7521
MUSASHI CO.,LTD.
株式会社ムサシ
Wholesale Trade
Musashi Co., Ltd. provides information/industrial, printing, cash handling, and election systems equipment in Japan and internationally. The company offers media conversion services to digitalize documents and microfilms; data entry services; and information processing services, including production of microfilm images. It also engages in the consultation and sale of scanners, electronic archive systems, and electronic document systems and other information products, as well as manufacture and sale of thermal enlarger printers and thermal papers; industrial non-destructive inspection systems for buildings and manufactured products; and development and sale of image processing software. In addition, the company consults and sells printing equipment, materials, and software for digital pre-press systems and print-on-demand systems, and laser systems; and develops and sells a compact print-on-demand system for business cards and cards, as well as provides maintenance services for equipment. Further, the company offers cash handling machines for various industries, such as finance, retail, courier, transport, and entertainment under the tellac name; security products, including administrative products for keys; and exports cash handling machines comprising bill counters and bill binding machines to international markets. Additionally, it provides election systems equipment comprising ballot paper dispensers, counters, reader sorters, issuers, self-opening ballot papers, administrative software, promotional items, and other tools; and various types of paper and paperboards for printing, publishing, information, special paper, office paper, cardboard, as well as processed paper products. Furthermore, it engages in the real estate and auto leasing, as well as insurance brokerage activities. Musashi Co., Ltd. was incorporated in 1946 and is headquartered in Chuo, Japan.
Price
¥2,740
Market Cap
¥18.7B
Ent. Value
¥-104M
Net Cash
¥18.8B
Shares Out.
6.8M
P / E
5.4×
EV / EBIT
-0.0×
⚠ TSE Capital Mandate
P / Book
0.55×
P / NCAV
0.98×
Div. Yield
2.19%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | ¥37.4B | ¥33.1B | ¥37.1B | ¥36.2B |
| Cost of Sales | ¥26.7B | ¥25.1B | ¥27.6B | ¥27.4B |
| Gross Profit | ¥10.7B | ¥8.1B | ¥9.4B | ¥8.8B |
| SG&A | ¥7.3B | ¥7.0B | ¥6.8B | ¥7.0B |
| Operating Income | ¥3.4B | ¥1.1B | ¥2.6B | ¥1.7B |
| Non-Operating Income | ¥1.4B | ¥117M | ¥134M | ¥144M |
| Dividend Income | ¥73M | ¥62M | ¥55M | ¥47M |
| Interest Income | ¥27M | ¥1M | ¥2M | ¥1M |
| Non-Operating Expenses | ¥57M | ¥71M | ¥48M | ¥43M |
| Interest Expense | ¥46M | ¥39M | ¥41M | ¥40M |
| Ordinary Income | ¥4.7B | ¥1.1B | ¥2.7B | ¥1.8B |
| Pre-tax Income | ¥4.7B | ¥1.1B | ¥2.7B | ¥1.8B |
| Income Taxes | ¥1.3B | ¥382M | ¥927M | ¥839M |
| Current Tax | ¥1.3B | ¥392M | ¥797M | ¥695M |
| Deferred Tax | ¥-33M | ¥-9M | ¥130M | ¥143M |
| Net Income (owners) | ¥3.4B | ¥767M | ¥1.8B | ¥981M |
| Comprehensive Income | ¥4.1B | ¥1.7B | ¥2.0B | ¥965M |
| EBITDA | ¥3.8B | ¥1.5B | ¥3.0B | ¥2.2B |
| Goodwill Amort. (J-GAAP) | ¥1M | ¥19M | ¥19M | ¥72M |
| EPS | ¥503.77 | ¥112.70 | ¥258.66 | ¥141.53 |
| Shares Outstanding | 6.8M | 6.8M | 6.8M | 6.8M |
| Shares Issued (total) | 8.0M | 8.0M | 8.0M | 8.0M |
| Treasury Shares | 1.1M | 1.1M | 1.1M | 1.1M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥49.8B | ¥45.0B | ¥43.9B | ¥43.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥34.8B | ¥32.4B | ¥32.8B | ¥32.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥22.3B | ¥16.7B | ¥20.7B | ¥19.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Receivables | ¥6.6B | ¥5.9B | ¥5.9B | ¥6.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥15.0B | ¥12.6B | ¥11.1B | ¥11.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥3.8B | ¥3.9B | ¥3.8B | ¥4.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | — | ¥1M | ¥20M | ¥39M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥204M | ¥111M | ¥168M | ¥238M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥3.6B | ¥2.5B | ¥1.8B | ¥1.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥181M | ¥205M | ¥196M | ¥234M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥15.8B | ¥14.8B | ¥15.2B | ¥16.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥12.8B | ¥12.0B | ¥12.7B | ¥14.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable | ¥4.5B | ¥4.5B | ¥4.7B | ¥5.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥3.5B | ¥3.5B | ¥3.5B | ¥3.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | ¥1.1B | ¥67M | ¥477M | ¥703M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥3.0B | ¥2.8B | ¥2.5B | ¥2.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | ¥211M | ¥215M | ¥246M | ¥230M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥1.0B | ¥769M | ¥355M | ¥167M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥34.0B | ¥30.2B | ¥28.7B | ¥27.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | ¥1.2B | ¥1.2B | ¥1.2B | ¥1.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥2.0B | ¥2.0B | ¥2.0B | ¥2.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥30.4B | ¥27.3B | ¥26.8B | ¥25.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-1.9B | ¥-1.9B | ¥-1.9B | ¥-1.9B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥2.2B | ¥1.5B | ¥519M | ¥301M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥31.8B | ¥28.7B | ¥28.2B | ¥26.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥3.5B | ¥3.5B | ¥3.5B | ¥3.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥18.8B | ¥13.1B | ¥17.2B | ¥16.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥19.0B | ¥17.6B | ¥17.6B | ¥16.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥2,788 | ¥2,583 | ¥2,576 | ¥2,348 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥4,666 | ¥4,213 | ¥4,135 | ¥3,921 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Operating CF | ¥3.3B | ¥-322M | ¥1.6B | ¥2.6B |
| Taxes Paid | ¥-267M | ¥-832M | ¥-1.0B | ¥57M |
| Interest Paid | ¥-48M | ¥-39M | ¥-41M | ¥-40M |
| Interest Received | ¥96M | ¥62M | ¥57M | ¥49M |
| D&A | ¥395M | ¥395M | ¥411M | ¥421M |
| Goodwill Amort. | ¥1M | ¥19M | ¥19M | ¥72M |
| Investing CF | ¥2.3B | ¥-3.4B | ¥-10M | ¥-904M |
| CapEx | ¥209M | ¥380M | ¥230M | ¥678M |
| Purchase Investments | ¥-12M | ¥-34M | ¥-58M | ¥-32M |
| Proceeds from Invest. | ¥3M | ¥58M | ¥127M | ¥1M |
| Financing CF | ¥-434M | ¥-324M | ¥-390M | ¥-594M |
| Dividends Paid | ¥-347M | ¥-238M | ¥-306M | ¥-209M |
| Share Buybacks | — | ¥0M | — | ¥-764M |
| Free Cash Flow | ¥3.1B | ¥-702M | ¥1.4B | ¥1.9B |
| Net Change in Cash | ¥5.2B | ¥-4.0B | ¥1.2B | ¥1.1B |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| ROE | 10.7% | 2.6% | 6.3% | 3.6% |
| ROA | 7.2% | 1.7% | 4.0% | 2.3% |
| EPS | ¥503.77 | ¥112.70 | ¥258.66 | ¥141.53 |
| DPS | ¥60.00 | ¥36.00 | ¥43.00 | ¥40.00 |
| BPS | ¥4,984.46 | ¥4,431.60 | ¥4,211.39 | ¥3,965.77 |
| FCF/Share | ¥458 | ¥-103 | ¥200 | ¥282 |
| NCAV/Share | ¥2,788 | ¥2,583 | ¥2,576 | ¥2,348 |
| Payout Ratio | 11.9% | 31.9% | 16.6% | 28.3% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 2
| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 | 上毛実業株式会社 | 1,388 | 20.37% |
| 2 | ショウリン商事株式会社 | 897 | 13.16% |
| 3 |
Employee Stock Ownership Plan
ムサシ社員持株会
|
325 | 4.78% |
| 4 | ムサシ互助会 | 299 | 4.38% |
| 5 |
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
|
279 | 4.10% |
| 6 | 小林 厚一 | 237 | 3.48% |
| 7 |
Mizuho Bank
株式会社みずほ銀行
|
160 | 2.34% |
| 8 |
EUROPEAN DEPOSITARY BANK SA-DUBLIN - BUTTERMERE DEEP VALUE FUND LIMITED
EUROPEAN DEPOSITARY BANK SA-DUBLIN - BUTTERMERE DEEP VALUE FUND LIMITED (常任代理人 シティバンク、エヌ・エイ東京支店)
|
155 | 2.27% |
| 9 | 羽鳥 雅孝 | 137 | 2.01% |
| 10 |
Sumitomo Mitsui Banking Corporation
株式会社三井住友銀行
|
95 | 1.39% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
4.1%
+0.0% 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
54.2%
-3.9% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 58.3% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 上毛実業 | 20.37% | 20.37% | 20.37% | |
| ショウリン商事 | 13.16% | 13.16% | 13.16% | |
| Employee Stock Ownership Plan ムサシ社員持株会 | 5.24% | 4.73% | 4.78% +0.05% | |
| ムサシ互助会 | 4.38% | 4.38% | 4.38% | |
| Japan Custody Bank 日本カストディ銀行 | 3.66% | 4.05% | 4.10% +0.05% | |
| 小林 厚一 | 3.48% | 3.48% | 3.48% | |
| Mizuho Bank みずほ銀行 | 2.34% | 2.34% | 2.34% | |
| EUROPEAN DEPOSITARY BANK SA-DUBLIN - BUTTERMERE DEEP VALUE FUND LIMITED | — | 2.22% | 2.27% +0.05% | |
| 羽鳥 雅孝 NEW ENTRY | 2.01% | — | 2.01% NEW | |
| Sumitomo Mitsui Banking Corporation 三井住友銀行 | 2.78% | 2.55% | 1.39% -1.16% | |
| HIKARI TSUSHIN,INC. 光通信 last seen 2024 | Exited Top 10 | 6.15% | 4.88% | — |
| Concentration (HHI) ⓘ | 715 | 699 | 676 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥3,044M
+120% since 2023
Holdings
36
+3 new
4 exited
Trend
6 building
vs 2023
| Held Company | FY2025 ¥3,044M total | FY2023 ¥1,383M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
Sanrio Company, Ltd.
㈱サンリオ
|
1,340 |
+203.6%
↑
195,149
|
381 | 64,286 | |
|
Sumitomo Mitsui Financial Group, Inc.
㈱三井住友フィナンシャルグループ
|
1,021 |
+200.0%
↑
269,253
|
475 | 89,751 | M |
|
Mitsubishi UFJ Financial Group, Inc.
㈱三菱UFJフィナンシャル・グループ
|
86 |
42,830
|
36 | 42,830 | M |
| 竹田ipホールディングス㈱ | 68 |
NEW
New
73,000
|
— | M | |
|
TOPPAN Holdings Inc.
TOPPANホールディングス㈱
|
66 |
NEW
New
16,500
|
— | ||
|
DYNIC CORPORATION
ダイニック㈱
|
66 |
88,000
|
66 | 88,000 | M |
|
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
|
62 |
15,480
|
29 | 15,480 | M |
|
Oji Holdings Corporation
王子ホールディングス㈱
|
41 |
66,582
|
34 | 66,582 | M |
|
Japan Pulp & Paper Co., Ltd.
日本紙パルプ商事㈱
|
37 |
+900.0%
↑
62,000
|
31 | 6,200 | M |
|
TOKYO PRINTING INK MFG. CO., LTD.
東京インキ㈱
|
36 |
+10.4%
↑
8,900
|
21 | 8,063 | M |
|
ASAHI PRINTING CO.,LTD.
朝日印刷㈱
|
33 |
+6.6%
↑
37,479
|
30 | 35,159 | |
|
Hokuetsu Corporation
北越コーポレーション㈱
|
30 |
24,820
|
22 | 24,820 | 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
㈱西日本フィナンシャルホールディングス
|
29 |
14,124
|
15 | 14,124 | M |
|
Daishowa Paper Manufacturing Co., Ltd.
大王製紙㈱
|
24 |
30,056
|
31 | 30,056 | M |
|
The Gunma Bank, Ltd.
㈱群馬銀行
|
22 |
18,000
|
7 | 18,000 | M |
|
Dai Nippon Printing Co.,Ltd.
大日本印刷㈱
|
20 |
+100.0%
↑
9,536
|
17 | 4,768 | |
|
The Ogaki Kyoritsu Bank, Ltd.
㈱大垣共立銀行
|
12 |
5,274
|
9 | 5,274 | M |
|
THE SHIGA BANK,LTD.
㈱滋賀銀行
|
10 |
2,000
|
5 | 2,000 | M |
| ㈱コンコルディア・フィナンシャルグループ | 10 |
10,700
|
5 | 10,700 | |
|
Sun Messe Co.,Ltd.
サンメッセ㈱
|
7 |
20,000
|
7 | 20,000 | |
| KKPグループホールディングス㈱ | 7 |
11,000
|
7 | 11,000 | M |
|
Aichi Financial Group Co., Ltd.
㈱あいちフィナンシャルグループ
|
4 |
1,665
|
3 | 1,665 | |
|
THE TAIKO BANK,LTD.
㈱大光銀行
|
4 |
3,000
|
3 | 3,000 | |
|
The Kita-Nippon Bank,Ltd.
㈱北日本銀行
|
3 |
1,000
|
1 | 1,000 | |
|
Heiwa Paper Industry Co., Ltd.
平和紙業㈱
|
2 |
5,000
|
2 | 5,000 | M |
|
Procrea Holdings, Inc.
㈱プロクレアホールディングス
|
1 |
1,000
|
2 | 1,000 | |
|
Tsukuba Bank, Ltd.
㈱筑波銀行
|
1 |
6,660
|
1 | 6,660 | |
|
Jimoto Holdings,Inc.
㈱じもとホールディングス
|
1 |
4,500
|
1 | 4,500 | |
|
Sumitomo Mitsui Trust Group, Inc.
三井住友トラストグループ㈱
|
1 |
NEW
New
312
|
— | ||
|
FIDEA Holdings Co. Ltd.
フィデアホールディングス㈱
|
— | — | |||
| 三井住友トラスト・ホールディングス㈱ | — | — | |||
|
Fukuoka Financial Group, Inc.
㈱ふくおかフィナンシャルグループ
|
— | — | |||
|
ANA HOLDINGSINC.
ANAホールディングス㈱
|
— | — | |||
|
The Kiyo Bank, Ltd.
㈱紀陽銀行
|
— | — | |||
|
Yamaguchi Finacial Group,Inc.
㈱山口フィナンシャルグループ
|
— | — | |||
|
The Minami-Nippon Bank,Ltd.
㈱南日本銀行
|
— | — | |||
| 竹田印刷㈱ (注)4 | — |
−100%
Exit
—
|
51 | 73,000 | M |
| 凸版印刷㈱ | — |
−100%
Exit
—
|
43 | 16,500 | |
|
Japan Cash Machine co.,ltd.
日本金銭機械㈱
|
— |
−100%
Exit
—
|
42 | 35,365 | M |
|
inageya co.,ltd.
㈱いなげや
|
— |
−100%
Exit
—
|
6 | 5,000 | |
| Portfolio total | 3,044 | 1,383 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding