5237
NOZAWA CORPORATION
株式会社ノザワ
Glass & Ceramics Products
Nozawa Corporation manufactures and sells extruded cement panels in Japan. The company offers extruded cement panels for resistance against noise, freezing, fire, and earthquakes; exterior walls and partitions of office buildings, plants, and warehouses, as well as for external insulation systems with other applications. It also offers extruded cement boards, including flat, design, tile base, finishing, and other panels. In addition, the company provides tunnel interior materials, fire-resistant cladding, magnesium fertilizer, admixture, lightweight embankment construction panels, slate board material, and home construction materials. Further, it offers contracting, design, and supervision of construction related works. The company was founded in 1897 and is headquartered in Kobe, Japan.
Price
¥1,128
Market Cap
¥13.2B
Ent. Value
—
Net Cash
est
—
Shares Out.
11.7M
P / E
11.3×
EV / EBIT
—
⚠ TSE Capital Mandate
P / Book
0.64×
P / NCAV
2.47×
Div. Yield
3.55%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | ¥22.0B | ¥23.1B | ¥21.0B | ¥20.5B |
| Cost of Sales | ¥15.8B | ¥16.5B | ¥15.2B | ¥13.8B |
| Gross Profit | ¥6.1B | ¥6.6B | ¥5.7B | ¥6.8B |
| SG&A | ¥4.4B | ¥4.8B | ¥4.7B | ¥4.9B |
| Operating Income | ¥1.7B | ¥1.8B | ¥1.0B | ¥1.8B |
| Non-Operating Income | ¥210M | ¥222M | ¥199M | ¥212M |
| Dividend Income | ¥118M | ¥98M | ¥80M | ¥73M |
| Interest Income | ¥3M | ¥0M | ¥0M | ¥2M |
| Non-Operating Expenses | ¥51M | ¥63M | ¥58M | ¥72M |
| Interest Expense | ¥3M | ¥3M | ¥4M | ¥6M |
| Ordinary Income | ¥1.8B | ¥1.9B | ¥1.1B | ¥2.0B |
| Pre-tax Income | ¥1.7B | ¥1.4B | ¥752M | ¥2.2B |
| Income Taxes | ¥549M | ¥534M | ¥265M | ¥485M |
| Current Tax | ¥554M | ¥392M | ¥341M | ¥339M |
| Deferred Tax | ¥-5M | ¥142M | ¥-76M | ¥146M |
| Net Income (owners) | ¥1.2B | ¥875M | ¥487M | ¥1.7B |
| Minority Interest | — | — | — | ¥12M |
| Comprehensive Income | ¥1.1B | ¥1.6B | ¥589M | ¥1.4B |
| EBITDA | ¥2.5B | ¥2.5B | ¥1.7B | ¥2.6B |
| EPS | ¥100.11 | ¥76.32 | ¥42.68 | ¥150.28 |
| Shares Outstanding | 11.7M | 11.5M | 11.4M | 11.4M |
| Shares Issued (total) | 12.1M | 12.1M | 12.1M | 12.1M |
| Treasury Shares | 0.4M | 0.5M | 0.7M | 0.7M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥30.2B | ¥29.5B | ¥28.4B | ¥27.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥14.9B | ¥14.3B | ¥14.4B | ¥13.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥6.8B | ¥7.4B | ¥7.0B | ¥7.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Receivables | ¥4.2B | ¥5.2B | ¥5.9B | ¥5.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥15.3B | ¥15.2B | ¥14.0B | ¥14.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥10.5B | ¥10.6B | ¥10.3B | ¥10.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥110M | ¥132M | ¥141M | ¥84M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥3.6B | ¥3.6B | ¥2.6B | ¥2.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥0M | ¥17M | ¥480M | ¥451M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥9.6B | ¥9.7B | ¥9.9B | ¥9.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥4.9B | ¥5.2B | ¥5.7B | ¥5.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable | ¥3.2B | ¥3.7B | ¥3.6B | ¥3.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | ¥391M | ¥261M | ¥184M | ¥262M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥4.7B | ¥4.4B | ¥4.2B | ¥4.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | ¥1.8B | ¥1.8B | ¥1.9B | ¥2.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥5M | ¥6M | ¥3M | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥20.7B | ¥19.8B | ¥18.5B | ¥18.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | ¥2.4B | ¥2.4B | ¥2.4B | ¥2.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥1.6B | ¥1.5B | ¥1.5B | ¥1.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥12.1B | ¥11.3B | ¥10.9B | ¥10.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-136M | ¥-209M | ¥-261M | ¥-261M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥4.6B | ¥4.7B | ¥4.0B | ¥3.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥16.0B | ¥15.1B | ¥14.5B | ¥14.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥6.8B | ¥7.4B | ¥7.0B | ¥7.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥5.4B | ¥4.6B | ¥4.5B | ¥4.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥457 | ¥398 | ¥393 | ¥366 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥1,367 | ¥1,310 | ¥1,273 | ¥1,270 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Operating CF | ¥432M | ¥2.0B | ¥782M | ¥2.2B |
| Interest Paid | ¥-3M | ¥-3M | ¥-4M | ¥-8M |
| Interest Received | ¥122M | ¥98M | ¥81M | ¥75M |
| D&A | ¥810M | ¥728M | ¥694M | ¥716M |
| Investing CF | ¥-648M | ¥-1.2B | ¥-333M | ¥-633M |
| CapEx | ¥754M | ¥1.1B | ¥554M | ¥649M |
| Purchase Investments | ¥-9M | ¥-69M | ¥-8M | ¥-7M |
| Proceeds from Invest. | ¥122M | — | ¥231M | ¥26M |
| Financing CF | ¥-418M | ¥-414M | ¥-474M | ¥-455M |
| Share Buybacks | ¥-0M | ¥-0M | ¥-0M | ¥-0M |
| LT Debt Repaid | — | — | — | ¥-49M |
| Free Cash Flow | ¥-322M | ¥898M | ¥229M | ¥1.5B |
| Net Change in Cash | ¥-634M | ¥396M | ¥-23M | ¥1.1B |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| ROE | 5.7% | 4.6% | 2.6% | 9.6% |
| ROA | 3.9% | 3.0% | 1.7% | 6.2% |
| EPS | ¥100.11 | ¥76.32 | ¥42.68 | ¥150.28 |
| DPS | ¥40.00 | ¥35.00 | ¥35.00 | ¥40.00 |
| BPS | ¥1,762.91 | ¥1,717.28 | ¥1,620.88 | ¥1,609.23 |
| FCF/Share | ¥-28 | ¥78 | ¥20 | ¥132 |
| NCAV/Share | ¥457 | ¥398 | ¥393 | ¥366 |
| Payout Ratio | 40.0% | 45.9% | 82.0% | 26.6% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 2
Capital Allocation Signals 1
| Date | Type | Amount | Summary | |
|---|---|---|---|---|
|
2026-05-15
11:00
|
Cost of Capital | — | Nozawa announced a capital cost and stock price-conscious management policy with medium-term targets for fiscal year 202… | |
|
Summary
Nozawa announced a capital cost and stock price-conscious management policy with medium-term targets for fiscal year 2029: ROE of 8% (vs. 2.8% in FY2026) and PBR of 1.0x (vs. 0.67x). The company adopted the medium-term plan NOZAWA NEXT3' comprising three pillars (Vision-志, Profit-実, Base-礎) focused on new product development, cost reduction through automation/DX, and organizational strengthening, with planned capex over three years beginning FY2027.
Source (JP)
当社は、企業価値の持続的な向上を図るため、株主資本コストを上回る資本収益性(ROE)の達成を重要な経営目標として位置付けるとともに、市場からの評価指標である株価純資産倍率目標(PBR)1倍以上の達成を目指すことを別紙のとおり決議いたしました。
資本コストや株価を意識した経営の実現に向けた対応に関するお知らせ
TDnet PDF
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| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 |
Business Partner Stock Ownership Plan
ノザワ取引先持株会
|
589 | 5.03% |
| 2 |
Sumitomo Mitsui Banking Corporation
株式会社三井住友銀行
|
567 | 4.84% |
| 3 | 神栄株式会社 | 486 | 4.15% |
| 4 |
Nippon Life Insurance
日本生命保険相互会社
|
436 | 3.72% |
| 5 |
Sompo Japan Insurance Inc.
損害保険ジャパン株式会社
|
398 | 3.39% |
| 6 |
CBC
CBC株式会社
|
301 | 2.57% |
| 7 | 日工株式会社 | 284 | 2.42% |
| 8 |
Aioi Nissay Dowa Insurance Co.
あいおいニッセイ同和損害保険株式会社
|
262 | 2.23% |
| 9 |
Tokuyama Corporation
株式会社トクヤマ
|
262 | 2.23% |
| 10 |
Employee Stock Ownership Plan
ノザワ従業員持株会
|
250 | 2.13% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
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
32.7%
+0.2% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 32.7% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Business Partner Stock Ownership Plan ノザワ取引先持株会 | 3.84% | 4.50% | 5.03% +0.53% | |
| Sumitomo Mitsui Banking Corporation 三井住友銀行 | 4.97% | 4.92% | 4.84% -0.08% | |
| 神栄 | 4.26% | 4.21% | 4.15% -0.06% | |
| Nippon Life Insurance 日本生命保険 | 3.82% | 3.78% | 3.72% -0.06% | |
| Sompo Japan Insurance Inc. 損害保険ジャパン | 3.49% | 3.45% | 3.39% -0.06% | |
| CBC CBC | 2.64% | 2.61% | 2.57% -0.04% | |
| 日工 | 2.49% | 2.46% | 2.42% -0.04% | |
| Aioi Nissay Dowa Insurance Co. あいおいニッセイ同和損害保険 | 2.30% | 2.27% | 2.23% -0.04% | |
| Tokuyama Corporation 式会社トクヤマ | 2.30% | 2.27% | 2.23% -0.04% | |
| Employee Stock Ownership Plan ノザワ従業員持株会 | 2.11% | 2.06% | 2.13% +0.07% | |
| Concentration (HHI) ⓘ | 113 | 116 | 118 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥3,387M
+46% since 2023
Holdings
32
+1 new
2 exited
Trend
7 building
vs 2023
| Held Company | FY2025 ¥3,387M total | FY2023 ¥2,320M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
Sekisui House,Ltd.
積水ハウス㈱
|
726 |
+1.3%
↑
217,218
|
578 | 214,404 | |
|
Sumitomo Mitsui Financial Group, Inc.
㈱三井住友フィナンシャルグループ
|
291 |
+200.0%
↑
76,680
|
135 | 25,560 | |
|
THE HANSHIN DIESEL WORKS, LTD
阪神内燃機工業㈱
|
216 |
+33.1%
↑
93,200
|
94 | 70,000 | M |
|
Sompo Holdings, Inc.
SOMPOホールディングス㈱
|
211 |
+200.0%
↑
46,710
|
82 | 15,570 | |
|
SHINYEI KAISHA
神栄㈱
|
197 |
122,300
|
104 | 122,300 | M |
|
Resona Holdings, Inc.
㈱りそなホールディングス
|
190 |
147,945
|
95 | 147,945 | |
|
IWATSUKA CONFECTIONERY CO.,LTD.
岩塚製菓㈱
|
187 |
+100.0%
↑
66,000
|
156 | 33,000 | M |
|
TOLI Corporation
東リ㈱
|
170 |
360,000
|
98 | 360,000 | M |
|
KAJIMA CORPORATION
鹿島建設㈱
|
153 |
50,199
|
80 | 50,199 | M |
|
Bando Chemical Industries, Ltd.
バンドー化学㈱
|
138 |
84,000
|
89 | 84,000 | M |
|
TOMOE ENGINEERING CO.,LTD.
巴工業㈱
|
130 |
+3.6%
↑
29,984
|
70 | 28,948 | M |
|
Nikko Co., Ltd.
日工㈱
|
128 |
186,000
|
118 | 186,000 | M |
|
Taki Chemical Co., Ltd.
多木化学㈱
|
106 |
33,600
|
158 | 33,600 | M |
|
SHIZUKI ELECTRIC COMPANY INC.
㈱指月電機製作所
|
92 |
224,000
|
112 | 224,000 | M |
|
Yamaguchi Finacial Group,Inc.
㈱山口フィナンシャルグループ
|
65 |
37,000
|
30 | 37,000 | |
|
Sanyo Electric Railway Co.,Ltd.
山陽電気鉄道㈱
|
49 |
24,600
|
56 | 24,600 | M |
|
Mitsubishi UFJ Financial Group, Inc.
㈱三菱UFJフィナンシャル・グループ
|
49 |
24,240
|
21 | 24,240 | |
|
Sintokogio,Ltd.
新東工業㈱
|
48 |
58,000
|
48 | 58,000 | M |
|
NORITZ CORPORATION
㈱ノーリツ
|
46 |
26,200
|
46 | 26,200 | M |
|
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
|
39 |
9,714
|
18 | 9,714 | |
|
KFC Ltd
㈱ケー・エフ・シー
|
37 |
27,400
|
35 | 27,400 | M |
|
TOYO SECURITIES CO., LTD.
東洋証券㈱
|
23 |
45,000
|
14 | 45,000 | M |
|
OKAYA&CO.,LTD.
岡谷鋼機㈱
|
17 |
+100.0%
↑
2,400
|
12 | 1,200 | |
|
Kobe Electric Railway Co.,Ltd.
神戸電鉄㈱
|
14 |
5,900
|
19 | 5,900 | M |
|
TOHO Co.,Ltd.
㈱トーホー
|
14 |
4,000
|
9 | 4,000 | M |
|
DCM Holdings Co.,Ltd.
DCMホールディングス㈱
|
11 |
7,800
|
9 | 7,800 | |
|
TRADIA CORPORATION
トレーディア㈱
|
10 |
7,900
|
12 | 7,900 | M |
|
Senshu Ikeda Holdings,Inc.
㈱池田泉州ホールディングス
|
10 |
22,610
|
5 | 22,610 | |
|
Tokai Tokyo Financial Holdings, Inc.
東海東京フィナンシャル・ホールディングス㈱
|
10 |
20,000
|
7 | 20,000 | M |
|
Sumitomo Mitsui Trust Group, Inc.
三井住友トラストグループ㈱
|
9 |
NEW
New
2,390
|
— | ||
|
Morozoff Limited
モロゾフ㈱
|
— | — | |||
|
SUNDAY CO.,LTD.
㈱サンデー
|
— | — | |||
|
SPANCRETE CORPORATION
㈱スパンクリートコーポレーション
|
— |
−100%
Exit
—
|
4 | 18,000 | M |
| 三井住友トラスト・ホールディングス㈱ | — |
−100%
Exit
—
|
5 | 1,195 | |
| Portfolio total | 3,387 | 2,320 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding