6859
Espec Co., Ltd.
エスペック株式会社
Electric Appliances
Espec Corp. manufactures and sells environmental test, energy device, and semiconductor-related equipment worldwide. It operates through three segments: Equipment Business, Service Business, and Other Business. The company offers temperature and humidity chambers, rapid-rate thermal cycle chambers, thermal shock chambers, temperature chambers, and network products. It also provides secondary battery-related equipment; measurement and evaluation systems, and semiconductor-related equipment, as well as testing equipment; HALT and HASS systems, and indoor farm and growth chambers. In addition, the company offers laboratory testing and consulting services; and calibration services for measuring equipment. Further it is in involved in the rental and resale of environmental test equipment. The company was founded in 1947 and is headquartered in Osaka, Japan.
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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
¥67.3B
¥62.1B
¥52.9B
¥41.9B
Cost of Sales
¥43.3B
¥40.1B
¥34.9B
¥27.8B
Gross Profit
¥24.0B
¥22.0B
¥18.0B
¥14.0B
SG&A
¥16.5B
¥15.4B
¥13.6B
¥12.0B
Operating Income
¥7.5B
¥6.6B
¥4.4B
¥2.0B
Non-Operating Income
¥410M
¥383M
¥346M
¥419M
Dividend Income
¥206M
¥158M
¥128M
¥95M
Interest Income
¥56M
¥46M
¥21M
¥53M
Non-Operating Expenses
¥144M
¥49M
¥48M
¥66M
Interest Expense
¥24M
¥25M
¥34M
¥40M
Ordinary Income
¥7.8B
¥6.9B
¥4.7B
¥2.3B
Pre-tax Income
¥8.1B
¥6.9B
¥4.7B
¥2.7B
Income Taxes
¥2.1B
¥1.9B
¥1.3B
¥800M
Current Tax
¥2.0B
¥1.9B
¥1.4B
¥946M
Deferred Tax
¥108M
¥-4M
¥-46M
¥-145M
Net Income (owners)
¥6.0B
¥5.0B
¥3.3B
¥1.9B
Minority Interest
—
¥9M
¥5M
¥4M
Comprehensive Income
¥5.9B
¥7.4B
¥4.1B
¥2.8B
EBITDA
¥9.5B
¥8.3B
¥5.8B
¥3.4B
Goodwill Amort. (J-GAAP)
¥253M
¥198M
¥123M
¥99M
EPS
¥274.97
¥227.61
¥150.34
¥84.89
Shares Outstanding
22.1M
22.1M
22.1M
22.5M
Shares Issued (total)
23.8M
23.8M
23.8M
23.8M
Treasury Shares
1.7M
1.7M
1.7M
1.2M
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥75.8B
¥78.2B
¥67.2B
¥61.9B
Current Assets
¥50.6B
¥54.7B
¥48.0B
¥43.1B
Cash & Deposits
¥12.8B
¥16.5B
¥14.0B
¥13.3B
Trade Receivables
¥18.0B
¥16.5B
¥16.1B
¥13.6B
Non-Current Assets
¥25.3B
¥23.6B
¥19.2B
¥18.8B
PP&E
¥15.9B
¥14.1B
¥12.5B
¥12.4B
Goodwill
¥1.4B
¥1.6B
¥601M
¥698M
Intangible Assets
¥2.1B
¥2.3B
¥1.2B
¥1.3B
Investment Securities
¥4.0B
¥4.1B
¥3.1B
¥2.9B
Deferred Tax Assets
¥969M
¥1.1B
¥575M
¥544M
Total Liabilities
¥19.2B
¥25.5B
¥20.0B
¥16.3B
Current Liabilities
¥15.4B
¥22.4B
¥17.3B
¥13.5B
Accounts Payable
¥3.9B
¥4.5B
¥4.5B
¥3.5B
ST Debt
¥101M
¥5.1B
¥90M
¥82M
Taxes Payable
¥1.1B
¥1.1B
¥603M
¥428M
Non-Current Liabilities
¥3.7B
¥3.1B
¥2.7B
¥2.8B
Total LT Borrowings
¥25M
¥128M
¥203M
¥269M
Pension Obligations
¥90M
¥264M
¥243M
¥245M
Deferred Tax Liab.
¥1.3B
¥1.2B
¥729M
¥560M
Total Equity
¥56.7B
¥52.7B
¥47.2B
¥45.6B
Capital Stock
¥6.9B
¥6.9B
¥6.9B
¥6.9B
Capital Surplus
¥7.1B
¥7.1B
¥7.2B
¥7.1B
Retained Earnings
¥41.2B
¥37.1B
¥33.7B
¥31.8B
Treasury Stock
¥-3.3B
¥-3.3B
¥-3.3B
¥-2.2B
AOCI
¥4.8B
¥5.0B
¥2.5B
¥1.8B
Equity (owners)
¥51.8B
¥47.7B
¥44.4B
¥43.6B
Minority Interests
—
—
¥218M
¥213M
Total Interest-Bearing Debt ⓘ
¥126M
¥5.2B
¥293M
¥351M
Net Cash ⓘ
¥12.6B
¥11.3B
¥13.7B
¥12.9B
NCAV ⓘ
¥31.4B
¥29.2B
¥28.0B
¥26.7B
NCAV/Share
¥1,424
¥1,321
¥1,268
¥1,186
BV/Share
¥2,349
¥2,162
¥2,012
¥1,934
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥4.4B
¥2.7B
¥1.9B
¥2.0B
Taxes Paid
¥-2.0B
¥-1.4B
¥-1.1B
¥-761M
Interest Paid
¥-25M
¥-26M
¥-34M
¥-41M
Interest Received
¥256M
¥292M
¥201M
¥197M
D&A
¥1.7B
¥1.5B
¥1.3B
¥1.3B
Goodwill Amort.
¥253M
¥198M
¥123M
¥99M
Investing CF
¥-1.2B
¥-3.8B
¥-1.1B
¥-932M
Financing CF
¥-7.2B
¥2.8B
¥-2.9B
¥-2.8B
Dividends Paid
¥-1.9B
¥-1.5B
¥-1.5B
¥-1.3B
Share Buybacks
¥0M
¥0M
¥-1.3B
¥-1.1B
LT Debt Repaid
¥-103M
¥-97M
¥-91M
¥-76M
Free Cash Flow
¥4.4B
¥2.7B
¥1.9B
¥2.0B
Net Change in Cash
¥-4.0B
¥2.5B
¥-1.9B
¥-1.1B
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
11.0%
10.0%
7.2%
4.2%
ROA
7.8%
6.8%
5.2%
3.1%
EPS
¥274.97
¥227.61
¥150.34
¥84.89
DPS
¥95.00
¥75.00
¥69.00
¥60.00
BPS
¥2,596.78
¥2,414.58
¥2,150.64
¥2,028.44
FCF/Share
¥201
¥124
¥87
¥89
NCAV/Share
¥1,424
¥1,321
¥1,268
¥1,186
Payout Ratio
34.5%
33.0%
45.9%
70.7%
Event Timeline
S ShareholderA Capital Signal▾ Hide Chart
Large Shareholder Reports 7
Date Activist Stake Event Flag Demands Source
2026-05-21
Schroder Investment Management(Japan)Limited
5.35%
+0.33%
change
Passive
—
2025-10-23
ESPEC Business Partners Stockholding Association
9.52%
initial_5pct
Passive
—
2025-10-23
ESPEC Business Partners Stockholding Association
7.04%
-2.48%
initial_5pct
Passive
—
2025-06-19
Sumitomo Mitsui Trust Asset Management Co.,Ltd.
4.44%
-1.33%
change
Passive
—
2025-03-21
Schroder Investment Management(Japan)Limited
5.02%
initial_5pct
Passive
—
2023-09-06
Sumitomo Mitsui Trust Asset Management Co.,Ltd.
5.77%
-0.93%
change
Passive
—
2023-07-21
Sumitomo Mitsui Trust Asset Management Co.,Ltd.
6.7%
change
Passive
—
Capital Allocation Signals 1
Date
Type
Amount
Summary
2026-05-14
15:00
Cost of Capital
—
Espec updated its capital cost and shareholder value management policy following a board decision on 2026-05-14. The com…
Summary
Espec updated its capital cost and shareholder value management policy following a board decision on 2026-05-14. The company revised its cost of equity upward from 8% to approximately 10% using CAPM methodology, and restated its ROE target at 12.0%+ through FY2027. Mid-term plan targets were revised downward (revenue ¥76.0B, operating profit ¥9.1B, net income ¥6.7B) reflecting FY2025 underperformance (ROE 10.0% vs. 11.0% target). The company commits to maintaining equity ratio below 70%, pursuing dividend payout ratio ≥40%, and targeting cumulative total shareholder return ≥50% over the 3-year plan period without dividend cuts.
Source (JP)
株主資本コストを CAPM を用いて算出しており、これまで８％程度と認識しておりましたが、金利上昇や株主・投資家のみなさまとの対話をふまえ取締役会にて議論を行い、10％程度に見直しました。
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 13
#
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）
3,342
15.14%
2
Business Partner Stock Ownership Plan
エスペック取引先持株会
1,673
7.58%
3
Japan Custody Bank
株式会社日本カストディ銀行（信託口）
1,567
7.10%
4
Employee Stock Ownership Plan
エスペック従業員持株会
732
3.31%
5
Nippon Life Insurance
日本生命保険相互会社
553
2.50%
6
MSIP CLIENT SECURITIES
ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ （常任代理人 モルガン・スタンレーＭＵＦＧ 証券株式会社）
503
2.28%
7
Dai-ichi Life Insurance
第一生命保険株式会社
276
1.25%
8
住友生命保険相互会社
268
1.21%
9
ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１ （常任代理人 株式会社みずほ銀行）
257
1.16%
10
ＢＮＰ ＰＡＲＩＢＡＳ ＬＵＸＥＭＢＯＵＲＧ／２Ｓ／ＪＡＳＤＥＣ／ＦＩＭ／ＬＵＸＥＭＢＯＵＲＧＦＵＮＤＳ／ ＵＣＩＴＳ ＡＳＳＥＴＳ （常任代理人 香港上海銀行東京支店）
250
1.13%
Domestic Nominees
22.2%
+1.6% 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
20.4%
-4.3% 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
19.43%
13.92%
15.14%
+1.22%
Business Partner Stock Ownership Plan
エスペック取引先持株会
9.96%
10.09%
7.58%
-2.51%
Japan Custody Bank
日本カストディ銀行
9.35%
6.76%
7.10%
+0.34%
Employee Stock Ownership Plan
エスペック従業員持株会
3.58%
3.62%
3.31%
-0.31%
Nippon Life Insurance
日本生命保険
2.50%
2.50%
2.50%
MSIP CLIENT SECURITIES
ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ
—
2.39%
2.28%
-0.11%
Dai-ichi Life Insurance
第一生命保険
1.25%
1.25%
1.25%
住友生命保険
NEW ENTRY
1.21%
—
1.21%
NEW
ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１
NEW ENTRY
—
—
—
1.16%
NEW
ＢＮＰ ＰＡＲＩＢＡＳ ＬＵＸＥＭＢＯＵＲＧ／２Ｓ／ＪＡＳＤＥＣ／ＦＩＭ／ＬＵＸＥＭＢＯＵＲＧＦＵＮＤＳ／ ＵＣＩＴＳ ＡＳＳＥＴＳ
NEW ENTRY
—
—
—
1.13%
NEW
TACHIBANA ELETECH CO.,LTD.
式会社立花エレテック
last seen 2024
Exited Top 10
1.89%
1.89%
—
佐々木 嘉樹
last seen 2024
Exited Top 10
2.40%
1.72%
—
CEPLUX－ABRDN SICAV I
ＣＥＰＬＵＸ－ＡＢＲＤＮ ＳＩＣＡＶ Ｉ
last seen 2024
Exited Top 10
—
1.23%
—
みずほ銀行
last seen 2023
Exited Top 10
1.16%
—
—
Concentration (HHI)
ⓘ
597
376
365
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥3,496M
+33% since 2023
Holdings
13
+1 new
1 exited
Trend
1 unwinding
vs 2023
Held Company
FY2025
¥3,496M total
FY2023
¥2,632M total
Book Val ¥M
Shares
Book Val ¥M
Shares
IMV CORPORATION
ＩＭＶ㈱
1,185
766,000
352
766,000
M
因幡電器産業㈱
637
167,868
485
167,868
M
TACHIBANA ELETECH CO.,LTD.
㈱立花エレテック
326
-50.0%
↓
136,010
541
272,010
M
Azbil Corporation
アズビル㈱
276
+300.0%
↑
240,000
216
60,000
M
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
216
53,384
100
53,384
M
CKD Corporation
ＣＫＤ㈱
199
99,000
212
99,000
M
GLORY LTD.
グローリー㈱
162
62,000
179
62,000
M
Chino Corporation
㈱チノー
119
60,000
129
60,000
M
sun-wa technos corporation
サンワテクノス㈱
107
50,400
97
50,400
M
Kyoto Financial Group, Inc.
㈱京都フィナンシャルグループ
104
NEW
New
46,032
—
M
HISAKA WORKS,LTD.
㈱日阪製作所
74
75,720
67
75,720
M
NIHON DENKEI CO.,LTD.
日本電計㈱
54
30,000
57
30,000
M
Resona Holdings, Inc.
㈱りそなホールディングス
37
28,927
18
28,927
M
The Bank of Kyoto
㈱京都銀行
—
−100%
Exit
—
179
28,758
M
Portfolio total 3,496
2,632
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding