Toyo Kanetsu Co., Ltd.

トーヨーカネツ株式会社

Machinery

← Companies

Price

¥2,261

Market Cap

¥17.6B

Ent. Value

¥23.5B

Net Debt

−¥5.9B

Shares Out.

7.8M

P / E

13.7×

EV / EBIT

6.6×

P / Book

0.87×

P / NCAV

1.87×

Div. Yield

4.42%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥59.6B	¥60.5B	¥53.8B	¥47.4B	¥59.2B
Cost of Sales	—	¥47.2B	¥42.0B	¥36.5B	¥49.0B
Gross Profit	—	¥13.2B	¥11.8B	¥10.8B	¥10.2B
SG&A	—	¥9.1B	¥8.7B	¥8.3B	¥7.4B
Operating Income	¥3.6B	¥4.1B	¥3.1B	¥2.5B	¥2.8B
Non-Operating Income	—	¥412M	¥607M	¥499M	¥737M
Dividend Income	—	¥197M	¥231M	¥252M	¥273M
Interest Income	—	¥7M	¥5M	¥6M	¥6M
Non-Operating Expenses	—	¥140M	¥118M	¥100M	¥71M
Interest Expense	—	¥118M	¥81M	¥82M	¥62M
Ordinary Income	¥3.9B	¥4.4B	¥3.6B	¥2.9B	¥3.5B
Pre-tax Income	—	¥5.1B	¥4.8B	¥3.4B	¥3.7B
Income Taxes	—	¥1.4B	¥1.3B	¥1.0B	¥1.4B
Current Tax	—	¥1.6B	¥1.5B	¥1.3B	¥1.3B
Deferred Tax	—	¥-185M	¥-255M	¥-228M	¥50M
Net Income (owners)	¥2.6B	¥3.6B	¥3.6B	¥2.4B	¥2.3B
Minority Interest	—	¥1M	¥1M	¥1M	¥0M
Comprehensive Income	—	¥3.3B	¥2.1B	¥3.1B	¥943M
EBITDA	—	¥5.0B	¥3.9B	¥3.3B	¥3.6B
Goodwill Amort. (J-GAAP)	—	¥10M	¥6M	¥1M	¥1M
EPS	¥164.52	¥471.62	¥456.13	¥293.63	¥285.43
Shares Outstanding	—	7.8M	7.7M	8.1M	8.3M
Shares Issued (total)	—	8.0M	8.3M	9.3M	9.3M
Treasury Shares	—	0.2M	0.6M	1.2M	1.1M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥69.5B	¥67.4B	¥67.9B	¥64.0B	¥64.3B
Current Assets	¥38.6B	¥40.1B	¥42.0B	¥37.7B	¥38.3B
Cash & Deposits	¥7.1B	¥6.5B	¥8.4B	¥7.0B	¥8.8B
Trade Receivables	—	¥26.9B	¥25.6B	¥23.6B	¥25.3B
Non-Current Assets	¥30.9B	¥27.3B	¥25.9B	¥26.3B	¥26.0B
PP&E	¥19.8B	¥18.0B	¥16.6B	¥15.9B	¥16.3B
Goodwill	—	¥40M	¥42M	—	—
Intangible Assets	—	¥690M	¥634M	¥877M	¥667M
Investment Securities	¥7.7B	¥6.5B	¥7.0B	¥8.1B	¥7.7B
Deferred Tax Assets	—	¥258M	¥205M	¥240M	¥234M
Total Liabilities	¥29.2B	¥28.5B	¥30.1B	¥25.9B	¥27.8B
Current Liabilities	¥18.9B	¥20.4B	¥23.7B	¥17.4B	¥18.2B
Accounts Payable	—	¥976M	¥997M	¥1.2B	¥1.8B
ST Debt	¥6.9B	¥8.7B	¥13.9B	¥7.1B	¥8.1B
Taxes Payable	—	¥989M	¥1.4B	¥908M	¥774M
Non-Current Liabilities	¥10.4B	¥8.1B	¥6.5B	¥8.5B	¥9.6B
Total LT Borrowings	¥6.1B	¥5.3B	¥3.2B	¥4.4B	¥5.6B
Pension Obligations	—	¥457M	¥420M	¥392M	¥392M
Deferred Tax Liab.	—	¥571M	¥858M	¥1.7B	¥1.6B
Total Equity	¥40.3B	¥38.9B	¥37.8B	¥38.1B	¥36.5B
Capital Stock	—	¥18.6B	¥18.6B	¥18.6B	¥18.6B
Capital Surplus	—	¥1.3B	¥1.3B	¥1.3B	¥1.3B
Retained Earnings	¥18.7B	¥18.4B	¥17.7B	¥18.1B	¥17.5B
Treasury Stock	—	¥-798M	¥-1.7B	¥-3.2B	¥-2.9B
AOCI	—	¥1.5B	¥1.9B	¥3.3B	¥2.0B
Equity (owners)	¥37.9B	¥37.4B	¥35.9B	¥34.8B	¥34.5B
Minority Interests	—	¥7M	¥5M	¥4M	¥2M

Total Interest-Bearing Debt ⓘ	¥13.0B	¥14.0B	¥17.0B	¥11.4B	¥13.7B
Net Cash ⓘ	¥-5.9B	¥-7.4B	¥-8.7B	¥-4.4B	¥-4.9B
NCAV ⓘ	¥9.4B	¥11.6B	¥11.8B	¥11.8B	¥10.5B
NCAV/Share	—	¥1,491	¥1,531	¥1,451	¥1,274
BV/Share	—	¥4,802	¥4,641	¥4,270	¥4,172

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥6.6B	¥5.3B	¥-739M	¥1.1B	¥-1.1B
Interest Paid	—	¥-123M	¥-79M	¥-82M	¥-63M
Interest Received	—	¥205M	¥237M	¥258M	¥279M
D&A	¥1.1B	¥843M	¥755M	¥783M	¥745M
Goodwill Amort.	—	¥10M	¥6M	¥1M	¥1M
Investing CF	¥-2.1B	¥-1.8B	¥-1.0B	¥826M	¥-830M
Purchase Investments	—	¥-10M	¥-1.4B	¥-55M	¥-43M
Financing CF	¥-3.9B	¥-5.4B	¥3.1B	¥-3.7B	¥3.2B
Dividends Paid	—	¥-2.2B	¥-1.2B	¥-1.2B	¥-945M
Share Buybacks	—	¥-4M	¥-1.2B	¥-302M	¥-3M
LT Debt Repaid	—	¥-2.5B	¥-1.7B	—	¥-8M
Free Cash Flow	¥6.6B	¥5.3B	¥-739M	¥1.1B	¥-1.1B
Net Change in Cash	—	¥-1.8B	¥1.4B	¥-1.7B	¥1.3B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	6.5%	9.5%	9.4%	6.4%	6.4%
ROA	3.7%	5.4%	5.4%	3.7%	3.6%
EPS	¥164.52	¥471.62	¥456.13	¥293.63	¥285.43
DPS	¥100.00	¥236.00	¥229.00	¥147.00	¥145.00
BPS	¥2,585.25	¥5,028.98	¥4,894.51	¥4,708.95	¥4,460.55
FCF/Share	—	¥680	¥-96	¥136	¥-133
NCAV/Share	—	¥1,491	¥1,531	¥1,451	¥1,274
Payout Ratio	60.8%	50.0%	50.2%	50.1%	50.8%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 6

Date	Activist	Stake	Event	Flag	Demands
2025-09-04	Resona Bank, Limited.	5.46% +0.51%	initial_5pct	Passive	—
2025-03-24	Resona Bank, Limited.	4.95% -1.48%	change	Passive	—
2023-06-27	Resona Bank, Limited.	10.01%	correction	Passive	—
2023-06-27	Resona Bank, Limited.	6.43% -3.58%	change	Passive	—
2023-06-19	Resona Bank, Limited.	10.01% +1.77%	change	Passive	—
2023-06-06	Resona Bank, Limited.	8.24%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-15 16:30	Div Increase	¥838M ¥53.0/sh	Toyo Kanetsu announced a year-end dividend of ¥53 per share for FY2026 (ended March 31, 2026), totaling ¥838 million, up…
Summary Toyo Kanetsu announced a year-end dividend of ¥53 per share for FY2026 (ended March 31, 2026), totaling ¥838 million, up ¥3 from the prior forecast of ¥50 per share. On a pre-stock-split basis, the dividend increased to ¥106 from the prior forecast of ¥100, reflecting better-than-expected earnings. The previous fiscal year (FY2025) paid ¥186 per share post-split; adjusted for the 2:1 stock split executed January 1, 2026, the year-over-year comparison shows a decrease when comparing on a consistent per-share basis. Deadline: 2026-06-26 Source (JP) 2026年３月期決算短信の通り、親会社株主に帰属する当期純利益の実績値が、2025年５月14日に公表済の業績予想値を上回る結果となったこと等により、直近の配当予想から１株当たり３円増額し、53円00銭とすることといたしました。剰余金の配当に関するお知らせ TDnet PDF

#	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）	1,010	12.96%
2	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	289	3.71%
3	Nippon Life Insurance 日本生命保険相互会社（常任代理人日本マスタートラスト信託銀行株式会社）	207	2.65%
4	Resona Bank 株式会社りそな銀行	184	2.36%
5	Employee Stock Ownership Plan トーヨーカネツ従業員持株会	132	1.69%
6	Sumitomo Life Insurance 住友生命保険相互会社（常任代理人株式会社日本カストディ銀行）	115	1.48%
7	Daiei Real Estate & Development Co.,Ltd. 大栄不動産株式会社	112	1.44%
8	Sato Construction Co. 佐藤工業株式会社	111	1.42%
9	NIPPON EXPRESS HOLDINGS, INC. NIPPON EXPRESSホールディングス株式会社	100	1.28%
10	BNY GCM CLIENT ACCOUNT JPRD AC ISG(FE-AC) （常任代理人株式会社三菱UFJ銀行）	94	1.21%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

16.7%

+1.5% 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

13.5%

-6.7% 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		11.44%	11.27%	12.96% +1.69%
Japan Custody Bank 日本カストディ銀行		4.55%	3.86%	3.71% -0.15%
Nippon Life Insurance 日本生命保険		5.08%	5.31%	2.65% -2.66%
Resona Bank りそな銀行		4.89%	4.92%	2.36% -2.56%
Employee Stock Ownership Plan トーヨーカネツ従業員持株会		1.47%	1.55%	1.69% +0.14%
Sumitomo Life Insurance 住友生命保険		1.41%	1.48%	1.48%
Daiei Real Estate & Development Co.,Ltd. 大栄不動産		2.60%	2.72%	1.44% -1.28%
Sato Construction Co. 佐藤工業		1.36%	1.42%	1.42%
NIPPON EXPRESS HOLDINGS, INC. NIPPON EXPRESSホールディングス		1.22%	1.28%	1.28%
BNY GCM CLIENT ACCOUNT JPRD AC ISG(FE-AC) NEW ENTRY	—	—	—	1.21% NEW
JPモルガン証券 last seen 2024	Exited Top 10	—	1.57%	—
式会社マナビス last seen 2023	Exited Top 10	1.33%	—	—
Concentration (HHI) ⓘ		217	212	207

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

Portfolio Book Value ¥2,080M -67% since 2023

Holdings 7 +1 new 3 exited

Trend 3 unwinding vs 2023

Held Company	FY2025 ¥2,080M total		FY2023 ¥6,268M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
AZ-COM MARUWA Holdings Inc. AZ-COM丸和ホールディングス株式会社	739	-67.2% ↓ 600,000	3,638	1,828,400
OSAKA GAS CO.,LTD. 大阪瓦斯株式会社	469	-50.0% ↓ 138,791	605	277,583
NIPPON EXPRESSホールディングス株式会社	361	+200.0% ↑ 132,900	353	44,300	M
Resona Holdings, Inc. 株式会社りそなホールディングス	347	-3.7% ↓ 270,312	179	280,821
Japan Airport Terminal Co.,Ltd. 日本空港ビルデング株式会社	164	NEW New 40,000	—
MEISEI INDUSTRIAL Co.,Ltd. 明星工業株式会社	—		—
ENEOS Holdings,Inc. ENEOSホールディングス株式会社	—		—
JDC CORPORATION 日本国土開発株式会社	—	−100% Exit —	488	809,000	M
eREX Co.,Ltd. イーレックス株式会社	—	−100% Exit —	741	405,000
日本空港ビルディング株式会社	—	−100% Exit —	264	40,000
Portfolio total	2,080		6,268

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