7013
IHI Corporation
株式会社IHI
Machinery
IHI Corporation designs and builds engineering solutions in Japan and internationally. The company operates through four segments: Resources, Energy and Environment; Social Infrastructure; Industrial Systems and General-Purpose Machinery; and Aero Engine, Space and Defense. The company engages in the manufacturing, sale, and provision of services related to power systems plants for land use and power systems for ships; carbon solutions comprising boilers and storage facilities; components for nuclear power plants; bridges and water gates, transport systems, shield systems, and concrete construction materials; vehicular turbochargers, parking, heat treatment and surface engineering; transport machineries; logistics and industrial systems; and rotating machineries comprising compressors, separation systems, and turbochargers for ships. It also offers gas turbine power generation systems, co-generation systems, medium sized engines, gas engine power generation systems, propulsion units, and fuel injection equipment; LNG receiving terminal; pressure vessels, furnaces, cooling towers, vertical mills, air-cooled heat exchangers, chimneys, and water treatment plants; and cryogenic product, material handling system, steelmaking equipment, pulp & paper machinery, agricultural machinery, and life associated equipment. In addition, the company provides aero engines; rocket, space utilization, defense, and traffic control systems; and communication, electronic, electric measuring, information processing machines, and other instruments and equipment, as well as sells and rents real estate. The company was formerly known as Ishikawajima-Harima Heavy Industries Co., Ltd and changed its name to IHI Corporation in 2007. IHI Corporation was founded in 1853 and is headquartered in Tokyo, Japan.
Price
¥2,766
Market Cap
¥420.3B
Ent. Value
¥672.8B
Net Debt
−¥252.6B
Shares Out.
151.9M
P / E
3.7×
EV / EBIT
4.7×
P / Book
—
P / NCAV
N/M
Div. Yield
4.34%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | ¥1,626.8B | ¥1,322.6B | ¥1,352.9B | ¥1,172.9B |
| Cost of Sales | ¥1,252.3B | ¥1,177.7B | ¥1,070.9B | ¥963.5B |
| Gross Profit | ¥374.5B | ¥144.9B | ¥282.0B | ¥209.4B |
| SG&A | ¥223.6B | ¥212.8B | ¥201.2B | ¥176.6B |
| Operating Income | ¥143.5B | ¥-70.1B | ¥82.0B | ¥81.5B |
| Non-Operating Income | ¥3.7B | ¥4.9B | ¥2.4B | ¥9.6B |
| Non-Operating Expenses | ¥15.0B | ¥7.8B | ¥11.2B | ¥4.6B |
| Pre-tax Income | ¥138.5B | ¥-72.3B | ¥64.9B | ¥87.6B |
| Net Income (owners) | ¥112.7B | ¥-68.2B | ¥44.5B | ¥66.1B |
| Minority Interest | ¥4.6B | ¥3.4B | ¥3.8B | ¥2.9B |
| Comprehensive Income | ¥125.5B | ¥-34.4B | ¥65.8B | ¥88.2B |
| EPS | ¥744.84 | ¥-450.78 | ¥294.48 | ¥439.77 |
| Shares Outstanding | 151.9M | 151.9M | 151.9M | 151.9M |
| Shares Issued (total) | 154.7M | 154.7M | 154.7M | 154.7M |
| Treasury Shares | 2.8M | 2.8M | 2.8M | 2.8M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥2,240.4B | ¥2,097.8B | ¥1,942.0B | ¥1,879.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥1,302.3B | ¥1,210.7B | ¥1,085.7B | ¥1,024.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥136.8B | ¥138.8B | ¥124.7B | ¥145.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥938.1B | ¥887.1B | ¥856.2B | ¥855.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥242.0B | ¥236.8B | ¥225.0B | ¥230.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | ¥6.3B | ¥6.3B | ¥6.5B | ¥6.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥132.1B | ¥127.1B | ¥123.7B | ¥121.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥119.5B | ¥98.2B | ¥82.3B | ¥78.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥1,731.7B | ¥1,695.5B | ¥1,485.7B | ¥1,472.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥1,117.9B | ¥1,051.1B | ¥831.6B | ¥773.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥126.1B | ¥177.0B | ¥140.4B | ¥95.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥613.8B | ¥644.5B | ¥654.1B | ¥699.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥263.3B | ¥272.1B | ¥253.3B | ¥277.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥7.7B | ¥4.1B | ¥4.5B | ¥3.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥508.7B | ¥402.3B | ¥456.3B | ¥407.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥46.4B | ¥46.4B | ¥46.7B | ¥47.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥280.1B | ¥177.4B | ¥251.9B | ¥213.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-8.6B | ¥-8.6B | ¥-8.7B | ¥-8.8B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥56.8B | ¥53.6B | ¥34.2B | ¥23.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥481.7B | ¥376.0B | ¥431.2B | ¥382.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥26.9B | ¥26.3B | ¥25.0B | ¥24.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥389.4B | ¥449.2B | ¥393.7B | ¥372.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥-252.6B | ¥-310.3B | ¥-268.9B | ¥-226.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥-429.5B | ¥-484.8B | ¥-400.0B | ¥-448.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥-2,827 | ¥-3,192 | ¥-2,633 | ¥-2,954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥3,171 | ¥2,475 | ¥2,839 | ¥2,516 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| ROE | 24.8% | -15.9% | 10.3% | 16.2% |
| ROA | 5.2% | -3.4% | 2.3% | 3.5% |
| EPS | ¥744.84 | ¥-450.78 | ¥294.48 | ¥439.77 |
| DPS | ¥120.00 | ¥100.00 | ¥90.00 | ¥70.00 |
| FCF/Share | ¥1,169 | ¥409 | ¥356 | ¥752 |
| NCAV/Share | ¥-2,827 | ¥-3,192 | ¥-2,633 | ¥-2,954 |
| Payout Ratio | 16.1% | — | 30.6% | 15.9% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 51
| # | 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)
|
24,556 | 16.16% |
| 2 |
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
|
8,224 | 5.41% |
| 3 |
State Street Bank and Trust Company
STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行決済営業部)
|
4,347 | 2.86% |
| 4 |
Custody Bank of Japan, Ltd. (Trust Account)
みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受託者 株式会社日本カストディ銀行
|
3,218 | 2.11% |
| 5 |
BNY Mellon (Nominee)
BNYM AS AGT/CLTS NON TREATY JASDEC (常任代理人 株式会社三菱UFJ銀行)
|
3,080 | 2.02% |
| 6 | IHI共栄会 | 2,787 | 1.83% |
| 7 |
Dai-ichi Life Insurance
第一生命保険株式会社
|
2,703 | 1.77% |
| 8 |
IHI Employee Stock Ownership Plan
IHI従業員持株会
|
2,527 | 1.66% |
| 9 | MSIP CLIENT SECURITIES (常任代理人 モルガン・スタンレーMUFG証券株式会社) | 2,495 | 1.64% |
| 10 |
Sumitomo Life Insurance
住友生命保険相互会社
|
2,284 | 1.50% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
23.7%
+0.5% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
4.9%
-0.1% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
8.4%
+1.5% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 37.0% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Japan Master Trust Bank 日本マスタートラスト信託銀行 | 14.45% | 15.38% | 16.16% +0.78% | |
| Japan Custody Bank 日本カストディ銀行 | 10.23% | 7.76% | 7.52% -0.24% | |
| State Street ↑ | 2.05% | 1.10% | 2.86% +1.76% | |
| BNY Mellon ↑ | — | 1.16% | 2.02% +0.86% | |
| IHI共栄会 | 1.82% | 1.90% | 1.83% -0.07% | |
| Dai-ichi Life Insurance 第一生命保険 | 1.77% | 1.77% | 1.77% | |
| IHI Employee Stock Ownership Plan IHI従業員持株会 | 1.71% | 1.78% | 1.66% -0.12% | |
| MSIP CLIENT SECURITIES NEW ENTRY | — | — | — | 1.64% NEW |
| Sumitomo Life Insurance 住友生命保険 | 1.50% | 1.50% | 1.50% | |
| Northern Trust last seen 2024 | Exited Top 10 | — | 2.75% | — |
| JPモルガン証券 last seen 2023 | Exited Top 10 | 1.21% | — | — |
| Morgan Stanley last seen 2023 | Exited Top 10 | 1.11% | — | — |
| Concentration (HHI) ⓘ | 332 | 319 | 344 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥11,478M
+36% since 2023
Holdings
19
6 exited
Trend
2 building
vs 2023
| Held Company | FY2025 ¥11,478M total | FY2023 ¥8,465M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
Mizuho Financial Group, Inc.
株式会社みずほフィナンシャルグループ
|
4,726 |
1,166,639
|
2,190 | 1,166,639 | M |
| 中国鋼鐵結構股份有限公司 | 2,424 |
11,061,690
|
2,846 | 11,061,690 | |
|
Mitsui Fudosan Co., Ltd.
三井不動産株式会社
|
1,604 |
+200.0%
↑
1,206,000
|
998 | 402,000 | M |
|
The Kansai Electric Power Company, Incorporated
関西電力株式会社
|
922 |
520,300
|
671 | 520,300 | |
|
Sumitomo Mitsui Financial Group, Inc.
株式会社三井住友フィナンシャルグループ
|
833 |
+200.0%
↑
219,600
|
387 | 73,200 | M |
|
Electric Power Development Co., Ltd.
電源開発株式会社
|
550 |
217,500
|
463 | 217,500 | |
|
Tokyo Electric Power Company Holdings, Incorporated
東京電力ホールディングス株式会社
|
118 |
275,139
|
130 | 275,139 | |
|
Daishowa Paper Manufacturing Co., Ltd.
大王製紙株式会社
|
97 |
119,000
|
123 | 119,000 | |
|
Hokkaido Electric Power Company, Incorporated
北海道電力株式会社
|
73 |
96,611
|
46 | 96,611 | |
|
Tokuyama Corporation
株式会社トクヤマ
|
60 |
21,600
|
45 | 21,600 | |
|
PENTA-OCEAN CONSTRUCTION CO.,LTD.
五洋建設株式会社
|
23 |
33,275
|
21 | 33,275 | |
|
譌・譛ャ陬ス邏呎ェ蠑丈シ夂、セ
日本製紙株式会社
|
18 |
18,600
|
19 | 18,600 | M |
|
Hokuriku Electric Power Company
北陸電力株式会社
|
14 |
17,069
|
10 | 17,069 | |
|
Sumitomo Mitsui Construction Co.,Ltd.
三井住友建設株式会社
|
11 |
27,720
|
10 | 27,720 | |
|
RINKO CORPORATION
株式会社リンコーコーポレーション
|
5 |
3,000
|
4 | 3,000 | |
|
Chubu Electric Power Company,Incorporated
中部電力株式会社
|
— | — | |||
|
Kyushu Electric Power Company, Incorporated
九州電力株式会社
|
— | — | |||
|
Tohoku Electric Power Company,Incorporated
東北電力株式会社
|
— | — | |||
|
The Chugoku Electric Power Company, Incorporated
中国電力株式会社
|
— | — | |||
|
Mitsui Chemicals, Inc.
三井化学株式会社
|
— |
−100%
Exit
—
|
66 | 19,600 | |
|
The 77Bank,Ltd.
株式会社七十七銀行
|
— |
−100%
Exit
—
|
170 | 79,050 | M |
| 株式会社八十二銀行 | — |
−100%
Exit
—
|
169 | 294,000 | M |
|
譬ェ蠑丈シ夂、セ隘ソ譌・譛ャ繝輔ぅ繝翫Φ繧キ繝」繝ォ繝帙�シ繝ォ繝�繧」繝ウ繧ー繧ケ
株式会社西日本フィナンシャルホールディングス
|
— |
−100%
Exit
—
|
54 | 50,200 | M |
|
Chilled & Frozen Logistics Holdings Co.,Ltd.
株式会社C&Fロジホールディングス
|
— |
−100%
Exit
—
|
38 | 30,600 | |
|
MITSUBISHI PAPER MILLS LIMITED
三菱製紙株式会社
|
— |
−100%
Exit
—
|
5 | 15,600 | |
| Portfolio total | 11,478 | 8,465 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding