6718
AIPHONE CO.,LTD
アイホン株式会社
Electric Appliances
Aiphone Co.,Ltd. manufactures and sells telecommunications equipment for facilities, offices, and public facilities under the AIPHONE brand name in Japan and internationally. The company engages in the installation work, contracting, and repairs related to telecommunication; production of telecommunications equipment; and software development activities. It also offers general intercom devices for home and business use; security door intercoms and electronic locking systems; video door intercoms; healthcare intercom devices, such as nurse call and home care systems; and information transmission devices comprising living information display panels. Its products are used in residential properties, commercial buildings, medical facilities, accessories, and smartphone applications The company was incorporated in 1947 and is headquartered in Nagoya, Japan.
Price
¥2,706
Market Cap
¥44.3B
Ent. Value
—
Net Cash
est
—
Shares Out.
16.4M
P / E
12.2×
EV / EBIT
—
⚠ TSE Capital Mandate
P / Book
0.66×
P / NCAV
0.96×
Div. Yield
4.80%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | ¥63.3B | ¥61.3B | ¥52.8B | ¥52.0B |
| Cost of Sales | ¥36.1B | ¥34.8B | ¥30.2B | ¥28.0B |
| Gross Profit | ¥27.2B | ¥26.5B | ¥22.6B | ¥24.0B |
| SG&A | ¥23.4B | ¥21.3B | ¥18.8B | ¥18.4B |
| Operating Income | ¥3.8B | ¥5.3B | ¥3.8B | ¥5.5B |
| Non-Operating Income | ¥567M | ¥963M | ¥472M | ¥441M |
| Dividend Income | ¥215M | ¥206M | ¥175M | ¥148M |
| Interest Income | ¥105M | ¥134M | ¥62M | ¥14M |
| Non-Operating Expenses | ¥219M | ¥101M | ¥62M | ¥47M |
| Interest Expense | ¥11M | ¥38M | ¥37M | ¥32M |
| Ordinary Income | ¥4.2B | ¥6.1B | ¥4.2B | ¥5.9B |
| Pre-tax Income | ¥4.5B | ¥6.2B | ¥4.3B | ¥6.0B |
| Income Taxes | ¥893M | ¥1.5B | ¥1.4B | ¥1.8B |
| Current Tax | ¥1.1B | ¥1.6B | ¥1.2B | ¥2.1B |
| Deferred Tax | ¥-185M | ¥-46M | ¥173M | ¥-278M |
| Net Income (owners) | ¥3.6B | ¥4.6B | ¥2.9B | ¥4.2B |
| Comprehensive Income | ¥4.0B | ¥7.9B | ¥4.0B | ¥4.8B |
| EBITDA | ¥5.0B | ¥6.3B | ¥4.7B | ¥6.5B |
| EPS | ¥221.18 | ¥283.98 | ¥179.32 | ¥258.64 |
| Shares Outstanding | 16.4M | 16.4M | 16.3M | 16.3M |
| Shares Issued (total) | 18.2M | 18.2M | 18.2M | 18.2M |
| Treasury Shares | 1.9M | 1.9M | 1.9M | 1.9M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥77.0B | ¥78.4B | ¥70.6B | ¥69.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥56.3B | ¥57.8B | ¥51.1B | ¥52.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥25.2B | ¥22.1B | ¥14.3B | ¥23.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Receivables | ¥10.0B | ¥9.6B | ¥9.5B | ¥7.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥20.7B | ¥20.6B | ¥19.5B | ¥16.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥8.2B | ¥8.2B | ¥7.8B | ¥5.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥0M | ¥0M | ¥0M | ¥0M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥9.1B | ¥9.6B | ¥8.5B | ¥8.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥1.9B | ¥1.8B | ¥2.3B | ¥2.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥10.3B | ¥13.5B | ¥12.2B | ¥13.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥8.9B | ¥10.4B | ¥9.1B | ¥10.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | ¥289M | ¥1.0B | ¥211M | ¥1.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥1.4B | ¥3.1B | ¥3.1B | ¥2.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | ¥479M | ¥425M | ¥558M | ¥392M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | — | ¥4M | ¥24M | ¥82M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥66.8B | ¥64.9B | ¥58.4B | ¥55.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | ¥5.4B | ¥5.4B | ¥5.4B | ¥5.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥5.4B | ¥5.4B | ¥5.4B | ¥5.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥50.5B | ¥49.0B | ¥45.8B | ¥44.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-3.2B | ¥-3.2B | ¥-3.2B | ¥-3.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥8.6B | ¥8.2B | ¥5.0B | ¥3.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥58.2B | ¥56.7B | ¥53.4B | ¥52.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥25.2B | ¥22.1B | ¥14.3B | ¥23.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥46.1B | ¥44.3B | ¥38.9B | ¥39.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥2,814 | ¥2,709 | ¥2,379 | ¥2,388 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥3,554 | ¥3,463 | ¥3,270 | ¥3,186 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Operating CF | ¥5.7B | ¥9.1B | ¥-4.8B | ¥1.9B |
| Interest Paid | ¥-11M | ¥-38M | ¥-37M | ¥-38M |
| Interest Received | ¥320M | ¥343M | ¥236M | ¥154M |
| D&A | ¥1.2B | ¥1.0B | ¥964M | ¥951M |
| Investing CF | ¥-729M | ¥-58M | ¥-2.5B | ¥3.7B |
| CapEx | ¥1.1B | ¥782M | ¥3.1B | ¥555M |
| Purchase Investments | ¥-410M | ¥-209M | ¥-1.0B | ¥-727M |
| Proceeds from Invest. | ¥498M | ¥211M | — | — |
| Financing CF | ¥-2.4B | ¥-1.7B | ¥-1.8B | ¥-1.3B |
| Dividends Paid | ¥-2.1B | ¥-1.5B | ¥-1.6B | ¥-1.2B |
| Share Buybacks | ¥-1M | ¥0M | ¥0M | ¥-1M |
| Free Cash Flow | ¥4.6B | ¥8.3B | ¥-7.9B | ¥1.3B |
| Net Change in Cash | ¥2.7B | ¥7.8B | ¥-8.8B | ¥4.6B |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| ROE | 5.5% | 7.5% | 5.1% | 7.8% |
| ROA | 4.7% | 6.2% | 4.2% | 6.1% |
| EPS | ¥221.18 | ¥283.98 | ¥179.32 | ¥258.64 |
| DPS | ¥130.00 | ¥130.00 | ¥80.00 | ¥91.00 |
| BPS | ¥4,079.37 | ¥3,966.65 | ¥3,574.80 | ¥3,422.87 |
| FCF/Share | ¥283 | ¥506 | ¥-485 | ¥81 |
| NCAV/Share | ¥2,814 | ¥2,709 | ¥2,379 | ¥2,388 |
| Payout Ratio | 58.8% | 45.8% | 44.6% | 35.2% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 2
| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 | 市川 周作 | 1,909 | 11.66% |
| 2 |
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）
|
1,764 | 10.78% |
| 3 |
Employee Stock Ownership Plan
アイホン従業員持株会
|
801 | 4.89% |
| 4 |
HIKARI TSUSHIN,INC.
光通信株式会社
|
552 | 3.37% |
| 5 |
Mizuho Bank
株式会社みずほ銀行 （常任代理人 株式会社日本カストディ銀行）
|
526 | 3.21% |
| 6 |
Japan Custody Bank
株式会社日本カストディ銀行（信託口）
|
524 | 3.20% |
| 7 |
Mitsubishi UFJ Trust and Banking
三菱UFJ信託銀行株式会社 （常任代理人 日本マスタートラスト信託銀行株式会社）
|
507 | 3.10% |
| 8 |
Nippon Life Insurance
日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社）
|
490 | 2.99% |
| 9 | アイホン取引先持株会 | 372 | 2.27% |
| 10 |
Sumitomo Life Insurance
住友生命保険相互会社 （常任代理人 株式会社日本カストディ銀行）
|
364 | 2.22% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
17.1%
+1.0% 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
30.6%
+0.3% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 47.7% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 市川 周作 | 11.64% | 11.66% | 11.66% | |
| Japan Master Trust Bank 日本マスタートラスト信託銀行 | 10.06% | 9.20% | 10.78% +1.58% | |
| Employee Stock Ownership Plan アイホン従業員持株会 | 4.92% | 4.73% | 4.89% +0.16% | |
| HIKARI TSUSHIN,INC. 光通信 | 3.37% | 3.37% | 3.37% | |
| Mizuho Bank みずほ銀行 | 3.22% | 3.21% | 3.21% | |
| Japan Custody Bank 日本カストディ銀行 | 3.22% | 3.77% | 3.20% -0.57% | |
| Mitsubishi UFJ Trust and Banking 三菱UFJ信託銀行 | 3.10% | 3.10% | 3.10% | |
| Nippon Life Insurance 日本生命保険 | 3.00% | 2.99% | 2.99% | |
| アイホン取引先持株会 NEW ENTRY | — | — | — | 2.27% NEW |
| Sumitomo Life Insurance 住友生命保険 | 2.23% | 2.22% | 2.22% | |
| MUFG Bank 三菱UFJ銀行 last seen 2024 | Exited Top 10 | 2.17% | 2.16% | — |
| Concentration (HHI) ⓘ | 321 | 307 | 337 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥6,569M
+22% since 2023
Holdings
27
+6 new
10 exited
Trend
2 building
vs 2023
| Held Company | FY2025 ¥6,569M total | FY2023 ¥5,400M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
RINNAI CORPORATION
リンナイ㈱
|
1,500 |
+200.0%
↑
434,100
|
1,404 | 144,700 | M |
|
Inaba Denki Sangyo Co., Ltd.
因幡電機産業㈱
|
855 |
225,000
|
650 | 225,000 | M |
|
Mitsubishi UFJ Financial Group, Inc.
㈱三菱UFJフィナンシャル・グループ
|
816 |
406,000
|
344 | 406,000 | M |
|
Aica Kogyo Company, Limited
アイカ工業㈱
|
777 |
235,700
|
715 | 235,700 | |
|
Sumitomo Realty & Development Co.,Ltd.
住友不動産㈱
|
595 |
106,500
|
317 | 106,500 | |
|
DAIWA HOUSE INDUSTRY CO., LTD.
大和ハウス工業㈱
|
395 |
80,000
|
249 | 80,000 | |
|
YAHAGI CONSTRUCTION CO.,LTD.
矢作建設工業㈱
|
370 |
289,000
|
238 | 289,000 | M |
| ㈱デンキョ―グループホールディングス | 248 |
+8.1%
↑
212,094
|
234 | 196,276 | M |
|
Hosiden Corporation
ホシデン㈱
|
170 |
85,900
|
138 | 85,900 | M |
|
Aichi Financial Group Co., Ltd.
㈱あいちフィナンシャルグループ
|
167 |
NEW
New
58,608
|
— | M | |
|
The Bank of Nagoya, Ltd.
㈱名古屋銀行
|
155 |
19,800
|
62 | 19,800 | M |
|
KAGA ELECTRONICS CO.,LTD.
加賀電子㈱（注３）
|
84 |
NEW
New
31,400
|
— | M | |
|
Ryoden Co., Ltd.
㈱ＲＹＯＤＥＮ
|
76 |
NEW
New
30,500
|
— | M | |
|
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
|
72 |
17,900
|
33 | 17,900 | M |
|
Ryoyo Ryosan Holdings, Inc.
リョーサン菱洋ホールディングス㈱ （注４）
|
61 |
NEW
New
25,080
|
— | ||
|
OKAYA&CO.,LTD.
岡谷鋼機㈱（注５）
|
58 |
NEW
New
8,400
|
— | M | |
|
Shizuoka Financial Group, Inc.
㈱しずおかフィナンシャルグループ
|
58 |
NEW
New
36,000
|
— | M | |
|
TOKAI ELECTRONICS CO.,LTD.
東海エレクトロニクス㈱
|
51 |
20,200
|
59 | 20,200 | M |
|
DAISHINKU CORP.
㈱大真空
|
33 |
59,200
|
43 | 59,200 | M |
|
The Ogaki Kyoritsu Bank, Ltd.
㈱大垣共立銀行
|
15 |
6,500
|
11 | 6,500 | M |
|
Misonoza Co.
㈱御園座
|
13 |
8,000
|
14 | 8,000 | |
| トシン・グループ㈱ | — | — | M | ||
|
EDION Corporation
㈱エディオン
|
— | — | |||
|
KOA CORPORATION
KOA㈱
|
— | — | M | ||
|
Fujii Sangyo Co., Ltd.
藤井産業㈱
|
— | — | M | ||
|
Sun Messe Co.,Ltd.
サンメッセ㈱
|
— | — | M | ||
|
NEW COSMOS ELECTRIC CO., LTD
新コスモス電機㈱
|
— | — | M | ||
|
HOCHIKI CORPORATION
ホーチキ㈱
|
— |
−100%
Exit
—
|
462 | 298,800 | M |
|
ISHIZUKA GLASS CO.,LTD.
石塚硝子㈱
|
— |
−100%
Exit
—
|
1 | 1,000 | M |
|
Aichi Financial Group Co., Ltd.
㈱あいちフィナンシャルグループ （注３）
|
— |
−100%
Exit
—
|
126 | 58,608 | M |
|
KAGA ELECTRONICS CO.,LTD.
加賀電子㈱
|
— |
−100%
Exit
—
|
78 | 15,700 | M |
|
Ryosan Co., Ltd.
㈱リョーサン
|
— |
−100%
Exit
—
|
62 | 19,000 | |
|
Ryoden Co., Ltd.
㈱ＲＹＯＤＥＮ （注４）
|
— |
−100%
Exit
—
|
57 | 30,500 | M |
|
OKAYA&CO.,LTD.
岡谷鋼機㈱
|
— |
−100%
Exit
—
|
43 | 4,200 | M |
|
Shizuoka Financial Group, Inc.
㈱しずおかフィナンシャルグループ （注５）
|
— |
−100%
Exit
—
|
34 | 36,000 | M |
|
TANAKA CO.,LTD
田中商事㈱
|
— |
−100%
Exit
—
|
17 | 27,500 | M |
|
Joshin Denki Co., Ltd.
上新電機㈱
|
— |
−100%
Exit
—
|
9 | 4,750 | |
| Portfolio total | 6,569 | 5,400 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding