
Mitsubishi Steel Mfg. Co.,Ltd.
三菱製鋼株式会社
|
— |
−100%
Exit
—
|
8 | 7,500 | |
|
Sakai Trading Co.
堺商事株式会社
|
— |
−100%
Exit
—
|
6 | 2,000 | M |
|
NITTO KOGYO CORPORATION
日東工業株式会社
|
— |
−100%
Exit
—
|
5 | 2,107 | |
|
HINO MORTORS,LTD.
日野自動車株式会社
|
— |
−100%
Exit
—
|
5 | 10,000 | |
|
MITSUBISHI MOTORS CORPORATION
三菱自動車工業株式会社
|
— |
−100%
Exit
—
|
5 | 9,600 | |
|
KOMATSU WALL INDUSTRY CO., LTD.
小松ウオール工業株式会社
|
— |
−100%
Exit
—
|
4 | 2,000 | |
|
PARKER CORPORATION
株式会社パーカーコーポレーション
|
— |
−100%
Exit
—
|
3 | 5,346 | |
|
INABA SEISAKUSHO Co.,Ltd.
株式会社稲葉製作所
|
— |
−100%
Exit
—
|
1 | 1,200 | |
| Portfolio total | 6,122 | 7,112 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding