Mitsubishi HC Capital Inc.

三菱ＨＣキャピタル株式会社

Other Financing Business

Mitsubishi HC Capital Inc., together with its subsidiaries, engages in the lease, installment sale, and other financing activities in Japan, North America, the United Kingdom, rest of Europe, the Middle, Asia, Oceania, and internationally. It operates through Customer Solutions, Global Business, Environment & Energy, Aviation, Logistics, Real Estate, and Mobility segments. The company engages in the provision of finance solutions for companies and government agencies; energy-saving; sales finance though collaboration with vendors; real estate leasing; renewable energy power generation; and environment related finance solutions. It offers aircraft and aircraft engine leasing; marine container and railway freight car leasing; auto leasing and supplementary services; and real estate securitization finance, revitalization investment, and asset management services. The company was incorporated in 1971 and is headquartered in Chiyoda-ku, Japan.

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Price

¥1,302

Market Cap

¥1.9T

Ent. Value

¥8.4T

Net Debt

−¥6.5T

Shares Out.

1.4B

P / E

13.8×

EV / EBIT

44.8×

P / Book

1.04×

P / NCAV

N/M

Div. Yield

3.07%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥2,090.8B	¥1,950.6B	¥1,896.2B	¥1,765.6B
Cost of Sales	¥1,628.2B	¥1,570.5B	¥1,538.9B	¥1,430.9B
Gross Profit	¥462.6B	¥380.1B	¥357.3B	¥334.7B
SG&A	¥275.5B	¥233.9B	¥218.6B	¥220.6B
Operating Income	¥187.1B	¥146.2B	¥138.7B	¥114.1B
Non-Operating Income	¥18.7B	¥23.5B	¥24.6B	¥15.6B
Dividend Income	¥1.4B	¥2.4B	¥1.9B	¥2.4B
Interest Income	¥458M	¥3.9B	¥2.5B	¥540M
Non-Operating Expenses	¥12.2B	¥18.0B	¥17.3B	¥12.5B
Interest Expense	¥8.4B	¥11.1B	¥7.7B	¥5.9B
Ordinary Income	¥193.6B	¥151.6B	¥146.1B	¥117.2B
Pre-tax Income	¥195.7B	¥167.7B	¥153.2B	¥147.2B
Income Taxes	¥60.0B	¥43.0B	¥35.5B	¥45.9B
Current Tax	¥42.1B	¥27.2B	¥24.9B	¥38.8B
Deferred Tax	¥18.0B	¥15.8B	¥10.5B	¥7.1B
Net Income (owners)	¥135.2B	¥123.8B	¥116.2B	¥99.4B
Minority Interest	¥475M	¥820M	¥1.5B	¥2.0B
Comprehensive Income	¥160.6B	¥220.2B	¥265.1B	¥174.6B
Goodwill Amort. (J-GAAP)	¥10.7B	¥9.2B	¥8.6B	¥6.1B
EPS	¥94.19	¥86.30	¥80.95	¥69.24
Shares Outstanding	1.44B	1.44B	1.44B	1.44B
Shares Issued (total)	1.47B	1.47B	1.47B	1.47B
Treasury Shares	28.8M	29.8M	30.4M	30.8M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥11,762.3B	¥11,149.9B	¥10,726.2B	¥10,328.9B
Current Assets	¥6,018.7B	¥6,040.8B	¥6,261.7B	¥6,171.3B
Cash & Deposits	¥313.4B	¥366.5B	¥589.7B	¥540.9B
Inventories	¥49.3B	¥38.2B	¥46.1B	¥48.2B
Non-Current Assets	¥5,740.0B	¥5,105.2B	¥4,459.9B	¥4,152.8B
PP&E	¥4,771.5B	¥4,236.7B	¥3,628.9B	¥3,357.2B
Goodwill	¥98.7B	¥102.1B	¥91.5B	¥90.3B
Intangible Assets	¥237.8B	¥247.8B	¥247.7B	¥267.6B
Investment Securities	¥550.2B	¥427.5B	¥400.1B	¥376.6B
Deferred Tax Assets	¥25.4B	¥26.1B	¥33.2B	¥38.1B
Total Liabilities	¥9,957.8B	¥9,444.5B	¥9,175.2B	¥8,995.4B
Current Liabilities	¥3,559.0B	¥3,546.0B	¥3,512.4B	¥3,235.3B
Accounts Payable	¥175.5B	¥171.6B	¥160.7B	¥184.0B
ST Debt	¥1,324.0B	¥1,483.7B	¥1,593.0B	¥1,401.9B
Taxes Payable	¥7.2B	¥13.1B	¥9.4B	¥24.8B
Non-Current Liabilities	¥6,398.8B	¥5,898.5B	¥5,662.8B	¥5,760.1B
Total LT Borrowings	¥5,501.5B	¥5,042.3B	¥4,836.4B	¥4,933.4B
Pension Obligations	¥2.8B	¥6.0B	¥6.5B	¥8.9B
Deferred Tax Liab.	¥182.9B	¥159.1B	¥143.8B	¥108.6B
Total Equity	¥1,804.5B	¥1,705.3B	¥1,551.0B	¥1,333.5B
Capital Stock	¥33.2B	¥33.2B	¥33.2B	¥33.2B
Capital Surplus	¥546.0B	¥546.3B	¥547.3B	¥548.6B
Retained Earnings	¥854.3B	¥775.2B	¥711.0B	¥638.0B
Treasury Stock	¥-20.1B	¥-20.9B	¥-19.2B	¥-19.4B
AOCI	¥376.3B	¥351.5B	¥256.4B	¥109.3B
Equity (owners)	¥1,413.3B	¥1,333.7B	¥1,272.4B	¥1,200.5B
Minority Interests	¥13.5B	¥18.2B	¥20.1B	¥21.8B

Total Interest-Bearing Debt ⓘ	¥6,825.5B	¥6,526.0B	¥6,429.4B	¥6,335.3B
Net Cash ⓘ	¥-6,512.1B	¥-6,159.5B	¥-5,839.7B	¥-5,794.4B
NCAV ⓘ	¥-3,939.2B	¥-3,403.7B	¥-2,913.5B	¥-2,824.1B
NCAV/Share	¥-2,739	¥-2,368	¥-2,028	¥-1,966
BV/Share	¥983	¥928	¥886	¥836

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥-296.9B	¥-49.1B	¥46.8B	¥195.8B
Interest Paid	¥-266.1B	¥-216.9B	¥-139.0B	¥-83.1B
Interest Received	¥6.9B	¥10.9B	¥6.6B	¥4.5B
Goodwill Amort.	¥10.7B	¥9.2B	¥8.6B	¥6.1B
Investing CF	¥-97.0B	¥143.3B	¥-127.3B	¥-107.9B
Purchase Investments	¥-126.2B	¥-3.0B	¥-10.0B	¥-13.7B
Financing CF	¥353.6B	¥-223.0B	¥-8.9B	¥-192.2B
Dividends Paid	¥-56.1B	¥-51.7B	¥-43.1B	¥-29.7B
LT Debt Repaid	¥-1,321.8B	¥-1,097.1B	¥-990.7B	¥-685.7B
Free Cash Flow	¥-296.9B	¥-49.1B	¥46.8B	¥195.8B
Net Change in Cash	¥-44.7B	¥-125.2B	¥-59.7B	¥-83.1B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	7.8%	7.7%	8.2%	8.0%
ROA	1.2%	1.1%	1.1%	1.0%
EPS	¥94.19	¥86.30	¥80.95	¥69.24
DPS	¥40.00	¥37.00	¥33.00	¥28.00
BPS	¥1,246.64	¥1,174.88	¥1,064.46	¥912.19
FCF/Share	¥-206	¥-34	¥33	¥136
NCAV/Share	¥-2,739	¥-2,368	¥-2,028	¥-1,966
Payout Ratio	42.5%	42.9%	40.8%	40.4%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 2

Date	Activist	Stake	Event	Flag	Demands	Source
2026-04-03	Mitsubishi UFJ Financial Group Inc.	21.46% +0.06%	change	Passive	—
2024-07-23	Mitsubishi UFJ Financial Group Inc.	21.4%	change	Passive	—

Capital Allocation Signals 2

Date	Type	Amount	Summary
2026-05-20 17:00	Div Increase	¥34.5B ¥24.0/sh +30%	Mitsubishi HC Capital announced a dividend increase for FY2026 (ending March 31, 2026), with a final dividend of ¥24.00 …
Summary Mitsubishi HC Capital announced a dividend increase for FY2026 (ending March 31, 2026), with a final dividend of ¥24.00 per share (¥34.5 billion total), up from ¥20.00 in the prior year. This marks the 27th consecutive year of dividend increases, bringing the full-year dividend to ¥46.00 per share, a ¥6.00 increase year-over-year representing a 15% increase in annual DPS. Deadline: 2026-06-08 YoY: +30% Source (JP) 2026年3月期の期末配当については、1株当たり24円00銭といたします。これにより、1株当たり年間配当金は前期比6円増配の46円00銭となり、27期連続での増配となります。剰余金の配当に関するお知らせ TDnet PDF
2026-05-15 15:30	Div Increase	¥24.0/sh +15%	Mitsubishi HC Capital revised upward its FY2026 March period final dividend forecast by 1 yen per share to 24 yen, from …
Summary Mitsubishi HC Capital revised upward its FY2026 March period final dividend forecast by 1 yen per share to 24 yen, from the prior forecast of 23 yen announced on February 13, 2026. The increase reflects better-than-expected earnings driven by strong real estate and aviation segment performance, reduced loan loss provisions in overseas operations, and subsidiary fiscal year-end consolidation effects. Annual dividend guidance raised to 46 yen per share (from 45 yen), consistent with the company's 40%+ dividend payout ratio policy under its 2023-2025 medium-term business plan. Deadline: 2026-05-20 YoY: +15% Source (JP) 2026年3月期につきましては、不動産、航空セグメントの好調な業績推移や、海外カスタマーセグメント(米州事業)における貸倒関連費用の大幅な減少に加え、連結子会社の決算期変更による増益効果等により、純利益が通期業績予想を超過いたしました。期末の配当予想においても、当初予想の1株当たり23円00銭から1円00銭増配の24円00銭に修正いたします。期末配当予想の修正(増配)に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	三菱商事株式会社	264,044	18.36%
2	株式会社三菱ＵＦＪフィナンシャル・グループ	208,345	14.48%
3	The Master Trust Bank of Japan, Ltd. (Trust Account) 日本マスタートラスト信託銀行株式会社（信託口）(注)1	144,141	10.02%
4	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行（信託口）(注)2	66,458	4.62%
5	株式会社三菱ＵＦＪ銀行	50,348	3.50%
6	三菱ＵＦＪ信託銀行株式会社 (注)3	28,431	1.97%
7	明治安田生命保険相互会社	27,990	1.94%
8	State Street Bank and Trust Company STATE STREET BANK WEST CLIENT - TREATY 505234 （常任代理人株式会社みずほ銀行決済営業部）	17,318	1.20%
9	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人株式会社みずほ銀行決済営業部）	13,527	0.94%
10	State Street Bank and Trust Company STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人株式会社みずほ銀行決済営業部）	13,248	0.92%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

14.6%

+1.3% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

3.1%

+1.1% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

40.2%

-0.8% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
三菱商事		18.38%	18.37%	18.36% -0.01%
式会社三菱ＵＦＪフィナンシャル・グループ		14.50%	14.49%	14.48% -0.01%
日本マスタートラスト信託銀行		7.82%	8.74%	10.02% +1.28%
日本カストディ銀行		4.55%	4.58%	4.62% +0.04%
式会社三菱ＵＦＪ銀行		3.50%	3.50%	3.50%
State Street		0.80%	1.13%	3.06% +1.93%
三菱ＵＦＪ信託銀行株式会社 (注)3 NEW ENTRY	—	—	—	1.97% NEW
明治安田生命保険		1.94%	1.94%	1.94%
三菱ＵＦＪ信託銀行株式会社 (注) last seen 2024	Exited Top 10	—	1.97%	—
JP Morgan last seen 2024	Exited Top 10	—	0.83%	—
東京海上日動火災保険 last seen 2024	Exited Top 10	—	0.79%	—
ＪＰモルガン証券 last seen 2023	Exited Top 10	1.58%	—	—
式会社日立製作所 last seen 2023	Exited Top 10	4.11%	—	—
三菱ＵＦＪ信託銀行株式会社(注) last seen 2023	Exited Top 10	1.97%	—	—
Concentration (HHI) ⓘ		670	667	698

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

Portfolio Book Value ¥13,202M -39% since 2023

Holdings 32 +1 new 27 exited

Trend 5 unwinding vs 2023

Held Company	FY2025 ¥13,202M total		FY2023 ¥21,719M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
AEON Co.,Ltd. イオン㈱	3,191	-37.0% ↓ 851,092	3,467	1,351,492
TOKYO OHKA KOGYO CO., LTD. 東京応化工業㈱	1,742	+200.0% ↑ 562,689	1,442	187,563
TOKAI Corp. ㈱トーカイ	1,606	768,634	1,521	768,634	M
OKUMA Corporation オークマ㈱	1,511	+100.0% ↑ 443,200	1,309	221,600	M
OKAYA&CO.,LTD. 岡谷鋼機㈱	1,063	+100.0% ↑ 152,400	790	76,200	M
ZERIA PHARMCEUTICAL CO., LTD. ゼリア新薬工業㈱	683	302,964	680	302,964	M
Mitsubishi Research Institute, Inc. ㈱三菱総合研究所	678	-33.3% ↓ 144,500	1,104	216,500
JEOL Ltd. 日本電子㈱	572	125,000	530	125,000
㈱ジーエス・ユアサコーポレーション	339	142,400	339	142,400
NIPPO LTD. 日邦産業㈱	313	134,000	106	134,000
SENKO Group Holdings Co.,Ltd. センコーグループホールディングス㈱	270	179,450	169	179,450	M
Tokai Tokyo Financial Holdings, Inc. 東海東京フィナンシャル・ホールディングス㈱	263	-14.2% ↓ 543,937	232	633,937	M
Torigoe Flour Milling Co. 鳥越製粉㈱	174	212,000	127	212,000
AeroEdge Co.,Ltd. ＡｅｒｏＥｄｇｅ㈱	144	NEW New 57,140	—
Japan Transcity Corporation 日本トランスシティ㈱	133	150,491	91	150,491
ISEKI&CO.,LTD. 井関農機㈱	124	115,000	136	115,000
名糖産業㈱	101	-49.9% ↓ 51,070	168	101,970	M
MITSUMURA PRINTING CO.,LTD. 光村印刷㈱	64	48,800	59	48,800	M
IMURAYA GROUP CO., LTD. 井村屋グループ㈱	63	26,302	58	26,302
Nagoya Railway Co. 名古屋鉄道㈱	53	-87.5% ↓ 30,600	498	243,900	M
YAHAGI CONSTRUCTION CO.,LTD. 矢作建設工業㈱	50	39,600	32	39,600
YAMADA HOLDINGS CO.,LTD. ㈱ヤマダホールディングス	43	100,000	45	100,000
YAMANAKA CO.,LTD. ㈱ヤマナカ	22	40,000	27	40,000	M
TOA CORPORATION ＴＯＡ㈱	—		—
Takihyo Co., Ltd. タキヒヨー㈱	—		—		M
DAIWA HOUSE INDUSTRY CO., LTD. 大和ハウス工業㈱	—		—
㈱八十二銀行	—		—		M
TAKEDA iP HOLDINGS CO., LTD. 竹田ｉＰホールディングス㈱	—		—		M
SUZUKEN CO.,LTD. ㈱スズケン	—		—
SALA CORPORATION ㈱サーラコーポレーション	—		—
TECHNO RYOWA LTD. ㈱テクノ菱和	—		—		M
J-MAX Co.,Ltd. ㈱J-MAX	—		—
Shimadzu Corporation ㈱島津製作所	—	−100% Exit —	1,780	430,000
Bangkok Bank Public Co., Ltd.	—	−100% Exit —	544	920,000
NACHI-FUJIKOSHI CORP. ㈱不二越	—	−100% Exit —	446	113,000
JTOWER Inc. ㈱ＪＴＯＷＥＲ	—	−100% Exit —	248	50,641
JDC CORPORATION 日本国土開発㈱	—	−100% Exit —	302	500,000
OKAMURA CORPORATION ㈱オカムラ	—	−100% Exit —	52	38,160
ALTECH CO., LTD. アルテック㈱	—	−100% Exit —	10	40,080
JAPAN CRAFT HOLDINGS CO., LTD. ジャパンクラフトホールディングス㈱	—	−100% Exit —	16	29,000
PT GoTo Gojek Tokopedia Tbk	—	−100% Exit —	1,534	1,581,298,147
Sompo Holdings, Inc. ＳＯＭＰＯホールディングス㈱	—	−100% Exit —	1,103	210,080
ROCK FIELD CO.,LTD. ㈱ロック・フィールド	—	−100% Exit —	754	482,064	M
Tokio Marine Holdings, Inc. 東京海上ホールディングス㈱	—	−100% Exit —	421	165,375
TAISHO PHARMACEUTICAL HOLDINGS CO., LTD. 大正製薬ホールディングス㈱	—	−100% Exit —	331	60,000
譬ｪ蠑丈ｼ夂､ｾ繧ｵ繧､繝輔Η繝ｼ繧ｺ㈱サイフューズ	—	−100% Exit —	244	200,000
MS&AD Insurance Group Holdings, Inc. ＭＳ＆ＡＤインシュアランスグループホールディングス㈱	—	−100% Exit —	176	42,907
HIRANO TECSEED CO.,LTD. ㈱ヒラノテクシード	—	−100% Exit —	137	66,800	M
Freund Corporation フロイント産業㈱	—	−100% Exit —	120	188,200
SK-Electronics CO.,LTD. ㈱エスケーエレクトロニクス	—	−100% Exit —	106	60,000
Softbank Corp. ソフトバンク㈱	—	−100% Exit —	81	53,200
TSUZUKI DENKI CO., LTD. 都築電気㈱	—	−100% Exit —	77	49,812
MEIJI ELECTRIC INDUSTRIES CO., LTD. 明治電機工業㈱	—	−100% Exit —	72	60,000	M
KISOJI CO., LTD. ㈱木曽路	—	−100% Exit —	67	30,626
WAIDA MFG.CO.,LTD. ㈱和井田製作所	—	−100% Exit —	65	64,700
HOCHIKI CORPORATION ホーチキ㈱	—	−100% Exit —	58	37,500
KOIKE SANSO KOGYO CO.,LTD. 小池酸素工業㈱	—	−100% Exit —	30	13,310
ASKA Pharmaceutical Holdings CO., Ltd. あすか製薬ホールディングス㈱	—	−100% Exit —	11	9,466
ENCHO CO.,LTD. ㈱エンチョー	—	−100% Exit —	4	5,000
Portfolio total	13,202		21,719

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