SANDEN CORPORATION

サンデン株式会社

Machinery

Sanden Corporation, together with its subsidiaries, engages in the development, manufacturing, and sale of automotive air conditioning systems and compressors in Japan, Europe, and internationally. It offers heat pump system products; system product components, such as compressors, HVAC units, heat exchangers, electric coolant heaters, and pipes for air conditioning. The company is also involved in provision of air conditioning systems for off highway vehicles; and intercoolers. The company was formerly known as Sanden Holdings Corporation and changed its name to Sanden Corporation in January 2022. The company was incorporated in 1943 and is headquartered in Isesaki, Japan. Sanden Corporation operates as a subsidiary of Hisense Japan Automotive Air-Conditioning Systems Corporation.

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Price

¥167

Market Cap

¥18.6B

Ent. Value

¥78.2B

Net Debt

−¥59.6B

Shares Out.

111.6M

P / E

67.9×

EV / EBIT

—

⚠ TSE Capital Mandate

P / Book

0.70×

P / NCAV

N/M

Div. Yield

—

Financials

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥190.9B	¥183.8B	¥179.3B	¥175.7B	¥119.6B
Cost of Sales	¥162.7B	¥157.1B	¥157.5B	¥154.0B	¥108.8B
Gross Profit	¥28.2B	¥26.7B	¥21.8B	¥21.7B	¥10.8B
SG&A	¥29.7B	¥33.2B	¥32.8B	¥27.4B	¥23.3B
Operating Income	¥-1.5B	¥-6.4B	¥-11.0B	¥-5.7B	¥-12.5B
Non-Operating Income	¥7.5B	¥9.2B	¥6.4B	¥5.4B	¥3.9B
Dividend Income	¥33M	¥43M	¥35M	¥25M	¥8M
Interest Income	¥234M	¥271M	¥130M	¥48M	¥182M
Non-Operating Expenses	¥4.3B	¥3.0B	¥3.7B	¥3.8B	¥3.1B
Interest Expense	¥2.3B	¥1.4B	¥1.3B	¥1.1B	¥698M
Ordinary Income	¥1.8B	¥-176M	¥-8.4B	¥-4.1B	¥-11.7B
Pre-tax Income	¥1.2B	¥494M	¥-4.1B	¥-610M	¥20.2B
Income Taxes	¥488M	¥1.1B	¥-445M	¥1.1B	¥5.0B
Current Tax	¥837M	¥1.0B	¥-208M	¥842M	¥2.5B
Deferred Tax	¥-349M	¥37M	¥-236M	¥221M	¥2.4B
Net Income (owners)	¥274M	¥-777M	¥-3.4B	¥-1.6B	¥15.9B
Minority Interest	¥486M	¥222M	¥-288M	¥-60M	¥-681M
Comprehensive Income	¥4.5B	¥2.8B	¥-2.5B	¥-424M	¥19.4B
EBITDA	¥5.6B	¥-533M	¥-6.1B	¥-1.3B	¥-8.8B
EPS	¥2.46	¥-6.98	¥-30.15	¥-14.48	¥167.79
Shares Outstanding	111.6M	111.6M	111.6M	111.6M	111.6M
Shares Issued (total)	111.7M	111.7M	111.7M	111.7M	111.7M
Treasury Shares	0.1M	0.1M	0.1M	0.1M	0.1M

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥185.6B	¥175.5B	¥162.5B	¥157.4B	¥151.2B
Current Assets	¥103.9B	¥100.6B	¥96.6B	¥101.8B	¥98.2B
Cash & Deposits	¥18.1B	¥17.9B	¥22.7B	¥18.6B	¥27.5B
Trade Receivables	¥56.9B	¥49.8B	¥47.0B	¥47.7B	¥42.4B
Non-Current Assets	¥81.8B	¥74.8B	¥65.9B	¥55.6B	¥53.0B
PP&E	¥54.1B	¥49.1B	¥42.7B	¥35.3B	¥33.9B
Intangible Assets	¥1.7B	¥1.6B	¥1.4B	¥1.1B	¥688M
Investment Securities	¥23.8B	¥22.6B	¥20.3B	¥18.2B	¥17.0B
Deferred Tax Assets	¥1.3B	¥572M	¥430M	¥14M	¥206M
Total Liabilities	¥157.5B	¥151.9B	¥141.7B	¥134.1B	¥127.4B
Current Liabilities	¥142.3B	¥139.8B	¥131.4B	¥123.2B	¥114.4B
Accounts Payable	¥42.0B	¥37.7B	¥38.1B	¥35.7B	¥31.3B
ST Debt	¥71.4B	¥65.9B	¥56.4B	¥48.6B	¥39.6B
Taxes Payable	¥743M	¥906M	¥1.3B	¥1.2B	¥1.0B
Non-Current Liabilities	¥15.2B	¥12.1B	¥10.3B	¥10.8B	¥13.0B
Total LT Borrowings	¥6.3B	¥4.0B	¥822M	¥355M	¥584M
Pension Obligations	¥1.7B	¥1.7B	¥2.1B	¥2.2B	¥2.6B
Deferred Tax Liab.	¥2.2B	¥1.9B	¥1.8B	¥1.8B	¥1.6B
Total Equity	¥28.1B	¥23.6B	¥20.8B	¥23.4B	¥23.8B
Capital Stock	¥21.7B	¥21.7B	¥21.7B	¥21.7B	¥21.7B
Capital Surplus	¥14.0B	¥14.0B	¥14.1B	¥14.1B	¥14.1B
Retained Earnings	¥-20.6B	¥-20.9B	¥-20.1B	¥-16.8B	¥-15.2B
Treasury Stock	¥-532M	¥-532M	¥-531M	¥-531M	¥-565M
AOCI	¥12.1B	¥8.3B	¥5.0B	¥4.0B	¥2.8B
Equity (owners)	¥14.6B	¥14.3B	¥15.2B	¥18.5B	¥20.1B
Minority Interests	¥1.4B	¥954M	¥643M	¥881M	¥934M

Total Interest-Bearing Debt ⓘ	¥77.7B	¥69.8B	¥57.2B	¥49.0B	¥40.2B
Net Cash ⓘ	¥-59.6B	¥-52.0B	¥-34.5B	¥-30.4B	¥-12.7B
NCAV ⓘ	¥-53.6B	¥-51.2B	¥-45.1B	¥-32.2B	¥-29.2B
NCAV/Share	¥-481	¥-459	¥-404	¥-289	¥-261
BV/Share	¥131	¥129	¥136	¥166	¥180

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥2.7B	¥-4.5B	¥9.4B	¥-10.1B	¥-7.4B
Taxes Paid	¥-1.2B	¥-1.5B	¥-131M	¥-667M	¥-689M
Interest Paid	¥-2.0B	¥-1.3B	¥-1.3B	¥-1.2B	¥-698M
Interest Received	¥4.6B	¥4.5B	¥6.3B	¥2.9B	¥3.2B
D&A	¥7.1B	¥5.9B	¥5.0B	¥4.5B	¥3.6B
Investing CF	¥-6.5B	¥-12.8B	¥-11.6B	¥-4.5B	¥-5.2B
CapEx	¥9.3B	¥9.5B	¥11.2B	¥5.9B	¥5.5B
Purchase Investments	¥-13M	¥-23M	¥-18M	¥-17M	¥-13M
Financing CF	¥5.0B	¥9.5B	¥5.8B	¥5.1B	¥19.7B
Share Buybacks	¥0M	¥0M	¥0M	¥0M	¥0M
LT Debt Repaid	¥-1M	¥-260M	¥-688M	¥-341M	¥-17.5B
Free Cash Flow	¥-6.7B	¥-14.0B	¥-1.9B	¥-16.0B	¥-12.9B
Net Change in Cash	¥1.8B	¥-6.7B	¥4.5B	¥-8.8B	¥7.7B

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	1.1%	-3.6%	-15.7%	-7.1%	713.3%
ROA	0.2%	-0.5%	-2.1%	-1.0%	10.5%
EPS	¥2.46	¥-6.98	¥-30.15	¥-14.48	¥167.79
BPS	¥239.68	¥203.03	¥181.18	¥201.75	¥205.51
FCF/Share	¥-60	¥-126	¥-17	¥-144	¥-115
NCAV/Share	¥-481	¥-459	¥-404	¥-289	¥-261

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 2

Date	Activist	Stake	Event	Flag	Demands	Source
2025-12-04	Hisense Japan Automotive Air-Conditioning Systems Corporation	73.08%	correction	Passive	—
2025-12-01	Hisense Japan Automotive Air-Conditioning Systems Corporation	73.08%	change	Passive	—

#	Shareholder	Shares (thou.)	% of Total
1	海信日本オートモーティブエアコンシステムズ合同会社	81,627,000	73.16%
2	BBH(LUX) FOR FIDELITY FUNDS - PACIFIC POOL（常任代理人株式会社三菱ＵＦＪ銀行）	2,611,300	2.34%
3	方永義	2,005,500	1.80%
4	サンデン取引先持株会	1,743,705	1.56%
5	李秀礼	1,327,400	1.19%
6	CACEIS BANK, LUXEMBOURG BRANCH / UCITS CLIENTS ASSETS（常任代理人香港上海銀行東京支店）	893,500	0.80%
7	INTERACTIVE BROKERS LLC（常任代理人インタラクティブ・ブローカーズ証券株式会社）	889,700	0.80%
8	CLEARSTREAM BANKING S.A.（常任代理人香港上海銀行東京支店）	604,999	0.54%
9	サンデン従業員持株会	377,799	0.34%
10	楽天証券株式会社共有口	345,100	0.31%

as of 2025-12-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

0.0%

-0.5% 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

82.8%

+1.5% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
海信日本オートモーティブエアコンシステムズ合同会社		74.95%	74.95%	73.16% -1.79%
Fidelity		1.93%	1.93%	2.34% +0.41%
方永義 NEW ENTRY	—	—	—	1.80% NEW
サンデン取引先持株会		1.37%	1.53%	1.56% +0.03%
李秀礼		0.41%	0.92%	1.19% +0.27%
CACEIS BANK, LUXEMBOURG BRANCH / UCITS CLIENTS ASSETS		—	0.57%	0.80% +0.23%
Interactive Brokers NEW ENTRY	—	—	—	0.80% NEW
CLEARSTREAM BANKING S.A.		0.38%	0.47%	0.54% +0.07%
サンデン従業員持株会		0.38%	0.40%	0.34% -0.06%
楽天証券株式会社共有口 NEW ENTRY	—	—	—	0.31% NEW
日本マスタートラスト信託銀行 last seen 2024	Exited Top 10	1.17%	0.49%	—
住友生命保険 last seen 2024	Exited Top 10	0.28%	0.28%	—
楽天証券 last seen 2024	Exited Top 10	—	0.25%	—
日本カストディ銀行 last seen 2023	Exited Top 10	0.21%	—	—
公益財団法人牛久保・天田育英財団 last seen 2023	Exited Top 10	0.22%	—	—
Concentration (HHI) ⓘ		5625	5626	5367

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

Portfolio Book Value ¥350M +17% since 2023

Holdings 1

Trend 1 building vs 2023

Held Company	FY2025 ¥350M total		FY2023 ¥298M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
HONDA MOTOR CO., LTD. 本田技研工業㈱	350	+12.3% ↑ 228,500	298	203,449
Portfolio total	350		298

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