NEW COSMOS ELECTRIC CO., LTD

新コスモス電機株式会社

Electric Appliances

New Cosmos Electric Co.,Ltd. researches, develops, manufactures, sells, and maintains residential gas and fire alarms, and fixed gas detection and alarm systems in Japan. It offers portable gas detectors, such as combustible gas, oxygen, toxic gas, combined gas, and other detectors, as well as gas detection and alarm systems for industrial use, portable gas detectors, odor level indicators, air quality monitors, etc. The company was founded in 1934 and is headquartered in Osaka, Japan.

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Price

¥4,830

Market Cap

¥59.7B

Ent. Value

¥41.5B

Net Cash

¥18.2B

Shares Out.

12.4M

P / E

11.4×

EV / EBIT

5.6×

P / Book

1.10×

P / NCAV

1.93×

Div. Yield

1.97%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥50.1B	¥42.2B	¥38.5B	¥37.2B	¥34.3B
Cost of Sales	¥27.3B	¥22.6B	¥21.0B	¥19.4B	¥17.9B
Gross Profit	¥22.8B	¥19.5B	¥17.5B	¥17.8B	¥16.5B
SG&A	¥15.5B	¥14.4B	¥13.4B	¥12.1B	¥11.0B
Operating Income	¥7.4B	¥5.2B	¥4.1B	¥5.7B	¥5.4B
Non-Operating Income	¥619M	¥398M	¥738M	¥590M	¥622M
Dividend Income	—	¥146M	¥124M	¥98M	¥86M
Interest Income	—	¥28M	¥8M	¥16M	¥13M
Non-Operating Expenses	—	¥102M	¥15M	¥14M	¥10M
Interest Expense	—	¥37M	¥12M	¥4M	¥5M
Ordinary Income	¥7.9B	¥5.5B	¥4.8B	¥6.3B	¥6.0B
Pre-tax Income	¥7.9B	¥5.5B	¥4.8B	¥6.0B	¥6.0B
Income Taxes	¥2.2B	¥1.7B	¥1.4B	¥1.8B	¥1.7B
Current Tax	—	¥1.6B	¥1.3B	¥1.8B	¥1.9B
Deferred Tax	—	¥116M	¥92M	¥11M	¥-137M
Net Income (owners)	¥5.2B	¥3.4B	¥3.0B	¥3.7B	¥3.8B
Minority Interest	—	¥431M	¥473M	¥520M	¥523M
Comprehensive Income	—	¥4.3B	¥5.3B	¥4.6B	¥4.2B
EBITDA	¥9.0B	¥6.6B	¥5.3B	¥6.9B	¥6.6B
Goodwill Amort. (J-GAAP)	—	¥135M	¥135M	¥135M	¥135M
EPS	¥424.88	¥273.24	¥239.62	¥302.75	¥304.93
Shares Outstanding	—	12.4M	12.4M	12.3M	12.3M
Shares Issued (total)	—	12.6M	12.6M	12.6M	12.6M
Treasury Shares	—	0.2M	0.2M	0.2M	0.2M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥73.4B	¥67.3B	¥66.8B	¥54.9B	¥50.2B
Current Assets	¥46.9B	¥42.9B	¥45.1B	¥37.2B	¥33.4B
Cash & Deposits	¥22.3B	¥20.0B	¥20.8B	¥15.7B	¥15.2B
Non-Current Assets	¥26.6B	¥24.4B	¥21.7B	¥17.7B	¥16.8B
PP&E	¥11.7B	¥12.0B	¥9.8B	¥8.2B	¥7.6B
Goodwill	—	¥842M	¥977M	¥1.1B	¥1.2B
Intangible Assets	—	¥1.5B	¥1.4B	¥1.4B	¥1.5B
Investment Securities	¥9.6B	¥7.6B	¥7.4B	¥5.3B	¥5.2B
Deferred Tax Assets	—	¥551M	¥433M	¥416M	¥427M
Total Liabilities	¥16.0B	¥16.0B	¥19.2B	¥11.9B	¥11.2B
Current Liabilities	¥9.1B	¥9.1B	¥11.8B	¥9.7B	¥8.7B
Accounts Payable	—	¥2.1B	¥2.8B	¥2.5B	¥2.1B
ST Debt	¥788M	¥920M	¥990M	¥395M	¥460M
Taxes Payable	—	¥797M	¥535M	¥458M	¥1.2B
Non-Current Liabilities	¥6.9B	¥6.9B	¥7.4B	¥2.2B	¥2.5B
Total LT Borrowings	¥3.2B	¥4.0B	¥4.8B	¥448M	¥792M
Pension Obligations	—	¥1.2B	¥1.2B	¥1.2B	¥1.2B
Deferred Tax Liab.	—	¥1.4B	¥1.1B	¥317M	¥301M
Total Equity	¥57.4B	¥51.3B	¥47.7B	¥43.0B	¥39.0B
Capital Stock	—	¥1.5B	¥1.5B	¥1.5B	¥1.5B
Capital Surplus	—	¥955M	¥949M	¥944M	¥943M
Retained Earnings	¥45.7B	¥41.3B	¥38.5B	¥36.1B	¥32.8B
Treasury Stock	—	¥-310M	¥-322M	¥-333M	¥-346M
AOCI	—	¥4.3B	¥3.8B	¥2.0B	¥1.7B
Equity (owners)	¥47.2B	¥43.4B	¥40.6B	¥38.2B	¥34.9B
Minority Interests	—	¥3.6B	¥3.3B	¥2.9B	¥2.5B

Total Interest-Bearing Debt ⓘ	¥4.0B	¥4.9B	¥5.8B	¥842M	¥1.3B
Net Cash ⓘ	¥18.2B	¥15.1B	¥15.0B	¥14.8B	¥13.9B
NCAV ⓘ	¥30.9B	¥26.9B	¥25.9B	¥25.3B	¥22.2B
NCAV/Share	—	¥2,175	¥2,099	¥2,048	¥1,798
BV/Share	—	¥3,507	¥3,283	¥3,091	¥2,826

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥6.0B	¥4.9B	¥2.5B	¥2.6B	¥3.3B
Interest Paid	—	¥-37M	¥-13M	¥-4M	¥-5M
Interest Received	—	¥233M	¥161M	¥152M	¥125M
D&A	¥1.6B	¥1.3B	¥1.1B	¥1.1B	¥999M
Goodwill Amort.	—	¥135M	¥135M	¥135M	¥135M
Investing CF	¥-2.2B	¥-4.7B	¥-2.3B	¥-1.5B	¥-2.2B
CapEx	¥1.4B	¥4.2B	¥1.9B	¥1.4B	¥837M
Purchase Investments	—	¥-13M	¥-51M	¥-55M	¥-1.2B
Proceeds from Invest.	—	¥5M	—	¥0M	—
Financing CF	¥-2.4B	¥-1.7B	¥4.3B	¥-1.0B	¥-991M
Dividends Paid	—	¥-594M	¥-579M	¥-457M	¥-433M
Share Buybacks	—	¥-0M	—	¥-0M	¥-100M
LT Debt Repaid	—	¥-940M	¥-512M	¥-410M	¥-410M
Free Cash Flow	¥4.6B	¥709M	¥644M	¥1.2B	¥2.5B
Net Change in Cash	—	¥-1.3B	¥4.9B	¥566M	¥393M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	9.6%	7.3%	7.0%	9.8%	10.8%
ROA	7.4%	5.0%	4.9%	7.1%	7.5%
EPS	¥424.88	¥273.24	¥239.62	¥302.75	¥304.93
DPS	¥0.00	¥60.00	¥48.00	¥47.00	¥37.00
BPS	¥4,386.69	¥3,855.20	¥3,591.96	¥3,250.91	¥2,959.81
FCF/Share	—	¥57	¥52	¥96	¥200
NCAV/Share	—	¥2,175	¥2,099	¥2,048	¥1,798
Payout Ratio	0.0%	22.0%	20.0%	15.5%	12.1%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 7

Date	Activist	Stake	Event	Flag	Demands
2025-10-07	HIROSHI KASAHARA	6.59%	correction	Passive	—
2025-10-07	HIROSHI KASAHARA	5.4% -1.19%	correction	Passive	—
2025-09-19	HIROSHI KASAHARA	5.4% -1.19%	change	Passive	—
2025-09-09	HIROSHI KASAHARA	6.59% -1.99%	change	Passive	—
2025-05-30	HIROSHI KASAHARA	8.58%	correction	Passive	—
2025-04-17	HIROSHI KASAHARA	8.58%	correction	Passive	—
2025-04-02	HIROSHI KASAHARA	8.58%	initial_5pct	Passive	—

#	Shareholder	Shares (thou.)	% of Total
1	IWATANI CORPORATION 岩谷産業株式会社	3,452	27.93%
2	有限会社アール・ケイ	572	4.63%
3	Business Partner Stock Ownership Plan 新コスモス電機取引先持株会	538	4.36%
4	笠原浩	505	4.09%
5	OSAKA GAS CO.,LTD. 大阪瓦斯株式会社	442	3.58%
6	Employee Stock Ownership Plan 新コスモス電機従業員持株会	436	3.53%
7	Dai-ichi Life Insurance 第一生命保険株式会社（常任代理人株式会社日本カストディ銀行）	385	3.11%
8	齋賀優子	371	3.01%
9	重盛徹志	322	2.61%
10	RINNAI CORPORATION リンナイ株式会社	251	2.03%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

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

58.9%

+0.1% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
IWATANI CORPORATION 岩谷産業		27.96%	27.95%	27.93% -0.02%
限会社アール・ケイ		4.63%	4.63%	4.63%
Business Partner Stock Ownership Plan 新コスモス電機取引先持株会		4.68%	4.22%	4.36% +0.14%
笠原浩 NEW ENTRY	—	—	—	4.09% NEW
OSAKA GAS CO.,LTD. 大阪瓦斯		3.58%	3.58%	3.58%
Employee Stock Ownership Plan 新コスモス電機従業員持株会		3.83%	3.73%	3.53% -0.20%
Dai-ichi Life Insurance 第一生命保険		3.12%	3.12%	3.11% -0.01%
齋賀優子		3.01%	3.01%	3.01%
重盛徹志		2.64%	2.61%	2.61%
RINNAI CORPORATION リンナイ		2.04%	2.04%	2.03% -0.01%
笠原美都子 last seen 2024	Exited Top 10	3.85%	3.85%	—
Concentration (HHI) ⓘ		897	892	892

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

Portfolio Book Value ¥5,818M +61% since 2023

Holdings 24

Trend 3 building vs 2023

Held Company	FY2025 ¥5,818M total		FY2023 ¥3,623M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
NIPPON SANSO HOLDINGS CORPORATION 日本酸素ホールディングス株式会社	2,160	+0.3% ↑ 478,629	1,137	477,319	M
NOHMI BOSAI LTD. 能美防災株式会社	1,065	332,900	563	332,900	M
OSAKA GAS CO.,LTD. 大阪瓦斯株式会社	496	146,465	319	146,465	M
RINNAI CORPORATION リンナイ株式会社	495	143,100	463	143,100	M
DAIMARU.ENAWIN CO.,LTD. 大丸エナウィン株式会社	297	177,400	223	177,400	M
TOHO GAS CO.,LTD. 東邦瓦斯株式会社	245	59,200	146	59,200	M
Seibu Gas Holdings Co. 西部ガスホールディングス株式会社	208	+7.3% ↑ 121,911	197	113,624	M
nishikawa keisoku co.,ltd. 西川計測株式会社	203	24,300	134	24,300	M
Mitsubishi UFJ Financial Group, Inc. 株式会社三菱ＵＦＪフィナンシャル・グループ	155	76,921	65	76,921
TOKYO GAS CO.,LTD. 東京瓦斯株式会社	122	25,600	64	25,600	M
K&O Energy Group Inc. Ｋ＆Ｏエナジーグループ株式会社	72	24,000	51	24,000	M
NORITZ CORPORATION 株式会社ノーリツ	55	31,200	54	31,200	M
SALA CORPORATION 株式会社サーラコーポレーション	46	53,580	40	53,580
SHIZUOKA GAS CO., LTD. 静岡ガス株式会社	38	34,000	39	34,000	M
The Kansai Electric Power Company, Incorporated 関西電力株式会社	37	20,810	27	20,810
Shigematsu Seisakusho Co., Ltd. 株式会社重松製作所	25	31,000	26	31,000	M
Hokkaido Gas Co., Ltd. 北海道瓦斯株式会社	25	+482.7% ↑ 48,833	16	8,381
Hiroshima Gas Co. 広島ガス株式会社	24	70,000	25	70,000	M
第一生命ホールディングス株式会社	17	3,800	9	3,800
Tokuyama Corporation 株式会社トクヤマ	10	3,600	8	3,600	M
Nomura Holdings Inc. 野村ホールディングス株式会社	10	10,815	6	10,815
KANADEN CORPORATION 株式会社カナデン	7	5,000	6	5,000	M
AIPHONE CO.,LTD アイホン株式会社	6	2,400	5	2,400
Tokyo Electric Power Company Holdings, Incorporated 東京電力ホールディングス株式会社	0	1,030	0	1,030
Portfolio total	5,818		3,623

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