Pacific Metals Co., Ltd.

大平洋金属株式会社

Iron & Steel

Pacific Metals Co., Ltd. produces and sells ferro-nickel and ferro-nickel slag products in Japan and internationally. It operates through Nickel, Gas, and other business segments. The company offers ferro-nickel that is used as a raw material for stainless steel; ferro-nickel slag that is used as a civil engineering material and mineral slag products. In addition, it is involved in waste recycling business. Further, the company engages in transport contracting and real estate businesses, as well as produces and sells oxygen, argon, and nitrogen gas. The company was formerly known as Nisso Steel Co., Ltd. and changed its name to Pacific Metals Co., Ltd. in January 1970. Pacific Metals Co., Ltd. was incorporated in 1949 and is headquartered in Hachinohe, Japan.

← Companies

Price

¥2,311

Market Cap

¥45.1B

Ent. Value

—

Net Cash est

—

Shares Out.

19.5M

P / E

—

EV / EBIT

—

⚠ TSE Capital Mandate

P / Book

0.67×

P / NCAV

1.31×

Div. Yield

5.84%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥9.1B	¥13.2B	¥15.5B	¥34.9B	¥57.1B
Cost of Sales	—	¥18.4B	¥22.6B	¥45.1B	¥49.0B
Gross Profit	—	¥-5.2B	¥-7.1B	¥-10.3B	¥8.2B
SG&A	—	¥2.2B	¥2.0B	¥2.3B	¥3.4B
Operating Income	¥9.1B	¥-7.4B	¥-9.1B	¥-12.6B	¥4.8B
Non-Operating Income	—	¥5.8B	¥7.2B	¥7.8B	¥8.5B
Dividend Income	—	¥121M	¥229M	¥459M	¥418M
Interest Income	—	¥43M	¥24M	¥13M	¥8M
Non-Operating Expenses	—	¥75M	¥188M	¥175M	¥268M
Interest Expense	—	¥0M	¥0M	¥0M	¥0M
Ordinary Income	¥9.1B	¥-1.6B	¥-2.1B	¥-5.0B	¥13.0B
Pre-tax Income	—	¥-1.2B	¥-611M	¥-4.3B	¥12.8B
Income Taxes	—	¥429M	¥476M	¥739M	¥1.4B
Current Tax	—	¥407M	¥390M	¥501M	¥1.5B
Deferred Tax	—	¥21M	¥85M	¥237M	¥-46M
Net Income (owners)	—	¥-1.7B	¥-1.1B	¥-5.0B	¥11.4B
Minority Interest	—	¥-7M	¥-13M	¥0M	¥10M
Comprehensive Income	—	¥-1.4B	¥-3.0B	¥-5.1B	¥13.9B
EBITDA	—	¥-7.0B	¥-8.8B	¥-12.3B	¥5.1B
EPS	—	¥-85.52	¥-55.10	¥-257.75	¥582.93
Shares Outstanding	—	19.5M	19.5M	19.5M	19.5M
Shares Issued (total)	—	19.6M	19.6M	19.6M	19.6M
Treasury Shares	—	0.1M	0.1M	0.1M	0.1M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	—	¥71.8B	¥73.8B	¥78.8B	¥89.9B
Current Assets	—	¥38.5B	¥41.8B	¥44.2B	¥57.9B
Cash & Deposits	—	¥23.9B	¥21.8B	¥16.8B	¥26.3B
Trade Receivables	—	¥3.3B	¥5.0B	¥6.6B	¥14.0B
Non-Current Assets	—	¥33.3B	¥32.0B	¥34.6B	¥32.0B
PP&E	—	¥7.3B	¥7.4B	¥8.4B	¥7.7B
Intangible Assets	—	¥12M	¥285M	¥239M	¥1M
Investment Securities	—	¥24.9B	¥23.7B	¥25.5B	¥23.9B
Total Liabilities	—	¥4.1B	¥4.7B	¥6.8B	¥9.7B
Current Liabilities	—	¥1.2B	¥1.7B	¥2.5B	¥5.5B
Accounts Payable	—	¥112M	¥234M	¥760M	¥1.3B
Taxes Payable	—	¥55M	¥47M	¥7M	¥1.0B
Non-Current Liabilities	—	¥2.9B	¥3.1B	¥4.3B	¥4.2B
Pension Obligations	—	¥68M	¥59M	¥50M	¥122M
Deferred Tax Liab.	—	¥992M	¥1.1B	¥2.1B	¥2.1B
Total Equity	—	¥67.7B	¥69.1B	¥72.0B	¥80.2B
Capital Stock	—	¥13.9B	¥13.9B	¥13.9B	¥13.9B
Capital Surplus	—	¥3.5B	¥3.5B	¥3.5B	¥3.5B
Retained Earnings	—	¥48.0B	¥49.7B	¥50.5B	¥58.6B
Treasury Stock	—	¥-453M	¥-452M	¥-452M	¥-450M
AOCI	—	¥2.4B	¥2.2B	¥4.3B	¥4.3B
Equity (owners)	—	¥65.0B	¥66.6B	¥67.5B	¥75.5B
Minority Interests	—	¥267M	¥274M	¥287M	¥287M

