KOKUSAI CO.,LTD

国際計測器株式会社

Precision Instruments

Kokusai Co., Ltd. engages in the manufacture and sale of testers and measurement instruments for motors and rotating equipment, and automatic inspection equipment in Japan, the United States, South Korea, China, and internationally. It offers balancing machines, tire balancers for production line, tire uniformity machines/tire and wheel assembly balancers, tire drum durability testing machines, road wheel balance and runout measuring equipment, tire balance weight appliers, shaft straightening machines, coil winding testers, motor testers for production line, gear testers, seismic systems, electric servo motor-driven vibration testers, and electrodynamic vibration testers. The company's products are used in automobiles, home appliances, and digital devices. Kokusai Co., Ltd. was founded in 1969 and is headquartered in Tama, Japan.

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Price

¥784

Market Cap

¥10.6B

Ent. Value

¥4.6B

Net Cash

¥6.0B

Shares Out.

13.5M

P / E

7.1×

EV / EBIT

2.2×

P / Book

0.85×

P / NCAV

1.30×

Div. Yield

1.28%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥14.9B	¥13.2B	¥10.2B	¥10.0B	¥11.1B
Cost of Sales	¥8.9B	¥8.3B	¥7.5B	¥7.1B	¥7.6B
Gross Profit	¥6.0B	¥4.9B	¥2.7B	¥2.9B	¥3.6B
SG&A	¥3.9B	¥3.7B	¥3.3B	¥3.0B	¥3.1B
Operating Income	¥2.1B	¥1.2B	¥-613M	¥-39M	¥447M
Non-Operating Income	¥319M	¥234M	¥506M	¥267M	¥292M
Non-Operating Expenses	—	¥33M	¥47M	¥39M	¥21M
Interest Expense	—	¥26M	¥25M	¥21M	¥12M
Ordinary Income	¥2.3B	¥1.4B	¥-154M	¥189M	¥717M
Pre-tax Income	¥2.2B	¥1.4B	¥-156M	¥189M	¥717M
Income Taxes	¥681M	¥412M	¥69M	¥220M	¥222M
Current Tax	—	¥359M	¥62M	¥182M	¥277M
Deferred Tax	—	¥53M	¥7M	¥37M	¥-56M
Net Income (owners)	¥1.5B	¥940M	¥-258M	¥-66M	¥475M
Minority Interest	—	¥60M	¥33M	¥36M	¥21M
Comprehensive Income	—	¥958M	¥40M	¥227M	¥679M
EBITDA	¥2.3B	¥1.4B	¥-461M	¥127M	¥586M
EPS	¥110.96	¥69.08	¥-18.77	¥-4.82	¥34.24
Shares Outstanding	—	13.5M	13.7M	13.7M	13.7M
Shares Issued (total)	—	14.2M	14.2M	14.2M	14.2M
Treasury Shares	—	0.7M	0.5M	0.5M	0.5M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥20.8B	¥20.8B	¥20.5B	¥20.4B	¥17.4B
Current Assets	¥16.0B	¥15.9B	¥15.8B	¥15.4B	¥12.1B
Cash & Deposits	¥8.5B	¥7.9B	¥8.2B	¥7.4B	¥5.5B
Trade Receivables	—	¥2.6B	¥2.7B	¥3.3B	¥2.7B
Non-Current Assets	¥4.8B	¥5.0B	¥4.7B	¥5.0B	¥5.2B
PP&E	¥2.8B	¥2.9B	¥2.9B	¥3.0B	¥3.0B
Intangible Assets	—	¥72M	¥55M	¥53M	¥61M
Investment Securities	¥763M	¥712M	¥299M	¥418M	¥373M
Deferred Tax Assets	—	¥28M	¥19M	¥11M	¥63M
Total Liabilities	¥7.8B	¥9.2B	¥9.5B	¥9.2B	¥6.1B
Current Liabilities	¥6.1B	¥6.9B	¥6.9B	¥6.0B	¥5.0B
Accounts Payable	—	¥1.5B	¥2.0B	¥1.9B	¥1.3B
ST Debt	¥1.4B	¥1.6B	¥1.9B	¥2.1B	¥1.9B
Taxes Payable	—	¥366M	¥72M	¥84M	¥218M
Non-Current Liabilities	¥1.7B	¥2.4B	¥2.6B	¥3.2B	¥1.1B
Total LT Borrowings	¥1.1B	¥1.8B	¥2.1B	¥2.7B	¥571M
Pension Obligations	—	¥179M	¥192M	¥208M	¥213M
Deferred Tax Liab.	—	¥131M	¥73M	¥95M	¥104M
Total Equity	¥13.0B	¥11.6B	¥11.0B	¥11.3B	¥11.3B
Capital Stock	—	¥1.0B	¥1.0B	¥1.0B	¥1.0B
Capital Surplus	—	¥936M	¥936M	¥936M	¥936M
Retained Earnings	¥9.9B	¥8.8B	¥8.2B	¥8.7B	¥9.0B
Treasury Stock	—	¥-427M	¥-327M	¥-327M	¥-327M
AOCI	—	¥862M	¥943M	¥697M	¥459M
Equity (owners)	¥11.4B	¥10.4B	¥9.8B	¥10.3B	¥10.7B
Minority Interests	—	¥377M	¥278M	¥225M	¥170M

Total Interest-Bearing Debt ⓘ	¥2.6B	¥3.4B	¥4.0B	¥4.8B	¥2.5B
Net Cash ⓘ	¥6.0B	¥4.5B	¥4.2B	¥2.6B	¥3.0B
NCAV ⓘ	¥8.2B	¥6.6B	¥6.3B	¥6.3B	¥6.1B
NCAV/Share	—	¥489	¥458	¥456	¥441
BV/Share	—	¥765	¥712	¥751	¥776

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥1.8B	¥1.0B	¥1.3B	¥-472M	¥-120M
Interest Paid	—	¥-27M	¥-24M	¥-22M	¥-13M
Interest Received	—	¥205M	¥145M	¥73M	¥30M
D&A	¥175M	¥158M	¥152M	¥166M	¥139M
Investing CF	¥-284M	¥-316M	¥-519M	¥129M	¥225M
CapEx	¥105M	¥59M	¥49M	¥42M	¥9M
Purchase Investments	—	¥-431M	—	—	—
Financing CF	¥-1.3B	¥-978M	¥-1.0B	¥2.0B	¥-509M
Dividends Paid	—	¥-273M	¥-275M	¥-276M	¥-278M
Share Buybacks	—	¥-99M	¥-0M	¥0M	¥-228M
LT Debt Repaid	—	¥-585M	¥-512M	¥-558M	¥-465M
Free Cash Flow	¥1.7B	¥974M	¥1.3B	¥-514M	¥-129M
Net Change in Cash	—	¥-141M	¥47M	¥1.9B	¥-239M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	12.2%	8.5%	-2.3%	-0.5%	4.2%
ROA	7.2%	4.5%	-1.3%	-0.4%	2.7%
EPS	¥110.96	¥69.08	¥-18.77	¥-4.82	¥34.24
DPS	¥10.00	¥30.00	¥20.00	¥20.00	¥20.00
BPS	¥927.11	¥829.13	¥781.03	¥801.91	¥809.42
FCF/Share	—	¥72	¥94	¥-37	¥-9
NCAV/Share	—	¥489	¥458	¥456	¥441
Payout Ratio	9.0%	43.4%	—	—	58.4%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 2

Date	Activist	Stake	Event	Flag	Demands	Source
2026-01-15	Shigeru Matsumoto	38.04%	change	Passive	—
2023-06-07	Shigeru Matsumoto	38.04%	correction	Passive	—

#	Shareholder	Shares (thou.)	% of Total
1	松本繁興産株式会社	5,210,000	38.49%
2	松井秀紀	303,000	2.24%
3	松本博司	300,000	2.22%
4	松本進一	300,000	2.22%
5	Employee Stock Ownership Plan 国際計測器従業員持株会	297,000	2.19%
6	Japan Custody Bank 株式会社日本カストディ銀行	216,500	1.60%
7	松本繁	192,000	1.42%
8	野村證券株式会社	182,371	1.35%
9	BNYM RE BNYMLB RE GPP CLIENT MONEY AND ASSETS AC BNYM RE BNYMLB RE GPP CLIENT MONEY AND ASSETS AC（常任代理人株式会社三菱UFJ銀行）	174,400	1.29%
10	宮下博至	160,000	1.18%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

1.6%

-1.6% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

1.3%

+0.1% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

51.3%

+1.8% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
松本繁興産		37.90%	37.90%	38.49% +0.59%
松井秀紀 NEW ENTRY	—	—	—	2.24% NEW
松本進一		—	2.18%	2.22% +0.04%
松本博司		—	2.18%	2.22% +0.04%
Employee Stock Ownership Plan 国際計測器従業員持株会		2.17%	2.18%	2.19% +0.01%
Japan Custody Bank 日本カストディ銀行		1.55%	1.62%	1.60% -0.02%
松本繁		3.07%	1.40%	1.42% +0.02%
野村證券 NEW ENTRY	—	—	—	1.35% NEW
BNY Mellon		1.21%	1.21%	1.29% +0.08%
宮下博至 NEW ENTRY		1.16%	—	1.18% NEW
式会社ＳＢＩネオトレード証券 last seen 2024	Exited Top 10	—	2.01%	—
Mizuho Bank みずほ銀行 last seen 2024	Exited Top 10	3.35%	1.64%	—
Japan Master Trust Bank 日本マスタートラスト信託銀行 last seen 2024	Exited Top 10	1.19%	1.63%	—
光通信 last seen 2023	Exited Top 10	2.60%	—	—
西尾美敏 last seen 2023	Exited Top 10	1.08%	—	—
Concentration (HHI) ⓘ		1476	1466	1511

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

Portfolio Book Value ¥306M -25% since 2023

Holdings 2

Trend Stable vs 2023

Held Company	FY2025 ¥306M total		FY2023 ¥406M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
NITTOKU CO., LTD. NITTOKU株式会社	290	137,000	399	137,000	M
Mizuho Financial Group, Inc. 株式会社みずほフィナンシャルグループ	16	3,946	7	3,946	M
Portfolio total	306		406

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