5464
MORY INDUSTRIES INC.
モリ工業株式会社
Basic Materials · Steel
Mory Industries Inc. manufactures and sells stainless steel and welded carbon steel products in Japan. It offers round stainless steel pipes and tubes; square and modified stainless steel tubes; stainless-steel-clad tubes; stainless steel joint parts, etc.; stainless steel flat bars, angle bars, and round bars; flexible stainless steel tubes; stainless steel household products; and various products from stainless steel tubes. The company also provides welded carbon steel tubes for machine and general structural purposes, and welded carbon steel square pipes for general structural purpose, and machinery. Its products are used in construction materials, hardware, furniture, and automotive parts. Mory Industries Inc. was founded in 1929 and is headquartered in Osaka, Japan.
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⚠ TSE Capital Mandate
P / Book
0.66×
Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥46.1B
¥47.9B
¥48.7B
¥43.1B
Cost of Sales
¥34.8B
¥36.5B
¥36.6B
¥32.0B
Gross Profit
¥11.3B
¥11.4B
¥12.1B
¥11.1B
SG&A
¥5.9B
¥5.5B
¥5.3B
¥5.4B
Operating Income
¥5.4B
¥5.9B
¥6.7B
¥5.7B
Non-Operating Income
¥397M
¥518M
¥465M
¥493M
Dividend Income
¥114M
¥148M
¥98M
¥69M
Interest Income
¥20M
¥16M
¥10M
¥8M
Non-Operating Expenses
¥71M
¥21M
¥23M
¥27M
Interest Expense
¥14M
¥13M
¥12M
¥9M
Ordinary Income
¥5.7B
¥6.4B
¥7.2B
¥6.1B
Pre-tax Income
¥5.8B
¥6.5B
¥7.4B
¥6.1B
Income Taxes
¥1.7B
¥2.0B
¥2.1B
¥1.8B
Current Tax
¥1.6B
¥1.9B
¥2.1B
¥1.8B
Deferred Tax
¥53M
¥24M
¥7M
¥-41M
Net Income (owners)
¥4.1B
¥4.5B
¥5.3B
¥4.3B
Minority Interest
¥0M
¥3M
¥9M
¥6M
Comprehensive Income
¥3.6B
¥5.6B
¥5.5B
¥4.3B
EBITDA
¥6.5B
¥7.0B
¥7.8B
¥6.8B
EPS
¥106.95
¥582.08
¥681.33
¥551.47
Shares Outstanding
7.6M
7.8M
7.8M
7.8M
Shares Issued (total)
7.8M
7.8M
7.8M
7.8M
Treasury Shares
0.1M
0.0M
0.0M
0.0M
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥69.8B
¥70.3B
¥65.8B
¥62.5B
Current Assets
¥43.1B
¥45.8B
¥43.5B
¥40.2B
Cash & Deposits
¥16.0B
¥18.4B
¥14.3B
¥13.6B
Trade Receivables
¥7.9B
¥8.1B
¥8.5B
¥7.9B
Non-Current Assets
¥26.8B
¥24.5B
¥22.2B
¥22.4B
PP&E
¥16.2B
¥16.0B
¥15.7B
¥16.0B
Intangible Assets
¥136M
¥60M
¥66M
¥75M
Investment Securities
¥7.1B
¥4.9B
¥3.9B
¥3.5B
Total Liabilities
¥14.3B
¥15.7B
¥15.0B
¥16.2B
Current Liabilities
¥11.0B
¥13.3B
¥12.3B
¥14.2B
Accounts Payable
¥2.7B
¥2.6B
¥3.8B
¥3.5B
ST Debt
¥536M
¥1.5B
¥670M
¥1.3B
Taxes Payable
¥748M
¥964M
¥1.3B
¥1.4B
Non-Current Liabilities
¥3.2B
¥2.4B
¥2.7B
¥2.1B
Total LT Borrowings
¥1.5B
¥506M
¥1.3B
¥670M
Pension Obligations
¥170M
¥173M
¥177M
¥179M
Deferred Tax Liab.
¥1.0B
¥1.2B
¥767M
¥713M
Total Equity
¥55.6B
¥54.6B
¥50.7B
¥46.3B
Capital Stock
¥7.4B
¥7.4B
¥7.4B
¥7.4B
Capital Surplus
¥7.1B
¥7.1B
¥7.1B
¥7.1B
Retained Earnings
¥39.3B
¥36.9B
¥34.1B
¥29.9B
Treasury Stock
¥-801M
¥-2M
¥0M
¥0M
AOCI
¥2.5B
¥3.1B
¥2.1B
¥1.9B
Equity (owners)
¥53.0B
¥51.4B
¥48.6B
¥44.4B
Minority Interests
¥57M
¥57M
¥47M
¥35M
Total Interest-Bearing Debt ⓘ
¥2.0B
¥2.0B
¥2.0B
¥2.0B
Net Cash ⓘ
¥14.0B
¥16.3B
¥12.4B
¥11.6B
NCAV ⓘ
¥28.8B
¥30.1B
¥28.5B
¥23.9B
NCAV/Share
¥3,768
¥3,882
¥3,670
¥3,083
BV/Share
¥6,935
¥6,624
¥6,261
¥5,719
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥4.1B
¥6.6B
¥2.3B
¥5.0B
Interest Paid
¥-15M
¥-13M
¥-11M
¥-9M
Interest Received
¥310M
¥355M
¥278M
¥351M
D&A
¥1.1B
¥1.1B
¥1.1B
¥1.1B
Investing CF
¥-3.8B
¥-1.0B
¥-427M
¥-1.5B
CapEx
¥1.1B
¥1.2B
¥765M
¥1.5B
Purchase Investments
¥-2.8B
—
—
¥-249M
Proceeds from Invest.
¥93M
¥160M
—
¥222M
Financing CF
¥-2.6B
¥-1.6B
¥-1.1B
¥-1.0B
Dividends Paid
¥-1.8B
¥-1.7B
¥-1.1B
¥-704M
Share Buybacks
¥-798M
¥-1M
¥0M
¥-203M
LT Debt Repaid
¥-36M
¥-38M
¥-36M
¥-36M
Free Cash Flow
¥3.0B
¥5.5B
¥1.5B
¥3.5B
Net Change in Cash
¥-2.4B
¥4.0B
¥748M
¥2.5B
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
7.5%
8.6%
10.9%
9.7%
ROA
5.9%
6.6%
8.2%
6.9%
EPS
¥106.95
¥582.08
¥681.33
¥551.47
DPS
¥210.00
¥230.00
¥180.00
¥130.00
BPS
¥1,462.20
¥7,026.29
¥6,527.42
¥5,958.67
FCF/Share
¥392
¥706
¥198
¥447
NCAV/Share
¥3,768
¥3,882
¥3,670
¥3,083
Payout Ratio
196.4%
39.5%
26.4%
23.6%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 6
Date Activist Stake Event Flag Demands Source
2025-09-29
Hikari Tsushin K.K.
6.97%
-0.21%
change
Passive
—
2025-02-25
AKINOBU MORI
8.87%
correction
Passive
—
2025-02-06
AKINOBU MORI
8.87%
change
Passive
—
2024-07-29
Mitsubishi UFJ Financial Group Inc.
6.07%
change
Passive
—
2023-10-17
Hikari Tsushin K.K.
7.18%
+1.01%
change
Passive
—
2023-06-02
Hikari Tsushin K.K.
6.17%
change
Passive
—
Capital Allocation Signals 1
Date
Type
Amount
Summary
2026-05-08
13:30
Cost of Capital
—
MORY Kogyo announced a capital cost and shareholder value improvement update following board deliberation on May 8, 2026…
Summary
MORY Kogyo announced a capital cost and shareholder value improvement update following board deliberation on May 8, 2026. The company disclosed its estimated cost of equity at 7-8% via CAPM and reaffirmed a 5-year average ROE of 8.5%, exceeding its cost of capital. The company committed to PBR improvement through ROE enhancement (targeting higher profitability and capital efficiency) and market valuation uplift via strengthened IR activities and stable shareholder returns, having already executed a 124.6 million share buyback in February 2025.
Shares: 124,600
Source (JP)
当社は株主資本コストをCAPM(資本資産評価モデル)で約7~8%と想定しています。...5年平均のROEは8.5%であり、当社の想定する株主資本コストを上回る水準は確保しております。...PBRの改善を単なる株価対策ではなく、資本コストを上回る資本収益性を継続的に実現できる企業体質への変革であると位置づけております。
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
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 20
#
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)
630
8.25%
2
HIKARI TSUSHIN,INC.
光通信株式会社
541
7.08%
3
森 明信
441
5.79%
4
Daido Life Insurance Co.
大同生命保険株式会社(常任代理人 株式会社日本カストディ銀行)
440
5.76%
5
MUFG Bank
株式会社三菱UFJ銀行
278
3.65%
6
Resona Bank
株式会社りそな銀行
268
3.51%
7
Nippon Life Insurance
日本生命保険相互会社(常任代理人 日本マスタートラスト信託銀行株式会社)
267
3.50%
8
公益財団法人森教育振興会
247
3.24%
9
HANWA CO.,LTD.
阪和興業株式会社
233
3.05%
10
POSCO JAPAN株式会社
200
2.62%
Domestic Nominees
8.2%
+2.2% 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
38.2%
-0.8% 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
6.20%
6.06%
8.25%
+2.19%
HIKARI TSUSHIN,INC.
光通信
5.59%
7.25%
7.08%
-0.17%
森 明信
5.69%
5.69%
5.79%
+0.10%
Daido Life Insurance Co.
大同生命保険
5.67%
5.67%
5.76%
+0.09%
MUFG Bank
式会社三菱UFJ銀行
4.74%
4.74%
3.65%
-1.09%
Resona Bank
りそな銀行
3.46%
3.46%
3.51%
+0.05%
Nippon Life Insurance
日本生命保険
3.45%
3.45%
3.50%
+0.05%
公益財団法人森教育振興会
3.18%
3.18%
3.24%
+0.06%
HANWA CO.,LTD.
阪和興業
3.00%
3.00%
3.05%
+0.05%
POSCO JAPAN
NEW ENTRY
—
—
—
2.62%
NEW
POSCO JAPAN
last seen 2024
Exited Top 10
2.57%
2.58%
—
Concentration (HHI)
ⓘ
206
226
249
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥3,311M
+12% since 2023
Holdings
20
+1 new
2 exited
Trend
2 unwinding
vs 2023
Held Company
FY2025
¥3,311M total
FY2023
¥2,958M total
Book Val ¥M
Shares
Book Val ¥M
Shares
IWATANI CORPORATION
岩谷産業㈱
795
+300.0%
↑
532,512
770
133,128
M
T&D Holdings, Inc.
㈱T&Dホールディングス
488
153,800
252
153,800
CANOX CORPORATION
㈱カノークス
354
200,000
336
200,000
M
Mitsubishi UFJ Financial Group, Inc.
㈱三菱UFJフィナンシャル・グループ
296
-24.2%
↓
147,560
165
194,660
フルサト・マルカホールディングス㈱
253
106,500
298
106,500
M
HANWA CO.,LTD.
阪和興業㈱
237
48,500
191
48,500
M
Kyoto Financial Group, Inc.
㈱京都フィナンシャルグループ
233
NEW
New
102,400
—
Nichia Steel Industry Co., Ltd.
日亜鋼業㈱
165
533,000
157
533,000
M
ポスコ ADR
92
12,700
111
12,700
UEX, LTD.
㈱UEX
80
102,400
129
102,400
M
Japan Metallurgical & Chemical Co., Ltd.
日本冶金工業㈱
73
17,750
75
17,750
M
Daido Special Steel Co., Ltd.
大同特殊鋼㈱
62
+400.0%
↑
52,500
54
10,500
M
JFE Holdings,Inc.
JFEホールディングス㈱
39
-77.0%
↓
21,500
156
93,400
Sumitomo Mitsui Financial Group, Inc.
㈱三井住友フィナンシャルグループ
30
+200.0%
↑
8,001
14
2,667
Resona Holdings, Inc.
㈱りそなホールディングス
29
22,830
14
22,830
THE ZENITAKA CORPORATION
㈱錢高組
29
7,600
22
7,600
M
㈱岡三証券 グループ
26
40,197
18
40,197
M
Kobe Steel, Ltd.
㈱神戸製鋼所
17
10,000
10
10,000
M
KANESO CO.,LTD.
カネソウ㈱
10
2,000
7
2,000
TAKANO CO.,Ltd.
タカノ㈱
3
5,500
3
5,500
KOGI CORPORATION
虹技㈱
—
−100%
Exit
—
16
16,300
M
The Bank of Kyoto
㈱京都銀行
—
−100%
Exit
—
160
25,600
M
Portfolio total
3,311
2,958
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding