NITTAN Corporation

株式会社ＮＩＴＴＡＮ

Consumer Cyclical · Auto Parts

NITTAN Corporation manufactures and distributes engine valves in Japan. The company offers engine valves for engines in automobiles, motorcycles and scooters, trucks, and buses; and engine valves for land, marine, and general-purpose products for engine manufacturing customers, as well as for generators, tillers, mowers, etc. It also manufactures and sells precision forged gears and automatic transmission parts for automobiles, trucks, agricultural, construction, and industrial machinery, as well as parts for parking brake. In addition, the company manufactures and sells valve lifters, roller rocker arms, machine tools, and Golf Putter "KANADE". Further, it engages in the manufacture and sale of daily necessities; sporting goods; and transport equipment parts, as well as manufactures and distributes spinning machine parts. The company was formerly known as Nittan Valve Co., Ltd. and changed its name to NITTAN Corporation in April 2022. The company was incorporated in 1948 and is headquartered in Hadano, Japan.

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Price

¥496

Market Cap

¥14.3B

Ent. Value

¥12.1B

Net Cash

¥2.2B

Shares Out.

28.8M

P / E

6.4×

EV / EBIT

3.0×

⚠ TSE Capital Mandate

P / Book

0.46×

P / NCAV

2.40×

Div. Yield

1.41%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥51.7B	¥51.4B	¥49.5B	¥41.9B	¥38.7B
Cost of Sales	¥42.5B	¥44.8B	¥42.9B	¥36.4B	¥32.8B
Gross Profit	¥9.1B	¥6.6B	¥6.6B	¥5.5B	¥5.8B
SG&A	¥5.1B	¥5.1B	¥4.6B	¥4.0B	¥3.9B
Operating Income	¥4.0B	¥1.5B	¥2.0B	¥1.4B	¥2.0B
Non-Operating Income	¥805M	¥757M	¥680M	¥524M	¥359M
Dividend Income	—	¥286M	¥207M	¥183M	¥156M
Interest Income	—	¥143M	¥116M	¥46M	¥34M
Non-Operating Expenses	—	¥369M	¥221M	¥205M	¥216M
Interest Expense	—	¥229M	¥184M	¥175M	¥182M
Ordinary Income	¥4.4B	¥1.9B	¥2.5B	¥1.8B	¥2.1B
Pre-tax Income	¥4.6B	¥2.2B	¥2.3B	¥1.7B	¥2.0B
Income Taxes	¥1.2B	¥979M	¥983M	¥745M	¥719M
Current Tax	—	¥1.2B	¥989M	¥872M	¥600M
Deferred Tax	—	¥-192M	¥-6M	¥-127M	¥119M
Net Income (owners)	¥2.2B	¥630M	¥601M	¥392M	¥645M
Minority Interest	—	¥618M	¥755M	¥610M	¥664M
Comprehensive Income	—	¥2.2B	¥5.0B	¥2.7B	¥2.9B
EBITDA	¥7.9B	¥5.7B	¥6.6B	¥5.8B	¥6.5B
EPS	¥77.35	¥21.91	¥20.92	¥13.60	¥22.39
Shares Outstanding	—	28.8M	28.7M	28.7M	28.8M
Shares Issued (total)	—	29.0M	29.0M	29.0M	29.0M
Treasury Shares	—	0.2M	0.2M	0.3M	0.2M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥66.9B	¥66.6B	¥63.0B	¥56.9B	¥54.8B
Current Assets	¥32.5B	¥31.5B	¥28.1B	¥24.7B	¥22.3B
Cash & Deposits	¥11.6B	¥9.3B	¥9.1B	¥6.8B	¥6.3B
Trade Receivables	—	¥8.0B	¥7.4B	¥7.1B	¥6.3B
Non-Current Assets	¥34.4B	¥35.1B	¥34.9B	¥32.2B	¥32.5B
PP&E	¥24.6B	¥24.7B	¥23.9B	¥24.0B	¥24.6B
Goodwill	—	¥54M	—	—	—
Intangible Assets	—	¥1.3B	¥708M	¥617M	¥603M
Investment Securities	¥6.8B	¥7.7B	¥9.2B	¥6.6B	¥6.3B
Deferred Tax Assets	—	¥690M	¥524M	¥492M	¥489M
Total Liabilities	¥26.6B	¥28.6B	¥25.9B	¥23.9B	¥23.3B
Current Liabilities	¥14.5B	¥16.2B	¥13.9B	¥12.5B	¥11.9B
Accounts Payable	—	¥4.6B	¥4.0B	¥3.4B	¥3.1B
ST Debt	¥4.7B	¥5.6B	¥3.9B	¥4.4B	¥5.0B
Taxes Payable	—	¥358M	¥249M	¥352M	¥282M
Non-Current Liabilities	¥12.1B	¥12.3B	¥12.1B	¥11.4B	¥11.4B
Total LT Borrowings	¥4.7B	¥6.3B	¥5.7B	¥5.8B	¥5.8B
Pension Obligations	—	¥3.2B	¥3.5B	¥3.7B	¥3.6B
Deferred Tax Liab.	—	¥2.2B	¥2.5B	¥1.6B	¥1.7B
Total Equity	¥40.3B	¥38.0B	¥37.0B	¥33.0B	¥31.4B
Capital Stock	—	¥4.5B	¥4.5B	¥4.5B	¥4.5B
Capital Surplus	—	¥4.5B	¥4.5B	¥4.5B	¥4.5B
Retained Earnings	¥16.1B	¥14.3B	¥14.0B	¥13.6B	¥13.6B
Treasury Stock	—	¥-57M	¥-67M	¥-79M	¥-49M
AOCI	—	¥5.8B	¥5.5B	¥2.4B	¥1.4B
Equity (owners)	¥25.1B	¥23.2B	¥23.0B	¥22.5B	¥22.5B
Minority Interests	—	¥9.0B	¥8.6B	¥8.0B	¥7.5B

