7952
Kawai Musical Instruments Manufacturing Co.
株式会社河合楽器製作所
Other Products
Kawai Musical Instruments Manufacturing Co., Ltd. manufactures and sells musical instruments worldwide. It offers grand, upright, digital, and hybrid pianos; acoustics; and accessories. The company also operates music and gymnastics schools; and learning centers in China, Taiwan, and Indonesia. In addition, it develops and sells computer music software, as well as software for small businesses; manufactures and sells precision metals, wood products, and electronic devices; and promotes music appreciation through lectures and concerts. The company was founded in 1927 and is headquartered in Hamamatsu, Japan.
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⚠ TSE Capital Mandate
P / Book
0.64×
Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥72.9B
¥80.2B
¥87.8B
¥85.7B
Cost of Sales
¥54.6B
¥59.5B
¥65.0B
¥62.2B
Gross Profit
¥18.3B
¥20.7B
¥22.8B
¥23.5B
SG&A
¥18.0B
¥17.5B
¥17.8B
¥16.8B
Operating Income
¥316M
¥3.3B
¥5.0B
¥6.7B
Non-Operating Income
¥553M
¥1.1B
¥818M
¥800M
Dividend Income
¥97M
¥86M
¥79M
¥69M
Interest Income
¥126M
¥107M
¥83M
¥68M
Non-Operating Expenses
¥394M
¥181M
¥225M
¥191M
Interest Expense
¥83M
¥71M
¥85M
¥80M
Ordinary Income
¥474M
¥4.2B
¥5.6B
¥7.3B
Pre-tax Income
¥349M
¥4.2B
¥5.6B
¥7.3B
Income Taxes
¥-59M
¥1.4B
¥1.9B
¥2.2B
Current Tax
¥501M
¥1.5B
¥1.8B
¥2.2B
Deferred Tax
¥-560M
¥-63M
¥81M
¥-13M
Net Income (owners)
¥405M
¥2.8B
¥3.7B
¥5.0B
Minority Interest
¥3M
¥4M
¥16M
¥39M
Comprehensive Income
¥2.4B
¥5.4B
¥5.5B
¥6.1B
EBITDA
¥2.1B
¥4.9B
¥6.7B
¥8.2B
EPS
¥47.13
¥323.72
¥427.33
¥587.17
Shares Outstanding
8.6M
8.6M
8.6M
8.6M
Shares Issued (total)
9.0M
9.0M
9.0M
9.0M
Treasury Shares
0.4M
0.4M
0.4M
0.4M
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥74.0B
¥73.5B
¥70.8B
¥68.4B
Current Assets
¥48.5B
¥49.7B
¥48.7B
¥46.4B
Cash & Deposits
¥13.3B
¥18.2B
¥19.3B
¥22.7B
Trade Receivables
¥10.3B
¥8.8B
¥9.1B
¥8.8B
Non-Current Assets
¥25.5B
¥23.8B
¥22.1B
¥22.0B
PP&E
¥15.0B
¥13.9B
¥13.5B
¥13.3B
Intangible Assets
¥492M
¥596M
¥610M
¥636M
Investment Securities
¥7.2B
¥7.2B
¥5.3B
¥5.3B
Deferred Tax Assets
¥1.2B
¥666M
¥1.1B
¥1.2B
Total Liabilities
¥29.4B
¥30.4B
¥32.4B
¥34.8B
Current Liabilities
¥17.5B
¥18.3B
¥19.4B
¥20.6B
Accounts Payable
¥4.9B
¥5.6B
¥6.7B
¥5.7B
ST Debt
¥5.6B
¥5.2B
¥5.2B
¥5.9B
Taxes Payable
¥135M
¥702M
¥904M
¥1.8B
Non-Current Liabilities
¥12.0B
¥12.1B
¥13.0B
¥14.3B
Total LT Borrowings
¥2.9B
¥2.9B
¥3.7B
¥4.4B
Pension Obligations
¥7.5B
¥7.9B
¥8.1B
¥8.8B
Deferred Tax Liab.
¥1M
¥1M
¥1M
¥1M
Total Equity
¥44.5B
¥43.1B
¥38.5B
¥33.6B
Capital Stock
¥7.1B
¥7.1B
¥7.1B
¥7.1B
Capital Surplus
¥1.3B
¥1.3B
¥1.3B
¥1.3B
Retained Earnings
¥29.6B
¥30.0B
¥27.9B
¥24.9B
Treasury Stock
¥-976M
¥-985M
¥-989M
¥-964M
AOCI
¥7.5B
¥5.5B
¥2.9B
¥1.1B
Equity (owners)
¥37.0B
¥37.4B
¥35.3B
¥32.3B
Minority Interests
—
¥214M
¥199M
¥174M
Total Interest-Bearing Debt ⓘ
¥8.4B
¥8.1B
¥8.9B
¥10.3B
Net Cash ⓘ
¥4.9B
¥10.1B
¥10.4B
¥12.4B
NCAV ⓘ
¥19.1B
¥19.3B
¥16.3B
¥11.6B
NCAV/Share
¥2,207
¥2,236
¥1,890
¥1,350
BV/Share
¥4,282
¥4,328
¥4,090
¥3,759
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥-1.7B
¥1.4B
¥-613M
¥5.1B
Interest Paid
¥-82M
¥-69M
¥-82M
¥-77M
Interest Received
¥169M
¥188M
¥165M
¥139M
D&A
¥1.8B
¥1.6B
¥1.6B
¥1.5B
Investing CF
¥-2.3B
¥-943M
¥-1.4B
¥-877M
CapEx
¥1.5B
¥1.1B
¥1.2B
¥899M
Financing CF
¥-1.0B
¥-1.8B
¥-2.3B
¥-1.8B
Dividends Paid
¥-818M
¥-731M
¥-642M
¥-471M
Share Buybacks
¥0M
¥0M
¥-129M
¥0M
LT Debt Repaid
¥-787M
¥-687M
¥-987M
¥-915M
Free Cash Flow
¥-3.2B
¥298M
¥-1.8B
¥4.2B
Net Change in Cash
¥-4.6B
¥-911M
¥-3.5B
¥3.1B
Metric
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
0.9%
6.8%
10.2%
16.5%
ROA
0.5%
3.9%
5.3%
7.4%
EPS
¥47.13
¥323.72
¥427.33
¥587.17
DPS
¥95.00
¥95.00
¥85.00
¥75.00
BPS
¥5,179.62
¥4,993.71
¥4,451.73
¥3,884.27
FCF/Share
¥-374
¥34
¥-212
¥487
NCAV/Share
¥2,207
¥2,236
¥1,890
¥1,350
Payout Ratio
201.6%
29.3%
19.9%
12.8%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 3
Date Activist Stake Event Flag Demands Source
2026-02-20
Nomura Asset Management Co., Ltd.
4.18%
-1.16%
change
Passive
—
2025-12-04
Nomura Asset Management Co., Ltd.
5.34%
-1.14%
change
Passive
—
2025-04-22
Nomura Asset Management Co., Ltd.
6.48%
change
Passive
—
Capital Allocation Signals 1
Date
Type
Amount
Summary
2026-05-14
15:30
Cost of Capital
—
Kawai Musical Instruments announced a comprehensive capital cost and shareholder value enhancement plan aligned with its…
Summary
Kawai Musical Instruments announced a comprehensive capital cost and shareholder value enhancement plan aligned with its 10-year mid-term strategy Kawai 十年の計, FY2025-2035). The company targets PBR >1.0x through operating profit growth, enhanced IR activities, and clear milestone communication. ROE targets of 5.5% (year 3), 10% (year 6), and 16% (year 10) are set to exceed the estimated 7% cost of equity, with cumulative dividend and 50%+ total shareholder payout ratio maintained.
Source (JP)
「営業利益増大」「IR活動強化」「成長期待が持てる中長期的計画の明示とマイルストーンの達成」によりPBR(市場からの評価)向上を目指す。「KAWAI 十年の計」3年目のROEを5.5%、6年目10%、10年目16%に成長させ、持続的な成長を目指す
Top 10 Shareholders
Ownership DNA
Cross-Holdings Tracker 7
#
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)
1,051
12.17%
2
エイチエスビーシー ブローキング セキュリティーズ(アジア) (常任代理人 香港上海銀行東京支店)
810
9.38%
3
株式会社河合社団
477
5.53%
4
Sumitomo Realty & Development Co.,Ltd.
住友不動産株式会社
441
5.11%
5
Business Partner Stock Ownership Plan
河合楽器取引先持株会
394
4.57%
6
Employee Stock Ownership Plan
カワイ従業員持株会
329
3.81%
7
Meiji Yasuda Life Insurance
明治安田生命保険相互会社
300
3.47%
8
GAKKEN HOLDINGS CO., LTD.
株式会社学研ホールディングス
278
3.22%
9
Tokio Marine & Nichido Fire Insurance Co., Ltd.
東京海上日動火災保険株式会社
275
3.18%
10
MURAKAMI TAKATERU (常任代理人 三田証券株式会社)
243
2.81%
Domestic Nominees
12.2%
+1.1% 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
41.1%
-0.7% 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
10.66%
11.12%
12.17%
+1.05%
エイチエスビーシー ブローキング セキュリティーズ(アジア)
9.84%
9.38%
9.38%
式会社河合社団
5.53%
5.53%
5.53%
Sumitomo Realty & Development Co.,Ltd.
住友不動産
5.11%
5.11%
5.11%
Business Partner Stock Ownership Plan
河合楽器取引先持株会
4.15%
4.40%
4.57%
+0.17%
Employee Stock Ownership Plan
カワイ従業員持株会
3.79%
3.75%
3.81%
+0.06%
Meiji Yasuda Life Insurance
明治安田生命保険
3.47%
3.47%
3.47%
GAKKEN HOLDINGS CO., LTD.
式会社学研ホールディングス
3.22%
3.22%
3.22%
Tokio Marine & Nichido Fire Insurance Co., Ltd.
東京海上日動火災保険
3.18%
3.18%
3.18%
MURAKAMI TAKATERU
NEW ENTRY
—
—
—
2.81%
NEW
村上 貴輝
last seen 2024
Exited Top 10
—
3.78%
—
日本カストディ銀行
last seen 2023
Exited Top 10
3.04%
—
—
Concentration (HHI)
ⓘ
341
349
369
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥4,508M
+56% since 2023
Holdings
7
Trend
3 building
vs 2023
Held Company
FY2025
¥4,508M total
FY2023
¥2,883M total
Book Val ¥M
Shares
Book Val ¥M
Shares
Sumitomo Realty & Development Co.,Ltd.
住友不動産㈱
2,142
383,000
1,142
383,000
M
GAKKEN HOLDINGS CO., LTD.
㈱学研ホールディングス
981
994,000
845
994,000
M
Shizuoka Financial Group, Inc.
㈱しずおかフィナンシャルグループ
730
450,000
427
450,000
M
Tenryu Saw Mfg. Co., Ltd.
天龍製鋸㈱
339
+100.0%
↑
180,000
284
90,000
M
suzuki motor corporation
スズキ㈱
191
+300.0%
↑
106,000
127
26,500
M
Sumitomo Mitsui Financial Group, Inc.
㈱三井住友フィナンシャルグループ
125
+200.0%
↑
33,000
58
11,000
Eidai Co.,Ltd.
永大産業㈱
—
—
Portfolio total
4,508
2,883
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding