KOIKE SANSO KOGYO CO.,LTD.

小池酸素工業株式会社

Machinery

← Companies

Price

¥1,680

Market Cap

¥6.9B

Ent. Value

¥-4,030M

Net Cash

¥11.0B

Shares Out.

4.1M

P / E

10.2×

EV / EBIT

-0.8×

P / Book

0.76×

P / NCAV

0.55×

Div. Yield

2.98%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥55.6B	¥55.2B	¥51.4B	¥47.9B	¥41.8B
Cost of Sales	¥38.0B	¥37.3B	¥35.7B	¥33.9B	¥29.6B
Gross Profit	¥17.6B	¥17.9B	¥15.6B	¥14.0B	¥12.2B
SG&A	¥12.8B	¥12.4B	¥11.3B	¥10.7B	¥10.5B
Operating Income	¥4.8B	¥5.4B	¥4.3B	¥3.3B	¥1.7B
Non-Operating Income	¥970M	¥973M	¥1.1B	¥750M	¥760M
Dividend Income	—	¥170M	¥134M	¥144M	¥121M
Interest Income	—	¥160M	¥89M	¥33M	¥25M
Non-Operating Expenses	—	¥375M	¥306M	¥256M	¥387M
Interest Expense	—	¥130M	¥114M	¥80M	¥84M
Ordinary Income	¥5.4B	¥6.0B	¥5.1B	¥3.8B	¥2.1B
Pre-tax Income	¥5.2B	¥5.9B	¥5.0B	¥3.6B	¥1.9B
Income Taxes	¥1.5B	¥1.7B	¥1.5B	¥1.2B	¥484M
Current Tax	—	¥1.8B	¥1.4B	¥1.2B	¥667M
Deferred Tax	—	¥-34M	¥46M	¥-4M	¥-182M
Net Income (owners)	¥3.5B	¥3.6B	¥3.1B	¥2.1B	¥995M
Minority Interest	—	¥548M	¥491M	¥317M	¥460M
Comprehensive Income	—	¥4.5B	¥7.2B	¥3.3B	¥2.1B
EBITDA	¥6.8B	¥7.1B	¥5.8B	¥4.9B	¥3.3B
Goodwill Amort. (J-GAAP)	—	¥7M	¥8M	¥9M	¥9M
EPS	¥164.04	¥172.47	¥727.94	¥494.13	¥239.29
Shares Outstanding	—	4.1M	4.1M	4.1M	4.1M
Shares Issued (total)	—	4.5M	4.5M	4.5M	4.5M
Treasury Shares	—	0.4M	0.4M	0.4M	0.4M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥79.1B	¥74.7B	¥73.5B	¥64.9B	¥59.9B
Current Assets	¥41.6B	¥41.7B	¥41.2B	¥37.6B	¥33.6B
Cash & Deposits	¥16.7B	¥17.0B	¥13.6B	¥15.0B	¥12.8B
Trade Receivables	—	¥9.2B	¥8.3B	¥8.3B	¥7.9B
Non-Current Assets	¥37.5B	¥33.0B	¥32.2B	¥27.4B	¥26.3B
PP&E	¥14.6B	¥13.5B	¥12.9B	¥12.7B	¥13.0B
Goodwill	—	¥1M	¥8M	¥16M	¥23M
Intangible Assets	—	¥735M	¥681M	¥512M	¥306M
Investment Securities	¥13.7B	¥11.0B	¥10.6B	¥6.5B	¥5.3B
Deferred Tax Assets	—	¥86M	¥53M	¥120M	¥227M
Total Liabilities	¥29.0B	¥29.2B	¥31.1B	¥28.9B	¥26.2B
Current Liabilities	¥21.3B	¥22.6B	¥24.2B	¥23.3B	¥20.1B
Accounts Payable	—	¥6.3B	¥6.4B	¥6.7B	¥6.2B
ST Debt	¥5.4B	¥5.3B	¥5.3B	¥5.3B	¥4.9B
Taxes Payable	—	¥945M	¥905M	¥860M	¥536M
Non-Current Liabilities	¥7.7B	¥6.6B	¥6.8B	¥5.6B	¥6.2B
Total LT Borrowings	¥365M	¥548M	¥816M	¥1.3B	¥1.7B
Pension Obligations	—	¥248M	¥224M	¥210M	¥205M
Deferred Tax Liab.	—	¥4.2B	¥4.3B	¥2.4B	¥2.4B
Total Equity	¥50.1B	¥45.6B	¥42.4B	¥36.1B	¥33.7B
Capital Stock	—	¥4.0B	¥4.0B	¥4.0B	¥4.0B
Capital Surplus	—	¥2.1B	¥2.0B	¥2.0B	¥2.3B
Retained Earnings	¥30.3B	¥28.0B	¥25.2B	¥22.7B	¥20.8B
Treasury Stock	—	¥-694M	¥-722M	¥-760M	¥-814M
AOCI	—	¥9.2B	¥8.9B	¥5.3B	¥4.4B
Equity (owners)	¥35.8B	¥33.4B	¥30.5B	¥27.9B	¥26.4B
Minority Interests	—	¥3.0B	¥3.0B	¥2.9B	¥2.9B

Total Interest-Bearing Debt ⓘ	¥5.8B	¥5.9B	¥6.1B	¥6.6B	¥6.6B
Net Cash ⓘ	¥11.0B	¥11.1B	¥7.5B	¥8.4B	¥6.1B
NCAV ⓘ	¥12.6B	¥12.5B	¥10.2B	¥8.7B	¥7.4B
NCAV/Share	—	¥3,039	¥2,467	¥2,117	¥1,794
BV/Share	—	¥8,104	¥7,405	¥6,791	¥6,421

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥4.1B	¥3.7B	¥4.5B	¥5.6B	¥3.8B
Interest Paid	—	¥-134M	¥-111M	¥-79M	¥-84M
Interest Received	—	¥335M	¥226M	¥178M	¥185M
D&A	¥2.0B	¥1.6B	¥1.5B	¥1.6B	¥1.6B
Goodwill Amort.	—	¥7M	¥8M	¥9M	¥9M
Investing CF	¥-2.2B	¥-1.3B	¥-1.4B	¥-2.0B	¥-712M
CapEx	¥2.2B	¥1.3B	¥1.1B	¥860M	¥750M
Purchase Investments	—	¥-442M	¥-115M	¥-1.2B	¥-27M
Proceeds from Invest.	—	¥46M	¥199M	—	¥162M
Financing CF	¥-2.3B	¥-2.2B	¥-1.5B	¥-1.7B	¥-1.5B
Dividends Paid	—	¥-842M	¥-378M	¥-251M	¥-207M
Share Buybacks	—	¥-1M	¥-1M	¥0M	¥-103M
LT Debt Repaid	—	¥-413M	¥-420M	¥-502M	¥-557M
Free Cash Flow	¥1.9B	¥2.4B	¥3.3B	¥4.8B	¥3.0B
Net Change in Cash	—	¥387M	¥1.6B	¥2.3B	¥1.7B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	7.2%	8.9%	8.4%	6.5%	3.3%
ROA	4.5%	4.9%	4.4%	3.3%	1.7%
EPS	¥164.04	¥172.47	¥727.94	¥494.13	¥239.29
DPS	¥50.00	¥260.00	¥200.00	¥90.00	¥60.00
BPS	¥2,223.45	¥2,018.71	¥9,356.95	¥7,927.46	¥7,386.37
FCF/Share	—	¥577	¥809	¥1,163	¥738
NCAV/Share	—	¥3,039	¥2,467	¥2,117	¥1,794
Payout Ratio	30.5%	150.8%	27.5%	18.2%	25.1%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 3

Date	Activist	Stake	Event	Flag	Demands
2024-07-29	Mitsubishi UFJ Financial Group Inc.	5.1%	change	Passive	—
2023-12-13	MATSUKURA KIICHI	—	exit	Passive	—
2023-12-13	NOZAKI KOJI	8.56%	initial_5pct	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-13 17:00	Div Increase	¥1.1B ¥50.0/sh	Koike Kasuikogyo announced a dividend increase for fiscal year ending March 31, 2026, raising the per-share dividend fro…
Summary Koike Kasuikogyo announced a dividend increase for fiscal year ending March 31, 2026, raising the per-share dividend from a previously forecasted 48 yen to 50 yen (an increase of 2 yen), with a total payout of 1,055 million yen. The increase reflects better-than-expected earnings performance while maintaining the company's stable dividend policy targeting a minimum 30% payout ratio. The board approved this decision on May 13, 2026, with the dividend effective June 29, 2026, subject to shareholder approval at the June 26 general meeting. Deadline: 2026-06-29 Source (JP) 直近の配当予想から２円増配し、１株当たり50円を予定しております。当期実績が業績予想を上回ることとなったことを勘案し、配当性向30％以上を基本方針としながら安定的な配当を目指しております。剰余金の配当（増配）に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	Business Partner Stock Ownership Plan 小池酸素工業取引先持株会	379	9.00%
2	小池商事株式会社	271	6.45%
3	NIPPON SANSO HOLDINGS CORPORATION 日本酸素ホールディングス株式会社	266	6.33%
4	MUFG Bank 株式会社三菱UFJ銀行	204	4.86%
5	The Chiba Bank, Ltd. 株式会社千葉銀行	199	4.73%
6	Sumitomo Mitsui Trust Bank 三井住友信託銀行株式会社	174	4.13%
7	株式会社きらぼし銀行	152	3.62%
8	あいおいニッセイ同和損害保険株式会社	144	3.42%
9	The Joyo Bank, Ltd. 株式会社常陽銀行	113	2.68%
10	小池化学株式会社	105	2.51%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

4.1%

-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

43.6%

+0.1% vs 2024

Named entities with disclosed investment intent

Shareholder	2023	2024	2025
Business Partner Stock Ownership Plan 小池酸素工業取引先持株会	8.92%	8.93%	9.00% +0.07%
小池商事	6.41%	6.40%	6.45% +0.05%
NIPPON SANSO HOLDINGS CORPORATION 日本酸素ホールディングス	6.35%	6.34%	6.33% -0.01%
MUFG Bank 三菱UFJ銀行	4.87%	4.87%	4.86% -0.01%
The Chiba Bank, Ltd. 式会社千葉銀行	4.74%	4.74%	4.73% -0.01%
Sumitomo Mitsui Trust Bank 三井住友信託銀行	4.14%	4.14%	4.13% -0.01%
式会社きらぼし銀行	3.63%	3.62%	3.62%
あいおいニッセイ同和損害保険	3.81%	3.43%	3.42% -0.01%
The Joyo Bank, Ltd. 式会社常陽銀行	2.69%	2.68%	2.68%
小池化学	2.52%	2.52%	2.51% -0.01%
Concentration (HHI) ⓘ	266	263	264

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

Portfolio Book Value ¥8,304M +73% since 2023

Holdings 19 +2 new 3 exited

Trend 6 building vs 2023

Held Company	FY2025 ¥8,304M total		FY2023 ¥4,809M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
NIPPON SANSO HOLDINGS CORPORATION 日本酸素ホールディングス㈱	4,758	1,054,125	2,510	1,054,125	M
Mitsubishi UFJ Financial Group, Inc. ㈱三菱UFJフィナンシャル・グループ	786	391,300	331	391,300	M
The Chiba Bank, Ltd. ㈱千葉銀行	741	529,876	453	529,876	M
HOSHIIRYO-SANKI CO., LTD. ㈱星医療酸器	449	+2.7% ↑ 98,368	374	95,781	M
譬ｪ蠑丈ｼ夂､ｾ繧√�ｶ縺阪ヵ繧｣繝翫Φ繧ｷ繝｣繝ｫ繧ｰ繝ｫ繝ｼ繝� ㈱めぶきフィナンシャルグループ	280	NEW New 386,358	—		M
DAIHEN CORPORATION ㈱ダイヘン	280	+4.0% ↑ 44,238	188	42,517	M
Namura Shipbuilding Co.,Ltd. ㈱名村造船所	233	102,000	35	102,000	M
IWATANI CORPORATION 岩谷産業㈱	208	+300.0% ↑ 139,584	202	34,896	M
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ㈱	124	NEW New 33,440	—		M
KOATSU GAS KOGYO CO., LTD. 高圧ガス工業㈱	104	+12.3% ↑ 117,158	73	104,320	M
AIR WATER INC. エア・ウォーター㈱	96	51,134	84	51,134	M
Tokyo Kiraboshi Financial Group, Inc. ㈱東京きらぼしフィナンシャルグループ	73	12,679	33	12,679	M
MS ADインシュアランスグループホールディングス㈱	51	+200.0% ↑ 16,032	21	5,344	M
Shinsho Corporation 神鋼商事㈱	45	+200.0% ↑ 24,000	46	8,000	M
Denka Company Limited デンカ㈱	25	12,000	32	12,000	M
DAIMARU.ENAWIN CO.,LTD. 大丸エナウィン㈱	20	12,100	15	12,100	M
Resonac Holdings Corporation ㈱レゾナック・ホールディングス	18	6,200	13	6,200
NIPPON STEEL CORPORATION 日本製鉄㈱	12	3,780	11	3,780
Tokai Tokyo Financial Holdings, Inc. 東海東京フィナンシャル・ホールディングス㈱	1	4,042	1	4,042
NIPPON STEEL TRADING CORPORATION 日鉄物産㈱	—	−100% Exit —	187	20,220
㈱めぶきフィナンシャル・グループ	—	−100% Exit —	125	386,358	M
三井住友トラスト・ホールディングス㈱	—	−100% Exit —	75	16,720	M
Portfolio total	8,304		4,809

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