Fujikura Ltd.

株式会社フジクラ

Nonferrous Metals

Fujikura Ltd. engages in telecommunication and power systems, electronic, and automotive products businesses in Japan, the rest of Asia, North America, Europe, and internationally. The company operates in five segments: Telecommunication Systems Business Division, Electronics Business Division, Automotive Products Business Division, Power Systems Business Division, and Real Estate Business Division. The Telecommunication Systems Business Division segment offers optical fibers, optical fiber cables, telecommunication components, optical components, fiber optic equipment, and network equipment, as well as related installation services. The Electronics Business Division segment provides flexible printed circuits, electronic wiring, HDD components, and various connectors. The Automotive Products Business Division segment offers automotive wire harnesses, and accessories, as well as related installation services. The Power Systems Business Division segment provides power cables, telecommunication cables, aluminum wires, and enameled wires. The Real Estate Business Division segment engages in the rental of real estate properties. Fujikura Ltd. was founded in 1885 and is headquartered in Tokyo, Japan.

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Price

¥4,771

Market Cap

¥1.3T

Ent. Value

¥1.3T

Net Cash

¥37.9B

Shares Out.

276.4M

P / E

14.4×

EV / EBIT

9.5×

P / Book

3.23×

P / NCAV

7.93×

Div. Yield

2.10%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥979.4B	¥799.8B	¥806.5B	¥670.4B
Cost of Sales	¥718.9B	¥629.1B	¥635.4B	¥543.8B
Gross Profit	¥260.4B	¥170.7B	¥171.0B	¥126.6B
SG&A	¥124.9B	¥101.2B	¥100.9B	¥88.3B
Operating Income	¥135.5B	¥69.5B	¥70.2B	¥38.3B
Non-Operating Income	¥10.4B	¥8.3B	¥4.8B	¥4.7B
Dividend Income	¥957M	¥662M	¥749M	¥715M
Interest Income	¥1.6B	¥765M	¥676M	¥324M
Non-Operating Expenses	¥8.6B	¥8.1B	¥7.1B	¥8.9B
Interest Expense	¥3.2B	¥3.8B	¥3.1B	¥2.5B
Ordinary Income	¥137.2B	¥69.7B	¥67.9B	¥34.1B
Pre-tax Income	¥121.4B	¥64.2B	¥50.7B	¥51.7B
Income Taxes	¥26.9B	¥11.1B	¥8.2B	¥11.5B
Current Tax	¥34.0B	¥14.5B	¥12.4B	¥10.8B
Deferred Tax	¥-7.1B	¥-3.4B	¥-4.2B	¥714M
Net Income (owners)	¥91.1B	¥51.0B	¥40.9B	¥39.1B
Minority Interest	¥3.3B	¥2.1B	¥1.7B	¥1.0B
Comprehensive Income	¥91.5B	¥84.7B	¥58.9B	¥59.3B
EBITDA	¥158.4B	¥93.6B	¥100.4B	¥69.6B
Goodwill Amort. (J-GAAP)	¥1.5B	¥1.3B	¥1.1B	¥805M
EPS	¥330.32	¥184.96	¥148.27	¥141.85
Shares Outstanding	276.4M	276.4M	276.4M	276.4M
Shares Issued (total)	295.9M	295.9M	295.9M	295.9M
Treasury Shares	19.5M	19.5M	19.5M	19.5M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥830.3B	¥723.9B	¥656.8B	¥611.5B
Current Assets	¥561.3B	¥467.3B	¥418.4B	¥369.1B
Cash & Deposits	¥185.0B	¥147.8B	¥107.2B	¥91.0B
Trade Receivables	¥173.2B	¥136.2B	¥129.2B	¥120.3B
Non-Current Assets	¥269.0B	¥256.6B	¥238.4B	¥242.4B
PP&E	¥171.4B	¥165.7B	¥163.2B	¥174.1B
Goodwill	¥8.5B	¥10.1B	¥6.3B	¥6.9B
Intangible Assets	¥18.3B	¥20.4B	¥15.1B	¥15.4B
Investment Securities	¥34.3B	¥35.2B	¥30.4B	¥29.1B
Deferred Tax Assets	¥22.5B	¥16.7B	¥11.8B	¥7.4B
Total Liabilities	¥395.0B	¥357.3B	¥362.4B	¥367.9B
Current Liabilities	¥281.1B	¥200.3B	¥182.0B	¥198.4B
Accounts Payable	¥104.9B	¥78.0B	¥74.7B	¥71.8B
ST Debt	¥76.9B	¥49.6B	¥41.4B	¥71.0B
Taxes Payable	¥18.9B	¥5.4B	¥4.7B	¥5.5B
Non-Current Liabilities	¥113.9B	¥157.0B	¥180.4B	¥169.5B
Total LT Borrowings	¥70.2B	¥118.0B	¥141.5B	¥140.5B
Pension Obligations	¥10.6B	¥10.7B	¥11.9B	¥10.5B
Total Equity	¥435.3B	¥366.6B	¥294.4B	¥243.7B
Capital Stock	¥53.1B	¥53.1B	¥53.1B	¥53.1B
Capital Surplus	¥24.3B	¥26.1B	¥26.5B	¥28.1B
Retained Earnings	¥272.8B	¥201.8B	¥161.7B	¥126.5B
Treasury Stock	¥-10.4B	¥-10.5B	¥-10.5B	¥-10.6B
AOCI	¥67.7B	¥70.6B	¥39.7B	¥23.4B
Equity (owners)	¥339.8B	¥270.5B	¥230.8B	¥197.1B
Minority Interests	¥27.8B	¥25.5B	¥23.8B	¥23.2B

Total Interest-Bearing Debt ⓘ	¥147.1B	¥167.6B	¥182.9B	¥211.5B
Net Cash ⓘ	¥37.9B	¥-19.8B	¥-75.7B	¥-120.5B
NCAV ⓘ	¥166.4B	¥110.0B	¥56.0B	¥1.3B
NCAV/Share	¥602	¥398	¥203	¥5
BV/Share	¥1,229	¥979	¥835	¥713

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥115.9B	¥94.4B	¥58.1B	¥40.4B
Taxes Paid	¥-14.7B	¥-11.9B	¥-8.9B	¥-8.5B
Interest Paid	¥-3.5B	¥-3.5B	¥-2.3B	¥-2.5B
Interest Received	¥4.1B	¥3.3B	¥2.7B	¥2.5B
D&A	¥21.4B	¥22.9B	¥29.1B	¥30.5B
Goodwill Amort.	¥1.5B	¥1.3B	¥1.1B	¥805M
Investing CF	¥-20.9B	¥-21.5B	¥-9.7B	¥7.8B
Purchase Investments	—	¥-501M	¥-10M	—
Proceeds from Invest.	¥1.8B	¥2.3B	¥956M	¥418M
Financing CF	¥-57.4B	¥-36.0B	¥-33.9B	¥-36.9B
Dividends Paid	¥-18.2B	¥-10.9B	¥-6.4B	—
LT Debt Repaid	¥-15.1B	¥-4.6B	¥-19.4B	¥-28.4B
Free Cash Flow	¥115.9B	¥94.4B	¥58.1B	¥40.4B
Net Change in Cash	¥37.2B	¥40.4B	¥16.1B	¥16.3B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	24.4%	16.7%	16.7%	20.4%
ROA	11.7%	7.4%	6.4%	6.4%
EPS	¥330.32	¥184.96	¥148.27	¥141.85
DPS	¥100.00	¥55.00	¥30.00	¥10.00
BPS	¥1,476.96	¥1,236.73	¥980.91	¥799.76
FCF/Share	¥419	¥342	¥210	¥146
NCAV/Share	¥602	¥398	¥203	¥5
Payout Ratio	30.3%	29.7%	20.2%	7.0%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 15

Date	Activist	Stake	Event	Flag	Demands
2025-12-03	BlackRock Japan Co., Ltd.	6.64% +1.17%	change	Passive	—
2025-09-19	Sumitomo Mitsui Trust Bank,Limited	7.59%	change	Passive	—
2025-02-07	Mizuho Securities Co., Ltd.	4.26% -1.15%	change	Passive	—
2024-12-05	BlackRock Japan Co., Ltd.	5.47%	initial_5pct	Passive	—
2024-12-04	Nomura Securities Co.,Ltd.	7.01% -1.97%	change	Passive	—
2024-11-22	Sumitomo Mitsui DS Asset Management Company, Limited	4.2% -1.14%	change	Passive	—
2024-11-20	Nomura Securities Co.,Ltd.	8.98% +1.46%	change	Passive	—
2024-08-21	Nomura Asset Management Co., Ltd.	8.09% +1.32%	change	Passive	—
2024-08-07	Mizuho Securities Co., Ltd.	5.41%	initial_5pct	Passive	—
2024-05-08	Nomura Asset Management Co., Ltd.	6.77% +0.49%	change	Passive	—
2024-03-21	Nomura Securities Co.,Ltd.	7.52% +1.02%	change	Passive	—
2023-11-21	Nomura Asset Management Co., Ltd.	6.28%	change	Passive	—
2023-10-19	Nomura Securities Co.,Ltd.	6.5%	change	Passive	—
2023-06-07	Sumitomo Mitsui DS Asset Management Company, Limited	5.34%	initial_5pct	Passive	—
2023-06-06	LSV Asset Management	4.73%	change	Passive	—

#	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）	49,688	17.98%
2	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	26,976	9.76%
3	大樹生命保険株式会社	10,192	3.69%
4	Sumitomo Mitsui Banking Corporation 株式会社三井住友銀行	7,000	2.53%
5	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行（三井住友信託銀行退職給付信託口）	6,777	2.45%
6	THE SHIZUOKA BANK,LTD. 株式会社静岡銀行	5,789	2.09%
7	State Street Bank and Trust Company STATE STREET BANK WEST CLIENT - TREATY 505234 (常任代理人株式会社みずほ銀行)	4,918	1.78%
8	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人株式会社みずほ銀行)	3,879	1.40%
9	JP MORGAN CHASE BANK JP MORGAN CHASE BANK 385781 (常任代理人株式会社みずほ銀行)	3,791	1.37%
10	HSBC HONG KONG-TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES (常任代理人香港上海銀行)	3,319	1.20%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

30.2%

-3.9% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

4.5%

-0.6% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

9.5%

-0.5% 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		19.44%	20.38%	17.98% -2.40%
Japan Custody Bank 日本カストディ銀行		9.36%	13.74%	12.21% -1.53%
大樹生命保険		3.69%	3.69%	3.69%
State Street		—	3.82%	3.18% -0.64%
Sumitomo Mitsui Banking Corporation 三井住友銀行		3.06%	3.06%	2.53% -0.53%
THE SHIZUOKA BANK,LTD. 式会社静岡銀行		2.09%	2.09%	2.09%
JP Morgan		—	1.33%	1.37% +0.04%
HSBC HONG KONG-TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES NEW ENTRY	—	—	—	1.20% NEW
Employee Stock Ownership Plan フジクラ従業員持株会 last seen 2024	Exited Top 10	1.35%	1.16%	—
BNY Mellon last seen 2023	Exited Top 10	3.47%	—	—
DOWAメタルマイン last seen 2023	Exited Top 10	2.37%	—	—
Concentration (HHI) ⓘ		512	649	510

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

Portfolio Book Value ¥11,397M +75% since 2023

Holdings 8 +2 new 12 exited

Trend 1 building vs 2023

Held Company	FY2025 ¥11,397M total		FY2023 ¥6,499M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Shizuoka Financial Group, Inc. ㈱しずおかフィナンシャルグループ	5,018	3,092,000	2,940	3,092,000	M
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	3,467	+148.4% ↑ 914,000	1,949	368,000
FUJIKURA COMPOSITES Inc. 藤倉コンポジット㈱	1,387	NEW New 1,000,000	—		M
The 77Bank,Ltd. ㈱七十七銀行	1,060	223,000	482	223,000	M
The Chiba Bank, Ltd. ㈱千葉銀行	267	191,000	163	191,000	M
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ㈱	198	NEW New 53,000	—
The Gunma Bank, Ltd. ㈱群馬銀行	—		—
HONDA MOTOR CO., LTD. 本田技研工業㈱	—		—
Central Japan Railway Company 東海旅客鉄道㈱	—	−100% Exit —	158	10,000
KANDENKO CO.,LTD. ㈱関電工	—	−100% Exit —	31	33,000
Mauna Kea Technologies	—	−100% Exit —	18	212,000
日本電信電話㈱	—	−100% Exit —	4	1,000
COMSYS Holdings Corporation コムシスホールディングス㈱	—	−100% Exit —	2	1,000
EXEO Group, Inc. エクシオグループ㈱	—	−100% Exit —	2	1,000
HAZAMA ANDO CORPORATION ㈱安藤・間	—	−100% Exit —	2	3,000	M
MIRAIT ONE Corporation ㈱ミライト・ワン	—	−100% Exit —	2	1,000	M
The Kansai Electric Power Company, Incorporated 関西電力㈱	—	−100% Exit —	344	267,000
Tokyo Electric Power Company Holdings, Incorporated 東京電力ホールディングス㈱	—	−100% Exit —	222	470,000
三井住友トラスト・ホールディングス㈱	—	−100% Exit —	121	27,000
Hokuriku Electric Power Company 北陸電力㈱	—	−100% Exit —	59	100,000
Portfolio total	11,397		6,499

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