Sankyo Tateyama,Inc.

三協立山株式会社

Industrials · Building Products & Equipment

Sankyo Tateyama,Inc. engages in the development, manufacture, and sale of building, housing, and exterior construction materials in Japan. It also manufactures and sells fabricated products made of rolled aluminum and other metals. In addition, the company is involved in the casting, extrusion, fabrication, and sale of aluminum and magnesium; sale of commercial and general-purpose display fixtures; manufacture and sale of standard signboards and other signage products; and maintenance of stores related equipment. Sankyo Tateyama,Inc. was incorporated in 1960 and is headquartered in Takaoka, Japan.

← Companies

Price

¥633

Market Cap

¥19.7B

Ent. Value

¥85.4B

Net Debt

−¥65.7B

Shares Out.

31.1M

P / E

—

EV / EBIT

55.3×

⚠ TSE Capital Mandate

P / Book

0.22×

P / NCAV

N/M

Div. Yield

3.95%

Financials

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥359.4B	¥353.0B	¥370.4B	¥340.6B	¥301.2B
Cost of Sales	¥289.7B	¥282.9B	¥303.1B	¥271.3B	¥232.2B
Gross Profit	¥69.8B	¥70.1B	¥67.3B	¥69.3B	¥69.0B
SG&A	¥68.2B	¥66.3B	¥64.6B	¥65.5B	¥64.4B
Operating Income	¥1.5B	¥3.8B	¥2.7B	¥3.8B	¥4.6B
Non-Operating Income	¥1.7B	¥2.1B	¥2.1B	¥1.5B	¥2.6B
Dividend Income	¥419M	¥209M	¥257M	¥191M	¥231M
Interest Income	¥147M	¥139M	¥50M	¥35M	¥39M
Non-Operating Expenses	¥2.3B	¥2.0B	¥1.4B	¥1.1B	¥1.9B
Interest Expense	¥1.6B	¥1.4B	¥911M	¥599M	¥597M
Ordinary Income	¥944M	¥3.9B	¥3.4B	¥4.2B	¥5.3B
Pre-tax Income	¥-477M	¥585M	¥3.1B	¥2.9B	¥4.6B
Income Taxes	¥1.7B	¥1.5B	¥1.4B	¥2.3B	¥2.6B
Current Tax	¥1.4B	¥1.4B	¥1.1B	¥2.0B	¥2.1B
Deferred Tax	¥197M	¥58M	¥273M	¥275M	¥503M
Net Income (owners)	¥-2.3B	¥-1.0B	¥1.6B	¥395M	¥1.7B
Minority Interest	¥196M	¥146M	¥121M	¥249M	¥354M
Comprehensive Income	¥-4.0B	¥7.5B	¥7.5B	¥2.3B	¥7.8B
EBITDA	¥10.4B	¥13.2B	¥11.6B	¥12.4B	¥13.3B
Goodwill Amort. (J-GAAP)	¥633M	¥656M	¥695M	¥635M	¥618M
EPS	¥-74.54	¥-32.53	¥52.02	¥12.62	¥53.68
Shares Outstanding	31.1M	31.1M	31.1M	31.1M	31.1M
Shares Issued (total)	31.6M	31.6M	31.6M	31.6M	31.6M
Treasury Shares	0.4M	0.4M	0.4M	0.4M	0.4M

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥300.5B	¥290.0B	¥282.9B	¥268.5B	¥252.9B
Current Assets	¥147.7B	¥145.7B	¥151.3B	¥141.7B	¥126.9B
Cash & Deposits	¥21.5B	¥24.7B	¥22.4B	¥18.4B	¥23.9B
Trade Receivables	¥49.3B	¥50.3B	¥57.2B	¥55.1B	—
Non-Current Assets	¥152.7B	¥144.3B	¥131.7B	¥126.8B	¥126.0B
PP&E	¥113.8B	¥105.2B	¥103.6B	¥102.1B	¥101.5B
Goodwill	—	¥636M	¥1.2B	¥1.7B	¥2.1B
Intangible Assets	¥2.8B	¥3.3B	¥3.7B	¥4.2B	¥4.8B
Investment Securities	¥15.4B	¥14.3B	¥11.8B	¥11.1B	¥11.3B
Deferred Tax Assets	¥338M	¥251M	¥261M	¥216M	¥203M
Total Liabilities	¥205.6B	¥190.5B	¥190.3B	¥182.9B	¥168.9B
Current Liabilities	¥122.0B	¥118.8B	¥128.0B	¥121.8B	¥107.3B
Accounts Payable	¥40.3B	¥41.0B	¥45.3B	¥49.4B	¥40.0B
ST Debt	¥27.5B	¥31.9B	¥40.3B	¥29.6B	¥29.4B
Taxes Payable	¥1.0B	¥1.1B	¥815M	¥1.4B	¥1.6B
Non-Current Liabilities	¥83.6B	¥71.7B	¥62.3B	¥61.0B	¥61.6B
Total LT Borrowings	¥59.7B	¥46.3B	¥42.3B	¥40.7B	¥39.7B
Pension Obligations	¥9.6B	¥10.2B	¥9.0B	¥10.6B	¥11.8B
Deferred Tax Liab.	¥4.9B	¥5.7B	¥1.6B	¥1.1B	¥1.6B
Total Equity	¥94.8B	¥99.5B	¥92.7B	¥85.6B	¥84.1B
Capital Stock	¥15.0B	¥15.0B	¥15.0B	¥15.0B	¥15.0B
Capital Surplus	¥31.9B	¥31.9B	¥31.9B	¥31.9B	¥31.9B
Retained Earnings	¥22.7B	¥25.8B	¥27.3B	¥26.2B	¥26.6B
Treasury Stock	¥-263M	¥-259M	¥-255M	¥-252M	¥-248M
AOCI	¥21.9B	¥23.7B	¥15.5B	¥9.7B	¥8.0B
Equity (owners)	¥69.4B	¥72.4B	¥74.0B	¥72.9B	¥73.3B
Minority Interests	¥3.6B	¥3.3B	¥3.2B	¥3.0B	¥2.8B

Total Interest-Bearing Debt ⓘ	¥87.2B	¥78.2B	¥82.5B	¥70.3B	¥69.0B
Net Cash ⓘ	¥-65.7B	¥-53.5B	¥-60.2B	¥-51.9B	¥-45.1B
NCAV ⓘ	¥-57.9B	¥-44.8B	¥-39.0B	¥-41.2B	¥-42.0B
NCAV/Share	¥-1,862	¥-1,440	¥-1,253	¥-1,323	¥-1,348
BV/Share	¥2,230	¥2,328	¥2,378	¥2,341	¥2,353

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥3.2B	¥17.2B	¥-171M	¥2.4B	¥7.8B
Interest Paid	¥-1.6B	¥-1.3B	¥-891M	¥-619M	¥-602M
Interest Received	¥654M	¥430M	¥393M	¥316M	¥342M
D&A	¥8.3B	¥8.8B	¥8.2B	¥8.0B	¥8.1B
Goodwill Amort.	¥633M	¥656M	¥695M	¥635M	¥618M
Investing CF	¥-14.3B	¥-8.6B	¥-7.3B	¥-7.6B	¥-9.1B
CapEx	¥13.3B	¥8.8B	¥7.6B	¥7.6B	¥7.0B
Purchase Investments	¥-700M	¥-126M	¥-93M	¥-396M	¥-16M
Proceeds from Invest.	¥533M	¥335M	¥122M	¥508M	¥265M
Financing CF	¥7.5B	¥-6.8B	¥10.6B	¥274M	¥-663M
Dividends Paid	¥-701M	¥-624M	¥-468M	¥-780M	¥-157M
Share Buybacks	¥-3M	¥-4M	¥-2M	¥-3M	¥-5M
LT Debt Repaid	¥-19.8B	¥-18.5B	¥-18.6B	¥-16.7B	¥-18.3B
Free Cash Flow	¥-10.1B	¥8.4B	¥-7.8B	¥-5.2B	¥806M
Net Change in Cash	¥-3.1B	¥2.8B	¥3.5B	¥-5.4B	¥-1.6B

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	-2.5%	-1.1%	1.9%	0.5%	2.2%
ROA	-0.8%	-0.4%	0.6%	0.2%	0.7%
EPS	¥-74.54	¥-32.53	¥52.02	¥12.62	¥53.68
DPS	¥25.00	¥20.00	¥20.00	¥15.00	¥15.00
BPS	¥2,911.36	¥3,067.12	¥2,854.68	¥2,633.27	¥2,592.48
FCF/Share	¥-323	¥271	¥-250	¥-166	¥26
NCAV/Share	¥-1,862	¥-1,440	¥-1,253	¥-1,323	¥-1,348
Payout Ratio	—	—	38.4%	118.9%	27.9%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 7

Date	Activist	Stake	Event	Flag	Demands
2025-09-19	Sumitomo Mitsui Trust Bank,Limited	6.19% -0.16%	change	Passive	—
2025-03-03	SUMITOMO CHEMICAL COMPANY, LIMITED	4.96% -1.12%	change	Passive	—
2025-02-20	Sumitomo Mitsui Trust Bank,Limited	6.35% -1.03%	change	Passive	—
2025-02-18	SUMITOMO CHEMICAL COMPANY, LIMITED	6.08% -1.0%	change	Passive	—
2023-08-21	Sumitomo Mitsui Trust Bank,Limited	7.38% +1.28%	change	Passive	—
2023-07-21	Sumitomo Mitsui Trust Bank,Limited	6.1%	change	Passive	—
2023-05-24	SUMITOMO CHEMICAL COMPANY, LIMITED	7.08%	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）	3,136	9.98%
2	SUMITOMO CHEMICAL COMPANY, LIMITED 住友化学株式会社	1,565	4.98%
3	Employee Stock Ownership Plan 三協立山社員持株会	1,461	4.65%
4	Stock Ownership Plan 三協立山持株会	1,445	4.60%
5	ST Stock Ownership Plan ＳＴ持株会	1,356	4.31%
6	Sumitomo Mitsui Trust Bank 三井住友信託銀行株式会社	971	3.09%
7	株式会社北陸銀行	888	2.83%
8	Sumitomo Realty & Development Co.,Ltd. 住友不動産株式会社	809	2.58%
9	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	543	1.73%
10	Dai-ichi Life Insurance 第一生命保険株式会社	445	1.42%

as of 2025-05-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

14.8%

-0.4% 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

25.4%

-1.6% vs 2024

Named entities with disclosed investment intent

Shareholder	2023	2024	2025
Japan Master Trust Bank 日本マスタートラスト信託銀行	9.55%	9.84%	9.98% +0.14%
SUMITOMO CHEMICAL COMPANY, LIMITED 住友化学	7.11%	7.11%	4.98% -2.13%
Employee Stock Ownership Plan 三協立山社員持株会	4.49%	4.51%	4.65% +0.14%
Stock Ownership Plan 三協立山持株会	4.28%	4.47%	4.60% +0.13%
ST Stock Ownership Plan ＳＴ持株会	4.03%	4.04%	4.31% +0.27%
Sumitomo Mitsui Trust Bank 三井住友信託銀行	3.09%	3.09%	3.09%
式会社北陸銀行	2.83%	2.83%	2.83%
Sumitomo Realty & Development Co.,Ltd. 住友不動産	2.57%	2.57%	2.58% +0.01%
Japan Custody Bank 日本カストディ銀行	2.50%	2.26%	1.73% -0.53%
Dai-ichi Life Insurance 第一生命保険	1.42%	1.42%	1.42%
Concentration (HHI) ⓘ	229	235	215

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

Portfolio Book Value ¥7,261M +51% since 2023

Holdings 24 3 exited

Trend 1 unwinding vs 2023

Held Company	FY2025 ¥7,261M total		FY2023 ¥4,822M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Sumitomo Realty & Development Co.,Ltd. 住友不動産㈱	2,888	520,000	1,751	520,000	M
Hokuhoku Financial Group, Inc. ㈱ほくほくフィナンシャルグループ	1,449	520,300	558	520,300	M
HANWA CO.,LTD. 阪和興業㈱	757	144,000	594	144,000	M
Sanwa Holdings Corporation 三和ホールディングス㈱	541	-50.0% ↓ 108,500	352	217,000	M
第一生命ホールディングス㈱	352	+300.0% ↑ 312,400	187	78,100	M
Watahan&Co.,Ltd. 綿半ホールディングス㈱	313	200,000	266	200,000
The Bank of Toyama,Ltd. ㈱富山銀行	214	140,200	225	140,200	M
SUMITOMO CHEMICAL COMPANY, LIMITED 住友化学㈱	152	440,000	183	440,000	M
TAKARA STANDARD CO.,LTD. タカラスタンダード㈱	131	+1.4% ↑ 56,758	95	55,962	M
THE FIRST BANK OF TOYAMA, LTD. ㈱富山第一銀行	97	99,525	64	99,525	M
NIC Autotec,Inc. エヌアイシ・オートテック㈱	74	100,000	80	100,000
Joshin Denki Co., Ltd. 上新電機㈱	68	30,000	56	30,000
AEON Co.,Ltd. イオン㈱	60	+4.5% ↑ 13,634	36	13,047
AVANTIA CO., LTD. ㈱ＡＶＡＮＴＩＡ	57	72,000	58	72,000
COSMOS INITIA Co., Ltd. ㈱コスモスイニシア	51	39,700	23	39,700
taisei corporation 大成建設㈱	31	+6.2% ↑ 3,883	16	3,657
WELCIA HOLDINGS CO., LTD. ウエルシアホールディングス㈱	16	+11.9% ↑ 6,378	16	5,701
ALBIS Co.,Ltd. アルビス㈱	4	+11.1% ↑ 1,531	3	1,378
譬ｪ蠑丈ｼ夂､ｾ闊ｹ蝣ｴ㈱船場	3	2,500	1	2,500
The Fukui Bank, Ltd. ㈱福井銀行	3	1,800	2	1,800	M
OCHI HOLDINGS CO.,LTD. ＯＣＨＩホールディングス㈱	—		—
KISOJI CO., LTD. ㈱木曽路	—		—
Lawson,Inc. ㈱ローソン	—		—
POPLAR Co., Ltd. ㈱ポプラ	—		—
DAIWA HOUSE INDUSTRY CO., LTD. 大和ハウス工業㈱	—	−100% Exit —	114	31,536
CK SAN-ETSU METALS Co.,Ltd. ㈱ＣＫサンエツ	—	−100% Exit —	74	18,700
Nippon Sheet Glass Company,Limited 日本板硝子㈱	—	−100% Exit —	68	115,700
Portfolio total	7,261		4,822

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