7951
YAMAHA CORPORATION
ヤマハ株式会社
Other Products
Yamaha Corporation, together with its subsidiaries, engages in the musical instruments, audio equipment, and other businesses in Japan and internationally. It operates through the Musical Instruments, Audio Equipment, and Others segments. The Musical Instruments segment offers pianos; digital musical instruments; and wind, string, and percussion instruments; as well as other music-related activities. Its Audio Equipment segment provides audio products; professional audio equipment; information and telecommunication equipment; and other products. The Others segment is involved in the electronic devices business, automobile interior wood components, factory automation equipment, golf products, resort, and other businesses. Yamaha Corporation was founded in 1887 and is headquartered in Hamamatsu, Japan.
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Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
TDnet
FY 2024
TDnet
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥465.3B
¥465.3B
¥462.9B
¥451.4B
¥408.2B
Cost of Sales
¥290.4B
¥290.4B
¥291.8B
¥280.3B
¥253.5B
Gross Profit
¥175.0B
¥175.0B
¥171.1B
¥171.1B
¥154.7B
SG&A
¥143.1B
¥143.1B
¥137.4B
¥125.3B
¥111.7B
Operating Income
¥29.3B
¥29.3B
¥29.0B
¥46.5B
¥49.3B
Non-Operating Income
—
¥4.6B
¥9.2B
¥4.5B
¥5.8B
Non-Operating Expenses
—
¥2.9B
¥561M
¥441M
¥2.1B
Ordinary Income
¥29.3B
¥20.7B
—
—
—
Pre-tax Income
¥35.3B
¥35.3B
¥37.6B
¥50.6B
¥53.0B
Net Income (owners)
¥23.7B
¥23.7B
¥29.6B
¥38.2B
¥37.3B
Minority Interest
—
¥116M
¥134M
¥-6M
¥92M
Comprehensive Income
—
¥624M
¥83.5B
¥58.3B
¥58.5B
EBITDA
¥49.8B
¥49.8B
¥50.0B
¥65.8B
¥66.6B
EPS
¥52.70
¥52.70
¥175.68
¥222.64
¥214.79
Shares Outstanding
—
453.1M
166.0M
170.4M
171.5M
Shares Issued (total)
—
531.0M
187.3M
187.3M
187.3M
Treasury Shares
—
77.9M
21.3M
16.9M
15.8M
Metric
FY 2025
TDnet
FY 2024
TDnet
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥617.6B
¥617.6B
¥666.8B
¥594.2B
¥580.9B
Current Assets
¥364.9B
¥364.9B
¥369.3B
¥346.5B
¥362.7B
Cash & Deposits
¥109.0B
¥109.0B
¥101.6B
¥103.9B
¥172.5B
Non-Current Assets
¥252.6B
¥252.6B
¥297.5B
¥247.7B
¥218.2B
PP&E
¥124.3B
¥124.3B
¥126.5B
¥112.2B
¥102.9B
Goodwill
—
—
¥1.2B
¥4.6B
¥177M
Intangible Assets
—
¥5.4B
¥6.2B
¥3.0B
¥3.0B
Deferred Tax Assets
—
¥11.0B
¥12.2B
¥9.7B
¥7.9B
Total Liabilities
¥137.8B
¥137.8B
¥155.0B
¥136.3B
¥165.0B
Current Liabilities
¥98.0B
¥98.0B
¥105.7B
¥95.1B
¥126.1B
Non-Current Liabilities
¥39.8B
¥39.8B
¥49.3B
¥41.2B
¥38.9B
Deferred Tax Liab.
—
¥7.3B
¥18.2B
¥11.7B
¥8.0B
Total Equity
¥479.7B
¥479.7B
¥511.8B
¥457.9B
¥415.9B
Capital Surplus
—
¥1.8B
¥2.0B
¥1.8B
¥2.1B
Retained Earnings
¥373.4B
¥373.4B
¥458.3B
¥428.2B
¥397.7B
Treasury Stock
—
¥-101.6B
¥-96.6B
¥-78.8B
¥-73.3B
AOCI
—
¥81.7B
¥118.4B
¥77.1B
¥59.7B
Equity (owners)
¥478.3B
¥478.3B
¥510.6B
¥456.8B
¥414.8B
Minority Interests
—
¥1.3B
¥1.2B
¥1.1B
¥1.2B
Net Cash ⓘ
¥109.0B
¥109.0B
¥101.6B
¥103.9B
¥172.5B
NCAV ⓘ
¥227.1B
¥227.1B
¥214.3B
¥210.2B
¥197.7B
NCAV/Share
—
¥501
¥1,291
¥1,234
¥1,152
BV/Share
—
¥1,056
¥3,076
¥2,680
¥2,418
Metric
FY 2025
TDnet
FY 2024
TDnet
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥45.8B
¥45.8B
¥43.8B
¥-14.8B
¥36.0B
D&A
¥20.5B
¥20.5B
¥21.0B
¥19.3B
¥17.3B
Investing CF
¥-7.9B
¥-7.9B
¥-15.9B
¥-21.6B
¥43.7B
Purchase Investments
—
¥-197M
¥-29M
¥-1M
¥0M
Financing CF
¥-37.8B
¥-37.8B
¥-37.3B
¥-35.3B
¥-44.4B
Free Cash Flow
¥45.8B
¥45.8B
¥43.8B
¥-14.8B
¥36.0B
Net Change in Cash
—
¥-1.8B
¥-2.4B
¥-68.6B
¥43.1B
Metric
FY 2025
TDnet
FY 2024
TDnet
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
4.9%
4.8%
6.1%
8.7%
9.0%
ROA
3.8%
3.7%
4.7%
6.5%
6.4%
EPS
¥52.70
¥52.70
¥175.68
¥222.64
¥214.79
DPS
¥13.00
¥13.00
¥74.00
¥66.00
¥66.00
BPS
¥1,087.41
¥1,087.41
—
—
—
FCF/Share
—
¥101
¥264
¥-87
¥210
NCAV/Share
—
¥501
¥1,291
¥1,234
¥1,152
Payout Ratio
24.7%
24.7%
42.1%
29.6%
30.7%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 17
Date Activist Stake Event Flag Demands Source
2025-09-19
Sumitomo Mitsui Trust Bank,Limited
6.18%
-0.36%
change
Passive
—
2025-05-20
BlackRock Japan Co., Ltd.
5.14%
+0.92%
initial_5pct
Passive
—
2025-04-21
Sumitomo Mitsui Trust Bank,Limited
6.54%
+0.27%
change
Passive
—
2025-02-26
Yamaha Motor Co.,Ltd.
2.65%
change
Passive
—
2024-08-22
Nomura Securities Co.,Ltd.
8.44%
-1.0%
change
Passive
—
2024-06-21
Nomura Securities Co.,Ltd.
9.44%
+0.15%
change
Passive
—
2024-06-07
Nomura Securities Co.,Ltd.
9.29%
+0.74%
change
Passive
—
2024-06-06
Sumitomo Mitsui Trust Bank,Limited
6.27%
-0.08%
change
Passive
—
2024-06-06
BlackRock Japan Co., Ltd.
4.22%
-1.93%
change
Passive
—
2024-04-22
Nomura Securities Co.,Ltd.
8.55%
+0.11%
change
Passive
—
2024-03-07
Mizuho Bank, Ltd.
4.41%
change
Passive
—
2024-02-21
Sumitomo Mitsui Trust Bank,Limited
6.35%
-0.03%
change
Passive
—
2024-02-07
Nomura Securities Co.,Ltd.
8.44%
-0.04%
change
Passive
—
2024-01-11
Nomura Securities Co.,Ltd.
8.48%
change
Passive
—
2023-10-16
Mitsubishi UFJ Financial Group Inc.
4.34%
change
Passive
—
2023-08-21
Sumitomo Mitsui Trust Bank,Limited
6.38%
change
Passive
—
2023-06-06
BlackRock Japan Co., Ltd.
6.15%
change
Passive
—
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 11
#
Shareholder
Shares (thou.)
% of Total
1
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)
104,751
23.12%
2
Custody Bank of Japan, Ltd. (Trust Account)
株式会社日本カストディ銀行(信託口)
40,009
8.83%
3
THE SHIZUOKA BANK,LTD.
株式会社静岡銀行(常任代理人 日本マスタートラスト信託銀行株式会社)
22,576
4.98%
4
Sumitomo Life Insurance
住友生命保険相互会社(常任代理人 株式会社日本カストディ銀行)
21,900
4.83%
5
Nippon Life Insurance
日本生命保険相互会社(常任代理人 日本マスタートラスト信託銀行株式会社)
15,006
3.31%
6
Yamaha Motor Co., Ltd.
ヤマハ発動機株式会社
14,080
3.11%
7
バンク オブ ニューヨーク ジーシーエム クライアント アカウント ジェイピーアールディ アイエスジー エフイー-エイシー(常任代理人 株式会社三菱UFJ銀行)
10,790
2.38%
8
State Street Bank and Trust Company
ステート ストリート バンク アンド トラスト カンパニー 505301(常任代理人 株式会社みずほ銀行決済営業部)
9,568
2.11%
9
State Street Bank and Trust Company
ステート ストリート バンク アンド トラスト カンパニー 505001(常任代理人 株式会社みずほ銀行決済営業部)
7,929
1.75%
10
JPMorgan Chase Bank, N.A.
ジェーピー モルガン チェースバンク 385864(常任代理人 株式会社みずほ銀行決済営業部)
7,133
1.57%
Domestic Nominees
31.9%
+1.1% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
5.4%
+3.5% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
18.6%
-4.7% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
Japan Master Trust Bank
日本マスタートラスト信託銀行
23.73%
22.07%
23.12%
+1.05%
Japan Custody Bank
日本カストディ銀行
9.05%
8.73%
8.83%
+0.10%
THE SHIZUOKA BANK,LTD.
式会社静岡銀行
4.42%
4.53%
4.98%
+0.45%
Sumitomo Life Insurance
住友生命保険
4.28%
4.40%
4.83%
+0.43%
State Street
1.98%
1.90%
3.86%
+1.96%
Nippon Life Insurance
日本生命保険
2.93%
3.01%
3.31%
+0.30%
Yamaha Motor Co., Ltd.
ヤマハ発動機
4.71%
4.84%
3.11%
-1.73%
バンク オブ ニューヨーク ジーシーエム クライアント アカウント ジェイピーアールディ アイエスジー エフイー-エイシー
NEW ENTRY
—
—
—
2.38%
NEW
JP Morgan
NEW ENTRY
—
—
—
1.57%
NEW
Mitsui Sumitomo Insurance Company, Limited
三井住友海上火災保険
last seen 2024
Exited Top 10
3.47%
3.42%
—
Mizuho Bank
みずほ銀行
last seen 2024
Exited Top 10
1.74%
1.78%
—
エイチエスビーシー ホンコン トレジャリー サービシィズ アカウント アジアン エキュイティーズ デリバティブス
last seen 2024
Exited Top 10
—
1.30%
—
ドイチェバンクトラストカンパニーアメリカズ
last seen 2023
Exited Top 10
1.66%
—
—
Concentration (HHI)
ⓘ
735
656
704
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥44,995M
-37% since 2023
Holdings
11
+2 new
4 exited
Trend
2 unwinding
vs 2023
Held Company
FY2025
¥44,995M total
FY2023
¥71,910M total
Book Val ¥M
Shares
Book Val ¥M
Shares
Yamaha Motor Co., Ltd.
ヤマハ発動機㈱
34,482
+84.9%
↑
28,928,370
54,124
15,642,790
M
Shizuoka Financial Group, Inc.
㈱しずおかフィナンシャルグループ
3,961
NEW
New
2,441,064
—
M
Audinate Group Limited
3,670
6,289,308
4,879
6,289,308
Sumitomo Mitsui Financial Group, Inc.
㈱三井住友フィナンシャルグループ(注)4
2,029
NEW
New
534,906
—
M
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
626
-46.9%
↓
154,575
547
291,275
M
Mitsubishi UFJ Financial Group, Inc.
㈱三菱UFJフィナンシャル・グループ
227
-50.0%
↓
113,280
192
226,480
M
Shiseido Company, Limited
㈱資生堂
—
—
ASAHI GROUP HOLDINGS,LTD.
アサヒグループホールディングス㈱
—
—
CHUGAI PHARMACEUTICAL CO., LTD.
中外製薬㈱
—
—
Renesas Electronics Corporation
ルネサスエレクトロニクス㈱
—
—
Lion Corporation
ライオン㈱
—
—
MS&AD Insurance Group Holdings, Inc.
MS&ADインシュアランスグループホールディングス㈱
—
−100%
Exit
—
3,955
963,323
M
TOYOTA MOTOR CORPORATION
トヨタ自動車㈱
—
−100%
Exit
—
4,712
2,506,500
Shizuoka Financial Group, Inc.
㈱しずおかフィナンシャルグループ (注)4
—
−100%
Exit
—
2,321
2,441,064
M
Sumitomo Mitsui Financial Group, Inc.
㈱三井住友フィナンシャルグループ
—
−100%
Exit
—
1,180
222,802
M
Portfolio total
44,995
71,910
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding