9173

Tokai Kisen Co., Ltd.

東海汽船株式会社

Marine Transportation

Price

¥2,990

Market Cap

¥6.6B

Ent. Value

¥12.9B

Net Debt

−¥6.4B

Shares Out.

2.2M

P / E

17.8×

EV / EBIT

24.7×

P / Book

1.24×

P / NCAV

N/M

Div. Yield

0.33%

Financials

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥14.3B	¥14.6B	¥13.2B	¥13.9B	¥10.8B
Cost of Sales	¥12.3B	¥12.6B	¥12.4B	¥12.0B	¥9.4B
Gross Profit	¥2.0B	¥2.0B	¥753M	¥1.9B	¥1.4B
SG&A	¥1.5B	¥1.4B	¥1.4B	¥1.5B	¥1.2B
Operating Income	¥524M	¥582M	¥-630M	¥452M	¥198M
Non-Operating Income	¥68M	¥120M	¥180M	¥80M	¥247M
Dividend Income	¥21M	¥9M	¥9M	¥5M	¥7M
Interest Income	¥2M	¥0M	¥0M	¥0M	¥0M
Non-Operating Expenses	¥146M	¥149M	¥130M	¥233M	¥209M
Interest Expense	¥138M	¥131M	¥121M	¥129M	¥126M
Ordinary Income	¥445M	¥553M	¥-580M	¥299M	¥235M
Pre-tax Income	¥601M	¥554M	¥-614M	¥292M	¥240M
Income Taxes	¥172M	¥150M	¥-59M	¥55M	¥199M
Current Tax	¥64M	¥169M	¥64M	¥95M	¥72M
Deferred Tax	¥108M	¥-19M	¥-123M	¥-40M	¥127M
Net Income (owners)	¥368M	¥294M	¥-581M	¥181M	¥-78M
Minority Interest	¥61M	¥111M	¥26M	¥57M	¥119M
Comprehensive Income	¥588M	¥489M	¥-462M	¥222M	¥62M
EBITDA	¥1.7B	¥1.9B	¥696M	¥1.8B	¥1.4B
EPS	¥167.70	¥133.80	¥-264.56	¥82.36	¥-35.66
Shares Outstanding	2.2M	2.2M	2.2M	2.2M	2.2M
Shares Issued (total)	2.2M	2.2M	2.2M	2.2M	2.2M
Treasury Shares	0.0M	0.0M	0.0M	0.0M	0.0M

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥20.7B	¥22.5B	¥22.5B	¥23.7B	¥23.9B
Current Assets	¥7.0B	¥7.8B	¥7.1B	¥7.6B	¥6.7B
Cash & Deposits	¥3.9B	¥5.1B	¥4.4B	¥4.9B	¥3.9B
Non-Current Assets	¥13.8B	¥14.7B	¥15.4B	¥16.1B	¥17.1B
PP&E	¥12.3B	¥13.2B	¥14.0B	¥15.0B	¥16.0B
Intangible Assets	¥88M	¥77M	¥72M	¥81M	¥123M
Investment Securities	¥771M	¥547M	¥431M	¥308M	¥331M
Deferred Tax Assets	¥508M	¥681M	¥694M	¥605M	¥557M
Total Liabilities	¥13.8B	¥16.1B	¥16.6B	¥17.4B	¥17.7B
Current Liabilities	¥5.1B	¥6.1B	¥5.5B	¥5.4B	¥4.4B
ST Debt	¥3.5B	¥4.0B	¥3.8B	¥3.5B	¥2.7B
Taxes Payable	¥27M	¥182M	¥11M	¥91M	¥61M
Non-Current Liabilities	¥8.7B	¥10.0B	¥11.1B	¥12.0B	¥13.4B
Total LT Borrowings	¥6.7B	¥7.8B	¥9.0B	¥10.0B	¥11.5B
Pension Obligations	¥1.6B	¥1.6B	¥1.6B	¥1.5B	¥1.5B
Total Equity	¥6.9B	¥6.4B	¥5.9B	¥6.3B	¥6.1B
Capital Stock	¥1.1B	¥1.1B	¥1.1B	¥1.1B	¥1.1B
Capital Surplus	¥698M	¥698M	¥694M	¥694M	¥694M
Retained Earnings	¥3.1B	¥2.7B	¥2.5B	¥3.0B	¥2.9B
Treasury Stock	¥-11M	¥-11M	¥-10M	¥-10M	¥-10M
AOCI	¥397M	¥238M	¥155M	¥62M	¥78M
Equity (owners)	¥4.9B	¥4.5B	¥4.2B	¥4.8B	¥4.6B
Minority Interests	¥1.6B	¥1.6B	¥1.5B	¥1.5B	¥1.4B

Total Interest-Bearing Debt ⓘ	¥10.3B	¥11.9B	¥12.8B	¥13.6B	¥14.2B
Net Cash ⓘ	¥-6.4B	¥-6.8B	¥-8.5B	¥-8.7B	¥-10.4B
NCAV ⓘ	¥-6.9B	¥-8.3B	¥-9.5B	¥-9.8B	¥-11.0B
NCAV/Share	¥-3,125	¥-3,793	¥-4,329	¥-4,468	¥-5,022
BV/Share	¥2,223	¥2,066	¥1,930	¥2,195	¥2,113

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥686M	¥2.2B	¥388M	¥2.1B	¥1.5B
Taxes Paid	¥-243M	¥-0M	—	—	—
Interest Paid	¥-139M	¥-132M	¥-121M	¥-130M	¥-121M
Interest Received	¥24M	¥9M	¥9M	¥5M	¥7M
D&A	¥1.2B	¥1.3B	¥1.3B	¥1.3B	¥1.2B
Investing CF	¥-250M	¥-556M	¥-148M	¥-456M	¥1.5B
CapEx	¥307M	¥771M	¥370M	¥479M	¥470M
Proceeds from Invest.	—	—	¥3M	—	¥0M
Financing CF	¥-1.7B	¥-926M	¥-744M	¥-693M	¥-1.3B
Dividends Paid	¥-21M	¥-0M	¥-0M	¥-0M	¥-0M
Share Buybacks	¥-0M	¥-0M	—	¥-0M	¥-0M
LT Debt Repaid	¥-1.7B	¥-1.2B	¥-1.3B	¥-1.1B	¥-571M
Free Cash Flow	¥378M	¥1.5B	¥19M	¥1.7B	¥1.0B
Net Change in Cash	¥-1.2B	¥749M	¥-504M	¥986M	¥1.8B

Metric	FY 2025 EDINET ↗	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	7.3%	6.4%	-9.5%	3.8%	-1.3%
ROA	1.7%	1.3%	-2.5%	0.8%	-0.3%
EPS	¥167.70	¥133.80	¥-264.56	¥82.36	¥-35.66
DPS	¥10.00	¥10.00	—	—	—
BPS	¥2,404.18	¥2,174.32	¥2,000.50	¥2,222.92	¥2,149.07
FCF/Share	¥172	¥665	¥8	¥755	¥476
NCAV/Share	¥-3,125	¥-3,793	¥-4,329	¥-4,468	¥-5,022
Payout Ratio	6.0%	7.5%	—	—	—

No filings or capital allocation signals recorded for this company.

#	Shareholder	Shares (thou.)	% of Total
1	FUJITA KANKO INC. 藤田観光株式会社	396	18.04%
2	DOWA HOLDINGS CO.,LTD. ＤＯＷＡホールディングス株式会社	150	6.83%
3	Tokyo Kisen Co.,Ltd. 東京汽船株式会社	75	3.45%
4	Mizuho Bank 株式会社みずほ銀行	52	2.39%
5	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行（三井住友信託銀行再信託分・京浜急行電鉄株式会社退職給付信託口）	51	2.32%
6	Employee Stock Ownership Plan 東海汽船従業員持株会	43	1.96%
7	株式会社恵興	36	1.64%
8	Mizuho Trust & Banking みずほ信託銀行株式会社	35	1.59%
9	Naikai Zosen Corporation 内海造船株式会社	33	1.50%
10	ISB CORPORATION 株式会社アイ・エス・ビー	30	1.36%

as of 2025-12-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

3.9%

+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

37.2%

-0.8% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
FUJITA KANKO INC. 藤田観光		18.04%	18.04%	18.04%
DOWA HOLDINGS CO.,LTD. ＤＯＷＡホールディングス		6.83%	6.83%	6.83%
Tokyo Kisen Co.,Ltd. 東京汽船		3.45%	3.45%	3.45%
Mizuho Bank みずほ銀行		2.39%	2.39%	2.39%
日本カストディ銀行		2.32%	2.32%	2.32%
Employee Stock Ownership Plan 東海汽船従業員持株会		1.88%	2.08%	1.96% -0.12%
式会社恵興 NEW ENTRY		1.04%	—	1.64% NEW
Mizuho Trust & Banking みずほ信託銀行		1.59%	1.59%	1.59%
Naikai Zosen Corporation 内海造船		1.50%	1.50%	1.50%
ISB CORPORATION 式会社アイ・エス・ビー		—	1.36%	1.36%
ENEOS Holdings,Inc. ＥＮＥＯＳホールディングス last seen 2024	Exited Top 10	2.27%	2.27%	—
Concentration (HHI) ⓘ		410	411	408

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

Portfolio Book Value ¥644M +84% since 2023

Holdings 3

Trend 1 building vs 2023

Held Company	FY2025 ¥644M total		FY2023 ¥350M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Tokyo Kisen Co.,Ltd. 東京汽船㈱	334	326,000	195	326,000	M
FUJITA KANKO INC. 藤田観光㈱	300	+400.0% ↑ 113,645	134	22,729	M
FUJI KYUKO CO., LTD. 富士急行㈱	10	5,000	21	5,000	M
Portfolio total	644		350

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