CK SAN-ETSU METALS Co.,Ltd.

株式会社ＣＫサンエツ

Nonferrous Metals

CK SAN-ETSU Co., Ltd. engages in the manufacture and sale of brass rod and wire products in Japan, China, and Taiwan. It also offers precision parts through forging and machining activities; plumbing equipment under the CK brand; and hot-dip galvanized metal products. The company was formerly known as SAN-ETSU METALS Co., Ltd. and changed its name to CK SAN-ETSU Co., Ltd. in October 2011. CK SAN-ETSU Co., Ltd. was founded in 1920 and is based in Takaoka, Japan.

← Companies

Price

¥4,850

Market Cap

¥42.8B

Ent. Value

¥47.6B

Net Debt

−¥4.8B

Shares Out.

8.8M

P / E

7.9×

EV / EBIT

0.3×

P / Book

0.79×

P / NCAV

1.22×

Div. Yield

1.86%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥145.0B	¥125.1B	¥111.4B	¥123.8B	¥115.3B
Cost of Sales	—	¥109.7B	¥98.4B	¥110.6B	¥99.8B
Gross Profit	—	¥15.4B	¥13.0B	¥13.2B	¥15.6B
SG&A	—	¥5.2B	¥5.1B	¥5.0B	¥4.8B
Operating Income	¥145.0B	¥10.3B	¥7.9B	¥8.3B	¥10.8B
Non-Operating Income	—	¥693M	¥420M	¥1.0B	¥433M
Dividend Income	—	¥54M	¥40M	¥36M	¥28M
Interest Income	—	¥5M	¥4M	¥4M	¥5M
Non-Operating Expenses	—	¥2.6B	¥2.3B	¥662M	¥4.6B
Interest Expense	—	¥43M	¥11M	¥21M	¥19M
Ordinary Income	¥145.0B	¥8.4B	¥6.1B	¥8.7B	¥6.6B
Pre-tax Income	—	¥8.4B	¥6.1B	¥8.7B	¥6.6B
Income Taxes	—	¥2.6B	¥1.9B	¥2.7B	¥1.6B
Current Tax	—	¥2.6B	¥1.7B	¥2.6B	¥1.5B
Deferred Tax	—	¥-70M	¥130M	¥138M	¥148M
Net Income (owners)	¥1M	¥5.2B	¥3.8B	¥5.3B	¥4.3B
Minority Interest	—	¥594M	¥441M	¥618M	¥604M
Comprehensive Income	—	¥5.7B	¥4.8B	¥6.0B	¥4.8B
EBITDA	—	¥12.2B	¥10.0B	¥10.5B	¥13.3B
Goodwill Amort. (J-GAAP)	—	—	¥74M	¥90M	¥125M
EPS	—	¥616.11	¥458.22	¥644.39	¥517.19
Shares Outstanding	—	8.8M	8.8M	8.8M	8.7M
Shares Issued (total)	—	8.9M	8.9M	8.9M	8.9M
Treasury Shares	—	0.0M	0.0M	0.0M	0.2M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	—	¥87.0B	¥77.1B	¥75.5B	¥71.1B
Current Assets	—	¥63.0B	¥55.6B	¥54.5B	¥49.3B
Cash & Deposits	—	¥3.7B	¥981M	¥1.0B	¥679M
Trade Receivables	—	¥15.8B	¥13.9B	¥15.3B	¥16.7B
Non-Current Assets	—	¥24.0B	¥21.5B	¥20.9B	¥21.8B
PP&E	—	¥21.0B	¥18.5B	¥18.0B	¥18.5B
Goodwill	—	—	—	¥74M	¥164M
Intangible Assets	—	¥178M	¥277M	¥422M	¥606M
Investment Securities	—	¥1.8B	¥1.8B	¥1.3B	¥1.4B
Deferred Tax Assets	—	¥934M	¥794M	¥1.1B	¥1.3B
Total Liabilities	—	¥27.9B	¥23.5B	¥26.3B	¥27.2B
Current Liabilities	—	¥25.0B	¥20.3B	¥22.8B	¥24.7B
Accounts Payable	—	¥9.2B	¥8.3B	¥9.3B	¥9.4B
ST Debt	—	¥8.4B	¥7.5B	¥7.9B	¥8.4B
Taxes Payable	—	¥1.9B	¥533M	¥1.9B	¥1.3B
Non-Current Liabilities	—	¥2.9B	¥3.2B	¥3.5B	¥2.5B
Total LT Borrowings	—	¥102M	¥441M	¥776M	—
Pension Obligations	—	¥1.7B	¥1.6B	¥1.7B	¥1.6B
Deferred Tax Liab.	—	¥370M	¥355M	¥330M	¥319M
Total Equity	—	¥59.0B	¥53.6B	¥49.1B	¥43.9B
Capital Stock	—	¥2.8B	¥2.8B	¥2.8B	¥2.8B
Capital Surplus	—	¥4.7B	¥4.7B	¥4.7B	¥4.5B
Retained Earnings	—	¥44.5B	¥40.0B	¥36.9B	¥32.1B
Treasury Stock	—	¥-663M	¥-1.1B	¥-1.5B	¥-1.4B
AOCI	—	¥925M	¥1.1B	¥553M	¥477M
Equity (owners)	—	¥51.3B	¥46.4B	¥42.8B	¥38.0B
Minority Interests	—	¥6.8B	¥6.2B	¥5.8B	¥5.4B

Total Interest-Bearing Debt ⓘ	—	¥8.5B	¥7.9B	¥8.7B	¥8.4B
Net Cash ⓘ	—	¥-4.8B	¥-7.0B	¥-7.6B	¥-7.8B
NCAV ⓘ	—	¥35.0B	¥32.1B	¥28.2B	¥22.1B
NCAV/Share	—	¥3,966	¥3,635	¥3,195	¥2,553
BV/Share	—	¥5,813	¥5,252	¥4,850	¥4,393

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	—	¥5.3B	¥3.7B	¥3.2B	¥6.3B
Interest Paid	—	¥-43M	¥-11M	¥-21M	¥-25M
Interest Received	—	¥60M	¥45M	¥40M	¥34M
D&A	—	¥1.9B	¥2.0B	¥2.1B	¥2.4B
Goodwill Amort.	—	—	¥74M	¥90M	¥125M
Investing CF	—	¥-2.3B	¥-2.7B	¥-2.5B	¥-2.6B
CapEx	—	¥2.3B	¥2.7B	¥2.3B	¥2.1B
Purchase Investments	—	¥-10M	¥-9M	¥-29M	¥-8M
Proceeds from Invest.	—	—	¥37M	¥11M	—
Financing CF	—	¥-279M	¥-1.1B	¥-553M	¥-4.7B
Dividends Paid	—	¥-706M	¥-660M	¥-606M	¥-529M
Share Buybacks	—	—	¥0M	¥-1.1B	¥-1.1B
LT Debt Repaid	—	¥-339M	¥-335M	¥-130M	—
Free Cash Flow	—	¥3.0B	¥1.0B	¥905M	¥4.2B
Net Change in Cash	—	¥2.7B	¥-49M	¥154M	¥-1.1B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	—	10.4%	8.4%	13.0%	11.7%
ROA	—	6.3%	5.0%	7.3%	6.1%
EPS	—	¥616.11	¥458.22	¥644.39	¥517.19
DPS	—	¥90.00	¥70.00	¥70.00	¥70.00
BPS	—	¥6,137.67	¥5,663.62	¥5,240.76	¥4,649.01
FCF/Share	—	¥342	¥115	¥102	¥484
NCAV/Share	—	¥3,966	¥3,635	¥3,195	¥2,553
Payout Ratio	—	14.6%	15.3%	10.9%	13.5%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 2

Date	Activist	Stake	Event	Flag	Demands	Source
2024-08-14	TSURIYA HIROYUKI	4.96%	change	Passive	—
2023-05-24	OKABE KEN	10.71%	initial_5pct	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-21 15:30	Cost of Capital	—	CK SAN-ETSU updated its capital cost and stock price-conscious management strategy following the acquisition of Mitani S…
Summary CK SAN-ETSU updated its capital cost and stock price-conscious management strategy following the acquisition of Mitani Shinando (effective April 1, 2025). The company aims to improve capital efficiency (ROE target) and market valuation (PBR >1.0×) through synergy realization, revenue enhancement, balanced growth investment and shareholder returns including progressive dividend policy, and strengthened IR activities. Current metrics show FY2026e ROE of 6.7% and PBR of 0.62× as of March 2026. Source (JP) 当社は、資本効率の改善と市場評価の向上を重要経営課題と位置付け、収益力の強化、成長投資と株主還元の両立、IR活動の強化により、PBR1倍以上への改善を目指してまいります。資本コストや株価を意識した経営の実現に向けた対応のアップデートについて TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	Business Partner Stock Ownership Plan ＣＫサンエツ取引先持株会	973	11.02%
2	Employee Stock Ownership Plan ＣＫサンエツ従業員持株会	571	6.47%
3	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）	412	4.67%
4	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	377	4.28%
5	株式会社北陸銀行	370	4.19%
6	株式会社ツリヤ経営	281	3.18%
7	The Hokkoku Bank,Ltd. 株式会社北國銀行	247	2.80%
8	富源商事株式会社	204	2.32%
9	RIKEN CORPORATION 株式会社リケン	194	2.21%
10	東泉産業株式会社	193	2.19%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

8.9%

-2.0% 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

34.4%

+2.6% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
Business Partner Stock Ownership Plan ＣＫサンエツ取引先持株会		10.71%	10.76%	11.02% +0.26%
Employee Stock Ownership Plan ＣＫサンエツ従業員持株会		5.00%	5.74%	6.47% +0.73%
Japan Master Trust Bank 日本マスタートラスト信託銀行		5.72%	4.07%	4.67% +0.60%
Japan Custody Bank 日本カストディ銀行		7.43%	6.86%	4.28% -2.58%
式会社北陸銀行		4.19%	4.19%	4.19%
式会社ツリヤ経営 NEW ENTRY	—	—	—	3.18% NEW
The Hokkoku Bank,Ltd. 式会社北國銀行		3.74%	2.80%	2.80%
富源商事		2.25%	2.28%	2.32% +0.04%
RIKEN CORPORATION 式会社リケン		2.21%	2.21%	2.21%
東泉産業		2.19%	2.19%	2.19%
釣谷宏行 last seen 2024	Exited Top 10	1.62%	1.63%	—
Concentration (HHI) ⓘ		277	255	254

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

Portfolio Book Value ¥1,040M +40% since 2023

Holdings 12 +2 new 2 exited

Trend 2 building vs 2023

Held Company	FY2025 ¥1,040M total		FY2023 ¥741M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
NPR-RIKEN CORPORATION リケンＮＰＲ株式会社	515	NEW New 206,600	—		M
OTAKE CORPORATION 株式会社オータケ	127	70,000	113	70,000	M
MIYAIRI VALVE MFG.CO., LTD. 株式会社宮入バルブ製作所	98	1,001,000	142	1,001,000	M
HAMAI INDUSTRIES LTD. 株式会社ハマイ	76	+8.0% ↑ 70,989	64	65,703	M
KVK CORPORATION 株式会社ＫＶＫ	69	36,900	55	36,900	M
Tonami Holdings Co.,Ltd. トナミホールディングス株式会社	41	4,100	16	4,100	M
株式会社北國フィナンシャルホールディングス	34	NEW New 5,800	—		M
HASHIMOTO SOGYO HOLDINGS CO.,LTD. 橋本総業ホールディングス株式会社	24	20,000	22	20,000	M
Hokuhoku Financial Group, Inc. 株式会社ほくほくフィナンシャルグループ	23	9,300	8	9,300	M
The Bank of Toyama,Ltd. 株式会社富山銀行	17	11,219	19	11,219	M
TOMITA CO.LTD. 株式会社トミタ	13	10,000	10	10,000	M
SANEI LTD. ＳＡＮＥＩ株式会社	3	+100.0% ↑ 2,000	2	1,000
RIKEN CORPORATION 株式会社リケン	—	−100% Exit —	267	103,300	M
株式会社北國フィナンシャルホールディングス株式会社	—	−100% Exit —	23	5,800	M
Portfolio total	1,040		741

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