NASU DENKI-TEKKO CO.,LTD.

5922 那須電機鉄工株式会社

Metal Fabrication · Standard · TSE: Disclosed

PRICE: ¥17,800 · MKT CAP: ¥20.8B · P/E: 8.4x · P/B: 0.63x · DIV YIELD: 2.5%

PRICE — 5Y

Characteristics & Business Summary

Nasu Denki-Tekko Co., Ltd. designs, manufactures, and sells electricity, communications, and transportation infrastructure materials in Japan. The company offers steel towers and structures, including transmission, telecommunications, and lighting towers, as...

Income Statement Highlights (¥ Million, except EPS/DPS in ¥)

Fiscal Period	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Forecast
Net Sales	21,588	22,958	22,056	23,335	22,940	23,747	9,846
Operating Profit	1,780	2,835	2,447	2,648	2,785	3,147	1,111
Ordinary Profit	1,739	2,952	2,495	2,768	2,939	3,398	—
Net Profit	1,070	2,574	1,856	1,851	1,885	2,483	817
EPS	¥917	¥2,207	¥1,591	¥1,587	¥1,616	¥2,129	—
DPS	¥100	¥200	¥200	¥270	¥450	¥0	¥450

Balance Sheet & Valuation Highlights

Total Assets ¥48B

Net Assets (Equity) ¥34B

Equity Ratio 69.7%

ROE (Return on Equity) 9.7%

Cash & Equivalents ¥8B

Interest-Bearing Debt ¥3B

Capital Expenditure (CapEx) ¥0B

Depreciation & Amort. ¥1B

Major Shareholders

1. NIPPON ACTIVE VALUE FUND PLC 7.3%
2. 那須幹生 4.7%
3. Sumitomo Mitsui Banking Corporation 4.3%
4. KFC Ltd 4.0%
5. Mizuho Trust & Banking 3.5%
6. TOMOE CORPORATION 3.0%
7. SANYO DENKI CO.,LTD. 2.7%
8. エムエム建材株式会社 2.6%
9. Meiji Yasuda Life Insurance 2.6%
10. ＮＡＶＦＳＥＬＥＣＴＬＬＣ（常任代理人香港上海銀行東京支店カストディ業務部） 2.1%

Activist Activity

NIPPON ACTIVE VALUE FUND PLC 7.84%

2026-06-11 · increase

NIPPON ACTIVE VALUE FUND PLC 10.68%

2026-04-08 · change

KFC Ltd 5.01%

2026-01-26 · correction

KFC Ltd 5.01%

2025-12-12 · initial_5pct

Sumitomo Mitsui DS Asset Management Company, Limited 5.03%

2025-09-22 · initial_5pct

Historical Per-Share Data & Valuation Ratios

Per Share Metric	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Forecast
Revenues per share	¥18,505	¥19,681	¥18,910	¥20,006	¥19,667	¥20,359	—
FCF/Share	¥-901	¥2,652	¥597	¥616	¥376	¥1,979	—
EPS	¥917	¥2,207	¥1,591	¥1,587	¥1,616	¥2,129	—
DPS	¥100	¥200	¥200	¥270	¥450	¥0	¥450
Capital Spending per share	¥339	¥802	¥2,010	¥2,136	¥1,090	¥295	—
Book Value per share	¥13,917	¥16,232	¥17,617	¥19,004	¥20,351	¥22,028	—
Common Shares Outstanding	1M	1M	1M	1M	1M	—	—

Financial Aggregates & Margins

Financial Aggregate	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Forecast
Revenues (Net Sales)	¥22B	¥23B	¥22B	¥23B	¥23B	¥24B	¥10B
Operating Margin (%)	8.2%	12.3%	11.1%	11.3%	12.1%	13.3%	11.3%
Net Profit (owners)	¥1B	¥3B	¥2B	¥2B	¥2B	¥2B	¥1B
Net Profit Margin (%)	5.0%	11.2%	8.4%	7.9%	8.2%	10.5%	8.3%
Working Capital	¥0B	¥3B	¥3B	¥2B	¥3B	¥5B	—
Total Debt (Interest-bearing)	¥6B	¥5B	¥4B	¥5B	¥3B	¥3B	—
Net Worth (Common Equity)	¥16B	¥19B	¥21B	¥22B	¥24B	¥26B	—
Return on Total Assets (ROA)	2.8%	6.4%	4.6%	4.2%	4.3%	5.2%	—
Return on Common Equity (ROE)	6.6%	13.6%	9.0%	8.3%	7.9%	9.7%	—

Business Summary & Analysis

Capital Strategy Targets

No active capital policy disclosure records found.