Nihon Tokushu Toryo Co., Ltd.

日本特殊塗料株式会社

Chemicals

Nihon Tokushu Toryo Co., Ltd. provides automotive products and paints and coatings in Japan, rest of Asia, and internationally. It offers automotive soundproofing, rust-proof, and anti-corrosive coatings; and paints and coatings for aviation and space industries, as well as insurance agency services. The company was founded in 1929 and is headquartered in Tokyo, Japan.

← Companies

Price

¥2,364

Market Cap

¥51.0B

Ent. Value

¥38.0B

Net Cash

¥13.0B

Shares Out.

21.6M

P / E

9.8×

EV / EBIT

9.5×

P / Book

0.84×

P / NCAV

2.68×

Div. Yield

2.12%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥61.9B	¥66.1B	¥64.7B	¥60.7B	¥54.8B
Cost of Sales	¥47.3B	¥51.6B	¥50.7B	¥49.7B	¥44.3B
Gross Profit	¥14.6B	¥14.5B	¥14.0B	¥11.1B	¥10.5B
SG&A	¥10.6B	¥10.0B	¥10.1B	¥9.5B	¥9.0B
Operating Income	¥4.0B	¥4.5B	¥3.9B	¥1.6B	¥1.5B
Non-Operating Income	¥3.1B	¥2.3B	¥2.1B	¥1.6B	¥1.2B
Dividend Income	—	¥301M	¥225M	¥220M	¥206M
Interest Income	—	¥93M	¥117M	¥101M	¥88M
Non-Operating Expenses	—	¥97M	¥87M	¥108M	¥79M
Interest Expense	—	¥32M	¥41M	¥64M	¥56M
Ordinary Income	¥6.8B	¥6.7B	¥6.0B	¥3.1B	¥2.6B
Pre-tax Income	¥7.4B	¥6.9B	¥6.0B	¥3.7B	¥3.1B
Income Taxes	¥1.6B	¥1.4B	¥1.4B	¥866M	¥1.1B
Current Tax	—	¥1.4B	¥1.4B	¥953M	¥1.1B
Deferred Tax	—	¥-22M	¥71M	¥41M	¥-45M
Net Income (owners)	¥5.2B	¥4.9B	¥3.9B	¥2.1B	¥1.3B
Minority Interest	—	¥581M	¥574M	¥725M	¥685M
Comprehensive Income	—	¥6.1B	¥9.0B	¥3.8B	¥3.6B
EBITDA	¥6.8B	¥7.4B	¥7.0B	¥4.8B	¥4.7B
EPS	¥242.39	¥227.24	¥181.57	¥96.77	¥59.90
Shares Outstanding	—	21.6M	21.6M	21.6M	21.6M
Shares Issued (total)	—	23.6M	23.6M	23.6M	23.6M
Treasury Shares	—	2.0M	2.0M	2.0M	2.0M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥85.4B	¥85.2B	¥87.5B	¥82.0B	¥79.8B
Current Assets	¥37.4B	¥38.3B	¥38.6B	¥36.0B	¥31.9B
Cash & Deposits	¥15.8B	¥16.2B	¥15.9B	¥10.9B	¥8.9B
Trade Receivables	—	¥10.3B	¥11.0B	¥12.0B	¥10.7B
Non-Current Assets	¥48.0B	¥46.9B	¥48.9B	¥46.0B	¥47.9B
PP&E	¥21.4B	¥21.4B	¥22.4B	¥24.3B	¥25.1B
Intangible Assets	—	¥1.3B	¥1.2B	¥1.2B	¥1.3B
Investment Securities	¥23.3B	¥22.1B	¥23.2B	¥18.4B	¥18.3B
Deferred Tax Assets	—	¥158M	¥102M	¥88M	¥99M
Total Liabilities	¥18.4B	¥21.1B	¥27.9B	¥29.8B	¥30.1B
Current Liabilities	¥13.9B	¥16.1B	¥21.4B	¥23.6B	¥22.3B
Accounts Payable	—	¥7.9B	¥9.9B	¥9.9B	¥8.6B
ST Debt	¥2.4B	¥2.7B	¥2.8B	¥5.3B	¥5.6B
Taxes Payable	—	¥773M	¥1.0B	¥469M	¥601M
Non-Current Liabilities	¥4.5B	¥5.0B	¥6.5B	¥6.2B	¥7.8B
Total LT Borrowings	¥451M	¥804M	¥1.2B	¥2.0B	¥3.2B
Pension Obligations	—	¥2.5B	¥2.9B	¥3.2B	¥3.3B
Deferred Tax Liab.	—	¥1.6B	¥2.3B	¥842M	¥1.1B
Total Equity	¥67.0B	¥64.1B	¥59.6B	¥52.2B	¥49.7B
Capital Stock	—	¥4.8B	¥4.8B	¥4.8B	¥4.8B
Capital Surplus	—	¥4.2B	¥4.2B	¥4.2B	¥4.2B
Retained Earnings	¥41.6B	¥38.7B	¥34.7B	¥31.7B	¥30.5B
Treasury Stock	—	¥-1.1B	¥-1.1B	¥-1.1B	¥-1.1B
AOCI	—	¥10.9B	¥10.8B	¥6.6B	¥5.9B
Equity (owners)	¥48.4B	¥46.5B	¥42.6B	¥39.6B	¥38.4B
Minority Interests	—	¥6.7B	¥6.2B	¥6.0B	¥5.5B

Total Interest-Bearing Debt ⓘ	¥2.8B	¥3.5B	¥3.9B	¥7.4B	¥8.8B
Net Cash ⓘ	¥13.0B	¥12.7B	¥11.9B	¥3.5B	¥122M
NCAV ⓘ	¥19.1B	¥17.2B	¥10.7B	¥6.2B	¥1.8B
NCAV/Share	—	¥796	¥494	¥287	¥83
BV/Share	—	¥2,155	¥1,973	¥1,834	¥1,779

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥6.4B	¥3.1B	¥9.3B	¥6.2B	¥5.0B
Interest Paid	—	¥-34M	¥-42M	¥-64M	¥-54M
Interest Received	—	¥1.9B	¥1.8B	¥1.5B	¥1.4B
D&A	¥2.8B	¥3.0B	¥3.1B	¥3.2B	¥3.2B
Investing CF	¥-5.2B	¥-1.2B	¥533M	¥-1.6B	¥-1.3B
Purchase Investments	—	¥-13M	¥-11M	¥-10M	¥-9M
Proceeds from Invest.	—	¥349M	¥145M	¥574M	¥533M
Financing CF	¥-4.8B	¥-2.0B	¥-5.1B	¥-2.8B	¥-1.7B
Dividends Paid	—	¥-1.0B	¥-935M	¥-912M	¥-847M
Share Buybacks	—	—	¥0M	—	¥0M
LT Debt Repaid	—	¥-898M	¥-1.2B	¥-1.5B	¥-1.6B
Free Cash Flow	¥6.4B	¥3.1B	¥9.3B	¥6.2B	¥5.0B
Net Change in Cash	—	¥147M	¥5.0B	¥1.9B	¥2.4B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	8.0%	8.9%	7.9%	4.6%	3.0%
ROA	6.1%	5.7%	4.7%	2.6%	1.6%
EPS	¥242.39	¥227.24	¥181.57	¥96.77	¥59.90
DPS	¥50.00	¥90.00	¥46.00	¥42.00	¥40.00
BPS	¥2,828.85	¥2,641.54	¥2,455.58	¥2,125.01	¥2,038.07
FCF/Share	—	¥144	¥432	¥287	¥233
NCAV/Share	—	¥796	¥494	¥287	¥83
Payout Ratio	20.6%	39.6%	25.3%	43.4%	66.8%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 4

Date	Activist	Stake	Event	Flag	Demands
2025-12-22	SMBC Nikko Securities Inc.	4.37%	change	Passive	—
2025-08-25	―	3.97% -1.09%	change	✓ Activist	—
2025-04-14	―	5.06%	initial_5pct	✓ Activist	—
2024-06-21	Sumitomo Mitsui DS Asset Management Company, Limited	5.37%	initial_5pct	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-14 16:15	Div Increase	¥1.6B ¥75.0/sh +10%	Nippon Special Paint Co., Ltd. announced a dividend increase for FY2026 (ended March 31, 2026). The year-end dividend wa…
Summary Nippon Special Paint Co., Ltd. announced a dividend increase for FY2026 (ended March 31, 2026). The year-end dividend was increased to ¥75 per share from the prior forecast of ¥60 per share, representing a 15 yen (25%) increase from the forecast. Combined with the interim dividend of ¥50 per share, total annual dividends reach ¥125 per share, up 38.9% from the prior year's ¥90 per share. The decision was driven by better-than-expected operating profit due to lower-than-anticipated impact from raw material cost increases and US tariff policies on domestic vehicle production. Deadline: 2026-06-24 YoY: +10% Source (JP) 当期の期末配当につきましては、上記方針に基づき、当期業績が予想を上回ったことも加味し、前回予想の１株当たり60円から15円増額となる、１株当たり75円とすることといたしました。通期連結業績予想と実績との差異、個別業績の前期実績との差異、並びに剰余金の配当（増配）に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	AUTONEUM HOLDING AG AUTONEUM HOLDING AG（常任代理人東海東京証券株式会社）	31,151	14.25%
2	KANSAI PAINT CO.,LTD. 関西ペイント株式会社	14,677	6.72%
3	株式会社レノ	11,067	5.06%
4	MUFG Bank 株式会社三菱ＵＦＪ銀行	8,788	4.02%
5	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）	7,560	3.46%
6	株式会社中外	7,267	3.33%
7	ニットク親和会	6,901	3.16%
8	株式会社ヒロタニ	5,490	2.51%
9	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	4,227	1.93%
10	Sumitomo Mitsui Banking Corporation 株式会社三井住友銀行	4,001	1.83%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

1.9%

-5.7% 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%

+5.3% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
AUTONEUM HOLDING AG		14.27%	14.26%	14.25% -0.01%
KANSAI PAINT CO.,LTD. 関西ペイント		6.72%	6.72%	6.72%
式会社レノ NEW ENTRY	—	—	—	5.06% NEW
MUFG Bank 式会社三菱ＵＦＪ銀行		4.03%	4.02%	4.02%
Meiji Yasuda Life Insurance 明治安田生命保険		3.46%	3.46%	3.46%
式会社中外		3.33%	3.33%	3.33%
ニットク親和会		2.75%	2.95%	3.16% +0.21%
式会社ヒロタニ		2.51%	2.51%	2.51%
Japan Custody Bank 日本カストディ銀行		2.41%	3.27%	1.93% -1.34%
Sumitomo Mitsui Banking Corporation 三井住友銀行		1.83%	1.83%	1.83%
Japan Master Trust Bank 日本マスタートラスト信託銀行 last seen 2024	Exited Top 10	6.22%	4.32%	—
Concentration (HHI) ⓘ		350	335	336

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥9,495M +15% since 2023

Holdings 22 1 exited

Trend 3 unwinding vs 2023

Held Company	FY2025 ¥9,495M total		FY2023 ¥8,226M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
TOYOTA MOTOR CORPORATION トヨタ自動車㈱	1,996	-8.4% ↓ 763,375	1,566	833,375
KANSAI PAINT CO.,LTD. 関西ペイント㈱	1,829	857,000	1,532	857,000	M
SHO-BOND Holdings Co., Ltd. ショーボンドホールディングス㈱	1,431	300,000	1,644	300,000
Mitsubishi UFJ Financial Group, Inc. ㈱三菱UFJフィナンシャル・グループ	1,077	535,810	454	535,810
Autoneum Holding AG	1,055	53,495	1,063	53,495	M
Rieter Holding AG	663	53,495	749	53,495
OSAKA SODA CO.,LTD. ㈱大阪ソーダ	518	+400.0% ↑ 319,000	277	63,800	M
HONDA MOTOR CO., LTD. 本田技研工業㈱	243	+230.7% ↑ 181,224	192	54,807
Dainichiseika Color & Chemicals Mfg. Co., Ltd. 大日精化工業㈱	125	-32.3% ↓ 41,840	110	61,840	M
O-WELL CORPORATION オーウエル㈱	96	100,000	79	100,000	M
ADEKA CORPORATION ㈱ADEKA	80	-52.4% ↓ 30,000	142	63,000	M
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	72	+200.0% ↑ 19,155	33	6,385
SUBARU CORPORATION ㈱SUBARU	66	25,177	53	25,177
SANKYOKASEI CORPORATION 三京化成㈱	57	17,000	61	17,000	M
NISSAN MOTOR CO., LTD. 日産自動車㈱	47	125,840	63	125,840
Maruo Calcium Co., Ltd. 丸尾カルシウム㈱	34	26,000	32	26,000	M
Tokio Marine Holdings, Inc. 東京海上ホールディングス㈱	34	6,000	15	6,000
NISSAN SHATAI CO.,LTD. 日産車体㈱	30	30,000	25	30,000
Mitsubishi Heavy Industries,Ltd. 三菱重工業㈱	30	+900.0% ↑ 12,000	5	1,200
ISUZU MOTORS LIMITED いすゞ自動車㈱	11	5,500	8	5,500
Mazda Motor Corporation マツダ㈱	1	1,413	1	1,413
HARIMA CHEMICALS GROUP, INC. ハリマ化成グループ㈱	—		—		M
HISAKA WORKS,LTD. ㈱日阪製作所	—	−100% Exit —	122	137,000	M
Portfolio total	9,495		8,226

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding