MAEZAWA KASEI INDUSTRIES CO.,LTD.

前澤化成工業株式会社

Chemicals

Maezawa Kasei Industries Co., Ltd. produces and sells water and sewerage related products, and environmental equipment. It operates through three segments: Pipes and Engineering Plastic, Water/Environmental Engineering, and Plastic Molding. The company manufactures and sells fitting and a PVC catch basin with an invert; and parts for housing equipment and various parts for plastic products on a build-to-order basis. It also designs, constructs, maintains, and manages combined wastewater treatment plants, industrial wastewater treatment facilities, plumbing and sanitary equipment, and pump plants. The company was founded in 1937 and is headquartered in Tokyo, Japan.

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Price

¥1,926

Market Cap

¥28.8B

Ent. Value

¥16.1B

Net Cash est

¥12.7B

Shares Out.

14.9M

P / E

15.4×

EV / EBIT

6.9×

⚠ TSE Capital Mandate

P / Book

0.66×

P / NCAV

1.29×

Div. Yield

1.82%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥25.2B	¥24.2B	¥23.9B	¥23.5B	¥21.9B
Cost of Sales	¥16.0B	¥15.4B	¥15.6B	¥15.2B	¥14.6B
Gross Profit	¥9.2B	¥8.8B	¥8.3B	¥8.3B	¥7.3B
SG&A	¥6.8B	¥6.6B	¥6.5B	¥6.4B	¥6.0B
Operating Income	¥2.3B	¥2.2B	¥1.8B	¥1.9B	¥1.3B
Non-Operating Income	¥475M	¥363M	¥315M	¥300M	¥302M
Dividend Income	—	¥177M	¥151M	¥132M	¥142M
Interest Income	—	¥30M	¥12M	¥9M	¥8M
Non-Operating Expenses	—	¥20M	¥16M	¥20M	¥17M
Interest Expense	—	¥5M	¥5M	¥6M	¥5M
Ordinary Income	¥2.8B	¥2.5B	¥2.1B	¥2.2B	¥1.6B
Pre-tax Income	¥2.6B	¥2.6B	¥2.1B	¥2.2B	¥1.4B
Income Taxes	¥724M	¥895M	¥723M	¥707M	¥574M
Current Tax	—	¥832M	¥744M	¥701M	¥611M
Deferred Tax	—	¥62M	¥-21M	¥5M	¥-37M
Net Income (owners)	¥1.9B	¥1.7B	¥1.4B	¥1.5B	¥797M
Minority Interest	—	¥10M	¥6M	¥5M	—
Comprehensive Income	—	¥1.9B	¥2.8B	¥1.5B	¥823M
EBITDA	¥3.4B	¥3.2B	¥2.8B	¥3.1B	¥2.4B
Goodwill Amort. (J-GAAP)	—	¥15M	¥15M	¥7M	—
EPS	¥125.19	¥115.53	¥91.83	¥98.64	¥53.77
Shares Outstanding	—	14.9M	14.9M	14.9M	14.9M
Shares Issued (total)	—	15.7M	15.7M	15.7M	15.7M
Treasury Shares	—	0.8M	0.8M	0.8M	0.8M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥50.2B	¥49.9B	¥49.4B	¥46.5B	¥45.3B
Current Assets	¥29.2B	¥28.4B	¥29.5B	¥28.2B	¥27.3B
Cash & Deposits	¥12.7B	¥12.9B	¥13.2B	¥12.2B	¥12.8B
Trade Receivables	—	¥4.9B	¥5.0B	¥5.4B	¥5.7B
Non-Current Assets	¥21.0B	¥21.5B	¥19.8B	¥18.3B	¥18.0B
PP&E	¥9.7B	¥10.6B	¥10.6B	¥11.0B	¥11.1B
Goodwill	—	¥117M	¥133M	¥149M	—
Intangible Assets	—	¥527M	¥554M	¥489M	¥422M
Investment Securities	¥10.1B	¥9.6B	¥7.9B	¥6.1B	¥5.9B
Deferred Tax Assets	—	¥17M	¥52M	¥39M	¥26M
Total Liabilities	¥6.8B	¥8.4B	¥8.9B	¥8.1B	¥7.7B
Current Liabilities	¥4.9B	¥6.9B	¥7.4B	¥7.1B	¥6.9B
Accounts Payable	—	¥1.9B	¥2.9B	¥3.0B	¥2.9B
ST Debt	—	¥330M	¥330M	¥330M	¥370M
Taxes Payable	—	¥523M	¥464M	¥447M	¥469M
Non-Current Liabilities	¥1.9B	¥1.5B	¥1.5B	¥1.0B	¥799M
Total LT Borrowings	—	—	—	¥60M	¥60M
Pension Obligations	—	—	—	¥35M	—
Deferred Tax Liab.	—	¥1.0B	¥875M	¥262M	¥246M
Total Equity	¥43.4B	¥41.5B	¥40.4B	¥38.4B	¥37.5B
Capital Stock	—	¥3.4B	¥3.4B	¥3.4B	¥3.4B
Capital Surplus	—	¥6.4B	¥6.4B	¥6.4B	¥6.4B
Retained Earnings	¥30.2B	¥29.4B	¥28.5B	¥27.9B	¥27.2B
Treasury Stock	—	¥-1.0B	¥-1.0B	¥-1.0B	¥-1.0B
AOCI	—	¥3.2B	¥3.0B	¥1.6B	¥1.6B
Equity (owners)	¥39.0B	¥38.2B	¥37.3B	¥36.6B	¥35.9B
Minority Interests	—	¥105M	¥95M	¥88M	—

Total Interest-Bearing Debt ⓘ	—	¥330M	¥330M	¥390M	¥430M
Net Cash ⓘ	¥12.7B	¥12.6B	¥12.9B	¥11.8B	¥12.4B
NCAV ⓘ	¥22.4B	¥20.0B	¥20.6B	¥20.1B	¥19.6B
NCAV/Share	—	¥1,340	¥1,379	¥1,345	¥1,310
BV/Share	—	¥2,556	¥2,496	¥2,453	¥2,405

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥1.9B	¥1.9B	¥2.6B	¥1.8B	¥1.8B
Taxes Paid	—	¥-780M	¥-724M	¥-738M	¥-348M
Interest Paid	—	¥-5M	¥-5M	¥-6M	¥-5M
Interest Received	—	¥202M	¥163M	¥143M	¥151M
D&A	¥1.1B	¥1.0B	¥1.0B	¥1.1B	¥1.1B
Goodwill Amort.	—	¥15M	¥15M	¥7M	—
Investing CF	¥-2.5B	¥-459M	¥-761M	¥-1.6B	¥-694M
CapEx	¥854M	¥806M	¥614M	¥736M	¥644M
Purchase Investments	—	¥-1.5B	¥-411M	¥-217M	¥-1.5B
Proceeds from Invest.	—	¥132M	¥97M	—	¥203M
Financing CF	¥-1.1B	¥-850M	¥-812M	¥-812M	¥-676M
Dividends Paid	—	¥-820M	¥-746M	¥-747M	¥-671M
Share Buybacks	—	¥0M	¥0M	—	¥0M
LT Debt Repaid	—	—	¥-60M	—	—
Free Cash Flow	¥1.1B	¥1.1B	¥2.0B	¥1.0B	¥1.1B
Net Change in Cash	—	¥564M	¥1.0B	¥-622M	¥382M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	4.4%	4.2%	3.5%	3.9%	2.1%
ROA	3.7%	3.5%	2.8%	3.2%	1.8%
EPS	¥125.19	¥115.53	¥91.83	¥98.64	¥53.77
DPS	¥35.00	¥69.00	¥50.00	¥50.00	¥50.00
BPS	¥2,913.60	¥2,790.42	¥2,717.45	¥2,581.72	¥2,531.42
FCF/Share	—	¥72	¥134	¥70	¥74
NCAV/Share	—	¥1,340	¥1,379	¥1,345	¥1,310
Payout Ratio	28.0%	59.7%	54.4%	50.7%	93.0%

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-15 16:00	Div Increase	¥597M ¥40.0/sh +3%	MAEZAWA Kasei announced FY2026 (ended March 31, 2026) results beating prior guidance across all metrics, with operating …
Summary MAEZAWA Kasei announced FY2026 (ended March 31, 2026) results beating prior guidance across all metrics, with operating profit of ¥2,323M (+5.6% vs forecast) and net income of ¥1,858M (+7.4%). The company increased its year-end dividend to ¥40 per share (+5 yen vs. prior forecast of ¥35), bringing total annual dividend to ¥75 per share (up from ¥69 prior year), a +8.7% YoY increase, reflecting stronger-than-expected performance in the water & environment engineering segment and special gains from strategic stock sales. Deadline: 2026-06-24 Shares: 14,925,000 YoY: +3% Source (JP) 上記の配当方針及び今回の業績を踏まえ、2026年３月期の期末配当金につきましては、前回予想から５円増配となる１株当たり40円となる予定です。なお、１株当たりの年間配当金は、既に実施済の中間配当金35円と合わせて、75円となる予定です。通期業績予想と実績との差異および剰余金の配当（期末配当・増配）に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	日本マスタートラスト信託銀行株式会社（信託口）	1,439	9.60%
2	Maezawa Industries Co., Ltd. 前澤工業株式会社	879	5.90%
3	MAEZAWA KYUSO INDUSTRIES CO.,LTD. 前澤給装工業株式会社	842	5.60%
4	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	804	5.40%
5	SMBC Nikko Securities SMBC日興証券株式会社	523	3.50%
6	Employee Stock Ownership Plan 前澤化成工業従業員持株会	370	2.50%
7	公益財団法人前澤育英財団	360	2.40%
8	Resona Bank 株式会社りそな銀行	291	1.90%
9	Mitsui & Co., Ltd. 三井物産株式会社	216	1.40%
10	KANEKA CORPORATION 株式会社カネカ	213	1.40%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

5.4%

+0.1% 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

34.2%

+2.4% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
日本マスタートラスト信託銀行		8.20%	7.00%	9.60% +2.60%
Maezawa Industries Co., Ltd. 前澤工業		5.90%	5.90%	5.90%
MAEZAWA KYUSO INDUSTRIES CO.,LTD. 前澤給装工業		5.60%	5.60%	5.60%
Japan Custody Bank 日本カストディ銀行		5.10%	5.30%	5.40% +0.10%
SMBC Nikko Securities SMBC日興証券		3.80%	3.80%	3.50% -0.30%
Employee Stock Ownership Plan 前澤化成工業従業員持株会		2.50%	2.40%	2.50% +0.10%
公益財団法人前澤育英財団		2.40%	2.40%	2.40%
Resona Bank りそな銀行		1.90%	1.90%	1.90%
Mitsui & Co., Ltd. 三井物産		1.40%	1.40%	1.40%
KANEKA CORPORATION 式会社カネカ		—	1.40%	1.40%
太陽生命保険 last seen 2023	Exited Top 10	1.50%	—	—
Concentration (HHI) ⓘ		194	177	219

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

Portfolio Book Value ¥5,592M +59% since 2023

Holdings 16 3 exited

Trend 6 building vs 2023

Held Company	FY2025 ¥5,592M total		FY2023 ¥3,524M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Maezawa Industries Co., Ltd. 前澤工業㈱	1,674	1,229,400	811	1,229,400	M
MAEZAWA KYUSO INDUSTRIES CO.,LTD. 前澤給装工業㈱	1,601	1,248,000	1,196	1,248,000	M
T&D Holdings, Inc. ㈱Ｔ＆Ｄホールディングス	418	131,700	216	131,700	M
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	342	+200.0% ↑ 90,300	159	30,100
YUASA TRADING CO.,LTD. ユアサ商事㈱	283	62,500	236	62,500
Yamazaki Co., Ltd. ㈱山善	260	+6.1% ↑ 198,071	189	186,716
CTI Engineering Co.,Ltd. ㈱建設技術研究所	207	+100.0% ↑ 87,800	132	43,900	M
OKAYA&CO.,LTD. 岡谷鋼機㈱	201	+100.0% ↑ 28,800	149	14,400	M
Shin Nippon Air Technologies Co., Ltd. 新日本空調㈱	195	+24.9% ↑ 111,800	166	89,500
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	143	35,400	66	35,400
Resona Holdings, Inc. ㈱りそなホールディングス	100	77,900	49	77,900	M
DAIWA HOUSE INDUSTRY CO., LTD. 大和ハウス工業㈱	49	10,000	31	10,000
DAITO TRUST CONSTRUCTION CO.,LTD. 大東建託㈱	45	3,000	39	3,000
HASHIMOTO SOGYO HOLDINGS CO.,LTD. 橋本総業ホールディングス㈱	29	24,200	27	24,200
EPCO Co.,Ltd. ㈱エプコ	28	40,000	28	40,000
OTAKE CORPORATION ㈱オータケ	17	+3.3% ↑ 9,824	15	9,510
Denka Company Limited デンカ㈱	—	−100% Exit —	2	1,000
第一生命ホールディングス㈱	—	−100% Exit —	7	3,200	M
Sakai Trading Co. 堺商事㈱	—	−100% Exit —	6	2,000	M
Portfolio total	5,592		3,524

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