KITZ CORPORATION

株式会社キッツ

Machinery

KITZ Corporation engages in the manufacturing and selling of valves, other flow control devices, and related products in Japan and internationally. The company operates through Valve Business, Copper Products Business, and other segments. The Valve Business segment manufactures and sells bronze valves, steel valves, other valve-related products, filtration-related products, and their accessories. The Copper Products Business manufactures and sells copper rolled products and processed copper products. The Other segment operates a resort hotel in Suwa city, Nagano Prefecture. It offers its products under the KITZ brand name. KITZ Corporation was incorporated in 1944 and is headquartered in Minato, Japan.

← Companies

Price

¥2,237

Market Cap

¥195.2B

Ent. Value

¥200.7B

Net Debt

−¥5.5B

Shares Out.

87.3M

P / E

17.0×

EV / EBIT

13.0×

P / Book

1.65×

P / NCAV

4.27×

Div. Yield

2.37%

Financials

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥176.7B	¥172.0B	¥166.9B	¥159.9B	¥135.8B
Cost of Sales	¥129.7B	¥127.1B	¥123.4B	¥121.1B	¥101.3B
Gross Profit	¥47.0B	¥45.0B	¥43.5B	¥38.8B	¥34.5B
SG&A	¥31.5B	¥30.8B	¥29.8B	¥27.8B	¥25.5B
Operating Income	¥15.5B	¥14.2B	¥13.7B	¥11.1B	¥9.0B
Non-Operating Income	¥1.6B	¥1.5B	¥1.2B	¥1.5B	¥931M
Dividend Income	¥180M	¥203M	¥223M	¥214M	¥164M
Interest Income	¥216M	¥315M	¥186M	¥64M	¥33M
Non-Operating Expenses	¥947M	¥482M	¥434M	¥538M	¥946M
Interest Expense	¥339M	¥249M	¥264M	¥254M	¥269M
Ordinary Income	¥16.1B	¥15.3B	¥14.5B	¥12.0B	¥9.0B
Pre-tax Income	¥16.4B	¥16.5B	¥15.3B	¥12.0B	¥7.7B
Income Taxes	¥4.7B	¥4.5B	¥4.4B	¥3.3B	¥2.6B
Current Tax	¥4.8B	¥4.6B	¥4.7B	¥3.4B	¥3.3B
Deferred Tax	¥-126M	¥-78M	¥-296M	¥-77M	¥-665M
Net Income (owners)	¥11.5B	¥11.8B	¥10.6B	¥8.5B	¥5.0B
Minority Interest	¥241M	¥149M	¥287M	¥179M	¥136M
Comprehensive Income	¥14.3B	¥14.5B	¥14.5B	¥12.2B	¥7.4B
EBITDA	¥22.6B	¥21.3B	¥21.1B	¥18.0B	¥15.8B
Goodwill Amort. (J-GAAP)	¥136M	¥113M	¥114M	¥117M	¥82M
EPS	¥131.85	¥132.64	¥118.07	¥95.35	¥55.26
Shares Outstanding	87.3M	87.3M	90.1M	90.1M	90.1M
Shares Issued (total)	87.6M	87.6M	90.4M	90.4M	90.4M
Treasury Shares	0.3M	0.3M	0.3M	0.3M	0.3M

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥184.3B	¥172.4B	¥166.7B	¥152.6B	¥143.4B
Current Assets	¥110.3B	¥106.4B	¥103.9B	¥93.2B	¥86.6B
Cash & Deposits	¥28.2B	¥30.7B	¥29.0B	¥24.4B	¥27.9B
Trade Receivables	¥24.1B	¥22.4B	¥22.4B	¥22.4B	—
Non-Current Assets	¥74.0B	¥66.0B	¥62.8B	¥59.4B	¥56.8B
PP&E	¥61.6B	¥54.4B	¥49.9B	¥45.2B	¥41.4B
Goodwill	—	¥99M	¥231M	¥301M	¥319M
Intangible Assets	¥2.2B	¥1.7B	¥2.0B	¥3.2B	¥4.6B
Investment Securities	¥5.7B	¥5.5B	¥6.9B	¥7.1B	¥6.8B
Deferred Tax Assets	¥1.9B	¥1.7B	¥1.5B	¥1.4B	¥1.3B
Total Liabilities	¥64.5B	¥62.6B	¥64.5B	¥61.5B	¥62.2B
Current Liabilities	¥27.2B	¥35.4B	¥26.5B	¥23.3B	¥32.9B
Accounts Payable	¥9.9B	¥9.5B	¥8.9B	¥9.0B	¥8.0B
ST Debt	¥3.2B	¥1.9B	¥2.7B	¥2.8B	¥3.1B
Taxes Payable	¥2.5B	¥2.3B	¥2.4B	¥1.4B	¥2.5B
Non-Current Liabilities	¥37.3B	¥27.2B	¥38.0B	¥38.2B	¥29.2B
Total LT Borrowings	¥30.6B	¥22.7B	¥33.8B	¥33.8B	¥25.3B
Pension Obligations	¥866M	¥845M	¥799M	¥744M	¥737M
Deferred Tax Liab.	¥1.0B	¥712M	¥743M	¥826M	¥828M
Total Equity	¥119.8B	¥109.8B	¥102.2B	¥91.0B	¥81.3B
Capital Stock	¥21.2B	¥21.2B	¥21.2B	¥21.2B	¥21.2B
Capital Surplus	¥5.7B	¥5.7B	¥5.7B	¥5.7B	¥5.7B
Retained Earnings	¥77.7B	¥70.4B	¥65.3B	¥57.9B	¥51.7B
Treasury Stock	¥-497M	¥-482M	¥-459M	¥-460M	¥-492M
AOCI	¥14.0B	¥11.5B	¥9.1B	¥5.6B	¥2.2B
Equity (owners)	¥104.1B	¥96.8B	¥91.7B	¥84.4B	¥78.1B
Minority Interests	¥1.6B	¥1.4B	¥1.3B	¥1.1B	¥884M

Total Interest-Bearing Debt ⓘ	¥33.8B	¥24.6B	¥36.4B	¥36.6B	¥28.4B
Net Cash ⓘ	¥-5.5B	¥6.1B	¥-7.4B	¥-12.2B	¥-449M
NCAV ⓘ	¥45.7B	¥43.8B	¥39.4B	¥31.7B	¥24.5B
NCAV/Share	¥524	¥502	¥437	¥351	¥271
BV/Share	¥1,193	¥1,110	¥1,018	¥936	¥867

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥13.6B	¥18.6B	¥16.0B	¥8.5B	¥8.3B
Interest Paid	¥-332M	¥-253M	¥-265M	¥-253M	¥-263M
Interest Received	¥408M	¥511M	¥405M	¥283M	¥196M
D&A	¥7.0B	¥7.0B	¥7.3B	¥6.8B	¥6.7B
Goodwill Amort.	¥136M	¥113M	¥114M	¥117M	¥82M
Investing CF	¥-10.3B	¥-7.8B	¥-7.4B	¥-7.5B	¥-3.2B
CapEx	¥10.4B	¥9.4B	¥8.3B	¥7.0B	¥3.5B
Purchase Investments	¥-28M	¥-27M	¥-29M	¥-29M	¥-23M
Proceeds from Invest.	¥530M	¥1.9B	¥1.6B	—	—
Financing CF	¥-6.1B	¥-9.9B	¥-5.2B	¥-5.6B	¥-11.5B
Dividends Paid	¥-4.2B	¥-3.8B	¥-3.2B	¥-2.3B	¥-1.2B
Share Buybacks	¥-108M	¥-3.1B	¥-66M	¥-45M	¥0M
LT Debt Repaid	¥-2.4B	¥-1.6B	¥-2.1B	¥-2.3B	¥-2.8B
Free Cash Flow	¥3.2B	¥9.2B	¥7.7B	¥1.5B	¥4.8B
Net Change in Cash	¥-2.4B	¥2.0B	¥4.3B	¥-3.6B	¥-5.7B

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	10.1%	11.3%	11.1%	10.0%	6.4%
ROA	6.4%	7.0%	6.6%	5.8%	3.5%
EPS	¥131.85	¥132.64	¥118.07	¥95.35	¥55.26
DPS	¥53.00	¥46.00	¥41.00	¥33.00	¥20.00
BPS	¥1,358.57	¥1,246.16	¥1,124.39	¥1,002.69	¥896.55
FCF/Share	¥37	¥105	¥85	¥17	¥53
NCAV/Share	¥524	¥502	¥437	¥351	¥271
Payout Ratio	40.2%	34.7%	34.7%	34.6%	36.2%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 2

Date	Activist	Stake	Event	Flag	Demands	Source
2025-08-07	Kitazawakaimochikabukai Director Tsunehiro Senga	6.22%	correction	Passive	—
2025-08-04	Kitazawakaimochikabukai Director Tsunehiro Senga	6.22%	change	Passive	—

#	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	9,699	11.11%
2	Stock Ownership Plan 北沢会持株会	5,508	6.31%
3	Nippon Life Insurance 日本生命保険相互会社	4,303	4.93%
4	Japan Custody Bank 株式会社日本カストディ銀行	4,112	4.71%
5	公益財団法人北澤育英会	3,425	3.93%
6	Sumitomo Life Insurance 住友生命保険相互会社	3,409	3.91%
7	Business Partner Stock Ownership Plan キッツ取引先持株会	3,344	3.83%
8	Employee Stock Ownership Plan キッツ従業員持株会	1,834	2.10%
9	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY 505223 (常任代理人株式会社みずほ銀行決済営業部)	1,770	2.03%
10	セコム損害保険株式会社	1,702	1.95%

as of 2025-12-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

15.8%

+0.6% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

2.0%

+2.0% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

27.0%

-1.8% 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		10.86%	11.99%	11.11% -0.88%
Stock Ownership Plan 北沢会持株会		5.70%	6.12%	6.31% +0.19%
Nippon Life Insurance 日本生命保険		4.78%	4.93%	4.93%
Japan Custody Bank 日本カストディ銀行 ↑		2.88%	3.25%	4.71% +1.46%
公益財団法人北澤育英会		3.79%	3.92%	3.93% +0.01%
Sumitomo Life Insurance 住友生命保険		3.83%	3.91%	3.91%
Business Partner Stock Ownership Plan キッツ取引先持株会		3.65%	3.87%	3.83% -0.04%
Employee Stock Ownership Plan キッツ従業員持株会		2.34%	2.33%	2.10% -0.23%
State Street NEW ENTRY	—	—	—	2.03% NEW
セコム損害保険		1.89%	1.95%	1.95%
Stock Ownership Plan 全国キッツ持株会 last seen 2024	Exited Top 10	—	1.72%	—
三井住友銀行 last seen 2023	Exited Top 10	2.83%	—	—
Concentration (HHI) ⓘ		241	274	267

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

Portfolio Book Value ¥5,408M -15% since 2023

Holdings 22 +1 new 12 exited

Trend 2 unwinding vs 2023

Held Company	FY2025 ¥5,408M total		FY2023 ¥6,346M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Unimech Group Berhad	1,724	37,551,132	1,724	37,551,132
YUASA TRADING CO.,LTD. ユアサ商事㈱	1,566	+3.5% ↑ 293,861	1,345	283,876	M
OTAKE CORPORATION ㈱オータケ	652	+0.1% ↑ 338,215	648	338,000	M
TOTECH CORPORATION 東テク㈱	549	+200.0% ↑ 150,000	238	50,000	M
Nippon Pillar Packing Co., Ltd. ㈱PILLAR	358	NEW New 74,720	—		M
YAMATO CORPORATION ㈱ヤマト	158	-49.8% ↓ 75,548	139	150,548	M
OKAYA&CO.,LTD. 岡谷鋼機㈱	150	+166.7% ↑ 16,000	76	6,000	M
HASHIMOTO SOGYO HOLDINGS CO.,LTD. 橋本総業ホールディングス㈱	118	90,860	117	90,860	M
Sumitomo Realty & Development Co.,Ltd. 住友不動産㈱	78	10,000	41	10,000
Alconix Co., Ltd. アルコニックス㈱	51	-50.0% ↓ 20,300	53	40,600	M
CK SAN-ETSU METALS Co.,Ltd. ㈱ＣＫサンエツ	4	1,000	3	1,000
SANEI LTD. SANEI㈱	—		—
NIPPON SHINDO CO.,LTD. 日本伸銅㈱	—		—
OKUMURA ENGINEERING CORP. ㈱オーケーエム	—		—
Euglena Co., Ltd. ㈱ユーグレナ	—		—
POLA ORBIS HOLDINGS INC. ㈱ポーラ・オルビスホールディングス	—		—
PIGEON CORPORATION ピジョン㈱	—		—
繧ｵ繝ｳ繝医Μ繝ｼ鬟溷刀繧､繝ｳ繧ｿ繝ｼ繝翫す繝ｧ繝翫Ν譬ｪ蠑丈ｼ夂､ｾサントリー食品インターナショナル㈱	—		—
Coca-Cola Bottlers Japan Holdings Inc. コカ・コーラボトラーズジャパンホールディングス㈱	—		—
GAKKEN HOLDINGS CO., LTD. ㈱学研ホールディングス	—		—
TVE Co.,Ltd. ㈱ＴＶＥ	—		—		M
イハラサイエンス㈱	—		—		M
TAKUMA CO., LTD. ㈱タクマ	—	−100% Exit —	203	114,000	M
第一生命ホールディングス㈱	—	−100% Exit —	45	15,100
Mitsubishi UFJ Financial Group, Inc. ㈱三菱UFJフィナンシャル・グループ	—	−100% Exit —	509	420,900
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	—	−100% Exit —	374	54,468
日本ピラー工業㈱	—	−100% Exit —	332	74,720	M
The Chiba Bank, Ltd. ㈱千葉銀行	—	−100% Exit —	158	156,000	M
㈱八十二銀行	—	−100% Exit —	155	197,453	M
The Yamanashi Chuo Bank,Ltd. ㈱山梨中央銀行	—	−100% Exit —	137	81,518	M
KIBUN FOODS INC. ㈱紀文食品	—	−100% Exit —	24	20,000
IKUYO CO.,LTD. ㈱イクヨ	—	−100% Exit —	23	10,650	M
CHUGAI PHARMACEUTICAL CO., LTD. 中外製薬㈱	—	−100% Exit —	1	300
AGC Inc. ＡＧＣ㈱	—	−100% Exit —	1	200
Portfolio total	5,408		6,346

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