Yodogawa Steel Works,Ltd.

株式会社ヨドコウ

Iron & Steel

Yodoko, Ltd. engages in the manufacture and sales of steel products for industrial and consumer products in Japan. The company offers steel sheets products comprising pre-painted and galvanized steel sheets, chromate-free treated steel sheets, cold rolled steel strips, special steel strips, steel strapping, and cold rolled steel sheets. It also provides exterior products for storage sheds, garages, carports, bicycle parks, warehouses, lodges, and trash bins; and building materials comprising roofing and siding, and environmental products. In addition, the company offers rolls for section steel, including plate and hot strip mill work rolls; paper manufacturing rolls; drilled rolls for rubber and vinyl; and calendar equipment for paper making. Further, it provides high-function grating products, as well as other gratings products, including grating, and pit and U-shaped covers. Additionally, the company is involved in the real estate which operates buildings and parking lots for rent. Yodoko, Ltd. was formerly known as Yodogawa Steel Works, Ltd. and changed its name to Yodoko, Ltd. in October 2025. The company was incorporated in 1935 and is headquartered in Osaka, Japan.

← Companies

Price

¥1,264

Market Cap

¥36.0B

Ent. Value

¥-26,044M

Net Cash est

¥62.1B

Shares Out.

28.5M

P / E

10.5×

EV / EBIT

-2.2×

P / Book

0.89×

P / NCAV

0.29×

Div. Yield

1.58%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥195.4B	¥208.5B	¥204.0B	¥220.3B	¥201.7B
Cost of Sales	¥160.8B	¥174.3B	¥172.2B	¥187.7B	¥168.5B
Gross Profit	¥34.5B	¥34.1B	¥31.8B	¥32.7B	¥33.2B
SG&A	¥22.7B	¥20.3B	¥19.8B	¥20.0B	¥18.8B
Operating Income	¥11.9B	¥13.9B	¥12.0B	¥12.7B	¥14.3B
Non-Operating Income	¥6.0B	¥7.9B	¥3.5B	¥5.3B	¥3.9B
Dividend Income	—	¥1.3B	¥1.0B	¥1.2B	¥1.1B
Interest Income	—	¥665M	¥564M	¥397M	¥320M
Non-Operating Expenses	—	¥274M	¥324M	¥329M	¥351M
Interest Expense	—	¥86M	¥109M	¥118M	¥67M
Ordinary Income	¥17.5B	¥21.6B	¥15.2B	¥17.7B	¥17.9B
Pre-tax Income	¥19.2B	¥20.7B	¥8.1B	¥16.9B	¥17.1B
Income Taxes	¥1.1B	¥5.7B	¥2.2B	¥5.0B	¥4.8B
Current Tax	—	¥5.5B	¥4.6B	¥5.3B	¥5.0B
Deferred Tax	—	¥179M	¥-2.4B	¥-348M	¥-167M
Net Income (owners)	¥17.4B	¥13.5B	¥4.5B	¥10.6B	¥9.8B
Minority Interest	—	¥1.5B	¥1.4B	¥1.3B	¥2.5B
Comprehensive Income	—	¥13.9B	¥16.3B	¥14.9B	¥14.2B
EBITDA	¥16.7B	¥18.5B	¥16.8B	¥17.7B	¥18.5B
EPS	¥120.49	¥467.03	¥154.29	¥367.13	¥339.77
Shares Outstanding	—	28.5M	28.5M	28.5M	28.4M
Shares Issued (total)	—	31.8M	34.8M	34.8M	34.8M
Treasury Shares	—	3.3M	6.4M	6.4M	6.4M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥266.5B	¥264.3B	¥265.9B	¥251.1B	¥244.7B
Current Assets	¥165.6B	¥159.9B	¥156.1B	¥150.9B	¥144.5B
Cash & Deposits	¥62.1B	¥58.1B	¥56.8B	¥40.2B	¥31.9B
Trade Receivables	—	¥43.9B	¥45.5B	¥49.5B	¥53.7B
Non-Current Assets	¥100.9B	¥104.4B	¥109.7B	¥100.2B	¥100.1B
PP&E	¥55.8B	¥57.8B	¥55.9B	¥56.6B	¥56.5B
Intangible Assets	—	¥2.3B	¥2.2B	¥2.1B	¥2.0B
Investment Securities	¥38.2B	¥41.0B	¥49.6B	¥40.2B	¥40.7B
Deferred Tax Assets	—	¥61M	¥86M	¥137M	¥182M
Total Liabilities	¥42.8B	¥49.1B	¥52.0B	¥49.1B	¥52.7B
Current Liabilities	¥27.9B	¥29.8B	¥28.1B	¥35.1B	¥37.6B
Accounts Payable	—	¥14.5B	¥13.9B	¥17.9B	¥20.7B
ST Debt	—	¥840M	¥544M	¥1.3B	¥1.3B
Taxes Payable	—	¥3.5B	¥2.1B	¥3.2B	¥3.6B
Non-Current Liabilities	¥14.9B	¥19.4B	¥23.9B	¥14.1B	¥15.2B
Pension Obligations	—	¥4.1B	¥5.3B	¥5.5B	¥6.3B
Deferred Tax Liab.	—	¥3.2B	¥4.4B	¥3.9B	¥4.1B
Total Equity	¥223.7B	¥215.1B	¥213.8B	¥201.9B	¥191.9B
Capital Stock	—	¥23.2B	¥23.2B	¥23.2B	¥23.2B
Capital Surplus	—	¥12.5B	¥18.3B	¥18.3B	¥18.3B
Retained Earnings	¥141.4B	¥133.4B	¥126.9B	¥126.1B	¥118.5B
Treasury Stock	—	¥-4.9B	¥-11.8B	¥-11.9B	¥-12.0B
AOCI	—	¥30.5B	¥33.0B	¥24.0B	¥22.3B
Equity (owners)	¥168.3B	¥164.2B	¥156.6B	¥155.7B	¥148.0B
Minority Interests	—	¥20.3B	¥24.1B	¥22.1B	¥21.5B

Total Interest-Bearing Debt ⓘ	—	¥840M	¥544M	¥1.3B	¥1.3B
Net Cash ⓘ	¥62.1B	¥57.2B	¥56.3B	¥38.9B	¥30.6B
NCAV ⓘ	¥122.8B	¥110.7B	¥104.1B	¥101.7B	¥91.8B
NCAV/Share	—	¥3,886	¥3,656	¥3,575	¥3,231
BV/Share	—	¥5,763	¥5,499	¥5,471	¥5,208

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥18.8B	¥11.3B	¥21.5B	¥17.3B	¥-10.6B
Interest Paid	—	¥-83M	¥-132M	¥-84M	¥-67M
Interest Received	—	¥2.0B	¥1.7B	¥1.7B	¥1.4B
D&A	¥4.8B	¥4.7B	¥4.8B	¥5.0B	¥4.2B
Investing CF	¥-4.0B	¥-6.7B	¥-809M	¥-3.2B	¥-2.0B
CapEx	¥4.4B	¥5.4B	¥3.7B	¥6.2B	¥7.9B
Purchase Investments	—	¥-58M	¥-17M	¥-57M	¥-738M
Financing CF	¥-16.4B	¥-12.5B	¥-5.4B	¥-5.1B	¥-1.2B
Dividends Paid	—	¥-7.2B	¥-3.7B	¥-3.1B	¥-2.2B
Share Buybacks	—	¥-5M	¥-5M	¥-2M	¥-2M
Free Cash Flow	¥14.4B	¥5.9B	¥17.8B	¥11.2B	¥-18.6B
Net Change in Cash	—	¥-6.7B	¥16.7B	¥9.8B	¥-12.2B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	7.9%	7.0%	2.4%	6.1%	5.9%
ROA	6.6%	5.1%	1.7%	4.3%	4.0%
EPS	¥120.49	¥467.03	¥154.29	¥367.13	¥339.77
DPS	¥20.00	¥351.00	¥200.00	¥111.00	¥102.00
BPS	¥1,414.21	¥6,733.72	¥6,561.18	¥6,223.26	¥5,907.11
FCF/Share	—	¥208	¥625	¥392	¥-654
NCAV/Share	—	¥3,886	¥3,656	¥3,575	¥3,231
Payout Ratio	16.6%	75.2%	129.6%	30.2%	30.0%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 9

Date	Activist	Stake	Event	Flag	Demands
2026-04-16	Strategic Capital, Inc.	5.63% -1.0%	change	✓ Activist	—
2026-04-03	Strategic Capital, Inc.	6.63% -1.21%	change	✓ Activist	—
2026-02-06	Strategic Capital, Inc.	7.84%	change	✓ Activist	—
2026-01-20	Strategic Capital, Inc.	7.84% +0.55%	change	✓ Activist	—
2025-01-31	Strategic Capital, Inc.	7.29% +1.0%	change	✓ Activist	—
2024-10-24	Strategic Capital, Inc.	6.29%	change	✓ Activist	—
2024-08-22	Strategic Capital, Inc.	6.29%	change	✓ Activist	—
2024-08-14	Strategic Capital, Inc.	6.29% +1.26%	change	✓ Activist	—
2023-09-15	Strategic Capital, Inc.	5.03%	initial_5pct	✓ Activist	—

Capital Allocation Signals 2

Date	Type	Amount	Summary
2026-05-11 11:00	Div Increase	¥10.2B ¥71.0/sh +3%	Yodogawa Co., Ltd. announced an increased dividend for fiscal year ending March 31, 2026, raising the per-share dividend…
Summary Yodogawa Co., Ltd. announced an increased dividend for fiscal year ending March 31, 2026, raising the per-share dividend from the prior forecast of 69 yen to 71 yen (a +2.9% increase). Total dividend payout is 10.17 billion yen from retained earnings, with an effective date of June 24, 2026. The increase aligns with the company's mid-term plan target of maintaining annual dividends above 40 yen per share while achieving a consolidated payout ratio of 75% or more. YoY: +3% Source (JP) 2026年３月期末配当金予想を69円00銭から71円00銭に変更し、配当を行うことを決議しました。配当金の総額は10,170百万円です。 2026年３月期剰余金の配当に関するお知らせ TDnet PDF
2026-05-11 11:00	Cost of Capital	¥91.0/sh 8.3%	Yodoko (5451) disclosed an update on capital-cost-conscious management and shareholder value enhancement. The company ac…
Summary Yodoko (5451) disclosed an update on capital-cost-conscious management and shareholder value enhancement. The company achieved PBR of 0.98x (10-year high) and ROE of 8.8% in FY2025, with a target of 8% ROE for the 2026-2028 medium-term plan. Capital allocation priorities include growth investments (¥400B), existing business reinforcement (¥150B), and shareholder returns of ¥260B (75%+ payout ratio with ¥91 DPS), alongside continued policy holding stock reduction targeting <10% of net assets and treasury share cancellation of 2.91M shares. % of Shares: 8.3% Shares: 2,910,000 Source (JP) 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ついて、現状を評価し、改善に向けた取組状況をアップデート。PBR0.98倍、ROE8.8％。2026年度からの中期経営計画2028ではROE8％を目指す。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ついて（アップデート） 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）	2,311	7.91%
2	INTERTRUST TRUSTEES（CAYMAN）LIMITED SOLEL Y IN ITS CAPACITY AS TRUSTEE OF JAPAN-UP INTERTRUST TRUSTEES（CAYMAN）LIMITED SOLEL Y IN ITS CAPACITY AS TRUSTEE OF JAPAN-UP （常任代理人みずほ銀行決済業務部）	1,251	4.28%
3	INTERTRUST TRUSTEES CAYMAN LIMITED AS TRUSTEE OF JAPAN-UP UNIT TRUST （常任代理人立花証券）	1,070	3.66%
4	Resona Bank 株式会社りそな銀行	1,068	3.65%
5	Mizuho Bank 株式会社みずほ銀行	1,062	3.63%
6	Business Partner Stock Ownership Plan ヨドコウ取引先持株会	1,059	3.62%
7	株式会社扇商會	850	2.91%
8	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY505001 （常任代理人みずほ銀行決済業務部）	639	2.19%
9	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	631	2.16%
10	HANWA CO.,LTD. 阪和興業株式会社	628	2.15%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

10.1%

-2.6% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

2.2%

+2.2% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

23.9%

-2.7% 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		9.41%	10.24%	7.91% -2.33%
INTERTRUST TRUSTEES（CAYMAN）LIMITED SOLEL Y IN ITS CAPACITY AS TRUSTEE OF JAPAN-UP INTERTRUST TRUSTEES（CAYMAN）LIMITED SOLEL Y IN ITS CAPACITY AS TRUSTEE OF JAPAN-UP		—	6.86%	4.28% -2.58%
INTERTRUST TRUSTEES CAYMAN LIMITED AS TRUSTEE OF JAPAN-UP UNIT TRUST NEW ENTRY	—	—	—	3.66% NEW
Resona Bank りそな銀行		3.66%	3.66%	3.65% -0.01%
Mizuho Bank みずほ銀行		3.64%	3.63%	3.63%
Business Partner Stock Ownership Plan ヨドコウ取引先持株会		3.89%	3.73%	3.62% -0.11%
式会社扇商會		—	2.40%	2.91% +0.51%
State Street NEW ENTRY	—	—	—	2.19% NEW
Japan Custody Bank 日本カストディ銀行		2.18%	2.47%	2.16% -0.31%
HANWA CO.,LTD. 阪和興業		2.15%	2.15%	2.15%
Nippon Life Insurance 日本生命保険 last seen 2024	Exited Top 10	2.12%	2.11%	—
式會社ポスコ（POSCO） last seen 2024	Exited Top 10	2.05%	2.05%	—
Northern Trust last seen 2023	Exited Top 10	2.33%	—	—
JFEスチール last seen 2023	Exited Top 10	2.01%	—	—
Concentration (HHI) ⓘ		158	218	156

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

Portfolio Book Value ¥28,974M +13% since 2023

Holdings 27 +2 new 8 exited

Trend Stable vs 2023

Held Company	FY2025 ¥28,974M total		FY2023 ¥25,721M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Itochu Corporation 伊藤忠商事(株)	6,032	933,000	3,866	933,000
NIPPON PAINT HOLDINGS CO.,LTD. 日本ペイントホールディングス(株)	5,617	5,232,500	5,661	5,232,500
KANSAI PAINT CO.,LTD. 関西ペイント(株)	3,050	1,402,000	2,766	1,402,000	M
Bunka Shutter Co.,Ltd. 文化シヤッター(株)	2,830	1,627,000	1,600	1,627,000	M
HANWA CO.,LTD. 阪和興業(株)	2,251	379,700	1,230	379,700	M
株式會社ポスコ(POSCO)(海外株式)	2,053	NEW New 43,286	—
JFE Holdings,Inc. ＪＦＥホールディングス(株)	1,342	528,700	910	528,700
TAKUMA CO., LTD. (株)タクマ	1,018	535,000	764	535,000	M
中国鋼鐵股份有限公司(海外株式)	816	NEW New 7,211,000	—		M
Toyo Seikan Group Holdings, Ltd. 東洋製罐グループホールディングス(株)	705	289,300	406	289,300
Kobe Steel, Ltd. (株)神戸製鋼所	594	289,000	170	289,000	M
Kurimoto,Ltd. (株)栗本鐵工所	499	122,900	192	122,900	M
Resona Holdings, Inc. (株)りそなホールディングス	427	449,850	235	449,850
The Miyazaki Bank,Ltd. (株)宮崎銀行	328	114,534	236	114,534	M
The Shikoku Bank, Ltd. (株)四国銀行	269	220,041	164	220,041	M
ARAYA INDUSTRIAL CO.,LTD. 新家工業(株)	252	65,600	107	65,600	M
Daishi Hokuetsu Financial Group,Inc. (株)第四北越フィナンシャルグループ	235	52,700	132	52,700
Chugai Ro Co.,Ltd. 中外炉工業（株）	191	61,600	98	61,600	M
Rengo Co., Ltd. レンゴー(株)	115	99,000	77	99,000	M
Mizuho Financial Group, Inc. (株)みずほフィナンシャルグループ	105	34,690	54	34,690
THE BANK OF KOCHI,LTD (株)高知銀行	83	79,400	60	79,400	M
OKAYA&CO.,LTD. 岡谷鋼機(株)	67	4,000	38	4,000	M
ALINCO INCORPORATED アルインコ(株)	62	60,000	52	60,000	M
小松ウォール工業(株)	15	5,000	9	5,000
三井金属鉱業(株)	14	3,000	10	3,000	M
譌･譛ｬ陬ｽ邏呎ｪ蠑丈ｼ夂､ｾ日本製紙(株)	2	2,400	2	2,400
Nippon Light Metal Holdings Company, Ltd. 日本軽金属ホールディングス(株)	2	1,100	1	1,100
TOYOTA TSUSHO CORPORATION 豊田通商(株)	—	−100% Exit —	2,631	520,000	M
ポスコホールディングス(株)	—	−100% Exit —	1,283	43,286
中国鋼鐵股份有限公司	—	−100% Exit —	1,204	7,211,000	M
NIPPON STEEL CORPORATION 日本製鉄㈱	—	−100% Exit —	820	377,820	M
AIR WATER INC. エア・ウォーター(株)	—	−100% Exit —	493	287,000	M
Tayo Rolls Ltd.	—	−100% Exit —	300	1,536,704
Sumitomo Metal Mining Co., Ltd. 住友金属鉱山(株)	—	−100% Exit —	92	15,000	M
NIPPON STEEL TRADING CORPORATION 日鉄物産㈱	—	−100% Exit —	58	11,000
Portfolio total	28,974		25,721

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