CORONA CORPORATION

株式会社　コロナ

Consumer Cyclical · Furnishings, Fixtures & Appliances

Corona Corporation manufactures and sells kerosene heating appliances in Japan. It offers kerosene fan and portable kerosene heaters, as well as household electrical appliances, such as dehumidifiers. The company was founded in 1937 and is headquartered in Sanjo, Japan.

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Price

¥917

Market Cap

¥26.8B

Ent. Value

¥24.0B

Net Cash est

¥2.8B

Shares Out.

29.2M

P / E

27.0×

EV / EBIT

28.1×

⚠ TSE Capital Mandate

P / Book

0.34×

P / NCAV

0.94×

Div. Yield

1.53%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥85.3B	¥85.2B	¥82.0B	¥85.3B	¥78.6B
Cost of Sales	¥67.0B	¥66.8B	¥64.0B	¥66.6B	¥61.2B
Gross Profit	¥18.4B	¥18.4B	¥18.0B	¥18.8B	¥17.4B
SG&A	¥17.5B	¥17.0B	¥16.7B	¥16.9B	¥16.5B
Operating Income	¥852M	¥1.3B	¥1.4B	¥1.9B	¥850M
Non-Operating Income	¥475M	¥385M	¥422M	¥422M	¥352M
Dividend Income	—	¥72M	¥65M	¥62M	¥54M
Interest Income	—	¥195M	¥194M	¥184M	¥164M
Non-Operating Expenses	—	¥24M	¥11M	¥34M	¥7M
Interest Expense	—	¥5M	¥3M	¥3M	¥3M
Ordinary Income	¥1.3B	¥1.7B	¥1.8B	¥2.3B	¥1.2B
Pre-tax Income	¥1.3B	¥1.7B	¥1.8B	¥2.1B	¥1.2B
Income Taxes	¥328M	¥597M	¥492M	¥640M	¥260M
Current Tax	—	¥397M	¥520M	¥401M	¥234M
Deferred Tax	—	¥200M	¥-27M	¥239M	¥25M
Net Income (owners)	¥991M	¥1.1B	¥1.3B	¥1.5B	¥939M
Comprehensive Income	—	¥1.9B	¥3.1B	¥893M	¥480M
EBITDA	¥2.9B	¥2.9B	¥3.5B	¥3.7B	¥2.9B
EPS	¥33.91	¥37.80	¥44.76	¥50.82	¥32.26
Shares Outstanding	—	29.2M	29.2M	29.2M	29.1M
Shares Issued (total)	—	29.3M	29.3M	29.3M	29.3M
Treasury Shares	—	0.1M	0.2M	0.2M	0.2M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥100.3B	¥102.2B	¥103.3B	¥102.2B	¥98.3B
Current Assets	¥50.9B	¥52.5B	¥57.0B	¥57.8B	¥55.3B
Cash & Deposits	¥2.8B	¥3.5B	¥5.9B	¥3.8B	¥5.1B
Trade Receivables	—	¥8.1B	¥7.4B	¥7.2B	¥6.3B
Non-Current Assets	¥49.3B	¥49.7B	¥46.3B	¥44.3B	¥43.0B
PP&E	¥16.9B	¥16.9B	¥16.3B	¥16.9B	¥17.1B
Intangible Assets	—	¥360M	¥405M	¥489M	¥588M
Investment Securities	¥21.0B	¥22.7B	¥21.4B	¥20.5B	¥18.9B
Deferred Tax Assets	—	¥16M	¥17M	¥37M	¥27M
Total Liabilities	¥22.4B	¥25.9B	¥28.1B	¥29.3B	¥25.5B
Current Liabilities	¥18.8B	¥22.7B	¥25.5B	¥27.2B	¥23.5B
Accounts Payable	—	¥16.5B	¥19.4B	¥21.1B	¥17.7B
Taxes Payable	—	¥230M	¥452M	¥300M	¥87M
Non-Current Liabilities	¥3.6B	¥3.3B	¥2.6B	¥2.0B	¥2.1B
Pension Obligations	—	¥15M	¥10M	¥10M	¥9M
Deferred Tax Liab.	—	¥2.2B	¥1.6B	¥924M	¥953M
Total Equity	¥77.8B	¥76.3B	¥75.2B	¥72.9B	¥72.8B
Capital Stock	—	¥7.4B	¥7.4B	¥7.4B	¥7.4B
Capital Surplus	—	¥6.7B	¥6.7B	¥6.7B	¥6.7B
Retained Earnings	¥59.7B	¥59.5B	¥59.2B	¥58.7B	¥58.1B
Treasury Stock	—	¥-130M	¥-162M	¥-161M	¥-212M
AOCI	—	¥2.8B	¥2.0B	¥191M	¥781M
Equity (owners)	¥73.7B	¥73.5B	¥73.2B	¥72.7B	¥72.0B

Net Cash ⓘ	¥2.8B	¥3.5B	¥5.9B	¥3.8B	¥5.1B
NCAV ⓘ	¥28.5B	¥26.6B	¥28.9B	¥28.6B	¥29.7B
NCAV/Share	—	¥910	¥991	¥979	¥1,021
BV/Share	—	¥2,517	¥2,509	¥2,492	¥2,472

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥-731M	¥-423M	¥-210M	¥3.7B	¥3.6B
Taxes Paid	—	¥-584M	¥-392M	¥-209M	¥-502M
Interest Paid	—	¥-5M	¥-3M	¥-3M	¥-3M
Interest Received	—	¥286M	¥290M	¥280M	¥271M
D&A	¥2.1B	¥1.6B	¥2.2B	¥1.8B	¥2.1B
Investing CF	¥-1.8B	¥-2.7B	¥-345M	¥-874M	¥-1.4B
CapEx	¥2.5B	¥1.3B	¥1.8B	¥1.1B	¥1.1B
Purchase Investments	—	¥-2.1B	¥-926M	¥-4.3B	¥-5.4B
Financing CF	¥-818M	¥-817M	¥-863M	¥-816M	¥-815M
Dividends Paid	—	¥-817M	¥-817M	¥-816M	¥-815M
Share Buybacks	—	¥0M	¥-46M	¥0M	¥0M
Free Cash Flow	¥-3.2B	¥-1.7B	¥-2.0B	¥2.6B	¥2.5B
Net Change in Cash	—	¥-4.0B	¥-1.4B	¥2.0B	¥1.4B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	1.3%	1.5%	1.8%	2.0%	1.3%
ROA	1.0%	1.1%	1.3%	1.5%	1.0%
EPS	¥33.91	¥37.80	¥44.76	¥50.82	¥32.26
DPS	¥14.00	¥28.00	¥28.00	¥28.00	¥28.00
BPS	¥2,661.87	¥2,611.63	¥2,576.89	¥2,498.16	¥2,498.45
FCF/Share	—	¥-58	¥-67	¥88	¥86
NCAV/Share	—	¥910	¥991	¥979	¥1,021
Payout Ratio	41.3%	74.1%	62.6%	55.1%	86.8%

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-20 15:30	Capital Policy	¥409M ¥14.0/sh +0%	Corona Corporation announced a dividend of ¥14.00 per share (¥409 million total) for the fiscal year ending March 31, 20…
Summary Corona Corporation announced a dividend of ¥14.00 per share (¥409 million total) for the fiscal year ending March 31, 2026, with an effective date of June 25, 2026. The dividend is unchanged from the prior year and reflects the company's capital policy emphasizing stable, continuous shareholder returns alongside growth investments and healthy financial position. The company maintains an annual dividend floor of ¥28 per share (¥14 interim + ¥14 final). Deadline: 2026-06-25 YoY: +0% Source (JP) 当期(2026年３月期)の配当につきましては、年間28円(中間配当14円、期末配当14円)となります。当社グループの資本政策は、持続的な成長のための投資と、安定的・継続的な株主還元を実施することを基本方針としております。剰余金の配当に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	株式会社コロナ興産	11,057	37.86%
2	公益財団法人内田エネルギー科学振興財団	2,359	8.08%
3	株式会社第四北越銀行	1,316	4.51%
4	The Master Trust Bank of Japan, Ltd. (Trust Account) 日本マスタートラスト信託銀行株式会社(信託口)	1,314	4.50%
5	コロナ社員持株会	1,008	3.45%
6	ＳＴＡＴＥＳＴＲＥＥＴＢＡＮＫＡＮＤＴＲＵＳＴＣＯＭＰＡＮＹ５０５１０３(常任代理人株式会社みずほ銀行決済営業部)	444	1.52%
7	外山産業株式会社	365	1.25%
8	内田力	321	1.10%
9	ダイヤモンドエレクトリックホールディングス株式会社	278	0.95%
10	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行(信託口)	278	0.95%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

5.5%

-0.5% 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

58.7%

+0.2% vs 2024

Named entities with disclosed investment intent

Shareholder	2023	2024	2025
式会社コロナ興産	37.89%	37.90%	37.86% -0.04%
公益財団法人内田エネルギー科学振興財団	8.09%	8.09%	8.08% -0.01%
式会社第四北越銀行	4.52%	4.52%	4.51% -0.01%
日本マスタートラスト信託銀行	4.22%	4.25%	4.50% +0.25%
コロナ社員持株会	3.59%	3.56%	3.45% -0.11%
ＳＴＡＴＥＳＴＲＥＥＴＢＡＮＫＡＮＤＴＲＵＳＴＣＯＭＰＡＮＹ５０５１０３	0.89%	1.19%	1.52% +0.33%
外山産業	1.25%	1.25%	1.25%
内田力	1.30%	1.10%	1.10%
日本カストディ銀行	1.37%	1.70%	0.95% -0.75%
ダイヤモンドエレクトリックホールディングス	0.95%	0.95%	0.95%
Concentration (HHI) ⓘ	1559	1561	1558

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

Portfolio Book Value ¥2,383M +41% since 2023

Holdings 21 +3 new 2 exited

Trend 6 building vs 2023

Held Company	FY2025 ¥2,383M total		FY2023 ¥1,689M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Daishi Hokuetsu Financial Group,Inc. ㈱第四北越フィナンシャルグループ	719	+54.5% ↑ 228,086	426	147,643
Mitsuuroko Group Holdings Co.,Ltd. ㈱ミツウロコグループホールディングス	434	+1.5% ↑ 242,681	309	239,137	M
DAIWA HOUSE INDUSTRY CO., LTD. 大和ハウス工業㈱	304	61,740	192	61,740	M
Yamazaki Co., Ltd. ㈱山善	244	+2.9% ↑ 185,826	183	180,654	M
Joshin Denki Co., Ltd. 上新電機㈱	159	75,000	146	75,000
Sumitomo Corporation 住友商事㈱	140	41,680	97	41,680	M
KOMERI CO.,LTD. ㈱コメリ	90	30,492	83	30,492	M
Nojima Corporation ㈱ノジマ	88	34,980	48	34,980	M
ARCLANDS CORPORATION アークランズ㈱	49	NEW New 30,000	—
LOGINET JAPAN CO.,LTD. ㈱ロジネットジャパン	46	15,000	49	15,000
DIAMOND ELECTRIC HOLDINGS CO.,LTD. ダイヤモンドエレクトリックホールディングス㈱	40	68,000	58	68,000	M
EDION Corporation ㈱エディオン	18	10,000	12	10,000
ОＣＨＩホールディングス㈱	18	+10.3% ↑ 13,851	15	12,556
Kojima Co.,Ltd. ㈱コジマ	12	12,000	6	12,000
SANSO ELECTRIC CO.,LTD. 三相電機㈱	8	11,000	11	11,000	M
KIMURA CO.,LTD. ㈱キムラ	4	+9.1% ↑ 9,919	4	9,093
Tonami Holdings Co.,Ltd. トナミホールディングス㈱	4	435	1	435	M
Denkyo Group Holdings Co.,Ltd. ㈱デンキョーグループホールディングス	3	NEW New 3,232	—
TAKARA STANDARD CO.,LTD. タカラスタンダード㈱	1	+23.2% ↑ 944	1	766
YAMADA HOLDINGS CO.,LTD. ㈱ヤマダホールディングス	1	3,780	1	3,780
HASHIMOTO SOGYO HOLDINGS CO.,LTD. 橋本総業ホールディングス㈱	1	NEW New 1,196	—
ARCLANDS CORPORATION アークランズ㈱ (注)３	—	−100% Exit —	44	30,000
Denkyo Group Holdings Co.,Ltd. ㈱デンキョーグループホールディングス(注)４	—	−100% Exit —	3	2,867
Portfolio total	2,383		1,689

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