6412
Heiwa Corporation
株式会社平和
Machinery
Heiwa Corporation develops, manufactures, and sells pachinko and pachislot machines in Japan. It also involved in the golf course operation and management business. The company was formerly known as Heiwa Kogyo Co., Ltd. Heiwa Corporation was founded in 1949 and is headquartered in Tokyo, Japan.
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Overview
Filings & Signals
Ownership
Financials
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Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥145.9B
¥136.4B
¥142.3B
¥121.6B
Cost of Sales
¥93.4B
¥89.6B
¥93.0B
¥88.2B
Gross Profit
¥52.5B
¥46.8B
¥49.3B
¥33.4B
SG&A
¥24.8B
¥23.4B
¥22.4B
¥23.2B
Operating Income
¥27.7B
¥23.4B
¥26.9B
¥10.2B
Non-Operating Income
¥1.5B
¥866M
¥1.1B
¥1.4B
Dividend Income
¥65M
¥39M
¥81M
¥46M
Interest Income
¥723M
¥63M
¥73M
¥100M
Non-Operating Expenses
¥7.9B
¥1.6B
¥1.3B
¥1.1B
Interest Expense
¥1.9B
¥393M
¥384M
¥390M
Ordinary Income
¥21.3B
¥22.7B
¥26.6B
¥10.5B
Pre-tax Income
¥21.3B
¥22.7B
¥26.6B
¥8.2B
Income Taxes
¥8.3B
¥6.1B
¥5.9B
¥6.0B
Current Tax
¥7.7B
¥8.1B
¥6.4B
¥5.1B
Deferred Tax
¥589M
¥-2.0B
¥-413M
¥956M
Net Income (owners)
¥13.1B
¥16.6B
¥20.7B
¥2.2B
Comprehensive Income
¥12.8B
¥16.1B
¥21.7B
¥1.8B
EBITDA
¥37.2B
¥32.8B
¥36.1B
¥20.7B
Goodwill Amort. (J-GAAP)
¥397M
¥378M
¥358M
¥351M
EPS
¥132.46
¥168.43
¥209.72
¥22.24
Shares Outstanding
98.6M
98.6M
98.6M
98.6M
Shares Issued (total)
99.8M
99.8M
99.8M
99.8M
Treasury Shares
1.2M
1.2M
1.2M
1.2M
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥1,051.6B
¥428.0B
¥423.7B
¥417.1B
Current Assets
¥137.8B
¥97.4B
¥96.6B
¥92.8B
Cash & Deposits
¥77.8B
¥33.9B
¥36.8B
¥42.2B
Trade Receivables
¥12.0B
¥8.5B
¥6.6B
¥6.2B
Non-Current Assets
¥913.8B
¥330.6B
¥327.1B
¥324.2B
PP&E
¥615.5B
¥299.6B
¥293.7B
¥292.5B
Goodwill
¥266.3B
¥5.7B
¥5.6B
¥5.7B
Intangible Assets
¥271.1B
¥9.6B
¥9.8B
¥10.2B
Investment Securities
¥8.5B
¥8.8B
¥10.8B
¥8.2B
Deferred Tax Assets
¥10.2B
¥7.9B
¥8.0B
¥8.4B
Total Liabilities
¥807.3B
¥188.8B
¥192.7B
¥199.9B
Current Liabilities
¥111.4B
¥51.0B
¥69.5B
¥67.3B
Accounts Payable
¥5.8B
¥3.2B
¥3.9B
¥3.7B
ST Debt
¥44.4B
¥10.4B
¥31.4B
¥29.5B
Taxes Payable
¥11.1B
¥5.8B
¥3.8B
¥3.6B
Non-Current Liabilities
¥695.9B
¥137.9B
¥123.3B
¥132.6B
Total LT Borrowings
¥584.0B
¥94.3B
¥75.4B
¥83.1B
Pension Obligations
¥5.4B
¥5.3B
¥5.5B
¥5.3B
Deferred Tax Liab.
¥45.7B
¥12.5B
¥14.9B
¥15.2B
Total Equity
¥244.3B
¥239.2B
¥231.0B
¥217.2B
Capital Stock
¥16.8B
¥16.8B
¥16.8B
¥16.8B
Capital Surplus
¥54.9B
¥54.9B
¥54.9B
¥54.9B
Retained Earnings
¥173.6B
¥168.4B
¥159.7B
¥146.9B
Treasury Stock
¥-1.4B
¥-1.4B
¥-1.4B
¥-1.3B
AOCI
¥243M
¥484M
¥1.0B
¥-7M
Equity (owners)
¥243.9B
¥238.7B
¥230.0B
¥217.2B
Minority Interests
¥197M
—
—
—
Total Interest-Bearing Debt ⓘ
¥628.4B
¥104.7B
¥106.8B
¥112.6B
Net Cash ⓘ
¥-550.6B
¥-70.8B
¥-70.0B
¥-70.4B
NCAV ⓘ
¥-669.5B
¥-91.4B
¥-96.1B
¥-107.1B
NCAV/Share
¥-6,788
¥-927
¥-974
¥-1,085
BV/Share
¥2,473
¥2,420
¥2,332
¥2,202
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥24.9B
¥13.9B
¥25.6B
¥20.4B
Interest Paid
¥-1.9B
¥-388M
¥-382M
¥-393M
Interest Received
¥764M
¥106M
¥149M
¥153M
D&A
¥9.1B
¥9.0B
¥8.8B
¥10.1B
Goodwill Amort.
¥397M
¥378M
¥358M
¥351M
Investing CF
¥-500.0B
¥2.7B
¥-15.2B
¥2.0B
CapEx
¥18.8B
¥11.3B
¥7.7B
¥7.0B
Financing CF
¥509.9B
¥-11.2B
¥-14.5B
¥-17.4B
Dividends Paid
¥-7.9B
¥-7.9B
¥-7.9B
¥-7.9B
Share Buybacks
¥-1M
¥-2M
¥-7M
¥-3M
LT Debt Repaid
¥-10.9B
¥-31.6B
¥-29.6B
¥-37.5B
Free Cash Flow
¥6.1B
¥2.7B
¥17.9B
¥13.4B
Net Change in Cash
¥34.8B
¥5.4B
¥-4.1B
¥5.1B
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
5.4%
7.1%
9.2%
1.0%
ROA
1.8%
3.9%
4.9%
0.5%
EPS
¥132.46
¥168.43
¥209.72
¥22.24
DPS
¥80.00
¥80.00
¥80.00
¥80.00
BPS
¥2,475.16
¥2,425.14
¥2,342.18
¥2,202.00
FCF/Share
¥62
¥27
¥182
¥136
NCAV/Share
¥-6,788
¥-927
¥-974
¥-1,085
Payout Ratio
60.4%
47.5%
38.1%
359.7%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 5
Date Activist Stake Event Flag Demands Source
2026-05-13
ISHIHARA HOLDINGS INC.
45.32%
+3.0%
change
Passive
—
2025-09-02
ISHIHARA HOLDINGS INC.
42.32%
change
Passive
—
2025-05-08
ISHIHARA HOLDINGS INC.
42.32%
change
Passive
—
2023-08-16
ISHIHARA HOLDINGS INC.
42.32%
change
Passive
—
2023-06-28
ISHIHARA HOLDINGS INC.
42.32%
change
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 9
#
Shareholder
Shares (thou.)
% of Total
1
㈱石原ホールディングス
42,244
42.83%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
日本マスタートラスト信託銀行㈱(信託口)
8,599
8.72%
3
Custody Bank of Japan, Ltd. (Trust Account)
㈱日本カストディ銀行(信託口)
3,098
3.14%
4
石原 昌幸
2,994
3.04%
5
STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 ㈱みずほ銀行決済営業部)
1,077
1.09%
6
STATE STREET BANK WEST CLIENT - TREATY 505234 (常任代理人 ㈱みずほ銀行決済営業部)
866
0.88%
7
石原 潤子
750
0.76%
8
JP MORGAN CHASE BANK 385781 (常任代理人 ㈱みずほ銀行決済営業部)
734
0.75%
9
STATE STREET BANK AND TRUST COMPANY 505103 (常任代理人 ㈱みずほ銀行決済営業部)
596
0.60%
10
嶺井 勝也
593
0.60%
Domestic Nominees
11.9%
+2.0% 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
50.5%
+0.5% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
㈱石原ホールディングス
38.78%
42.83%
42.83%
日本マスタートラスト信託銀行
8.58%
7.80%
8.72%
+0.92%
日本カストディ銀行
2.80%
2.09%
3.14%
+1.05%
石原 昌幸
3.04%
3.04%
3.04%
STATE STREET BANK AND TRUST COMPANY
NEW ENTRY
—
—
—
1.69%
NEW
STATE STREET BANK WEST CLIENT - TREATY
0.83%
0.81%
0.88%
+0.07%
石原 潤子
0.76%
0.76%
0.76%
JP MORGAN CHASE BANK
0.72%
0.74%
0.75%
+0.01%
嶺井 勝也
—
0.60%
0.60%
SSBTC CLIENT OMNIBUS ACCOUNT
last seen 2024
Exited Top 10
—
0.72%
—
Morgan Stanley
last seen 2024
Exited Top 10
—
0.52%
—
石原 慎也
last seen 2023
Exited Top 10
3.04%
—
—
杉山 由梨
last seen 2023
Exited Top 10
1.01%
—
—
BNYM AS AGT/CLTS NON TREATY JASDEC
last seen 2023
Exited Top 10
0.71%
—
—
Concentration (HHI)
ⓘ
1607
1912
1935
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥1,528M
-44% since 2023
Holdings
9
+1 new
Trend
1 building
vs 2023
Held Company
FY2025
¥1,528M total
FY2023
¥2,749M total
Book Val ¥M
Shares
Book Val ¥M
Shares
㈱ゲームカード・ジョイコホールディングス
1,441
612,000
2,665
612,000
DAIKOKU DENKI CO.,LTD.
ダイコク電機㈱
52
20,000
64
20,000
M
㈱SANKYO
26
+400.0%
↑
12,000
13
2,400
SEGA SAMMY HOLDINGS INC.
セガサミーホールディングス㈱
8
2,864
7
2,864
KONAMI GROUP CORPORATION
コナミグループ㈱
1
NEW
New
100
—
Mars Group Holdings Corporation
㈱マースグループホールディングス
—
—
Universal Entertainment Corporation
㈱ユニバーサルエンターテインメント
—
—
TSUBURAYA FIELDS HOLDINGS INC.
円谷フィールズホールディングス㈱
—
—
M
OIZUMI Corporation
㈱オーイズミ
—
—
Portfolio total
1,528
2,749
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding