9934
Inaba Denki Sangyo Co., Ltd.
因幡電機産業株式会社
Wholesale Trade
Inaba Denki Sangyo Co.,Ltd., together with its subsidiaries, sells electrical equipment and materials, industrial automation, and proprietary products in Japan and internationally. It supplies a range of products, including light fitting; air conditioning systems; distribution panels; other electric equipment, such as power sockets and wiring accessories; other electrical materials for buildings comprising houses, office buildings, and public facilities; and environmentally friendly products, which include solar photovoltaic systems and LED light fittings, as well as plans and sells JAPPY brand products. The company also offers sensors; switches; relays; other control units; combinations of LCD devices; connectors; condensers; and other electrical components. In addition, it develops pipe covers, insulated copper tubes, and other products for air conditioners under the INABA DENKO brand; multimedia-compatible wiring systems for newly built digital age residences under the ABANIACT brand; and provides LED status indicating lights, sound alarms, and visual and audible communication network systems and solutions under the PATLITE brand. The company was founded in 1938 and is headquartered in Osaka, Japan.
Price
¥2,780
Market Cap
¥156.0B
Ent. Value
¥94.2B
Net Cash
¥61.8B
Shares Out.
56.1M
P / E
8.3×
EV / EBIT
3.7×
P / Book
0.90×
P / NCAV
1.42×
Div. Yield
5.04%
Financials
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Net Sales | ¥384.0B | ¥345.4B | ¥316.9B | ¥289.1B |
| Cost of Sales | ¥318.9B | ¥288.3B | ¥264.6B | ¥240.9B |
| Gross Profit | ¥65.1B | ¥57.1B | ¥52.3B | ¥48.2B |
| SG&A | ¥39.5B | ¥35.7B | ¥33.7B | ¥31.9B |
| Operating Income | ¥25.6B | ¥21.3B | ¥18.6B | ¥16.3B |
| Non-Operating Income | ¥1.2B | ¥1.4B | ¥1.7B | ¥1.4B |
| Dividend Income | ¥694M | ¥581M | ¥624M | ¥659M |
| Interest Income | ¥161M | ¥72M | ¥46M | ¥45M |
| Non-Operating Expenses | ¥106M | ¥106M | ¥72M | ¥89M |
| Interest Expense | ¥19M | ¥18M | ¥12M | ¥13M |
| Ordinary Income | ¥26.7B | ¥22.6B | ¥20.3B | ¥17.6B |
| Pre-tax Income | ¥26.7B | ¥22.9B | ¥21.1B | ¥17.7B |
| Income Taxes | ¥7.9B | ¥7.3B | ¥5.7B | ¥5.4B |
| Current Tax | ¥8.4B | ¥7.6B | ¥5.5B | ¥6.3B |
| Deferred Tax | ¥-545M | ¥-283M | ¥149M | ¥-853M |
| Net Income (owners) | ¥18.8B | ¥15.6B | ¥15.4B | ¥12.3B |
| Comprehensive Income | ¥18.5B | ¥17.8B | ¥15.8B | ¥11.6B |
| EBITDA | ¥27.3B | ¥23.3B | ¥20.5B | ¥17.9B |
| EPS | ¥333.84 | ¥279.35 | ¥277.50 | ¥220.06 |
| Shares Outstanding | 56.1M | 56.0M | 55.7M | 55.5M |
| Shares Issued (total) | 56.8M | 56.4M | 56.4M | 56.4M |
| Treasury Shares | 0.7M | 0.4M | 0.7M | 0.9M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥279.0B | ¥262.8B | ¥245.6B | ¥235.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥215.7B | ¥205.6B | ¥196.3B | ¥192.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥62.1B | ¥57.5B | ¥57.9B | ¥77.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Receivables | ¥72.5B | ¥66.9B | ¥70.5B | ¥65.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥63.3B | ¥57.2B | ¥49.3B | ¥43.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥21.4B | ¥21.7B | ¥21.6B | ¥21.6B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥2.7B | ¥1.4B | ¥1.4B | ¥1.5B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥20.0B | ¥19.6B | ¥16.9B | ¥17.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥328M | ¥18M | ¥213M | ¥398M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥106.0B | ¥100.6B | ¥94.4B | ¥94.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥100.2B | ¥94.5B | ¥88.8B | ¥88.7B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥232M | ¥413M | ¥382M | ¥343M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | ¥4.9B | ¥5.2B | ¥2.7B | ¥4.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥5.8B | ¥6.1B | ¥5.6B | ¥5.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | ¥45M | ¥51M | ¥51M | ¥54M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥54M | ¥438M | ¥69M | ¥5M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥173.0B | ¥162.2B | ¥151.2B | ¥141.3B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | ¥14.5B | ¥14.0B | ¥14.0B | ¥14.0B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥14.7B | ¥14.2B | ¥14.2B | ¥14.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥138.2B | ¥126.8B | ¥118.5B | ¥109.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-2.8B | ¥-1.4B | ¥-2.0B | ¥-2.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥7.7B | ¥8.0B | ¥5.8B | ¥5.4B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥164.7B | ¥153.5B | ¥144.7B | ¥135.1B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥232M | ¥413M | ¥382M | ¥343M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥61.8B | ¥57.1B | ¥57.5B | ¥77.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥109.8B | ¥105.0B | ¥101.9B | ¥98.2B | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥1,956 | ¥1,875 | ¥1,830 | ¥1,770 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥2,935 | ¥2,742 | ¥2,599 | ¥2,434 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| Operating CF | ¥23.3B | ¥15.1B | ¥2.7B | ¥11.0B |
| Interest Paid | ¥-18M | ¥-19M | ¥-12M | ¥-21M |
| Interest Received | ¥848M | ¥652M | ¥665M | ¥712M |
| D&A | ¥1.7B | ¥2.0B | ¥1.8B | ¥1.6B |
| Investing CF | ¥-10.5B | ¥-577M | ¥-15.5B | ¥-5.3B |
| CapEx | ¥1.1B | ¥1.4B | ¥1.4B | ¥989M |
| Purchase Investments | ¥-1.4B | ¥-33M | ¥-9M | ¥-512M |
| Proceeds from Invest. | ¥318M | ¥426M | ¥1.4B | ¥55M |
| Financing CF | ¥-8.4B | ¥-7.0B | ¥-6.0B | ¥-6.3B |
| Dividends Paid | ¥-7.3B | ¥-7.3B | ¥-6.1B | ¥-5.6B |
| Share Buybacks | ¥-2.7B | ¥-1.6B | ¥-1.5B | ¥-1.8B |
| Free Cash Flow | ¥22.2B | ¥13.7B | ¥1.3B | ¥10.1B |
| Net Change in Cash | ¥4.6B | ¥7.6B | ¥-18.7B | ¥-446M |
| Metric |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|
| ROE | 11.2% | 10.0% | 10.6% | 8.9% |
| ROA | 6.9% | 6.1% | 6.4% | 5.2% |
| EPS | ¥333.84 | ¥279.35 | ¥277.50 | ¥220.06 |
| DPS | ¥140.00 | ¥130.00 | ¥120.00 | ¥110.00 |
| BPS | ¥3,072.71 | ¥2,884.78 | ¥2,703.15 | ¥2,531.73 |
| FCF/Share | ¥396 | ¥244 | ¥24 | ¥181 |
| NCAV/Share | ¥1,956 | ¥1,875 | ¥1,830 | ¥1,770 |
| Payout Ratio | 41.9% | 46.5% | 43.2% | 50.0% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 3
| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 |
Japan Master Trust Bank
日本マスタートラスト信託銀行株式会社(信託口)
|
8,361 | 14.89% |
| 2 |
Japan Custody Bank
株式会社日本カストディ銀行(信託口)
|
3,017 | 5.37% |
| 3 |
NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS
NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS (常任代理人 香港上海銀行東京支店 カストディ業務部)
|
1,813 | 3.23% |
| 4 |
Resona Bank
株式会社りそな銀行
|
1,596 | 2.84% |
| 5 |
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)
|
1,382 | 2.46% |
| 6 |
Employee Stock Ownership Plan
因幡電機従業員持株会
|
1,014 | 1.80% |
| 7 |
STATE STREET BANK AND TRUST COMPANY
STATE STREET BANK AND TRUST COMPANY 505224 (常任代理人 株式会社みずほ銀行決済営業部)
|
968 | 1.72% |
| 8 | 吉川 昌子 | 805 | 1.43% |
| 9 |
JP MORGAN CHASE BANK
JP MORGAN CHASE BANK 385781 (常任代理人 株式会社みずほ銀行決済営業部)
|
733 | 1.30% |
| 10 | 野村信託銀行株式会社(投信口) | 650 | 1.15% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
20.3%
+1.2% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
8.7%
+1.3% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
7.2%
+0.0% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 36.2% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Japan Master Trust Bank 日本マスタートラスト信託銀行 | 14.13% | 13.60% | 14.89% +1.29% | |
| Japan Custody Bank 日本カストディ銀行 | 5.65% | 5.49% | 5.37% -0.12% | |
| State Street | 4.48% | 3.10% | 4.18% +1.08% | |
| Northern Trust | 3.17% | 3.11% | 3.23% +0.12% | |
| Resona Bank りそな銀行 | 2.86% | 2.85% | 2.84% -0.01% | |
| Employee Stock Ownership Plan 因幡電機従業員持株会 | 1.83% | 1.81% | 1.80% -0.01% | |
| 吉川 昌子 | 1.44% | 1.43% | 1.43% | |
| JP Morgan | 1.15% | 1.20% | 1.30% +0.10% | |
| 野村信託銀行株式会社(投信口) NEW ENTRY | — | — | — | 1.15% NEW |
| HISAKA WORKS,LTD. 式会社日阪製作所 last seen 2024 | Exited Top 10 | — | 1.13% | — |
| Concentration (HHI) ⓘ | 277 | 251 | 295 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥16,249M
+22% since 2023
Holdings
33
+1 new
9 exited
Trend
7 building
vs 2023
| Held Company | FY2025 ¥16,249M total | FY2023 ¥13,302M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
DAIKIN INDUSTRIES, LTD.
ダイキン工業㈱
|
3,533 |
218,900
|
5,178 | 218,900 | M |
|
Fujikura Ltd.
㈱フジクラ
|
1,996 |
369,813
|
346 | 369,813 | M |
|
Sumitomo Realty & Development Co.,Ltd.
住友不動産㈱
|
1,896 |
+21.6%
↑
339,000
|
831 | 278,800 | M |
|
NIPPON DENSETSU KOGYO CO.,LTD
日本電設工業㈱
|
1,375 |
654,500
|
1,036 | 654,500 | M |
|
HISAKA WORKS,LTD.
㈱日阪製作所
|
901 |
910,802
|
813 | 910,802 | M |
|
Amano Corporation
アマノ㈱
|
832 |
209,000
|
521 | 209,000 | M |
|
AIPHONE CO.,LTD
アイホン㈱
|
646 |
248,600
|
507 | 248,600 | M |
| ㈱豆蔵デジタルホールディングス | 631 |
NEW
New
480,000
|
— | ||
|
ShinMaywa Industries, Ltd.
新明和工業㈱
|
570 |
407,000
|
480 | 407,000 | M |
|
TOA CORPORATION
TOA㈱
|
534 |
578,000
|
476 | 578,000 | M |
|
Furukawa Electric Co., Ltd.
古河電気工業㈱
|
524 |
106,300
|
261 | 106,300 | M |
|
Nikkiso Co.
日機装㈱
|
401 |
315,000
|
296 | 315,000 | M |
|
Kobe Steel, Ltd.
㈱神戸製鋼所
|
365 |
211,200
|
222 | 211,200 | |
|
nichicon corporation
ニチコン㈱
|
303 |
248,000
|
342 | 248,000 | M |
|
Resona Holdings, Inc.
㈱りそなホールディングス
|
293 |
228,208
|
145 | 228,208 | M |
|
Rengo Co., Ltd.
レンゴー㈱
|
248 |
314,000
|
269 | 314,000 | M |
|
TIGERS POLYMER CORPORATION
タイガースポリマー㈱
|
213 |
300,000
|
133 | 300,000 | M |
|
Togami Electric Mfg. Co.,Ltd.
㈱戸上電機製作所
|
134 |
40,000
|
71 | 40,000 | M |
|
Joshin Denki Co., Ltd.
上新電機㈱
|
131 |
61,500
|
120 | 61,500 | M |
|
ZUIKO CORPORATION
㈱瑞光
|
121 |
108,000
|
112 | 108,000 | M |
|
Shinsho Corporation
神鋼商事㈱
|
120 |
+200.0%
↑
62,700
|
121 | 20,900 | M |
| フクシマガリレイ㈱ | 97 |
+101.5%
↑
35,346
|
83 | 17,540 | |
|
Nippon Electric Glass Co., Ltd.
日本電気硝子㈱
|
87 |
25,200
|
64 | 25,200 | M |
|
Techno Smart Corp.
㈱テクノスマート
|
81 |
49,000
|
78 | 49,000 | M |
|
CKD Corporation
CKD㈱
|
79 |
+5.7%
↑
39,344
|
80 | 37,239 | M |
|
JMACS Japan Co.,Ltd.
JMACS㈱
|
56 |
+52.2%
↑
129,130
|
44 | 84,830 | M |
|
HASHIMOTO SOGYO HOLDINGS CO.,LTD.
橋本総業ホールディングス㈱
|
43 |
36,300
|
40 | 36,300 | M |
|
SEIWA ELECTRIC MFG. CO., LTD.
星和電機㈱
|
31 |
60,000
|
28 | 60,000 | M |
|
DAIHEN CORPORATION
㈱ダイヘン
|
4 |
+23.3%
↑
725
|
2 | 588 | |
|
HIRANO TECSEED CO.,LTD.
㈱ヒラノテクシード
|
4 |
+24.8%
↑
2,724
|
4 | 2,182 | |
|
Espec Co., Ltd.
エスペック㈱
|
— | — | M | ||
|
ROHM COMPANY LIMITED
ローム㈱
|
— | — | |||
| 岩崎電気㈱ | — | — | M | ||
|
EXEO Group, Inc.
エクシオグループ㈱
|
— |
−100%
Exit
—
|
219 | 91,536 | M |
|
DAIWA HOUSE INDUSTRY CO., LTD.
大和ハウス工業㈱
|
— |
−100%
Exit
—
|
155 | 50,000 | |
|
MITSUBOSHI CO., LTD.
㈱三ッ星
|
— |
−100%
Exit
—
|
61 | 8,600 | M |
|
TOSHIBA CORPORATION
㈱東芝
|
— |
−100%
Exit
—
|
61 | 13,736 | M |
|
SUMITOMO DENSETSU CO.,LTD.
住友電設㈱
|
— |
−100%
Exit
—
|
37 | 14,644 | |
|
DAI-DAN CO.,LTD.
ダイダン㈱
|
— |
−100%
Exit
—
|
29 | 12,263 | |
|
CHUDENKO CORPORATION
㈱中電工
|
— |
−100%
Exit
—
|
21 | 9,917 | |
|
SANKI ENGINEERING CO.,LTD.
三機工業㈱
|
— |
−100%
Exit
—
|
14 | 10,000 | |
|
KANDENKO CO.,LTD.
㈱関電工
|
— |
−100%
Exit
—
|
2 | 3,100 | |
| Portfolio total | 16,249 | 13,302 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding