Yorozu Corporation

株式会社ヨロズ

Transportation Equipments

Yorozu Corporation designs, develops, manufactures, and sells auto parts, agricultural machinery parts, and manufacturing equipment in Japan, the United States, Mexico, China, and internationally. The company offers front and rear suspension members, rear beams, links, brake pedals, and oil pans, as well as other parts, such as suspension modules, engine mounts, splash guards, and body parts for cars, trucks, and tractors. It also provides dies and production equipment. The company was formerly known as Yorozu Automotive Works and changed its name to Yorozu Corporation in June 1990. Yorozu Corporation was incorporated in 1948 and is headquartered in Yokohama, Japan.

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Price

¥883

Market Cap

¥21.5B

Ent. Value

¥32.3B

Net Debt

−¥10.8B

Shares Out.

24.3M

P / E

—

EV / EBIT

108.3×

⚠ TSE Capital Mandate

P / Book

0.41×

P / NCAV

3.72×

Div. Yield

3.51%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥178.4B	¥181.5B	¥160.6B	¥127.3B
Cost of Sales	¥161.6B	¥162.4B	¥143.4B	¥113.0B
Gross Profit	¥16.8B	¥19.0B	¥17.2B	¥14.3B
SG&A	¥16.5B	¥14.6B	¥14.1B	¥12.2B
Operating Income	¥298M	¥4.5B	¥3.1B	¥2.1B
Non-Operating Income	¥1.2B	¥1.3B	¥687M	¥991M
Dividend Income	¥235M	¥203M	¥180M	¥136M
Interest Income	¥374M	¥369M	¥338M	¥240M
Non-Operating Expenses	¥3.6B	¥1.2B	¥782M	¥802M
Interest Expense	¥927M	¥936M	¥660M	¥630M
Ordinary Income	¥-2.1B	¥4.5B	¥3.0B	¥2.3B
Pre-tax Income	¥-11.3B	¥-7.3B	¥2.9B	¥2.4B
Income Taxes	¥3.0B	¥1.5B	¥1.6B	¥1.7B
Current Tax	¥1.2B	¥1.5B	¥907M	¥1.2B
Deferred Tax	¥1.8B	¥20M	¥695M	¥499M
Net Income (owners)	¥-13.4B	¥-3.9B	¥1.4B	¥876M
Minority Interest	¥-858M	¥-4.9B	¥-138M	¥-161M
Comprehensive Income	¥-13.6B	¥-971M	¥7.7B	¥5.2B
EBITDA	¥8.0B	¥14.3B	¥13.0B	¥11.0B
EPS	¥-551.45	¥-162.07	¥59.00	¥36.55
Shares Outstanding	24.3M	24.3M	24.1M	24.0M
Shares Issued (total)	25.1M	25.1M	25.1M	25.1M
Treasury Shares	0.8M	0.8M	0.9M	1.0M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥136.6B	¥142.3B	¥141.5B	¥134.0B
Current Assets	¥81.2B	¥75.4B	¥72.6B	¥66.5B
Cash & Deposits	¥27.9B	¥22.3B	¥23.6B	¥28.9B
Trade Receivables	¥27.4B	¥28.7B	¥24.1B	—
Non-Current Assets	¥55.4B	¥66.9B	¥68.9B	¥67.5B
PP&E	¥45.6B	¥54.8B	¥59.3B	¥57.6B
Intangible Assets	¥141M	¥206M	¥184M	¥149M
Investment Securities	¥7.4B	¥8.0B	¥5.7B	¥5.7B
Deferred Tax Assets	¥955M	¥2.4B	¥2.5B	¥2.8B
Total Liabilities	¥75.4B	¥66.8B	¥64.1B	¥63.6B
Current Liabilities	¥51.3B	¥49.8B	¥44.4B	¥44.6B
Accounts Payable	¥15.0B	¥14.8B	¥14.2B	¥15.1B
ST Debt	¥21.3B	¥19.1B	¥14.3B	¥16.3B
Taxes Payable	¥278M	¥803M	¥213M	¥471M
Non-Current Liabilities	¥24.1B	¥16.9B	¥19.7B	¥19.0B
Total LT Borrowings	¥17.4B	¥14.2B	¥17.8B	¥16.5B
Pension Obligations	¥1.1B	¥885M	¥938M	¥1.3B
Total Equity	¥61.2B	¥75.5B	¥77.4B	¥70.4B
Capital Stock	¥6.2B	¥6.2B	¥6.2B	¥6.2B
Capital Surplus	¥9.1B	¥9.4B	¥9.4B	¥9.5B
Retained Earnings	¥29.7B	¥44.0B	¥48.6B	¥47.5B
Treasury Stock	¥-1.0B	¥-1.1B	¥-1.3B	¥-1.5B
AOCI	¥8.0B	¥7.7B	¥668M	¥-4.7B
Equity (owners)	¥44.0B	¥58.4B	¥63.0B	¥61.8B
Minority Interests	¥8.7B	¥8.8B	¥13.2B	¥12.7B

Total Interest-Bearing Debt ⓘ	¥38.7B	¥33.3B	¥32.1B	¥32.8B
Net Cash ⓘ	¥-10.8B	¥-11.0B	¥-8.5B	¥-4.0B
NCAV ⓘ	¥5.8B	¥8.6B	¥8.5B	¥2.9B
NCAV/Share	¥237	¥355	¥353	¥119
BV/Share	¥1,812	¥2,407	¥2,608	¥2,571

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥4.7B	¥12.5B	¥2.9B	¥14.9B
Interest Paid	¥-909M	¥-931M	¥-666M	¥-649M
Interest Received	¥608M	¥574M	¥517M	¥377M
D&A	¥7.7B	¥9.8B	¥9.9B	¥8.9B
Investing CF	¥-11.8B	¥-11.9B	¥-5.2B	¥-4.5B
CapEx	¥9.1B	¥13.4B	¥6.0B	¥2.5B
Financing CF	¥6.8B	¥-1.7B	¥-4.8B	¥-13.8B
Dividends Paid	¥-778M	¥-749M	¥-337M	¥-455M
LT Debt Repaid	¥-7.1B	¥-9.9B	¥-15.5B	¥-14.0B
Free Cash Flow	¥-4.3B	¥-836M	¥-3.0B	¥12.4B
Net Change in Cash	¥3.0B	¥0M	¥-4.9B	¥-2.1B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	-22.8%	-6.1%	2.4%	1.6%
ROA	-9.6%	-2.8%	1.0%	0.7%
EPS	¥-551.45	¥-162.07	¥59.00	¥36.55
DPS	¥31.00	¥30.00	¥25.00	¥13.00
BPS	¥2,140.41	¥2,723.52	¥2,635.58	¥2,374.88
FCF/Share	¥-178	¥-34	¥-126	¥515
NCAV/Share	¥237	¥355	¥353	¥119
Payout Ratio	—	—	42.4%	35.6%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 9

Date	Activist	Stake	Event	Flag	Demands
2025-11-20	―	—	exit	Passive	—
2025-04-04	―	13.7% +1.02%	change	Passive	—
2025-02-03	Mitsubishi UFJ Financial Group Inc.	5.26% +0.93%	initial_5pct	Passive	—
2024-10-28	―	12.68% +1.01%	change	Passive	—
2024-08-14	―	11.67% +1.06%	change	Passive	—
2024-04-15	Mitsubishi UFJ Financial Group Inc.	4.33% -1.31%	change	Passive	—
2024-03-18	Mitsubishi UFJ Financial Group Inc.	5.64%	initial_5pct	Passive	—
2023-09-26	―	10.61%	change	Passive	—
2023-09-06	―	10.61%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-15 15:30	Div Increase	¥370M ¥18.0/sh +12%	Yorozu Corporation raised FY2026 March full-year earnings guidance significantly due to yen weakness, inflation cost rec…
Summary Yorozu Corporation raised FY2026 March full-year earnings guidance significantly due to yen weakness, inflation cost recovery in Japan segment, and acceleration of rationalization activities post-cyberattack. The company increased the year-end dividend by 2 yen to 18 yen per share, bringing full-year dividend to 33 yen per share, up 2 yen from the prior year. Deadline: 2026-06-05 YoY: +12% Source (JP) 当期の期末配当金を前回予想の1株当たり16円から２円増配の18円に修正することといたしました。これにより、年間配当金は、前年度から２円増配の１株当たり33円とさせていただきます。 2026年３月期通期連結業績予想と実績値との差異(上方修正)及び剰余金の配当（増配）に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	株式会社南青山不動産	1,976	8.13%
2	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)	1,762	7.25%
3	S-Grant Corporation Co. 株式会社エスグラントコーポレーション	1,190	4.90%
4	株式会社志藤ホールディングス	883	3.64%
5	JFE Steel Corporation ＪＦＥスチール株式会社	843	3.47%
6	Mizuho Bank 株式会社みずほ銀行	842	3.47%
7	The Bank of Yokohama 株式会社横浜銀行	842	3.47%
8	suzuki motor corporation スズキ株式会社	800	3.29%
9	Mitsubishi UFJ Trust and Banking 三菱ＵＦＪ信託銀行株式会社	682	2.81%
10	日産トレーディング株式会社	533	2.19%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

7.2%

+1.1% 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

35.4%

+3.1% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023 Activist	2024	2025
式会社南青山不動産		—	4.99%	8.13% +3.14%
Japan Master Trust Bank 日本マスタートラスト信託銀行		7.69%	6.15%	7.25% +1.10%
S-Grant Corporation Co. 式会社エスグラントコーポレーション		—	4.91%	4.90% -0.01%
式会社志藤ホールディングス		3.66%	3.64%	3.64%
JFE Steel Corporation ＪＦＥスチール		3.49%	3.47%	3.47%
Mizuho Bank みずほ銀行		3.49%	3.47%	3.47%
The Bank of Yokohama 式会社横浜銀行		3.49%	3.47%	3.47%
suzuki motor corporation スズキ		3.31%	3.30%	3.29% -0.01%
Mitsubishi UFJ Trust and Banking 三菱ＵＦＪ信託銀行		2.82%	2.81%	2.81%
日産トレーディング		2.21%	2.20%	2.19% -0.01%
City Index Eleventh Activist last seen 2023	Exited Top 10	9.82%	—	—
ＪＦＥ商事 last seen 2023	Exited Top 10	1.65%	—	—
Concentration (HHI) ⓘ		232	160	216

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

Portfolio Book Value ¥7,215M +30% since 2023

Holdings 19 +1 new 3 exited

Trend 1 building vs 2023

Held Company	FY2025 ¥7,215M total		FY2023 ¥5,571M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
●スズキ㈱	3,255	+300.0% ↑ 1,798,800	2,160	449,700	M
●住友商事㈱	754	223,899	524	223,899	M
●日産自動車㈱	559	1,476,421	739	1,476,421
●ＪＦＥホールディングス㈱	555	303,500	509	303,500	M
●㈱タチエス	501	292,000	350	292,000	M
●㈱コンコルディア・フィナンシャルグループ	267	272,908	133	272,908	M
●㈱クボタ	258	141,000	281	141,000	M
●アイダエンジニアリング㈱	233	261,400	213	261,400	M
●㈱パイオラックス	188	79,200	152	79,200	M
●日産車体㈱	157	152,640	129	152,640
●㈱三菱UFJフィナンシャル・グループ	141	NEW New 70,560	—		M
●㈱TBK	117	394,500	110	394,500	M
●㈱みずほフィナンシャルグループ	100	24,895	46	24,895	M
●日本製鉄㈱	46	14,700	45	14,700	M
●㈱オーハシテクニカ	36	20,000	31	20,000	M
●㈱ユニバンス	22	57,910	22	57,910	M
●NOK㈱	21	10,000	14	10,000	M
●双日㈱	4	1,479	4	1,479
●ユニプレス㈱	1	1,300	1	1,300
●東邦アセチレン㈱	—	−100% Exit —	25	19,000	M
●㈱三菱UFJフィナンシャルグループ	—	−100% Exit —	59	70,560	M
●マツダ㈱	—	−100% Exit —	24	20,000
Portfolio total	7,215		5,571

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