YUASA TRADING CO.,LTD.

ユアサ商事株式会社

Wholesale Trade

Yuasa Co., Ltd. engages in the manufacturing, home building, environment building, and town building businesses in Japan. The company operates through Industrial Equipment & Tools; Machine Tools; Housing, Air & Fluidic Control Systems; Building Supplies & Exterior; Construction Machines; and Energy segments. It is involved in the sale of tools, industrial equipment and materials, control equipment, and logistics equipment; industrial machinery and equipment; pipe materials, air conditioning equipment, housing fixtures, housing equipment, design supervision and contracting of construction work, residential land, and building transactions; petroleum products; and construction machinery and materials, leasing and rental, manufacturing and sales of assembly-type temporary houses, event site construction and furnishing businesses. Yuasa Co., Ltd. was formerly known as Yuasa Trading Co., Ltd. and changed its name to Yuasa Co., Ltd. in April 2026. The company was founded in 1666 and is headquartered in Tokyo, Japan.

← Companies

Price

¥5,670

Market Cap

¥120.4B

Ent. Value

¥76.6B

Net Cash

¥43.8B

Shares Out.

21.2M

P / E

9.9×

EV / EBIT

4.6×

P / Book

1.00×

P / NCAV

3.63×

Div. Yield

1.34%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥545.0B	¥528.4B	¥526.6B	¥504.8B	¥462.7B
Cost of Sales	¥480.0B	¥467.1B	¥468.9B	¥452.4B	¥414.5B
Gross Profit	¥65.0B	¥61.3B	¥57.6B	¥52.4B	¥48.2B
SG&A	¥48.3B	¥45.5B	¥42.9B	¥37.8B	¥36.4B
Operating Income	¥16.7B	¥15.8B	¥14.7B	¥14.6B	¥11.9B
Non-Operating Income	¥837M	¥745M	¥2.3B	¥2.1B	¥2.3B
Dividend Income	—	¥352M	¥306M	¥254M	¥249M
Interest Income	—	¥72M	¥1.6B	¥1.6B	¥1.5B
Non-Operating Expenses	—	¥495M	¥1.2B	¥1.3B	¥2.4B
Interest Expense	—	¥221M	¥1.1B	¥1.1B	¥894M
Ordinary Income	¥17.2B	¥16.0B	¥15.7B	¥15.4B	¥11.7B
Pre-tax Income	¥17.1B	¥15.6B	¥17.0B	¥15.2B	¥12.7B
Income Taxes	¥4.9B	¥5.3B	¥5.2B	¥5.2B	¥4.6B
Current Tax	—	¥5.0B	¥4.8B	¥7.6B	¥4.3B
Deferred Tax	—	¥281M	¥336M	¥-2.5B	¥276M
Net Income (owners)	¥12.0B	¥10.2B	¥11.8B	¥10.1B	¥8.1B
Minority Interest	—	¥74M	¥21M	¥16M	¥18M
Comprehensive Income	—	¥10.6B	¥11.2B	¥9.3B	¥5.0B
EBITDA	¥18.3B	¥18.2B	¥17.0B	¥16.9B	¥14.3B
Goodwill Amort. (J-GAAP)	—	¥331M	¥563M	¥763M	¥777M
EPS	¥571.06	¥487.11	¥561.88	¥466.23	¥364.54
Shares Outstanding	—	21.2M	21.2M	21.3M	22.3M
Shares Issued (total)	—	22.1M	22.1M	23.2M	23.2M
Treasury Shares	—	0.9M	0.9M	1.9M	0.9M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥303.5B	¥287.6B	¥291.0B	¥271.2B	¥259.4B
Current Assets	¥215.3B	¥210.3B	¥222.2B	¥226.0B	¥217.6B
Cash & Deposits	¥48.6B	¥43.9B	¥42.1B	¥52.4B	¥53.7B
Trade Receivables	—	¥105.4B	¥118.6B	¥121.3B	¥121.5B
Inventories	—	¥16.8B	¥17.7B	¥16.8B	¥14.5B
Non-Current Assets	¥88.2B	¥77.3B	¥68.8B	¥45.2B	¥41.8B
PP&E	¥46.8B	¥45.5B	¥44.7B	¥14.1B	¥12.7B
Goodwill	—	¥2.2B	¥527M	¥1.4B	¥2.1B
Intangible Assets	—	¥11.1B	¥4.3B	¥2.7B	¥3.3B
Investment Securities	¥18.2B	¥13.1B	¥12.4B	¥8.7B	¥7.9B
Deferred Tax Assets	—	¥997M	¥1.1B	¥879M	¥241M
Total Liabilities	¥182.1B	¥178.2B	¥188.6B	¥176.0B	¥166.8B
Current Liabilities	¥173.3B	¥170.1B	¥179.9B	¥170.5B	¥159.0B
Accounts Payable	—	¥92.5B	¥97.1B	¥98.7B	¥96.1B
ST Debt	¥3.6B	¥4.2B	¥4.1B	¥3.3B	¥3.1B
Taxes Payable	—	¥3.8B	¥3.4B	¥5.7B	¥2.9B
Non-Current Liabilities	¥8.8B	¥8.1B	¥8.6B	¥5.5B	¥7.9B
Total LT Borrowings	¥1.2B	¥2.5B	¥3.3B	¥417M	¥581M
Pension Obligations	—	¥1.2B	¥1.1B	¥1.1B	¥998M
Deferred Tax Liab.	—	¥385M	¥395M	¥306M	¥2.7B
Total Equity	¥121.4B	¥109.4B	¥102.4B	¥95.2B	¥92.6B
Capital Stock	—	¥20.6B	¥20.6B	¥20.6B	¥20.6B
Capital Surplus	—	¥6.8B	¥6.8B	¥6.8B	¥6.8B
Retained Earnings	¥87.3B	¥79.6B	¥72.9B	¥67.3B	¥60.2B
Treasury Stock	—	¥-3.0B	¥-3.1B	¥-5.3B	¥-1.7B
AOCI	—	¥4.8B	¥4.6B	¥5.2B	¥6.0B
Equity (owners)	¥111.8B	¥104.1B	¥97.3B	¥89.5B	¥85.9B
Minority Interests	—	¥445M	¥409M	¥397M	¥385M

Total Interest-Bearing Debt ⓘ	¥4.8B	¥6.7B	¥7.4B	¥3.7B	¥3.7B
Net Cash ⓘ	¥43.8B	¥37.2B	¥34.7B	¥48.8B	¥50.0B
NCAV ⓘ	¥33.2B	¥32.1B	¥33.7B	¥50.0B	¥50.8B
NCAV/Share	—	¥1,512	¥1,585	¥2,350	¥2,277
BV/Share	—	¥4,900	¥4,582	¥4,202	¥3,854

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥19.6B	¥16.0B	¥24.1B	¥8.3B	¥10.2B
Interest Paid	—	¥-211M	¥-1.1B	¥-1.0B	¥-896M
Interest Received	—	¥420M	¥1.9B	¥1.8B	¥1.7B
D&A	¥1.6B	¥2.1B	¥1.7B	¥1.5B	¥1.7B
Goodwill Amort.	—	¥331M	¥563M	¥763M	¥777M
Investing CF	¥-6.4B	¥-10.0B	¥-34.2B	¥-2.8B	¥4.8B
CapEx	¥1.4B	¥2.2B	¥31.6B	¥2.4B	¥1.1B
Purchase Investments	—	¥-1.4B	¥-98M	¥-87M	¥-77M
Proceeds from Invest.	—	¥190M	¥110M	¥34M	¥2.9B
Financing CF	¥-9.1B	¥-4.8B	¥-478M	¥-6.9B	¥-3.6B
Dividends Paid	—	¥-3.6B	¥-3.5B	¥-3.0B	¥-2.7B
Share Buybacks	—	¥-13M	¥-530M	¥-3.7B	¥-3M
LT Debt Repaid	—	¥-1.1B	¥-1.2B	¥-77M	¥-237M
Free Cash Flow	¥18.2B	¥13.8B	¥-7.5B	¥6.0B	¥9.1B
Net Change in Cash	—	¥1.7B	¥-10.4B	¥-1.1B	¥11.6B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	10.4%	9.7%	12.0%	10.8%	8.9%
ROA	4.1%	3.5%	4.2%	3.8%	3.1%
EPS	¥571.06	¥487.11	¥561.88	¥466.23	¥364.54
DPS	¥76.00	¥190.00	¥182.00	¥140.00	¥123.00
BPS	¥5,696.13	¥5,175.40	¥4,848.90	¥4,483.99	¥4,160.75
FCF/Share	—	¥650	¥-351	¥281	¥409
NCAV/Share	—	¥1,512	¥1,585	¥2,350	¥2,277
Payout Ratio	13.3%	39.0%	32.4%	30.0%	33.7%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 4

Date	Activist	Stake	Event	Flag	Demands
2025-09-29	Hikari Tsushin K.K.	5.11% +0.11%	change	Passive	—
2025-09-19	Hikari Tsushin K.K.	5.0%	initial_5pct	Passive	—
2024-08-22	FMR LLC	10.0% +1.29%	change	Passive	—
2024-05-22	FMR LLC	8.71%	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	2,674	12.59%
2	HIKARI TSUSHIN,INC. 光通信株式会社	1,001	4.71%
3	Stock Ownership Plan ユアサ炭協持株会	959	4.51%
4	野村信託銀行株式会社	884	4.16%
5	BNYM AS AGT/CLTS 10PERCENT BNYM AS AGT/CLTS 10PERCENT （常任代理人株式会社三菱ＵＦＪ銀行）	868	4.09%
6	Japan Custody Bank 株式会社日本カストディ銀行	841	3.95%
7	Stock Ownership Plan 東部ユアサやまずみ持株会	654	3.08%
8	Stock Ownership Plan 西部ユアサやまずみ持株会	607	2.86%
9	Employee Stock Ownership Plan ユアサ商事社員持株会	540	2.54%
10	STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OM02 505002 （常任代理人株式会社みずほ銀行決済営業部）	483	2.27%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

16.5%

+1.5% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

6.4%

-2.5% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

21.9%

+3.3% 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		12.17%	11.47%	12.59% +1.12%
HIKARI TSUSHIN,INC. 光通信 ↑		3.32%	3.92%	4.71% +0.79%
Stock Ownership Plan ユアサ炭協持株会		4.22%	4.40%	4.51% +0.11%
野村信託銀行 NEW ENTRY	—	—	—	4.16% NEW
BNY Mellon		4.46%	4.64%	4.09% -0.55%
Japan Custody Bank 日本カストディ銀行		3.95%	3.57%	3.95% +0.38%
Stock Ownership Plan 東部ユアサやまずみ持株会		2.94%	2.99%	3.08% +0.09%
Stock Ownership Plan 西部ユアサやまずみ持株会		3.23%	2.97%	2.86% -0.11%
Employee Stock Ownership Plan ユアサ商事社員持株会		2.48%	2.44%	2.54% +0.10%
State Street		4.22%	4.25%	2.27% -1.98%
OKUMA Corporation オークマ last seen 2024	Exited Top 10	—	1.87%	—
三井住友銀行 last seen 2023	Exited Top 10	2.32%	—	—
Concentration (HHI) ⓘ		261	246	280

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

Portfolio Book Value ¥8,898M +44% since 2023

Holdings 34 +1 new 2 exited

Trend 12 building vs 2023

Held Company	FY2025 ¥8,898M total		FY2023 ¥6,187M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
OKUMA Corporation オークマ株式会社	1,371	+105.2% ↑ 402,145	1,158	195,995	M
DAIKIN INDUSTRIES, LTD. ダイキン工業株式会社	1,291	NEW New 80,000	—		M
KITZ CORPORATION 株式会社キッツ	1,132	+4.4% ↑ 972,535	864	931,102	M
TSURUMI MANUFACTURING CO.,LTD. 株式会社鶴見製作所	803	+0.4% ↑ 259,246	535	258,278	M
TSUGAMI CORPORATION 株式会社ツガミ	637	350,000	501	350,000	M
株式会社ＣＡＣＨｏｌｄｉｎｇｓ	621	300,000	505	300,000	M
Sekisui Jushi Corporation 積水樹脂株式会社	530	277,200	576	277,200	M
DAIFUKU CO.,LTD. 株式会社ダイフク	454	+3.8% ↑ 124,802	293	120,277	M
HOKUTO CORPORATION ホクト株式会社	327	175,379	325	175,379
NORITZ CORPORATION 株式会社ノーリツ	213	121,000	210	121,000	M
Nippon Air Conditioning Services Co., Ltd. 日本空調サービス株式会社	159	160,000	115	160,000	M
北越工業株式会社	151	79,740	111	79,740	M
TACHIKAWA CORPORATION 立川ブラインド工業株式会社	149	+2.5% ↑ 98,233	128	95,835	M
Dainichi Co., Ltd. ダイニチ工業株式会社	144	220,200	147	220,200	M
Fujita Engineering Co., Ltd. 藤田エンジニアリング株式会社	114	+10.0% ↑ 76,422	62	69,447
SUGIMOTO & CO.,LTD. 杉本商事株式会社	109	+100.0% ↑ 86,500	89	43,250	M
YAMATO CORPORATION 株式会社ヤマト	106	+0.9% ↑ 72,191	63	71,562	M
NITTO KOHKI CO.,LTD. 日東工器株式会社	80	43,560	78	43,560	M
BROTHER INDUSTRIES LTD. ブラザー工業株式会社	68	25,500	50	25,500	M
Denyo Co.,Ltd. デンヨー株式会社	67	27,785	47	27,785	M
YAMADA CORPORATION 株式会社ヤマダコーポレーション	55	10,000	28	10,000	M
SAKAI HEAVY INDUSTRIES, LTD. 酒井重工業株式会社	49	+100.0% ↑ 22,900	45	11,450	M
SHIKOKU KASEI HOLDINGS CORPOLATION 四国化成ホールディングス株式会社	46	+12.8% ↑ 25,496	31	22,599	M
INABA SEISAKUSHO Co.,Ltd. 株式会社稲葉製作所	40	24,000	34	24,000	M
ANEST IWATA Corporation アネスト岩田株式会社	39	35,000	35	35,000	M
DAIKEN CO.,LTD. 株式会社ダイケン	36	46,000	34	46,000	M
NS TOOL CO.,LTD. 日進工具株式会社	28	38,400	39	38,400
NANYO CORPORATION 株式会社南陽	25	+100.0% ↑ 22,220	25	11,110
ICHINEN HOLDINGS CO.,LTD. 株式会社イチネンホールディングス	22	13,710	17	13,710	M
OKUMURA ENGINEERING CORP. 株式会社オーケーエム	13	10,000	12	10,000
TOTO LTD. ＴＯＴＯ株式会社	9	+98.2% ↑ 2,488	5	1,255
Yoshitake Inc. 株式会社ヨシタケ	6	9,120	6	9,120	M
LIXIL Corporation 株式会社ＬＩＸＩＬ	3	1,767	3	1,767	M
Kuroda Precision Industries Co., Ltd. 黒田精工株式会社	1	2,000	3	2,000	M
Riken Corundum Company Limited 理研コランダム株式会社	—	−100% Exit —	9	4,080	M
NEPON Inc. ネポン株式会社	—	−100% Exit —	4	2,500	M
Portfolio total	8,898		6,187

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