shoei corporation

株式会社ショーエイコーポレーション

Chemicals

Shoei Corporation engages in the sales promotion support and product sales businesses in Japan. The company plans, proposes, procures, and provides products to shops, drug stores, and retail stores. It also rents distribution warehouses. The company was incorporated in 1968 and is based in Osaka, Japan.

← Companies

Price

¥691

Market Cap

¥5.3B

Ent. Value

¥8.0B

Net Debt

−¥2.6B

Shares Out.

7.7M

P / E

11.4×

EV / EBIT

10.7×

P / Book

1.25×

P / NCAV

11.22×

Div. Yield

2.89%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥19.0B	¥19.4B	¥20.7B	¥19.3B
Cost of Sales	¥14.9B	¥15.4B	¥17.1B	¥15.4B
Gross Profit	¥4.2B	¥4.1B	¥3.7B	¥3.9B
SG&A	¥3.4B	¥3.3B	¥3.5B	¥3.7B
Operating Income	¥748M	¥777M	¥154M	¥176M
Non-Operating Income	¥44M	¥722M	¥93M	¥122M
Dividend Income	¥10M	¥9M	¥27M	¥9M
Interest Income	¥1M	¥2M	¥0M	¥0M
Non-Operating Expenses	¥44M	¥55M	¥580M	¥114M
Interest Expense	¥34M	¥26M	¥34M	¥25M
Ordinary Income	¥748M	¥1.4B	¥-332M	¥184M
Pre-tax Income	¥745M	¥1.4B	¥-2.0B	¥169M
Income Taxes	¥277M	¥378M	¥-363M	¥104M
Current Tax	¥242M	¥305M	¥93M	¥139M
Deferred Tax	¥36M	¥73M	¥-457M	¥-36M
Net Income (owners)	¥467M	¥1.0B	¥-1.6B	¥89M
Minority Interest	—	—	—	¥-24M
Comprehensive Income	¥630M	¥1.2B	¥-1.6B	¥29M
EBITDA	¥935M	¥1.0B	¥534M	¥537M
Goodwill Amort. (J-GAAP)	—	—	¥59M	¥30M
EPS	¥60.48	¥130.59	¥-209.30	¥11.56
Shares Outstanding	7.7M	7.7M	7.7M	7.7M
Shares Issued (total)	7.8M	7.8M	7.8M	7.8M
Treasury Shares	0.1M	0.1M	0.1M	0.1M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥10.4B	¥9.6B	¥11.0B	¥12.8B
Current Assets	¥6.6B	¥6.7B	¥7.6B	¥7.6B
Cash & Deposits	¥1.1B	¥855M	¥1.3B	¥879M
Trade Receivables	¥2.3B	¥2.4B	¥2.6B	¥2.5B
Non-Current Assets	¥3.8B	¥2.9B	¥3.4B	¥5.2B
PP&E	¥2.8B	¥1.9B	¥2.4B	¥2.4B
Goodwill	—	—	—	¥561M
Intangible Assets	¥49M	¥24M	¥211M	¥2.0B
Investment Securities	¥582M	¥532M	¥436M	¥415M
Deferred Tax Assets	¥6M	¥7M	¥12M	¥6M
Total Liabilities	¥6.2B	¥5.8B	¥8.2B	¥8.3B
Current Liabilities	¥4.5B	¥4.9B	¥6.7B	¥7.0B
Accounts Payable	¥1.1B	¥1.1B	¥1.3B	¥1.4B
ST Debt	¥2.6B	¥2.8B	¥4.8B	¥4.9B
Taxes Payable	¥121M	¥321M	¥45M	¥44M
Non-Current Liabilities	¥1.7B	¥943M	¥1.5B	¥1.3B
Total LT Borrowings	¥1.1B	¥370M	¥467M	¥355M
Pension Obligations	¥61M	¥68M	¥66M	¥75M
Deferred Tax Liab.	¥204M	¥160M	¥63M	¥511M
Total Equity	¥4.3B	¥3.8B	¥2.8B	¥4.5B
Capital Stock	¥716M	¥716M	¥716M	¥716M
Capital Surplus	¥808M	¥808M	¥808M	¥808M
Retained Earnings	¥2.2B	¥1.9B	¥1.1B	¥2.8B
Treasury Stock	¥-57M	¥-57M	¥-57M	¥-57M
AOCI	¥572M	¥409M	¥267M	¥215M
Equity (owners)	¥3.7B	¥3.4B	¥2.5B	¥4.3B

Total Interest-Bearing Debt ⓘ	¥3.8B	¥3.2B	¥5.3B	¥5.3B
Net Cash ⓘ	¥-2.6B	¥-2.3B	¥-4.0B	¥-4.4B
NCAV ⓘ	¥476M	¥916M	¥-595M	¥-709M
NCAV/Share	¥62	¥119	¥-77	¥-92
BV/Share	¥480	¥439	¥328	¥558

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥927M	¥1.4B	¥716M	¥341M
Interest Paid	¥-34M	¥-26M	¥-34M	¥-26M
Interest Received	¥11M	¥11M	¥28M	¥9M
D&A	¥188M	¥244M	¥321M	¥331M
Goodwill Amort.	—	—	¥59M	¥30M
Investing CF	¥-988M	¥508M	¥-116M	¥-1.8B
CapEx	¥942M	¥212M	¥122M	¥153M
Purchase Investments	¥-14M	¥-14M	¥-13M	¥-14M
Proceeds from Invest.	—	—	¥7M	¥6M
Financing CF	¥276M	¥-2.4B	¥-217M	¥1.4B
Dividends Paid	¥-154M	¥-154M	¥-155M	¥-155M
LT Debt Repaid	¥-198M	¥-159M	¥-174M	¥-618M
Free Cash Flow	¥-15M	¥1.2B	¥594M	¥188M
Net Change in Cash	¥256M	¥-412M	¥388M	¥-65M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	11.6%	30.6%	-44.1%	1.9%
ROA	4.7%	9.8%	-13.6%	0.7%
EPS	¥60.48	¥130.59	¥-209.30	¥11.56
DPS	¥20.00	¥20.00	¥20.00	¥20.00
BPS	¥553.47	¥491.94	¥362.94	¥585.55
FCF/Share	¥-2	¥157	¥77	¥24
NCAV/Share	¥62	¥119	¥-77	¥-92
Payout Ratio	33.1%	15.3%	—	173.0%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 7

Date	Activist	Stake	Event	Flag	Demands
2025-04-16	EIJI SHIBAHARA	24.31%	correction	Passive	—
2025-04-03	EIJI SHIBAHARA	24.31% -0.48%	change	Passive	—
2024-01-10	EIJI SHIBAHARA	24.79% -1.03%	change	Passive	—
2023-12-06	EIJI SHIBAHARA	25.82%	correction	Passive	—
2023-11-01	EIJI SHIBAHARA	25.82% -1.03%	change	Passive	—
2023-10-18	EIJI SHIBAHARA	26.85% +0.01%	correction	Passive	—
2023-08-25	EIJI SHIBAHARA	26.84%	change	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-05-22 16:00	Div Increase	¥270M ¥35.0/sh +75%	Shoei Corporation announced a dividend increase for FY2026 ending March 31, 2026, with per-share dividend set at ¥35.00 …
Summary Shoei Corporation announced a dividend increase for FY2026 ending March 31, 2026, with per-share dividend set at ¥35.00 (up 75% from ¥20.00 in prior year), totaling ¥270 million. The dividend will be paid on June 26, 2026, to shareholders as of March 31, 2026, subject to approval at the June 25, 2026 shareholder meeting. The company targets a 30% consolidated dividend payout ratio while maintaining necessary capital investments. Deadline: 2026-06-26 YoY: +75% Source (JP) 1株当たり配当金 35円00銭...配当金の総額 270百万円...前期実績（2025年３月期）20円00銭...154百万円剰余金の配当に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	芝原英司	1,756	22.73%
2	ショーエイ従業員持株会	285	3.69%
3	吉岡裕之	158	2.04%
4	剣持整	107	1.38%
5	有村芳文	78	1.01%
6	キョウエイ株式会社	77	0.99%
7	山下重子	61	0.78%
8	藤原秀仁	52	0.67%
9	日本紙通商株式会社	50	0.64%
10	オザックス株式会社	50	0.64%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

0.0%

-3.9% 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

34.6%

-0.1% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
芝原英司		27.28%	24.69%	22.73% -1.96%
ショーエイ従業員持株会		4.04%	3.82%	3.69% -0.13%
吉岡裕之		1.35%	1.35%	2.04% +0.69%
剣持整		1.38%	1.38%	1.38%
村芳文		1.01%	1.01%	1.01%
キョウエイ		1.29%	0.99%	0.99%
山下重子		0.78%	0.78%	0.78%
藤原秀仁		—	0.67%	0.67%
日本紙通商 NEW ENTRY	—	—	—	0.64% NEW
オザックス NEW ENTRY	—	—	—	0.64% NEW
日本マスタートラスト信託銀行 last seen 2024	Exited Top 10	3.39%	3.12%	—
日本カストディ銀行 last seen 2024	Exited Top 10	—	0.79%	—
稲畑産業 last seen 2023	Exited Top 10	1.61%	—	—
福本武司 last seen 2023	Exited Top 10	1.30%	—	—
Concentration (HHI) ⓘ		783	641	540

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

Portfolio Book Value ¥565M +36% since 2023

Holdings 5

Trend 2 building vs 2023

Held Company	FY2025 ¥565M total		FY2023 ¥416M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
CANDOCO.,LTD. ㈱キャンドゥ	311	+10.8% ↑ 90,657	200	81,817
Seria Co., Ltd. ㈱セリア	150	60,000	157	60,000
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	72	17,874	34	17,874
THE PACK CORPORATION ザ・パック㈱	31	+8.5% ↑ 9,085	25	8,372
Scroll Corporation ㈱スクロール	—		—
Portfolio total	565		416

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