4627
NATOCO CO.,LTD.
ナトコ株式会社
Basic Materials · Specialty Chemicals
Natoco Co., Ltd. manufactures and sells paints, inks, fine chemicals, synthetic resins, and related products in Japan. It operates through three segments: Paint Business, Specialty Chemical, and Distillation Business. The company manufactures and sells versatile paints, metal paints, and exterior and interior paints used in the industrial products to housing construction materials; and coating agents that are used to make smartphones, PCs, and other information devices, display films, and automobile interiors. It is involved in the collection, distillation, and recycling of used solvents, sale of various thinners, and collection, transport, and disposal of waste materials. The company was formerly known as Natoco Paint Co., Ltd. and changed its name to Natoco Co., Ltd. in November 1998. Natoco Co., Ltd. was incorporated in 1948 and is headquartered in Miyoshi, Japan.
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⚠ TSE Capital Mandate
P / Book
0.54×
Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥22.3B
¥20.8B
¥20.2B
¥20.4B
¥19.0B
Cost of Sales
¥17.3B
¥16.2B
¥15.7B
¥15.6B
¥14.0B
Gross Profit
¥5.0B
¥4.5B
¥4.5B
¥4.9B
¥5.0B
SG&A
¥3.6B
¥3.3B
¥3.2B
¥3.2B
¥3.0B
Operating Income
¥1.4B
¥1.2B
¥1.3B
¥1.7B
¥2.0B
Non-Operating Income
¥125M
¥148M
¥109M
¥433M
¥203M
Dividend Income
¥23M
¥20M
¥18M
¥16M
¥13M
Interest Income
¥80M
¥62M
¥43M
¥16M
¥4M
Non-Operating Expenses
¥14M
¥4M
¥2M
¥2M
¥12M
Interest Expense
¥1M
¥0M
¥0M
¥0M
¥0M
Ordinary Income
¥1.5B
¥1.4B
¥1.4B
¥2.1B
¥2.2B
Pre-tax Income
¥1.6B
¥1.4B
¥1.3B
¥2.1B
¥2.2B
Income Taxes
¥437M
¥448M
¥388M
¥605M
¥553M
Current Tax
¥455M
¥431M
¥397M
¥541M
¥618M
Deferred Tax
¥-18M
¥16M
¥-9M
¥65M
¥-65M
Net Income (owners)
¥1.1B
¥956M
¥951M
¥1.5B
¥1.6B
Minority Interest
¥-1M
—
—
—
—
Comprehensive Income
¥1.2B
¥1.2B
¥1.0B
¥1.9B
¥1.9B
EBITDA
¥2.1B
¥2.0B
¥2.0B
¥2.4B
¥2.6B
EPS
¥150.62
¥126.60
¥126.01
¥200.70
¥217.37
Shares Outstanding
7.6M
7.6M
7.5M
7.5M
7.5M
Shares Issued (total)
8.1M
8.1M
8.1M
8.1M
8.1M
Treasury Shares
0.6M
0.6M
0.6M
0.6M
0.6M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥31.0B
¥29.8B
¥28.8B
¥28.2B
¥26.3B
Current Assets
¥21.1B
¥21.5B
¥20.1B
¥19.4B
¥18.3B
Cash & Deposits
¥10.7B
¥10.2B
¥8.7B
¥8.0B
¥7.8B
Trade Receivables
¥5.2B
¥5.1B
¥5.0B
¥5.0B
—
Non-Current Assets
¥9.9B
¥8.3B
¥8.7B
¥8.8B
¥7.9B
PP&E
¥6.9B
¥6.6B
¥6.9B
¥7.1B
¥6.9B
Intangible Assets
¥338M
¥372M
¥360M
¥395M
¥321M
Investment Securities
¥709M
¥523M
¥472M
¥405M
¥446M
Deferred Tax Assets
¥50M
¥35M
¥86M
¥87M
¥116M
Total Liabilities
¥6.4B
¥6.3B
¥6.1B
¥6.1B
¥5.7B
Current Liabilities
¥5.8B
¥5.8B
¥5.5B
¥5.5B
¥5.0B
Accounts Payable
¥4.0B
¥4.0B
¥3.9B
¥3.9B
¥3.3B
Taxes Payable
¥254M
¥223M
¥121M
¥227M
¥393M
Non-Current Liabilities
¥671M
¥434M
¥580M
¥590M
¥702M
Pension Obligations
¥80M
¥66M
¥135M
¥138M
¥101M
Deferred Tax Liab.
¥20M
¥9M
¥9M
¥10M
¥7M
Total Equity
¥24.6B
¥23.6B
¥22.8B
¥22.1B
¥20.6B
Capital Stock
¥1.6B
¥1.6B
¥1.6B
¥1.6B
¥1.6B
Capital Surplus
¥3.3B
¥3.3B
¥3.3B
¥3.3B
¥3.3B
Retained Earnings
¥18.3B
¥17.6B
¥17.0B
¥16.4B
¥15.3B
Treasury Stock
¥-507M
¥-509M
¥-511M
¥-514M
¥-516M
AOCI
¥1.7B
¥1.6B
¥1.3B
¥1.2B
¥819M
Equity (owners)
¥22.7B
¥22.0B
¥21.5B
¥20.9B
¥19.8B
Minority Interests
¥167M
—
—
—
—
Net Cash ⓘ
¥10.7B
¥10.2B
¥8.7B
¥8.0B
¥7.8B
NCAV ⓘ
¥14.7B
¥15.2B
¥14.0B
¥13.2B
¥12.7B
NCAV/Share
¥1,942
¥2,017
¥1,859
¥1,755
¥1,678
BV/Share
¥3,010
¥2,912
¥2,841
¥2,767
¥2,622
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥1.8B
¥1.6B
¥1.7B
¥2.0B
¥1.9B
Interest Paid
¥-1M
¥-0M
¥-0M
¥-0M
¥-0M
Interest Received
¥102M
¥82M
¥44M
¥28M
¥17M
D&A
¥720M
¥798M
¥761M
¥723M
¥556M
Investing CF
¥-212M
¥-790M
¥-2.3B
¥-2.1B
¥-1.3B
CapEx
¥580M
¥416M
¥617M
¥861M
¥1.2B
Purchase Investments
¥-125M
¥-0M
¥-23M
¥-3M
¥-2M
Proceeds from Invest.
—
—
¥60M
¥4M
—
Financing CF
¥-398M
¥-413M
¥-383M
¥-415M
¥-385M
Dividends Paid
¥-393M
¥-413M
¥-383M
¥-415M
¥-384M
Share Buybacks
—
—
—
¥-0M
¥-0M
Free Cash Flow
¥1.3B
¥1.2B
¥1.1B
¥1.2B
¥659M
Net Change in Cash
¥1.3B
¥447M
¥-1.0B
¥-310M
¥283M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
4.7%
4.1%
4.2%
7.1%
8.3%
ROA
3.7%
3.3%
3.3%
5.6%
6.2%
EPS
¥150.62
¥126.60
¥126.01
¥200.70
¥217.37
DPS
¥55.00
¥51.00
¥50.00
¥55.00
¥60.00
BPS
¥3,232.10
¥3,121.47
¥3,013.94
¥2,926.63
¥2,730.29
FCF/Share
¥168
¥156
¥142
¥154
¥87
NCAV/Share
¥1,942
¥2,017
¥1,859
¥1,755
¥1,678
Payout Ratio
36.5%
40.3%
39.7%
27.4%
27.6%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 1
Date Activist Stake Event Flag Demands Source
2025-06-24
TOMOE Holdings Co.,Ltd.
22.19%
change
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 9
#
Shareholder
Shares (thou.)
% of Total
1
粕谷 忠晴
1,167
15.45%
2
ナトコ共栄会
727
9.62%
3
粕谷 太一
507
6.71%
4
有限会社巴ホールディングス
270
3.57%
5
粕谷 英史
243
3.22%
6
MUFG Bank
株式会社三菱UFJ銀行
240
3.17%
7
Sumitomo Mitsui Banking Corporation
株式会社三井住友銀行
230
3.04%
8
NTCホールディングス合同会社
220
2.92%
9
株式会社あいち銀行
210
2.77%
10
粕谷 健次
162
2.15%
Domestic Nominees
0.0%
+0.0% 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
52.6%
-0.1% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
粕谷 忠晴
15.46%
15.45%
15.45%
ナトコ共栄会
9.57%
9.75%
9.62%
-0.13%
粕谷 太一
6.71%
6.71%
6.71%
限会社巴ホールディングス
3.57%
3.57%
3.57%
粕谷 英史
3.22%
3.22%
3.22%
MUFG Bank
式会社三菱UFJ銀行
3.17%
3.17%
3.17%
Sumitomo Mitsui Banking Corporation
三井住友銀行
3.04%
3.04%
3.04%
NTCホールディングス合同会社
NEW ENTRY
—
—
—
2.92%
NEW
式会社あいち銀行
NEW ENTRY
—
—
—
2.77%
NEW
粕谷 健次
—
2.15%
2.15%
NTCホールディングス
last seen 2024
Exited Top 10
2.92%
2.92%
—
The Chukyo Bank, Limited
式会社中京銀行
last seen 2024
Exited Top 10
2.78%
2.78%
—
日本カストディ銀行
last seen 2023
Exited Top 10
2.52%
—
—
Concentration (HHI)
ⓘ
441
442
439
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥600M
+36% since 2023
Holdings
9
+2 new
1 exited
Trend
1 building
vs 2023
Held Company
FY2025
¥600M total
FY2023
¥440M total
Book Val ¥M
Shares
Book Val ¥M
Shares
NICHIHA CORPORATION
ニチハ株式会社
199
72,600
215
72,600
The Bank of Nagoya, Ltd.
株式会社名古屋銀行 (注)1
184
NEW
New
46,800
—
M
Mitsubishi UFJ Financial Group, Inc.
株式会社三菱UFJフィナンシャル・グループ
90
38,440
48
38,440
Eidai Co.,Ltd.
永大産業株式会社
57
250,000
54
250,000
Aichi Financial Group Co., Ltd.
株式会社あいちフィナンシャルグループ
27
6,725
16
6,725
山本通産株式会社 (注)2
24
NEW
New
10,000
—
M
Sumitomo Mitsui Financial Group, Inc.
株式会社三井住友フィナンシャルグループ
10
+200.0%
↑
2,415
6
805
NITTO KOGYO CORPORATION
日東工業株式会社
8
2,212
8
2,212
大建工業株式会社
—
—
The Bank of Nagoya, Ltd.
株式会社名古屋銀行
—
−100%
Exit
—
94
15,600
M
Portfolio total
600
440
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding