SHOFU INC.

株式会社松風

Precision Instruments

Shofu Inc. manufactures and sells dental materials and equipment worldwide. Its products include abrasives, bioactive composites, dental cements, and preventive and orthodontic materials; dental ceramics, indirect composites, artificial teeth, CAD/CAM materials used for crown bridge, dentures, and implant restorations. The company offers nail care products and equipment. The company was formerly known as Shofu Dental Mfg. Co., Ltd. and changed its name to Shofu Inc. in 1983. Shofu Inc. was incorporated in 1922 and is based in Kyoto, Japan.

← Companies

Price

¥1,802

Market Cap

¥64.1B

Ent. Value

—

Net Cash est

—

Shares Out.

35.5M

P / E

14.8×

EV / EBIT

—

P / Book

1.50×

P / NCAV

3.16×

Div. Yield

2.72%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥38.7B	¥35.1B	¥31.7B	¥28.1B
Cost of Sales	¥15.7B	¥14.1B	¥13.0B	¥12.0B
Gross Profit	¥23.0B	¥21.0B	¥18.7B	¥16.2B
SG&A	¥17.6B	¥16.3B	¥14.9B	¥12.9B
Operating Income	¥5.4B	¥4.7B	¥3.8B	¥3.2B
Non-Operating Income	¥677M	¥834M	¥654M	¥668M
Dividend Income	¥187M	¥185M	¥155M	¥111M
Interest Income	¥96M	¥66M	¥43M	¥25M
Non-Operating Expenses	¥546M	¥425M	¥240M	¥226M
Interest Expense	¥17M	¥22M	¥18M	¥12M
Ordinary Income	¥5.5B	¥5.1B	¥4.2B	¥3.7B
Pre-tax Income	¥6.2B	¥5.3B	¥4.4B	¥3.6B
Income Taxes	¥1.8B	¥1.6B	¥1.2B	¥1.0B
Current Tax	¥1.8B	¥1.7B	¥1.3B	¥1.1B
Deferred Tax	¥54M	¥-93M	¥-94M	¥-50M
Net Income (owners)	¥4.3B	¥3.7B	¥3.1B	¥2.5B
Minority Interest	¥17M	¥21M	¥24M	¥20M
Comprehensive Income	¥2.5B	¥7.2B	¥3.6B	¥3.4B
EBITDA	¥6.5B	¥5.9B	¥4.8B	¥4.1B
EPS	¥121.52	¥206.18	¥176.10	¥143.22
Shares Outstanding	35.5M	17.7M	17.7M	17.8M
Shares Issued (total)	35.8M	17.9M	17.9M	17.9M
Treasury Shares	0.2M	0.2M	0.2M	0.1M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥50.0B	¥50.1B	¥43.7B	¥40.7B
Current Assets	¥27.5B	¥25.2B	¥22.2B	¥20.5B
Cash & Deposits	¥10.7B	¥9.7B	¥9.6B	¥9.1B
Trade Receivables	¥4.0B	¥4.3B	¥3.3B	¥3.1B
Non-Current Assets	¥22.5B	¥24.9B	¥21.5B	¥20.2B
PP&E	¥10.6B	¥10.2B	¥10.0B	¥8.4B
Intangible Assets	¥556M	¥524M	¥462M	¥427M
Investment Securities	¥8.7B	¥11.6B	¥9.0B	¥9.6B
Deferred Tax Assets	¥159M	¥158M	¥148M	¥107M
Total Liabilities	¥7.3B	¥8.5B	¥8.2B	¥7.8B
Current Liabilities	¥5.2B	¥5.6B	¥5.9B	¥4.4B
ST Debt	—	¥281M	¥907M	¥325M
Taxes Payable	¥906M	¥880M	¥780M	¥656M
Non-Current Liabilities	¥2.0B	¥2.9B	¥2.3B	¥3.3B
Total LT Borrowings	—	—	¥281M	¥1.2B
Pension Obligations	¥216M	¥228M	¥207M	¥235M
Deferred Tax Liab.	¥1.2B	¥2.0B	¥1.1B	¥1.3B
Total Equity	¥42.7B	¥41.6B	¥35.5B	¥32.9B
Capital Stock	¥6.0B	¥6.0B	¥6.0B	¥6.0B
Capital Surplus	¥6.2B	¥6.1B	¥6.1B	¥6.1B
Retained Earnings	¥23.9B	¥21.0B	¥18.4B	¥16.0B
Treasury Stock	¥-239M	¥-297M	¥-379M	¥-115M
AOCI	¥6.8B	¥8.7B	¥5.2B	¥4.8B
Equity (owners)	¥35.8B	¥32.8B	¥30.1B	¥28.0B
Minority Interests	¥78M	¥82M	¥73M	¥64M

Total Interest-Bearing Debt ⓘ	—	¥281M	¥1.2B	¥1.5B
Net Cash ⓘ	¥10.7B	¥9.4B	¥8.4B	¥7.6B
NCAV ⓘ	¥20.3B	¥16.7B	¥14.0B	¥12.7B
NCAV/Share	¥570	¥941	¥791	¥714
BV/Share	¥1,007	¥1,847	¥1,703	¥1,573

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥3.4B	¥3.1B	¥3.2B	¥3.7B
Interest Paid	¥-16M	¥-22M	¥-15M	¥-10M
Interest Received	¥368M	¥346M	¥287M	¥224M
D&A	¥1.1B	¥1.2B	¥971M	¥901M
Investing CF	¥-914M	¥-1.3B	¥-1.3B	¥-1.3B
CapEx	¥1.2B	¥1.6B	¥1.5B	¥964M
Purchase Investments	¥-320M	—	—	—
Proceeds from Invest.	¥869M	¥405M	¥233M	—
Financing CF	¥-1.8B	¥-2.1B	¥-1.5B	¥-1.1B
Dividends Paid	¥-1.4B	¥-1.1B	¥-730M	¥-604M
LT Debt Repaid	¥-281M	¥-964M	¥-325M	¥-814M
Free Cash Flow	¥2.2B	¥1.5B	¥1.6B	¥2.8B
Net Change in Cash	¥1.0B	¥193M	¥622M	¥1.7B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	10.3%	9.5%	9.2%	8.1%
ROA	8.6%	7.8%	7.4%	6.3%
EPS	¥121.52	¥206.18	¥176.10	¥143.22
DPS	¥49.00	¥62.00	¥57.00	¥39.00
BPS	¥1,198.37	¥2,336.04	¥1,996.64	¥1,841.55
FCF/Share	¥62	¥83	¥92	¥156
NCAV/Share	¥570	¥941	¥791	¥714
Payout Ratio	40.3%	30.1%	32.4%	27.2%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 6

Date	Activist	Stake	Event	Flag	Demands
2026-04-01	Neuberger Berman East Asia Limited	5.64%	change	Passive	—
2026-04-01	Neuberger Berman East Asia Limited	5.64%	correction	Passive	—
2025-07-01	Neuberger Berman East Asia Limited	6.26% +1.1%	change	Passive	—
2025-04-22	Neuberger Berman East Asia Limited	5.16%	correction	Passive	—
2025-04-16	Neuberger Berman East Asia Limited	5.16%	initial_5pct	Passive	—
2023-11-24	Mitsui Chemicals, Inc.	20.01%	change	Passive	—

Capital Allocation Signals 2

Date	Type	Amount	Summary
2026-05-20 16:00	Special Div	¥1.4B ¥39.0/sh +26%	Matsukaze (7979) announced a year-end dividend of ¥39 per share (¥34 ordinary + ¥5 special) for FY2026 ending March 31, …
Summary Matsukaze (7979) announced a year-end dividend of ¥39 per share (¥34 ordinary + ¥5 special) for FY2026 ending March 31, 2026, totaling ¥1,387 million, effective June 4, 2026. The special dividend of ¥5 per share is funded by investment securities sales proceeds and reflects record-high net income. Combined with the interim dividend of ¥21, annual dividend reaches ¥60 per share, up 25.8% from prior year's ¥67 when adjusted for the October 2024 2-for-1 stock split. Deadline: 2026-06-04 YoY: +26% Source (JP) 投資有価証券の売却により得られた資金については、成長投資に活用する一方、株主還元の充実を図るため、１株当たり５円の特別配当を実施いたします。剰余金の配当に関するお知らせ TDnet PDF
2026-05-13 15:00	Div Increase	¥60.0/sh +39%	Matsuhi Co., Ltd. (code 7979) revised upward its FY2026 March dividend forecast, increasing the annual DPS from 53 yen t…
Summary Matsuhi Co., Ltd. (code 7979) revised upward its FY2026 March dividend forecast, increasing the annual DPS from 53 yen to 60 yen per share, reflecting record net profit for the current period. The revision comprises an ordinary dividend increase of 2 yen (from 32 to 34 yen) at fiscal year-end plus a 5 yen special dividend funded from investment securities sales proceeds; the interim dividend of 21 yen remains unchanged. This represents a 7 yen increase from prior guidance and a 39% increase year-over-year versus the FY2025 actual of 43 yen per share (adjusted for October 2024's 1:2 stock split). YoY: +39% Source (JP) ２株増配の34円といたします。また、投資有価証券の売却による資金について、成長投資に活用する一方、株主還元の充実を図るため、５円を特別配当とし、年間配当金は既に実施済みの中間配当金21円と合わせまして、前回予想から７円増配の１株当たり60円を予定しております。配当予想の修正（増配・特別配当）に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	Mitsui Chemicals, Inc. 三井化学株式会社	7,160	20.14%
2	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）	3,591	10.10%
3	The Bank of Kyoto 株式会社京都銀行	1,424	4.00%
4	Nippon Life Insurance 日本生命保険相互会社	1,292	3.63%
5	Japan Custody Bank 株式会社日本カストディ銀行（信託口）	1,249	3.51%
6	THE SHIGA BANK,LTD. 株式会社滋賀銀行	1,204	3.38%
7	Northern Trust Company NORTHERN TRUST CO.（AVFC）RE IEDP AIF CLIENTS NON TREATY ACCOUNT（常任代理人香港上海銀行東京支店カストディ業務部）	896	2.52%
8	GOVERNMENT OF NORWAY（常任代理人シティバンク、エヌ・エイ東京支店）	688	1.93%
9	Employee Stock Ownership Plan 松風社員持株会	665	1.87%
10	SCREEN Holdings Co., Ltd. 株式会社SCREENホールディングス	660	1.85%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

13.6%

+6.0% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

2.5%

+0.0% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

36.8%

-0.6% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
Mitsui Chemicals, Inc. 三井化学		20.22%	20.17%	20.14% -0.03%
Japan Master Trust Bank 日本マスタートラスト信託銀行		5.14%	4.88%	10.10% +5.22%
The Bank of Kyoto 式会社京都銀行		4.02%	4.01%	4.00% -0.01%
Nippon Life Insurance 日本生命保険		3.65%	3.64%	3.63% -0.01%
Japan Custody Bank 日本カストディ銀行		2.99%	2.69%	3.51% +0.82%
THE SHIGA BANK,LTD. 式会社滋賀銀行		3.40%	3.39%	3.38% -0.01%
Northern Trust		2.53%	2.52%	2.52%
GOVERNMENT OF NORWAY NEW ENTRY	—	—	—	1.93% NEW
Employee Stock Ownership Plan 松風社員持株会		2.12%	1.97%	1.87% -0.10%
SCREEN Holdings Co., Ltd. 式会社SCREENホールディングス		1.86%	1.85%	1.85%
MSIP CLIENT SECURITIES last seen 2024	Exited Top 10	2.28%	2.39%	—
Concentration (HHI) ⓘ		505	498	578

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

Portfolio Book Value ¥6,142M -2% since 2023

Holdings 12 +2 new 7 exited

Trend 1 unwinding vs 2023

Held Company	FY2025 ¥6,142M total		FY2023 ¥6,288M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
SCREEN Holdings Co., Ltd. ㈱SCREENホールディングス	1,642	+100.0% ↑ 171,200	997	85,600	M
Kyoto Financial Group, Inc. ㈱京都フィナンシャルグループ	1,143	NEW New 502,424	—		M
NAKANISHI INC. ㈱ナカニシ	1,092	510,000	1,339	510,000	M
Nippon Shinyaku Co.,Ltd. 日本新薬㈱	927	244,000	1,422	244,000	M
THE SHIGA BANK,LTD. ㈱滋賀銀行	527	100,260	268	100,260	M
Shinhung Co., Ltd	284	NEW New 190,000	—		M
SEIWA ELECTRIC MFG. CO., LTD. 星和電機㈱	120	231,000	109	231,000	M
Chuo Warehouse Co. ㈱中央倉庫	118	83,300	90	83,300	M
toyo tec co ., ltd 東洋テック㈱	114	85,000	81	85,000	M
Falcon Holdings Co., Ltd. ㈱ファルコホールディングス	88	-50.1% ↓ 37,920	149	75,920	M
KYOTO TOOL CO.,LTD. 京都機械工具㈱	87	33,800	67	33,800	M
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ㈱	—		—
TAKEBISHI CORPORATION たけびし㈱	—	−100% Exit —	347	200,000	M
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	—	−100% Exit —	92	17,386	M
Tokio Marine Holdings, Inc. 東京海上ホールディングス㈱	—	−100% Exit —	48	18,900	M
The Bank of Kyoto ㈱京都銀行	—	−100% Exit —	785	125,605	M
ONO PHARMACEUTICAL CO., LTD. 小野薬品工業㈱	—	−100% Exit —	309	112,000
三井住友トラスト・ホールディングス㈱	—	−100% Exit —	120	26,514	M
MANI, INC. マニー㈱	—	−100% Exit —	65	36,000
Portfolio total	6,142		6,288

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