6310 — Tokyo Intelligence

ISEKI&CO.,LTD. 6310

井関農機株式会社 · Machinery · Prime

Governance Compliance: TSE Status: Disclosed English Reports Available

Iseki & Co., Ltd. engages in the development, manufacture, and sale of agricultural machinery in Japan, Asia, Europe, the United States, and internationally. It offers cultivating machineries, including tractors, tillers, high clearance multipurpose vehicles, and mowers; planting machinery, such as rice and vegetable transplanters; and harvesting machinery comprising combine harvesters and binders. The company also provides processing machinery, such as rice hullers, dryers, rice cleaners, rice graders, vegetable harvesting, and processing machinery; and implements, spare parts, agricultural facilities, as well as diesel engine. Iseki & Co., Ltd. was founded in 1926 and is headquartered in Arakawa, Japan.

Price

¥1,712

Market Cap

¥39.2B

Ent. Value

¥81.3B

Net Debt

−¥42.1B

Shares Out.

22.9M

P / E

14.0×

EV / EBIT

19.2×

⚠ TSE Capital Mandate

P / Book

0.53×

P / NCAV

N/M

Div. Yield

2.34%

PRICE

⬇ Excel

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗	FY 2020 EDINET ↗
Net Sales	¥185.8B	¥168.4B	¥169.9B	¥166.6B	¥158.2B	¥149.3B
Cost of Sales	¥130.1B	¥117.8B	¥119.6B	¥116.7B	¥111.4B	¥105.8B
Gross Profit	¥55.7B	¥50.6B	¥50.4B	¥49.9B	¥46.8B	¥43.5B
SG&A	¥51.4B	¥48.7B	¥48.1B	¥46.4B	¥42.7B	¥41.4B
Operating Income	¥4.2B	¥1.9B	¥2.3B	¥3.5B	¥4.1B	¥2.1B
Non-Operating Income	¥1.7B	¥2.2B	¥2.2B	¥1.9B	¥2.0B	¥1.2B
Dividend Income	¥332M	¥351M	¥315M	¥222M	¥155M	¥162M
Interest Income	¥138M	¥136M	¥140M	¥71M	¥144M	¥172M
Non-Operating Expenses	¥1.8B	¥2.5B	¥2.4B	¥1.6B	¥1.4B	¥1.6B
Interest Expense	¥1.4B	¥1.4B	¥1.1B	¥665M	¥551M	¥634M
Ordinary Income	¥4.1B	¥1.6B	¥2.1B	¥3.8B	¥4.7B	¥1.7B
Pre-tax Income	¥4.4B	¥-1.5B	¥1.9B	¥5.3B	¥4.4B	¥-7.1B
Income Taxes	¥1.5B	¥1.0B	¥1.5B	¥1.0B	¥1.1B	¥-1.5B
Current Tax	¥1.4B	¥1.0B	¥1.1B	¥1.1B	¥994M	¥606M
Deferred Tax	¥-124M	¥-2M	¥464M	¥-24M	¥138M	¥-2.1B
Net Income (owners)	¥2.8B	¥-3.0B	¥29M	¥4.1B	¥3.2B	¥-5.6B
Minority Interest	¥140M	¥456M	¥347M	¥88M	¥36M	¥36M
Comprehensive Income	¥7.1B	¥-97M	¥2.6B	¥4.0B	¥4.1B	¥-6.2B
EBITDA	¥9.4B	¥7.4B	¥7.9B	¥9.6B	¥10.7B	¥9.1B
Goodwill Amort. (J-GAAP)	—	—	—	¥2M	¥2M	¥2M
EPS	¥121.88	¥-133.63	¥1.28	¥182.14	¥141.40	¥-249.58
Shares Outstanding	22.9M	22.9M	22.9M	22.9M	22.6M	22.6M
Shares Issued (total)	23.0M	23.0M	23.0M	23.0M	23.0M	23.0M
Treasury Shares	0.1M	0.1M	0.1M	0.1M	0.4M	0.4M

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗	FY 2020 EDINET ↗
Total Assets	¥209.5B	¥206.1B	¥217.1B	¥206.5B	¥187.7B	¥187.4B
Current Assets	¥102.4B	¥105.6B	¥115.3B	¥109.4B	¥91.1B	¥90.0B
Cash & Deposits	¥12.9B	¥8.2B	¥9.9B	¥10.7B	¥14.8B	¥10.8B
Trade Receivables	¥26.5B	¥25.4B	¥26.9B	¥27.6B	¥21.5B	¥21.8B
Non-Current Assets	¥107.0B	¥100.5B	¥101.8B	¥97.1B	¥96.6B	¥97.4B
PP&E	¥83.6B	¥81.4B	¥84.6B	¥83.9B	¥85.0B	¥86.3B
Intangible Assets	¥4.0B	¥3.0B	¥2.5B	¥2.3B	¥2.3B	¥2.0B
Investment Securities	¥13.2B	¥9.9B	¥7.1B	¥5.7B	¥5.1B	¥4.6B
Deferred Tax Assets	¥413M	¥483M	¥1.1B	¥2.0B	¥1.7B	¥2.2B
Total Liabilities	¥131.0B	¥134.3B	¥142.9B	¥134.1B	¥121.1B	¥125.0B
Current Liabilities	¥96.9B	¥93.2B	¥95.5B	¥98.2B	¥81.3B	¥86.1B
Accounts Payable	¥11.9B	¥11.2B	¥15.9B	¥19.5B	¥20.3B	¥20.2B
ST Debt	¥38.1B	¥44.8B	¥40.6B	¥40.3B	¥30.2B	¥37.5B
Taxes Payable	¥917M	¥1.0B	¥880M	¥588M	¥496M	¥438M
Non-Current Liabilities	¥34.1B	¥41.1B	¥47.4B	¥36.0B	¥39.8B	¥38.9B
Total LT Borrowings	¥16.9B	¥23.3B	¥29.2B	¥20.8B	¥24.7B	¥24.1B
Pension Obligations	¥4.8B	¥5.8B	¥6.2B	¥3.2B	¥2.9B	¥3.1B
Deferred Tax Liab.	¥1.8B	¥409M	¥162M	¥32M	¥28M	¥57M
Total Equity	¥78.4B	¥71.8B	¥74.2B	¥72.3B	¥66.6B	¥62.4B
Capital Stock	¥23.3B	¥23.3B	¥23.3B	¥23.3B	¥23.3B	¥23.3B
Capital Surplus	¥13.1B	¥13.2B	¥13.1B	¥13.1B	¥13.5B	¥13.4B
Retained Earnings	¥19.1B	¥16.6B	¥20.5B	¥21.1B	¥17.7B	¥14.5B
Treasury Stock	¥-577M	¥-584M	¥-590M	¥-591M	¥-930M	¥-941M
AOCI	¥18.8B	¥14.9B	¥13.0B	¥11.0B	¥11.2B	¥10.3B
Equity (owners)	¥55.0B	¥52.7B	¥56.4B	¥57.0B	¥53.6B	¥50.3B
Minority Interests	¥4.6B	¥4.3B	¥4.9B	¥4.3B	¥1.8B	¥1.7B

Total Interest-Bearing Debt ⓘ	¥55.0B	¥68.1B	¥69.8B	¥61.1B	¥54.9B	¥61.6B
Net Cash ⓘ	¥-42.1B	¥-59.9B	¥-59.9B	¥-50.4B	¥-40.1B	¥-50.8B
NCAV ⓘ	¥-28.6B	¥-28.7B	¥-27.6B	¥-24.7B	¥-30.0B	¥-35.0B
NCAV/Share	¥-1,251	¥-1,254	¥-1,205	¥-1,081	¥-1,328	¥-1,550
BV/Share	¥2,403	¥2,302	¥2,464	¥2,493	¥2,369	¥2,227

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗	FY 2020 EDINET ↗
Operating CF	¥23.5B	¥8.8B	¥-2.5B	¥-3.4B	¥14.2B	¥9.7B
Interest Paid	¥-1.4B	¥-1.4B	¥-1.1B	¥-656M	¥-546M	¥-635M
Interest Received	¥470M	¥487M	¥456M	¥293M	¥307M	¥343M
D&A	¥5.2B	¥5.4B	¥5.6B	¥6.1B	¥6.6B	¥7.0B
Goodwill Amort.	—	—	—	¥2M	¥2M	¥2M
Investing CF	¥-4.4B	¥-5.8B	¥-5.4B	¥-3.0B	¥-2.0B	¥-5.2B
CapEx	¥0M	¥0M	¥0M	¥0M	¥0M	¥0M
Purchase Investments	¥0M	¥-779M	¥0M	¥-360M	¥0M	¥-55M
Proceeds from Invest.	¥56M	¥152M	¥60M	¥45M	¥21M	¥45M
Financing CF	¥-15.1B	¥-5.1B	¥6.7B	¥2.0B	¥-8.3B	¥-2.2B
Dividends Paid	¥-685M	¥-686M	¥-688M	¥-679M	¥-1M	¥-678M
Share Buybacks	¥0M	¥0M	¥0M	¥-312M	¥-1M	¥0M
LT Debt Repaid	¥-9.9B	¥-11.3B	¥-14.0B	¥-7.1B	¥-8.1B	¥-11.3B
Free Cash Flow	¥23.5B	¥8.8B	¥-2.5B	¥-3.4B	¥14.2B	¥9.7B
Net Change in Cash	¥4.1B	¥-1.7B	¥-848M	¥-4.1B	¥4.0B	¥2.4B

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗	FY 2020 EDINET ↗
Profitability Ratios
Return on Equity (ROE) ⓘ	3.7%	-4.1%	0.0%	5.9%	5.0%	-9.0%
Return on Assets (ROA) ⓘ	1.3%	-1.4%	0.0%	2.1%	1.7%	-3.0%
Gross Margin ⓘ	30.0%	30.1%	29.6%	29.9%	29.6%	29.1%
Operating Margin ⓘ	2.3%	1.1%	1.3%	2.1%	2.6%	1.4%
Net Margin ⓘ	1.5%	-1.8%	0.0%	2.5%	2.0%	-3.8%
Liquidity Ratios
Current Ratio ⓘ	1.06x	1.13x	1.21x	1.11x	1.12x	1.04x
Quick Ratio ⓘ	1.06x	1.13x	1.21x	1.11x	1.12x	1.04x
Per Share Metrics
Revenue / Share ⓘ	¥8,122	¥7,363	¥7,429	¥7,285	¥6,996	¥6,604
BV/Share ⓘ	¥2,403	¥2,302	¥2,464	¥2,493	¥2,369	¥2,227
NCAV/Share ⓘ	¥-1,251	¥-1,254	¥-1,205	¥-1,081	¥-1,328	¥-1,550
EPS ⓘ	¥121.88	¥-133.63	¥1.28	¥182.14	¥141.40	¥-249.58
DPS ⓘ	¥40.00	¥30.00	¥30.00	¥30.00	¥30.00	¥0.00
Payout Ratio ⓘ	32.8%	—	2,343.8%	16.5%	21.2%	—
FCF/Share ⓘ	¥1,025.46	¥385.81	¥-107.51	¥-147.56	¥629.47	¥428.81

Market Valuation

Avg daily close price for calendar year × most recently reported EPS / DPS

Metric	CY2023	CY2024	CY2025
Avg P/E ⓘ	845.0× EPS from 2023-12	753.3× EPS from 2023-12	12.2× EPS from 2025-12
Avg Div Yield ⓘ	2.77% DPS from 2023-12	3.11% DPS from 2024-12	2.70% DPS from 2025-12
Avg Daily Close	¥1,082	¥964	¥1,483

Growth Rates (CAGR)

Metric	3yr CAGR (FY2022–2025)	5yr CAGR (FY2020–2025)
Stock Price	+13.4%	—
Sales	+3.7%	+4.5%
FCF/Share	—	+19.1%
EPS	-12.5%	—
DPS	+10.1%	—
BV/Share	-1.2%	+1.5%
NCAV/Share	—	—

🇯🇵 Disclosure Information in Accordance with “Action to Implement Management that is Conscious of Cost of Capital and Stock Price” EN AVAILABLE

Market Segment: Prime Last Updated: 2026-02-13 Status: Disclosed

The Company conducted an analysis in February 2024 on the factors contributing to the continued PBR level below 1.0x. Based on the analysis results, the Company re-evaluated its current situation as of December 31, 2025. Taking these analytical and evaluative findings into account, the Company aims to achieve consolidated operating profit margin of 5% or above, ROE of 8% or above, and DOE of 2% or above by 2027 through completion of Project Z measures being separately advanced and strengthening of IR and ESG initiatives, targeting PBR of 1.0x or above.
In Project Z measures, the Company is simultaneously executing radical structural reform and growth strategy. In radical structural reform, the Company will intensively implement measures centering on three themes: "production optimization," "development optimization," and "domestic sales deepening." In growth strategy, the Company will concentrate management resources in domestic and international growth markets to expand business.

・Initiatives Toward Realizing Management Conscious of Capital Cost and Stock Price
　https://www.iseki.co.jp/ir/management/zplan/capitalcost/

・Regarding "Project Z" Measures
　https://www.iseki.co.jp/ir/management/zplan/

EVENT TIMELINE

S Shareholder A Capital Signal

No capital allocation signals recorded for this company.

#	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)	1,730	7.6%
2	Mizuho Bank 株式会社みずほ銀行	1,070	4.7%
3	ヰセキ株式保有会	1,017	4.5%
4	Norinchukin Bank 農林中央金庫	868	3.8%
5	Sumitomo Mitsui Trust Bank 三井住友信託銀行株式会社	800	3.5%
6	Employee Stock Ownership Plan 井関営業・販社グループ社員持株会	755	3.3%
7	株式会社伊予銀行	580	2.5%
8	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	527	2.3%
9	Sompo Japan Insurance Inc. 損害保険ジャパン株式会社	434	1.9%
10	Nomura Securities Co., Ltd. 野村證券株式会社	413	1.8%

as of 2025-12-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

13.4%

-3.6% 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

22.5%

-0.1% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2021	2022	2023	2024	2025
Japan Master Trust Bank 日本マスタートラスト信託銀行		20.74%	10.05%	9.66%	10.10%	7.56% -2.54%
Mizuho Bank みずほ銀行		9.46%	4.68%	4.68%	4.68%	4.68%
ヰセキ株式保有会		7.52%	3.96%	4.29%	4.61%	4.45% -0.16%
Norinchukin Bank 農林中央金庫		7.68%	3.79%	3.79%	3.80%	3.80%
Sumitomo Mitsui Trust Bank 三井住友信託銀行		7.06%	3.49%	3.49%	3.50%	3.50%
Employee Stock Ownership Plan 井関営業・販社グループ社員持株会		5.28%	2.91%	3.18%	3.46%	3.30% -0.16%
式会社伊予銀行		5.12%	2.53%	2.53%	2.54%	2.54%
Japan Custody Bank 日本カストディ銀行		6.48%	4.62%	3.78%	3.34%	2.31% -1.03%
Sompo Japan Insurance Inc. 損害保険ジャパン		3.84%	1.89%	1.89%	1.90%	1.90%
Nomura Securities Co., Ltd. NEW ENTRY 野村証券	—	—	—	—	—	1.81% NEW
The Kyoei Fire and Marine Insurance Company,Limited 共栄火災海上保険 last seen 2024	Exited Top 10	3.10%	—	1.54%	1.54%	—
DFA INTL SMALL CAPVALUE PORTFOLIO last seen 2022	Exited Top 10	—	1.74%	—	—	—
Concentration (HHI) ⓘ		805	208	197	207	155

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

Portfolio Book Value ¥12,616M

Holdings 16

Held Company	FY2025 ¥12,616M total
	Book Val ¥M	Shares
Iyogin Holdings,Inc. ㈱いよぎんホールディングス	4,541	1,780,000
NIKKON Holdings Co.,Ltd. ニッコンホールディングス㈱	3,006	882,600	M
Hirogin Holdings, Inc. ㈱ひろぎんホールディングス	1,137	719,000
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	1,115	195,700
BRIDGESTONE CORPORATION ㈱ブリヂストン	773	110,000	M
カヤバ㈱	500	112,200	M
NOK CORPORATION NOK㈱	402	143,400	M
KURIYAMA HOLDINGS CORPORATION クリヤマホールディングス㈱	297	179,400	M
Bando Chemical Industries, Ltd. バンドー化学㈱	232	113,500	M
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ㈱	195	40,920
MARUKA FURUSATO Corporation フルサト・マルカホールディングス㈱ (注)３	167	74,304
TAKAKITA CO.,LTD. ㈱タカキタ	120	300,000	M
MS&AD Insurance Group Holdings, Inc. MS＆ADインシュアランスグループホールディングス㈱	86	23,544
Sumitomo Rubber Industries, Ltd. 住友ゴム工業㈱	45	18,800	M
NIPPON EXPRESS HOLDINGS, INC. NIPPON EXPRESSホールディングス㈱	—
DAI-ICHI LIFE HOLDINGS CO. 第一生命ホールディングス㈱	—
Portfolio total	12,616

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

Date	Shareholder	Stake	Event	Flag	Demands
2026-03-05	Sumitomo Mitsui Trust Bank,Limited	6.42% -0.13%	change	Passive	—
2026-01-08	Sumitomo Mitsui Trust Bank,Limited	6.55% -0.01%	change	Passive	—
2025-11-20	Sumitomo Mitsui Trust Bank,Limited	6.56% -0.13%	change	Passive	—
2025-09-19	Sumitomo Mitsui Trust Bank,Limited	6.69% -0.56%	change	Passive	—
2024-07-04	Sumitomo Mitsui Trust Bank,Limited	7.25%	change	Passive	—

Historical Valuation Mapping