Net Cash ⓘ	—	¥23.9B	¥21.8B	¥16.8B	¥26.3B
NCAV ⓘ	—	¥34.4B	¥37.1B	¥37.5B	¥48.2B
NCAV/Share	—	¥1,763	¥1,902	¥1,921	¥2,471
BV/Share	—	¥3,333	¥3,416	¥3,461	¥3,873

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	—	¥3.0B	¥2.8B	¥-7.5B	¥7.9B
Taxes Paid	—	¥-398M	¥71M	¥-1.3B	¥-674M
Interest Paid	—	¥0M	¥0M	—	¥0M
Interest Received	—	¥4.2B	¥4.2B	¥5.2B	¥6.7B
D&A	—	¥355M	¥350M	¥289M	¥256M
Investing CF	—	¥-153M	¥2.0B	¥974M	¥-2.9B
CapEx	—	¥521M	¥466M	¥942M	¥1.4B
Purchase Investments	—	—	—	—	¥-1.1B
Proceeds from Invest.	—	¥183M	¥3.4B	¥527M	¥225M
Financing CF	—	¥-7M	¥-5M	¥-3.0B	¥-785M
Dividends Paid	—	¥0M	¥-1M	¥-3.0B	¥-781M
Free Cash Flow	—	¥2.5B	¥2.3B	¥-8.5B	¥6.4B
Net Change in Cash	—	¥2.8B	¥4.9B	¥-9.4B	¥4.3B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	—	-2.4%	-1.5%	-6.6%	15.5%
ROA	—	-2.3%	-1.4%	-6.0%	12.7%
EPS	—	¥-85.52	¥-55.10	¥-257.75	¥582.93
DPS	—	¥135.00	—	—	¥175.00
BPS	—	¥3,455.68	¥3,527.21	¥3,678.90	¥4,095.12
FCF/Share	—	¥128	¥119	¥-434	¥330
NCAV/Share	—	¥1,763	¥1,902	¥1,921	¥2,471
Payout Ratio	—	—	—	—	30.0%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 38

Date	Activist	Stake	Event	Flag	Demands
2026-02-05	Sumitomo Mitsui DS Asset Management Company, Limited	6.11%	initial_5pct	Passive	—
2025-12-22	Effissimo Capital Management Pte. Ltd.	2.12% -2.99%	change	Passive	—
2025-06-23	―	—	exit	✓ Activist	—
2025-05-07	NIPPON STEEL CORPORATION	—	exit	Passive	—
2025-04-07	Nippon Steel Stainless Steel Corporation	—	exit	Passive	—
2025-04-07	NIPPON STEEL CORPORATION	8.36%	initial_5pct	Passive	—
2025-03-13	NIPPON STEEL Stainless Steel Corporation	9.35%	change	Passive	—
2024-11-18	―	10.16% +1.06%	change	✓ Activist	—
2024-08-09	―	9.1% +1.58%	change	✓ Activist	—
2024-08-07	―	7.52% +1.08%	change	✓ Activist	—
2024-08-05	―	6.44% +1.04%	change	✓ Activist	—
2024-08-01	―	5.4% +1.24%	initial_5pct	✓ Activist	—
2024-05-08	Effissimo Capital Management Pte. Ltd.	5.11%	change	Passive	—
2024-04-19	Morgan Stanley MUFG Securities Co., Ltd.	0.97% -4.49%	change	Passive	—
2024-04-04	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	3.64% -2.49%	change	Passive	—
2024-04-04	Morgan Stanley MUFG Securities Co., Ltd.	5.46%	initial_5pct	Passive	—
2024-04-04	Nomura Securities Co.,Ltd.	4.44% -4.26%	change	Passive	—
2024-03-22	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	6.13% -0.05%	change	Passive	—
2024-03-21	Nomura Securities Co.,Ltd.	8.7% +1.1%	change	Passive	—
2024-02-21	Nomura Securities Co.,Ltd.	7.6% -0.38%	change	Passive	—
2024-02-06	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	6.18% -0.23%	change	Passive	—
2024-02-06	―	4.16% -1.43%	change	✓ Activist	—
2024-02-05	Nomura Securities Co.,Ltd.	7.98% +0.17%	change	Passive	—
2024-02-05	―	5.59% -2.24%	change	✓ Activist	—
2024-01-31	―	7.83% +1.07%	change	✓ Activist	—
2024-01-29	―	6.76% +1.0%	change	✓ Activist	—
2024-01-25	―	5.76%	initial_5pct	✓ Activist	—
2024-01-19	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	6.41%	change	Passive	—
2023-12-22	Nomura Securities Co.,Ltd.	7.81% +0.2%	change	Passive	—
2023-12-06	Nomura Securities Co.,Ltd.	7.61% +0.07%	change	Passive	—
2023-10-05	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	6.41% +0.1%	change	Passive	—
2023-09-22	Nomura Securities Co.,Ltd.	7.54% +0.06%	change	Passive	—
2023-09-05	Nomura Securities Co.,Ltd.	7.48% +0.21%	change	Passive	—
2023-07-21	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	6.31% -0.04%	change	Passive	—
2023-07-21	Nomura Securities Co.,Ltd.	7.27% -0.11%	change	Passive	—
2023-06-22	Nomura Securities Co.,Ltd.	7.38%	change	Passive	—
2023-06-21	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	6.35% -0.03%	change	Passive	—
2023-06-06	Sumitomo Mitsui Trust Asset Management Co.,Ltd.	6.38%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-04-28 15:00	Div Increase	¥1.3B ¥75.0/sh	Taiheiyo Metals (5541) announced a period-end dividend of ¥75 per share (¥1.304bn total) for FY2026 ending March 31, 202…
Summary Taiheiyo Metals (5541) announced a period-end dividend of ¥75 per share (¥1.304bn total) for FY2026 ending March 31, 2026, with ex-date June 4, 2026. Combined with the interim dividend of ¥60, annual dividend is ¥135 per share, matching prior year but reflecting a revised earnings forecast. The company targets a 4% DOE (dividend payout ratio on equity) going forward. Source (JP) 2026年3月31日を基準日とする剰余金の配当を下記のとおり行うことを決議いたしました。1株当たり配当金 75円00銭、配当金の総額 1,304百万円、効力発生日 2026年6月4日剰余金の配当に関するお知らせ 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）	1,899	9.74%
2	日鉄ステンレス株式会社	1,636	8.39%
3	野村絢（常任代理人三田証券株式会社）	1,612	8.27%
4	立花証券株式会社	1,166	5.98%
5	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY 505103（常任代理人株式会社みずほ銀行決済営業部）	871	4.47%
6	日本機設株式会社	481	2.47%
7	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	357	1.83%
8	J.P. MORGAN SECURITIES PLC FOR AND ON BEHALF OF ITS CLIENTS JPMSP RE CLIENT ASSETS-SEGR ACCT J.P. MORGAN SECURITIES PLC FOR AND ON BEHALF OF ITS CLIENTS JPMSP RE CLIENT ASSETS-SEGR ACCT（常任代理人シティバンク、エヌ・エイ東京支店カストディ業務部）	300	1.54%
9	Business Partner Stock Ownership Plan 大平洋金属取引先持株会	244	1.25%
10	ECM MF（常任代理人立花証券株式会社）	235	1.21%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

11.6%

-8.5% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

6.0%

+4.5% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

27.6%

+7.6% 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		16.70%	15.38%	9.74% -5.64%
日鉄ステンレス		10.51%	10.51%	8.39% -2.12%
野村絢 NEW ENTRY	—	—	—	8.27% NEW
立花証券		3.52%	3.32%	5.98% +2.66%
State Street NEW ENTRY		6.36%	—	4.47% NEW
日本機設 ↑		—	1.17%	2.47% +1.30%
Japan Custody Bank 日本カストディ銀行		7.04%	4.70%	1.83% -2.87%
JP Morgan		4.46%	1.54%	1.54%
Business Partner Stock Ownership Plan 大平洋金属取引先持株会		1.12%	1.22%	1.25% +0.03%
ECM MF NEW ENTRY	—	—	—	1.21% NEW
BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) last seen 2024	Exited Top 10	—	1.30%	—
AVI JAPAN OPPORTUNITY TRUST PLC last seen 2024	Exited Top 10	—	1.28%	—
JP JPMSE LUX RE NOMURA INT PLC 1 EQ CO last seen 2024	Exited Top 10	—	1.19%	—
GOVERNMENT OF NORWAY last seen 2023	Exited Top 10	1.93%	—	—
Fidelity last seen 2023	Exited Top 10	3.65%	—	—
Concentration (HHI) ⓘ		530	390	304

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

Portfolio Book Value ¥1,054M -84% since 2023

Holdings 8 2 exited

Trend 1 unwinding vs 2023

Held Company	FY2025 ¥1,054M total		FY2023 ¥6,716M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
NICKEL ASIA CORP.	849	-61.5% ↓ 146,075,188	6,324	379,307,412
Rasa Shoji Co., Ltd. ラサ商事㈱	148	100,000	145	100,000	M
NIPPON STEEL CORPORATION 日本製鉄㈱	57	18,126	56	18,126
Mitsubishi Corporation 三菱商事㈱	—		—
Tokio Marine Holdings, Inc. 東京海上ホールディングス㈱	—		—		M
NYK Line Co. 日本郵船㈱	—		—
Mitsui O.S.K. Lines, Ltd. ㈱商船三井	—		—		M
NS UNITED KAIUN KAISHA, LTD. ＮＳユナイテッド海運㈱	—		—		M
PT ANTAM Tbk	—	−100% Exit —	181	9,762,500
Procrea Holdings, Inc. ㈱プロクレアホールディングス	—	−100% Exit —	10	5,000	M
Portfolio total	1,054		6,716

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