TAKARA STANDARD CO.,LTD.

タカラスタンダード株式会社

Other Products

Takara Standard Co.,Ltd. manufactures and sells housing equipment and fixtures in Japan. It offers kitchen products, including enamel, wooden, and compact kitchen systems; enamel kitchen panels, heating equipment, and range hoods; bathroom products comprising bath system, shower units, and standalone bathtubs; bathroom vanity products, such as enamel vanity wooden vanity, compact hand wash, enamel clean wash panels, residential toilets, enamel clean toilet panels, hand washing basins, and various storage devices; and other products that include ecocute, oil and gas water heaters, enamel wall coverings, frits, thin enamel plates, and other housing equipment. The company was formerly known as Nippon Enamel Co., Ltd. and changed its name to Takara Standard Co.,Ltd. in 1971. Takara Standard Co.,Ltd. was incorporated in 1912 and is headquartered in Osaka, Japan.

← Companies

Price

¥2,969

Market Cap

¥199.6B

Ent. Value

¥142.6B

Net Cash

¥57.1B

Shares Out.

67.2M

P / E

12.8×

EV / EBIT

7.5×

P / Book

0.96×

P / NCAV

3.12×

Div. Yield

1.68%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥252.8B	¥243.4B	¥234.7B	¥227.4B	¥211.6B
Cost of Sales	¥162.6B	¥158.9B	¥155.1B	¥151.4B	¥135.5B
Gross Profit	¥90.1B	¥84.5B	¥79.6B	¥76.0B	¥76.1B
SG&A	¥71.0B	¥68.9B	¥67.2B	¥65.1B	¥61.7B
Operating Income	¥19.1B	¥15.6B	¥12.4B	¥10.9B	¥14.4B
Non-Operating Income	¥824M	¥577M	¥499M	¥653M	¥552M
Dividend Income	—	¥396M	¥373M	¥461M	¥445M
Interest Income	—	¥66M	¥3M	¥5M	¥4M
Non-Operating Expenses	—	¥208M	¥134M	¥103M	¥124M
Interest Expense	—	¥63M	¥43M	¥48M	¥57M
Ordinary Income	¥19.7B	¥16.0B	¥12.8B	¥11.5B	¥14.9B
Pre-tax Income	¥21.2B	¥15.8B	¥13.8B	¥12.2B	¥15.7B
Income Taxes	¥6.1B	¥4.7B	¥4.3B	¥3.8B	¥4.8B
Current Tax	—	¥5.1B	¥4.7B	¥3.8B	¥4.5B
Deferred Tax	—	¥-425M	¥-385M	¥0M	¥385M
Net Income (owners)	¥15.1B	¥11.1B	¥9.5B	¥8.4B	¥10.9B
Comprehensive Income	—	¥12.7B	¥13.2B	¥8.0B	¥8.8B
EBITDA	¥26.7B	¥23.2B	¥19.6B	¥17.7B	¥20.9B
EPS	¥231.89	¥163.15	¥137.30	¥117.79	¥149.11
Shares Outstanding	—	67.2M	68.3M	70.4M	73.1M
Shares Issued (total)	—	67.3M	68.3M	70.4M	73.9M
Treasury Shares	—	0.0M	0.0M	0.0M	0.8M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥285.2B	¥276.9B	¥268.7B	¥279.9B	¥276.8B
Current Assets	¥152.9B	¥160.4B	¥155.0B	¥173.8B	¥170.5B
Cash & Deposits	¥61.4B	¥68.1B	¥59.7B	¥80.4B	¥88.6B
Trade Receivables	—	¥34.6B	¥33.3B	¥33.4B	¥30.4B
Non-Current Assets	¥132.3B	¥116.5B	¥113.7B	¥106.1B	¥106.4B
PP&E	¥106.6B	¥92.2B	¥89.7B	¥83.4B	¥82.5B
Intangible Assets	—	¥2.3B	¥2.3B	¥1.7B	¥1.7B
Investment Securities	¥15.8B	¥14.7B	¥13.9B	¥12.1B	¥13.4B
Deferred Tax Assets	—	¥4.7B	¥5.2B	¥6.4B	¥6.2B
Total Liabilities	¥88.8B	¥82.4B	¥81.3B	¥98.4B	¥95.4B
Current Liabilities	¥73.2B	¥63.1B	¥61.3B	¥76.1B	¥74.0B
Accounts Payable	—	—	¥16.1B	¥20.0B	¥18.2B
ST Debt	¥4.3B	¥6.8B	¥7.7B	¥8.1B	¥9.7B
Taxes Payable	—	¥3.3B	¥3.3B	¥2.0B	¥3.2B
Non-Current Liabilities	¥15.6B	¥19.3B	¥20.0B	¥22.3B	¥21.4B
Pension Obligations	—	¥15.7B	¥16.5B	¥18.8B	¥18.4B
Total Equity	¥196.3B	¥194.5B	¥187.4B	¥181.5B	¥181.4B
Capital Stock	—	¥26.4B	¥26.4B	¥26.4B	¥26.4B
Capital Surplus	—	¥30.7B	¥30.7B	¥30.7B	¥30.7B
Retained Earnings	¥126.5B	¥128.0B	¥122.5B	¥120.3B	¥120.8B
Treasury Stock	—	¥-17M	¥-17M	¥-12M	¥-934M
AOCI	—	¥9.5B	¥7.8B	¥4.1B	¥4.5B
Equity (owners)	¥183.2B	¥185.0B	¥179.6B	¥177.4B	¥176.9B

Total Interest-Bearing Debt ⓘ	¥4.3B	¥6.8B	¥7.7B	¥8.1B	¥9.7B
Net Cash ⓘ	¥57.1B	¥61.3B	¥52.0B	¥72.3B	¥78.9B
NCAV ⓘ	¥64.1B	¥78.0B	¥73.7B	¥75.4B	¥75.0B
NCAV/Share	—	¥1,160	¥1,078	¥1,072	¥1,026
BV/Share	—	¥2,752	¥2,628	¥2,521	¥2,419

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥25.4B	¥23.4B	¥-1.3B	¥6.6B	¥19.7B
Interest Paid	—	¥-72M	¥-45M	¥-46M	¥-57M
Interest Received	—	¥445M	¥377M	¥466M	¥449M
D&A	¥7.6B	¥7.5B	¥7.2B	¥6.7B	¥6.5B
Investing CF	¥-12.5B	¥-8.5B	¥-11.7B	¥-5.4B	¥-3.1B
CapEx	¥15.0B	¥9.7B	¥13.3B	¥8.2B	¥7.2B
Purchase Investments	—	¥-18M	¥-16M	¥-24M	¥-24M
Proceeds from Invest.	—	¥669M	¥1.9B	¥2.2B	¥1.8B
Financing CF	¥-19.5B	¥-6.5B	¥-7.7B	¥-9.4B	¥-2.7B
Dividends Paid	—	¥-3.8B	¥-3.7B	¥-4.2B	¥-2.7B
Share Buybacks	—	¥-1.9B	¥-3.6B	¥-3.7B	¥0M
Free Cash Flow	¥10.4B	¥13.7B	¥-14.6B	¥-1.6B	¥12.5B
Net Change in Cash	—	¥8.4B	¥-20.7B	¥-8.2B	¥13.9B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	7.7%	5.8%	5.2%	4.6%	6.1%
ROA	5.4%	4.1%	3.5%	3.0%	3.9%
EPS	¥231.89	¥163.15	¥137.30	¥117.79	¥149.11
DPS	¥50.00	¥78.00	¥54.00	¥52.00	¥52.00
BPS	¥3,104.89	¥2,892.64	¥2,742.27	¥2,579.88	¥2,480.47
FCF/Share	—	¥204	¥-214	¥-23	¥171
NCAV/Share	—	¥1,160	¥1,078	¥1,072	¥1,026
Payout Ratio	21.6%	47.8%	39.3%	44.1%	34.9%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 4

Date	Activist	Stake	Event	Flag	Demands
2023-08-22	Nippon Life Insurance Company	4.56%	change	Passive	—
2023-07-10	Takara Standard Mochikabukai	9.09%	correction	Passive	—
2023-07-07	Takara Standard Mochikabukai	9.09% -1.08%	change	Passive	—
2023-05-25	Takara Standard Mochikabukai	10.17%	change	Passive	—

Capital Allocation Signals 3

Date	Type	Amount	Summary
2026-04-30 13:10	Buyback	¥12.0B 7.3%	Takarastandard Corporation's board resolved to execute a share buyback program of up to ¥12.0 billion for up to 4.6 mill…
Summary Takarastandard Corporation's board resolved to execute a share buyback program of up to ¥12.0 billion for up to 4.6 million shares (7.27% of outstanding shares) from May 1, 2026 to February 19, 2027. The buyback is conducted via open market purchases including ToSTNeT-3 transactions, aligned with the company's ROE 8% achievement and enhanced shareholder return policy announced in May 2025 while maintaining financial soundness. Deadline: 2027-02-19 % of Shares: 7.3% Shares: 4,600,000 Source (JP) 当社は、本日開催の取締役会において、会社法第165条第３項の規定により読み替えて適用される同法第156条の規定に基づき自己株式を取得することについて決議いたしました。取得し得る株式の総数　4,600,000株、株式の取得価額の総額　12,000百万円自己株式取得に係る事項の決定に関するお知らせ TDnet PDF
2026-04-30 12:00	Div Increase	¥4.2B ¥66.0/sh +32%	Takarastandard announced a dividend increase for fiscal year ending March 31, 2026, raising the per-share dividend from …
Summary Takarastandard announced a dividend increase for fiscal year ending March 31, 2026, raising the per-share dividend from the prior forecast of 50 yen to 66 yen (16 yen increase). The total dividend payout is 4.173 billion yen with a consolidated payout ratio of 50.0%, and annual dividend per share reaches 116 yen (+38 yen YoY), reflecting the company's commitment to shareholder returns while maintaining financial soundness under its medium-term management plan. Deadline: 2026-06-25 YoY: +32% Source (JP) 当期の期末配当につきましては、当初予定の１株当たり50円から16円増配し、66円といたします。これにより年間配当金は１株当たり116円（前期比38円増）、連結配当性向は50.0％となる予定です。剰余金の配当（増配）に関するお知らせ TDnet PDF
2026-04-30 12:00	Cost of Capital	¥22.0B	Takara Standard disclosed comprehensive capital cost management initiatives and shareholder engagement strategy. The com…
Summary Takara Standard disclosed comprehensive capital cost management initiatives and shareholder engagement strategy. The company revised its ROE target from 7% to 8% (target: FY2027/3), increased share buyback authorization to ¥220 billion for FY2026-2027, and raised dividend payout ratio from 40% to 50%, aiming for 130% total shareholder return payout ratio. The disclosure includes detailed PBR improvement logic, balance sheet management plans, and enhanced IR activities under newly established CEO-led IR function. Deadline: 2027-03-31 Source (JP) ROE目標の改定(7％→8％、2027年3月期)、26/3期～27/3期約220億円の自己株式取得、配当性向50%、総還元性向130%水準「資本コストや株価を意識した経営の実現に向けた対応」及び「株主との対話の推進と開示」について TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	The Master Trust Bank of Japan, Ltd. (Trust Account) 日本マスタートラスト信託銀行㈱（信託口）	6,883	10.24%
2	タカラベルモントアセットマネジメント㈱	6,500	9.67%
3	Stock Ownership Plan タカラスタンダード持株会	5,836	8.68%
4	Employee Stock Ownership Plan タカラスタンダード社員持株会	3,901	5.80%
5	Japan Custody Bank ㈱日本カストディ銀行（信託口）	2,984	4.44%
6	The Bank of Yokohama ㈱横浜銀行	2,723	4.05%
7	日本生命保険(相)	2,045	3.04%
8	Mizuho Bank ㈱みずほ銀行	1,673	2.49%
9	The Joyo Bank, Ltd. ㈱常陽銀行	1,620	2.41%
10	明治安田生命保険(相)	1,237	1.84%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

14.7%

+0.6% 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

38.0%

-0.1% vs 2024

Named entities with disclosed investment intent

Shareholder	2023	2024	2025
日本マスタートラスト信託銀行	8.05%	9.52%	10.24% +0.72%
タカラベルモントアセットマネジメント	9.24%	9.51%	9.67% +0.16%
Stock Ownership Plan タカラスタンダード持株会	14.20%	8.64%	8.68% +0.04%
Employee Stock Ownership Plan タカラスタンダード社員持株会	5.74%	5.70%	5.80% +0.10%
Japan Custody Bank 日本カストディ銀行	4.84%	4.53%	4.44% -0.09%
The Bank of Yokohama ㈱横浜銀行	3.87%	3.99%	4.05% +0.06%
日本生命保険	2.91%	2.99%	3.04% +0.05%
Mizuho Bank みずほ銀行	3.01%	3.10%	2.49% -0.61%
The Joyo Bank, Ltd. ㈱常陽銀行	2.30%	2.37%	2.41% +0.04%
明治安田生命保険	1.76%	1.81%	1.84% +0.03%
Concentration (HHI) ⓘ	449	352	368

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

Portfolio Book Value ¥14,621M +23% since 2023

Holdings 28 +5 new 10 exited

Trend 3 unwinding vs 2023

Held Company	FY2025 ¥14,621M total		FY2023 ¥11,929M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
RINNAI CORPORATION リンナイ㈱	3,353	+200.0% ↑ 970,389	3,139	323,463	M
㈱コンコルディア・フィナンシャルグループ	2,919	2,975,000	1,451	2,975,000
㈱めぶきフィナンシャルグループ	1,900	2,618,460	848	2,618,460
Aica Kogyo Company, Limited アイカ工業㈱	1,575	478,000	1,450	478,000	M
Mitsubishi UFJ Financial Group, Inc. ㈱三菱ＵＦＪフィナンシャル・グループ	1,405	-21.0% ↓ 698,740	749	884,440
㈱みずほフィナンシャルグループ	717	-21.0% ↓ 177,200	421	224,300
Yamazaki Co., Ltd. ㈱山善	450	342,000	347	342,000	M
橋本総業ホールディングス㈱	323	NEW New 269,126	—		M
Tokyo Tatemono Co., Ltd. 東京建物㈱	319	126,500	204	126,500	M
IWATANI CORPORATION 岩谷産業㈱（注）４	298	NEW New 200,000	—		M
Janis Ltd. ジャニス工業㈱	285	729,875	369	729,875	M
㈱三井住友フィナンシャルグループ（注）５	262	NEW New 69,300	—
㈱ＴＯＫＡＩホールディングス	208	212,000	185	212,000
FUJI CORPORATION LIMITED フジ住宅㈱	106	+6.9% ↑ 152,970	97	143,060
Kyushu Railway Company 九州旅客鉄道㈱	105	29,000	85	29,000
㈱りそなホールディングス	76	-60.0% ↓ 59,300	94	148,300
JK Holdings Co.,Ltd. ＪＫホールディングス㈱	67	67,254	69	67,254	M
KVK CORPORATION ㈱ＫＶＫ	61	32,500	48	32,500	M
㈱ミツウロコグループホールディングス	51	29,000	37	29,000	M
GEOLIVE Group Corporation ジオリーブグループ㈱	47	NEW New 44,620	—
ＯＣＨＩホールディングス㈱	40	29,700	36	29,700
AVANTIA CO., LTD. ㈱ＡＶＡＮＴＩＡ	37	48,000	38	48,000
Sankyo Tateyama,Inc. 三協立山㈱	6	10,000	7	10,000	M
AMG HOLDINGS CO.,LTD. ＡＭＧホールディングス㈱	5	3,000	5	3,000
SANEI LTD. ＳＡＮＥＩ㈱（注）６	5	NEW New 2,764	—		M
MITANI SANGYO CO.,LTD. 三谷産業㈱	1	4,000	1	4,000	M
Sekisui House,Ltd. 積水ハウス㈱	—		—
㈱池田泉州ホールディングス	—		—
Daiwa Heavy Industry Co.,Ltd. 大和重工㈱	—	−100% Exit —	46	60,000	M
DAIWA HOUSE INDUSTRY CO., LTD. 大和ハウス工業㈱	—	−100% Exit —	1,027	330,000	M
IWATANI CORPORATION 岩谷産業㈱	—	−100% Exit —	289	50,000	M
橋本総業ホールディングス㈱（注）５	—	−100% Exit —	282	250,100	M
㈱三井住友フィナンシャルグループ	—	−100% Exit —	174	33,000
Mitsubishi Chemical Gloup Corporation 三菱ケミカルグループ㈱（注）４	—	−100% Exit —	173	221,000
Rengo Co., Ltd. レンゴー㈱	—	−100% Exit —	133	155,000	M
凸版印刷㈱	—	−100% Exit —	71	27,000	M
ジューテックホールディングス㈱	—	−100% Exit —	53	44,620
SANEI LTD. ＳＡＮＥＩ㈱	—	−100% Exit —	1	685	M
Portfolio total	14,621		11,929

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