kuribayashi steamship co.,ltd.

栗林商船株式会社

Marine Transportation

Kuribayashi Steamship Co., Ltd. engages in the marine transportation business in Japan and internationally. The company operates through four segments: Shipping Business, Hotel Business, Real Estate Business, and Other Businesses. It transports paper products, cast and forged steel products, starch, as well as handles plants, feed, ammonium sulfur, wastepaper, etc. The company also provides land and sea integrated transportation services, including loading and unloading of cargos, and collection and delivery of cargos; tugboats and barges that transport oil refinery pressure vessels for refineries and blades for wind farms; and wholesale of fruits and vegetables. In addition, it is involved in the ferry, hotel, and ship operation businesses. Further, the company leases real estate properties, such as stores. Kuribayashi Steamship Co., Ltd. was founded in 1894 and is headquartered in Tokyo, Japan.

← Companies

Price

¥1,792

Market Cap

¥22.3B

Ent. Value

¥23.6B

Net Debt

−¥1.2B

Shares Out.

12.5M

P / E

11.2×

EV / EBIT

8.7×

P / Book

0.75×

P / NCAV

N/M

Div. Yield

1.40%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥53.1B	¥48.9B	¥49.9B	¥45.3B
Cost of Sales	¥42.0B	¥39.4B	¥40.5B	¥38.4B
Gross Profit	¥11.1B	¥9.5B	¥9.4B	¥6.9B
SG&A	¥8.4B	¥7.9B	¥7.3B	¥6.8B
Operating Income	¥2.7B	¥1.5B	¥2.1B	¥104M
Non-Operating Income	¥917M	¥829M	¥677M	¥852M
Dividend Income	¥525M	¥394M	¥356M	¥306M
Interest Income	¥9M	¥0M	¥2M	¥0M
Non-Operating Expenses	¥320M	¥301M	¥306M	¥326M
Interest Expense	¥296M	¥277M	¥264M	¥285M
Ordinary Income	¥3.3B	¥2.1B	¥2.4B	¥630M
Pre-tax Income	¥3.3B	¥2.7B	¥2.7B	¥726M
Income Taxes	¥1.0B	¥805M	¥643M	¥537M
Current Tax	¥1.1B	¥767M	¥823M	¥335M
Deferred Tax	¥-95M	¥37M	¥-180M	¥201M
Net Income (owners)	¥2.0B	¥1.7B	¥1.8B	¥91M
Minority Interest	¥322M	¥227M	¥194M	¥99M
Comprehensive Income	¥4.3B	¥5.5B	¥1.6B	¥687M
EBITDA	¥6.2B	¥4.7B	¥5.1B	¥3.4B
Goodwill Amort. (J-GAAP)	¥16M	¥16M	¥16M	¥23M
EPS	¥159.83	¥131.88	¥144.33	¥7.17
Shares Outstanding	12.5M	12.7M	12.7M	12.7M
Shares Issued (total)	12.7M	12.7M	12.7M	12.7M
Treasury Shares	0.3M	0.1M	0.0M	0.1M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥80.3B	¥77.9B	¥70.7B	¥69.4B
Current Assets	¥23.4B	¥22.4B	¥21.4B	¥20.3B
Cash & Deposits	¥13.8B	¥12.6B	¥12.0B	¥11.0B
Trade Receivables	¥7.9B	¥8.0B	¥7.7B	¥7.9B
Non-Current Assets	¥56.8B	¥55.5B	¥49.3B	¥49.1B
PP&E	¥35.5B	¥37.2B	¥36.2B	¥35.3B
Goodwill	¥32M	¥48M	¥64M	¥80M
Intangible Assets	¥1.2B	¥1.3B	¥1.2B	¥1.3B
Investment Securities	¥18.9B	¥15.8B	¥10.5B	¥11.3B
Deferred Tax Assets	¥361M	¥387M	¥446M	¥428M
Total Liabilities	¥46.6B	¥48.1B	¥46.2B	¥46.4B
Current Liabilities	¥15.6B	¥15.4B	¥16.7B	¥18.5B
Accounts Payable	¥6.6B	¥6.7B	¥6.4B	¥7.1B
ST Debt	¥4.1B	¥5.2B	¥6.1B	¥8.3B
Taxes Payable	¥817M	¥335M	¥587M	¥287M
Non-Current Liabilities	¥31.0B	¥32.7B	¥29.5B	¥27.9B
Total LT Borrowings	¥11.0B	¥12.5B	¥12.5B	¥12.1B
Pension Obligations	¥2.8B	¥2.7B	¥2.6B	¥2.4B
Deferred Tax Liab.	¥4.4B	¥3.5B	¥1.9B	¥2.3B
Total Equity	¥33.7B	¥29.8B	¥24.5B	¥23.1B
Capital Stock	¥1.2B	¥1.2B	¥1.2B	¥1.2B
Capital Surplus	¥1.3B	¥1.3B	¥1.3B	¥1.3B
Retained Earnings	¥18.9B	¥17.0B	¥15.5B	¥13.7B
Treasury Stock	¥-235M	¥-45M	¥-0M	¥-15M
AOCI	¥8.8B	¥7.0B	¥3.5B	¥4.0B
Equity (owners)	¥21.1B	¥19.5B	¥18.0B	¥16.2B
Minority Interests	¥3.7B	¥3.4B	¥3.1B	¥2.9B

Total Interest-Bearing Debt ⓘ	¥15.0B	¥17.7B	¥18.6B	¥20.4B
Net Cash ⓘ	¥-1.2B	¥-5.0B	¥-6.5B	¥-9.4B
NCAV ⓘ	¥-23.1B	¥-25.7B	¥-24.8B	¥-26.1B
NCAV/Share	¥-1,855	¥-2,031	¥-1,945	¥-2,057
BV/Share	¥1,696	¥1,536	¥1,413	¥1,278

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥6.8B	¥4.3B	¥4.9B	¥4.9B
Interest Paid	¥-298M	¥-272M	¥-250M	¥-292M
Interest Received	¥534M	¥395M	¥358M	¥306M
D&A	¥3.5B	¥3.1B	¥3.0B	¥3.3B
Goodwill Amort.	¥16M	¥16M	¥16M	¥23M
Investing CF	¥-1.6B	¥-3.3B	¥-3.6B	¥-1.6B
CapEx	¥1.5B	¥3.9B	¥4.1B	¥1.8B
Purchase Investments	¥-89M	¥-23M	¥-18M	¥-17M
Proceeds from Invest.	¥9M	¥1M	¥103M	—
Financing CF	¥-4.1B	¥-136M	¥-321M	¥-1.8B
Dividends Paid	¥-152M	¥-153M	¥-76M	¥-76M
Share Buybacks	¥-210M	¥-68M	¥0M	¥-0M
LT Debt Repaid	¥-2.8B	¥-2.7B	¥-3.1B	¥-3.3B
Free Cash Flow	¥5.4B	¥462M	¥836M	¥3.1B
Net Change in Cash	¥1.2B	¥880M	¥956M	¥1.5B

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	7.1%	7.0%	8.8%	0.5%
ROA	2.5%	2.3%	2.6%	0.1%
EPS	¥159.83	¥131.88	¥144.33	¥7.17
DPS	¥25.00	¥12.00	¥12.00	¥6.00
BPS	¥2,405.12	¥2,086.32	¥1,685.50	¥1,589.97
FCF/Share	¥429	¥36	¥66	¥247
NCAV/Share	¥-1,855	¥-2,031	¥-1,945	¥-2,057
Payout Ratio	15.6%	9.1%	8.3%	83.7%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 10

Date	Activist	Stake	Event	Flag	Demands
2026-04-06	Mitsui Sumitomo Insurance Co.,Ltd.	3.03% -2.17%	change	Passive	—
2026-04-03	Tokio Marine & Nichido Fire Insurance Co., Ltd.	1.72%	change	Passive	—
2026-03-31	MITSUWA UNYU KABUSIKI KAISHA	5.11%	initial_5pct	Passive	—
2026-03-31	MITSUWA UNYU KABUSIKI KAISHA	5.11%	correction	Passive	—
2026-03-31	Kuribayashi & CO.,LTD	6.2%	correction	Passive	—
2026-03-30	Kuribayashi & CO.,LTD	6.2%	initial_5pct	Passive	—
2026-03-06	Mizuho Bank, Ltd.	6.77%	initial_5pct	Passive	—
2026-03-05	Mitsui Sumitomo Insurance Co.,Ltd.	5.2%	change	Passive	—
2024-06-07	Kuribayashi Hiroyoshi	10.6%	change	Passive	—
2024-06-07	Kuribayashi Hiroyoshi	6.31% -4.29%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-12 14:00	Div Increase	¥741M ¥60.0/sh +140%	Kurashiki Kaun Co., Ltd. announced a dividend increase for FY2025 (ended March 31, 2026), raising the per-share dividend…
Summary Kurashiki Kaun Co., Ltd. announced a dividend increase for FY2025 (ended March 31, 2026), raising the per-share dividend from the previously forecasted 25 yen to 60 yen (including a 30 yen special dividend). This represents a 140% increase year-over-year from the prior period's 25 yen dividend. Total dividend payout is approximately 741 million yen, with an effective date of June 29, 2026. Deadline: 2026-06-29 YoY: +140% Source (JP) 配当につきましては令和8年３月期の業績を踏まえ、従来予想の１株当たり25円に5円増配し、特別配当30円を加え、１株当たり60円とさせていただきたい剰余金の配当(増配)に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	栗林株式会社	1,150	9.22%
2	Mitsui Sumitomo Insurance Company, Limited 三井住友海上火災保険株式会社	1,063	8.52%
3	Oji Holdings Corporation 王子ホールディングス株式会社	829	6.65%
4	日本製紙株式会社	829	6.65%
5	The Japan Steel Works, Ltd. 株式会社日本製鋼所	819	6.57%
6	栗林總子	803	6.44%
7	栗林英雄	585	4.69%
8	Sumitomo Mitsui Trust Bank 三井住友信託銀行株式会社	562	4.51%
9	Tokio Marine & Nichido Fire Insurance Co., Ltd. 東京海上日動火災保険株式会社	552	4.43%
10	Mizuho Bank 株式会社みずほ銀行	443	3.56%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

4.5%

+0.1% 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

56.7%

-0.4% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
栗林		9.03%	9.07%	9.22% +0.15%
Mitsui Sumitomo Insurance Company, Limited 三井住友海上火災保険		8.34%	8.39%	8.52% +0.13%
Oji Holdings Corporation 王子ホールディングス		6.51%	6.54%	6.65% +0.11%
日本製紙		6.51%	6.54%	6.65% +0.11%
The Japan Steel Works, Ltd. 式会社日本製鋼所		6.43%	6.47%	6.57% +0.10%
栗林總子 NEW ENTRY	—	—	—	6.44% NEW
栗林英雄		5.38%	4.62%	4.69% +0.07%
Sumitomo Mitsui Trust Bank 三井住友信託銀行		4.41%	4.43%	4.51% +0.08%
Tokio Marine & Nichido Fire Insurance Co., Ltd. 東京海上日動火災保険		5.20%	5.22%	4.43% -0.79%
Mizuho Bank みずほ銀行		3.49%	3.50%	3.56% +0.06%
栗林定友 last seen 2024	Exited Top 10	6.76%	6.80%	—
Concentration (HHI) ⓘ		411	407	405

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

Portfolio Book Value ¥15,616M +88% since 2023

Holdings 28 +3 new 2 exited

Trend 2 unwinding vs 2023

Held Company	FY2025 ¥15,616M total		FY2023 ¥8,318M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
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㈱	4,397	+200.0% ↑ 1,363,500	1,866	454,500	M
Sompo Holdings, Inc. ＳＯＭＰＯホールディングス㈱	3,248	+200.0% ↑ 718,500	1,258	239,500	M
Oji Holdings Corporation 王子ホールディングス㈱	2,308	3,680,000	1,928	3,680,000	M
The Japan Steel Works, Ltd. ㈱日本製鋼所	2,222	424,400	1,052	424,400	M
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	617	152,200	286	152,200	M
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ㈱	484	NEW New 130,000	—		M
TOYOTA MOTOR CORPORATION トヨタ自動車㈱	392	150,000	282	150,000
ZERO CO.,LTD. ㈱ゼロ	364	127,659	164	127,659	M
Tokio Marine Holdings, Inc. 東京海上ホールディングス㈱	361	63,000	160	63,000	M
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	339	+200.0% ↑ 89,400	158	29,800	M
譌･譛ｬ陬ｽ邏呎ｪ蠑丈ｼ夂､ｾ日本製紙㈱	156	155,200	159	155,200	M
Mitsubishi UFJ Financial Group, Inc. ㈱三菱ＵＦＪフィナンシャル・グループ	135	NEW New 67,000	—		M
NAGAWA Co .,Ltd. ㈱ナガワ	133	22,200	152	22,200	M
RINKO CORPORATION ㈱リンコーコーポレーション	86	50,000	78	50,000	M
SHO-BOND Holdings Co., Ltd. ショーボンドホールディングス㈱	74	15,400	84	15,400
ITO EN,LTD. ㈱伊藤園	70	-23.1% ↓ 22,000	108	28,600
Japan Airport Terminal Co.,Ltd. 日本空港ビルデング㈱	62	15,000	99	15,000
NIPPON STEEL CORPORATION 日本製鉄㈱	48	15,000	47	15,000
JFE Holdings,Inc. ＪＦＥホールディングス㈱	46	25,000	42	25,000
Kawasaki Geological Engineering Co., Ltd. 川崎地質㈱	26	9,000	20	9,000	M
Hokuhoku Financial Group, Inc. ㈱ほくほくフィナンシャルグループ	14	5,600	5	5,600
㈱伊藤園（第１種優先株式）	12	NEW New 6,600	—
Toyo Logistics Co.,Ltd. 東陽倉庫㈱	8	-80.0% ↓ 5,600	8	28,000
North Pacific Bank,Ltd. ㈱北洋銀行	5	10,000	3	10,000
Mitsubishi Chemical Gloup Corporation 三菱ケミカルグループ㈱	4	5,600	4	5,600
Mitsui O.S.K. Lines, Ltd. ㈱商船三井	2	300	1	300
NYK Line Co. 日本郵船㈱	2	300	1	300
Sanoyas Holdings Corporation サノヤスホールディングス㈱	0	1,000	0	1,000	M
三井住友トラスト・ホールディングス㈱	—	−100% Exit —	295	65,000	M
㈱三菱ＵＦＪフィナンシャルグループ	—	−100% Exit —	57	67,000	M
Portfolio total	15,616		8,318

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