7272
Yamaha Motor Co., Ltd.
ヤマハ発動機株式会社
Transportation Equipments
Yamaha Motor Co., Ltd., together with its subsidiaries, engages in land mobility, marine, outdoor land vehicles, robotics, financial services, and other businesses in Japan, the United States, the rest of North America, Europe, Indonesia, the rest of Asia, and internationally. The company offers WaveRunners, snowmobiles, and e-bike systems; and power products, SMT assembly systems, performance dampers, unmanned systems, pools, clean water supply systems, OEM casting and forging, cell picking and imaging systems, and electric motors. It also provides motorcycles, intermediate parts for products, knockdown parts for overseas production, electrically power-assisted bicycles, electrically power-assisted bicycle drive units, electric wheelchairs, automobile engines, and automobile components; outboard motors, personal watercraft, boats, fishing boats, and utility boats; and all-terrain vehicles, recreational off-highway vehicles, and golf cars. In addition, the company offers surface mounters, semiconductor manufacturing equipment, industrial robots, and industrial-use unmanned helicopters; purchase financing and leasing of Yamaha Motor products; and industrial unmanned aerial vehicles, generators, multi-purpose engines, snowblowers, and mobility services. Yamaha Motor Co., Ltd. was incorporated in 1918 and is headquartered in Iwata, Japan.
Price
¥1,311
Market Cap
¥1.3T
Ent. Value
¥1.9T
Net Debt
−¥645.4B
Shares Out.
970.2M
P / E
79.0×
EV / EBIT
15.2×
P / Book
—
P / NCAV
N/M
Div. Yield
2.67%
Financials
| Metric |
FY 2025
EDINET ↗ |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Net Sales | ¥2,534.2B | ¥2,576.2B | ¥2,414.8B | ¥2,248.5B | ¥1,812.5B |
| Cost of Sales | ¥1,749.7B | ¥1,754.2B | ¥1,699.4B | ¥1,614.7B | ¥1,305.7B |
| Gross Profit | ¥784.5B | ¥822.0B | ¥715.4B | ¥633.7B | ¥506.8B |
| SG&A | ¥681.1B | ¥642.5B | ¥464.7B | ¥408.9B | ¥324.5B |
| Operating Income | ¥126.4B | ¥181.5B | ¥250.7B | ¥224.9B | ¥182.3B |
| Non-Operating Income | ¥19.1B | ¥15.7B | ¥21.4B | ¥26.0B | ¥18.5B |
| Dividend Income | — | — | ¥1.1B | ¥981M | ¥1.0B |
| Interest Income | — | — | ¥8.9B | ¥4.8B | ¥3.4B |
| Non-Operating Expenses | ¥12.2B | ¥14.0B | ¥30.1B | ¥11.6B | ¥11.4B |
| Interest Expense | — | — | ¥9.3B | ¥4.2B | ¥2.6B |
| Ordinary Income | — | — | ¥242.0B | ¥239.3B | ¥189.4B |
| Pre-tax Income | ¥133.2B | ¥183.2B | ¥241.7B | ¥245.8B | ¥199.7B |
| Income Taxes | — | — | ¥63.2B | ¥56.2B | ¥35.6B |
| Current Tax | — | — | ¥82.7B | ¥61.7B | ¥38.7B |
| Deferred Tax | — | — | ¥-19.5B | ¥-5.4B | ¥-3.2B |
| Net Income (owners) | ¥16.1B | ¥108.1B | ¥164.1B | ¥174.4B | ¥155.6B |
| Minority Interest | ¥18.8B | ¥16.5B | ¥14.3B | ¥15.1B | ¥8.6B |
| Comprehensive Income | ¥65.8B | ¥175.2B | ¥225.8B | ¥222.7B | ¥205.2B |
| EBITDA | ¥215.1B | ¥264.6B | ¥314.3B | ¥285.1B | ¥233.6B |
| Goodwill Amort. (J-GAAP) | — | — | ¥442M | ¥410M | ¥151M |
| EPS | ¥16.59 | ¥121.55 | ¥163.57 | ¥511.47 | ¥445.67 |
| Shares Outstanding | 970.2M | 977.3M | 330.4M | 338.1M | 345.8M |
| Shares Issued (total) | 1.02B | 1.03B | 350.2M | 350.2M | 350.2M |
| Treasury Shares | 48.0M | 49.0M | 19.8M | 12.1M | 4.4M |
| Metric |
FY 2025
EDINET ↗ |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥2,902.6B | ¥2,783.5B | ¥2,572.0B | ¥2,183.3B | ¥1,832.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥1,690.2B | ¥1,608.4B | ¥1,548.6B | ¥1,305.7B | ¥1,044.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥398.9B | ¥373.0B | ¥338.8B | ¥288.8B | ¥276.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Receivables | — | — | ¥186.9B | ¥187.4B | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥1,212.4B | ¥1,175.1B | ¥1,023.4B | ¥877.6B | ¥788.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥504.8B | ¥486.8B | ¥433.9B | ¥391.0B | ¥354.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | ¥16.7B | ¥8.6B | ¥2.5B | ¥2.7B | ¥2.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | — | — | ¥51.1B | ¥39.6B | ¥28.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | — | — | ¥114.0B | ¥112.2B | ¥131.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥40.8B | ¥74.8B | ¥73.3B | ¥44.1B | ¥30.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥1,704.3B | ¥1,556.9B | ¥1,389.3B | ¥1,129.0B | ¥932.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥1,126.9B | ¥1,147.9B | ¥865.2B | ¥752.9B | ¥513.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable | — | — | ¥151.1B | ¥148.1B | ¥140.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥615.8B | ¥680.3B | ¥414.9B | ¥326.0B | ¥140.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | — | — | ¥30.6B | ¥25.8B | ¥16.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥577.4B | ¥409.1B | ¥524.1B | ¥376.1B | ¥419.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥428.5B | ¥271.6B | ¥405.0B | ¥271.6B | ¥316.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | — | — | ¥52.4B | ¥49.3B | ¥51.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥19.8B | ¥14.0B | ¥14.4B | ¥10.1B | ¥10.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥1,198.3B | ¥1,226.6B | ¥1,182.7B | ¥1,054.3B | ¥900.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | — | — | ¥86.1B | ¥86.1B | ¥86.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥46.0B | ¥63.4B | ¥63.8B | ¥68.0B | ¥68.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥948.7B | ¥979.2B | ¥1,006.9B | ¥894.0B | ¥761.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-53.6B | ¥-54.1B | ¥-61.4B | ¥-31.7B | ¥-11.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥105.1B | ¥87.0B | ¥28.1B | ¥-13.4B | ¥-44.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥1,132.2B | ¥1,161.6B | ¥1,095.4B | ¥1,016.5B | ¥904.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥66.1B | ¥65.0B | ¥59.2B | ¥51.2B | ¥41.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥1,044.3B | ¥952.0B | ¥819.9B | ¥597.5B | ¥456.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥-645.4B | ¥-579.0B | ¥-481.1B | ¥-308.8B | ¥-179.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥-14.0B | ¥51.5B | ¥159.3B | ¥176.7B | ¥112.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥-14 | ¥53 | ¥482 | ¥523 | ¥325 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥1,167 | ¥1,188 | ¥3,315 | ¥3,006 | ¥2,614 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2025
EDINET ↗ |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Operating CF | ¥138.6B | ¥176.8B | ¥80.2B | ¥70.9B | ¥141.3B |
| Interest Paid | — | — | ¥-9.3B | ¥-4.2B | ¥-2.7B |
| Interest Received | — | — | ¥13.0B | ¥8.9B | ¥7.1B |
| D&A | ¥88.8B | ¥83.1B | ¥63.2B | ¥59.8B | ¥51.1B |
| Goodwill Amort. | — | — | ¥442M | ¥410M | ¥151M |
| Investing CF | ¥-86.1B | ¥-128.7B | ¥-117.0B | ¥-74.2B | ¥-51.0B |
| Purchase Investments | ¥-5.7B | ¥-9.7B | ¥-18.3B | ¥-15.3B | ¥-5.4B |
| Proceeds from Invest. | — | — | ¥139M | ¥22.5B | ¥17.1B |
| Financing CF | ¥-30.4B | ¥-46.4B | ¥95.3B | ¥23.1B | ¥-93.5B |
| Dividends Paid | — | — | ¥-47.1B | ¥-41.9B | ¥-38.4B |
| LT Debt Repaid | — | — | ¥-177.7B | ¥-83.0B | ¥-48.9B |
| Free Cash Flow | ¥138.6B | ¥176.8B | ¥80.2B | ¥70.9B | ¥141.3B |
| Net Change in Cash | ¥25.9B | ¥20.5B | ¥49.9B | ¥21.9B | ¥7.7B |
| Metric |
FY 2025
EDINET ↗ |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| ROE | 1.3% | 10.4% | 15.4% | 18.7% | 19.8% |
| ROA | 0.6% | 4.0% | 6.9% | 8.7% | 8.5% |
| EPS | ¥16.59 | ¥121.55 | ¥163.57 | ¥511.47 | ¥445.67 |
| DPS | ¥35.00 | ¥50.00 | ¥145.00 | ¥125.00 | ¥115.00 |
| BPS | — | ¥1,230.38 | ¥1,133.06 | ¥2,965.79 | ¥2,484.31 |
| FCF/Share | ¥143 | ¥181 | ¥243 | ¥210 | ¥409 |
| NCAV/Share | ¥-14 | ¥53 | ¥482 | ¥523 | ¥325 |
| Payout Ratio | 211.0% | 41.1% | 88.6% | 24.4% | 25.8% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 57
| # | 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)
|
173,066,200 | 17.83% |
| 2 |
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
|
49,109,800 | 5.06% |
| 3 | NORTHERN TRUST CO.(AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST(常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ) | 38,774,400 | 3.99% |
| 4 |
YAMAHA CORPORATION
ヤマハ株式会社
|
28,928,370 | 2.98% |
| 5 | NORTHERN TRUSTCO.(AVFC)RE U.S.TAX EXEMPTEDPENSION FUNDS (常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ) | 22,422,400 | 2.31% |
| 6 |
TOYOTA MOTOR CORPORATION
トヨタ自動車株式会社
|
18,750,000 | 1.93% |
| 7 |
THE SHIZUOKA BANK,LTD.
株式会社静岡銀行
|
16,948,524 | 1.74% |
| 8 | NORTHERN TRUSTCO.(AVFC) RENON TREATY CLIENTS ACCOUNT (常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ) | 16,257,577 | 1.67% |
| 9 | 野村信託銀行株式会社(投信口) | 15,423,100 | 1.58% |
| 10 | JP MORGAN CHASE BANK 385781 (常任代理人 株式会社みずほ銀行 決済営業部) | 13,454,706 | 1.38% |
as of 2025-12-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
22.9%
-0.4% 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
17.6%
-0.1% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 40.5% · 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 | 18.03% | 16.82% | 17.83% +1.01% | |
| Japan Custody Bank 日本カストディ銀行 | 5.84% | 6.52% | 5.06% -1.46% | |
| NORTHERN TRUST CO.(AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST NORTHERN TRUST CO.(AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST | 2.94% | 3.24% | 3.99% +0.75% | |
| YAMAHA CORPORATION ヤマハ | 4.73% | 2.96% | 2.98% +0.02% | |
| NORTHERN TRUSTCO.(AVFC)RE U.S.TAX EXEMPTEDPENSION FUNDS NORTHERN TRUSTCO.(AVFC)RE U.S.TAX EXEMPTEDPENSION FUNDS ↑ | 1.57% | 1.84% | 2.31% +0.47% | |
| TOYOTA MOTOR CORPORATION トヨタ自動車 | 3.78% | 1.92% | 1.93% +0.01% | |
| THE SHIZUOKA BANK,LTD. 式会社静岡銀行 ↑ | 1.71% | 1.73% | 1.74% +0.01% | |
| NORTHERN TRUSTCO.(AVFC) RENON TREATY CLIENTS ACCOUNT NEW ENTRY | — | — | — | 1.67% NEW |
| 野村信託銀行株式会社(投信口) NEW ENTRY | — | — | — | 1.58% NEW |
| JP MORGAN CHASE BANK 385781 NEW ENTRY | — | — | — | 1.38% NEW |
| SMBC Nikko Securities SMBC日興証券 last seen 2024 | Exited Top 10 | 3.37% | 2.19% | — |
| STATE STREETBANK WEST CLIENT-TREATY STATE STREETBANK WEST CLIENT-TREATY 505234 last seen 2024 | Exited Top 10 | 1.95% | 2.09% | — |
| Japan Securities Finance Co.,Ltd. 日本証券金融 last seen 2024 | Exited Top 10 | — | 1.74% | — |
| JPモルガン証券 last seen 2023 | Exited Top 10 | 1.95% | — | — |
| Concentration (HHI) ⓘ | 429 | 367 | 388 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥34,379M
-16% since 2023
Holdings
19
+1 new
2 exited
Trend
2 building
vs 2023
| Held Company | FY2025 ¥34,379M total | FY2023 ¥41,055M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
YAMAHA CORPORATION
ヤマハ株式会社
|
15,382 |
+75.4%
↑
14,080,103
|
26,142 | 8,026,701 | M |
|
TOYOTA MOTOR CORPORATION
トヨタ自動車株式会社
|
8,410 |
2,506,050
|
6,491 | 2,506,050 | M |
|
KOITO MANUFACTURING CO.,LTD.
株式会社小糸製作所
|
4,218 |
1,826,000
|
4,012 | 1,826,000 | M |
|
NIPPON SEIKI CO.,LTD.
日本精機株式会社
|
2,660 |
1,217,502
|
1,396 | 1,217,502 | M |
|
Shizuoka Financial Group, Inc.
株式会社しずおかフィナンシャルグループ
|
1,407 |
578,706
|
691 | 578,706 | M |
|
KYB Corporation
カヤバ株式会社
|
976 |
+100.0%
↑
218,600
|
536 | 109,300 | M |
|
Digital Media Professionals Inc.
株式会社ディジタルメディアプロフェッショナル
|
755 |
320,000
|
841 | 320,000 | |
|
Enshu Co., Ltd.
エンシュウ株式会社
|
350 |
645,739
|
435 | 645,739 | M |
|
MIKUNI CORPORATION
株式会社ミクニ
|
220 |
618,794
|
271 | 618,794 | M |
|
Kawasaki Heavy Industries,Ltd.
川崎重工業株式会社
|
1 |
NEW
New
100
|
— | ||
|
EBARA CORPORATION
株式会社荏原製作所
|
— | — | |||
|
Eisai Co., Ltd.
エーザイ株式会社
|
— | — | |||
|
suzuki motor corporation
スズキ株式会社
|
— | — | |||
|
HAMAMATSU PHOTONICS K.K.
浜松ホトニクス株式会社
|
— | — | |||
|
Mitsui & Co., Ltd.
三井物産株式会社
|
— | — | M | ||
|
CANON INC.
キヤノン株式会社
|
— | — | |||
|
SUBARU CORPORATION
株式会社SUBARU
|
— | — | |||
|
HONDA MOTOR CO., LTD.
本田技研工業株式会社
|
— | — | |||
|
Mitsubishi UFJ Financial Group, Inc.
株式会社三菱UFJフィナンシャル・グループ
|
— | — | M | ||
|
TOBA,INC.
株式会社鳥羽洋行
|
— |
−100%
Exit
—
|
17 | 5,000 | |
|
Sumitomo Mitsui Financial Group, Inc.
株式会社三井住友フィナンシャルグループ
|
— |
−100%
Exit
—
|
223 | 32,455 | M |
| Portfolio total | 34,379 | 41,055 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding