Nippon Seikan Co.

日本製罐株式会社

Metal Products

Nihon Seikan k.k., together with its subsidiary, manufactures and sells metal cans in Japan. It offers adhesive, round, and other cans. The company also engages in the real estate leasing business. Nihon Seikan k.k. was incorporated in 1925 and is headquartered in Saitama, Japan.

← Companies

Price

¥1,336

Market Cap

¥1.8B

Ent. Value

¥2.5B

Net Debt

−¥666M

Shares Out.

1.3M

P / E

—

EV / EBIT

—

⚠ TSE Capital Mandate

P / Book

0.47×

P / NCAV

N/M

Div. Yield

2.99%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥11.4B	¥11.3B	¥12.2B	¥10.9B	¥10.5B
Cost of Sales	¥10.3B	¥10.4B	¥10.6B	¥9.3B	¥9.0B
Gross Profit	¥1.1B	¥851M	¥1.7B	¥1.6B	¥1.5B
SG&A	¥1.4B	¥1.4B	¥1.4B	¥1.4B	¥1.3B
Operating Income	¥-308M	¥-541M	¥257M	¥213M	¥162M
Non-Operating Income	¥60M	¥92M	¥89M	¥86M	¥186M
Dividend Income	—	¥67M	¥55M	¥54M	¥73M
Interest Income	—	¥0M	¥0M	¥0M	¥0M
Non-Operating Expenses	—	¥27M	¥22M	¥31M	¥127M
Interest Expense	—	¥24M	¥16M	¥15M	¥14M
Ordinary Income	¥-283M	¥-476M	¥323M	¥268M	¥221M
Pre-tax Income	¥-234M	¥-251M	¥431M	¥424M	¥351M
Income Taxes	¥73M	¥63M	¥121M	¥81M	¥84M
Current Tax	—	¥107M	¥113M	¥119M	¥98M
Deferred Tax	—	¥-45M	¥8M	¥-38M	¥-14M
Net Income (owners)	¥-347M	¥-335M	¥271M	¥290M	¥237M
Minority Interest	—	¥22M	¥38M	¥53M	¥31M
Comprehensive Income	—	¥-981M	¥233M	¥342M	¥-389M
EBITDA	¥72M	¥-132M	¥712M	¥727M	¥636M
Goodwill Amort. (J-GAAP)	—	—	—	—	¥1M
EPS	¥-257.12	¥-249.91	¥199.84	¥213.28	¥174.63
Shares Outstanding	—	1.3M	1.4M	1.4M	1.3M
Shares Issued (total)	—	1.4M	1.4M	1.4M	1.4M
Treasury Shares	—	0.1M	0.0M	0.0M	0.0M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥13.0B	¥13.0B	¥15.2B	¥13.9B	¥13.6B
Current Assets	¥6.8B	¥7.1B	¥7.7B	¥6.5B	¥6.1B
Cash & Deposits	¥1.8B	¥1.9B	¥642M	¥661M	¥721M
Trade Receivables	—	¥1.6B	¥2.0B	¥1.7B	¥1.6B
Non-Current Assets	¥6.1B	¥5.9B	¥7.5B	¥7.4B	¥7.6B
PP&E	¥4.1B	¥4.0B	¥4.6B	¥4.3B	¥4.4B
Intangible Assets	—	¥161M	¥214M	¥276M	¥222M
Investment Securities	¥1.9B	¥1.7B	¥2.7B	¥2.8B	¥2.9B
Total Liabilities	¥8.1B	¥7.9B	¥9.1B	¥7.9B	¥7.9B
Current Liabilities	¥5.1B	¥5.1B	¥6.0B	¥4.8B	¥4.7B
Accounts Payable	—	¥2.5B	¥4.2B	¥3.3B	¥3.2B
ST Debt	¥1.0B	¥1.1B	¥1.3B	¥888M	¥907M
Taxes Payable	—	¥51M	¥60M	¥78M	¥28M
Non-Current Liabilities	¥3.0B	¥2.8B	¥3.1B	¥3.1B	¥3.1B
Total LT Borrowings	¥1.4B	¥2.0B	¥1.9B	¥2.0B	¥2.0B
Pension Obligations	—	¥327M	¥267M	¥246M	¥220M
Deferred Tax Liab.	—	¥484M	¥804M	¥828M	¥868M
Total Equity	¥4.9B	¥5.0B	¥6.2B	¥6.0B	¥5.7B
Capital Stock	—	¥739M	¥739M	¥739M	¥739M
Capital Surplus	—	¥245M	¥245M	¥245M	¥245M
Retained Earnings	¥1.9B	¥2.2B	¥2.7B	¥2.5B	¥2.3B
Treasury Stock	—	¥-79M	¥-48M	¥-44M	¥-52M
AOCI	—	¥920M	¥1.6B	¥1.7B	¥1.7B
Equity (owners)	¥2.8B	¥3.1B	¥3.6B	¥3.4B	¥3.2B
Minority Interests	—	¥926M	¥925M	¥883M	¥835M

Total Interest-Bearing Debt ⓘ	¥2.5B	¥3.1B	¥3.2B	¥2.8B	¥2.9B
Net Cash ⓘ	¥-666M	¥-1.2B	¥-2.6B	¥-2.2B	¥-2.2B
NCAV ⓘ	¥-1.3B	¥-862M	¥-1.4B	¥-1.4B	¥-1.8B
NCAV/Share	—	¥-645	¥-1,023	¥-1,055	¥-1,346
BV/Share	—	¥2,354	¥2,666	¥2,542	¥2,386

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥295M	¥896M	¥387M	¥460M	¥412M
Interest Paid	—	¥-24M	¥-16M	¥-15M	¥-15M
Interest Received	—	¥67M	¥55M	¥54M	¥73M
D&A	¥380M	¥409M	¥455M	¥514M	¥473M
Goodwill Amort.	—	—	—	—	¥1M
Investing CF	¥-356M	¥640M	¥-680M	¥-403M	¥-366M
CapEx	¥481M	¥378M	¥758M	¥439M	¥458M
Purchase Investments	—	¥-7M	¥-7M	¥-6M	¥-6M
Proceeds from Invest.	—	¥1.0B	¥118M	¥190M	¥164M
Financing CF	¥-55M	¥-277M	¥270M	¥-118M	¥-43M
Dividends Paid	—	¥-95M	¥-95M	¥-67M	¥-68M
Share Buybacks	—	¥-45M	¥-14M	¥-14M	¥-15M
LT Debt Repaid	—	¥-1.0B	¥-1.0B	¥-1.0B	¥-1.2B
Free Cash Flow	¥-186M	¥518M	¥-371M	¥21M	¥-46M
Net Change in Cash	—	¥1.3B	¥-23M	¥-61M	¥3M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	-7.0%	-7.2%	5.3%	5.8%	4.6%
ROA	-2.7%	-2.4%	1.9%	2.1%	1.7%
EPS	¥-257.12	¥-249.91	¥199.84	¥213.28	¥174.63
DPS	¥0.00	¥20.00	¥70.00	¥70.00	¥50.00
BPS	¥2,864.55	¥3,041.96	¥3,837.11	¥3,772.60	¥3,621.04
FCF/Share	—	¥387	¥-274	¥15	¥-34
NCAV/Share	—	¥-645	¥-1,023	¥-1,055	¥-1,346
Payout Ratio	—	—	35.0%	32.8%	28.6%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 6

Date	Activist	Stake	Event	Flag	Demands
2026-04-08	mimic Co., Ltd.	9.55% +1.07%	change	Passive	—
2026-01-15	mimic Co., Ltd.	8.48% +1.04%	change	Passive	—
2025-07-29	mimic Co., Ltd.	7.44% +1.4%	change	Passive	—
2024-11-15	mimic Co., Ltd.	6.04% +1.01%	change	Passive	—
2024-05-14	mimic Co., Ltd.	5.03%	initial_5pct	Passive	—
2023-08-16	MOGI TAKAYUKI	6.06%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-04-30 17:00	Special Div	¥20.0/sh	Nippon Can Co., Ltd. announced a special dividend of 20 yen per share to be paid on June 20, 2025, with a record date of…
Summary Nippon Can Co., Ltd. announced a special dividend of 20 yen per share to be paid on June 20, 2025, with a record date of June 2, 2025. The decision was approved at the board meeting on April 28, 2025, following favorable business performance. This represents a discretionary capital return to shareholders beyond regular dividend distributions. Deadline: 2025-06-20 Source (JP) 2025年6月19日当合意の翌営業日である2025年6月20日に支払予定の特別配当につきまして、本件の決議を2025年4月19日に開催いたします株主総会の前に取締役会で決議させていただくこととなりました。剰余金の配当に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	MARUBENI ITOCHU STEEL CORPORATION 伊藤忠丸紅鉄鋼株式会社	156	11.67%
2	NIPPON STEEL CORPORATION 日本製鉄株式会社	105	7.85%
3	株式会社みみっく	95	7.13%
4	Business Partner Stock Ownership Plan 日罐取引先持株会	86	6.47%
5	馬場敬太郎	58	4.40%
6	長嶺麻奈	57	4.28%
7	株式会社中央ビル	46	3.45%
8	前田慶和	40	3.03%
9	Mizuho Bank 株式会社みずほ銀行	36	2.74%
10	松井証券	31	2.38%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

0.0%

+0.0% 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

53.4%

+2.1% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
MARUBENI ITOCHU STEEL CORPORATION 伊藤忠丸紅鉄鋼		11.52%	11.52%	11.67% +0.15%
NIPPON STEEL CORPORATION 日本製鉄		7.75%	7.75%	7.85% +0.10%
式会社みみっく		—	5.14%	7.13% +1.99%
Business Partner Stock Ownership Plan 日罐取引先持株会		5.90%	6.40%	6.47% +0.07%
馬場敬太郎		4.34%	4.34%	4.40% +0.06%
長嶺麻奈		—	4.23%	4.28% +0.05%
式会社中央ビル		3.41%	3.41%	3.45% +0.04%
前田慶和		2.99%	2.85%	3.03% +0.18%
Mizuho Bank みずほ銀行		2.71%	2.71%	2.74% +0.03%
松井証券 NEW ENTRY	—	—	—	2.38% NEW
吉田知広 last seen 2024	Exited Top 10	—	2.97%	—
村山信也 last seen 2023	Exited Top 10	2.86%	—	—
式会社ＳＢＩ証券 last seen 2023	Exited Top 10	5.84%	—	—
長嶺敬 last seen 2023	Exited Top 10	4.23%	—	—
Concentration (HHI) ⓘ		335	333	362

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

Portfolio Book Value ¥1,513M -44% since 2023

Holdings 14 2 exited

Trend 1 unwinding vs 2023

Held Company	FY2025 ¥1,513M total		FY2023 ¥2,694M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
NIPPON PAINT HOLDINGS CO.,LTD. 日本ペイントホールディングス㈱	1,061	-27.9% ↓ 946,373	1,625	1,312,719
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	161	39,700	75	39,700	M
ADEKA CORPORATION ㈱ＡＤＥＫＡ	124	+0.7% ↑ 46,232	104	45,929
Showa Sangyo Co., Ltd. 昭和産業㈱	92	+4.1% ↑ 32,460	79	31,174
Dainichiseika Color & Chemicals Mfg. Co., Ltd. 大日精化工業㈱	26	8,746	16	8,746
FUJIKURA KASEI CO,.LTD. 藤倉化成㈱	17	33,000	14	33,000
DIC Corporation ＤＩＣ㈱	9	2,969	7	2,969	M
Gun Ei Chemical Industry Co., Ltd. 群栄化学工業㈱	7	+9.1% ↑ 2,225	5	2,039
NIPPON STEEL CORPORATION 日本製鉄㈱	6	1,908	6	1,908	M
DAISHIN CHEMICAL CO.,LTD. 大伸化学㈱	4	3,000	4	3,000
ATOMIX CO., LTD. アトミクス㈱	4	6,000	4	6,000
KANSAI PAINT CO.,LTD. 関西ペイント㈱	2	1,047	2	1,047
Resonac Holdings Corporation ㈱レゾナック・ホールディングス	0	90	0	90
SHINTO PAINT COMPANY, LIMITED 神東塗料㈱	0	1,000	0	1,000
Meiji Holdings Co., Ltd. 明治ホールディングス㈱	—	−100% Exit —	752	119,112
Rock Paint Co. ロックペイント㈱	—	−100% Exit —	1	2,000
Portfolio total	1,513		2,694

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