DAIHEN CORPORATION

株式会社ダイヘン

Electric Appliances

DAIHEN Corporation manufactures, sells, and repairs transformers, welding machines, industrial robots, and power sources. It offers transformers, distribution equipment, power distribution equipment, solar inverters, and others;and welding/cutting machines, such as CO2/MAG, TIG, MIG, DC/AC, plasma welding and cutting, submerged arc, and resistance welding machines, as well as welding and cutting torches, peripheral devices for welding, thermal spray machines, and welding accessories. The company also provides robots, teach pendants, sensors for robot welding, positioners and sliders, PC software, and welding power sources and welding peripherals for robots. In addition, it offers RF/MW generators and automatic matching units for plasma applications; wafer and FPD transfer robots, and wafer aligner; and wireless power transfer systems. The company was formerly known as Osaka Transformer Co., Ltd. and changed its name to DAIHEN Corporation in December 1985. DAIHEN Corporation was incorporated in 1919 and is headquartered in Osaka, Japan.

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Price

¥15,850

Market Cap

¥380.7B

Ent. Value

¥431.2B

Net Debt

−¥50.5B

Shares Out.

24.0M

P / E

26.8×

EV / EBIT

23.0×

P / Book

2.43×

P / NCAV

6.30×

Div. Yield

0.53%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥237.7B	¥226.4B	¥188.6B	¥185.3B	¥160.6B
Cost of Sales	¥169.2B	¥162.5B	¥135.2B	¥132.1B	¥111.9B
Gross Profit	¥68.5B	¥63.9B	¥53.4B	¥53.2B	¥48.7B
SG&A	¥49.7B	¥47.7B	¥38.3B	¥36.6B	¥34.5B
Operating Income	¥18.8B	¥16.2B	¥15.1B	¥16.6B	¥14.2B
Non-Operating Income	¥3.6B	¥2.7B	¥2.2B	¥1.8B	¥2.3B
Dividend Income	—	¥586M	¥303M	¥284M	¥331M
Interest Income	—	¥189M	¥169M	¥114M	¥95M
Non-Operating Expenses	—	¥1.7B	¥1.3B	¥743M	¥712M
Interest Expense	—	¥904M	¥523M	¥313M	¥280M
Ordinary Income	¥20.1B	¥17.2B	¥16.1B	¥17.7B	¥15.8B
Pre-tax Income	¥21.7B	¥17.8B	¥21.2B	¥17.9B	¥15.5B
Income Taxes	¥6.1B	¥4.9B	¥4.3B	¥4.5B	¥4.2B
Current Tax	—	¥5.2B	¥3.9B	¥5.0B	¥4.9B
Deferred Tax	—	¥-281M	¥384M	¥-590M	¥-683M
Net Income (owners)	¥14.1B	¥12.0B	¥16.5B	¥13.2B	¥11.0B
Minority Interest	—	¥961M	¥399M	¥237M	¥237M
Comprehensive Income	—	¥12.4B	¥25.6B	¥17.1B	¥12.4B
EBITDA	¥25.6B	¥22.7B	¥20.5B	¥21.6B	¥19.2B
Goodwill Amort. (J-GAAP)	—	¥68M	—	—	—
EPS	¥591.35	¥493.31	¥673.20	¥537.67	¥445.29
Shares Outstanding	—	24.0M	24.4M	24.4M	24.4M
Shares Issued (total)	—	25.2M	25.6M	27.1M	27.1M
Treasury Shares	—	1.2M	1.2M	2.7M	2.7M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥320.2B	¥290.2B	¥276.6B	¥212.7B	¥194.8B
Current Assets	¥209.8B	¥193.6B	¥187.0B	¥143.9B	¥127.7B
Cash & Deposits	¥34.2B	¥30.4B	¥23.3B	¥15.3B	¥24.8B
Trade Receivables	—	¥46.2B	¥48.1B	¥36.6B	¥29.7B
Non-Current Assets	¥110.3B	¥96.7B	¥89.7B	¥68.8B	¥67.1B
PP&E	¥60.2B	¥53.0B	¥48.9B	¥38.1B	¥38.1B
Goodwill	—	¥525M	¥2.0B	—	—
Intangible Assets	—	¥5.1B	¥4.4B	¥2.1B	¥2.0B
Investment Securities	¥17.7B	¥16.0B	¥14.5B	¥15.1B	¥15.2B
Deferred Tax Assets	—	¥1.4B	¥1.4B	¥1.3B	¥1.2B
Total Liabilities	¥149.4B	¥136.9B	¥128.0B	¥92.8B	¥89.2B
Current Liabilities	¥101.8B	¥86.9B	¥86.6B	¥67.1B	¥66.3B
Accounts Payable	—	¥21.6B	¥20.0B	¥19.8B	¥19.1B
ST Debt	¥48.0B	¥29.9B	¥35.3B	¥12.9B	¥10.0B
Taxes Payable	—	¥3.5B	¥2.2B	¥2.9B	¥2.9B
Non-Current Liabilities	¥47.6B	¥50.1B	¥41.4B	¥25.7B	¥22.9B
Total LT Borrowings	¥36.7B	¥38.7B	¥30.9B	¥20.0B	¥17.3B
Pension Obligations	—	¥3.3B	¥3.0B	¥1.9B	¥1.9B
Deferred Tax Liab.	—	¥4.4B	¥4.3B	¥941M	¥1.1B
Total Equity	¥170.7B	¥153.3B	¥148.6B	¥119.9B	¥105.6B
Capital Stock	—	¥10.6B	¥10.6B	¥10.6B	¥10.6B
Capital Surplus	—	¥10.1B	¥10.0B	¥10.0B	¥10.0B
Retained Earnings	¥110.6B	¥101.8B	¥94.8B	¥85.4B	¥75.0B
Treasury Stock	—	¥-4.9B	¥-2.3B	¥-4.8B	¥-4.8B
AOCI	—	¥20.8B	¥21.1B	¥12.6B	¥8.9B
Equity (owners)	¥124.3B	¥117.5B	¥113.0B	¥101.2B	¥90.8B
Minority Interests	—	¥14.9B	¥14.5B	¥6.1B	¥5.9B

Total Interest-Bearing Debt ⓘ	¥84.6B	¥68.6B	¥66.2B	¥32.9B	¥27.3B
Net Cash ⓘ	¥-50.5B	¥-38.2B	¥-42.8B	¥-17.6B	¥-2.5B
NCAV ⓘ	¥60.4B	¥56.6B	¥58.9B	¥51.1B	¥38.6B
NCAV/Share	—	¥2,357	¥2,414	¥2,095	¥1,580
BV/Share	—	¥4,894	¥4,629	¥4,145	¥3,719

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥4.9B	¥24.0B	¥-9.0B	¥-7.2B	¥12.9B
Interest Paid	—	¥-902M	¥-526M	¥-318M	¥-281M
Interest Received	—	¥790M	¥493M	¥413M	¥784M
D&A	¥6.9B	¥6.5B	¥5.3B	¥5.1B	¥5.0B
Goodwill Amort.	—	¥68M	—	—	—
Investing CF	¥-10.8B	¥-9.6B	¥-10.6B	¥-4.7B	¥-3.3B
CapEx	¥12.4B	¥8.0B	¥6.9B	¥4.5B	¥3.4B
Purchase Investments	—	¥-8M	¥-7M	¥-16M	¥-6M
Proceeds from Invest.	—	¥1.5B	¥305M	¥618M	¥860M
Financing CF	¥7.5B	¥-6.0B	¥26.0B	¥1.9B	¥-5.3B
Dividends Paid	—	¥-4.0B	¥-4.2B	¥-3.3B	¥-2.4B
Share Buybacks	—	¥-3.9B	¥-11M	¥-6M	¥-636M
LT Debt Repaid	—	¥-5.3B	¥-4.9B	¥-4.4B	¥-4.1B
Free Cash Flow	¥-7.4B	¥16.1B	¥-15.9B	¥-11.7B	¥9.5B
Net Change in Cash	—	¥7.8B	¥7.2B	¥-9.8B	¥5.3B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	8.7%	8.8%	13.3%	12.4%	11.5%
ROA	4.6%	4.2%	6.7%	6.5%	5.6%
EPS	¥591.35	¥493.31	¥673.20	¥537.67	¥445.29
DPS	¥84.00	¥165.00	¥165.00	¥162.00	¥110.00
BPS	¥6,524.83	¥5,788.62	¥5,493.67	¥4,637.52	¥4,063.09
FCF/Share	—	¥669	¥-651	¥-479	¥390
NCAV/Share	—	¥2,357	¥2,414	¥2,095	¥1,580
Payout Ratio	14.2%	33.4%	24.5%	30.1%	24.7%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 12

Date	Activist	Stake	Event	Flag	Demands
2026-02-20	Sumitomo Mitsui DS Asset Management Company, Limited	5.37% +0.33%	initial_5pct	Passive	—
2025-12-05	Mizuho Securities Co., Ltd.	5.16%	initial_5pct	Passive	—
2025-12-05	Sumitomo Mitsui Banking Corporation	4.4%	change	Passive	—
2025-12-04	Sumitomo Mitsui Trust Bank,Limited	5.29% -1.46%	change	Passive	—
2025-10-06	Nomura Securities Co.,Ltd.	5.76%	change	Passive	—
2025-09-19	Sumitomo Mitsui Trust Bank,Limited	6.75% -0.23%	change	Passive	—
2025-04-22	Nomura Asset Management Co., Ltd.	6.65% +0.64%	change	Passive	—
2025-03-24	Sumitomo Mitsui DS Asset Management Company, Limited	5.04% +0.12%	initial_5pct	Passive	—
2024-11-08	Nomura Asset Management Co., Ltd.	6.01% +0.89%	change	Passive	—
2024-10-21	Sumitomo Mitsui Trust Bank,Limited	6.98%	change	Passive	—
2024-09-06	Sumitomo Mitsui DS Asset Management Company, Limited	4.92%	change	Passive	—
2024-05-09	Nomura Asset Management Co., Ltd.	5.12%	initial_5pct	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-11 15:40	Div Increase	¥2.3B ¥96.0/sh +16%	Daihen Corporation announced a dividend increase for fiscal year ending March 31, 2026. The final dividend per share was…
Summary Daihen Corporation announced a dividend increase for fiscal year ending March 31, 2026. The final dividend per share was raised from the previously forecasted 92 yen to 96 yen (4 yen increase), resulting in a total annual dividend of 180 yen per share, up 15 yen or 9.1% year-over-year from 165 yen in the prior year. The total dividend amount is 2,277 million yen, with an effective date of June 25, 2026. Deadline: 2026-06-25 YoY: +16% Source (JP) 2026年3月期の期末配当金につきましては、本日公表の2026年3月期決算に基づき、2025年11月6日に公表した期末の1株当たり配当金を96円に4円増額することにいたしました。剰余金の配当（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)	3,398	14.15%
2	Japan Custody Bank 株式会社日本カストディ銀行(信託口)	2,199	9.16%
3	The Kansai Electric Power Company, Incorporated 関西電力株式会社	1,460	6.08%
4	Sumitomo Mitsui Banking Corporation 株式会社三井住友銀行	1,085	4.52%
5	Sumitomo Mitsui Trust Bank 三井住友信託銀行株式会社	658	2.74%
6	Business Partner Stock Ownership Plan ダイヘン取引先持株会	579	2.41%
7	Employee Stock Ownership Plan ダイヘングループ社員持株会	416	1.73%
8	GOVERNMENT OF NORWAY(常任代理人シティバンク、エヌ・エイ東京支店)	358	1.49%
9	IWATANI CORPORATION 岩谷産業株式会社	349	1.46%
10	BNY Mellon (Nominee) BNYM AS AGT/CLTS NON TREATY JASDEC(常任代理人株式会社三菱UFJ銀行)	329	1.37%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

26.1%

+3.2% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

1.4%

+1.4% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

17.7%

-0.9% 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		11.90%	12.59%	14.15% +1.56%
Japan Custody Bank 日本カストディ銀行		6.26%	7.61%	9.16% +1.55%
The Kansai Electric Power Company, Incorporated 関西電力		5.93%	5.98%	6.08% +0.10%
Sumitomo Mitsui Banking Corporation 三井住友銀行		4.41%	4.45%	4.52% +0.07%
Sumitomo Mitsui Trust Bank 三井住友信託銀行		2.68%	2.70%	2.74% +0.04%
Business Partner Stock Ownership Plan ダイヘン取引先持株会		2.42%	2.47%	2.41% -0.06%
Employee Stock Ownership Plan ダイヘングループ社員持株会		1.84%	1.75%	1.73% -0.02%
GOVERNMENT OF NORWAY NEW ENTRY		2.72%	—	1.49% NEW
IWATANI CORPORATION 岩谷産業		1.42%	1.43%	1.46% +0.03%
BNY Mellon NEW ENTRY		1.88%	—	1.37% NEW
VICTORY TRIVALENTINTERNATIONAL SMALL-CAP FUND last seen 2024	Exited Top 10	—	1.48%	—
Mitsui Sumitomo Insurance Company, Limited 三井住友海上火災保険 last seen 2024	Exited Top 10	—	1.08%	—
Concentration (HHI) ⓘ		265	294	364

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

Portfolio Book Value ¥10,258M +31% since 2023

Holdings 54 +8 new 4 exited

Trend 2 unwinding vs 2023

Held Company	FY2025 ¥10,258M total		FY2023 ¥7,818M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
IWATANI CORPORATION 岩谷産業㈱	1,435	+300.0% ↑ 960,220	1,389	240,055	M
SANYO DENKI CO.,LTD. 山洋電気㈱	1,283	NEW New 137,400	—		M
MEIDENSHA CORPORATION ㈱明電舎	1,234	286,000	549	286,000	M
KINDEN CORPORATION ㈱きんでん	959	286,284	456	286,284	M
Makita Corporation ㈱マキタ	788	160,000	524	160,000	M
Mitsubishi UFJ Financial Group, Inc. ㈱三菱ＵＦＪフィナンシャル・グループ	527	262,510	222	262,510
Denyo Co.,Ltd. デンヨー㈱	432	177,100	301	177,100	M
SWCC Corporation ＳＷＣＣ㈱	309	NEW New 50,000	—		M
TSUBAKIMOTO CHAIN CO. ㈱椿本チエイン	269	+200.0% ↑ 145,800	156	48,600	M
Torishima Pump Mfg.Co.,Ltd. ㈱酉島製作所	261	128,000	200	128,000	M
NACHI-FUJIKOSHI CORP. ㈱不二越	260	-50.0% ↓ 76,200	601	152,400	M
OKABE CO., LTD. 岡部㈱	223	262,000	201	262,000	M
FUJITEC CO., LTD. フジテック㈱	214	36,300	119	36,300	M
SUMITOMO HEAVY INDUSTRIES,LTD. 住友重機械工業㈱	209	68,754	222	68,754	M
ASIA PILE HOLDINGS CORPORATION アジアパイルホールディングス㈱	206	224,400	164	224,400
Sumitomo Electric Industries, Ltd. 住友電気工業㈱	197	-66.9% ↓ 80,000	410	242,000	M
KOIKE SANSO KOGYO CO.,LTD. 小池酸素工業㈱	196	+212.3% ↑ 31,229	23	10,000	M
Wakita & Co.,LTD. ㈱ワキタ	183	106,000	129	106,000	M
日本ガイシ㈱	139	76,000	133	76,000	M
Okura Industrial Co.,Ltd. 大倉工業㈱	130	33,572	68	33,572	M
THE SHIGA BANK,LTD. ㈱滋賀銀行	112	21,294	57	21,294	M
The Hyakujushi Bank,Ltd. ㈱百十四銀行	105	30,345	55	30,345	M
Togami Electric Mfg. Co.,Ltd. ㈱戸上電機製作所	97	29,000	51	29,000	M
SUMITOMO DENSETSU CO.,LTD. 住友電設㈱	71	14,713	37	14,713
YONDENKO CORPORATION ㈱四電工	69	+200.0% ↑ 54,054	34	18,018	M
Resona Holdings, Inc. ㈱りそなホールディングス	63	49,406	31	49,406
sun-wa technos corporation サンワテクノス㈱	56	26,448	51	26,448	M
NITTO KOGYO CORPORATION 日東工業㈱	49	15,972	42	15,972
THE OITA BANK, LTD. ㈱大分銀行	46	13,513	27	13,513	M
KOATSU GAS KOGYO CO., LTD. 高圧ガス工業㈱	42	NEW New 47,783	—
Yamazaki Co., Ltd. ㈱山善	36	NEW New 27,400	—		M
TACHIBANA ELETECH CO.,LTD. ㈱立花エレテック	27	11,340	22	11,340	M
TRUSCO NAKAYAMA CORPORATION トラスコ中山㈱	11	NEW New 6,000	—		M
フルサト・マルカホールディングス㈱	6	NEW New 2,900	—
Hokuriku Electric Power Company 北陸電力㈱	5	6,711	3	6,711
NIPPON SANSO HOLDINGS CORPORATION 日本酸素ホールディングス㈱	3	700	1	700	M
Iyogin Holdings,Inc. ㈱いよぎんホールディングス	2	1,642	1	1,642	M
DAIMARU.ENAWIN CO.,LTD. 大丸エナウィン㈱	2	NEW New 1,200	—
The Okinawa Electric Power Company, Incorporated 沖縄電力㈱	1	1,927	2	1,927
The Kansai Electric Power Company, Incorporated 関西電力㈱	1	NEW New 771	—		M
AIR WATER INC. エア・ウォーター㈱	—		—		M
Shikoku Electric Power Company, Incorporated 四国電力㈱	—		—
HOKKAIDENKO CORPORATION ㈱北海電工	—		—
Shinsho Corporation 神鋼商事㈱	—		—
Chubu Electric Power Company,Incorporated 中部電力㈱	—		—
Kyushu Electric Power Company, Incorporated 九州電力㈱	—		—
Tokyo Electric Power Company Holdings, Incorporated 東京電力ホールディングス㈱	—		—
The Chugoku Electric Power Company, Incorporated 中国電力㈱	—		—
Hokkaido Electric Power Company, Incorporated 北海道電力㈱	—		—
Tohoku Electric Power Company,Incorporated 東北電力㈱	—		—
IHI Corporation ㈱ＩＨＩ	—		—
北海電気工事㈱	—		—
OKUMURA CORPORATION ㈱奥村組	—		—
MORY INDUSTRIES INC. モリ工業㈱	—		—
TAKUMA CO., LTD. ㈱タクマ	—	−100% Exit —	311	235,000	M
SANYO DENKI CO.,LTD. ㈱山洋電気	—	−100% Exit —	845	137,400	M
ULVAC,Inc. ㈱アルバック	—	−100% Exit —	287	50,000
昭和電線ホールディングス㈱ (注)４	—	−100% Exit —	94	50,000	M
Portfolio total	10,258		7,818

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