Nippon Signal Company,Limited

日本信号株式会社

Electric Appliances

Nippon Signal Co., Ltd., together with its subsidiaries, engages in the manufacture and sale of railway and road traffic signal solutions. The company operates through the Transportation Infrastructure Business and ICT Solution Business segments. It offers railway signal safety and road traffic systems, station service automation systems, security solutions, parking lot systems, robotics solutions, platform safety systems, 3D laser ranging image sensors, and ground penetrating radar solutions. The company also offers maintenance services for railway signal safety equipment, AFC and parking equipment, and road traffic safety systems. Nippon Signal Co., Ltd. was incorporated in 1928 and is headquartered in Tokyo, Japan.

← Companies

Price

¥1,588

Market Cap

¥99.0B

Ent. Value

¥107.0B

Net Debt

−¥7.9B

Shares Out.

62.4M

P / E

11.6×

EV / EBIT

10.8×

P / Book

0.97×

P / NCAV

2.13×

Div. Yield

2.71%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥106.9B	¥98.5B	¥85.5B	¥85.0B
Cost of Sales	¥81.2B	¥76.9B	¥65.4B	¥65.5B
Gross Profit	¥25.7B	¥21.6B	¥20.1B	¥19.6B
SG&A	¥15.8B	¥14.8B	¥14.9B	¥14.2B
Operating Income	¥9.9B	¥6.8B	¥5.1B	¥5.4B
Non-Operating Income	¥1.4B	¥1.3B	¥1.0B	¥1.3B
Dividend Income	¥717M	¥462M	¥459M	¥492M
Interest Income	¥1M	¥0M	¥0M	¥0M
Non-Operating Expenses	¥474M	¥253M	¥233M	¥160M
Interest Expense	¥98M	¥46M	¥49M	¥36M
Ordinary Income	¥10.8B	¥7.9B	¥5.9B	¥6.5B
Pre-tax Income	¥11.7B	¥8.0B	¥6.0B	¥6.5B
Income Taxes	¥3.2B	¥2.7B	¥2.0B	¥2.0B
Current Tax	¥3.3B	¥3.4B	¥2.3B	¥1.7B
Deferred Tax	¥-91M	¥-677M	¥-310M	¥353M
Net Income (owners)	¥8.5B	¥5.3B	¥4.1B	¥4.5B
Comprehensive Income	¥7.9B	¥9.2B	¥4.3B	¥3.7B
EBITDA	¥12.5B	¥9.2B	¥7.5B	¥7.6B
EPS	¥136.34	¥85.71	¥65.34	¥72.21
Shares Outstanding	62.4M	62.4M	62.4M	62.4M
Shares Issued (total)	68.3M	68.3M	68.3M	68.3M
Treasury Shares	6.0M	6.0M	6.0M	6.0M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥166.2B	¥165.3B	¥146.0B	¥134.1B
Current Assets	¥110.2B	¥110.6B	¥97.3B	¥86.7B
Cash & Deposits	¥11.3B	¥11.8B	¥8.4B	¥6.4B
Trade Receivables	¥38.7B	¥32.0B	¥29.5B	¥30.1B
Non-Current Assets	¥56.0B	¥54.7B	¥48.7B	¥47.4B
PP&E	¥18.7B	¥17.1B	¥16.3B	¥16.6B
Intangible Assets	¥3.1B	¥2.9B	¥2.1B	¥1.9B
Investment Securities	¥28.3B	¥29.0B	¥24.6B	¥23.4B
Deferred Tax Assets	¥768M	¥686M	¥1.5B	¥1.3B
Total Liabilities	¥63.6B	¥68.5B	¥56.7B	¥47.3B
Current Liabilities	¥54.0B	¥57.8B	¥46.6B	¥37.0B
Accounts Payable	¥11.7B	¥13.4B	¥11.1B	¥10.4B
ST Debt	¥19.2B	¥18.7B	¥17.5B	¥11.8B
Taxes Payable	¥2.8B	¥2.5B	¥1.5B	¥886M
Non-Current Liabilities	¥9.6B	¥10.7B	¥10.1B	¥10.3B
Pension Obligations	¥8.7B	¥9.3B	¥9.4B	¥9.4B
Deferred Tax Liab.	¥725M	¥727M	¥551M	¥602M
Total Equity	¥102.6B	¥96.8B	¥89.4B	¥86.7B
Capital Stock	¥10.0B	¥10.0B	¥10.0B	¥10.0B
Capital Surplus	¥7.6B	¥7.6B	¥7.6B	¥7.6B
Retained Earnings	¥78.2B	¥71.9B	¥68.2B	¥65.8B
Treasury Stock	¥-6.6B	¥-6.6B	¥-6.6B	¥-6.6B
AOCI	¥13.4B	¥13.9B	¥10.1B	¥9.9B
Equity (owners)	¥89.3B	¥82.9B	¥79.2B	¥76.8B

Total Interest-Bearing Debt ⓘ	¥19.2B	¥18.7B	¥17.5B	¥11.8B
Net Cash ⓘ	¥-7.9B	¥-6.9B	¥-9.1B	¥-5.4B
NCAV ⓘ	¥46.6B	¥42.2B	¥40.6B	¥39.3B
NCAV/Share	¥747	¥676	¥651	¥630
BV/Share	¥1,431	¥1,329	¥1,270	¥1,232

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥5.8B	¥6.8B	¥1.7B	¥2.1B
Interest Paid	¥-98M	¥-46M	¥-49M	¥-36M
Interest Received	¥668M	¥462M	¥459M	¥493M
D&A	¥2.6B	¥2.4B	¥2.4B	¥2.2B
Investing CF	¥-4.5B	¥-3.0B	¥-3.6B	¥-2.3B
CapEx	¥4.0B	¥2.6B	¥1.7B	¥1.8B
Purchase Investments	¥-15M	¥-336M	¥-758M	¥-96M
Proceeds from Invest.	¥547M	¥1.7B	¥0M	¥0M
Financing CF	¥-1.6B	¥-338M	¥3.9B	¥-6.8B
Dividends Paid	¥-2.1B	¥-1.7B	¥-1.7B	¥-1.7B
Free Cash Flow	¥1.8B	¥4.1B	¥25M	¥301M
Net Change in Cash	¥-512M	¥3.4B	¥2.0B	¥-6.9B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	8.5%	5.7%	4.6%	5.3%
ROA	5.1%	3.4%	2.9%	3.4%
EPS	¥136.34	¥85.71	¥65.34	¥72.21
DPS	¥43.00	¥31.00	¥27.00	¥27.00
BPS	¥1,645.37	¥1,552.35	¥1,432.57	¥1,390.71
FCF/Share	¥29	¥67	¥0	¥5
NCAV/Share	¥747	¥676	¥651	¥630
Payout Ratio	31.5%	36.2%	41.3%	37.4%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 1

Date	Activist	Stake	Event	Flag	Demands	Source
2024-08-08	The Nippon Signal Trading-Partner	5.01%	initial_5pct	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-12 13:00	Div Increase	¥2.7B ¥43.0/sh +30%	Nihon Shingō (6741) announced a final dividend of ¥43 per share for fiscal year ending March 31, 2026, representing a 30…
Summary Nihon Shingō (6741) announced a final dividend of ¥43 per share for fiscal year ending March 31, 2026, representing a 30.3% increase from ¥33 in the prior year. Total annual dividend rises to ¥56 per share (13 yen increase YoY), with ¥2,681 million in total payout from retained earnings, reflecting the company's policy of stable dividend continuation tied to consolidated payout ratio targets of 30%+ and minimum DOE of 2.0%. Deadline: 2026-06-15 YoY: +30% Source (JP) 上記基本方針に基づき、第１４３期の期末配当につきましては１株当たり４３円といたしました。その結果、年間配当は前期比で１３円増配となる１株当たり５６円となります。剰余金の配当に関するお知らせ 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）	7,046	11.30%
2	Fukoku Mutual Life Insurance 富国生命保険相互会社	4,793	7.68%
3	Employee Stock Ownership Plan 日本信号グループ社員持株会	4,106	6.58%
4	Business Partner Stock Ownership Plan 日本信号取引先持株会	3,403	5.46%
5	Mizuho Bank 株式会社みずほ銀行	2,200	3.53%
6	West Japan Railway Company 西日本旅客鉄道株式会社	2,050	3.29%
7	GOVERNMENT OF NORWAY GOVERNMENT OF NORWAY（常任代理人シティバンク、エヌ・エイ東京支店）	1,802	2.89%
8	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	1,593	2.55%
9	MUFG Bank 株式会社三菱ＵＦＪ銀行	1,372	2.20%
10	東海旅客鉄道株式会社	902	1.45%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

13.8%

+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

33.1%

-0.4% 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		10.73%	10.47%	11.30% +0.83%
Fukoku Mutual Life Insurance 富国生命保険相互会社		7.68%	7.68%	7.68%
Employee Stock Ownership Plan 日本信号グループ社員持株会		6.46%	6.50%	6.58% +0.08%
Business Partner Stock Ownership Plan 日本信号取引先持株会		5.27%	5.35%	5.46% +0.11%
Mizuho Bank みずほ銀行		3.53%	3.53%	3.53%
West Japan Railway Company 西日本旅客鉄道		3.29%	3.29%	3.29%
GOVERNMENT OF NORWAY		2.98%	2.93%	2.89% -0.04%
Japan Custody Bank 日本カストディ銀行		3.19%	2.38%	2.55% +0.17%
MUFG Bank 式会社三菱ＵＦＪ銀行		2.20%	2.20%	2.20%
東海旅客鉄道 NEW ENTRY	—	—	—	1.45% NEW
Aioi Nissay Dowa Insurance Co. あいおいニッセイ同和損害保険 last seen 2024	Exited Top 10	2.14%	1.95%	—
Concentration (HHI) ⓘ		295	286	305

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

Portfolio Book Value ¥23,837M +24% since 2023

Holdings 32 3 exited

Trend 1 unwinding vs 2023

Held Company	FY2025 ¥23,837M total		FY2023 ¥19,242M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
パーク二四（株）	7,927	3,853,200	7,455	3,853,200	M
亜力電機股份有限公司	3,405	+5.0% ↑ 7,514,332	1,192	7,154,122
Central Japan Railway Company 東海旅客鉄道（株）	1,783	+400.0% ↑ 625,000	1,976	125,000	M
Mitsubishi UFJ Financial Group, Inc. （株）三菱ＵＦＪフィナンシャル・グループ	1,425	709,000	601	709,000	M
Kyushu Railway Company 九州旅客鉄道（株）	1,204	330,000	973	330,000
Tokyo Tatemono Co., Ltd. 東京建物（株）	884	350,181	565	350,181	M
NIPPON RIETEC CO.,LTD. 日本リーテック（株）	848	570,602	534	570,602	M
Keisei Electric Railway Co. 京成電鉄（株）	813	+257.4% ↑ 604,013	688	169,021
West Japan Railway Company 西日本旅客鉄道（株）	732	+100.0% ↑ 251,000	684	125,500	M
SEIBU HOLDINGS INC. （株）西武ホールディングス	713	216,000	293	216,000	M
Mizuho Financial Group, Inc. （株）みずほフィナンシャルグループ	564	139,364	261	139,364	M
East Japan Railway Company 東日本旅客鉄道（株）	531	+200.0% ↑ 180,000	440	60,000
NIPPON DENSETSU KOGYO CO.,LTD 日本電設工業（株）	530	252,551	400	252,551	M
NAGOYA ELECTRIC WORKS CO.,LTD. 名古屋電機工業（株）	499	+100.0% ↑ 440,000	344	220,000	M
Kintetsu Group Holdings Co. 近鉄グループホールディングス（株）	294	92,209	393	92,209
Sanyo Electric Railway Co.,Ltd. 山陽電気鉄道（株）	203	101,740	231	101,740
Keihan Holdings Co.,Ltd. 京阪ホールディングス（株）	176	54,272	187	54,272
Sumitomo Mitsui Financial Group, Inc. （株）三井住友フィナンシャルグループ	157	+200.0% ↑ 41,400	73	13,800	M
Sotetsu Holdings,Inc. 相鉄ホールディングス（株）	153	70,126	159	70,126
Odakyu Electric Railway Co.,Ltd 小田急電鉄（株）	140	94,733	162	94,733
Daido Signal Co.,Ltd. 大同信号（株）	138	-9.8% ↓ 271,100	129	300,600	M
Hankyu Hanshin Holdings,Inc. 阪急阪神ホールディングス（株）	138	34,369	134	34,369
Keikyu Corporation 京浜急行電鉄（株）	137	+1.2% ↑ 91,184	113	90,084
TOKYU CORPORATION 東急(株)	102	+4.9% ↑ 60,630	101	57,771
Nishi-Nippon Railroad Co.,Ltd. 西日本鉄道（株）	90	+3.1% ↑ 42,140	97	40,874	M
Keio Corporation 京王電鉄（株）	76	20,000	92	20,000	M
TOBU RAILWAY CO.,LTD. 東武鉄道（株）	69	27,298	86	27,298	M
FUJI KYUKO CO., LTD. 富士急行（株）	39	17,608	77	17,608
Kobe Electric Railway Co.,Ltd. 神戸電鉄（株）	29	12,447	39	12,447
Resona Holdings, Inc. （株）りそなホールディングス	25	20,009	12	20,009	M
Shinko Shoji Co.,Ltd. 新光商事（株）	13	15,180	18	15,180	M
新京成電鉄（株）	—		—
taisei corporation 大成建設（株）	—	−100% Exit —	589	144,000	M
第一生命ホールディングス（株）	—	−100% Exit —	45	18,800	M
Kyosan Electric Manufacturing Co.,Ltd. （株）京三製作所	—	−100% Exit —	99	233,000	M
Portfolio total	23,837		19,242

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