YONEX CO.,LTD.

ヨネックス株式会社

Other Products

YONEX Co., Ltd. manufactures and sells sporting goods in Japan. It offers badminton equipment, such as racquets, shuttlecocks, strings, apparel, shoes, bags, etc.; tennis and soft tennis equipment, including racquets, strings, apparel, shoes, bags, balls, etc.; and golf equipment, such as woods, iron, putters, shafts, apparel, shoes, bags, accessories, etc. The company is also involved in golf course management. The company was founded in 1946 and is headquartered in Tokyo, Japan.

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Price

¥2,362

Market Cap

¥202.6B

Ent. Value

¥184.6B

Net Cash

¥18.0B

Shares Out.

85.8M

P / E

16.7×

EV / EBIT

11.2×

P / Book

2.51×

P / NCAV

5.36×

Div. Yield

0.51%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥163.6B	¥138.3B	¥116.4B	¥107.0B	¥74.5B
Cost of Sales	¥91.1B	¥76.2B	¥64.8B	¥61.1B	¥41.1B
Gross Profit	¥72.5B	¥62.1B	¥51.6B	¥45.9B	¥33.4B
SG&A	¥56.0B	¥47.9B	¥40.0B	¥35.8B	¥26.7B
Operating Income	¥16.5B	¥14.2B	¥11.6B	¥10.1B	¥6.7B
Non-Operating Income	¥374M	¥310M	¥691M	¥277M	¥542M
Interest Income	—	¥149M	¥97M	¥101M	¥51M
Non-Operating Expenses	—	¥522M	¥107M	¥378M	¥34M
Interest Expense	—	¥148M	¥92M	¥56M	¥28M
Ordinary Income	¥16.3B	¥14.0B	¥12.2B	¥10.0B	¥7.2B
Pre-tax Income	¥17.0B	¥14.9B	¥12.7B	¥10.3B	¥7.8B
Income Taxes	¥4.9B	¥4.3B	¥3.8B	¥3.0B	¥2.0B
Current Tax	—	¥5.1B	¥3.3B	¥2.9B	¥2.0B
Deferred Tax	—	¥-865M	¥238M	¥35M	¥-6M
Net Income (owners)	¥12.1B	¥10.6B	¥8.9B	¥7.3B	¥5.8B
Minority Interest	—	¥18M	¥31M	¥38M	—
Comprehensive Income	—	¥12.5B	¥10.0B	¥8.5B	¥7.3B
EBITDA	¥20.2B	¥17.5B	¥14.3B	¥12.1B	¥8.4B
Goodwill Amort. (J-GAAP)	—	—	¥43M	¥58M	¥58M
EPS	¥141.42	¥122.96	¥102.45	¥84.05	¥66.11
Shares Outstanding	—	85.8M	86.9M	87.6M	87.3M
Shares Issued (total)	—	92.9M	92.9M	93.6M	93.6M
Treasury Shares	—	7.1M	6.0M	6.0M	6.3M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥128.6B	¥109.6B	¥91.2B	¥79.4B	¥66.3B
Current Assets	¥85.7B	¥73.2B	¥60.0B	¥53.5B	¥44.8B
Cash & Deposits	¥34.3B	¥29.5B	¥23.5B	¥16.9B	¥17.9B
Trade Receivables	—	¥14.4B	¥12.4B	¥10.6B	¥9.1B
Non-Current Assets	¥42.9B	¥36.3B	¥31.3B	¥26.0B	¥21.5B
PP&E	¥37.4B	¥30.6B	¥26.1B	¥21.0B	¥17.3B
Goodwill	—	—	—	¥43M	¥102M
Intangible Assets	—	¥1.7B	¥2.3B	¥2.0B	¥1.4B
Investment Securities	¥151M	¥276M	¥219M	¥217M	¥208M
Deferred Tax Assets	—	¥2.6B	¥1.6B	¥1.7B	¥1.7B
Total Liabilities	¥47.9B	¥40.1B	¥30.3B	¥26.3B	¥20.6B
Current Liabilities	¥26.6B	¥24.9B	¥20.3B	¥17.3B	¥13.6B
Accounts Payable	—	¥10.4B	¥6.4B	¥7.1B	¥4.8B
ST Debt	¥1.3B	¥829M	¥3.3B	¥705M	¥536M
Taxes Payable	—	¥1.8B	¥1.5B	¥917M	¥966M
Non-Current Liabilities	¥21.3B	¥15.2B	¥10.0B	¥9.0B	¥6.9B
Total LT Borrowings	¥15.0B	¥8.3B	¥3.5B	¥2.4B	¥1.4B
Pension Obligations	—	¥3.1B	¥2.8B	¥2.7B	¥2.8B
Total Equity	¥80.7B	¥69.4B	¥60.9B	¥53.1B	¥45.7B
Capital Stock	—	¥4.7B	¥4.7B	¥4.7B	¥4.7B
Capital Surplus	—	¥8.0B	¥7.9B	¥8.2B	¥7.7B
Retained Earnings	¥67.2B	¥57.1B	¥48.2B	¥40.6B	¥34.2B
Treasury Stock	—	¥-5.1B	¥-2.8B	¥-2.2B	¥-1.5B
AOCI	—	¥4.6B	¥2.7B	¥1.6B	¥521M
Equity (owners)	¥74.9B	¥64.6B	¥58.0B	¥51.3B	¥45.1B
Minority Interests	—	¥224M	¥197M	¥174M	¥122M

Total Interest-Bearing Debt ⓘ	¥16.3B	¥9.1B	¥6.8B	¥3.1B	¥2.0B
Net Cash ⓘ	¥18.0B	¥20.4B	¥16.8B	¥13.8B	¥16.0B
NCAV ⓘ	¥37.8B	¥33.1B	¥29.6B	¥27.1B	¥24.3B
NCAV/Share	—	¥386	¥341	¥310	¥278
BV/Share	—	¥754	¥668	¥585	¥516

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥9.5B	¥13.0B	¥12.5B	¥3.0B	¥7.4B
Taxes Paid	—	¥-4.9B	—	—	—
Interest Paid	—	¥-160M	¥-78M	¥-56M	¥-28M
Interest Received	—	¥167M	¥97M	¥106M	¥47M
D&A	¥3.6B	¥3.3B	¥2.7B	¥2.0B	¥1.6B
Goodwill Amort.	—	—	¥43M	¥58M	¥58M
Investing CF	¥-10.0B	¥-5.8B	¥-7.4B	¥-4.5B	¥-2.3B
CapEx	¥9.4B	¥5.8B	¥6.6B	¥3.5B	¥883M
Purchase Investments	—	—	—	—	¥-95M
Proceeds from Invest.	—	—	—	—	¥2M
Financing CF	¥4.5B	¥-2.6B	¥764M	¥-480M	¥-2.0B
Dividends Paid	—	¥-1.7B	¥-1.2B	¥-960M	¥-656M
Share Buybacks	—	¥-2.4B	¥-1.1B	¥-834M	¥-319M
LT Debt Repaid	—	¥-982M	¥-705M	¥-578M	¥-893M
Free Cash Flow	¥102M	¥7.2B	¥5.9B	¥-483M	¥6.5B
Net Change in Cash	—	¥5.8B	¥6.8B	¥-1.1B	¥4.4B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	16.1%	16.3%	15.6%	14.9%	13.6%
ROA	10.2%	10.6%	10.4%	10.1%	8.7%
EPS	¥141.42	¥122.96	¥102.45	¥84.05	¥66.11
DPS	¥12.00	¥22.00	¥16.00	¥13.00	¥10.00
BPS	¥940.87	¥809.91	¥701.59	¥607.28	¥522.72
FCF/Share	—	¥84	¥68	¥-6	¥75
NCAV/Share	—	¥386	¥341	¥310	¥278
Payout Ratio	8.5%	17.9%	15.6%	15.5%	15.1%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 4

Date	Activist	Stake	Event	Flag	Demands
2025-08-22	FIL Investments (Japan) Limited	4.05% -1.06%	change	Passive	—
2025-02-07	FIL Investments (Japan) Limited	5.11% -1.33%	change	Passive	—
2023-11-22	FIL Investments (Japan) Limited	6.44% +1.05%	change	Passive	—
2023-09-07	FIL Investments (Japan) Limited	5.39%	initial_5pct	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-12 15:30	Div Increase	¥1.1B ¥13.0/sh +18%	Yonex announced a dividend increase for fiscal year ending March 31, 2026. The company increased its per-share dividend …
Summary Yonex announced a dividend increase for fiscal year ending March 31, 2026. The company increased its per-share dividend from the prior forecast of 12 yen to 13 yen (1 yen increase), resulting in a total dividend of 1,115 million yen. This represents an 18.2% increase compared to the prior year's 11 yen ordinary dividend, reflecting strong consolidated earnings and the company's commitment to stable shareholder returns. Deadline: 2026-06-24 YoY: +18% Source (JP) 2026年３月期の期末配当につきましては、上記基本方針および連結業績を踏まえ、直近の配当予想１株当たり12円から1円増配し、１株当たり13円とする案剰余金の配当（増配）に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	公益財団法人ヨネックススポーツ振興財団	9,486	11.06%
2	NATIONAL FINANCIAL SERVICES LLC NATIONAL FINANCIAL SERVICES LLC （常任代理人シティバンク、エヌ・エイ東京支店）	5,804	6.77%
3	米山修一	4,236	4.94%
4	公益財団法人新潟県スポーツ振興米山稔財団	4,000	4.66%
5	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人株式会社みずほ銀行決済営業部）	3,818	4.45%
6	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）	3,393	3.96%
7	Business Partner Stock Ownership Plan ヨネックス取引先持株会	3,299	3.85%
8	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	2,977	3.47%
9	米山勉	2,545	2.97%
10	米山英明	1,920	2.24%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

7.4%

-1.0% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

4.5%

+2.4% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

36.5%

-1.0% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
公益財団法人ヨネックススポーツ振興財団		10.83%	10.91%	11.06% +0.15%
NATIONAL FINANCIAL SERVICES LLC		6.62%	6.68%	6.77% +0.09%
米山修一		4.86%	4.90%	4.94% +0.04%
公益財団法人新潟県スポーツ振興米山稔財団		4.56%	4.60%	4.66% +0.06%
State Street NEW ENTRY	—	—	—	4.45% NEW
Japan Master Trust Bank 日本マスタートラスト信託銀行		5.74%	5.33%	3.96% -1.37%
Business Partner Stock Ownership Plan ヨネックス取引先持株会		3.89%	3.92%	3.85% -0.07%
Japan Custody Bank 日本カストディ銀行		5.13%	3.09%	3.47% +0.38%
米山勉		2.93%	2.97%	2.97%
米山英明 NEW ENTRY	—	—	—	2.24% NEW
米山美惠子 last seen 2024	Exited Top 10	3.55%	3.53%	—
Northern Trust last seen 2024	Exited Top 10	—	2.03%	—
米山宏作 last seen 2023	Exited Top 10	2.27%	—	—
Concentration (HHI) ⓘ		306	288	290

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

Portfolio Book Value ¥274M +28% since 2023

Holdings 4

Trend 1 building vs 2023

Held Company	FY2025 ¥274M total		FY2023 ¥214M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
XEBIO HOLDINGS CO.,LTD. ゼビオホールディングス㈱	129	100,000	104	100,000	M
Alpen Co.,Ltd. ㈱アルペン	114	48,000	95	48,000
Daishi Hokuetsu Financial Group,Inc. ㈱第四北越フィナンシャルグループ	24	+100.0% ↑ 7,700	11	3,850	M
ZETT CORPORATION ゼット㈱	7	17,000	4	17,000	M
Portfolio total	274		214

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