SAKATA INX CORPORATION

サカタインクス株式会社

Basic Materials · Specialty Chemicals

Sakata INX Corporation manufactures and sells various printing inks and auxiliary agents in Japan, Asia, the America, Europe, and internationally. The company offers gravure inks, flexographic inks, powder color toners, offset inks, industrial inject inks, functional coating materials, newspaper inks, and pigment dispersion for color fillers; and metal inks for equipment, machines, and consumables. It is also involved in the sale of printing plate-making and related equipment, and electronic apparatus and information-related equipment; manufacture and sale of various printing inks and auxiliary agents, and manufacture and sale of digital and specialty products. Sakata INX Corporation was founded in 1896 and is headquartered in Chuo, Japan.

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Price

¥2,348

Market Cap

¥115.7B

Ent. Value

¥124.0B

Net Debt

−¥8.3B

Shares Out.

49.3M

P / E

10.0×

EV / EBIT

8.1×

P / Book

0.97×

P / NCAV

4.14×

Div. Yield

4.05%

Financials

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥257.7B	¥245.6B	¥228.3B	¥215.5B	¥181.5B
Cost of Sales	¥193.2B	¥186.9B	¥178.0B	¥176.3B	¥143.8B
Gross Profit	¥64.4B	¥58.6B	¥50.3B	¥39.2B	¥37.7B
SG&A	¥49.2B	¥45.5B	¥38.9B	¥35.1B	¥30.3B
Operating Income	¥15.2B	¥13.2B	¥11.4B	¥4.1B	¥7.4B
Non-Operating Income	¥1.7B	¥1.9B	¥3.2B	¥1.8B	¥1.8B
Dividend Income	¥185M	¥158M	¥137M	¥235M	¥330M
Interest Income	¥249M	¥310M	¥207M	¥65M	¥70M
Non-Operating Expenses	¥1.6B	¥2.2B	¥960M	¥990M	¥743M
Interest Expense	¥1.1B	¥811M	¥767M	¥531M	¥238M
Ordinary Income	¥15.4B	¥12.9B	¥13.6B	¥5.0B	¥8.5B
Pre-tax Income	¥17.2B	¥13.3B	¥11.1B	¥6.3B	¥7.8B
Income Taxes	¥4.0B	¥3.0B	¥3.6B	¥1.3B	¥2.2B
Current Tax	¥3.3B	¥3.3B	¥3.7B	¥1.9B	¥1.8B
Deferred Tax	¥731M	¥-204M	¥-141M	¥-508M	¥357M
Net Income (owners)	¥11.6B	¥9.0B	¥7.5B	¥4.6B	¥4.9B
Minority Interest	¥1.5B	¥1.2B	¥46M	¥380M	¥697M
Comprehensive Income	¥13.9B	¥18.5B	¥14.5B	¥10.8B	¥12.8B
EBITDA	¥21.5B	¥18.8B	¥16.4B	¥9.0B	¥11.8B
Goodwill Amort. (J-GAAP)	¥237M	¥138M	¥118M	¥107M	¥86M
EPS	¥235.26	¥180.64	¥149.22	¥85.52	¥84.43
Shares Outstanding	49.3M	49.7M	50.0M	50.0M	58.4M
Shares Issued (total)	54.2M	54.2M	54.2M	54.2M	62.6M
Treasury Shares	4.9M	4.4M	4.1M	4.1M	4.2M

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥225.9B	¥221.5B	¥194.1B	¥177.4B	¥166.9B
Current Assets	¥127.3B	¥122.8B	¥110.6B	¥101.2B	¥92.9B
Cash & Deposits	¥20.6B	¥15.7B	¥17.0B	¥12.1B	¥12.7B
Trade Receivables	¥53.2B	¥53.5B	¥49.0B	¥43.0B	—
Non-Current Assets	¥98.6B	¥98.7B	¥83.5B	¥76.3B	¥74.0B
PP&E	¥57.3B	¥54.0B	¥47.1B	¥48.4B	¥45.3B
Goodwill	¥1.3B	¥1.5B	¥386M	¥441M	¥453M
Intangible Assets	¥7.2B	¥7.1B	¥3.9B	¥2.3B	¥827M
Investment Securities	¥30.2B	¥32.8B	¥30.1B	¥23.9B	¥25.7B
Deferred Tax Assets	¥1.4B	¥1.9B	¥1.2B	¥843M	¥258M
Total Liabilities	¥99.3B	¥102.2B	¥88.4B	¥84.5B	¥74.4B
Current Liabilities	¥62.3B	¥66.2B	¥61.8B	¥59.1B	¥55.3B
Accounts Payable	¥25.4B	¥25.6B	¥25.6B	¥23.1B	¥23.0B
ST Debt	¥10.0B	¥14.2B	¥11.8B	¥13.0B	¥10.5B
Taxes Payable	¥1.1B	¥467M	¥839M	¥524M	¥791M
Non-Current Liabilities	¥37.1B	¥36.0B	¥26.6B	¥25.3B	¥19.2B
Total LT Borrowings	¥18.9B	¥18.7B	¥12.3B	¥12.2B	¥6.6B
Pension Obligations	¥4.7B	¥4.7B	¥5.0B	¥4.9B	¥5.0B
Deferred Tax Liab.	¥6.0B	¥5.7B	¥4.4B	¥3.6B	¥4.1B
Total Equity	¥126.5B	¥119.2B	¥105.7B	¥93.0B	¥92.5B
Capital Stock	¥7.5B	¥7.5B	¥7.5B	¥7.5B	¥7.5B
Capital Surplus	¥5.8B	¥5.8B	¥5.7B	¥5.7B	¥5.7B
Retained Earnings	¥91.6B	¥84.5B	¥77.7B	¥71.7B	¥77.0B
Treasury Stock	¥-5.9B	¥-4.9B	¥-4.0B	¥-4.0B	¥-4.0B
AOCI	¥20.2B	¥19.5B	¥11.9B	¥5.4B	¥275M
Equity (owners)	¥99.0B	¥92.9B	¥86.9B	¥80.9B	¥86.1B
Minority Interests	¥7.4B	¥6.9B	¥6.9B	¥6.7B	¥6.1B

Total Interest-Bearing Debt ⓘ	¥28.9B	¥33.0B	¥24.1B	¥25.3B	¥17.0B
Net Cash ⓘ	¥-8.3B	¥-17.3B	¥-7.0B	¥-13.1B	¥-4.3B
NCAV ⓘ	¥27.9B	¥20.5B	¥22.1B	¥16.7B	¥18.4B
NCAV/Share	¥567	¥412	¥442	¥334	¥315
BV/Share	¥2,010	¥1,867	¥1,736	¥1,616	¥1,473

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥17.0B	¥8.9B	¥15.4B	¥4.9B	¥7.6B
Interest Paid	¥-1.1B	¥-815M	¥-758M	¥-550M	¥-233M
Interest Received	¥958M	¥1.1B	¥693M	¥645M	¥747M
D&A	¥6.1B	¥5.5B	¥4.9B	¥4.8B	¥4.3B
Goodwill Amort.	¥237M	¥138M	¥118M	¥107M	¥86M
Investing CF	¥-4.5B	¥-14.8B	¥-7.6B	¥-1.7B	¥-5.4B
CapEx	¥6.9B	¥6.9B	¥4.3B	¥4.8B	¥5.3B
Purchase Investments	¥-390M	¥-519M	¥-1.9B	¥-368M	¥-98M
Proceeds from Invest.	¥5.0B	¥856M	¥46M	¥4.6B	¥160M
Financing CF	¥-10.0B	¥4.2B	¥-4.3B	¥-3.9B	¥-2.9B
Dividends Paid	¥-4.5B	¥-2.2B	¥-1.5B	¥-1.6B	¥-1.8B
Share Buybacks	¥-1.0B	¥-1.2B	¥0M	¥-8.2B	—
LT Debt Repaid	¥-4.9B	¥-3.7B	¥-2.5B	¥-5.7B	¥-3.0B
Free Cash Flow	¥10.1B	¥2.0B	¥11.1B	¥128M	¥2.3B
Net Change in Cash	¥4.1B	¥-1.6B	¥4.5B	¥-393M	¥7M

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	10.0%	8.5%	8.1%	5.3%	6.1%
ROA	5.2%	4.3%	4.0%	2.6%	3.0%
EPS	¥235.26	¥180.64	¥149.22	¥85.52	¥84.43
DPS	¥95.00	¥70.00	¥35.00	¥30.00	¥30.00
BPS	¥2,425.44	¥2,264.08	¥1,974.19	¥1,724.45	¥1,478.18
FCF/Share	¥205	¥40	¥222	¥3	¥39
NCAV/Share	¥567	¥412	¥442	¥334	¥315
Payout Ratio	40.4%	38.8%	23.5%	35.1%	35.5%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 11

Date	Activist	Stake	Event	Flag	Demands
2026-02-06	Nomura Securities Co.,Ltd.	6.03%	change	Passive	—
2026-01-22	T. Rowe Price Japan, Inc.	7.11% -0.21%	change	Passive	—
2026-01-09	T. Rowe Price Japan, Inc.	7.32% -0.89%	change	Passive	—
2025-12-18	Nomura Securities Co.,Ltd.	6.03% -0.01%	change	Passive	—
2025-03-21	Nomura Securities Co.,Ltd.	6.04% -0.67%	change	Passive	—
2025-02-06	Nomura Securities Co.,Ltd.	6.71%	change	Passive	—
2024-11-22	T. Rowe Price Japan, Inc.	8.21%	change	Passive	—
2024-05-30	Newton Investment Management Japan Ltd.	5.39% -1.47%	change	Passive	—
2024-04-11	Newton Investment Management Japan Ltd.	6.86% -0.96%	change	Passive	—
2023-10-12	Newton Investment Management Japan Ltd.	7.82%	change	Passive	—
2023-06-21	Nomura Asset Management Co., Ltd.	5.53%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-11 15:00	Cancellation	—	4,172,361 treasury shares to be cancelled.
Summary 4,172,361 treasury shares to be cancelled. Shares: 4,172,361 Source (JP) 株式の種類当社普通株式（２）消却する株式の総数 4,172,361 株（消却前の発行済株式総数に対する割合 7.7％）（３）消却予定日 2026 年５月 29 日（ご参考）消却後の発行済株式総数：50,000,000 株以上自己株式の消却に関するお知らせ TDnet PDF

#	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）	6,028	12.24%
2	Sumitomo Life Insurance 住友生命保険相互会社	3,510	7.13%
3	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	2,024	4.11%
4	THE CHASE MANHATTAN BANK,N.A. LONDONSECS LENDING OMNIBUS ACCOUNT （常任代理人株式会社みずほ銀行）	1,856	3.77%
5	Employee Stock Ownership Plan サカタインクス社員持株会	1,601	3.25%
6	BBH BOSTON FOR NOMURA JAPAN SMALLER CAPITALIZATION FUND BBH BOSTON FOR NOMURA JAPAN SMALLER CAPITALIZATION FUND 620065 （常任代理人株式会社みずほ銀行）	1,430	2.90%
7	KOBE BUSSAN CO., LTD. 有限会社神戸物産	1,416	2.88%
8	Asahi Newspaper Co. 株式会社朝日新聞社	1,181	2.40%
9	THE NOMURA TRUST AND BANKING CO., LTD．AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND （常任代理人シティバンク、エヌ・エイ東京支店）	1,029	2.09%
10	神戸道雄	1,004	2.04%

as of 2025-12-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

16.4%

-0.5% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

0.0%

-7.5% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

26.5%

+2.9% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
Japan Master Trust Bank 日本マスタートラスト信託銀行		12.66%	11.61%	12.24% +0.63%
Sumitomo Life Insurance 住友生命保険		7.01%	7.06%	7.13% +0.07%
Japan Custody Bank 日本カストディ銀行		6.61%	5.22%	4.11% -1.11%
THE CHASE MANHATTAN BANK,N.A. LONDONSECS LENDING OMNIBUS ACCOUNT NEW ENTRY	—	—	—	3.77% NEW
Employee Stock Ownership Plan サカタインクス社員持株会		3.35%	3.37%	3.25% -0.12%
BBH BOSTON FOR NOMURA JAPAN SMALLER CAPITALIZATION FUND		—	2.71%	2.90% +0.19%
KOBE BUSSAN CO., LTD. 限会社神戸物産		2.83%	2.85%	2.88% +0.03%
Asahi Newspaper Co. 式会社朝日新聞社		2.36%	2.38%	2.40% +0.02%
THE NOMURA TRUST AND BANKING CO., LTD．AS THE TRUSTEE OF REPURCHASE AGREEMENT MOTHER FUND NEW ENTRY	—	—	—	2.09% NEW
神戸道雄		2.00%	2.02%	2.04% +0.02%
JP Morgan last seen 2024	Exited Top 10	7.72%	7.47%	—
Resona Bank りそな銀行 last seen 2024	Exited Top 10	3.12%	3.14%	—
Northern Trust last seen 2023	Exited Top 10	1.86%	—	—
Concentration (HHI) ⓘ		355	314	273

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

Portfolio Book Value ¥3,355M -39% since 2023

Holdings 22 +1 new 13 exited

Trend 3 unwinding vs 2023

Held Company	FY2025 ¥3,355M total		FY2023 ¥5,457M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Rengo Co., Ltd. レンゴー㈱	1,219	1,003,488	943	1,003,488	M
TSUBAKIMOTO KOGYO CO.,LTD. 椿本興業㈱	519	+200.0% ↑ 180,000	385	60,000	M
Resona Holdings, Inc. ㈱りそなホールディングス	343	230,000	164	230,000	M
NAKAMOTO PACKS CO.,LTD. 中本パックス㈱	290	150,000	249	150,000
Mitsubishi UFJ Financial Group, Inc. ㈱三菱ＵＦＪフィナンシャル・グループ	254	102,000	123	102,000	M
Dynapac Co., Ltd. ダイナパック㈱	188	+3.3% ↑ 81,453	117	78,817
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	166	+50.0% ↑ 33,000	151	22,000	M
THE PACK CORPORATION ザ・パック㈱	148	+118.6% ↑ 114,821	177	52,533
Dainichiseika Color & Chemicals Mfg. Co., Ltd. 大日精化工業㈱	77	18,640	47	18,640
Oji Holdings Corporation 王子ホールディングス㈱	28	32,884	17	32,884
TAKEDA iP HOLDINGS CO., LTD. 竹田iPホールディングス㈱	22	20,000	15	20,000
HIRAGA CO., LTD. ㈱平賀	20	20,000	18	20,000
Sun Messe Co.,Ltd. サンメッセ㈱	20	-31.8% ↓ 55,900	30	82,000
ASAHI PRINTING CO.,LTD. 朝日印刷㈱	15	-44.6% ↓ 17,651	28	31,887
Maruto Sangyo Co., Ltd 丸東産業㈱	12	6,105	12	6,105
TOMOKU CO.,LTD. ㈱トーモク	11	3,272	7	3,272
TOPPAN Holdings Inc. TOPPANホールディングス㈱	8	-99.3% ↓ 1,857	1,047	266,103
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ㈱	8	NEW New 1,758	—
FURUBAYASHI SHIKO CO.,LTD. 古林紙工㈱	7	3,072	7	3,072
譌･譛ｬ陬ｽ邏呎ｪ蠑丈ｼ夂､ｾ日本製紙㈱	—		—
SEIKO PMC CORPORATION 星光ＰＭＣ㈱	—		—		M
NAGASE & CO., LTD. 長瀬産業㈱	—		—
Dai Nippon Printing Co.,Ltd. 大日本印刷㈱	—	−100% Exit —	1,459	349,705
譬ｪ蠑丈ｼ夂､ｾ�ｼｫ�ｼｹ�ｼｯ�ｼｲ�ｼｩ�ｼｴ�ｼｳ�ｼｵ㈱ＫＹＯＲＩＴＳＵ	—	−100% Exit —	205	1,135,163
HARIMA CHEMICALS GROUP, INC. ハリマ化成グループ㈱	—	−100% Exit —	81	100,000	M
Mitsubishi Chemical Gloup Corporation 三菱ケミカルグループ㈱	—	−100% Exit —	23	26,848
OHISHI SANGYO CO.,LTD. 大石産業㈱	—	−100% Exit —	16	8,025	M
KOYOSHA INC. ㈱光陽社	—	−100% Exit —	11	6,600
Daishowa Paper Manufacturing Co., Ltd. 大王製紙㈱	—	−100% Exit —	11	10,000
Nozaki Printing Paper Co. 野崎印刷紙業㈱	—	−100% Exit —	8	56,913
ISHIHARA SANGYO KAISHA, LTD. 石原産業㈱	—	−100% Exit —	6	5,000
MATSUMOTO INC. ㈱マツモト	—	−100% Exit —	91	27,000
隨ｹ蠕ｳ蜊ｰ蛻ｷ譬ｪ蠑丈ｼ夂､ｾ笹徳印刷㈱	—	−100% Exit —	5	10,000
Chuetsu Pulp & Paper Co., Ltd. 中越パルプ工業㈱	—	−100% Exit —	2	1,385
三井住友トラスト・ホールディングス㈱	—	−100% Exit —	2	879	M
Portfolio total	3,355		5,457

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