204 entries, 1332 to 9983 · entries 3,625–3,828 of 3,828
Read from each company's EDINET annual securities report. Figures as filed, in yen.
1332 Nissui
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥13.8B¥10.7B¥2.8B(¥664M)¥22.6B¥11.5B(¥17.5B)¥29.3B¥10.5B¥26.7B
Retained capital Retained ¥141.1B of earnings over 2017–2026; annual owner earnings grew ¥13.1B, ¥0.09 per ¥1 retained.
Balance sheet Heavy net debt, ¥260.3B · dividend paid 10 of 10 yrs, never cut
1605 INPEX
An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.
Owner earnings 2017–2025 ¥187.4B¥131.7B¥165.0B¥163.2B¥305.0B¥778.2B¥786.6B¥645.8B¥691.3B
Retained capital Retained ¥936.0B of earnings over 2017–2025; annual owner earnings grew ¥546.5B, ¥0.58 per ¥1 retained.
Balance sheet Modest net debt, ¥1.08T · dividend paid 9 of 9 yrs, never cut
1721 Comsys Holdings
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥6.8B¥23.0B¥1.5B¥27.2B¥14.9B(¥3.0B)¥54.3B¥33.6B¥7.1B¥31.6B
Retained capital Retained ¥88.6B of earnings over 2017–2026; annual owner earnings grew ¥13.7B, ¥0.15 per ¥1 retained.
Balance sheet Net cash, +¥38.9B · dividend paid 10 of 10 yrs, never cut
1801 Taisei
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥210.9B¥200.0B(¥78.9B)¥67.6B¥54.8B¥67.3B¥18.6B¥27.5B(¥30.2B)¥130.5B
Retained capital Retained ¥338.4B of earnings over 2017–2026; annual owner earnings fell ¥68.1B, ¥-0.20 per ¥1 retained.
Balance sheet Modest net debt, ¥147.0B · dividend paid 10 of 10 yrs, never cut
1802 Obayashi
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥143.9B¥99.4B¥26.5B¥217.7B¥4.8B¥49.0B¥204.5B¥23.3B¥52.1B¥216.6B
Retained capital Retained ¥639.7B of earnings over 2017–2026; annual owner earnings grew ¥7.4B, ¥0.01 per ¥1 retained.
Balance sheet Net cash, +¥133.8B · dividend paid 10 of 10 yrs, cut at least once
1803 Shimizu
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥132.0B¥70.5B(¥28.2B)¥156.9B¥64.0B¥57.6B¥58.0B(¥51.5B)¥125.0B¥8.1B
Retained capital Retained ¥438.2B of earnings over 2017–2026; annual owner earnings fell ¥30.9B, ¥-0.07 per ¥1 retained.
Balance sheet Modest net debt, ¥69.5B · dividend paid 10 of 10 yrs, cut at least once
1808 Haseko
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥106.1B¥52.8B¥28.5B(¥20.0B)¥26.6B¥59.6B(¥58.1B)¥107.6B(¥4.1B)¥148.6B
Retained capital Retained ¥329.8B of earnings over 2017–2026; annual owner earnings grew ¥21.6B, ¥0.07 per ¥1 retained.
Balance sheet Modest net debt, ¥125.3B · dividend paid 10 of 10 yrs, cut at least once
1812 Kajima
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥168.2B¥107.7B¥7.0B¥33.1B¥134.0B¥7.6B(¥53.8B)¥96.5B(¥219M)¥81.1B
Retained capital Retained ¥745.9B of earnings over 2017–2026; annual owner earnings fell ¥35.2B, ¥-0.05 per ¥1 retained.
Balance sheet Modest net debt, ¥444.5B · dividend paid 10 of 10 yrs, never cut
1925 Daiwa House Industry
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥228.1B¥318.2B¥284.6B¥74.4B¥351.9B¥236.1B¥116.8B¥185.1B¥288.8B¥48.9B
Retained capital Retained ¥1.59T of earnings over 2017–2026; annual owner earnings fell ¥102.7B, ¥-0.06 per ¥1 retained.
Balance sheet Heavy net debt, ¥2.79T · dividend paid 10 of 10 yrs, never cut
1928 Sekisui House
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥92.7B¥143.4B¥102.9B¥342.2B¥170.2B¥94.0B¥98.8B(¥12.1B)¥27.6B¥173.6B
Retained capital Retained ¥881.9B of earnings over 2017–2026; annual owner earnings fell ¥49.9B, ¥-0.06 per ¥1 retained.
Balance sheet Heavy net debt, ¥1.42T · dividend paid 10 of 10 yrs, never cut
1963 JGC Holdings
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 (¥35.1B)(¥1.7B)(¥62.6B)¥88.0B¥6.0B¥13.8B¥104.2B¥1.4B¥37.2B¥67.1B
Retained capital Paid out ¥33.6B more than it earned over 2017–2026; annual owner earnings grew ¥68.3B.
Balance sheet Net cash, +¥365.4B · dividend paid 10 of 10 yrs, cut at least once
2002 Nisshin Seifun Group
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥21.8B¥27.4B¥21.6B¥16.5B¥32.1B¥23.1B¥4.8B¥50.2B¥31.4B¥42.6B
Retained capital Retained ¥55.0B of earnings over 2017–2026; annual owner earnings grew ¥17.8B, ¥0.32 per ¥1 retained.
Balance sheet Net cash, +¥2.2B · dividend paid 10 of 10 yrs, never cut
2269 Meiji Holdings
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥33.2B¥38.9B¥44.9B¥45.9B¥60.7B¥39.2B¥16.2B¥58.0B¥16.2B(¥40.3B)
Retained capital Retained ¥292.9B of earnings over 2017–2026; annual owner earnings fell ¥27.7B, ¥-0.09 per ¥1 retained.
Balance sheet Modest net debt, ¥63.0B · dividend paid 10 of 10 yrs, never cut
2282 NH Foods
Revenue is Fresh Meats Business Division (71%), Processed Foods Business Division (36%) and Ballpark Business Division (2%).
Owner earnings not read
Retained capital not read
Balance sheet Heavy net debt, ¥115.7B
2413 M3
Revenue is led by Medical Platform (31%) and Overseas (25%), with 4 more segments behind.
Owner earnings 2018–2026 ¥14.5B¥17.1B¥24.9B¥45.4B¥50.4B¥53.4B¥52.9B¥45.5B¥62.6B
Retained capital Retained ¥247.3B of earnings over 2018–2026; annual owner earnings grew ¥34.8B, ¥0.14 per ¥1 retained.
Balance sheet net position not read (debt under-captured) · dividend paid 9 of 9 yrs, never cut
2432 DeNA
Revenue is led by Game (44%) and Live Streaming (27%), with 3 more segments behind.
Owner earnings 2018–2025 ¥35.0B¥17.6B¥10.5B¥26.5B¥17.9B¥10.2B(¥14.4B)¥34.7B
Retained capital Paid out ¥48.9B more than it earned over 2018–2025; annual owner earnings fell ¥10.8B.
Balance sheet Net cash, +¥90.1B · dividend paid 8 of 8 yrs, cut at least once
2501 Sapporo Holdings
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2016–2025 ¥12.8B¥20.7B¥17.2B¥21.1B¥6.3B¥18.3B(¥226M)¥29.0B¥18.4B¥32.7B
Retained capital Retained ¥33.7B of earnings over 2016–2025; annual owner earnings grew ¥9.8B, ¥0.29 per ¥1 retained.
Balance sheet Heavy net debt, ¥176.2B · dividend paid 10 of 10 yrs, never cut
2502 Asahi Group Holdings
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2018–2024 ¥173.6B¥179.2B¥195.1B¥257.0B¥182.9B¥258.0B¥295.4B
Retained capital Retained ¥646.2B of earnings over 2018–2024; annual owner earnings grew ¥62.8B, ¥0.10 per ¥1 retained.
Balance sheet Heavy net debt, ¥1.20T · dividend paid 7 of 7 yrs, never cut
2503 Kirin Holdings
Revenue is led by Alcoholic Beverages (44%) and Non Alcoholic Beverages (24%), with 2 more segments behind.
Owner earnings 2018–2025 ¥130.1B¥82.4B¥71.8B¥133.0B¥37.1B¥116.0B¥147.1B¥193.6B
Retained capital Retained ¥100.7B of earnings over 2018–2025; annual owner earnings grew ¥57.5B, ¥0.57 per ¥1 retained.
Balance sheet Meaningful net debt, ¥798.1B · dividend paid 8 of 8 yrs, never cut
2768 Sojitz
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2018–2026 ¥75.7B¥75.2B¥15.8B¥61.1B¥46.7B¥146.0B¥85.1B(¥60.1B)(¥23.3B)
Retained capital Retained ¥408.9B of earnings over 2018–2026; annual owner earnings fell ¥55.0B, ¥-0.13 per ¥1 retained.
Balance sheet Net debt, ¥1.16T · dividend paid 9 of 9 yrs, cut at least once
2801 Kikkoman
Revenue is led by Overseas Foods Wholesale (58%) and Overseas Foods Manufacturing and Sales (23%), with 2 more segments behind.
Owner earnings 2017–2026 ¥15.2B¥21.3B¥23.8B¥23.7B¥41.4B¥33.4B¥33.6B¥51.1B¥47.1B¥63.8B
Retained capital Retained ¥214.9B of earnings over 2017–2026; annual owner earnings grew ¥33.9B, ¥0.16 per ¥1 retained.
Balance sheet Net cash, +¥68.6B · dividend paid 10 of 10 yrs, cut at least once
2802 Ajinomoto
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2018–2026 ¥74.9B¥70.8B¥41.2B¥88.8B¥71.7B¥49.3B¥102.3B¥121.8B¥142.9B
Retained capital Paid out ¥45.1B more than it earned over 2018–2026; annual owner earnings grew ¥60.1B.
Balance sheet Meaningful net debt, ¥422.3B · dividend paid 9 of 9 yrs, cut at least once
2871 Nichirei
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥31.9B¥13.9B¥11.2B¥19.1B¥25.8B¥13.4B¥14.0B¥35.7B¥24.9B¥26.7B
Retained capital Retained ¥105.9B of earnings over 2017–2026; annual owner earnings grew ¥10.1B, ¥0.10 per ¥1 retained.
Balance sheet Modest net debt, ¥73.2B · dividend paid 10 of 10 yrs, never cut
2914 Japan Tobacco
Japan Tobacco makes and sells cigarettes and other tobacco products — both the kind you burn and the kind you heat — under brands sold in Japan and in markets abroad. Smokers buy them through the ordinary retail chain, and the company keeps the gap between what a pack costs to make and what the brand name lets it charge. It also runs businesses outside tobacco, but tobacco is the core.
Owner earnings 2018–2025 ¥322.8B¥429.0B¥434.5B¥512.6B¥402.4B¥471.5B¥502.2B¥370.9B
Retained capital Retained ¥549.8B of earnings over 2018–2025; annual owner earnings grew ¥52.7B, ¥0.10 per ¥1 retained.
Balance sheet Modest net debt, ¥826.6B · dividend paid 8 of 8 yrs, never cut
3086 J. Front Retailing
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2019–2026 ¥5.9B¥40.3B¥41.7B¥44.0B¥56.8B¥83.7B¥71.4B¥52.8B
Retained capital Retained ¥38.3B of earnings over 2019–2026; annual owner earnings grew ¥40.0B, ¥1.04 per ¥1 retained.
Balance sheet Heavy net debt, ¥300.6B · dividend paid 8 of 8 yrs, cut at least once
3092 ZOZO
An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.
Owner earnings 2017–2026 ¥17.4B¥18.9B¥13.3B¥22.7B¥42.7B¥38.7B¥34.6B¥39.1B¥55.3B¥47.7B
Retained capital Retained ¥73.7B of earnings over 2017–2026; annual owner earnings grew ¥30.8B, ¥0.42 per ¥1 retained.
Balance sheet Net cash, +¥49.4B · dividend paid 10 of 10 yrs, cut at least once
3099 Isetan Mitsukoshi Holdings
An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.
Owner earnings 2017–2026 ¥13.3B¥48.2B(¥23.8B)(¥11.8B)(¥23.8B)¥18.8B¥53.4B¥35.3B¥68.2B¥65.8B
Retained capital Retained ¥39.5B of earnings over 2017–2026; annual owner earnings grew ¥43.9B, ¥1.11 per ¥1 retained.
Balance sheet Net cash, +¥10.0B · dividend paid 10 of 10 yrs, cut at least once
3289 Tokyu Fudosan Holdings
Revenue is led by Urban Development (32%) and Real Estate Agents (29%), with 2 more segments behind.
Owner earnings not read
Retained capital not read
Balance sheet Heavy net debt, ¥1.62T
3382 Seven & i Holdings
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥305.0B¥285.1B¥356.7B¥350.2B¥304.5B¥399.0B¥623.3B¥335.6B¥445.6B¥333.1B
Retained capital Retained ¥427.9B of earnings over 2017–2026; annual owner earnings grew ¥55.8B, ¥0.13 per ¥1 retained.
Balance sheet Heavy net debt, ¥3.37T · dividend paid 10 of 10 yrs, never cut
3401 Teijin
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥41.4B¥37.5B¥25.3B¥27.9B¥50.9B¥29.1B¥3.6B¥22.5B¥12.4B¥45.1B
Retained capital Paid out ¥26.3B more than it earned over 2017–2026; annual owner earnings fell ¥8.0B.
Balance sheet Net debt against an operating loss, ¥231.9B · dividend paid 10 of 10 yrs, cut at least once
3402 Toray Industries
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥84.9B¥33.4B¥74.5B¥97.5B¥89.1B¥46.1B¥43.0B¥51.5B¥125.9B¥65.3B
Retained capital Retained ¥340.9B of earnings over 2017–2026; annual owner earnings grew ¥16.7B, ¥0.05 per ¥1 retained.
Balance sheet Heavy net debt, ¥640.3B · dividend paid 10 of 10 yrs, cut at least once
3405 Kuraray
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2016–2025 ¥43.9B¥41.6B¥9.2B¥37.4B¥17.5B¥9.8B(¥19.9B)¥70.3B¥66.9B¥4.4B
Retained capital Retained ¥77.7B of earnings over 2016–2025; annual owner earnings grew ¥15.6B, ¥0.20 per ¥1 retained.
Balance sheet Meaningful net debt, ¥172.4B · dividend paid 10 of 10 yrs, cut at least once
3407 Asahi Kasei
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥86.0B¥167.0B¥127.5B¥28.4B¥120.3B¥41.0B(¥61.2B)¥147.6B¥148.0B¥109.4B
Retained capital Retained ¥515.6B of earnings over 2017–2026; annual owner earnings grew ¥8.2B, ¥0.02 per ¥1 retained.
Balance sheet Meaningful net debt, ¥700.6B · dividend paid 10 of 10 yrs, cut at least once
3436 SUMCO
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2016–2025 ¥8.6B¥36.3B¥65.7B¥36.9B¥30.4B¥53.4B¥119.9B¥24.9B(¥9.4B)(¥11.0B)
Retained capital Retained ¥205.2B of earnings over 2016–2025; annual owner earnings fell ¥35.3B, ¥-0.17 per ¥1 retained.
Balance sheet Heavy net debt, ¥270.4B · dividend paid 10 of 10 yrs, cut at least once
3659 Nexon
Revenue is led by Korea (89%) and Other (9%), with 2 more segments behind.
Owner earnings 2018–2025 ¥116.3B¥103.6B¥135.3B¥104.3B¥127.3B¥125.3B¥97.3B¥163.9B
Retained capital Retained ¥356.0B of earnings over 2018–2025; annual owner earnings grew ¥10.4B, ¥0.03 per ¥1 retained.
Balance sheet Net cash, +¥446.7B · dividend paid 6 of 8 yrs, never cut
3697 SHIFT
Revenue is Software Testing Related Services (65%), Software Development Related Services (31%) and Other Proximate Services (8%).
Owner earnings 2016–2025 ¥60M¥310M¥1.1B¥920M¥1.9B¥4.4B¥6.7B¥9.6B¥7.7B¥14.3B
Retained capital Retained ¥25.6B of earnings over 2016–2025; annual owner earnings grew ¥10.0B, ¥0.39 per ¥1 retained.
Balance sheet Net cash, +¥11.6B
3861 Oji Holdings
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥102.5B¥58.4B¥81.4B¥61.1B¥64.3B¥77.7B(¥54.8B)¥123.4B¥5.2B¥20.9B
Retained capital Retained ¥299.8B of earnings over 2017–2026; annual owner earnings fell ¥30.9B, ¥-0.10 per ¥1 retained.
Balance sheet Heavy net debt, ¥872.6B · dividend paid 10 of 10 yrs, never cut
4004 Resonac Holdings
Revenue is led by Semiconductor and Electronic Materials (38%) and Crasus Chemical (23%), with 3 more segments behind.
Owner earnings 2016–2025 ¥30.6B¥28.4B¥108.5B¥37.8B¥44.8B¥47.5B¥11.5B¥33.2B¥75.3B¥23.6B
Retained capital Retained ¥153.3B of earnings over 2016–2025; annual owner earnings fell ¥11.8B, ¥-0.08 per ¥1 retained.
Balance sheet Heavy net debt, ¥707.6B · dividend paid 10 of 10 yrs, cut at least once
4005 Sumitomo Chemical
Revenue is led by Essential and Green Materials (29%) and ICT and Mobility Solutions (25%), with 3 more segments behind.
Owner earnings not read
Retained capital not read
Balance sheet Heavy net debt, ¥942.9B
4021 Nissan Chemical
Revenue is led by Trading (35%) and Agrochemicals (29%), with 4 more segments behind.
Owner earnings 2017–2026 ¥23.6B¥27.2B¥22.3B¥26.6B¥31.7B¥30.7B¥24.3B¥20.0B¥43.8B¥46.1B
Retained capital Retained ¥95.7B of earnings over 2017–2026; annual owner earnings grew ¥12.3B, ¥0.13 per ¥1 retained.
Balance sheet Modest net debt, ¥2.7B · dividend paid 10 of 10 yrs, never cut
4042 Tosoh
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings not read
Retained capital not read
Balance sheet Modest net debt, ¥55.9B
4043 Tokuyama
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥3.3B¥46.4B¥21.8B¥32.7B¥26.3B¥6.3B(¥32.6B)¥38.1B¥29.8B¥30.0B
Retained capital Retained ¥185.7B of earnings over 2017–2026; annual owner earnings grew ¥8.8B, ¥0.05 per ¥1 retained.
Balance sheet Meaningful net debt, ¥115.6B · dividend paid 9 of 10 yrs, never cut
4061 Denka
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥17.5B¥23.8B¥5.4B¥8.9B¥3.8B¥5.3B(¥29.9B)(¥7.6B)(¥40.1B)(¥31.0B)
Retained capital Retained ¥62.6B of earnings over 2017–2026; annual owner earnings fell ¥41.8B, ¥-0.67 per ¥1 retained.
Balance sheet Heavy net debt, ¥186.4B · dividend paid 10 of 10 yrs, cut at least once
4063 Shin-Etsu Chemical
Shin-Etsu Chemical is a Japanese chemicals maker with two very different engines under one roof. One end produces commodity chemicals — above all polyvinyl chloride, the plastic of construction and industry — and earns its keep by turning feedstock and energy into materials at scale. The other supplies silicon wafers and electronic materials to the semiconductor industry, along with silicones and other specialty and industrial products.
Owner earnings 2017–2026 ¥197.8B¥220.8B¥263.1B¥281.2B¥257.4B¥357.8B¥574.4B¥527.6B¥643.6B¥469.7B
Retained capital Retained ¥1.68T of earnings over 2017–2026; annual owner earnings grew ¥319.7B, ¥0.19 per ¥1 retained.
Balance sheet Net cash, +¥325.1B · dividend paid 10 of 10 yrs, never cut
4151 Kyowa Kirin
A consumer-brand business, where the durable asset is the brand and the pricing power it commands.
Owner earnings 2018–2025 ¥52.0B¥46.6B¥29.4B¥80.0B¥33.1B¥98.3B¥41.8B¥70.5B
Retained capital Retained ¥218.1B of earnings over 2018–2025; annual owner earnings grew ¥27.6B, ¥0.13 per ¥1 retained.
Balance sheet net position not read (debt under-captured) · dividend paid 8 of 8 yrs, never cut
4183 Mitsui Chemicals
Revenue is led by Basic Green Materials (40%) and Mobility Solutions (31%), with 2 more segments behind.
Owner earnings 2017–2026 ¥60.9B¥33.1B¥56.3B¥66.2B¥99.4B¥8.4B¥9.2B¥66.1B¥79.3B¥84.7B
Retained capital Retained ¥331.2B of earnings over 2017–2026; annual owner earnings grew ¥26.6B, ¥0.08 per ¥1 retained.
Balance sheet Heavy net debt, ¥557.1B · dividend paid 10 of 10 yrs, never cut
4188 Mitsubishi Chemical Group
Revenue is led by Industrial Gases (37%) and Specialty Materials (29%), with 2 more segments behind.
Owner earnings 2018–2026 ¥198.1B¥189.8B¥228.5B¥220.7B¥102.0B¥96.2B¥196.5B¥238.3B¥152.2B
Retained capital Retained ¥409.9B of earnings over 2018–2026; annual owner earnings fell ¥9.8B, ¥-0.02 per ¥1 retained.
Balance sheet Heavy net debt, ¥1.36T · dividend paid 9 of 9 yrs, cut at least once
4208 UBE
Revenue is led by Polymers and Chemicals (54%) and Machinery (15%), with 4 more segments behind.
Owner earnings 2017–2026 ¥11.6B¥39.6B¥7.7B¥25.8B¥27.8B(¥3.7B)(¥8.7B)¥22.0B(¥23.1B)(¥12.5B)
Retained capital Retained ¥84.3B of earnings over 2017–2026; annual owner earnings fell ¥24.1B, ¥-0.29 per ¥1 retained.
Balance sheet Heavy net debt, ¥305.6B · dividend paid 10 of 10 yrs, cut at least once
4307 Nomura Research Institute
Revenue is led by Financial IT Solutions (50%) and Industrial IT Solutions (34%), with 2 more segments behind.
Owner earnings 2017–2026 ¥47.6B¥56.6B¥50.8B¥107.9B¥77.0B¥91.3B¥106.8B¥134.8B¥123.5B¥141.8B
Retained capital Paid out ¥108.4B more than it earned over 2017–2026; annual owner earnings grew ¥81.7B.
Balance sheet Modest net debt, ¥103.5B · dividend paid 10 of 10 yrs, cut at least once
4324 Dentsu Group
An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.
Owner earnings not read
Retained capital not read
Balance sheet Net debt against an operating loss, ¥173.1B
4385 Mercari
An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.
Owner earnings 2017–2025 ¥6.1B(¥3.8B)(¥7.8B)¥11.8B¥2.9B(¥26.9B)(¥36.4B)(¥43.5B)(¥12.2B)
Retained capital not read
Balance sheet Net cash, +¥21.8B
4452 Kao
Kao is one of Japan's large consumer-products makers. It sells everyday household and personal-care goods -- the kind of soaps, detergents, shampoos, skin- and hair-care items, and cosmetics that get used up and rebought -- and alongside them runs a chemicals business that supplies other manufacturers rather than the shopper. It earns its keep the way branded-staples firms do: making each item for a little, selling it for somewhat more, and leaning on the habit of buying the same thing again.
Owner earnings 2018–2025 ¥115.3B¥160.6B¥155.3B¥115.6B¥65.4B¥148.3B¥144.2B¥138.5B
Retained capital Retained ¥80.7B of earnings over 2018–2025; annual owner earnings fell ¥80M.
Balance sheet Net cash, +¥89.6B · dividend paid 8 of 8 yrs, never cut
4502 Takeda Pharmaceutical
Takeda is Japan's largest pharmaceutical company and a global biopharmaceutical maker. It discovers, manufactures, and sells branded, patent-protected prescription medicines, reaching patients through doctors, hospitals, pharmacies, and health systems worldwide. It earns its money by spending heavily on research and acquisitions to build a portfolio of drugs, then selling the ones that win approval at high margins for as long as their patents and exclusivity hold.
Owner earnings 2018–2026 ¥310.8B¥250.8B¥542.7B¥899.7B¥999.9B¥836.5B¥540.9B¥856.4B¥865.4B
Retained capital Paid out ¥1.16T more than it earned over 2018–2026; annual owner earnings grew ¥386.1B.
Balance sheet Heavy net debt, ¥4.08T · dividend paid 9 of 9 yrs, never cut
4503 Astellas Pharma
An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.
Owner earnings 2018–2026 ¥287.5B¥233.4B¥180.7B¥275.5B¥226.7B¥291.3B¥134.4B¥157.5B¥502.5B
Retained capital Paid out ¥63.4B more than it earned over 2018–2026; annual owner earnings grew ¥30.9B.
Balance sheet Modest net debt, ¥284.3B · dividend paid 9 of 9 yrs, never cut
4506 Sumitomo Pharma
A consumer-brand business, where the durable asset is the brand and the pricing power it commands.
Owner earnings 2018–2026 ¥88.3B¥39.4B¥38.4B¥129.6B¥23.9B¥3.5B(¥252.7B)¥8.0B¥67.1B
Retained capital Paid out ¥71.9B more than it earned over 2018–2026; annual owner earnings fell ¥114.6B.
Balance sheet Modest net debt, ¥134.7B · dividend paid 9 of 9 yrs, cut at least once
4507 Shionogi
A consumer-brand business, where the durable asset is the brand and the pricing power it commands.
Owner earnings 2017–2026 ¥101.5B¥123.9B¥158.5B¥123.0B¥94.3B¥85.7B¥166.0B¥141.6B¥178.3B¥199.1B
Retained capital Retained ¥705.4B of earnings over 2017–2026; annual owner earnings grew ¥45.1B, ¥0.06 per ¥1 retained.
Balance sheet Net cash, +¥94.9B · dividend paid 10 of 10 yrs, never cut
4519 Chugai Pharmaceutical
A consumer-brand business, where the durable asset is the brand and the pricing power it commands.
Owner earnings 2018–2025 ¥47.3B¥153.6B¥148.0B¥213.7B¥181.0B¥338.0B¥397.2B¥310.0B
Retained capital Retained ¥1.30T of earnings over 2018–2025; annual owner earnings grew ¥232.1B, ¥0.18 per ¥1 retained.
Balance sheet net position not read (debt under-captured) · dividend paid 8 of 8 yrs, never cut
4523 Eisai
An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.
Owner earnings 2018–2026 ¥139.2B¥85.5B¥87.5B¥54.7B¥88.6B(¥24.3B)¥41.7B¥18.2B¥46.0B
Retained capital Retained ¥73.5B of earnings over 2018–2026; annual owner earnings fell ¥68.8B, ¥-0.94 per ¥1 retained.
Balance sheet Net cash, +¥56.7B · dividend paid 9 of 9 yrs, never cut
4543 Terumo
Revenue is Cardiac and Vascular Company (60%), Blood and Cell Technologies Company (20%) and Medical Care Solutions Company (19%).
Owner earnings 2018–2026 ¥82.7B¥54.2B¥55.2B¥59.2B¥88.0B¥64.8B¥85.6B¥142.2B¥145.6B
Retained capital Retained ¥542.0B of earnings over 2018–2026; annual owner earnings grew ¥60.4B, ¥0.11 per ¥1 retained.
Balance sheet Modest net debt, ¥99.3B · dividend paid 9 of 9 yrs, never cut
4568 Daiichi Sankyo
Daiichi Sankyo is a Japanese pharmaceutical company. It discovers, develops, makes, and sells prescription medicines, selling to the doctors and hospitals that prescribe them and to the governments and insurers that mostly foot the bill. Making the pill costs little; the money rides on owning patented drugs that rivals are not permitted to copy.
Owner earnings 2018–2026 ¥85.0B¥55.9B¥164.7B¥161.0B¥76.5B¥53.8B¥539.6B(¥14.8B)¥195M
Retained capital Retained ¥142.0B of earnings over 2018–2026; annual owner earnings grew ¥73.1B, ¥0.51 per ¥1 retained.
Balance sheet Net cash, +¥179.2B · dividend paid 9 of 9 yrs, never cut
4578 Otsuka Holdings
Revenue is led by Pharmaceuticals (71%) and Nutraceuticals (23%), with 2 more segments behind.
Owner earnings 2018–2025 ¥78.7B¥144.0B¥184.0B¥176.4B¥150.9B¥192.5B¥259.1B¥315.7B
Retained capital Retained ¥853.4B of earnings over 2018–2025; annual owner earnings grew ¥120.2B, ¥0.14 per ¥1 retained.
Balance sheet Net cash, +¥306.7B · dividend paid 8 of 8 yrs, never cut
4661 Oriental Land
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥79.3B¥85.5B¥96.8B¥33.9B(¥69.7B)¥10.5B¥121.4B¥149.3B¥130.0B¥104.3B
Retained capital Retained ¥442.9B of earnings over 2017–2026; annual owner earnings grew ¥40.7B, ¥0.09 per ¥1 retained.
Balance sheet Net cash, +¥38.3B · dividend paid 10 of 10 yrs, cut at least once
4689 LY Corporation
Revenue is Commerce (42%), Media (36%) and Stragegy (22%).
Owner earnings 2018–2025 ¥32.2B¥108.2B¥207.2B¥179.3B¥214.5B¥209M¥245.5B¥419.9B
Retained capital Paid out ¥455.5B more than it earned over 2018–2025; annual owner earnings grew ¥106.0B.
Balance sheet Modest net debt, ¥12.7B · dividend paid 8 of 8 yrs, cut at least once
4704 Trend Micro
Revenue is led by Japan (32%) and Asia Pacific (26%), with 2 more segments behind.
Owner earnings 2016–2025 ¥30.5B¥42.3B¥46.4B¥41.1B¥52.8B¥53.1B¥55.5B¥55.0B¥45.6B¥63.5B
Retained capital Paid out ¥98.0B more than it earned over 2016–2025; annual owner earnings grew ¥14.9B.
Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once
4751 CyberAgent
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2016–2021 ¥25.5B¥18.9B¥24.4B¥8.8B¥32.9B¥105.8B
Retained capital Retained ¥58.3B of earnings over 2016–2021; annual owner earnings grew ¥26.3B, ¥0.45 per ¥1 retained.
Balance sheet Net cash, +¥173.1B · dividend paid 6 of 6 yrs, cut at least once
4755 Rakuten Group
Revenue is Internet Services (48%), Fin Tech (35%) and Mobile (17%).
Owner earnings 2018–2025 ¥122.2B¥210.3B¥889.9B¥385.4B(¥560.7B)¥530.4B¥1.11T¥358.4B
Retained capital Paid out ¥1.28T more than it earned over 2018–2025; annual owner earnings grew ¥257.8B.
Balance sheet Net cash, +¥4.04T · dividend paid 6 of 8 yrs, never cut
4901 Fujifilm Holdings
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings not read
Retained capital not read
Balance sheet Heavy net debt, ¥1.11T
4902 Konica Minolta
Revenue is led by Digital Workplace (56%) and Professional Print (23%), with 2 more segments behind.
Owner earnings 2018–2026 ¥38.4B¥22.1B(¥6.5B)¥52.4B(¥3.8B)(¥8.5B)¥56.1B¥25.3B¥38.4B
Retained capital Paid out ¥175.1B more than it earned over 2018–2026; annual owner earnings grew ¥21.9B.
Balance sheet Heavy net debt, ¥287.5B · dividend paid 9 of 9 yrs, cut at least once
4911 Shiseido
An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.
Owner earnings 2016–2025 ¥27.8B¥59.4B¥12.0B(¥16.6B)¥7.7B¥59.0B¥10.4B¥62.3B¥23.5B¥84.6B
Retained capital Retained ¥37.0B of earnings over 2016–2025; annual owner earnings grew ¥23.8B, ¥0.64 per ¥1 retained.
Balance sheet Net debt against an operating loss, ¥231.3B · dividend paid 10 of 10 yrs, cut at least once
5019 Idemitsu Kosan
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥12.1B¥78.7B¥74.8B(¥151.4B)¥49.4B¥51.4B(¥118.4B)¥306.5B¥390.2B¥296.5B
Retained capital Retained ¥742.9B of earnings over 2017–2026; annual owner earnings grew ¥275.9B, ¥0.37 per ¥1 retained.
Balance sheet Heavy net debt, ¥1.21T · dividend paid 10 of 10 yrs, cut at least once
5020 ENEOS Holdings
Revenue is led by Petroleum Products (88%) and Electricity (3%), with 2 more segments behind.
Owner earnings 2018–2026 ¥501.8B¥150.0B¥279.7B¥441.8B(¥21.3B)(¥403.0B)¥706.5B¥294.0B¥379.7B
Retained capital Retained ¥981.5B of earnings over 2018–2026; annual owner earnings grew ¥149.6B, ¥0.15 per ¥1 retained.
Balance sheet Meaningful net debt, ¥1.74T · dividend paid 9 of 9 yrs, never cut
5101 Yokohama Rubber
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2018–2025 ¥37.5B¥25.9B¥47.5B¥32.4B(¥15.1B)¥101.5B¥17.5B¥62.0B
Retained capital Retained ¥359.5B of earnings over 2018–2025; annual owner earnings grew ¥23.4B, ¥0.07 per ¥1 retained.
Balance sheet Meaningful net debt, ¥428.4B · dividend paid 8 of 8 yrs, never cut
5108 Bridgestone
Revenue is led by The Americas (48%) and Japan (29%), with 2 more segments behind.
Owner earnings 2016–2025 ¥257.7B¥219.8B¥160.5B¥234.5B¥326.3B¥120.5B¥47.2B¥379.0B¥249.6B¥409.4B
Retained capital Retained ¥956.0B of earnings over 2016–2025; annual owner earnings grew ¥133.3B, ¥0.14 per ¥1 retained.
Balance sheet Modest net debt, ¥113.2B · dividend paid 8 of 10 yrs, never cut
5201 AGC
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2018–2025 ¥67.6B¥48.5B¥81.7B¥160.0B(¥6.8B)(¥985M)¥103.5B¥64.9B
Retained capital Paid out ¥41.8B more than it earned over 2018–2025; annual owner earnings fell ¥10.1B.
Balance sheet Meaningful net debt, ¥332.9B · dividend paid 8 of 8 yrs, cut at least once
5214 Nippon Electric Glass
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings not read
Retained capital not read
Balance sheet Net cash, +¥22.9B
5233 Taiheiyo Cement
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings not read
Retained capital not read
Balance sheet Heavy net debt, ¥354.4B
5301 Tokai Carbon
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2016–2025 ¥12.3B¥6.2B¥35.6B¥23.2B¥34.1B¥15.2B¥13.7B¥33.0B¥31.4B¥28.2B
Retained capital Retained ¥82.1B of earnings over 2016–2025; annual owner earnings grew ¥12.8B, ¥0.16 per ¥1 retained.
Balance sheet Heavy net debt, ¥143.0B · dividend paid 10 of 10 yrs, cut at least once
5332 TOTO
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥43.6B¥24.1B(¥8.8B)¥33.4B¥34.3B¥19.2B¥3.8B¥42.2B¥36.4B¥34.8B
Retained capital Retained ¥154.5B of earnings over 2017–2026; annual owner earnings grew ¥18.1B, ¥0.12 per ¥1 retained.
Balance sheet Net cash, +¥63.3B · dividend paid 10 of 10 yrs, cut at least once
5333 NGK Insulators
Revenue is Environment (60%), Digital Society (31%) and Energy and Industry (10%).
Owner earnings 2017–2026 ¥53.6B¥20.2B¥25.5B¥13.6B¥34.8B¥59.6B¥57.7B¥56.3B¥54.9B¥84.8B
Retained capital Retained ¥225.9B of earnings over 2017–2026; annual owner earnings grew ¥32.2B, ¥0.14 per ¥1 retained.
Balance sheet Net cash, +¥79.8B · dividend paid 10 of 10 yrs, cut at least once
5401 Nippon Steel
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥162.4B¥73.6B¥13.6B¥33.8B¥112.3B¥285.0B¥321.1B¥647.2B¥593.4B¥143.0B
Retained capital Retained ¥1.41T of earnings over 2017–2026; annual owner earnings grew ¥378.0B, ¥0.27 per ¥1 retained.
Balance sheet Heavy net debt, ¥3.71T · dividend paid 9 of 10 yrs, cut at least once
5406 Kobe Steel
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥45.4B¥88.8B(¥35.5B)(¥78.3B)¥93.9B¥63.7B¥20.7B¥110.4B¥35.0B¥77.2B
Retained capital Retained ¥338.2B of earnings over 2017–2026; annual owner earnings grew ¥41.3B, ¥0.12 per ¥1 retained.
Balance sheet Heavy net debt, ¥580.9B · dividend paid 10 of 10 yrs, cut at least once
5411 JFE Holdings
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings not read
Retained capital not read
Balance sheet Heavy net debt, ¥1.36T
5631 Japan Steel Works
Revenue is Industrial Machinery Products (83%), Steel and Engineering Products (20%) and Real Estate and Other Businesses (2%).
Owner earnings 2017–2026 ¥4.2B¥22.6B(¥3.3B)¥13.2B¥8.7B¥16.1B(¥7.1B)¥14.0B(¥12.5B)(¥25.9B)
Retained capital Retained ¥81.5B of earnings over 2017–2026; annual owner earnings fell ¥16.0B, ¥-0.20 per ¥1 retained.
Balance sheet Modest net debt, ¥11.0B · dividend paid 10 of 10 yrs, cut at least once
5706 Mitsui Mining & Smelting
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 (¥196M)¥25.8B¥6.2B¥6.7B¥1.1B¥37.7B¥14.3B¥46.3B¥47.7B¥53.0B
Retained capital Retained ¥248.9B of earnings over 2017–2026; annual owner earnings grew ¥38.4B, ¥0.15 per ¥1 retained.
Balance sheet Modest net debt, ¥68.8B · dividend paid 10 of 10 yrs, cut at least once
5711 Mitsubishi Materials
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥58.8B(¥6.3B)¥80.2B¥3.3B¥1.6B(¥64.6B)¥762M¥4.7B¥2.8B(¥9.2B)
Retained capital Retained ¥81.8B of earnings over 2017–2026; annual owner earnings fell ¥44.8B, ¥-0.55 per ¥1 retained.
Balance sheet Heavy net debt, ¥531.4B · dividend paid 10 of 10 yrs, cut at least once
5713 Sumitomo Metal Mining
Revenue is Smelting and Refining (78%), Mineral Resources (17%) and Materials (16%).
Owner earnings 2017–2026 (¥6.8B)¥36.4B¥65.1B¥90.8B¥52.3B¥104.1B¥67.1B¥154.5B¥82.6B¥42.0B
Retained capital Retained ¥640.4B of earnings over 2017–2026; annual owner earnings grew ¥61.5B, ¥0.10 per ¥1 retained.
Balance sheet Heavy net debt, ¥547.0B · dividend paid 10 of 10 yrs, cut at least once
5714 Dowa Holdings
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥13.6B(¥6.1B)¥18.9B¥35.8B(¥23.1B)¥37.3B¥21.0B¥93.3B(¥16.0B)(¥29.4B)
Retained capital Retained ¥223.4B of earnings over 2017–2026; annual owner earnings grew ¥7.2B, ¥0.03 per ¥1 retained.
Balance sheet Modest net debt, ¥47.6B · dividend paid 10 of 10 yrs, never cut
5801 Furukawa Electric
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥12.0B¥13.3B¥20.2B¥12.5B(¥33.9B)(¥49.8B)¥638M(¥4.5B)¥23.1B(¥18.0B)
Retained capital Retained ¥188.0B of earnings over 2017–2026; annual owner earnings fell ¥15.0B, ¥-0.08 per ¥1 retained.
Balance sheet Heavy net debt, ¥257.1B · dividend paid 10 of 10 yrs, cut at least once
5802 Sumitomo Electric Industries
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥78.5B¥67.6B(¥390M)¥71.7B¥2.8B(¥98.1B)¥80.7B¥214.1B¥202.4B¥203.0B
Retained capital Retained ¥949.2B of earnings over 2017–2026; annual owner earnings grew ¥157.9B, ¥0.17 per ¥1 retained.
Balance sheet Modest net debt, ¥453.3B · dividend paid 10 of 10 yrs, cut at least once
5803 Fujikura
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥16.0B¥948M¥10.4B¥13.8B¥43.9B¥24.6B¥42.7B¥73.6B¥94.5B¥108.0B
Retained capital Retained ¥261.4B of earnings over 2017–2026; annual owner earnings grew ¥82.9B, ¥0.32 per ¥1 retained.
Balance sheet Net cash, +¥77.3B · dividend paid 8 of 10 yrs, cut at least once
6098 Recruit Holdings
Recruit runs online marketplaces that connect people looking for work with employers who want to hire them, the best known being the job-search sites Indeed and Glassdoor. In Japan it also operates matching and media platforms around everyday decisions — jobs, housing, dining, travel and the like — and it supplies temporary and contract staffing to businesses in Japan and abroad. It is paid chiefly by employers: for job advertisements, for performance-based hiring tools, and for the labor it places.
Owner earnings 2018–2026 ¥174.1B¥248.5B¥268.7B¥272.6B¥426.5B¥416.2B¥524.2B¥602.4B¥658.7B
Retained capital Paid out ¥52.8B more than it earned over 2018–2026; annual owner earnings grew ¥364.7B.
Balance sheet Net cash, +¥539.9B · dividend paid 9 of 9 yrs, cut at least once
6103 Okuma
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥4.5B¥24.8B¥5.1B¥4.1B¥16.4B¥12.4B¥10.5B(¥1.1B)¥11.2B¥14.5B
Retained capital Retained ¥71.3B of earnings over 2017–2026; annual owner earnings fell ¥3.3B, ¥-0.05 per ¥1 retained.
Balance sheet Net cash, +¥22.8B · dividend paid 10 of 10 yrs, cut at least once
6113 Amada
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥17.1B¥18.4B¥26.9B¥16.4B¥41.4B¥44.7B¥4.5B¥36.6B¥39.4B¥52.5B
Retained capital Retained ¥51.5B of earnings over 2017–2026; annual owner earnings grew ¥22.0B, ¥0.43 per ¥1 retained.
Balance sheet Net cash, +¥92.2B · dividend paid 10 of 10 yrs, cut at least once
6146 Disco
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥26.9B¥44.7B¥21.2B¥24.7B¥49.9B¥75.1B¥71.4B¥86.5B¥108.2B¥118.7B
Retained capital Retained ¥408.1B of earnings over 2017–2026; annual owner earnings grew ¥73.5B, ¥0.18 per ¥1 retained.
Balance sheet Net cash, debt-free, +¥184.6B · dividend paid 10 of 10 yrs, cut at least once
6273 SMC
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥106.7B¥139.1B¥59.4B¥107.9B¥101.9B¥135.5B¥75.8B¥64.9B¥162.3B¥144.1B
Retained capital Retained ¥881.0B of earnings over 2017–2026; annual owner earnings grew ¥22.0B, ¥0.03 per ¥1 retained.
Balance sheet Net cash, +¥616.5B · dividend paid 10 of 10 yrs, never cut
6301 Komatsu
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings not read
Retained capital not read
Balance sheet Modest net debt, ¥72.7B
6302 Sumitomo Heavy Industries
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2025 ¥13.6B¥48.1B¥29.2B¥8.4B¥30.7B(¥15.2B)¥25.9B(¥24.6B)¥25.1B
Retained capital Retained ¥142.3B of earnings over 2017–2025; annual owner earnings fell ¥21.5B, ¥-0.15 per ¥1 retained.
Balance sheet Meaningful net debt, ¥145.2B · dividend paid 9 of 9 yrs, cut at least once
6305 Hitachi Construction Machinery
Revenue is Construction Machinery (90%) and Specialized Parts and Service (10%).
Owner earnings 2018–2026 ¥67.6B(¥51.9B)(¥9.4B)¥63.0B¥11.4B(¥79.0B)¥27.3B¥111.6B¥123.3B
Retained capital Retained ¥384.0B of earnings over 2018–2026; annual owner earnings grew ¥85.3B, ¥0.22 per ¥1 retained.
Balance sheet Meaningful net debt, ¥427.1B · dividend paid 9 of 9 yrs, cut at least once
6326 Kubota
Kubota is a Japanese manufacturer best known for farm machinery — tractors and combines sold to farmers and dealers. It also builds compact construction equipment and diesel engines, and supplies water and environmental infrastructure such as pipe, pumps, and valves. It makes its money the way an equipment maker does: designing and assembling durable machines, selling them through a dealer network, and earning on parts and service over the life of each unit.
Owner earnings 2018–2025 ¥38.1B¥6.2B¥82.0B¥20.8B(¥96.9B)(¥124.5B)¥161.2B¥174.9B
Retained capital Retained ¥819.9B of earnings over 2018–2025; annual owner earnings grew ¥28.4B, ¥0.03 per ¥1 retained.
Balance sheet Heavy net debt, ¥1.97T · dividend paid 8 of 8 yrs, never cut
6361 Ebara
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2020–2025 ¥48.3B¥47.1B¥12.7B¥43.4B¥70.9B¥6.0B
Retained capital Retained ¥182.9B of earnings over 2020–2025; annual owner earnings grew ¥4.1B, ¥0.02 per ¥1 retained.
Balance sheet Modest net debt, ¥68.8B · dividend paid 6 of 6 yrs, never cut
6367 Daikin Industries
Daikin Industries makes air conditioning and refrigeration equipment — for homes, offices, and industrial sites — and sells it around the world. It also makes the refrigerants and the core parts, such as compressors, that go inside those machines. The money comes from selling the units, and then from the parts, service, and replacement that follow over the years a machine runs.
Owner earnings 2017–2026 ¥208.4B¥157.1B¥164.5B¥204.1B¥269.7B¥131.0B(¥16.2B)¥229.6B¥268.5B¥256.8B
Retained capital Retained ¥1.55T of earnings over 2017–2026; annual owner earnings grew ¥74.9B, ¥0.05 per ¥1 retained.
Balance sheet Modest net debt, ¥388.1B · dividend paid 10 of 10 yrs, never cut
6471 NSK
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2018–2026 ¥22.3B¥19.2B¥24.5B¥20.0B(¥13.3B)¥19.9B¥49.9B¥44.1B¥59.8B
Retained capital Retained ¥35.5B of earnings over 2018–2026; annual owner earnings grew ¥29.2B, ¥0.82 per ¥1 retained.
Balance sheet Modest net debt, ¥55.8B · dividend paid 9 of 9 yrs, cut at least once
6472 NTN
Revenue is led by Japan (43%) and Americas (32%), with 2 more segments behind.
Owner earnings 2017–2026 ¥27.1B¥25.3B¥844M¥6.4B¥14.6B(¥7.4B)¥14.5B¥40.4B¥22.1B¥28.1B
Retained capital Paid out ¥66.2B more than it earned over 2017–2026; annual owner earnings grew ¥12.4B.
Balance sheet Heavy net debt, ¥189.2B · dividend paid 8 of 10 yrs, cut at least once
6473 JTEKT
Revenue is Mobilities (71%), Industrial Machine and Bearing (19%) and Machine Tools (12%).
Owner earnings 2017–2026 ¥32.7B¥27.0B¥33.0B(¥17.6B)¥36.5B¥24.4B¥22.5B¥95.7B(¥8.1B)¥37.3B
Retained capital Retained ¥88.6B of earnings over 2017–2026; annual owner earnings grew ¥10.8B, ¥0.12 per ¥1 retained.
Balance sheet Meaningful net debt, ¥71.6B · dividend paid 10 of 10 yrs, cut at least once
6479 MinebeaMitsumi
Revenue is led by Semiconductor and Electronics (36%) and Motor Lighting and Sensing Reporatble Segmrnts (28%), with 2 more segments behind.
Owner earnings 2017–2026 ¥53.5B¥61.7B¥64.3B¥39.2B¥49.6B¥33.2B(¥8.9B)¥43.4B¥51.2B¥15.5B
Retained capital Retained ¥390.4B of earnings over 2017–2026; annual owner earnings fell ¥23.1B, ¥-0.06 per ¥1 retained.
Balance sheet Meaningful net debt, ¥255.0B · dividend paid 10 of 10 yrs, never cut
6501 Hitachi
Hitachi is a Japanese industrial conglomerate that builds and services the infrastructure other organizations run on — transport and railway systems, power and energy equipment, building systems such as elevators, and the digital and IT services that tie industrial operations together. Its buyers are governments, utilities, railways and large enterprises, who purchase big-ticket equipment and then the parts, maintenance and service contracts that follow for years. Much of the economics rides on that installed base, not the first sale alone.
Owner earnings 2018–2026 ¥375.1B¥227.7B¥238.0B¥538.4B¥433.0B¥574.4B¥723.7B¥925.4B¥1.32T
Retained capital Retained ¥2.45T of earnings over 2018–2026; annual owner earnings grew ¥708.2B, ¥0.29 per ¥1 retained.
Balance sheet Net cash, +¥464.8B · dividend paid 9 of 9 yrs, never cut
6503 Mitsubishi Electric
Revenue is led by Life (39%) and Industry and Mobility (28%), with 4 more segments behind.
Owner earnings 2018–2026 ¥79.0B¥51.8B¥203.0B¥373.2B¥148.0B¥15.6B¥239.7B¥261.9B¥379.8B
Retained capital Retained ¥1.30T of earnings over 2018–2026; annual owner earnings grew ¥182.6B, ¥0.14 per ¥1 retained.
Balance sheet Modest net debt, ¥98.6B · dividend paid 9 of 9 yrs, cut at least once
6504 Fuji Electric
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥40.1B¥40.9B¥39.0B¥23.4B¥6.4B¥43.8B¥70.2B¥33.0B¥87.6B¥53.0B
Retained capital Retained ¥429.7B of earnings over 2017–2026; annual owner earnings grew ¥17.9B, ¥0.04 per ¥1 retained.
Balance sheet Modest net debt, ¥29.7B · dividend paid 10 of 10 yrs, never cut
6506 Yaskawa Electric
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥21.7B¥33.4B¥20.0B¥9.1B¥31.0B¥34.8B(¥19.0B)¥37.3B¥40.3B¥35.8B
Retained capital Retained ¥214.1B of earnings over 2017–2026; annual owner earnings grew ¥12.8B, ¥0.06 per ¥1 retained.
Balance sheet Modest net debt, ¥63.6B · dividend paid 10 of 10 yrs, cut at least once
6526 Socionext
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2022–2026 ¥8.8B¥5.4B¥41.0B¥19.1B(¥7.2B)
Retained capital Retained ¥42.7B of earnings over 2022–2026; annual owner earnings fell ¥752M, ¥-0.02 per ¥1 retained.
Balance sheet Net cash, debt-free, +¥49.5B · dividend paid 3 of 5 yrs, cut at least once
6532 BayCurrent
An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.
Owner earnings 2017–2026 ¥1.4B¥3.1B¥2.5B¥8.0B¥11.9B¥15.9B¥21.2B¥21.9B¥31.8B¥35.0B
Retained capital Retained ¥97.3B of earnings over 2017–2026; annual owner earnings grew ¥27.2B, ¥0.28 per ¥1 retained.
Balance sheet Net cash, +¥66.0B · dividend paid 9 of 10 yrs, never cut
6594 Nidec
Nidec makes electric motors and the systems built around them, and sells them to other manufacturers rather than to the public. It began with tiny precision motors and, largely by acquiring other firms, carries a line that runs from motors for vehicles to those for home appliances and industrial machinery. It earns its keep on the spread between what a motor costs to build and what an equipment maker will pay to put it inside a finished product.
Owner earnings 2018–2025 ¥84.7B¥49.7B¥35.1B¥130.2B(¥3.6B)¥5.7B¥208.7B¥163.7B
Retained capital Retained ¥427.1B of earnings over 2018–2025; annual owner earnings grew ¥69.5B, ¥0.16 per ¥1 retained.
Balance sheet Heavy net debt, ¥962.4B · dividend paid 8 of 8 yrs, never cut
6645 Omron
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings not read
Retained capital not read
Balance sheet Net debt, ¥110.7B
6701 NEC
Revenue is IT Services (70%) and Social Infrastructure (26%).
Owner earnings 2018–2026 ¥86.7B¥15.3B¥189.0B¥215.6B¥90.6B¥95.7B¥196.1B¥218.0B¥368.1B
Retained capital Retained ¥893.6B of earnings over 2018–2026; annual owner earnings grew ¥163.7B, ¥0.18 per ¥1 retained.
Balance sheet Net cash, +¥169.8B · dividend paid 9 of 9 yrs, never cut
6702 Fujitsu
Revenue is Service Solutions (67%), Hardware Solutions (29%) and Ubiquitous Solutions (7%).
Owner earnings 2018–2026 ¥65.4B(¥21.2B)¥214.3B¥179.2B¥105.1B¥52.2B¥113.4B¥143.0B¥229.2B
Retained capital Retained ¥877.4B of earnings over 2018–2026; annual owner earnings grew ¥75.7B, ¥0.09 per ¥1 retained.
Balance sheet net position not read (debt under-captured) · dividend paid 9 of 9 yrs, never cut
6723 Renesas Electronics
An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.
Owner earnings 2016–2025 ¥60.3B¥97.2B¥107.8B¥163.7B¥201.6B¥270.4B¥413.2B¥408.4B¥210.6B¥363.7B
Retained capital Retained ¥767.0B of earnings over 2016–2025; annual owner earnings grew ¥239.2B, ¥0.31 per ¥1 retained.
Balance sheet net position not read (debt under-captured) · dividend paid 2 of 10 yrs, never cut
6724 Seiko Epson
Revenue is Printing Solutions (73%), Manufacturing Related and Wearables (15%) and Visual Communications (13%).
Owner earnings 2018–2026 ¥34.3B¥20.8B¥37.1B¥85.7B¥72.2B¥10.8B¥116.0B¥78.7B¥57.8B
Retained capital Retained ¥154.1B of earnings over 2018–2026; annual owner earnings grew ¥53.4B, ¥0.35 per ¥1 retained.
Balance sheet Net cash, +¥101.6B · dividend paid 9 of 9 yrs, never cut
6752 Panasonic Holdings
Revenue is led by Connect (17%) and Smart Life (17%), with 4 more segments behind.
Owner earnings 2018–2026 ¥28.7B(¥112.4B)¥156.4B¥272.9B¥18.7B¥231.4B¥319.4B¥23.8B¥1.3B
Retained capital Retained ¥1.76T of earnings over 2018–2026; annual owner earnings grew ¥90.6B, ¥0.05 per ¥1 retained.
Balance sheet Net cash, +¥515.4B · dividend paid 9 of 9 yrs, cut at least once
6753 Sharp
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥49.8B¥3.2B(¥48.0B)(¥5.0B)¥169.0B¥27.6B(¥28.8B)¥83.6B(¥28.4B)(¥22.0B)
Retained capital Paid out ¥379.1B more than it earned over 2017–2026; annual owner earnings grew ¥9.4B.
Balance sheet Heavy net debt, ¥207.5B · dividend paid 6 of 10 yrs, cut at least once
6758 Sony Group
Sony is a diversified group built around entertainment and technology. It sells video games alongside the PlayStation hardware and its online network, recorded music and song publishing, films and television, the image sensors that go into cameras and smartphones, and consumer electronics such as cameras and audio; in Japan it also runs an insurance and banking arm. It earns from selling hardware, from the content and services that ride on top of it, from licensing its catalogs and components, and from financial products.
Owner earnings 2022–2026 ¥792.5B(¥298.9B)¥749.3B¥1.70T¥1.49T
Retained capital Retained ¥3.25T of earnings over 2022–2026; annual owner earnings grew ¥898.3B, ¥0.28 per ¥1 retained.
Balance sheet Net cash, +¥1.58T · dividend paid 5 of 5 yrs, never cut
6762 TDK
Revenue is led by Energy Application Products (55%) and Passive Components (24%), with 2 more segments behind.
Owner earnings not read
Retained capital not read
Balance sheet Net cash, +¥226.8B
6770 Alps Alpine
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥516M¥34.4B¥20.3B¥54.6B¥11.2B(¥4.9B)(¥28.4B)¥41.8B¥22.8B¥62.0B
Retained capital Retained ¥38.4B of earnings over 2017–2026; annual owner earnings grew ¥23.8B, ¥0.62 per ¥1 retained.
Balance sheet Net cash, +¥46.7B · dividend paid 10 of 10 yrs, cut at least once
6841 Yokogawa Electric
Revenue is Industrial Automation and Control (94%) and Test and Measurement (6%).
Owner earnings 2017–2026 ¥32.8B¥25.4B¥13.5B¥21.2B¥24.2B¥43.4B¥31.8B¥55.1B¥88.2B¥74.8B
Retained capital Retained ¥210.2B of earnings over 2017–2026; annual owner earnings grew ¥48.8B, ¥0.23 per ¥1 retained.
Balance sheet Net cash, +¥150.3B · dividend paid 10 of 10 yrs, never cut
6857 Advantest
Revenue is Test System (90%) and Services Support and Others (10%).
Owner earnings 2018–2026 ¥24.1B¥38.9B¥58.3B¥55.4B¥61.7B¥47.7B¥13.1B¥268.6B¥309.6B
Retained capital Retained ¥526.1B of earnings over 2018–2026; annual owner earnings grew ¥156.6B, ¥0.30 per ¥1 retained.
Balance sheet Net cash, +¥319.8B · dividend paid 9 of 9 yrs, never cut
6861 Keyence
Keyence makes the sensing and inspection gear that runs inside factories — sensors, machine-vision systems, measuring instruments, code readers, laser markers and microscopes — and sells it to manufacturers across most industries. It designs the products but farms out the actual making to other firms, and it sells direct to the engineers who use the gear rather than through distributors. The money comes from supplying many small, high-value pieces of equipment to a very large, scattered base of plants.
Owner earnings 2017–2026 ¥118.9B¥198.4B¥202.0B¥195.2B¥188.3B¥265.3B¥291.1B¥375.4B¥395.2B¥413.5B
Retained capital Retained ¥2.35T of earnings over 2017–2026; annual owner earnings grew ¥221.6B, ¥0.09 per ¥1 retained.
Balance sheet Net cash, debt-free, +¥1.35T · dividend paid 10 of 10 yrs, never cut
6902 Denso
Denso is one of the world's largest makers of automotive components and systems — the parts that go inside a car rather than the car itself. It sells mainly to vehicle manufacturers, who design those parts into their models, and it has long been closely tied to the Toyota group. Its money comes from supplying these components in volume across the global auto industry.
Owner earnings 2018–2026 ¥210.0B¥123.2B¥170.8B¥41.7B¥59.2B¥242.1B¥570.2B¥378.7B¥140.9B
Retained capital Retained ¥447.9B of earnings over 2018–2026; annual owner earnings grew ¥195.2B, ¥0.44 per ¥1 retained.
Balance sheet Net cash, +¥377.8B · dividend paid 9 of 9 yrs, never cut
6920 Lasertec
An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.
Owner earnings 2016–2025 ¥2.8B¥3.0B¥2.7B¥5.3B¥15.6B¥9.7B(¥4.2B)¥37.1B¥30.3B¥75.8B
Retained capital Retained ¥188.1B of earnings over 2016–2025; annual owner earnings grew ¥44.9B, ¥0.24 per ¥1 retained.
Balance sheet Net cash, debt-free, +¥86.1B · dividend paid 10 of 10 yrs, cut at least once
6954 Fanuc
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥95.2B¥141.8B¥138.0B¥99.0B¥96.2B¥91.2B¥52.4B¥117.9B¥214.5B¥229.7B
Retained capital Retained ¥303.8B of earnings over 2017–2026; annual owner earnings grew ¥62.4B, ¥0.21 per ¥1 retained.
Balance sheet Net cash, debt-free, +¥650.9B · dividend paid 10 of 10 yrs, cut at least once
6963 Rohm
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥27.8B¥24.9B¥11.7B¥37.3B¥13.6B¥50.2B¥42.5B¥10.8B¥538M¥32.4B
Retained capital Paid out ¥93.4B more than it earned over 2017–2026; annual owner earnings fell ¥6.9B.
Balance sheet Net cash, +¥43.8B · dividend paid 10 of 10 yrs, cut at least once
6971 Kyocera
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2018–2026 ¥74.7B¥156.1B¥107.5B¥98.0B¥67.5B¥2.6B¥121.4B¥83.3B¥67.1B
Retained capital Retained ¥44.1B of earnings over 2018–2026; annual owner earnings fell ¥22.2B.
Balance sheet Net cash, +¥368.2B · dividend paid 9 of 9 yrs, cut at least once
6976 Taiyo Yuden
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings not read
Retained capital not read
Balance sheet Modest net debt, ¥28.9B
6981 Murata Manufacturing
Murata makes the small passive components that sit inside almost every electronic device — above all the multilayer ceramic capacitors that store and steady electric charge, along with filters, inductors and related parts. It supplies these in vast volume to the firms that build smartphones, cars, computers and industrial gear, earning its keep as a high-volume maker of pieces that cost very little each but are needed in great number. The work is capital-intensive: the money goes into ceramic process know-how and the plants that turn it into parts at scale.
Owner earnings 2023–2026 ¥87.7B¥313.8B¥269.0B¥247.0B
Retained capital Retained ¥233.7B of earnings over 2023–2026; annual owner earnings grew ¥53.1B, ¥0.23 per ¥1 retained.
Balance sheet Net cash, +¥601.2B · dividend paid 4 of 4 yrs, never cut
6988 Nitto Denko
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2018–2026 ¥74.1B¥52.7B¥63.8B¥58.6B¥85.5B¥115.8B¥87.7B¥152.3B¥121.5B
Retained capital Retained ¥302.3B of earnings over 2018–2026; annual owner earnings grew ¥57.0B, ¥0.19 per ¥1 retained.
Balance sheet Net cash, +¥333.8B · dividend paid 9 of 9 yrs, never cut
7004 Kanadevia
Revenue is Environmental Systems (78%), Machinery (11%) and Element (11%).
Owner earnings 2017–2026 ¥9.3B(¥13.4B)(¥12.4B)¥22.8B¥12.2B¥19.4B¥21.4B(¥7.3B)¥12.9B(¥4.0B)
Retained capital Retained ¥70.0B of earnings over 2017–2026; annual owner earnings grew ¥6.0B, ¥0.09 per ¥1 retained.
Balance sheet Heavy net debt, ¥106.8B · dividend paid 10 of 10 yrs, never cut
7011 Mitsubishi Heavy Industries
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 (¥104.3B)¥229.6B¥244.6B¥278.4B(¥241.2B)¥156.3B(¥51.0B)¥170.7B¥342.5B¥761.6B
Retained capital Retained ¥861.3B of earnings over 2017–2026; annual owner earnings grew ¥301.6B, ¥0.35 per ¥1 retained.
Balance sheet Modest net debt, ¥330.2B · dividend paid 10 of 10 yrs, cut at least once
7012 Kawasaki Heavy Industries
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥42.0B(¥87M)¥50.7B(¥87.4B)(¥17.1B)¥97.9B(¥35.3B)(¥48.4B)¥50.3B¥44.1B
Retained capital Retained ¥247.7B of earnings over 2017–2026; annual owner earnings fell ¥15.6B, ¥-0.06 per ¥1 retained.
Balance sheet Heavy net debt, ¥343.9B · dividend paid 10 of 10 yrs, cut at least once
7013 IHI
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2020 ¥11.1B¥39.6B(¥17.8B)(¥23.9B)
Retained capital Retained ¥21.3B of earnings over 2017–2020; annual owner earnings fell ¥11.7B, ¥-0.55 per ¥1 retained.
Balance sheet Meaningful net debt, ¥334.8B · dividend paid 4 of 4 yrs, never cut
7201 Nissan Motor
Revenue is Automobile (91%) and Sales Financing (11%).
Owner earnings not read
Retained capital not read
Balance sheet Heavy net debt, ¥5.97T
7202 Isuzu Motors
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2024–2026 ¥164.3B¥95.2B¥68.3B
Retained capital not read
Balance sheet Meaningful net debt, ¥481.2B
7203 Toyota Motor
Toyota designs and builds passenger vehicles, sold under the Toyota and Lexus names to buyers around the world through a network of dealers. It is a mass-market automaker, long associated with hybrid gasoline-electric vehicles. A captive finance arm lends to the buyers and the dealers, so part of the profit comes from interest and the rest from the spread between what a vehicle costs to make and the price it fetches.
Owner earnings 2020–2026 ¥1.15T¥1.51T¥2.53T¥1.50T¥2.36T¥1.79T¥3.32T
Retained capital Retained ¥14.39T of earnings over 2020–2026; annual owner earnings grew ¥761.3B, ¥0.05 per ¥1 retained.
Balance sheet Net cash, +¥15.93T · dividend paid 7 of 7 yrs, never cut
7211 Mitsubishi Motors
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 (¥102.3B)¥67.1B¥83.9B(¥56.0B)(¥121.0B)¥64.5B¥102.5B¥73.1B¥100.7B(¥46.9B)
Retained capital Paid out ¥59.2B more than it earned over 2017–2026; annual owner earnings grew ¥26.1B.
Balance sheet Net cash, +¥43.4B · dividend paid 10 of 10 yrs, cut at least once
7261 Mazda Motor
Revenue is led by North America (52%) and Japan (18%), with 2 more segments behind.
Owner earnings 2017–2026 ¥82.9B¥120.7B¥36.5B(¥72.7B)¥48.3B¥98.9B¥57.6B¥326.2B¥202.0B(¥89.1B)
Retained capital Retained ¥606.0B of earnings over 2017–2026; annual owner earnings grew ¥66.3B, ¥0.11 per ¥1 retained.
Balance sheet Net cash, +¥633.1B · dividend paid 9 of 10 yrs, cut at least once
7267 Honda Motor
Honda designs and builds machines with engines: motorcycles, automobiles, and power products such as small engines and generators, sold through dealers to consumers and businesses worldwide. It books a margin on each unit, and runs a captive finance arm that lends to buyers and dealers, collecting interest on top of the sale. So the business is part manufacturer, part lender, leaning on its brand and its engineering.
Owner earnings 2018–2026 ¥572.1B¥355.2B¥609.2B¥754.0B¥1.41T¥1.65T¥398.6B(¥218.7B)¥523.2B
Retained capital Retained ¥1.56T of earnings over 2018–2026; annual owner earnings fell ¥277.8B, ¥-0.18 per ¥1 retained.
Balance sheet Net cash, +¥4.08T · dividend paid 9 of 9 yrs, cut at least once
7269 Suzuki Motor
Suzuki designs and builds vehicles — small, value-priced cars, motorcycles, and outboard marine motors — and sells them through dealers to mass-market buyers. Much of the business sits in a few large markets where the customer wants a cheap, durable car rather than a fancy one, with India and Japan chief among them. It earns its keep the plain way: build the vehicle for less than the buyer pays, multiplied across many units.
Owner earnings 2017–2026 ¥174.3B¥294.3B¥234.5B¥7.4B¥278.9B¥30.8B¥109.3B¥272.4B¥419.9B¥439.8B
Retained capital Retained ¥1.92T of earnings over 2017–2026; annual owner earnings grew ¥143.0B, ¥0.07 per ¥1 retained.
Balance sheet Net cash, +¥259.7B · dividend paid 10 of 10 yrs, never cut
7270 Subaru
Revenue is Automobiles (97%) and Aerospace (3%).
Owner earnings 2019–2026 ¥120.1B¥78.4B¥164.7B¥94.4B¥368.8B¥579.5B¥321.3B¥123.9B
Retained capital Retained ¥713.0B of earnings over 2019–2026; annual owner earnings grew ¥220.5B, ¥0.31 per ¥1 retained.
Balance sheet Net cash, +¥637.1B · dividend paid 8 of 8 yrs, cut at least once
7272 Yamaha Motor
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2016–2025 ¥92.7B¥80.9B¥4.9B¥40.4B¥59.1B¥90.2B¥11.1B¥15.0B¥93.8B¥49.8B
Retained capital Retained ¥561.7B of earnings over 2016–2025; annual owner earnings fell ¥6.6B, ¥-0.01 per ¥1 retained.
Balance sheet Heavy net debt, ¥645.4B · dividend paid 10 of 10 yrs, cut at least once
7309 Shimano
Revenue is Bicycle Components (76%) and Fishing Tackle (24%).
Owner earnings 2016–2025 ¥48.5B¥56.4B¥32.1B¥49.8B¥72.8B¥96.3B¥90.4B¥89.8B¥62.0B¥36.6B
Retained capital Retained ¥318.3B of earnings over 2016–2025; annual owner earnings grew ¥17.1B, ¥0.05 per ¥1 retained.
Balance sheet Net cash, +¥468.8B · dividend paid 10 of 10 yrs, cut at least once
7453 Ryohin Keikaku (MUJI)
Revenue is led by Domestic (60%) and East Asia (28%), with 2 more segments behind.
Owner earnings 2017–2025 ¥40.9B¥16.8B¥7.6B(¥6.7B)¥53.0B¥15.3B¥40.0B¥35.9B¥50.0B
Retained capital Retained ¥121.5B of earnings over 2017–2025; annual owner earnings grew ¥20.2B, ¥0.17 per ¥1 retained.
Balance sheet Net cash, +¥33.2B · dividend paid 9 of 9 yrs, cut at least once
7532 Pan Pacific International Holdings
Revenue is Japan (85%), North America (12%) and Asia (4%).
Owner earnings 2016–2025 (¥14.6B)¥17.0B(¥7.3B)¥58.1B¥33.6B¥38.7B¥48.6B¥86.3B¥64.3B¥93.3B
Retained capital Retained ¥385.5B of earnings over 2016–2025; annual owner earnings grew ¥82.9B, ¥0.22 per ¥1 retained.
Balance sheet Modest net debt, ¥266.8B · dividend paid 10 of 10 yrs, never cut
7731 Nikon
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2018–2026 ¥97.0B¥48.1B(¥3.0B)(¥12.0B)¥13.4B(¥23.1B)(¥8.4B)(¥3.9B)(¥41.0B)
Retained capital Paid out ¥120.6B more than it earned over 2018–2026; annual owner earnings fell ¥65.1B.
Balance sheet Net debt against an operating loss, ¥61.9B · dividend paid 9 of 9 yrs, cut at least once
7733 Olympus
Revenue is Gastrointestinal Solutions (69%) and Surgical and Interventional Solutions (31%).
Owner earnings 2018–2026 ¥46.3B¥19.8B¥95.8B¥85.5B¥128.0B¥50.9B(¥4.1B)¥144.5B¥45.0B
Retained capital Retained ¥171.4B of earnings over 2018–2026; annual owner earnings grew ¥7.8B, ¥0.05 per ¥1 retained.
Balance sheet Modest net debt, ¥51.5B · dividend paid 9 of 9 yrs, never cut
7735 SCREEN Holdings
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥43.5B¥23.2B(¥44.4B)¥2.7B¥51.8B¥72.9B¥65.1B¥85.4B¥58.4B¥78.1B
Retained capital Retained ¥299.1B of earnings over 2017–2026; annual owner earnings grew ¥66.6B, ¥0.22 per ¥1 retained.
Balance sheet Net cash, +¥299.6B · dividend paid 10 of 10 yrs, cut at least once
7741 Hoya
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2018–2026 ¥117.5B¥119.9B¥129.0B¥120.6B¥161.2B¥168.4B¥181.7B¥187.2B¥221.9B
Retained capital Retained ¥168.1B of earnings over 2018–2026; annual owner earnings grew ¥74.8B, ¥0.44 per ¥1 retained.
Balance sheet net position not read (debt under-captured) · dividend paid 9 of 9 yrs, never cut
7751 Canon
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings not read
Retained capital not read
Balance sheet Heavy net debt, ¥906.9B
7752 Ricoh
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2018–2026 ¥38.0B¥9.5B¥30.1B¥84.8B¥45.1B¥21.2B¥72.3B¥87.9B¥109.2B
Retained capital Paid out ¥198.6B more than it earned over 2018–2026; annual owner earnings grew ¥64.0B.
Balance sheet Meaningful net debt, ¥315.5B · dividend paid 9 of 9 yrs, cut at least once
7832 Bandai Namco Holdings
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥54.7B¥31.6B¥69.7B¥26.2B¥44.5B¥102.0B¥70.2B¥64.2B¥153.8B¥128.9B
Retained capital Retained ¥414.1B of earnings over 2017–2026; annual owner earnings grew ¥63.6B, ¥0.15 per ¥1 retained.
Balance sheet Net cash, +¥400.3B · dividend paid 10 of 10 yrs, cut at least once
7911 TOPPAN Holdings
Revenue is Information and Communication (51%), Living and Industry (40%) and Electronics (10%).
Owner earnings 2017–2026 ¥36.2B¥11.6B¥9.6B¥36.2B¥20.3B¥22.2B¥40.7B¥75.4B(¥11.7B)¥6.9B
Retained capital Retained ¥331.0B of earnings over 2017–2026; annual owner earnings grew ¥4.4B, ¥0.01 per ¥1 retained.
Balance sheet Modest net debt, ¥108.6B · dividend paid 10 of 10 yrs, cut at least once
7912 Dai Nippon Printing
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥21.9B¥16.0B¥31.4B¥54.0B¥10.7B¥28.4B(¥12.3B)¥13.1B¥75.6B(¥19.7B)
Retained capital Retained ¥89.6B of earnings over 2017–2026; annual owner earnings fell ¥51M, ¥-0.00 per ¥1 retained.
Balance sheet Modest net debt, ¥34.0B · dividend paid 10 of 10 yrs, cut at least once
7951 Yamaha Corporation
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥25.9B¥24.5B¥15.3B¥36.7B¥45.7B¥21.5B(¥35.6B)¥20.9B¥32.3B¥31.6B
Retained capital Retained ¥58.9B of earnings over 2017–2026; annual owner earnings grew ¥6.4B, ¥0.11 per ¥1 retained.
Balance sheet Net cash, +¥92.8B · dividend paid 10 of 10 yrs, never cut
7974 Nintendo
Nintendo makes video-game machines and the games that run on them, and sells both to players at home and on the go the world over. The machines matter, but the profit comes mainly from the software and from the characters Nintendo has owned and built over decades — Mario, Zelda, Pokemon and the rest. Those same characters are lent out for toys, films and theme parks, so a creation made once can be sold many times.
Owner earnings 2017–2026 ¥10.7B¥142.6B¥159.8B¥337.9B¥605.1B¥282.1B¥311.8B¥446.0B(¥6.9B)¥273.9B
Retained capital Retained ¥1.49T of earnings over 2017–2026; annual owner earnings grew ¥133.3B, ¥0.09 per ¥1 retained.
Balance sheet net position not read (debt under-captured) · dividend paid 10 of 10 yrs, cut at least once
8001 Itochu
Itochu is one of Japan's large general trading houses — a sogo shosha — that buys, sells, ships, and finances a wide range of goods around the world, and takes ownership stakes in the businesses along those supply chains. Among the majors it tilts more toward consumer-facing trade, with deep roots in textiles and a heavier weighting in food and the distribution that moves everyday goods, and less toward pulling resources out of the ground. It earns its keep two ways: a thin cut on the enormous volume of goods that passes through its hands, and its share of the profits from the many companies it part-owns.
Owner earnings 2018–2026 ¥280.4B¥363.0B¥678.6B¥730.9B¥644.0B¥744.0B¥775.6B¥769.8B¥846.8B
Retained capital Retained ¥3.72T of earnings over 2018–2026; annual owner earnings grew ¥356.8B, ¥0.10 per ¥1 retained.
Balance sheet Heavy net debt, ¥4.16T · dividend paid 9 of 9 yrs, never cut
8002 Marubeni
Marubeni is one of Japan's sogo shosha — a general trading house that buys, moves, finances, and resells goods across many industries, and owns stakes in the businesses it trades with. It earns money two ways: thin margins on the enormous flows of goods passing through its hands, and its share of the profits and dividends from a sprawling portfolio of subsidiaries and affiliates. The customer is rarely the public; it sits between producers and industrial buyers, and between capital and projects, taking a cut of the transaction and a piece of the equity.
Owner earnings 2018–2026 ¥150.2B¥191.7B¥217.1B¥273.0B¥210.1B¥502.1B¥289.1B¥420.4B¥381.9B
Retained capital Retained ¥1.85T of earnings over 2018–2026; annual owner earnings grew ¥177.5B, ¥0.10 per ¥1 retained.
Balance sheet Net debt, ¥1.86T · dividend paid 9 of 9 yrs, cut at least once
8015 Toyota Tsusho
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2018–2026 ¥151.1B¥123.8B¥164.0B¥120.7B(¥85.6B)¥283.3B¥367.1B¥331.0B¥297.2B
Retained capital Retained ¥1.55T of earnings over 2018–2026; annual owner earnings grew ¥185.5B, ¥0.12 per ¥1 retained.
Balance sheet Modest net debt, ¥765.0B · dividend paid 9 of 9 yrs, never cut
8031 Mitsui & Co.
Mitsui & Co. is one of Japan's general trading houses, a sogo shosha: it buys, sells, ships, and finances raw materials and industrial goods around the world, and it takes ownership stakes in the producers and projects that supply them. So the company earns two ways at once — partly as a middleman taking a margin on what moves through its network, and partly as an owner collecting profits and dividends from a sprawl of businesses it holds. In plain terms, it is a portfolio of commodity and industrial interests wrapped in a trading network, and money comes from both the flow of goods and the returns on the stakes.
Owner earnings 2018–2026 ¥379.5B¥103.0B¥238.5B¥557.0B¥621.4B¥819.5B¥569.6B¥671.4B(¥155.5B)
Retained capital Retained ¥3.35T of earnings over 2018–2026; annual owner earnings grew ¥121.5B, ¥0.04 per ¥1 retained.
Balance sheet Net debt, ¥3.59T · dividend paid 9 of 9 yrs, never cut
8035 Tokyo Electron
Tokyo Electron builds the machines that make semiconductors. Its customers are the chipmakers, who buy its coating, deposition, etching, cleaning and test equipment to run their fabrication plants; it also makes the equipment used to produce flat-panel displays. It earns its keep selling these tools, and the parts and service that keep them running.
Owner earnings 2017–2026 ¥119.4B¥166.0B¥165.2B¥224.0B¥112.0B¥246.7B¥383.3B¥382.4B¥520.0B¥458.8B
Retained capital Retained ¥1.22T of earnings over 2017–2026; annual owner earnings grew ¥303.5B, ¥0.25 per ¥1 retained.
Balance sheet Net cash, +¥560.4B · dividend paid 10 of 10 yrs, cut at least once
8053 Sumitomo Corp.
Sumitomo is one of Japan's general trading houses — a sprawling collection of businesses that buys, sells, ships and finances goods of nearly every kind, and also takes ownership stakes in the companies that make and move them. It earns two ways: a margin on the trading and logistics it arranges, and its share of the profits from the many operating ventures it part-owns, spanning lines from metals and energy to machinery, chemicals and real estate. In plain terms, it is a diversified portfolio of trading and operating interests under one roof, funded in part with borrowed money.
Owner earnings 2018–2026 ¥197.5B¥158.9B¥249.7B¥400.8B¥124.3B¥162.5B¥515.5B¥509.5B¥707.5B
Retained capital Retained ¥1.96T of earnings over 2018–2026; annual owner earnings grew ¥375.5B, ¥0.19 per ¥1 retained.
Balance sheet Net debt, ¥3.55T · dividend paid 9 of 9 yrs, cut at least once
8058 Mitsubishi Corp.
Mitsubishi Corporation is one of Japan's general trading houses — a sogo shosha — meaning it is less a single business than a sprawling portfolio of them. It buys, sells, ships and finances goods across many industries, and it owns stakes in operating companies whose profits it shares, so its earnings come partly from trading and intermediation and partly from the businesses it has invested in. Think of it as a holding company and a middleman rolled together, spread across commodities, industrial goods, and consumer-facing ventures around the world.
Owner earnings 2018–2026 ¥465.0B¥337.2B¥523.7B¥628.6B¥662.0B¥1.48T¥826.8B¥1.27T¥1.14T
Retained capital Retained ¥2.08T of earnings over 2018–2026; annual owner earnings grew ¥637.4B, ¥0.31 per ¥1 retained.
Balance sheet Net debt, ¥4.58T · dividend paid 9 of 9 yrs, never cut
8233 Takashimaya
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥20.5B(¥32.6B)(¥25.2B)(¥3.9B)¥20.3B(¥11.9B)¥10.5B¥31.7B¥43.7B¥8.6B
Retained capital Retained ¥33.2B of earnings over 2017–2026; annual owner earnings grew ¥40.4B, ¥1.22 per ¥1 retained.
Balance sheet Heavy net debt, ¥337.0B · dividend paid 10 of 10 yrs, never cut
8252 Marui Group
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings not read
Retained capital not read
Balance sheet Heavy net debt, ¥662.7B
8267 Aeon
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings not read
Retained capital not read
Balance sheet Heavy net debt, ¥1.90T
8801 Mitsui Fudosan
Revenue is led by Leasing (35%) and Property Sales (27%), with 2 more segments behind.
Owner earnings 2017–2026 ¥156.1B(¥40.0B)¥137.7B(¥4.3B)¥89.7B¥160.0B¥172.4B¥108.0B¥458.7B(¥5.7B)
Retained capital Retained ¥1.08T of earnings over 2017–2026; annual owner earnings grew ¥102.4B, ¥0.09 per ¥1 retained.
Balance sheet Heavy net debt, ¥4.57T · dividend paid 10 of 10 yrs, cut at least once
8802 Mitsubishi Estate
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥92.6B¥215.8B¥265.6B¥256.8B¥118.3B¥188.5B¥176.5B¥208.9B¥222.9B¥400.9B
Retained capital Retained ¥697.9B of earnings over 2017–2026; annual owner earnings grew ¥86.2B, ¥0.12 per ¥1 retained.
Balance sheet Heavy net debt, ¥3.29T · dividend paid 10 of 10 yrs, never cut
8804 Tokyo Tatemono
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings not read
Retained capital not read
Balance sheet Heavy net debt, ¥1.19T
8830 Sumitomo Realty & Development
Revenue is led by Real Estate Leasing (43%) and Real Estate Selling (31%), with 3 more segments behind.
Owner earnings 2017–2026 (¥96.4B)(¥30.1B)¥71.5B(¥39.9B)(¥129.5B)¥13.4B(¥284.2B)¥43.6B¥87.7B(¥18.4B)
Retained capital Retained ¥1.25T of earnings over 2017–2026; annual owner earnings grew ¥56.0B, ¥0.04 per ¥1 retained.
Balance sheet Heavy net debt, ¥3.74T · dividend paid 10 of 10 yrs, never cut
9001 Tobu Railway
Revenue is led by Transportation (33%) and Leisure (29%), with 3 more segments behind.
Owner earnings 2017–2026 ¥20.5B¥6.9B¥9.2B¥7.4B(¥41.1B)¥12.9B¥43.9B¥8.8B(¥20.8B)(¥1.9B)
Retained capital Retained ¥173.9B of earnings over 2017–2026; annual owner earnings fell ¥16.8B, ¥-0.10 per ¥1 retained.
Balance sheet Heavy net debt, ¥744.8B · dividend paid 10 of 10 yrs, cut at least once
9005 Tokyu
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings not read
Retained capital not read
Balance sheet Heavy net debt, ¥1.25T
9007 Odakyu Electric Railway
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥4.8B¥20.4B(¥212M)(¥14.5B)(¥33.5B)(¥24.9B)¥14.9B¥11.3B(¥52.3B)(¥24.7B)
Retained capital Retained ¥177.5B of earnings over 2017–2026; annual owner earnings fell ¥30.2B, ¥-0.17 per ¥1 retained.
Balance sheet Heavy net debt, ¥648.7B · dividend paid 10 of 10 yrs, cut at least once
9008 Keio
Revenue is led by Life Services (27%) and Transportation (27%), with 3 more segments behind.
Owner earnings 2017–2026 (¥16.9B)(¥13.8B)¥2.8B(¥11.7B)(¥39.3B)(¥8.8B)(¥31.1B)¥8.0B(¥20.3B)(¥30.5B)
Retained capital Retained ¥104.5B of earnings over 2017–2026; annual owner earnings fell ¥4.9B, ¥-0.05 per ¥1 retained.
Balance sheet Heavy net debt, ¥440.9B · dividend paid 10 of 10 yrs, cut at least once
9009 Keisei Electric Railway
Revenue is led by Transportation (62%) and Merchandise Sales (18%), with 4 more segments behind.
Owner earnings not read
Retained capital not read
Balance sheet Heavy net debt, ¥356.2B
9020 East Japan Railway (JR East)
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥71.2B¥126.0B¥14.8B(¥155.2B)(¥955.5B)(¥392.5B)¥26.2B(¥26.8B)(¥38.7B)(¥123.0B)
Retained capital Retained ¥464.7B of earnings over 2017–2026; annual owner earnings fell ¥133.5B, ¥-0.29 per ¥1 retained.
Balance sheet Heavy net debt, ¥4.84T · dividend paid 10 of 10 yrs, cut at least once
9021 West Japan Railway (JR West)
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings not read
Retained capital not read
Balance sheet Heavy net debt, ¥1.25T
9022 Central Japan Railway (JR Central)
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥275.4B¥329.2B¥234.9B¥170.4B(¥639.5B)(¥378.8B)¥59.5B¥281.6B¥172.0B¥254.8B
Retained capital Retained ¥2.58T of earnings over 2017–2026; annual owner earnings fell ¥43.7B, ¥-0.02 per ¥1 retained.
Balance sheet Modest net debt, ¥914.6B · dividend paid 10 of 10 yrs, cut at least once
9064 Yamato Holdings
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥29.3B¥15.1B¥70.0B¥19.6B¥91.8B¥11.2B¥54.5B¥32.4B(¥7.3B)¥34.6B
Retained capital Retained ¥6.8B of earnings over 2017–2026; annual owner earnings fell ¥18.2B.
Balance sheet Net cash, +¥41.9B · dividend paid 10 of 10 yrs, cut at least once
9101 Nippon Yusen (NYK)
Revenue is led by Logistics (33%) and Dry Bulk (23%), with 5 more segments behind.
Owner earnings 2017–2026 (¥64.1B)¥1.3B(¥44.5B)¥12.9B¥57.2B¥406.2B¥703.2B¥259.8B¥356.1B¥298.2B
Retained capital Retained ¥1.53T of earnings over 2017–2026; annual owner earnings grew ¥340.5B, ¥0.22 per ¥1 retained.
Balance sheet Heavy net debt, ¥990.6B · dividend paid 9 of 10 yrs, cut at least once
9104 Mitsui O.S.K. Lines
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings not read
Retained capital not read
Balance sheet Heavy net debt, ¥2.28T
9107 Kawasaki Kisen (K Line)
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 (¥110.4B)(¥95.5B)(¥102.7B)(¥93.2B)(¥8.3B)¥185.3B¥388.4B¥120.1B¥143.5B¥181.3B
Retained capital Retained ¥1.11T of earnings over 2017–2026; annual owner earnings grew ¥251.1B, ¥0.23 per ¥1 retained.
Balance sheet Net cash, +¥23.7B · dividend paid 5 of 10 yrs, cut at least once
9147 Nippon Express Holdings
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2022–2025 ¥251.2B¥133.0B¥170.2B¥140.4B
Retained capital Paid out ¥16.6B more than it earned over 2022–2025; annual owner earnings fell ¥36.9B.
Balance sheet Heavy net debt, ¥595.4B · dividend paid 4 of 4 yrs, cut at least once
9201 Japan Airlines
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings not read
Retained capital not read
Balance sheet Modest net debt, ¥28.2B
9202 ANA Holdings
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥96.7B¥165.6B¥136.6B(¥45.6B)(¥404.6B)(¥197.0B)¥356.4B¥278.3B¥224.4B¥274.4B
Retained capital Retained ¥122.7B of earnings over 2017–2026; annual owner earnings grew ¥126.1B, ¥1.03 per ¥1 retained.
Balance sheet Net cash, +¥418.8B · dividend paid 6 of 10 yrs, cut at least once
9432 Nippon Telegraph & Telephone (NTT)
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings not read
Retained capital not read
Balance sheet Net cash, +¥714.0B
9433 KDDI
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2018–2026 ¥700.3B¥630.1B¥930.4B¥1.27T¥1.04T¥684.2B¥1.18T¥848.1B¥1.38T
Retained capital Retained ¥1.19T of earnings over 2018–2026; annual owner earnings grew ¥384.6B, ¥0.32 per ¥1 retained.
Balance sheet Meaningful net debt, ¥4.30T · dividend paid 9 of 9 yrs, never cut
9434 SoftBank Corp
Revenue is led by Consumer (43%) and Media EC (23%), with 3 more segments behind.
Owner earnings 2018–2026 ¥249.3B¥512.2B¥817.8B¥859.4B¥506.8B¥546.5B¥685.6B¥621.2B¥823.3B
Retained capital Retained ¥163.8B of earnings over 2018–2026; annual owner earnings grew ¥183.6B.
Balance sheet Modest net debt, ¥1.24T · dividend paid 9 of 9 yrs, cut at least once
9468 Kadokawa
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥8.3B(¥4.4B)(¥505M)¥11.7B¥11.1B¥19.5B¥14.7B¥5.2B¥7.2B¥689M
Retained capital Retained ¥5.2B of earnings over 2017–2026; annual owner earnings grew ¥3.2B.
Balance sheet Net cash, +¥80.7B · dividend paid 10 of 10 yrs, never cut
9501 Tokyo Electric Power (TEPCO)
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings not read
Retained capital not read
Balance sheet Heavy net debt, ¥5.48T
9502 Chubu Electric Power
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings not read
Retained capital not read
Balance sheet Heavy net debt, ¥2.57T
9503 Kansai Electric Power
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings not read
Retained capital not read
Balance sheet Heavy net debt, ¥2.94T
9531 Tokyo Gas
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥72.8B¥82.1B(¥26.8B)¥128.6B¥82.9B(¥22.0B)¥336.4B¥135.6B¥177.2B¥290.9B
Retained capital Retained ¥326.6B of earnings over 2017–2026; annual owner earnings grew ¥158.6B, ¥0.49 per ¥1 retained.
Balance sheet Heavy net debt, ¥1.02T · dividend paid 10 of 10 yrs, cut at least once
9532 Osaka Gas
A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.
Owner earnings 2017–2026 ¥65.4B¥95.6B(¥15.0B)¥91.0B¥118.4B¥36.4B(¥86.3B)¥189.0B¥156.1B¥205.6B
Retained capital Retained ¥478.5B of earnings over 2017–2026; annual owner earnings grew ¥134.9B, ¥0.28 per ¥1 retained.
Balance sheet Heavy net debt, ¥1.08T · dividend paid 10 of 10 yrs, never cut
9602 Toho
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥34.1B¥36.5B¥27.0B¥45.2B¥3.0B¥44.5B¥35.9B¥33.1B¥37.3B¥49.9B
Retained capital Retained ¥182.4B of earnings over 2017–2026; annual owner earnings grew ¥7.5B, ¥0.04 per ¥1 retained.
Balance sheet Net cash, +¥146.5B · dividend paid 10 of 10 yrs, cut at least once
9697 Capcom
Capcom makes and publishes video games, built on a library of franchises it owns outright — Resident Evil, Monster Hunter, Street Fighter, Devil May Cry, Mega Man and Ace Attorney. It sells to players the world over two ways: through new titles it builds and ships, and by selling its older games over and over as digital downloads. Owning the characters means it does not rent the thing people show up for.
Owner earnings 2017–2026 ¥126M¥32.0B¥17.8B¥20.0B¥12.3B¥44.0B¥18.4B¥32.1B¥62.9B¥26.2B
Retained capital Retained ¥178.7B of earnings over 2017–2026; annual owner earnings grew ¥23.8B, ¥0.13 per ¥1 retained.
Balance sheet Net cash, +¥59.8B · dividend paid 10 of 10 yrs, never cut
9735 Secom
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings 2017–2026 ¥125.1B¥73.3B¥95.1B¥117.2B¥134.1B¥111.8B¥96.6B¥84.5B¥90.3B¥133.1B
Retained capital Retained ¥393.9B of earnings over 2017–2026; annual owner earnings grew ¥4.8B, ¥0.01 per ¥1 retained.
Balance sheet Net cash, +¥384.5B · dividend paid 10 of 10 yrs, never cut
9766 Konami Group
A diversified business; where the profit really comes from, and whether it is earned or bought, is what the segment detail settles.
Owner earnings not read
Retained capital not read
Balance sheet Net cash, +¥287.6B
9843 Nitori Holdings
Revenue is NITORI (89%) and SHIMACHU (12%).
Owner earnings 2017–2024 ¥65.6B¥63.8B¥67.4B¥81.9B¥133.7B¥61.8B¥65.2B¥120.1B
Retained capital Retained ¥532.1B of earnings over 2017–2024; annual owner earnings grew ¥16.7B, ¥0.03 per ¥1 retained.
Balance sheet Modest net debt, ¥15.5B · dividend paid 8 of 8 yrs, never cut
9983 Fast Retailing
Fast Retailing is a Japanese apparel company that designs, sources, and sells its own private-label clothing, chiefly through its UNIQLO chain and a few sister brands such as GU. It owns the whole line, from factory order to shop floor and online store, selling everyday basics directly to ordinary shoppers in Japan and abroad. It earns the spread between what a garment costs to make and what a customer pays for it, multiplied across a wide base of stores.
Owner earnings 2018–2025 ¥144.4B¥258.9B¥218.4B¥372.5B¥379.5B¥401.5B¥577.8B¥445.1B
Retained capital Retained ¥1.39T of earnings over 2018–2025; annual owner earnings grew ¥267.5B, ¥0.19 per ¥1 retained.
Balance sheet Net cash, +¥564.7B · dividend paid 8 of 8 yrs, never cut
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