MOLITEC STEEL CO.,LTD.

モリテックスチール株式会社

Basic Materials · Steel

Molitec Steel Co., Ltd. processes and sells cold rolled special, stainless, and various steel strips in Japan. The company offers press worked products, including automotive and agricultural machine parts, household electrical appliances, and dies fabrication products; and heat-treated products, such as hardened and tempered steel strips for automobile-clutch parts, blades and saws, power springs, and other pressed parts. It also provides metal materials comprising special, stainless, mild steel, and precoated sheets. In addition, the company manufactures and sells machinery tools, plastic products, and steel and plastic parts. The company was formerly known as Mori&Co. and changed its name to Molitec Steel Co., Ltd. in January 1990. Molitec Steel Co., Ltd. was founded in 1943 and is headquartered in Chuo, Japan.

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Price

¥245

Market Cap

¥5.5B

Ent. Value

¥6.7B

Net Debt

−¥1.2B

Shares Out.

22.4M

P / E

16.7×

EV / EBIT

17.0×

⚠ TSE Capital Mandate

P / Book

0.38×

P / NCAV

1.23×

Div. Yield

1.63%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥50.5B	¥50.8B	¥36.3B	¥27.6B
Cost of Sales	¥45.7B	¥46.3B	¥33.2B	¥24.4B
Gross Profit	¥4.8B	¥4.5B	¥3.1B	¥3.1B
SG&A	¥4.4B	¥4.2B	¥3.2B	¥2.9B
Operating Income	¥397M	¥260M	¥-75M	¥204M
Non-Operating Income	¥227M	¥294M	¥159M	¥173M
Dividend Income	¥86M	¥72M	¥59M	¥44M
Interest Income	¥9M	¥9M	¥11M	¥14M
Non-Operating Expenses	¥301M	¥113M	¥88M	¥89M
Interest Expense	¥85M	¥100M	¥78M	¥72M
Ordinary Income	¥323M	¥441M	¥-4M	¥287M
Pre-tax Income	¥573M	¥446M	¥-720M	¥376M
Income Taxes	¥242M	¥130M	¥-20M	¥115M
Current Tax	¥161M	¥102M	¥197M	¥113M
Deferred Tax	¥81M	¥28M	¥-216M	¥2M
Net Income (owners)	¥329M	¥312M	¥-705M	¥254M
Minority Interest	¥1M	¥3M	¥5M	¥7M
Comprehensive Income	¥524M	¥1.3B	¥-233M	¥430M
EBITDA	¥1.1B	¥1.0B	¥841M	¥1.1B
EPS	¥14.70	¥13.94	¥-31.46	¥11.35
Shares Outstanding	22.4M	22.4M	22.4M	22.4M
Shares Issued (total)	22.6M	22.6M	22.6M	22.6M
Treasury Shares	0.2M	0.2M	0.2M	0.2M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥36.5B	¥37.2B	¥36.5B	¥23.8B
Current Assets	¥26.4B	¥26.5B	¥26.8B	¥15.7B
Cash & Deposits	¥4.9B	¥5.7B	¥4.8B	¥2.7B
Trade Receivables	¥7.4B	¥9.2B	¥9.8B	¥5.8B
Non-Current Assets	¥10.2B	¥10.8B	¥9.7B	¥8.2B
PP&E	¥6.6B	¥6.9B	¥6.8B	¥5.9B
Intangible Assets	¥291M	¥318M	¥134M	¥83M
Investment Securities	¥2.6B	¥2.8B	¥1.8B	¥1.6B
Deferred Tax Assets	¥1M	—	¥254M	¥96M
Total Liabilities	¥21.9B	¥23.0B	¥23.6B	¥10.6B
Current Liabilities	¥18.9B	¥19.5B	¥20.9B	¥8.6B
Accounts Payable	¥8.5B	¥10.8B	¥10.7B	¥7.0B
ST Debt	¥4.9B	¥3.6B	¥4.5B	¥530M
Taxes Payable	¥109M	¥75M	¥294M	¥118M
Non-Current Liabilities	¥3.0B	¥3.5B	¥2.7B	¥2.0B
Total LT Borrowings	¥1.2B	¥1.6B	¥866M	¥658M
Pension Obligations	¥898M	¥986M	¥914M	¥773M
Deferred Tax Liab.	¥523M	¥411M	¥339M	¥59M
Total Equity	¥14.6B	¥14.2B	¥12.9B	¥13.2B
Capital Stock	¥1.8B	¥1.8B	¥1.8B	¥1.8B
Capital Surplus	¥1.5B	¥1.5B	¥1.5B	¥1.5B
Retained Earnings	¥8.8B	¥8.6B	¥8.3B	¥9.1B
Treasury Stock	¥-41M	¥-41M	¥-41M	¥-41M
AOCI	¥2.4B	¥2.2B	¥1.2B	¥766M
Equity (owners)	¥12.1B	¥11.9B	¥11.6B	¥12.4B
Minority Interests	¥70M	¥71M	¥68M	¥67M

Total Interest-Bearing Debt ⓘ	¥6.1B	¥5.2B	¥5.4B	¥1.2B
Net Cash ⓘ	¥-1.2B	¥496M	¥-528M	¥1.5B
NCAV ⓘ	¥4.4B	¥3.4B	¥3.2B	¥5.1B
NCAV/Share	¥199	¥153	¥144	¥227
BV/Share	¥540	¥530	¥519	¥554

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥-1.8B	¥1.8B	¥-317M	¥-502M
Interest Paid	¥-87M	¥-99M	¥-79M	¥-72M
Interest Received	¥96M	¥81M	¥70M	¥59M
D&A	¥747M	¥741M	¥917M	¥872M
Investing CF	¥31M	¥-603M	¥-588M	¥-118M
Purchase Investments	¥-25M	¥-23M	¥-15M	¥-13M
Proceeds from Invest.	¥126M	—	¥0M	—
Financing CF	¥697M	¥-357M	¥3.0B	¥-238M
Dividends Paid	¥-89M	¥-68M	¥-90M	¥-69M
Share Buybacks	¥-0M	¥-0M	¥-0M	¥-0M
LT Debt Repaid	¥-750M	¥-737M	¥-296M	¥-113M
Free Cash Flow	¥-1.8B	¥1.8B	¥-317M	¥-502M
Net Change in Cash	¥-839M	¥841M	¥2.1B	¥-806M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	2.3%	2.3%	-5.4%	2.0%
ROA	0.9%	0.8%	-2.3%	1.1%
EPS	¥14.70	¥13.94	¥-31.46	¥11.35
DPS	¥4.00	¥4.00	¥3.00	¥4.00
BPS	¥649.03	¥629.64	¥573.80	¥588.35
FCF/Share	¥-79	¥82	¥-14	¥-22
NCAV/Share	¥199	¥153	¥144	¥227
Payout Ratio	27.2%	28.7%	—	35.2%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 2

Date	Activist	Stake	Event	Flag	Demands	Source
2024-07-29	Mitsubishi UFJ Financial Group Inc.	4.76% -0.29%	change	Passive	—
2024-01-05	Mitsubishi UFJ Financial Group Inc.	5.05%	change	Passive	—

#	Shareholder	Shares (thou.)	% of Total
1	NIPPON STEEL CORPORATION 日本製鉄株式会社	2,244	10.02%
2	Nippon Life Insurance 日本生命保険相互会社	1,270	5.67%
3	MUFG Bank 株式会社三菱ＵＦＪ銀行	970	4.33%
4	株式会社関西みらい銀行	960	4.29%
5	水元公仁	630	2.81%
6	Daido Life Insurance Co. 大同生命保険株式会社	600	2.68%
7	森浩之	513	2.29%
8	森泰之	424	1.89%
9	森剛之	340	1.52%
10	モリテックスチール従業員持株会	334	1.49%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

0.0%

-3.1% 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

37.0%

+2.2% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
NIPPON STEEL CORPORATION 日本製鉄		10.02%	10.02%	10.02%
Nippon Life Insurance 日本生命保険		5.67%	5.67%	5.67%
MUFG Bank 式会社三菱ＵＦＪ銀行		4.33%	4.33%	4.33%
式会社関西みらい銀行		4.29%	4.29%	4.29%
水元公仁 NEW ENTRY	—	—	—	2.81% NEW
Daido Life Insurance Co. 大同生命保険		2.68%	2.68%	2.68%
森浩之		2.29%	2.29%	2.29%
森泰之		1.93%	1.89%	1.89%
森剛之		1.70%	1.64%	1.52% -0.12%
モリテックスチール従業員持株会 NEW ENTRY	—	—	—	1.49% NEW
Japan Master Trust Bank 日本マスタートラスト信託銀行 last seen 2024	Exited Top 10	3.55%	3.08%	—
Dai-ichi Life Insurance 第一生命保険 last seen 2024	Exited Top 10	2.01%	2.01%	—
Concentration (HHI) ⓘ		205	202	198

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

Portfolio Book Value ¥2,248M +48% since 2023

Holdings 19 1 exited

Trend 6 building vs 2023

Held Company	FY2025 ¥2,248M total		FY2023 ¥1,519M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Mitsubishi Corporation 三菱商事株式会社	520	+200.0% ↑ 198,000	314	66,000
EXEDY Corporation 株式会社エクセディ	402	+2.0% ↑ 91,520	163	89,689
Mitsubishi UFJ Financial Group, Inc. 株式会社三菱ＵＦＪフィナンシャル・グループ	284	140,962	120	140,962
KUBOTA CORPORATION 株式会社クボタ	267	+4.6% ↑ 145,728	278	139,317
NIPPON STEEL CORPORATION 日本製鉄株式会社	232	72,491	226	72,491	M
Mizuho Financial Group, Inc. 株式会社みずほフィナンシャルグループ	149	36,803	69	36,803
Panasonic Holdings Corporation パナソニックホールディングス株式会社	70	39,330	46	39,330
Resona Holdings, Inc. 株式会社りそなホールディングス	68	53,050	34	53,050
Imasen Electric Industrial Co.,Ltd. 株式会社今仙電機製作所	55	87,812	64	87,812	M
HISAKA WORKS,LTD. 株式会社日阪製作所	41	41,000	37	41,000	M
TOPY INDUSTRIES,LIMITED トピー工業株式会社	40	+11.9% ↑ 18,901	33	16,897
T&D Holdings, Inc. 株式会社Ｔ＆Ｄホールディングス	33	10,400	17	10,400
Bando Chemical Industries, Ltd. バンドー化学株式会社	28	+12.0% ↑ 17,055	16	15,231
Nichia Steel Industry Co., Ltd. 日亜鋼業株式会社	26	83,000	24	83,000	M
ZOJIRUSHI CORPORATION 象印マホービン株式会社	21	+14.3% ↑ 13,965	20	12,220	M
第一生命ホールディングス株式会社	9	2,000	5	2,000
Shima Seiki Manufacturing Co., Ltd. 株式会社島精機製作所	4	3,850	7	3,850
Sharp Corporation シャープ株式会社	1	700	1	700
MITSUBISHI MOTORS CORPORATION 三菱自動車工業株式会社	0	100	0	100
CHITAKOGYO CO.,LTD. 知多鋼業株式会社	—	−100% Exit —	44	62,678	M
Portfolio total	2,248		1,519

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