9514
EF-ON INC.
株式会社エフオン
Electric Power & Gas
EF-ON Inc. operates as an energy service company in Japan. The company operates through Energy Conservation Support Service Business and Green Energy Business segments. The company is also involved in the electricity retail and forestry business. It offers, products such as boiler and hot water supply equipment, compressors, refrigerators, air conditioning equipment, lighting equipment, and other equipment. The company maintains and operates forest, as well as generates electricity from unused wood and construction waste, and supplies. It was formerly known as The First Energy Service Company Limited and changed its name to EF-ON Inc. in October 2016. The company was incorporated in 1997 and is headquartered in Tokyo, Japan.
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⚠ TSE Capital Mandate
P / Book
0.39×
Overview
Filings & Signals
Ownership
Financials
▾ Collapse Charts
Income Statement
Balance Sheet
Cash Flow
Ratios & Per Share
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Net Sales
¥17.6B
¥17.5B
¥16.9B
¥13.3B
¥13.1B
Cost of Sales
¥15.4B
¥16.0B
¥14.7B
¥10.9B
¥9.8B
Gross Profit
¥2.2B
¥1.5B
¥2.3B
¥2.3B
¥3.4B
SG&A
¥902M
¥880M
¥893M
¥1.0B
¥802M
Operating Income
¥1.3B
¥600M
¥1.4B
¥1.3B
¥2.6B
Non-Operating Income
¥179M
¥98M
¥247M
¥63M
¥25M
Interest Income
¥37M
¥19M
¥18M
¥0M
¥0M
Non-Operating Expenses
¥396M
¥352M
¥357M
¥188M
¥212M
Interest Expense
¥299M
¥278M
¥283M
¥168M
¥150M
Ordinary Income
¥1.1B
¥346M
¥1.3B
¥1.2B
¥2.4B
Pre-tax Income
¥1.1B
¥346M
¥1.3B
¥1.3B
¥2.4B
Income Taxes
¥396M
¥65M
¥462M
¥443M
¥733M
Current Tax
¥237M
¥25M
¥418M
¥334M
¥527M
Deferred Tax
¥159M
¥120M
¥43M
¥109M
¥205M
Net Income (owners)
¥706M
¥281M
¥824M
¥893M
¥1.7B
Comprehensive Income
¥706M
¥281M
¥824M
¥893M
¥1.7B
EBITDA
¥3.6B
¥2.9B
¥3.6B
¥3.0B
¥4.2B
EPS
¥33.26
¥13.14
¥38.36
¥41.46
¥77.35
Shares Outstanding
21.2M
21.4M
21.5M
21.5M
21.6M
Shares Issued (total)
21.6M
21.6M
21.6M
21.6M
21.6M
Treasury Shares
0.5M
0.3M
0.1M
0.1M
—
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Total Assets
¥44.6B
¥45.3B
¥45.7B
¥47.2B
¥45.6B
Current Assets
¥9.6B
¥8.7B
¥7.6B
¥8.0B
¥8.1B
Cash & Deposits
¥5.8B
¥5.6B
¥4.4B
¥4.5B
¥5.3B
Trade Receivables
¥2.1B
¥1.8B
¥1.7B
¥1.3B
—
Non-Current Assets
¥35.0B
¥36.5B
¥38.1B
¥39.2B
¥37.5B
PP&E
¥34.0B
¥35.5B
¥36.9B
¥38.6B
¥37.0B
Intangible Assets
¥759M
¥821M
¥911M
¥317M
¥338M
Deferred Tax Assets
¥55M
¥66M
¥91M
¥69M
¥88M
Total Liabilities
¥25.9B
¥27.0B
¥27.5B
¥29.7B
¥28.7B
Current Liabilities
¥5.3B
¥4.8B
¥5.0B
¥5.4B
¥5.3B
Accounts Payable
—
¥1.4B
¥1.3B
¥1.5B
¥1.0B
ST Debt
¥2.1B
¥2.1B
¥2.2B
¥2.3B
¥2.1B
Taxes Payable
¥318M
¥113M
¥358M
¥109M
¥308M
Non-Current Liabilities
¥20.6B
¥22.2B
¥22.5B
¥24.3B
¥23.3B
Total LT Borrowings
¥19.9B
¥21.8B
¥22.2B
¥24.1B
¥23.2B
Deferred Tax Liab.
¥507M
¥358M
¥263M
¥197M
¥107M
Total Equity
¥18.7B
¥18.2B
¥18.2B
¥17.5B
¥16.9B
Capital Stock
¥2.3B
¥2.3B
¥2.3B
¥2.3B
¥2.3B
Capital Surplus
¥1.3B
¥1.3B
¥1.3B
¥1.3B
¥1.3B
Retained Earnings
¥15.4B
¥14.8B
¥14.7B
¥14.1B
¥13.3B
Treasury Stock
¥-251M
¥-168M
¥-104M
¥-104M
—
Equity (owners)
¥18.7B
¥18.2B
¥18.2B
¥17.5B
¥16.9B
Total Interest-Bearing Debt ⓘ
¥22.0B
¥23.9B
¥24.4B
¥26.4B
¥25.3B
Net Cash ⓘ
¥-16.3B
¥-18.3B
¥-20.0B
¥-21.9B
¥-20.1B
NCAV ⓘ
¥-16.3B
¥-18.3B
¥-19.9B
¥-21.7B
¥-20.6B
NCAV/Share
¥-769
¥-856
¥-928
¥-1,009
¥-952
BV/Share
¥883
¥854
¥847
¥816
¥782
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
Operating CF
¥3.0B
¥2.6B
¥3.7B
¥2.8B
¥4.1B
Interest Paid
¥-300M
¥-277M
¥-282M
¥-166M
¥-150M
Interest Received
¥37M
¥19M
¥18M
¥0M
¥0M
D&A
¥2.3B
¥2.3B
¥2.2B
¥1.7B
¥1.6B
Investing CF
¥-682M
¥-630M
¥-1.5B
¥-4.2B
¥-6.1B
CapEx
¥690M
¥647M
¥1.5B
¥4.1B
¥6.1B
Financing CF
¥-2.1B
¥-745M
¥-2.3B
¥708M
¥3.0B
Dividends Paid
¥-173M
¥-173M
¥-173M
¥-172M
¥-172M
Share Buybacks
¥-82M
¥-68M
¥0M
¥-105M
—
LT Debt Repaid
¥-2.1B
¥-2.3B
¥-2.4B
¥-2.2B
¥-1.6B
Free Cash Flow
¥2.3B
¥1.9B
¥2.1B
¥-1.4B
¥-2.1B
Net Change in Cash
¥192M
¥1.2B
¥-161M
¥-761M
¥999M
Metric
FY 2025
EDINET ↗
FY 2024
EDINET ↗
FY 2023
EDINET ↗
FY 2022
EDINET ↗
FY 2021
EDINET ↗
ROE
3.8%
1.5%
4.6%
5.2%
10.4%
ROA
1.6%
0.6%
1.8%
1.9%
3.7%
EPS
¥33.26
¥13.14
¥38.36
¥41.46
¥77.35
DPS
¥8.00
¥8.00
¥8.00
¥8.00
¥8.00
BPS
¥883.19
¥853.77
¥846.57
¥816.26
¥782.22
FCF/Share
¥108
¥90
¥100
¥-63
¥-95
NCAV/Share
¥-769
¥-856
¥-928
¥-1,009
¥-952
Payout Ratio
24.1%
60.9%
20.9%
19.3%
10.3%
Event Timeline
S Shareholder
A Capital Signal
▾ Hide Chart
Large Shareholder Reports 4
Date Activist Stake Event Flag Demands Source
2026-03-24
Hikari Tsushin K.K.
10.71%
change
Passive
—
2025-09-29
Hikari Tsushin K.K.
10.71%
change
Passive
—
2025-06-17
SPARX Asset Management Co., Ltd.
4.09%
change
Passive
—
2025-03-17
Hikari Tsushin K.K.
10.71%
change
Passive
—
Top 10 Shareholders
Ownership DNA
#
Shareholder
Shares (thou.)
% of Total
1
日本テクノ株式会社
7,049,280
32.58%
2
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)
1,885,700
8.72%
3
株式会社UH5
1,601,700
7.40%
4
Custody Bank of Japan, Ltd. (Trust Account)
株式会社日本カストディ銀行(信託口)
976,200
4.51%
5
光通信株式会社
452,300
2.09%
6
CACEIS BANK, LUXEMBOURG BRANCH / UCITS - FULL TAX (常任代理人 シティバンク、エヌ・エイ東京支店)
282,600
1.31%
7
株式会社UH Partners 2
264,200
1.22%
8
BNYM AS AGT/CLTS 10 PERCENT (常任代理人 株式会社三菱UFJ銀行)
244,900
1.13%
9
安部 貢
142,600
0.66%
10
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)
138,560
0.64%
Domestic Nominees
13.2%
-0.4% 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
47.0%
-0.0% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2023
2024
2025
日本テクノ
32.58%
32.58%
32.58%
日本マスタートラスト信託銀行
9.06%
10.12%
8.72%
-1.40%
式会社UH5
NEW ENTRY
—
—
—
7.40%
NEW
日本カストディ銀行
2.73%
3.49%
4.51%
+1.02%
光通信
7.46%
7.49%
2.09%
-5.40%
CACEIS BANK, LUXEMBOURG BRANCH / UCITS - FULL TAX
NEW ENTRY
—
—
—
1.31%
NEW
式会社UH Partners 2
—
1.22%
1.22%
BNYM AS AGT/CLTS 10 PERCENT
1.13%
1.13%
1.13%
安部 貢
NEW ENTRY
—
—
—
0.66%
NEW
STATE STREET BANK AND TRUST COMPANY 505001
NEW ENTRY
—
—
—
0.64%
NEW
式会社エスアイエル
last seen 2024
Exited Top 10
2.04%
2.04%
—
RBC ISB LUX NON RES/DOM RATE-UCITS CLIENTS ACCOUNT-MIG
last seen 2024
Exited Top 10
1.35%
1.30%
—
野村信託銀行株式会社(投資口)
last seen 2024
Exited Top 10
—
0.71%
—
阪井 敬朗
last seen 2024
Exited Top 10
—
0.57%
—
JPモルガン証券
last seen 2023
Exited Top 10
1.02%
—
—
式会社UH PARTNERS 2
last seen 2023
Exited Top 10
1.22%
—
—
松井証券
last seen 2023
Exited Top 10
1.50%
—
—
Concentration (HHI)
ⓘ
1219
1242
1222
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved