MOONBAT Co., Ltd.

ムーンバット株式会社

Consumer Cyclical · Footwear & Accessories

MOONBAT Co.,Ltd. engages in the planning, manufacture, importing, purchasing, and sale of accent fashion products in Japan and internationally. The company offers umbrellas, clothing, fur, leather, jewelry, and hats. MOONBAT Co.,Ltd. was founded in 1885 and is headquartered in Kyoto, Japan.

← Companies

Price

¥1,583

Market Cap

¥7.1B

Ent. Value

¥8.1B

Net Debt

−¥1.0B

Shares Out.

4.5M

P / E

12.2×

EV / EBIT

11.6×

P / Book

1.31×

P / NCAV

4.71×

Div. Yield

3.28%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥11.9B	¥10.6B	¥9.6B	¥7.5B
Cost of Sales	¥6.8B	¥6.2B	¥5.9B	¥4.7B
Gross Profit	¥5.1B	¥4.4B	¥3.7B	¥2.8B
SG&A	¥4.4B	¥4.0B	¥3.6B	¥3.3B
Operating Income	¥703M	¥435M	¥114M	¥-556M
Non-Operating Income	¥59M	¥95M	¥106M	¥153M
Dividend Income	¥5M	¥3M	¥3M	¥4M
Interest Income	¥5M	¥4M	¥1M	¥0M
Non-Operating Expenses	¥97M	¥41M	¥44M	¥46M
Interest Expense	¥21M	¥17M	¥19M	¥21M
Ordinary Income	¥665M	¥489M	¥176M	¥-450M
Pre-tax Income	¥716M	¥409M	¥187M	¥-358M
Income Taxes	¥128M	¥-137M	¥46M	¥22M
Current Tax	¥113M	¥70M	¥43M	¥32M
Deferred Tax	¥15M	¥-207M	¥3M	¥-10M
Net Income (owners)	¥583M	¥545M	¥141M	¥-380M
Minority Interest	¥4M	—	—	—
Comprehensive Income	¥595M	¥577M	¥140M	¥-362M
EBITDA	¥875M	¥586M	¥270M	¥-411M
Goodwill Amort. (J-GAAP)	¥12M	—	—	—
EPS	¥129.33	¥119.26	¥29.98	¥-79.52
Shares Outstanding	4.5M	4.5M	4.6M	4.8M
Shares Issued (total)	4.8M	4.8M	4.8M	4.8M
Treasury Shares	0.3M	0.2M	0.2M	0.0M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥9.9B	¥9.9B	¥10.3B	¥11.1B
Current Assets	¥6.0B	¥6.0B	¥6.6B	¥7.2B
Cash & Deposits	¥1.3B	¥1.0B	¥891M	¥658M
Trade Receivables	¥1.4B	¥1.7B	¥2.1B	¥2.2B
Non-Current Assets	¥4.0B	¥3.8B	¥3.7B	¥3.8B
PP&E	¥2.6B	¥2.6B	¥2.6B	¥2.7B
Goodwill	¥47M	—	—	—
Intangible Assets	¥367M	¥302M	¥295M	¥294M
Investment Securities	¥254M	¥251M	¥211M	¥223M
Deferred Tax Assets	¥156M	¥178M	¥14M	¥17M
Total Liabilities	¥4.5B	¥4.8B	¥5.8B	¥6.6B
Current Liabilities	¥3.9B	¥4.3B	¥5.1B	¥5.8B
Accounts Payable	¥543M	¥527M	¥581M	¥578M
ST Debt	¥2.2B	¥2.2B	¥2.8B	¥3.4B
Taxes Payable	¥92M	¥64M	¥55M	¥42M
Non-Current Liabilities	¥545M	¥549M	¥631M	¥775M
Total LT Borrowings	¥123M	¥146M	¥170M	¥248M
Pension Obligations	¥341M	¥316M	¥312M	¥308M
Deferred Tax Liab.	—	—	¥37M	¥44M
Total Equity	¥5.5B	¥5.1B	¥4.6B	¥4.5B
Capital Stock	¥1.0B	¥1.0B	¥1.0B	¥1.0B
Capital Surplus	¥2.9B	¥2.9B	¥2.9B	¥2.9B
Retained Earnings	¥1.6B	¥1.2B	¥665M	¥539M
Treasury Stock	¥-154M	¥-127M	¥-77M	¥-4M
AOCI	¥150M	¥143M	¥111M	¥112M
Equity (owners)	¥5.3B	¥4.9B	¥4.4B	¥4.4B
Minority Interests	¥10M	—	—	—

Total Interest-Bearing Debt ⓘ	¥2.3B	¥2.4B	¥2.9B	¥3.7B
Net Cash ⓘ	¥-1.0B	¥-1.3B	¥-2.1B	¥-3.0B
NCAV ⓘ	¥1.5B	¥1.2B	¥868M	¥660M
NCAV/Share	¥336	¥268	¥188	¥139
BV/Share	¥1,178	¥1,082	¥964	¥921

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥783M	¥910M	¥1.1B	¥-102M
Taxes Paid	¥-87M	¥-56M	¥-42M	¥4M
Interest Paid	¥-24M	¥-17M	¥-18M	¥-21M
Interest Received	¥10M	¥7M	¥4M	¥4M
D&A	¥161M	¥151M	¥156M	¥145M
Goodwill Amort.	¥12M	—	—	—
Investing CF	¥5M	¥-31M	¥70M	¥153M
CapEx	¥88M	¥75M	¥6M	¥23M
Purchase Investments	¥-6M	¥-6M	¥-6M	¥-5M
Proceeds from Invest.	—	—	¥32M	¥141M
Financing CF	¥-491M	¥-742M	¥-921M	¥-661M
Dividends Paid	¥-157M	¥-27M	¥-14M	¥-1M
Share Buybacks	¥-27M	¥-50M	¥-74M	¥-4M
LT Debt Repaid	¥-212M	¥-78M	¥-40M	¥-133M
Free Cash Flow	¥696M	¥835M	¥1.1B	¥-125M
Net Change in Cash	¥298M	¥153M	¥234M	¥-597M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	11.1%	11.3%	3.1%	-7.9%
ROA	5.9%	5.4%	1.3%	-3.4%
EPS	¥129.33	¥119.26	¥29.98	¥-79.52
DPS	¥52.00	¥20.00	¥6.00	¥3.00
BPS	¥1,211.28	¥1,113.78	¥987.73	¥944.77
FCF/Share	¥154	¥184	¥232	¥-26
NCAV/Share	¥336	¥268	¥188	¥139
Payout Ratio	40.2%	16.8%	20.0%	—

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 12

Date	Activist	Stake	Event	Flag	Demands
2026-01-29	YAGI TSUSHO LIMITED	23.12% +1.47%	change	Passive	—
2025-09-22	YAGI TSUSHO LIMITED	21.65% +1.65%	change	Passive	—
2025-09-02	YAGI TSUSHO LIMITED	20.0% +1.01%	change	Passive	—
2025-08-18	YAGI TSUSHO LIMITED	18.99% +1.17%	change	Passive	—
2025-06-02	YAGI TSUSHO LIMITED	17.82% +1.08%	change	Passive	—
2025-04-23	YAGI TSUSHO LIMITED	16.74%	correction	Passive	—
2025-04-11	YAGI TSUSHO LIMITED	16.74% +3.67%	change	Passive	—
2024-12-25	YAGI TSUSHO LIMITED	13.07% +3.04%	change	Passive	—
2024-09-13	YAGI TSUSHO LIMITED	10.03%	correction	Passive	—
2024-09-05	YAGI TSUSHO LIMITED	10.03% +1.0%	change	Passive	—
2024-05-07	YAGI TSUSHO LIMITED	9.03% +1.11%	change	Passive	—
2023-07-10	YAGI TSUSHO LIMITED	7.92%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-14 15:30	Div Increase	¥184M ¥41.0/sh +11%	Moonbat Corporation announced a dividend increase for FY2026 (ended March 31, 2026), raising the year-end dividend per s…
Summary Moonbat Corporation announced a dividend increase for FY2026 (ended March 31, 2026), raising the year-end dividend per share from the prior forecast of 32 yen to 41 yen, an increase of 9 yen. The total dividend amount is 184 million yen, with an effective date of June 29, 2026. The increase reflects the company's commitment to shareholder returns and a consolidated dividend payout ratio target of 40% or higher, with 10 yen of the 41 yen including a special 140th anniversary commemorative dividend. Deadline: 2026-06-29 YoY: +11% Source (JP) 期末配当につきまして、前回予想（2026年２月14日公表）の１株32円より9円増配の41円といたしました。なお、140周年記念配当金10円が、期末配当金41円に含まれております。剰余金の配当(増配)に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	八木通商株式会社	649	14.40%
2	株式会社ニード	350	7.77%
3	ムーンバット持株共栄会	311	6.90%
4	Sumitomo Mitsui Banking Corporation 株式会社三井住友銀行	224	4.97%
5	河野正行	210	4.66%
6	The Bank of Kyoto 株式会社京都銀行	170	3.77%
7	Nippon Life Insurance 日本生命保険相互会社	160	3.56%
8	Executive Stock Ownership Plan ムーンバット役員持株会	158	3.51%
9	京都中央信用金庫	146	3.25%
10	岡本綠	115	2.57%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

0.0%

+0.0% 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

55.4%

+1.1% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
八木通商		8.22%	8.81%	14.40% +5.59%
式会社ニード		13.06%	13.27%	7.77% -5.50%
ムーンバット持株共栄会		6.09%	6.47%	6.90% +0.43%
Sumitomo Mitsui Banking Corporation 三井住友銀行		5.03%	5.00%	4.97% -0.03%
河野正行		4.55%	4.63%	4.66% +0.03%
The Bank of Kyoto 式会社京都銀行		3.69%	3.75%	3.77% +0.02%
Nippon Life Insurance 日本生命保険		3.48%	3.53%	3.56% +0.03%
Executive Stock Ownership Plan ムーンバット役員持株会		2.54%	3.06%	3.51% +0.45%
京都中央信用金庫		3.18%	3.23%	3.25% +0.02%
岡本綠		—	2.55%	2.57% +0.02%
岡本緑 last seen 2023	Exited Top 10	2.51%	—	—
Concentration (HHI) ⓘ		370	395	418

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

Portfolio Book Value ¥185M +19% since 2023

Holdings 10

Trend 8 building vs 2023

Held Company	FY2025 ¥185M total		FY2023 ¥156M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
GLOBERIDE, Inc. グローブライド㈱	46	24,000	59	24,000	M
Isetan Mitsukoshi Holdings Ltd. ㈱三越伊勢丹ホールディングス	28	+7.4% ↑ 13,109	18	12,201
エイチ・ツー・オーリテイリング㈱	25	+9.1% ↑ 11,006	15	10,086
SHIMAMURA Co.,Ltd. ㈱しまむら	23	+170.8% ↑ 2,678	13	989
OKADA AIYON CORPORATION オカダアイヨン㈱	21	11,000	20	11,000	M
AEON Co.,Ltd. イオン㈱	13	+6.5% ↑ 3,415	8	3,207
Takashimaya Company,Limited ㈱髙島屋	12	+120.0% ↑ 9,761	9	4,436
J. フロントリテイリング㈱	8	+11.6% ↑ 4,520	5	4,049
Kintetsu Department Store Co. ㈱近鉄百貨店	5	+9.8% ↑ 2,408	5	2,193	M
Izutsuya Co. ㈱井筒屋	4	+9.7% ↑ 8,834	3	8,052
Portfolio total	185		156

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