Nikko Co., Ltd.

日工株式会社

Machinery

Nikko Co., Ltd. engages in the manufacture and sale of asphalt mixing and concrete batching plants in Asia. It offers asphalt mixing plants, including main units, aggregate supply units, combustion units, dust collectors, asphalt supply systems, and control systems; hot mix silo, filler silo, and dust mixers; and recycling, exhaust gas treatment, deodorization, and crushing systems. The company also provides concrete batching plants comprising air seal, automatic cleaning, and waste-water treatment systems, as well as control panels and water-pressure devices; and mixers. In addition, it offers belt conveyor systems; beverage container recycling, plastic recycling, and soil remediation plants; environmental equipment; and system control panels and software, as well as maintenance services and remote control systems. The company was formerly known as Nihon Kogu Product Co., Ltd. and changed its name to Nikko Co., Ltd. in February 1968. Nikko Co., Ltd. was incorporated in 1919 and is headquartered in Akashi, Japan.

← Companies

Price

¥855

Market Cap

¥32.9B

Ent. Value

¥29.1B

Net Cash

¥3.8B

Shares Out.

38.5M

P / E

16.4×

EV / EBIT

10.5×

P / Book

0.95×

P / NCAV

3.00×

Div. Yield

3.74%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥49.2B	¥44.1B	¥39.7B	¥38.8B
Cost of Sales	¥35.2B	¥32.0B	¥29.3B	¥28.3B
Gross Profit	¥14.0B	¥12.1B	¥10.3B	¥10.5B
SG&A	¥11.2B	¥10.1B	¥9.3B	¥8.4B
Operating Income	¥2.8B	¥2.0B	¥1.0B	¥2.1B
Non-Operating Income	¥443M	¥416M	¥330M	¥335M
Dividend Income	¥182M	¥141M	¥104M	¥123M
Interest Income	¥8M	¥4M	¥2M	¥2M
Non-Operating Expenses	¥139M	¥240M	¥102M	¥114M
Interest Expense	¥99M	¥119M	¥77M	¥50M
Ordinary Income	¥3.1B	¥2.1B	¥1.3B	¥2.3B
Pre-tax Income	¥3.2B	¥2.2B	¥1.7B	¥2.6B
Income Taxes	¥1.2B	¥987M	¥751M	¥985M
Current Tax	¥1.2B	¥1.0B	¥745M	¥944M
Deferred Tax	¥-57M	¥-16M	¥6M	¥40M
Net Income (owners)	¥2.0B	¥1.3B	¥1.0B	¥1.6B
Minority Interest	¥0M	¥-68M	¥-78M	¥-34M
Comprehensive Income	¥2.6B	¥2.6B	¥667M	¥1.8B
EBITDA	¥3.9B	¥3.0B	¥2.0B	¥2.8B
Goodwill Amort. (J-GAAP)	¥40M	¥25M	¥46M	¥14M
EPS	¥52.29	¥34.25	¥26.67	¥43.16
Shares Outstanding	38.5M	38.3M	38.3M	38.2M
Shares Issued (total)	40.0M	40.0M	40.0M	40.0M
Treasury Shares	1.5M	1.7M	1.7M	1.8M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥63.7B	¥62.2B	¥52.1B	¥52.1B
Current Assets	¥40.1B	¥41.0B	¥33.7B	¥34.1B
Cash & Deposits	¥14.0B	¥15.6B	¥10.3B	¥12.4B
Trade Receivables	¥10.2B	¥9.0B	¥6.6B	¥7.3B
Non-Current Assets	¥23.6B	¥21.2B	¥18.4B	¥18.0B
PP&E	¥15.3B	¥13.2B	¥11.8B	¥10.7B
Goodwill	¥166M	¥196M	¥130M	¥266M
Intangible Assets	¥1.2B	¥1.2B	¥1.0B	¥1.0B
Investment Securities	¥5.6B	¥5.2B	¥3.5B	¥4.3B
Deferred Tax Assets	¥538M	¥549M	¥981M	¥864M
Total Liabilities	¥29.2B	¥29.1B	¥20.5B	¥20.0B
Current Liabilities	¥21.5B	¥21.7B	¥15.3B	¥15.8B
Accounts Payable	¥2.9B	¥3.3B	¥3.0B	¥3.1B
ST Debt	¥5.5B	¥6.2B	¥3.3B	¥2.2B
Taxes Payable	¥873M	¥965M	¥265M	¥518M
Non-Current Liabilities	¥7.6B	¥7.4B	¥5.2B	¥4.3B
Total LT Borrowings	¥4.8B	¥4.5B	¥2.4B	¥1.6B
Pension Obligations	¥2.1B	¥2.1B	¥2.2B	¥2.1B
Deferred Tax Liab.	¥163M	¥170M	¥0M	¥7M
Total Equity	¥34.6B	¥33.1B	¥31.6B	¥32.0B
Capital Stock	¥9.2B	¥9.2B	¥9.2B	¥9.2B
Capital Surplus	¥7.8B	¥7.8B	¥7.9B	¥7.9B
Retained Earnings	¥14.6B	¥13.8B	¥13.6B	¥13.8B
Treasury Stock	¥-667M	¥-738M	¥-760M	¥-784M
AOCI	¥3.6B	¥3.0B	¥1.6B	¥1.9B
Equity (owners)	¥31.0B	¥30.0B	¥30.0B	¥30.1B
Minority Interests	¥8M	¥57M	¥-40M	¥46M

Total Interest-Bearing Debt ⓘ	¥10.2B	¥10.7B	¥5.8B	¥3.8B
Net Cash ⓘ	¥3.8B	¥4.8B	¥4.6B	¥8.6B
NCAV ⓘ	¥11.0B	¥11.9B	¥13.2B	¥14.1B
NCAV/Share	¥285	¥310	¥345	¥369
BV/Share	¥805	¥784	¥784	¥787

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥3.0B	¥4.3B	¥-1.6B	¥2.2B
Interest Paid	¥-99M	¥-119M	¥-77M	¥-50M
Interest Received	¥191M	¥145M	¥139M	¥126M
D&A	¥1.1B	¥998M	¥944M	¥745M
Goodwill Amort.	¥40M	¥25M	¥46M	¥14M
Investing CF	¥-2.8B	¥-2.3B	¥-1.2B	¥-2.2B
Purchase Investments	¥-18M	¥-14M	¥-22M	¥-423M
Financing CF	¥-1.7B	¥3.2B	¥710M	¥-282M
Dividends Paid	¥-1.2B	¥-1.1B	¥-1.1B	¥-1.3B
Share Buybacks	¥0M	¥0M	¥0M	—
LT Debt Repaid	¥-634M	¥-1.5B	¥-187M	¥-46M
Free Cash Flow	¥3.0B	¥4.3B	¥-1.6B	¥2.2B
Net Change in Cash	¥-1.5B	¥5.2B	¥-2.1B	¥-54M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	5.9%	4.1%	3.2%	5.2%
ROA	3.2%	2.3%	2.0%	3.2%
EPS	¥52.29	¥34.25	¥26.67	¥43.16
DPS	¥32.00	¥30.00	¥30.00	¥30.00
BPS	¥897.73	¥861.74	¥826.73	¥837.22
FCF/Share	¥78	¥113	¥-43	¥58
NCAV/Share	¥285	¥310	¥345	¥369
Payout Ratio	61.2%	87.6%	112.5%	69.5%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 5

Date	Activist	Stake	Event	Flag	Demands
2025-03-26	Yasuhito Iwami	3.78% -1.38%	change	Passive	—
2025-03-06	Yasuhito Iwami	5.16% -5.13%	change	Passive	—
2025-02-19	Yasuhito Iwami	10.29% -1.18%	change	Passive	—
2025-02-06	Yasuhito Iwami	11.47% -4.18%	change	Passive	—
2024-01-09	Yasuhito Iwami	15.65%	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）	41,027	10.66%
2	Employee Stock Ownership Plan 日工社員持株会	17,266	4.49%
3	Business Partner Stock Ownership Plan 日工取引先持株会	15,117	3.93%
4	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	8,715	2.26%
5	Nippon Life Insurance 日本生命保険相互会社	8,548	2.22%
6	Sumitomo Life Insurance 住友生命保険相互会社	7,450	1.94%
7	湊ハマ株式会社	7,020	1.82%
8	Meiji Yasuda Life Insurance 明治安田生命保険相互会社	6,484	1.68%
9	中西電機工業株式会社	6,206	1.61%
10	The Hyakujushi Bank,Ltd. 株式会社百十四銀行	5,550	1.44%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

12.9%

+1.2% 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

19.1%

-12.7% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
Japan Master Trust Bank 日本マスタートラスト信託銀行		10.05%	9.39%	10.66% +1.27%
Employee Stock Ownership Plan 日工社員持株会		4.64%	4.43%	4.49% +0.06%
Business Partner Stock Ownership Plan 日工取引先持株会		15.75%	15.86%	3.93% -11.93%
Japan Custody Bank 日本カストディ銀行		2.45%	2.37%	2.26% -0.11%
Nippon Life Insurance 日本生命保険		2.23%	2.23%	2.22% -0.01%
Sumitomo Life Insurance 住友生命保険		1.95%	1.94%	1.94%
湊ハマ NEW ENTRY	—	—	—	1.82% NEW
Meiji Yasuda Life Insurance 明治安田生命保険		1.69%	1.69%	1.68% -0.01%
中西電機工業		1.62%	1.62%	1.61% -0.01%
The Hyakujushi Bank,Ltd. 式会社百十四銀行		1.78%	1.78%	1.44% -0.34%
Sumitomo Mitsui Banking Corporation 三井住友銀行 last seen 2024	Exited Top 10	3.14%	2.29%	—
Concentration (HHI) ⓘ		404	388	174

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

Portfolio Book Value ¥3,688M +68% since 2023

Holdings 16 6 exited

Trend 1 unwinding vs 2023

Held Company	FY2025 ¥3,688M total		FY2023 ¥2,200M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Nippon Hume Corporation 日本ヒューム㈱	1,000	500,000	375	500,000	M
KAJIMA CORPORATION 鹿島建設㈱	843	276,750	442	276,750	M
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	445	+200.0% ↑ 117,300	207	39,100	M
nichiden corporation ㈱日伝	309	+8.1% ↑ 106,858	188	98,821	M
NOZAWA CORPORATION ㈱ノザワ	239	284,000	195	284,000	M
TSURUMI MANUFACTURING CO.,LTD. ㈱鶴見製作所	167	54,000	111	54,000	M
Watahan&Co.,Ltd. 綿半ホールディングス㈱	160	100,000	142	100,000
The Kaneshita Construction Co.,Ltd. 金下建設㈱	137	49,911	135	49,911	M
mitanisekisanco.,ltd 三谷セキサン㈱	108	+1.4% ↑ 16,814	77	16,586
WATANABE SATO CO., LTD. ㈱佐藤渡辺	86	+100.0% ↑ 52,400	64	26,200	M
SAKAI HEAVY INDUSTRIES, LTD. 酒井重工業㈱	85	+100.0% ↑ 40,000	80	20,000	M
TACHIBANA ELETECH CO.,LTD. ㈱立花エレテック	38	15,840	31	15,840	M
NIPPON CONCRETE INDUSTRIES CO.,LTD. 日本コンクリート工業㈱	34	+11.7% ↑ 102,142	23	91,414
HANWA CO.,LTD. 阪和興業㈱	33	6,800	26	6,800	M
Kobe Electric Railway Co.,Ltd. 神戸電鉄㈱	4	-50.0% ↓ 2,000	12	4,000	M
TOYO INNOVEX CO., LTD. TOYOイノベックス㈱	—		—
㈱三菱UFJフィナンシャルグループ	—	−100% Exit —	24	28,400	M
Yoshicon Co.,Ltd ヨシコン㈱	—	−100% Exit —	8	8,000
�ｼｮ�ｼ｣繝帙�ｼ繝ｫ繝�繧｣繝ｳ繧ｰ繧ｹ譬ｪ蠑丈ｼ夂､ｾ NCホールディングス㈱	—	−100% Exit —	10	5,000
Mitsuboshi Belting Ltd. 三ツ星ベルト㈱	—	−100% Exit —	1	500
東洋機械金属㈱	—	−100% Exit —	42	72,200	M
KOGI CORPORATION 虹技㈱	—	−100% Exit —	7	6,900	M
Portfolio total	3,688		2,200

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