KOITO MANUFACTURING CO.,LTD.

株式会社小糸製作所

Electric Appliances

Koito Manufacturing Co., Ltd. engages in the manufacture and sale of automotive lighting devices, aircraft parts, railway vehicle parts, electrical equipment, and other related products in Japan. The company offers LED and halogen headlamps; fog, led rear combination, high-mounted stop, and side turn signal lamps; interior and exterior lights; capution warning panels, liquid crystal displays, as well as electrical, hydraulic, and mechanical equipment; and ship lights and destination indicator products. It also provides sensor lighting module; dual view machine-vision; and sensor with cleaning systems; BladeScan, an ADB is a headlamp system; and transportation and insurance services. Koito Manufacturing Co., Ltd. was founded in 1915 and is headquartered in Tokyo, Japan.

← Companies

Price

¥2,797

Market Cap

¥793.6B

Ent. Value

¥528.5B

Net Cash

¥265.1B

Shares Out.

283.7M

P / E

17.9×

EV / EBIT

11.8×

P / Book

1.27×

P / NCAV

2.36×

Div. Yield

2.00%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥916.7B	¥950.3B	¥864.7B	¥760.7B
Cost of Sales	¥820.0B	¥843.6B	¥768.9B	¥664.7B
Gross Profit	¥96.7B	¥106.7B	¥95.8B	¥96.0B
SG&A	¥51.8B	¥50.7B	¥49.0B	¥42.6B
Operating Income	¥44.9B	¥56.0B	¥46.8B	¥53.4B
Non-Operating Income	¥8.8B	¥10.0B	¥6.4B	¥9.2B
Dividend Income	¥1.8B	¥1.7B	¥1.4B	¥1.3B
Interest Income	¥4.8B	¥3.5B	¥1.8B	¥1.3B
Non-Operating Expenses	¥4.5B	¥2.7B	¥4.7B	¥2.0B
Interest Expense	¥336M	¥548M	¥921M	¥781M
Ordinary Income	¥49.1B	¥63.3B	¥48.5B	¥60.6B
Pre-tax Income	¥64.6B	¥59.5B	¥49.1B	¥61.2B
Income Taxes	¥13.7B	¥14.6B	¥14.8B	¥19.2B
Current Tax	¥12.0B	¥16.4B	¥13.9B	¥16.5B
Deferred Tax	¥1.7B	¥-5.2B	¥876M	¥2.7B
Net Income (owners)	¥46.2B	¥40.9B	¥29.7B	¥38.3B
Minority Interest	¥4.6B	¥4.0B	¥4.6B	¥3.6B
Comprehensive Income	¥27.2B	¥98.1B	¥53.2B	¥67.6B
EBITDA	¥88.8B	¥100.0B	¥88.2B	¥89.2B
Goodwill Amort. (J-GAAP)	¥253M	—	—	—
EPS	¥156.49	¥130.93	¥92.26	¥238.53
Shares Outstanding	283.7M	307.8M	321.5M	160.7M
Shares Issued (total)	307.8M	307.8M	321.6M	160.8M
Treasury Shares	24.1M	0.1M	0.1M	0.0M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥890.0B	¥965.6B	¥905.9B	¥855.2B
Current Assets	¥546.4B	¥582.5B	¥594.0B	¥579.1B
Cash & Deposits	¥270.8B	¥302.9B	¥315.0B	¥323.9B
Trade Receivables	¥132.5B	¥127.6B	¥131.1B	¥113.4B
Non-Current Assets	¥343.6B	¥383.1B	¥311.9B	¥276.1B
PP&E	¥209.6B	¥206.3B	¥194.3B	¥182.6B
Goodwill	¥9.7B	—	—	—
Intangible Assets	¥15.6B	¥2.5B	¥2.7B	¥3.1B
Investment Securities	¥100.6B	¥147.5B	¥95.5B	¥73.9B
Deferred Tax Assets	¥10.3B	¥19.6B	¥13.3B	¥10.9B
Total Liabilities	¥210.1B	¥246.3B	¥235.4B	¥227.9B
Current Liabilities	¥173.4B	¥192.5B	¥186.9B	¥181.4B
Accounts Payable	¥101.0B	¥103.1B	¥107.2B	¥102.6B
ST Debt	¥5.7B	¥14.3B	¥22.6B	¥24.5B
Taxes Payable	¥2.9B	¥9.9B	¥7.2B	¥7.3B
Non-Current Liabilities	¥36.7B	¥53.8B	¥48.5B	¥46.5B
Total LT Borrowings	—	—	—	¥490M
Pension Obligations	¥13.3B	¥16.3B	¥21.0B	¥23.1B
Deferred Tax Liab.	¥14.2B	¥27.9B	¥17.6B	¥15.5B
Total Equity	¥679.9B	¥719.3B	¥670.5B	¥627.3B
Capital Stock	¥14.3B	¥14.3B	¥14.3B	¥14.3B
Capital Surplus	¥13.2B	¥13.2B	¥13.4B	¥13.4B
Retained Earnings	¥553.7B	¥524.4B	¥530.9B	¥510.0B
Treasury Stock	¥-49.9B	¥-148M	¥-45M	¥-49M
AOCI	¥95.8B	¥120.1B	¥70.1B	¥53.4B
Equity (owners)	¥531.3B	¥551.7B	¥558.6B	¥537.6B
Minority Interests	¥52.7B	¥47.3B	¥41.7B	¥36.2B

Total Interest-Bearing Debt ⓘ	¥5.7B	¥14.3B	¥22.6B	¥25.0B
Net Cash ⓘ	¥265.1B	¥288.6B	¥292.4B	¥298.9B
NCAV ⓘ	¥336.3B	¥336.2B	¥358.6B	¥351.2B
NCAV/Share	¥1,185	¥1,092	¥1,116	¥2,185
BV/Share	¥1,872	¥1,793	¥1,737	¥3,344

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥88.4B	¥96.4B	¥59.8B	¥65.7B
Interest Paid	¥-336M	¥-548M	¥-921M	¥-781M
Interest Received	¥6.5B	¥5.1B	¥3.2B	¥2.6B
D&A	¥43.7B	¥44.0B	¥41.3B	¥35.8B
Goodwill Amort.	¥253M	—	—	—
Investing CF	¥-41.0B	¥-50.2B	¥-71.5B	¥-52.2B
CapEx	¥48.3B	¥37.1B	¥39.8B	¥28.9B
Financing CF	¥-78.3B	¥-59.7B	¥-13.3B	¥-8.5B
Share Buybacks	¥-50.0B	¥-35.0B	¥-1M	¥-1M
LT Debt Repaid	—	—	¥-628M	¥-383M
Free Cash Flow	¥40.1B	¥59.3B	¥19.9B	¥36.8B
Net Change in Cash	¥-33.3B	¥-11.2B	¥-23.8B	¥7.7B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	7.1%	6.3%	4.9%	6.8%
ROA	5.0%	4.4%	3.4%	4.5%
EPS	¥156.49	¥130.93	¥92.26	¥238.53
DPS	¥56.00	¥53.00	¥56.00	¥54.00
BPS	¥2,210.09	¥2,182.85	¥1,955.44	¥3,676.47
FCF/Share	¥141	¥193	¥62	¥229
NCAV/Share	¥1,185	¥1,092	¥1,116	¥2,185
Payout Ratio	35.8%	40.5%	60.7%	22.6%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 8

Date	Activist	Stake	Event	Flag	Demands
2025-11-05	TOYOTA MOTOR CORPORATION	17.92%	change	Passive	—
2025-02-07	Sumitomo Mitsui Banking Corporation	4.36%	change	Passive	—
2024-07-05	Sumitomo Mitsui DS Asset Management Company, Limited	5.4% +1.04%	initial_5pct	Passive	—
2024-03-25	Sumitomo Mitsui DS Asset Management Company, Limited	4.36%	change	Passive	—
2024-02-19	Mitsubishi UFJ Financial Group Inc.	4.77% -0.76%	change	Passive	—
2023-12-07	Massachusetts Financial Services Company	4.27% -1.33%	change	Passive	—
2023-10-20	Massachusetts Financial Services Company	5.6%	change	Passive	—
2023-07-18	Mitsubishi UFJ Financial Group Inc.	5.53%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-13 13:00	Special Div	¥7.4B ¥28.0/sh -7%	Koito Manufacturing announced a dividend of ¥28 per share (¥7.37 billion total) with record date March 31, 2026, effecti…
Summary Koito Manufacturing announced a dividend of ¥28 per share (¥7.37 billion total) with record date March 31, 2026, effective June 29, 2026. The full-year dividend remains flat at ¥56 per share (¥93.0% payout ratio) despite reduced earnings from LiDAR and China business impairment charges. The second interim dividend matches guidance and prior year levels. Deadline: 2026-06-29 YoY: -7% Source (JP) 当期末の配当金につきましては、直近の予想どおり 1 株当たり 28 円とさせていただくことといたしました。なお当期の年間配当金は、前期と同額の 1 株当たり 56 円(連結配当性向:93.0％)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	トヨタ自動車㈱	64,316	22.70%
2	日本マスタートラスト信託銀行㈱(信託口)	31,971	11.30%
3	Japan Custody Bank ㈱日本カストディ銀行(信託口)	10,959	3.90%
4	日本生命保険(相)	9,688	3.40%
5	第一生命保険㈱	8,001	2.80%
6	ＳＴＡＴＥＳＴＲＥＥＴＢＡＮＫＡＮＤＴＲＵＳＴＣＯＭＰＡＮＹ５０５００１ (常任代理人㈱みずほ銀行)	7,998	2.80%
7	Sumitomo Mitsui Banking Corporation ㈱三井住友銀行	5,442	1.90%
8	MUFG Bank ㈱三菱ＵＦＪ銀行	5,154	1.80%
9	住友生命保険(相)	4,794	1.70%
10	ＢＮＹＭＳＡＮＶＡＳＡＧＥＮＴ／ＣＬＩＥＮＴＳＬＵＸＵＣＩＴＳＮＯＮＴＲＥＡＴＹ１ (常任代理人㈱三菱ＵＦＪ銀行)	4,748	1.70%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

3.9%

+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

50.1%

+2.3% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
トヨタ自動車		20.00%	20.90%	22.70% +1.80%
日本マスタートラスト信託銀行		13.80%	11.00%	11.30% +0.30%
Japan Custody Bank 日本カストディ銀行		3.30%	3.50%	3.90% +0.40%
日本生命保険		3.00%	3.10%	3.40% +0.30%
第一生命保険		2.50%	2.60%	2.80% +0.20%
ＳＴＡＴＥＳＴＲＥＥＴＢＡＮＫＡＮＤＴＲＵＳＴＣＯＭＰＡＮＹ５０５００１ NEW ENTRY	—	—	—	2.80% NEW
Sumitomo Mitsui Banking Corporation 三井住友銀行		3.40%	2.70%	1.90% -0.80%
MUFG Bank ㈱三菱ＵＦＪ銀行		3.20%	2.50%	1.80% -0.70%
住友生命保険		—	1.60%	1.70% +0.10%
ＢＮＹＭＳＡＮＶＡＳＡＧＥＮＴ／ＣＬＩＥＮＴＳＬＵＸＵＣＩＴＳＮＯＮＴＲＥＡＴＹ１ NEW ENTRY	—	—	—	1.70% NEW
CEP LUX－ORBIS SICAV CEP LUX－ORBIS SICAV last seen 2024	Exited Top 10	—	2.10%	—
JPモルガン証券 last seen 2024	Exited Top 10	—	1.30%	—
State Street last seen 2023	Exited Top 10	3.40%	—	—
JP Morgan last seen 2023	Exited Top 10	2.40%	—	—
あいおいニッセイ同和損害保険 last seen 2023	Exited Top 10	1.80%	—	—
Concentration (HHI) ⓘ		659	609	698

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

Portfolio Book Value ¥16,293M -31% since 2023

Holdings 23 +9 new 30 exited

Trend 3 unwinding vs 2023

Held Company	FY2025 ¥16,293M total		FY2023 ¥23,524M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Yamaha Motor Co., Ltd. ヤマハ発動機㈱	3,254	+200.0% ↑ 2,730,000	3,148	910,000	M
NOK CORPORATION ＮＯＫ㈱	2,134	975,000	1,426	975,000	M
suzuki motor corporation スズキ㈱（注）３	2,128	NEW New 1,176,000	—		M
TOYOTA TSUSHO CORPORATION 豊田通商㈱（注）４	1,901	NEW New 762,702	—		M
Central Japan Railway Company 東海旅客鉄道㈱	1,585	+400.0% ↑ 555,500	1,756	111,100
Mitsubishi UFJ Financial Group, Inc. ㈱三菱ＵＦＪフィナンシャル・グループ	1,371	-50.0% ↓ 681,800	1,156	1,363,600	M
KOA CORPORATION ＫＯＡ㈱	636	680,350	1,253	680,350	M
第一生命ホールディングス㈱	547	120,800	294	120,800	M
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ（注）５	463	NEW New 122,118	—		M
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ㈱	445	NEW New 119,892	—		M
㈱オートバックスセブン	426	NEW New 282,600	—		M
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	364	-50.0% ↓ 89,949	337	179,749	M
OKAYA&CO.,LTD. 岡谷鋼機㈱（注）７	321	NEW New 46,000	—		M
West Japan Railway Company 西日本旅客鉄道㈱（注）６	233	NEW New 80,000	—
Shizuoka Financial Group, Inc. ㈱しずおかフィナンシャルグループ	218	134,354	127	134,354	M
NISSAN SHATAI CO.,LTD. 日産車体㈱	104	-70.6% ↓ 101,700	292	345,545
Keikyu Corporation 京浜急行電鉄㈱	58	38,700	48	38,700
ＭＳ＆ＡＤインシュアランスグループホールディングス㈱（注）９	56	NEW New 17,523	—		M
Keisei Electric Railway Co. 京成電鉄㈱（注）８	25	NEW New 19,188	—
Kintetsu Group Holdings Co. 近鉄グループホールディングス㈱	20	6,526	27	6,526
NIPPON SHARYO, LTD. 日本車輌製造㈱	4	2,242	4	2,242
セプトンインク	—		—
Japan Dry Distillation Industry Co., Ltd. 日本乾溜工業㈱	—		—
SUBARU CORPORATION ㈱ＳＵＢＡＲＵ	—	−100% Exit —	1,682	795,816
Mazda Motor Corporation マツダ㈱	—	−100% Exit —	1,033	844,000
NISSAN MOTOR CO., LTD. 日産自動車㈱	—	−100% Exit —	650	1,298,988
Hitachi, Ltd. ㈱日立製作所	—	−100% Exit —	269	37,200
Mitsubishi Heavy Industries,Ltd. 三菱重工業㈱	—	−100% Exit —	104	21,400
Kawasaki Heavy Industries,Ltd. 川崎重工業㈱	—	−100% Exit —	118	41,000
ISUZU MOTORS LIMITED いすゞ自動車㈱	—	−100% Exit —	86	55,000
East Japan Railway Company 東日本旅客鉄道㈱	—	−100% Exit —	73	10,000
TOKYU CORPORATION 東急㈱	—	−100% Exit —	42	24,220
日本発条㈱	—	−100% Exit —	13	14,440	M
HONDA MOTOR CO., LTD. 本田技研工業㈱	—	−100% Exit —	7	2,000
近畿車輌㈱	—	−100% Exit —	3	2,120
CKD Corporation ＣＫＤ㈱	—	−100% Exit —	1,663	773,581
TOYOTA TSUSHO CORPORATION 豊田通商㈱	—	−100% Exit —	1,428	254,234	M
suzuki motor corporation スズキ㈱	—	−100% Exit —	1,412	294,000	M
Cepton, Inc.	—	−100% Exit —	1,205	19,624,741
Panasonic Holdings Corporation パナソニックホールディングス㈱	—	−100% Exit —	743	629,000
TOTO LTD. ＴＯＴＯ㈱	—	−100% Exit —	740	167,475
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	—	−100% Exit —	430	81,306	M
AUTOBACS SEVEN CO.,LTD. ㈱オートバックスセブン	—	−100% Exit —	408	282,600	M
USHIO INC. ウシオ電機㈱	—	−100% Exit —	344	206,999
HINO MORTORS,LTD. 日野自動車㈱	—	−100% Exit —	320	580,000	M
三井住友トラスト・ホールディングス㈱	—	−100% Exit —	302	66,596	M
OKAYA&CO.,LTD. 岡谷鋼機㈱	—	−100% Exit —	238	23,000	M
West Japan Railway Company 西日本旅客鉄道㈱	—	−100% Exit —	218	40,000
ＭＳ＆ＡＤインシュアランスグループホールディングス㈱	—	−100% Exit —	33	8,241	M
Chuo Automotive Industries Co., Ltd. 中央自動車工業㈱	—	−100% Exit —	31	12,100
Keisei Electric Railway Co. 京成電鉄㈱	—	−100% Exit —	26	6,396
OKASAN SECURITIES GROUP INC. ㈱岡三証券グループ	—	−100% Exit —	24	52,679	M
Oki Electric Industry Company, Limited 沖電気工業㈱	—	−100% Exit —	11	15,399
Portfolio total	16,293		23,524

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