6648
KAWADEN CORPORATION
株式会社かわでん
Electric Appliances
Kawaden Corporation engages in the design, manufacture, installs, and sale of electrical machinery and equipment in Japan. It also designs and supervises electrical work; and sells electrical and building materials. In addition, the company offers switchboards, unit control panels, distribution boards, monitoring boards, PDU boards, WHM wiring checkers, RFC2 units, and AR-4 and CX-TX products, as well as automatic control boards. Its products are used in large and medium size office buildings, hospitals, schools, factories, large apartments, etc. The company was founded in 1926 and is headquartered in Tokyo, Japan.
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⚠ TSE Capital Mandate
P / Book
0.31×
Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥24.2B
¥21.3B
¥19.7B
¥18.3B
Gross Profit
¥8.0B
¥5.6B
¥4.9B
¥4.9B
SG&A
¥5.4B
¥4.5B
¥4.4B
¥4.0B
Operating Income
¥2.6B
¥1.1B
¥509M
¥909M
Non-Operating Income
¥114M
¥74M
¥51M
¥168M
Dividend Income
¥19M
¥16M
¥13M
¥10M
Interest Income
¥4M
¥0M
¥0M
¥0M
Non-Operating Expenses
¥39M
¥55M
¥59M
¥80M
Interest Expense
¥7M
¥6M
¥6M
¥5M
Ordinary Income
¥2.7B
¥1.2B
¥501M
¥997M
Pre-tax Income
¥2.6B
¥1.2B
¥481M
¥985M
Income Taxes
¥687M
¥409M
¥160M
¥338M
Current Tax
¥807M
¥477M
¥246M
¥231M
Deferred Tax
¥-120M
¥-68M
¥-41M
¥107M
Net Income (owners)
¥2.0B
¥744M
¥320M
¥647M
EBITDA
¥3.2B
¥1.7B
¥1.1B
¥1.4B
EPS
¥612.88
¥232.39
¥100.02
¥201.96
Shares Outstanding
4.2M
4.2M
4.2M
4.2M
Shares Issued (total)
4.2M
4.2M
4.2M
4.2M
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥25.4B
¥22.4B
¥21.5B
¥20.6B
Current Assets
¥19.2B
¥16.4B
¥15.4B
¥14.3B
Cash & Deposits
¥8.1B
¥7.4B
¥7.6B
¥6.7B
Trade Receivables
¥3.5B
¥2.8B
¥3.0B
¥3.0B
Non-Current Assets
¥6.3B
¥6.0B
¥6.0B
¥6.2B
PP&E
¥4.4B
¥4.4B
¥4.7B
¥4.9B
Intangible Assets
¥315M
¥246M
¥213M
¥236M
Investment Securities
¥697M
¥653M
¥392M
¥363M
Deferred Tax Assets
¥593M
¥487M
¥489M
¥459M
Total Liabilities
¥7.7B
¥6.4B
¥6.1B
¥5.3B
Current Liabilities
¥6.3B
¥5.1B
¥4.8B
¥4.1B
ST Debt
¥833M
¥863M
¥696M
¥816M
Taxes Payable
¥624M
¥438M
¥186M
¥41M
Non-Current Liabilities
¥1.4B
¥1.2B
¥1.3B
¥1.2B
Total LT Borrowings
¥288M
¥196M
¥242M
¥255M
Total Equity
¥17.7B
¥16.0B
¥15.4B
¥15.3B
Capital Stock
¥2.1B
¥2.1B
¥2.1B
¥2.1B
Capital Surplus
¥1.5B
¥1.5B
¥1.5B
¥1.5B
Retained Earnings
¥15.6B
¥14.0B
¥13.5B
¥13.4B
Treasury Stock
¥-1.9B
¥-1.9B
¥-1.9B
¥-1.9B
AOCI
¥360M
¥330M
¥141M
¥123M
Equity (owners)
¥17.4B
¥15.7B
¥15.2B
¥15.2B
Total Interest-Bearing Debt ⓘ
¥1.1B
¥1.1B
¥938M
¥1.1B
Net Cash ⓘ
¥7.0B
¥6.3B
¥6.7B
¥5.6B
NCAV ⓘ
¥11.5B
¥10.0B
¥9.3B
¥9.1B
NCAV/Share
¥2,737
¥2,384
¥2,227
¥2,163
BV/Share
¥4,147
¥3,748
¥3,631
¥3,616
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥1.5B
¥167M
¥1.7B
¥-989M
Interest Paid
¥-8M
¥-6M
¥-6M
¥-6M
Interest Received
¥34M
¥25M
¥17M
¥15M
D&A
¥585M
¥552M
¥608M
¥487M
Investing CF
¥-564M
¥-297M
¥-356M
¥-1.3B
CapEx
¥321M
¥206M
¥274M
¥1.4B
Purchase Investments
¥-1M
¥-1M
¥-1M
¥-1M
Proceeds from Invest.
—
—
¥1M
—
Financing CF
¥-226M
¥-139M
¥-392M
¥-141M
Dividends Paid
¥-284M
¥-256M
¥-256M
¥-255M
LT Debt Repaid
¥-304M
¥-296M
¥-300M
¥-300M
Free Cash Flow
¥1.2B
¥-39M
¥1.4B
¥-2.3B
Net Change in Cash
¥748M
¥-269M
¥959M
¥-2.5B
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
11.6%
4.7%
2.1%
4.3%
ROA
8.2%
3.4%
1.5%
3.1%
EPS
¥612.88
¥232.39
¥100.02
¥201.96
DPS
¥190.00
¥90.00
¥80.00
¥80.00
BPS
¥5,539.67
¥5,007.46
¥4,795.96
¥4,770.35
FCF/Share
¥290
¥-9
¥342
¥-560
NCAV/Share
¥2,737
¥2,384
¥2,227
¥2,163
Payout Ratio
31.0%
38.7%
80.0%
39.6%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 3
Date Activist Stake Event Flag Demands Source
2025-01-31
Uwa Industrial Co., Ltd.
9.23%
+1.05%
correction
Passive
—
2025-01-21
Hikari Tsushin K.K.
—
exit
Passive
—
2025-01-17
Uwa Industrial Co., Ltd.
8.18%
initial_5pct
Passive
—
Capital Allocation Signals 2
Date
Type
Amount
Summary
2026-05-13
15:30
Div Increase
¥576M ¥36.0/sh
+24%
Kawaden (6648) announced a dividend increase for FY2026 (ending March 31, 2026) with per-share DPS raised from 29 yen to…
Summary
Kawaden (6648) announced a dividend increase for FY2026 (ending March 31, 2026) with per-share DPS raised from 29 yen to 36 yen (+24%), representing a total payout of 576 million yen. The company targets a payout ratio of 35% or higher under its medium-term plan, balancing stable dividends with internal reserves for future business development.
Deadline: 2026-06-29
YoY: +24%
Source (JP)
2026年3月期の期末配当につきましては、2026年3月期の業績および中期経営計画に掲げる目標を勘案し、前回予想の29円(記念配当2円含む)から36円(記念配当2円含む)とすることを決定いたしました。
2026-05-13
15:30
Cost of Capital
¥65.0/sh
+9%
Kawaden Corporation disclosed an update on its capital cost and stock price-conscious management strategy. The company a…
Summary
Kawaden Corporation disclosed an update on its capital cost and stock price-conscious management strategy. The company achieved ROE of 15.41% for FY2025, significantly exceeding its assumed cost of capital (9%), resulting in PBR recovery above 1.0x to 1.53x. The FY2026 dividend is forecast at 65 yen per share with 35.5% payout ratio, maintaining the ≥35% target set in the medium-term plan through 2029.
Shares: 20,960,000
YoY: +9%
Source (JP)
当社実績値のROEが当社想定の株主資本コスト9%を大きく上回ったことでPBR1倍割れが解消。2025年3月期のROE11.6%から2026年3月期は15.4%に向上。配当性向35%以上を目指す中期経営計画を推進中。
資本コストや株価を意識した経営の実現に向けた対応について(アップデート)
TDnet PDF
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 16
#
Shareholder
Shares (thou.)
% of Total
1
融和実業株式会社
343,100
10.71%
2
富士化学塗料株式会社
317,000
9.90%
3
佐藤商事株式会社
115,000
3.59%
4
株式会社立花エレテック
108,500
3.38%
5
株式会社きんでん
100,000
3.12%
6
株式会社関電工
100,000
3.12%
7
株式会社エム・アイ・ピー
99,900
3.12%
8
新海 秀治
95,500
2.98%
9
かわでん従業員持株会
82,100
2.56%
10
株式会社都市管財センター
60,500
1.89%
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
44.4%
+0.8% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
融和実業
NEW ENTRY
—
—
—
10.71%
NEW
富士化学塗料
9.90%
9.90%
9.90%
佐藤商事
3.59%
3.59%
3.59%
式会社立花エレテック
3.38%
3.39%
3.38%
-0.01%
式会社エム・アイ・ピー
3.12%
3.12%
3.12%
式会社関電工
3.12%
3.12%
3.12%
式会社きんでん
3.12%
3.12%
3.12%
新海 秀治
2.82%
2.91%
2.98%
+0.07%
かわでん従業員持株会
2.57%
2.59%
2.56%
-0.03%
式会社都市管財センター
NEW ENTRY
—
—
—
1.89%
NEW
光通信
last seen 2024
Exited Top 10
9.90%
9.90%
—
西谷 由佳
last seen 2024
Exited Top 10
—
1.95%
—
State Street
last seen 2023
Exited Top 10
2.90%
—
—
Concentration (HHI)
ⓘ
273
269
285
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥696M
+78% since 2023
Holdings
16
+1 new
1 exited
Trend
1 building
vs 2023
Held Company
FY2025
¥696M total
FY2023
¥390M total
Book Val ¥M
Shares
Book Val ¥M
Shares
Fujikura Ltd.
㈱フジクラ
184
34,000
32
34,000
TACHIBANA ELETECH CO.,LTD.
㈱立花エレテック
168
70,080
139
70,080
M
Togami Electric Mfg. Co.,Ltd.
㈱戸上電機製作所
124
37,000
66
37,000
M
Sumitomo Realty & Development Co.,Ltd.
住友不動産㈱
112
20,000
60
20,000
SATO SHO-JI CORPORATION
佐藤商事㈱
39
26,400
38
26,400
M
KIBUN FOODS INC.
㈱紀文食品
32
30,000
30
30,000
FIDEA Holdings Co. Ltd.
フィデアホールディングス㈱
12
7,700
10
7,700
第一生命保険ホールディングス㈱
10
2,200
5
2,200
TOKYU CONSTRUCTION CO.,LTD.
東急建設㈱
5
+42.5%
↑
6,777
3
4,757
Tohoku Electric Power Company,Incorporated
東北電力㈱
3
3,040
2
3,040
Jimoto Holdings,Inc.
㈱じもとホールディングス
3
8,437
3
8,437
IKUYO CO.,LTD.
㈱イクヨ
2
500
1
500
Mitsubishi Electric Corporation
三菱電機㈱
1
NEW
New
208
—
CHUDENKO CORPORATION
㈱中電工
0
100
0
100
AEON Mall Co.,Ltd.
イオンモール㈱
—
—
Shin Nippon Air Technologies Co., Ltd.
新日本空調㈱
—
—
KITAKOUDENSHACorporation
㈱北弘電社
—
−100%
Exit
—
1
800
Portfolio total
696
390
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding