6279
ZUIKO CORPORATION
株式会社瑞光
Machinery
Zuiko Corporation designs, develops, manufactures, sells, and maintains disposable hygiene product manufacturing systems in Japan and internationally. Its converting machines are used to produce baby and adult diapers, feminine napkins, and face masks, as well as pet sheets and nursing pads, incontinence pads. The company also offers medical equipment and intermediary medical systems; pet care products; recycling equipment; and equipment, systems, and related software products related to converting machines. Zuiko Corporation was founded in 1946 and is headquartered in Osaka, Japan.
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⚠ TSE Capital Mandate
P / Book
0.64×
Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥21.2B
¥20.0B
¥21.7B
¥26.5B
¥23.6B
Cost of Sales
¥18.0B
¥17.3B
¥17.1B
¥20.8B
¥18.2B
Gross Profit
¥3.2B
¥2.6B
¥4.6B
¥5.8B
¥5.3B
SG&A
¥3.0B
¥3.0B
¥3.6B
¥3.9B
¥3.2B
Operating Income
¥163M
¥-307M
¥1.0B
¥1.8B
¥2.1B
Non-Operating Income
¥270M
¥312M
¥572M
¥483M
¥311M
Dividend Income
¥16M
¥17M
¥31M
¥33M
¥40M
Interest Income
¥121M
¥191M
¥191M
¥142M
¥137M
Non-Operating Expenses
¥82M
¥154M
¥172M
¥66M
¥35M
Interest Expense
¥43M
¥24M
¥19M
¥19M
¥10M
Ordinary Income
¥351M
¥-149M
¥1.4B
¥2.2B
¥2.4B
Pre-tax Income
¥2.1B
¥469M
¥1.9B
¥3.4B
¥2.4B
Income Taxes
¥104M
¥1.3B
¥501M
¥776M
¥628M
Current Tax
¥533M
¥295M
¥220M
¥783M
¥882M
Deferred Tax
¥-430M
¥971M
¥280M
¥-8M
¥-253M
Net Income (owners)
¥2.0B
¥-788M
¥1.4B
¥2.7B
¥1.7B
Minority Interest
¥-25M
¥-9M
—
—
—
Comprehensive Income
¥2.3B
¥-172M
¥2.4B
¥3.3B
¥3.0B
EBITDA
¥1.1B
¥559M
¥2.0B
¥2.7B
¥2.7B
Goodwill Amort. (J-GAAP)
¥11M
¥24M
—
—
—
EPS
¥74.51
¥-29.78
¥52.23
¥101.21
¥66.07
Shares Outstanding
26.5M
26.5M
26.4M
26.3M
26.3M
Shares Issued (total)
28.8M
28.8M
28.8M
28.8M
28.8M
Treasury Shares
2.3M
2.3M
2.4M
2.5M
2.5M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥52.4B
¥52.4B
¥49.3B
¥49.6B
¥50.2B
Current Assets
¥32.7B
¥35.5B
¥32.4B
¥31.2B
¥31.1B
Cash & Deposits
¥13.4B
¥15.3B
¥14.5B
¥14.0B
¥13.9B
Trade Receivables
¥2.3B
¥1.8B
¥1.7B
¥10.0B
—
Non-Current Assets
¥19.7B
¥16.9B
¥16.9B
¥18.5B
¥19.1B
PP&E
¥17.5B
¥15.2B
¥14.6B
¥16.1B
¥16.2B
Goodwill
¥55M
¥237M
—
—
—
Intangible Assets
¥621M
¥830M
¥647M
¥717M
¥817M
Investment Securities
¥1.3B
¥652M
¥1.4B
¥1.3B
¥1.6B
Deferred Tax Assets
¥112M
¥97M
¥95M
¥265M
¥312M
Total Liabilities
¥16.1B
¥18.1B
¥14.5B
¥16.6B
¥20.2B
Current Liabilities
¥8.8B
¥15.0B
¥6.9B
¥8.6B
¥11.9B
Accounts Payable
¥2.3B
¥2.3B
¥1.1B
¥2.0B
¥1.7B
ST Debt
¥323M
¥382M
¥250M
¥250M
¥250M
Taxes Payable
¥82M
¥46M
¥42M
¥322M
¥757M
Non-Current Liabilities
¥7.3B
¥3.2B
¥7.6B
¥7.9B
¥8.3B
Total LT Borrowings
¥5.9B
¥2.2B
¥7.2B
¥7.5B
¥7.8B
Pension Obligations
¥92M
¥96M
¥59M
—
—
Deferred Tax Liab.
¥1.2B
¥633M
—
—
¥7M
Total Equity
¥36.3B
¥34.3B
¥34.8B
¥33.1B
¥30.1B
Capital Stock
¥1.9B
¥1.9B
¥1.9B
¥1.9B
¥1.9B
Capital Surplus
¥2.9B
¥2.9B
¥2.8B
¥2.8B
¥2.8B
Retained Earnings
¥28.3B
¥26.6B
¥27.8B
¥27.4B
¥25.0B
Treasury Stock
¥-547M
¥-550M
¥-561M
¥-578M
¥-592M
AOCI
¥3.7B
¥3.4B
¥2.8B
¥1.5B
¥863M
Equity (owners)
¥32.5B
¥30.8B
¥31.9B
¥31.5B
¥29.1B
Minority Interests
¥50M
¥20M
—
—
—
Total Interest-Bearing Debt ⓘ
¥6.2B
¥2.5B
¥7.5B
¥7.8B
¥8.0B
Net Cash ⓘ
¥7.2B
¥12.8B
¥7.0B
¥6.3B
¥5.9B
NCAV ⓘ
¥16.6B
¥17.4B
¥17.9B
¥14.6B
¥11.0B
NCAV/Share
¥626
¥658
¥677
¥555
¥418
BV/Share
¥1,229
¥1,164
¥1,209
¥1,196
¥1,106
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥1.1B
¥1.1B
¥-323M
¥388M
¥2.3B
Interest Paid
¥-55M
¥-49M
¥-43M
¥-43M
¥-24M
Interest Received
¥137M
¥208M
¥223M
¥173M
¥177M
D&A
¥885M
¥842M
¥930M
¥849M
¥574M
Goodwill Amort.
¥11M
¥24M
—
—
—
Investing CF
¥265M
¥1.1B
¥1.1B
¥-1.4B
¥-1.4B
CapEx
¥368M
¥630M
¥318M
¥690M
¥2.1B
Purchase Investments
¥-597M
¥-58M
¥-2M
¥-2M
¥-2M
Proceeds from Invest.
¥0M
¥672M
¥65M
¥404M
—
Financing CF
¥-1.7B
¥-772M
¥-1.1B
¥-823M
¥2.5B
Dividends Paid
¥-291M
¥-397M
¥-715M
¥-479M
¥-459M
LT Debt Repaid
¥-367M
¥-324M
¥-250M
¥-250M
—
Free Cash Flow
¥764M
¥461M
¥-641M
¥-302M
¥191M
Net Change in Cash
¥-332M
¥1.8B
¥44M
¥-1.5B
¥3.6B
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
5.6%
-2.3%
4.1%
8.5%
6.1%
ROA
3.8%
-1.6%
2.8%
5.3%
3.5%
EPS
¥74.51
¥-29.78
¥52.23
¥101.21
¥66.07
DPS
¥12.00
¥10.00
¥20.00
¥25.20
¥16.20
BPS
¥1,368.61
¥1,292.55
¥1,313.85
¥1,252.73
¥1,138.92
FCF/Share
¥29
¥17
¥-24
¥-11
¥7
NCAV/Share
¥626
¥658
¥677
¥555
¥418
Payout Ratio
16.1%
—
38.3%
24.9%
24.5%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 22
Date Activist Stake Event Flag Demands Source
2026-03-17
Wada Akio
3.81%
correction
Passive
—
2026-03-02
Wada Akio
3.81%
-1.82%
change
Passive
—
2026-01-30
Wada Akio
5.63%
correction
Passive
—
2026-01-13
Wada Akio
5.63%
-1.02%
initial_5pct
Passive
—
2025-10-17
Symphony Financial Partners (Singapore) Pte. Ltd.
37.1%
+0.86%
change
Passive
—
2025-09-30
Mitsubishi UFJ Financial Group Inc.
4.03%
-1.01%
change
Passive
—
2025-08-26
Wada Akio
6.65%
+0.08%
correction
Passive
—
2025-08-07
Wada Akio
6.57%
-0.6%
change
Passive
—
2025-05-08
Mitsubishi UFJ Financial Group Inc.
5.04%
+0.23%
initial_5pct
Passive
—
2025-04-07
Mitsubishi UFJ Financial Group Inc.
4.81%
-1.01%
change
Passive
—
2025-02-12
Wada Akio
7.17%
correction
Passive
—
2025-02-03
Mitsubishi UFJ Financial Group Inc.
5.82%
initial_5pct
Passive
—
2025-01-28
Wada Akio
7.17%
change
Passive
—
2024-08-14
Morgan Stanley MUFG Securities Co., Ltd.
0.04%
-12.28%
change
Passive
—
2024-03-28
Morgan Stanley MUFG Securities Co., Ltd.
12.32%
initial_5pct
Passive
—
2024-03-18
Wada Holdings
13.37%
-0.17%
correction
Passive
—
2024-03-18
Wada Holdings
13.54%
correction
Passive
—
2024-03-18
Wada Holdings
13.54%
correction
Passive
—
2024-03-01
Wada Holdings
13.37%
-0.17%
change
Passive
—
2024-03-01
Wada Holdings
13.54%
change
Passive
—
2024-03-01
Wada Holdings
13.54%
change
Passive
—
2023-06-16
Symphony Financial Partners (Singapore) Pte. Ltd.
36.24%
change
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 7
#
Shareholder
Shares (thou.)
% of Total
1
THE SFP VALUE REALIZATION MASTER FUND LIMITED
THE SFP VALUE REALIZATION MASTER FUND LIMITED (常任代理人)立花証券株式会社
7,191
27.16%
2
株式会社みちかけ
3,000
11.33%
3
JP MORGAN CHASE BANK (常任代理人)株式会社みずほ銀行決済営業部
2,005
7.58%
4
和田 明男
1,530
5.78%
5
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)
1,519
5.74%
6
UNICHARM CORPORATION
ユニ・チャーム株式会社
980
3.70%
7
BNYM AS AGT/CLTS 10 PERCENT
BNYM AS AGT/CLTS 10 PERCENT (常任代理人)株式会社三菱UFJ銀行
846
3.20%
8
Citibank, N.A.
RBC IST 15 PCT LENDING ACCOUNT-CLIENT ACCOUNT (常任代理人)シティバンク、エヌ・エイ東京支店
649
2.45%
9
白十字株式会社
615
2.33%
10
株式会社和田ホールディングス
600
2.27%
Domestic Nominees
5.7%
-2.7% vs 2025
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
2.5%
+2.5% vs 2025
Sub-custodians for foreign asset managers
Direct / Strategic
63.4%
+1.8% vs 2025
Named entities with disclosed investment intent
Shareholder
Trend
2024
2025
2026
THE SFP VALUE REALIZATION MASTER FUND LIMITED
THE SFP VALUE REALIZATION MASTER FUND LIMITED 立花証券
24.74%
25.75%
27.16%
+1.41%
式会社みちかけ
—
11.34%
11.33%
-0.01%
THE CHASE MANHATTAN BANK,N.A. LONDON SPECIAL OMNIBUS SECS LENDING ACCOUNT
みずほ銀行
9.45%
9.44%
7.58%
-1.86%
和田 明男
—
3.78%
5.78%
+2.00%
Japan Master Trust Bank
日本マスタートラスト信託銀行
4.28%
8.39%
5.74%
-2.65%
UNICHARM CORPORATION
ユニ・チャーム
3.71%
3.70%
3.70%
BNYM AS AGT/CLTS 10 PERCENT
三菱UFJ銀行
2.91%
2.91%
3.20%
+0.29%
Citibank
NEW ENTRY
2.12%
—
2.45%
NEW
白十字
2.33%
2.33%
2.33%
式会社和田ホールディングス
13.63%
2.27%
2.27%
和田明男
last seen 2024
Exited Top 10
7.57%
—
—
GM INVESTMENTS
式会社GM INVESTMENTS
last seen 2024
Exited Top 10
1.97%
—
—
Concentration (HHI)
ⓘ
999
998
1030
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥552M
+6% since 2025
Holdings
7
1 exited
Trend
2 building
vs 2025
Held Company
FY2026
¥552M total
FY2025
¥519M total
Book Val ¥M
Shares
Book Val ¥M
Shares
UNICHARM CORPORATION
ユニ・チャーム株式会社
288
270,000
304
270,000
M
Inaba Denki Sangyo Co., Ltd.
因幡電機産業株式会社
112
+100.0%
↑
40,000
77
20,000
M
KOBAYASHI PHARMACEUTICAL CO.,LTD.
小林製薬株式会社
76
+3.3%
↑
13,563
74
13,129
SUGIMOTO & CO.,LTD.
杉本商事株式会社
65
46,000
56
46,000
M
Daishowa Paper Manufacturing Co., Ltd.
大王製紙株式会社
11
10,000
8
10,000
The Procter Gamble Company
—
—
Marubeni Corporation
丸紅株式会社
—
—
Mitsubishi UFJ Financial Group, Inc.
株式会社三菱UFJフィナンシャル・グループ
—
−100%
Exit
—
0
40
M
Portfolio total
552
519
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding