SUZUKEN CO.,LTD.

株式会社スズケン

Wholesale Trade

Suzuken Co., Ltd., together with its subsidiaries, primarily engages in the distribution of pharmaceuticals in Japan and internationally. The company operates in four segments: Pharmaceutical Distribution, Healthcare Product Development, Community Healthcare and Nursing Care Support, and Healthcare Related Services. The Pharmaceutical Distribution Business segment purchases ethical drugs, diagnostic agents, medical equipment, medical materials, and medical food products, as well as pharmaceutical and medical equipment manufacturers, and supplies medical institutions, and insurance pharmacies. The Healthcare Product Development segment offers ethical drugs, diagnostic reagents, and medical devices and materials. The Community Healthcare and Nursing Care Support segment provides a range of pharmacy and nursing care services. The Healthcare Related Services segment offers contract distribution for manufacturers and contract distribution of orphan drugs. Suzuken Co., Ltd. was founded in 1932 and is headquartered in Nagoya, Japan.

← Companies

Price

¥5,285

Market Cap

¥380.9B

Ent. Value

—

Net Cash est

—

Shares Out.

72.1M

P / E

11.6×

EV / EBIT

—

P / Book

0.94×

P / NCAV

2.77×

Div. Yield

1.89%

Financials

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥2,400.0B	¥2,386.5B	¥2,314.8B	¥2,232.8B
Cost of Sales	¥2,207.7B	¥2,201.2B	¥2,135.1B	¥2,071.8B
Gross Profit	¥192.2B	¥185.2B	¥179.7B	¥161.0B
SG&A	¥155.1B	¥150.4B	¥147.1B	¥147.2B
Operating Income	¥37.1B	¥34.9B	¥32.6B	¥13.8B
Non-Operating Income	¥2.9B	¥4.0B	¥4.4B	¥10.2B
Dividend Income	¥1.4B	¥1.5B	¥1.4B	¥1.6B
Interest Income	¥182M	¥166M	¥171M	¥196M
Non-Operating Expenses	¥1.2B	¥488M	¥601M	¥545M
Interest Expense	¥41M	¥43M	¥42M	¥51M
Ordinary Income	¥38.8B	¥38.4B	¥36.4B	¥23.4B
Pre-tax Income	¥50.3B	¥42.8B	¥30.6B	¥22.5B
Income Taxes	¥15.8B	¥13.8B	¥10.3B	¥8.0B
Current Tax	¥15.3B	¥12.2B	¥10.8B	¥9.0B
Deferred Tax	¥443M	¥1.6B	¥-501M	¥-952M
Net Income (owners)	¥34.5B	¥29.0B	¥20.3B	¥14.4B
Minority Interest	¥6M	¥-16M	¥-26M	¥78M
Comprehensive Income	¥26.1B	¥36.2B	¥19.2B	¥11.2B
EBITDA	¥49.2B	¥43.6B	¥41.4B	¥23.8B
Goodwill Amort. (J-GAAP)	¥10M	¥181M	¥205M	¥459M
EPS	¥454.58	¥357.88	¥236.47	¥163.19
Shares Outstanding	72.1M	77.6M	82.7M	87.9M
Shares Issued (total)	72.2M	77.7M	82.8M	103.3M
Treasury Shares	0.1M	0.1M	0.1M	15.4M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥1,113.8B	¥1,228.7B	¥1,146.1B	¥1,141.7B
Current Assets	¥844.1B	¥948.3B	¥878.2B	¥882.9B
Cash & Deposits	¥102.7B	¥181.8B	¥109.0B	¥141.4B
Trade Receivables	¥518.4B	¥533.1B	¥515.1B	¥511.6B
Non-Current Assets	¥269.7B	¥280.4B	¥267.9B	¥258.8B
PP&E	¥133.5B	¥128.7B	¥124.8B	¥119.1B
Goodwill	¥14M	¥25M	¥965M	¥1.2B
Intangible Assets	¥12.1B	¥11.2B	¥11.0B	¥11.2B
Investment Securities	¥84.4B	¥100.7B	¥93.6B	¥90.0B
Deferred Tax Assets	¥2.7B	¥2.5B	¥2.6B	¥3.2B
Total Liabilities	¥706.4B	¥812.3B	¥734.6B	¥723.7B
Current Liabilities	¥679.1B	¥784.4B	¥711.3B	¥697.9B
Accounts Payable	¥635.8B	¥744.2B	¥666.5B	¥664.3B
Taxes Payable	¥9.9B	¥7.4B	¥7.0B	¥6.4B
Non-Current Liabilities	¥27.3B	¥27.8B	¥23.3B	¥25.8B
Pension Obligations	¥2.2B	¥2.3B	¥2.3B	¥2.3B
Deferred Tax Liab.	¥17.4B	¥20.1B	¥15.8B	¥17.6B
Total Equity	¥407.4B	¥416.4B	¥411.5B	¥418.1B
Capital Stock	¥13.5B	¥13.5B	¥13.5B	¥13.5B
Capital Surplus	¥32.1B	¥32.4B	¥32.5B	¥39.3B
Retained Earnings	¥332.4B	¥332.7B	¥334.7B	¥394.3B
Treasury Stock	¥-499M	¥-486M	¥-371M	¥-61.5B
AOCI	¥29.7B	¥38.1B	¥30.9B	¥32.0B
Equity (owners)	¥377.6B	¥378.2B	¥380.3B	¥385.7B
Minority Interests	¥128M	¥121M	¥316M	¥375M

Net Cash ⓘ	¥102.7B	¥181.8B	¥109.0B	¥141.4B
NCAV ⓘ	¥137.7B	¥136.0B	¥143.6B	¥159.3B
NCAV/Share	¥1,911	¥1,752	¥1,736	¥1,811
BV/Share	¥5,239	¥4,871	¥4,597	¥4,386

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥-65.1B	¥87.2B	¥37.3B	¥9.5B
Interest Paid	¥-41M	¥-43M	¥-42M	¥-51M
Interest Received	¥2.1B	¥2.1B	¥2.1B	¥2.1B
D&A	¥12.1B	¥8.6B	¥8.6B	¥9.6B
Goodwill Amort.	¥10M	¥181M	¥205M	¥459M
Investing CF	¥20.4B	¥10.3B	¥-46.4B	¥1.4B
CapEx	¥14.3B	¥10.8B	¥15.1B	¥11.2B
Purchase Investments	¥-49M	¥-122M	¥-5.7B	¥-3.7B
Financing CF	¥-35.5B	¥-31.7B	¥-26.2B	¥-11.6B
Dividends Paid	¥-7.0B	¥-6.3B	¥-6.3B	¥-6.4B
Share Buybacks	¥-28.0B	¥-25.0B	¥-19.5B	¥-4.4B
Free Cash Flow	¥-79.4B	¥76.4B	¥22.2B	¥-1.6B
Net Change in Cash	¥-80.2B	¥65.9B	¥-35.3B	¥-603M

Metric	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	8.4%	7.0%	4.9%	3.4%
ROA	2.9%	2.4%	1.8%	1.3%
EPS	¥454.58	¥357.88	¥236.47	¥163.19
DPS	¥100.00	¥80.00	¥72.00	¥72.00
BPS	¥5,651.56	¥5,361.96	¥4,970.38	¥4,749.59
FCF/Share	¥-1,102	¥984	¥268	¥-19
NCAV/Share	¥1,911	¥1,752	¥1,736	¥1,811
Payout Ratio	22.0%	22.4%	30.4%	44.1%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 12

Date	Activist	Stake	Event	Flag	Demands
2026-03-24	Silchester International Investors LLP	8.25% +1.12%	change	✓ Activist	—
2025-07-14	Silchester International Investors LLP	7.13% +1.0%	change	✓ Activist	—
2025-05-21	Silchester International Investors LLP	6.13% +1.06%	change	✓ Activist	—
2025-03-24	Silchester International Investors LLP	5.07% +0.07%	change	✓ Activist	—
2025-02-12	Silchester International Investors LLP	5.0% +1.62%	initial_5pct	✓ Activist	—
2024-11-18	Silchester International Investors LLP	3.38% -1.78%	change	✓ Activist	—
2024-10-25	Silchester International Investors LLP	5.16% -1.01%	change	✓ Activist	—
2024-07-30	Silchester International Investors LLP	6.17% -1.06%	change	✓ Activist	—
2024-02-21	Silchester International Investors LLP	7.23% -1.06%	change	✓ Activist	—
2023-12-07	Silchester International Investors LLP	8.29% -1.03%	change	✓ Activist	—
2023-11-13	Silchester International Investors LLP	9.32% -1.06%	change	✓ Activist	—
2023-09-29	Silchester International Investors LLP	10.38%	change	✓ Activist	—

Capital Allocation Signals 2

Date	Type	Amount	Summary
2026-05-14 15:00	Div Increase	¥120.0/sh +20%	Suzuken announced a dividend increase of 20 yen per share to 120 yen for FY2027 (ending March 2027), representing a 20% …
Summary Suzuken announced a dividend increase of 20 yen per share to 120 yen for FY2027 (ending March 2027), representing a 20% year-over-year increase from 100 yen in FY2026. The company adopted a shareholder return policy targeting total return ratio of 100% and DOE (dividend payout ratio on equity) of approximately 3% by FY2029, with DOE to be raised incrementally over the three-year medium-term plan period. YoY: +20% Source (JP) 2027年３月期の年間配当金は１株当たり120円（20円の増配）とすることを予定しております。DOE（純資産配当率）を指標として採用し、中期経営計画期間中にDOEを段階的に引き上げ、最終年度である2029年３月期にDOE３％程度を目標としております。株主還元方針および2027年３月期通期配当予想（増配）に関するお知らせ TDnet PDF
2026-05-14 15:00	Cost of Capital	—	Suzuken announced an updated medium-term management plan (FY2027-2029) targeting ROE of 8% or above by FY2031 and net sa…
Summary Suzuken announced an updated medium-term management plan (FY2027-2029) targeting ROE of 8% or above by FY2031 and net sales of ¥3 trillion or more, with cost of capital threshold set at 6%. The company commits to stable dividend continuation with dividend on equity (DOE) reaching 3.0% by FY2029 and 100% total return payout ratio, while addressing TSE requirements for capital cost and stock price-conscious management through capital allocation efficiency. Source (JP) 本中計は、資本コストを上回る収益性を安定的に創出し、企業価値を持続的に向上させることを最上位の経営課題として設計されています。2031年３月期におけるROE８％を明確な到達点として設定し、連結売上高３兆円以上、経常利益率1.5％以上を目指す中期経営計画の策定および資本コストや株価を意識した経営の実現に向けた対応の修正（アップデート）に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	The Master Trust Bank of Japan, Ltd. (Trust Account) 日本マスタートラスト信託銀行㈱（信託口）	11,045	15.32%
2	Japan Custody Bank ㈱日本カストディ銀行（信託口）	2,787	3.86%
3	別所芳樹	2,128	2.95%
4	別所知佳	2,128	2.95%
5	別所昌樹	2,127	2.95%
6	ＪＰＭＯＲＧＡＮＣＨＡＳＥＢＡＮＫ３８００５５(常任代理人㈱みずほ銀行決済営業部)	1,901	2.63%
7	Employee Stock Ownership Plan スズケングループ従業員持株会	1,835	2.54%
8	鈴木慶子	1,811	2.51%
9	公益財団法人鈴木謙三記念医科学応用研究財団	1,796	2.49%
10	NORTHERN TRUST CO. （AVFC） RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST ＮＯＲＴＨＥＲＮＴＲＵＳＴＣＯ．（ＡＶＦＣ）ＲＥＳＩＬＣＨＥＳＴＥＲＩＮＴＥＲＮＡＴＩＯＮＡＬＩＮＶＥＳＴＯＲＳＩＮＴＥＲＮＡＴＩＯＮＡＬＶＡＬＵＥＥＱＵＩＴＹＴＲＵＳＴ(常任代理人香港上海銀行東京支店カストディ業務部)	1,707	2.36%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

19.2%

-0.3% 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

21.4%

-0.7% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
日本マスタートラスト信託銀行		12.21%	14.97%	15.32% +0.35%
Japan Custody Bank 日本カストディ銀行		4.03%	4.54%	3.86% -0.68%
別所芳樹		2.95%	2.96%	2.95% -0.01%
別所知佳		2.82%	2.95%	2.95%
別所昌樹		2.73%	2.91%	2.95% +0.04%
ＪＰＭＯＲＧＡＮＣＨＡＳＥＢＡＮＫ３８００５５ NEW ENTRY	—	—	—	2.63% NEW
Employee Stock Ownership Plan スズケングループ従業員持株会		2.36%	2.44%	2.54% +0.10%
鈴木慶子		2.22%	2.34%	2.51% +0.17%
公益財団法人鈴木謙三記念医科学応用研究財団		—	2.31%	2.49% +0.18%
NORTHERN TRUST CO. （AVFC） RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST ＮＯＲＴＨＥＲＮＴＲＵＳＴＣＯ．（ＡＶＦＣ）ＲＥＳＩＬＣＨＥＳＴＥＲＩＮＴＥＲＮＡＴＩＯＮＡＬＩＮＶＥＳＴＯＲＳＩＮＴＥＲＮＡＴＩＯＮＡＬＶＡＬＵＥＥＱＵＩＴＹＴＲＵＳＴ		5.97%	3.30%	2.36% -0.94%
伊澤久代 last seen 2024	Exited Top 10	2.90%	2.91%	—
ＮＯＲＴＨＥＲＮＴＲＵＳＴＣＯ．（ＡＶＦＣ）ＲＥＵ．Ｓ．ＴＡＸＥＸＥＭＰＴＥＤＰＥＮＳＩＯＮＦＵＮＤＳ last seen 2023	Exited Top 10	2.57%	—	—
Concentration (HHI) ⓘ		251	307	307

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

Portfolio Book Value ¥47,701M -11% since 2023

Holdings 39 +4 new 14 exited

Trend 2 unwinding vs 2023

Held Company	FY2025 ¥47,701M total		FY2023 ¥53,355M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Otsuka Holdings Co., Ltd. 大塚ホールディングス㈱	25,522	3,292,000	13,836	3,292,000	M
Shionogi & Co.,Ltd. 塩野義製薬㈱(注)３	8,496	NEW New 3,783,000	—
TERUMO CORPORATION テルモ㈱(注)３	3,462	NEW New 1,238,100	—
ONO PHARMACEUTICAL CO., LTD. 小野薬品工業㈱	1,991	1,243,000	3,435	1,243,000	M
SANTEN PHARMACEUTICAL CO.,LTD. 参天製薬㈱	1,897	1,338,000	1,511	1,338,000	M
KISSEI PHARMACEUTICAL CO.,LTD. キッセイ薬品工業㈱	1,324	-45.4% ↓ 344,560	1,666	631,100	M
TSUMURA & CO. ㈱ツムラ	779	-73.5% ↓ 180,705	1,793	681,800	M
Mitsubishi Chemical Gloup Corporation 三菱ケミカルグループ㈱	631	857,000	673	857,000
NIPPON KAYAKU CO.,LTD. 日本化薬㈱	423	300,000	359	300,000	M
SUSMED, Inc. サスメド㈱	413	700,000	902	700,000
Meiji Holdings Co., Ltd. 明治ホールディングス㈱	366	+100.0% ↑ 112,800	355	56,400	M
KYORIN Pharmaceutical Co., Ltd. 杏林製薬㈱	301	NEW New 201,000	—		M
Mochida Pharmaceutical Co.,Ltd. 持田製薬㈱	258	81,200	271	81,200	M
ZERIA PHARMCEUTICAL CO., LTD. ゼリア新薬工業㈱	235	104,500	234	104,500	M
KAKEN PHARMACEUTIAL CO., LTD. 科研製薬㈱	208	46,500	171	46,500	M
MatsukiyoCocokara & Co ㈱マツキヨココカラ＆カンパニー	173	+208.3% ↑ 74,279	168	24,096	M
TSURUHA HOLDINGS INC. ㈱ツルハホールディングス	149	16,000	141	16,000
WELCIA HOLDINGS CO., LTD. ウエルシアホールディングス㈱	129	60,000	170	60,000
Wakamoto Pharmaceutical Co., Ltd. わかもと製薬㈱	122	385,000	95	385,000	M
Seven & i Holdings Co., Ltd. ㈱セブン＆アイ・ホールディングス	110	+200.0% ↑ 51,300	102	17,100
Sakai Chemical Industry Co.,Ltd. 堺化学工業㈱	98	36,180	64	36,180
SUNDRUG CO.,LTD. ㈱サンドラッグ	90	+4.6% ↑ 21,503	74	20,554
SUMITOMO CHEMICAL COMPANY, LIMITED 住友化学㈱	89	247,000	109	247,000
Fuso Pharmaceutical Industries,Ltd. 扶桑薬品工業㈱	89	36,500	72	36,500	M
Sumitomo Pharma Co., Ltd. 住友ファーマ㈱	67	93,000	75	93,000
AIN HOLDINGS INC. ㈱アインホールディングス	50	10,000	55	10,000
ASKA Pharmaceutical Holdings CO., Ltd. あすか製薬ホールディングス㈱	48	21,000	24	21,000
TEIJIN LIMITED 帝人㈱	39	30,000	41	30,000
HISAMITSU PHARMACEUTICAL CO.,INC. 久光製薬㈱	37	9,300	35	9,300	M
CareNet,Inc. ㈱ケアネット	34	50,400	54	50,400
繧ｹ繝�繝ｩ繝輔ぃ繝ｼ繝樊ｪ蠑丈ｼ夂､ｾステラファーマ㈱	33	88,700	34	88,700
NACHI-FUJIKOSHI CORP. ㈱不二越	29	+9.4% ↑ 8,723	31	7,975
ROHTO PHARMACEUTICAL CO.,LTD. ロート製薬㈱	8	NEW New 4,000	—		M
NIPPON CHEMIPHAR CO., LTD. 日本ケミファ㈱	1	1,100	2	1,100
アルフレッサホールディングス㈱	—		—
JFE Holdings,Inc. ＪＦＥホールディングス㈱	—		—
Takeda Pharmaceutical Company Limited 武田薬品工業㈱	—		—
Nichi-Iko Pharmaceutical Co. 日医工㈱	—		—		M
HAGIWARA ELECTRIC HOLDINGS CO.,LTD. 萩原電気ホールディングス㈱	—		—
Eisai Co., Ltd. エーザイ㈱	—	−100% Exit —	6,589	878,100	M
DAIICHI SANKYO COMPANY, LIMITED 第一三共㈱	—	−100% Exit —	2,789	578,400	M
TORII PHARMACEUTICAL CO., LTD. 鳥居薬品㈱	—	−100% Exit —	375	118,200	M
Nippon Shinyaku Co.,Ltd. 日本新薬㈱	—	−100% Exit —	1,801	309,000	M
Shionogi & Co.,Ltd. 塩野義製薬㈱	—	−100% Exit —	7,536	1,261,000	M
TERUMO CORPORATION テルモ㈱	—	−100% Exit —	5,774	1,615,600	M
Kyowa Kirin Co.,Ltd. 協和キリン㈱	—	−100% Exit —	984	341,000
キョーリン製薬ホールディングス㈱ (注)２	—	−100% Exit —	342	201,000	M
Asahi Kasei Corporation 旭化成㈱	—	−100% Exit —	309	334,000
Welby Inc. ㈱Welby	—	−100% Exit —	163	357,900
CHUGAI PHARMACEUTICAL CO., LTD. 中外製薬㈱	—	−100% Exit —	103	31,500
Misonoza Co. ㈱御園座	—	−100% Exit —	14	8,000
TAISHO PHARMACEUTICAL HOLDINGS CO., LTD. 大正製薬ホールディングス㈱	—	−100% Exit —	13	2,400	M
ROHTO PHARMACEUTICAL CO.,LTD. ロート製薬㈱(注)３	—	−100% Exit —	11	4,000	M
Portfolio total	47,701		53,355

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