TPR CO .,LTD.

ＴＰＲ株式会社

Machinery

TPR Co., Ltd. engages in the development and sale of engine components in Japan, Asia, North America, and internationally. The company offers powertrain parts, such as piston rings, cylinder liners, carbon scraper rings, valve seat, valve guide, sintered/steel seal ring, and shock absorber parts. It also provides industrial rubber parts, resin seal rings, home equipment, temperature control valves, infrared heater/related equipment, aluminum products; EV related products, such as driver and battery related products, as well as surface treatment products. In addition, the company offers carbon nano tube and nano porous material; exterior resin parts comprising radiator grille and millimeter wave radar covers; metal/molding parts, such as window molding/SUS molding and roof rails; electrical and electronic parts, including radiator grilles with illumination and telematics communication units; automotive related equipment and power system products; and CoRoMoCo, a communication support robot for use in nursing care facilities, that can measure heart rate and feelings when held. The company was formerly known as Teikoku Piston Ring Co., Ltd. and changed its name to TPR Co., Ltd. in October 2011. TPR Co., Ltd. was founded in 1908 and is headquartered in Tokyo, Japan.

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Price

¥1,399

Market Cap

¥46.6B

Ent. Value

¥13.7B

Net Cash

¥32.9B

Shares Out.

33.3M

P / E

5.3×

EV / EBIT

1.2×

⚠ TSE Capital Mandate

P / Book

0.29×

P / NCAV

0.83×

Div. Yield

7.15%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥192.5B	¥193.8B	¥178.6B	¥163.5B
Cost of Sales	¥151.6B	¥152.5B	¥144.4B	¥126.9B
Gross Profit	¥40.9B	¥41.3B	¥34.2B	¥36.6B
SG&A	¥29.7B	¥28.8B	¥27.4B	¥25.9B
Operating Income	¥11.2B	¥12.5B	¥6.9B	¥10.7B
Non-Operating Income	¥5.4B	¥4.5B	¥4.4B	¥4.3B
Dividend Income	¥1.1B	¥1.2B	¥903M	¥804M
Interest Income	¥789M	¥725M	¥541M	¥280M
Non-Operating Expenses	¥815M	¥952M	¥1.0B	¥389M
Interest Expense	¥335M	¥282M	¥239M	¥227M
Ordinary Income	¥15.8B	¥16.1B	¥10.2B	¥14.6B
Pre-tax Income	¥16.5B	¥14.7B	¥8.3B	¥15.0B
Income Taxes	¥5.0B	¥3.9B	¥3.2B	¥4.2B
Current Tax	¥3.7B	¥4.3B	¥2.7B	¥3.9B
Deferred Tax	¥1.3B	¥-333M	¥501M	¥223M
Net Income (owners)	¥8.9B	¥8.2B	¥3.8B	¥8.1B
Minority Interest	¥2.6B	¥2.5B	¥1.3B	¥2.8B
Comprehensive Income	¥14.8B	¥29.6B	¥10.8B	¥20.0B
EBITDA	¥23.3B	¥25.1B	¥19.4B	¥21.8B
Goodwill Amort. (J-GAAP)	¥179M	¥179M	¥133M	¥177M
EPS	¥263.72	¥243.07	¥112.90	¥234.50
Shares Outstanding	33.3M	33.9M	33.9M	34.7M
Shares Issued (total)	34.3M	34.3M	34.3M	36.1M
Treasury Shares	1.0M	0.4M	0.4M	1.4M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥291.8B	¥290.1B	¥264.7B	¥255.4B
Current Assets	¥149.5B	¥137.2B	¥127.9B	¥124.0B
Cash & Deposits	¥62.5B	¥52.0B	¥45.3B	¥40.8B
Trade Receivables	¥35.9B	¥36.9B	¥35.8B	¥34.4B
Non-Current Assets	¥142.2B	¥152.9B	¥136.8B	¥131.4B
PP&E	¥69.2B	¥70.7B	¥71.6B	¥71.7B
Goodwill	¥852M	¥1.0B	—	¥133M
Intangible Assets	¥3.7B	¥3.8B	¥2.4B	¥2.3B
Investment Securities	¥35.7B	¥38.1B	¥31.6B	¥31.3B
Deferred Tax Assets	¥1.3B	¥1.9B	¥2.2B	¥2.2B
Total Liabilities	¥93.1B	¥100.5B	¥98.8B	¥95.7B
Current Liabilities	¥64.0B	¥68.4B	¥70.4B	¥66.1B
Accounts Payable	¥18.0B	¥17.3B	¥18.1B	¥17.6B
ST Debt	¥21.0B	¥22.9B	¥26.2B	¥23.8B
Taxes Payable	¥977M	¥1.6B	¥942M	¥1.9B
Non-Current Liabilities	¥29.2B	¥32.1B	¥28.4B	¥29.6B
Total LT Borrowings	¥8.6B	¥9.0B	¥10.5B	¥12.3B
Pension Obligations	¥4.1B	¥4.6B	¥5.0B	¥4.7B
Deferred Tax Liab.	¥12.8B	¥14.4B	¥9.3B	¥9.2B
Total Equity	¥198.6B	¥189.6B	¥165.9B	¥159.8B
Capital Stock	¥4.8B	¥4.8B	¥4.8B	¥4.8B
Capital Surplus	¥4.0B	¥4.0B	¥4.0B	¥4.2B
Retained Earnings	¥115.6B	¥109.0B	¥102.8B	¥103.5B
Treasury Stock	¥-2.2B	¥-963M	¥-1.0B	¥-2.7B
AOCI	¥40.8B	¥40.6B	¥23.3B	¥19.0B
Equity (owners)	¥122.1B	¥116.7B	¥110.5B	¥109.8B
Minority Interests	¥35.7B	¥32.1B	¥32.0B	¥30.8B

Total Interest-Bearing Debt ⓘ	¥29.6B	¥31.9B	¥36.7B	¥36.1B
Net Cash ⓘ	¥32.9B	¥20.1B	¥8.6B	¥4.7B
NCAV ⓘ	¥56.4B	¥36.8B	¥29.1B	¥28.4B
NCAV/Share	¥1,693	¥1,083	¥858	¥816
BV/Share	¥3,667	¥3,439	¥3,255	¥3,159

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥21.7B	¥24.4B	¥21.1B	¥19.9B
Interest Paid	¥-336M	¥-281M	¥-241M	¥-247M
Interest Received	¥3.0B	¥2.4B	¥4.9B	¥1.8B
D&A	¥11.9B	¥12.4B	¥12.4B	¥10.9B
Goodwill Amort.	¥179M	¥179M	¥133M	¥177M
Investing CF	¥-4.6B	¥-9.6B	¥-14.6B	¥-13.4B
Purchase Investments	¥-1.9B	¥-107M	¥-505M	¥-4.4B
Proceeds from Invest.	¥1.8B	¥809M	¥144M	—
Financing CF	¥-9.9B	¥-10.5B	¥-3.9B	¥-10.3B
Dividends Paid	¥-3.1B	¥-2.0B	¥-2.0B	¥-1.8B
Share Buybacks	¥-1.5B	¥0M	¥-995M	¥-281M
LT Debt Repaid	¥-6.5B	¥-7.9B	¥-7.2B	¥-7.6B
Free Cash Flow	¥21.7B	¥24.4B	¥21.1B	¥19.9B
Net Change in Cash	¥10.0B	¥5.5B	¥4.3B	¥-1.7B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	5.5%	5.6%	2.9%	6.6%
ROA	3.0%	3.0%	1.5%	3.2%
EPS	¥263.72	¥243.07	¥112.90	¥234.50
DPS	¥100.00	¥70.00	¥58.00	¥58.00
BPS	¥4,907.29	¥4,667.03	¥3,969.29	¥3,734.28
FCF/Share	¥653	¥718	¥621	¥572
NCAV/Share	¥1,693	¥1,083	¥858	¥816
Payout Ratio	37.9%	28.8%	51.4%	24.7%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 7

Date	Activist	Stake	Event	Flag	Demands
2025-08-06	Schroder Investment Management(Japan)Limited	4.1% -1.13%	change	Passive	—
2025-07-04	Schroder Investment Management(Japan)Limited	5.23% -1.2%	change	Passive	—
2025-06-05	Schroder Investment Management(Japan)Limited	6.43% -1.06%	change	Passive	—
2024-05-21	Schroder Investment Management(Japan)Limited	7.49% +1.22%	change	Passive	—
2024-03-22	Schroder Investment Management(Japan)Limited	6.27% +1.23%	change	Passive	—
2024-02-07	Sumitomo Mitsui DS Asset Management Company, Limited	4.22%	change	Passive	—
2023-11-07	Schroder Investment Management(Japan)Limited	5.04%	initial_5pct	Passive	—

Capital Allocation Signals 3

Date	Type	Amount	Summary
2026-05-25 15:00	Div Cut	¥2.0B ¥31.0/sh -38%	TPR announced a year-end dividend of 31 yen per share (62 yen pre-stock split) for FY2026 ending March 31, 2026, with to…
Summary TPR announced a year-end dividend of 31 yen per share (62 yen pre-stock split) for FY2026 ending March 31, 2026, with total payout of 2,015 million yen. Combined with the Q2 dividend of 50 yen, annual dividends total 112 yen per share (pre-split basis), representing a 12% decrease from prior year's 100 yen annual dividend. The company cited balanced profit distribution while funding sustainable growth investments. Deadline: 2026-06-09 YoY: -38% Source (JP) 当期（2026年３月期）の期末配当につきましては、この方針に基づき、１株当たり31円（株式分割前換算62円）とさせていただきます。これにより１株当たりの年間配当金は、第２四半期末配当50円と合わせまして年間112円（株式分割前換算）となります。 2026年3月期（第93期）剰余金の配当に関するお知らせ TDnet PDF
2026-05-15 15:00	Buyback	¥4.5B 6.2%	TPR's board resolved on May 15, 2026 to repurchase up to 4.0 million shares (6.2% of outstanding) for a maximum of ¥4.5 …
Summary TPR's board resolved on May 15, 2026 to repurchase up to 4.0 million shares (6.2% of outstanding) for a maximum of ¥4.5 billion through market purchases through March 31, 2027. The buyback aims to enhance shareholder returns and improve capital efficiency through flexible capital allocation. Deadline: 2027-03-31 % of Shares: 6.2% Shares: 4,000,000 Source (JP) 当社は、2026年５月15日開催の取締役会において、会社法第459条第１項の規定に基づき自己株式を取得することについて決議いたしました。取得する株式の総数：400万株を上限とする、株式の取得価額の総額：45億円を上限とする。自己株式取得に係る事項の決定に関するお知らせ TDnet PDF
2026-05-15 15:00	Div Increase	¥31.0/sh +12%	TPR announced an upward revision to its FY2026 March final dividend forecast from 27 yen to 31 yen per share (62 yen on …
Summary TPR announced an upward revision to its FY2026 March final dividend forecast from 27 yen to 31 yen per share (62 yen on pre-split basis), representing a 12% increase. The revision reflects stronger-than-expected full-year earnings performance. Combined with the interim dividend of 50 yen, the total annual dividend reaches 81 yen per share (112 yen pre-split basis), up from the prior 100 yen guidance. YoY: +12% Source (JP) 当期通期の連結業績が予想を上回って増益となったこと等を勘案し、2026年３月期の期末配当予想を１株当たり31円（株式分割前換算で前回予想の54円より８円増の62円）とすることといたしました。配当予想の修正（増配）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）	3,447	10.35%
2	Meiji Yasuda Life Insurance 明治安田生命保険相互会社	2,395	7.19%
3	Sompo Japan Insurance Inc. 損害保険ジャパン株式会社	2,293	6.88%
4	Mizuho Bank 株式会社みずほ銀行	1,518	4.56%
5	Hulic Co.,Ltd. ヒューリック株式会社	1,231	3.69%
6	Tokyo Tatemono Co., Ltd. 東京建物株式会社	933	2.80%
7	TPR Business Partner Stock Ownership Plan ＴＰＲ取引先持株会	879	2.64%
8	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	829	2.49%
9	Mizuho Trust & Banking みずほ信託銀行株式会社	766	2.30%
10	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行（三井住友信託銀行再信託分・日野自動車株式会社退職給付信託口）	744	2.23%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

17.4%

+1.3% 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

27.8%

+0.6% vs 2024

Named entities with disclosed investment intent

Shareholder	2023	2024	2025
Japan Master Trust Bank 日本マスタートラスト信託銀行	7.54%	7.82%	10.35% +2.53%
Meiji Yasuda Life Insurance 明治安田生命保険	7.05%	7.05%	7.19% +0.14%
Sompo Japan Insurance Inc. 損害保険ジャパン	6.75%	6.75%	6.88% +0.13%
Japan Custody Bank 日本カストディ銀行	7.45%	6.04%	4.72% -1.32%
Mizuho Bank みずほ銀行	4.47%	4.47%	4.56% +0.09%
Hulic Co.,Ltd. ヒューリック	3.62%	3.62%	3.69% +0.07%
Tokyo Tatemono Co., Ltd. 東京建物	2.75%	2.75%	2.80% +0.05%
TPR Business Partner Stock Ownership Plan ＴＰＲ取引先持株会	2.48%	2.54%	2.64% +0.10%
Mizuho Trust & Banking みずほ信託銀行	2.25%	2.25%	2.30% +0.05%
Concentration (HHI) ⓘ	259	245	283

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

Portfolio Book Value ¥26,224M +28% since 2023

Holdings 26 +3 new 2 exited

Trend 2 unwinding vs 2023

Held Company	FY2025 ¥26,224M total		FY2023 ¥20,515M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Hulic Co.,Ltd. ヒューリック㈱	14,800	10,299,317	11,195	10,299,317	M
Chuo Automotive Industries Co., Ltd. 中央自動車工業㈱	3,360	+200.0% ↑ 1,989,900	1,747	663,300	M
JCU CORPORATION ㈱ＪＣＵ	2,049	634,400	2,185	634,400
Fuyo General Lease Co., Ltd. 芙蓉総合リース㈱	1,481	+200.0% ↑ 384,000	1,152	128,000	M
譬ｪ蠑丈ｼ夂､ｾ繧｢繧ｹ繝医Ο繧ｹ繧ｱ繝ｼ繝ｫ繝帙�ｼ繝ｫ繝�繧｣繝ｳ繧ｰ繧ｹ㈱アストロスケールホールディングス	839	NEW New 1,176,400	—
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	731	180,471	338	180,471	M
KYB Corporation カヤバ㈱	697	NEW New 237,400	—		M
NIPPON SANSO HOLDINGS CORPORATION 日本酸素ホールディングス㈱	482	107,000	254	107,000	M
suzuki motor corporation スズキ㈱	304	+300.0% ↑ 168,000	201	42,000
OKAYA ELECTRIC INDUSTRIES CO.,LTD. 岡谷電機産業㈱	303	1,440,000	440	1,440,000	M
Katakura Industries Co.,Ltd. 片倉工業㈱	249	113,000	209	113,000	M
柳成企業社	225	1,236,005	357	1,236,005	M
HINO MORTORS,LTD. 日野自動車㈱	150	360,000	199	360,000	M
Aquarius Engines (A.M.) Ltd.	120	1,046,484	186	1,046,484
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	102	+200.0% ↑ 27,000	47	9,000	M
ISUZU MOTORS LIMITED いすゞ自動車㈱	91	-49.3% ↓ 45,235	140	89,157
KOMATSU LTD. ㈱小松製作所	85	-1.8% ↓ 19,480	65	19,840
YAMABIKO CORPORATION ㈱やまびこ	45	+4.3% ↑ 19,151	24	18,358
SUBARU CORPORATION ㈱ＳＵＢＡＲＵ	32	12,220	25	12,220
taisei corporation 大成建設㈱	29	4,400	18	4,400	M
FIDEA Holdings Co. Ltd. フィデアホールディングス㈱	15	10,300	13	10,300	M
Oki Electric Industry Company, Limited 沖電気工業㈱	15	15,700	11	15,700	M
TEIKOKU SEN-I Co.,Ltd. 帝国繊維㈱	12	5,000	8	5,000	M
MITSUBISHI MOTORS CORPORATION 三菱自動車工業㈱	4	12,000	6	12,000
ISEKI&CO.,LTD. 井関農機㈱	2	+2.8% ↑ 2,664	3	2,592
Mitsubishi UFJ Financial Group, Inc. ㈱三菱ＵＦＪフィナンシャル・グループ	2	NEW New 1,000	—		M
HONDA MOTOR CO., LTD. 本田技研工業㈱	—	−100% Exit —	1,215	346,200
ＫＹＢ㈱	—	−100% Exit —	477	118,700	M
Portfolio total	26,224		20,515

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