Total Interest-Bearing Debt ⓘ	¥9.4B	¥12.0B	¥9.6B	¥10.2B	¥10.8B
Net Cash ⓘ	¥2.2B	¥-2.7B	¥-569M	¥-3.4B	¥-4.5B
NCAV ⓘ	¥6.0B	¥3.0B	¥2.2B	¥766M	¥-1.1B
NCAV/Share	—	¥103	¥76	¥27	¥-37
BV/Share	—	¥808	¥799	¥786	¥782

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥7.8B	¥4.3B	¥7.0B	¥4.8B	¥6.9B
Interest Paid	—	¥-226M	¥-180M	¥-174M	¥-184M
Interest Received	—	¥774M	¥410M	¥315M	¥566M
D&A	¥3.9B	¥4.2B	¥4.5B	¥4.4B	¥4.6B
Investing CF	¥-2.9B	¥-3.8B	¥-3.3B	¥-2.5B	¥-3.5B
Purchase Investments	—	¥-3M	¥-3M	¥-3M	¥-52M
Proceeds from Invest.	—	—	—	¥8M	¥0M
Financing CF	¥-2.6B	¥-865M	¥-1.9B	¥-2.2B	¥-3.3B
Dividends Paid	—	¥-373M	¥-230M	¥-346M	¥-259M
Share Buybacks	—	¥-0M	¥-0M	¥-46M	¥-0M
LT Debt Repaid	—	¥-1.8B	¥-1.9B	¥-3.0B	¥-3.5B
Free Cash Flow	¥7.8B	¥4.3B	¥7.0B	¥4.8B	¥6.9B
Net Change in Cash	—	¥203M	¥2.2B	¥516M	¥305M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	5.7%	2.2%	2.3%	1.6%	2.8%
ROA	3.3%	1.0%	1.0%	0.7%	1.2%
EPS	¥77.35	¥21.91	¥20.92	¥13.60	¥22.39
DPS	¥7.00	¥12.00	¥12.00	¥9.00	¥11.00
BPS	¥1,075.46	¥1,008.82	¥990.58	¥869.50	¥830.41
FCF/Share	—	¥150	¥242	¥167	¥239
NCAV/Share	—	¥103	¥76	¥27	¥-37
Payout Ratio	9.0%	54.8%	57.4%	66.2%	49.1%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 2

Date	Activist	Stake	Event	Flag	Demands	Source
2025-12-19	The Bank of Yokohama, Ltd.	15.77%	initial_5pct	Passive	—
2025-12-19	The Bank of Yokohama, Ltd.	15.77%	correction	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-25 16:00	Div Increase	¥374M ¥13.0/sh +117%	NITTAN announced a dividend increase with a year-end dividend of ¥13.00 per share (versus ¥6.00 in the prior year), brin…
Summary NITTAN announced a dividend increase with a year-end dividend of ¥13.00 per share (versus ¥6.00 in the prior year), bringing total annual dividends to ¥20.00 per share including the ¥7.00 interim dividend. The total dividend payout is ¥374 million, reflecting a 116.7% increase in fiscal 2026 year-end dividend compared to fiscal 2025, subject to shareholder approval at the June 24, 2026 annual general meeting. Deadline: 2026-06-25 YoY: +117% Source (JP) 当期の期末配当につきましては、業績、今後の事業展開および諸般の状況を総合的に勘案いたしまして、１株当たり13円とさせていただきます。これにより、中間配当金を含めた年間配当金は20円となる予定です。剰余金の配当に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	イートンコーポレーション（常任代理人株式会社みずほ銀行決済営業部）	4,947	17.19%
2	KSD-KB KSD-KB（常任代理人シティバンク、エヌ・エイ東京支店）	1,376	4.78%
3	The Bank of Yokohama 株式会社横浜銀行（常任代理人株式会社日本カストディ銀行）	1,302	4.53%
4	IWATANI CORPORATION 岩谷産業株式会社	1,300	4.52%
5	HONDA MOTOR CO., LTD. 本田技研工業株式会社	1,233	4.29%
6	NIHON PARKERIZING CO., LTD. 日本パーカライジング株式会社	1,098	3.82%
7	PHILLIP SECURITIES CLIENTS(RETAIL) PHILLIP SECURITIES CLIENTS(RETAIL)（常任代理人フィリップ証券株式会社）	1,058	3.68%
8	INTERACTIVE BROKERS LLC 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）	612	2.13%
9	SNTCORPORATION 株式会社シンニッタン	517	1.80%
10	Meiji Yasuda Life Insurance 明治安田生命保険相互会社	448	1.56%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

0.0%

+0.0% 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

48.3%

+0.0% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
イートンコーポレーション		17.49%	17.29%	17.19% -0.10%
KSD-KB		4.80%	4.79%	4.78% -0.01%
The Bank of Yokohama 式会社横浜銀行		4.54%	4.53%	4.53%
IWATANI CORPORATION 岩谷産業		4.53%	4.52%	4.52%
HONDA MOTOR CO., LTD. 本田技研工業		4.30%	4.29%	4.29%
NIHON PARKERIZING CO., LTD. 日本パーカライジング		3.83%	3.82%	3.82%
PHILLIP SECURITIES CLIENTS(RETAIL)		3.69%	3.68%	3.68%
Interactive Brokers		1.89%	2.00%	2.13% +0.13%
SNTCORPORATION 式会社シンニッタン		1.80%	1.80%	1.80%
Meiji Yasuda Life Insurance 明治安田生命保険		—	1.56%	1.56%
ＮＩＴＴＡＮ従業員持株会 last seen 2023	Exited Top 10	1.67%	—	—
Concentration (HHI) ⓘ		426	419	416

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

Portfolio Book Value ¥5,993M +24% since 2023

Holdings 17 +4 new 4 exited

Trend 2 building vs 2023

Held Company	FY2025 ¥5,993M total		FY2023 ¥4,838M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
HONDA MOTOR CO., LTD. 本田技研工業株式会社	4,030	+200.0% ↑ 3,002,250	3,513	1,000,750	M
SNTCORPORATION 株式会社シンニッタン (注1)	547	NEW New 1,359,800	—		M
株式会社コンコルディア・フィナンシャルグループ	464	472,707	231	472,707
SUBARU CORPORATION 株式会社ＳＵＢＡＲＵ	220	83,300	176	83,300
IWATANI CORPORATION 岩谷産業株式会社 (注3)	175	NEW New 116,928	—		M
NIHON PARKERIZING CO., LTD. 日本パーカライジング株式会社	110	93,044	92	93,044	M
Mazda Motor Corporation マツダ株式会社	85	90,000	110	90,000
suzuki motor corporation スズキ株式会社 (注4)	72	NEW New 40,000	—
ONEX Corporation 株式会社オーネックス	67	31,300	27	31,300	M
Mitsubishi UFJ Financial Group, Inc. 株式会社三菱ＵＦＪフィナンシャル・グループ	45	22,550	19	22,550
ダイハツディーゼル株式会社	38	22,000	12	22,000
KUBOTA CORPORATION 株式会社クボタ	34	+14.4% ↑ 18,487	32	16,163
Mizuho Financial Group, Inc. 株式会社みずほフィナンシャルグループ	29	7,109	13	7,109
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ株式会社	26	NEW New 6,930	—
HINO MORTORS,LTD. 日野自動車株式会社	25	60,637	34	60,637
Nomura Holdings Inc. 野村ホールディングス株式会社	25	27,949	14	27,949
ISEKI&CO.,LTD. 井関農機株式会社	0	75	0	75
SNTCORPORATION 株式会社シンニッタン	—	−100% Exit —	332	1,359,800	M
IWATANI CORPORATION 岩谷産業株式会社	—	−100% Exit —	169	29,232	M
suzuki motor corporation スズキ株式会社	—	−100% Exit —	48	10,000
三井住友トラスト・ホールディングス株式会社	—	−100% Exit —	16	3,465
Portfolio total	5,993		4,838

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