Financials
| Metric |
FY 2024
EDINET ↗
|
FY 2023
EDINET ↗
|
FY 2022
EDINET ↗
|
FY 2021
EDINET ↗
|
| Net Sales |
¥353.0B
|
¥371.6B
|
¥321.8B
|
¥283.8B
|
| Cost of Sales |
¥245.8B
|
¥269.9B
|
¥235.9B
|
¥207.3B
|
| Gross Profit |
¥107.2B
|
¥101.7B
|
¥85.8B
|
¥76.5B
|
| SG&A |
¥58.0B
|
¥57.8B
|
¥51.4B
|
¥46.0B
|
| Operating Income |
¥49.2B
|
¥43.9B
|
¥34.4B
|
¥30.5B
|
| Non-Operating Income |
¥3.6B
|
¥6.8B
|
¥4.5B
|
¥4.3B
|
| Interest Income |
¥1.9B
|
¥1.4B
|
¥527M
|
¥332M
|
| Non-Operating Expenses |
¥695M
|
¥1.1B
|
¥1.1B
|
¥1.3B
|
| Interest Expense |
¥262M
|
¥720M
|
¥520M
|
¥430M
|
| Ordinary Income |
¥52.1B
|
¥49.7B
|
¥37.9B
|
¥33.6B
|
| Pre-tax Income |
¥54.3B
|
¥31.0B
|
¥35.7B
|
¥33.3B
|
| Income Taxes |
¥8.5B
|
¥11.7B
|
¥13.5B
|
¥9.5B
|
| Current Tax |
¥11.8B
|
¥13.9B
|
¥12.7B
|
¥8.5B
|
| Deferred Tax |
¥-3.3B
|
¥-2.2B
|
¥855M
|
¥995M
|
| Net Income (owners) |
¥44.8B
|
¥18.3B
|
¥21.2B
|
¥23.0B
|
| Minority Interest |
¥1.0B
|
¥1.0B
|
¥960M
|
¥812M
|
| Comprehensive Income |
¥54.2B
|
¥30.5B
|
¥33.5B
|
¥33.2B
|
| EBITDA |
¥62.2B
|
¥58.5B
|
¥48.5B
|
¥43.7B
|
| Goodwill Amort. (J-GAAP) |
—
|
¥354M
|
¥322M
|
¥317M
|
| EPS |
¥461.95
|
¥183.26
|
¥211.28
|
¥227.27
|
| Shares Outstanding |
95.6M
|
99.7M
|
100.4M
|
100.6M
|
| Shares Issued (total) |
100.3M
|
100.3M
|
107.5M
|
107.5M
|
| Treasury Shares |
4.7M
|
0.6M
|
7.1M
|
6.9M
|
| Metric |
FY 2024
EDINET ↗
|
FY 2023
EDINET ↗
|
FY 2022
EDINET ↗
|
FY 2021
EDINET ↗
|
| Total Assets |
¥379.8B
|
¥380.4B
|
¥359.1B
|
¥333.1B
|
| Current Assets |
¥259.6B
|
¥269.8B
|
¥243.7B
|
¥219.6B
|
| Cash & Deposits |
¥146.2B
|
¥149.8B
|
¥129.8B
|
¥112.9B
|
| Trade Receivables |
¥52.2B
|
¥57.4B
|
¥52.3B
|
¥48.9B
|
| Non-Current Assets |
¥120.2B
|
¥110.6B
|
¥115.5B
|
¥113.5B
|
| PP&E |
¥107.7B
|
¥97.0B
|
¥104.9B
|
¥103.3B
|
| Goodwill |
—
|
—
|
¥467M
|
¥735M
|
| Intangible Assets |
¥2.2B
|
¥1.4B
|
¥1.9B
|
¥2.1B
|
| Investment Securities |
¥684M
|
¥4.8B
|
¥3.3B
|
¥3.4B
|
| Deferred Tax Assets |
¥3.3B
|
¥1.8B
|
¥963M
|
¥1.6B
|
| Total Liabilities |
¥101.1B
|
¥133.4B
|
¥133.0B
|
¥132.2B
|
| Current Liabilities |
¥67.2B
|
¥84.1B
|
¥71.7B
|
¥61.8B
|
| Accounts Payable |
¥26.3B
|
¥26.6B
|
¥25.1B
|
¥22.3B
|
| ST Debt |
¥259M
|
¥15.6B
|
¥19.1B
|
¥14.7B
|
| Taxes Payable |
¥3.4B
|
¥5.5B
|
¥5.3B
|
¥3.8B
|
| Non-Current Liabilities |
¥33.9B
|
¥49.3B
|
¥61.3B
|
¥70.4B
|
| Total LT Borrowings |
¥25.2B
|
¥35.3B
|
¥45.3B
|
¥55.7B
|
| Pension Obligations |
¥1.8B
|
¥1.9B
|
¥1.8B
|
¥2.4B
|
| Deferred Tax Liab. |
¥3.7B
|
¥6.3B
|
¥7.2B
|
¥6.9B
|
| Total Equity |
¥278.7B
|
¥247.1B
|
¥226.1B
|
¥200.9B
|
| Capital Stock |
¥7.3B
|
¥7.3B
|
¥7.3B
|
¥7.3B
|
| Capital Surplus |
—
|
—
|
¥13.9B
|
¥13.9B
|
| Retained Earnings |
¥253.5B
|
¥215.3B
|
¥208.5B
|
¥193.5B
|
| Treasury Stock |
¥-18.6B
|
¥-3.6B
|
¥-19.7B
|
¥-18.7B
|
| AOCI |
¥32.8B
|
¥24.7B
|
¥13.6B
|
¥2.2B
|
| Equity (owners) |
¥242.2B
|
¥219.0B
|
¥210.0B
|
¥195.9B
|
| Minority Interests |
¥3.8B
|
¥3.4B
|
¥2.6B
|
¥2.7B
|
|
| Total Interest-Bearing Debt ⓘ |
¥25.5B
|
¥50.9B
|
¥64.5B
|
¥70.4B
|
| Net Cash ⓘ |
¥120.7B
|
¥98.9B
|
¥65.3B
|
¥42.5B
|
| NCAV ⓘ |
¥158.5B
|
¥136.5B
|
¥110.6B
|
¥87.4B
|
| NCAV/Share |
¥1,659
|
¥1,369
|
¥1,102
|
¥868
|
| BV/Share |
¥2,534
|
¥2,197
|
¥2,091
|
¥1,947
|
| Metric |
FY 2024
EDINET ↗
|
FY 2023
EDINET ↗
|
FY 2022
EDINET ↗
|
FY 2021
EDINET ↗
|
| Operating CF |
¥54.2B
|
¥47.3B
|
¥37.3B
|
¥31.7B
|
| Taxes Paid |
¥-15.4B
|
¥-14.1B
|
¥-10.4B
|
¥-9.9B
|
| Interest Paid |
¥-271M
|
¥-799M
|
¥-495M
|
¥-474M
|
| Interest Received |
¥2.1B
|
¥1.5B
|
¥584M
|
¥385M
|
| D&A |
¥13.0B
|
¥14.3B
|
¥13.8B
|
¥12.8B
|
| Goodwill Amort. |
—
|
¥354M
|
¥322M
|
¥317M
|
| Investing CF |
¥-23.9B
|
¥-8.1B
|
¥-11.5B
|
¥-9.5B
|
| Purchase Investments |
¥-159M
|
¥-13M
|
¥-12M
|
¥-45M
|
| Proceeds from Invest. |
¥3.2B
|
¥581M
|
¥362M
|
¥826M
|
| Financing CF |
¥-35.2B
|
¥-26.0B
|
¥-17.4B
|
¥-13.5B
|
| Dividends Paid |
¥-6.6B
|
¥-6.5B
|
¥-6.2B
|
¥-6.0B
|
| Share Buybacks |
¥-16.6B
|
¥-3.0B
|
¥-1.3B
|
¥-5.2B
|
| LT Debt Repaid |
¥-10.1B
|
¥-10.2B
|
¥-3.5B
|
¥-2.5B
|
| Free Cash Flow |
¥54.2B
|
¥47.3B
|
¥37.3B
|
¥31.7B
|
| Net Change in Cash |
¥-926M
|
¥19.8B
|
¥12.2B
|
¥14.2B
|
| Metric |
FY 2024
EDINET ↗
|
FY 2023
EDINET ↗
|
FY 2022
EDINET ↗
|
FY 2021
EDINET ↗
|
| ROE |
17.3%
|
7.8%
|
10.0%
|
12.3%
|
| ROA |
11.8%
|
4.9%
|
6.1%
|
6.9%
|
| EPS |
¥461.95
|
¥183.26
|
¥211.28
|
¥227.27
|
| DPS |
¥75.00
|
¥64.00
|
¥64.00
|
¥62.00
|
| BPS |
¥2,888.37
|
¥2,455.97
|
¥2,237.06
|
¥1,978.36
|
| FCF/Share |
¥567
|
¥474
|
¥371
|
¥315
|
| NCAV/Share |
¥1,659
|
¥1,369
|
¥1,102
|
¥868
|
| Payout Ratio |
16.2%
|
34.9%
|
30.3%
|
27.3%
|
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 12
| Date | Activist | Stake | Event | Flag | Demands | Source |
| 2026-05-22 |
Nomura Securities Co.,Ltd. |
5.16%
+0.22%
|
initial_5pct |
Passive
|
—
|
|
| 2026-05-12 |
Nomura Securities Co.,Ltd. |
4.94%
-0.83%
|
change |
Passive
|
—
|
|
| 2026-04-07 |
Nomura Securities Co.,Ltd. |
5.77%
+0.19%
|
change |
Passive
|
—
|
|
| 2025-12-19 |
Nomura Securities Co.,Ltd. |
5.58%
+0.43%
|
change |
Passive
|
—
|
|
| 2025-08-07 |
Nomura Securities Co.,Ltd. |
5.15%
|
change |
Passive
|
—
|
|
| 2024-08-06 |
Invesco Asset Management (Japan) Limited |
4.87%
-1.06%
|
change |
Passive
|
—
|
|
| 2024-07-05 |
Nomura Asset Management Co., Ltd. |
6.14%
|
change |
Passive
|
—
|
|
| 2024-05-21 |
Invesco Asset Management (Japan) Limited |
5.93%
-1.35%
|
change |
Passive
|
—
|
|
| 2024-04-19 |
Invesco Asset Management (Japan) Limited |
7.28%
|
change |
Passive
|
—
|
|
| 2024-03-04 |
Mitsubishi UFJ Financial Group Inc. |
3.96%
-1.32%
|
change |
Passive
|
—
|
|
| 2024-02-19 |
Mitsubishi UFJ Financial Group Inc. |
5.28%
|
initial_5pct |
Passive
|
—
|
|
| 2023-06-21 |
Schroder Investment Management(Japan)Limited |
3.94%
|
change |
Passive
|
—
|
|
| # |
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)
|
16,472
|
17.23%
|
| 2 |
公益財団法人小笠原敏晶記念財団
|
10,343
|
10.82%
|
| 3 |
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
|
8,291
|
8.67%
|
| 4 |
GOLDMAN, SACHS & CO. REG
GOLDMAN, SACHS & CO. REG (常任代理人 ゴールドマン・サックス証券株式会社)
|
5,981
|
6.25%
|
| 5 |
Nippon Life Insurance
日本生命保険相互会社
|
2,915
|
3.05%
|
| 6 |
Dai-ichi Life Insurance
第一生命保険株式会社
|
2,065
|
2.16%
|
| 7 |
GOVERNMENT OF NORWAY
GOVERNMENT OF NORWAY (常任代理人 シティバンク、エヌ・エイ東京支店)
|
1,920
|
2.00%
|
| 8 |
Custody Bank of Japan, Ltd. (Trust Account)
株式会社日本カストディ銀行 (信託口4)
|
1,788
|
1.87%
|
| 9 |
BNY Mellon (Nominee)
THE BANK OF NEW YORK MELLON 140042 (常任代理人 株式会社みずほ銀行決済営業部)
|
1,713
|
1.79%
|
| 10 |
JPMorgan Chase Bank, N.A.
JP MORGAN CHASE BANK 385632 (常任代理人 株式会社みずほ銀行決済営業部)
|
1,421
|
1.48%
|
Domestic Nominees
27.8%
+2.7% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
3.3%
-1.2% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
24.3%
-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
|
|
23.57%
|
17.94%
|
17.23%
-0.71%
|
|
公益財団法人小笠原敏晶記念財団
|
|
10.30%
|
10.37%
|
10.82%
+0.45%
|
|
Japan Custody Bank
日本カストディ銀行
|
|
7.66%
|
7.16%
|
10.54%
+3.38%
|
|
GOLDMAN, SACHS & CO. REG
|
|
6.12%
|
6.11%
|
6.25%
+0.14%
|
|
Nippon Life Insurance
日本生命保険
|
|
2.90%
|
2.92%
|
3.05%
+0.13%
|
|
Dai-ichi Life Insurance
第一生命保険
|
|
2.05%
|
2.07%
|
2.16%
+0.09%
|
|
GOVERNMENT OF NORWAY
↑
|
|
—
|
1.66%
|
2.00%
+0.34%
|
|
BNY Mellon
|
|
2.61%
|
1.69%
|
1.79%
+0.10%
|
|
JP Morgan
NEW ENTRY
|
|
1.57%
|
—
|
1.48%
NEW
|
|
State Street
last seen 2024
|
Exited Top 10
|
—
|
2.80%
|
—
|
|
TAIYO FUND, L. P.
last seen 2024
|
Exited Top 10
|
1.83%
|
1.84%
|
—
|
|
式会社 かんぽ生命保険
last seen 2023
|
Exited Top 10
|
1.33%
|
—
|
—
|
|
Concentration (HHI)
ⓘ
|
|
785
|
548
|
587
|
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥0M
-100% since 2023
Holdings
0
5 exited
Trend
Stable
vs 2023
| Held Company |
FY2025
¥0M total
|
FY2023
¥2,169M total
|
|
|
Book Val ¥M |
Shares |
Book Val ¥M |
Shares |
|
|
HONDA MOTOR CO., LTD.
本田技研工業株式会社
|
— |
−100%
Exit
—
|
692 |
197,000
|
|
|
TOYOTA MOTOR CORPORATION
トヨタ自動車株式会社
|
— |
−100%
Exit
—
|
1,361 |
724,000
|
|
|
NISSAN MOTOR CO., LTD.
日産自動車株式会社
|
— |
−100%
Exit
—
|
68 |
137,000
|
|
|
Mazda Motor Corporation
マツダ株式会社
|
— |
−100%
Exit
—
|
25 |
20,000
|
|
|
SUBARU CORPORATION
株式会社SUBARU
|
— |
−100%
Exit
—
|
23 |
11,000
|
|
| Portfolio total |
0 |
|
2,169 |
|
|
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding