Overview
Glass and Ceramics Products

NITTO BOSEKI CO.,LTD.

Nittobo is a diversified materials manufacturer primarily engaged in the development, manufacturing, and sale of glass fiber products across multiple end markets, including electronic materials (glass fiber for printed circuit boards), composite materials (glass fiber for plastic reinforcement), industrial materials, and glass wool insulation products. The company also operates a medical diagnostics business through its subsidiary Nittobo Medical Co., Ltd., which develops and manufactures in-vitro diagnostics and antisera. With origins in glass fiber industrialization dating to 1938—among the first in the world—Nittobo leverages deep materials expertise and a vertically integrated supply chain spanning Japan, China, Taiwan, and the United States.

Market Cap
¥522B
US$3.33B
EV
¥504B
US$3.22B
Stock¥2,867▼-3.17%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
14.8
x
LTM EV/EBIT
20.3
x
LTM PER
11.7
x
LTM PBR
2.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+58.8%pt
10012345
Oct 24, 25 – Oct 23, 26StockTOPIX
1Nov 10, 25New activist investor started substantial holding
2Nov 20, 25Activist investor additional share acquisition
3Feb 24, 26Brokerage raised target price from ¥14,000 to ¥22,000
4Mar 9, 26Market-wide: TOPIX correction impact
5Mar 25, 26Continued impact of brokerage target price hike
MC → EV Bridge
522BUS$3.33BMarket Cap49.3BUS$314M+ Debt45.5BUS$290M− Cash28.0BUS$179M− Inv. Sec.6.69BUS$42.6M+ NCI504BUS$3.22BEV
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Performance & Balance
Revenue 5Y (¥B)
84.1US$536M'22/387.5US$558M'23/393.3US$595M'24/3109US$695M'25/3118US$754M'26/3
EBITDA 5Y (¥B)
14.4US$91.5M'22/313.1US$83.5M'23/315.6US$99.2M'24/324.4US$156M'25/330.1US$192M'26/3
Net Income 5Y (¥B)
6.52US$41.6M'22/32.77US$17.7M'23/37.30US$46.5M'24/312.8US$81.9M'25/341.8US$266M'26/3
Capital Structure
78%
22%
EquityD/E 0.28xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
34.3US$219M46.2US$295M'22/335.7US$228M46.1US$294M'23/346.7US$298M48.1US$307M'24/349.6US$316M52.7US$336M'25/388.1US$562M50.7US$323M'26/3
Shareholders
Top 10 hold 38.8%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
9.11%
2
Nippon Life Insurance Company
4.41%
3
Custody Bank of Japan, Ltd. (Trust Account)
3.83%
4
The Dai-ichi Life Insurance Company, Limited
3.60%
5
Custody Bank of Japan, Ltd. (Money Trust Taxable Account)
3.26%
6
Sumitomo Realty & Development Co.,Ltd.
3.26%
7
MSCO CUSTOMER SECURITIES (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)
3.15%
8
Sumitomo Life Insurance Company
2.96%
9
AIR WATER INC.
2.73%
10
The Toho Bank,Ltd.
2.47%
Management
7 officers
Yuichi TSUJI
Director
Oct 2013 Joined the Company; General Manager, Accounting and Finance Department, Planning Division Apr 2014 Executive Officer; General Manager, Accounting and Finance Department, Planning Division Jun 2014 Executive Officer; General Manager, Corporate Planning Department; in charge of Comprehensive Risk Management Nov 2014 Executive Officer; General Manager, Corporate Planning Department; in charge of Comprehensive Risk Management, Human Resources Department, Corporate Planning Department, Information Systems Department, Compliance Division, Procurement Division, Osaka Branch and Nagoya Branch Jun 2015 Director; Executive Officer Feb 2016 Director; Representative Executive Officer Jun 2016 Director; Representative Executive Officer, President Apr 2024 Director; Representative Executive Officer, Chairman; in charge of Internal Audit Office and New Business Creation Center Apr 2026 Director, Chairman (current)
1959-10-25
Takanobu MATSUNAGA
Director
Apr 1990 Joined the Company Apr 2006 General Manager, Production Engineering and Operations Promotion Department, Technology and Production Division, Glass Fiber Business Division Oct 2006 General Manager, Planning and Operations Department, Glass Fiber Business Division; General Manager, Production Engineering and Operations Promotion Department, Technology and Production Division Apr 2009 General Manager, Technology Management Department, Technology and Production Division, Glass Fiber Business Division May 2012 General Manager, Technology Management Department, Technology Division, Glass Fiber Business Division Oct 2015 General Manager, Administration Division and General Manager, Planning and General Affairs Department, Paramount Glass Manufacturing Co., Ltd. Jun 2016 Director; General Manager, Technology and Production Division and General Manager, Technology Development Department, Paramount Glass Manufacturing Co., Ltd. Jun 2017 Senior Managing Director; General Manager, Technology and Production Division and General Manager, Technology Development Department, Paramount Glass Manufacturing Co., Ltd. Apr 2019 President and Representative Director, Paramount Glass Manufacturing Co., Ltd. Apr 2020 Executive Officer; Deputy Division Head, Glass Fiber Business Division; President and Representative Director, Paramount Glass Manufacturing Co., Ltd. Apr 2021 Executive Officer; Deputy Division Head, Glass Fiber Business Division; Deputy General Manager, Product Planning and Development Division; President and Representative Director, Paramount Glass Manufacturing Co., Ltd. Apr 2022 Senior Executive Officer; Deputy Division Head, Glass Fiber Business Division; in charge of Sales Division; General Manager, Product Planning and Development Division; President and Representative Director, Paramount Glass Manufacturing Co., Ltd. Apr 2023 Senior Executive Officer; Deputy Division Head, Glass Fiber Business Division; General Manager, Composite Materials Business Division; General Manager, Product Planning and Development Division Apr 2024 Senior Executive Officer; Assigned to the President Jun 2024 Director (current)
1964-12-09
Sadayoshi FUJISHIGE
Director
Mar 1969 Joined Lion Oil & Fat Co., Ltd. (now Lion Corporation) Mar 1996 Director, Lion Corporation; General Manager, International Business Division Mar 2000 Managing Director, Lion Corporation; General Manager, Household Products Sales Division Mar 2002 Representative Director, Senior Managing Director, Lion Corporation; in charge of Household Products Business Division and Household Products Sales Division; General Manager, Household Products Sales Division Mar 2004 Representative Director, President, Lion Corporation; Chief Operating Officer Mar 2006 Representative Director, President, Chairman of the Board, Lion Corporation; Chief Executive Officer; in charge of Household Products Business Division Jan 2012 Representative Director, Chairman of the Board, Chief Executive Officer, Lion Corporation Jan 2014 Representative Director, Chairman of the Board, Lion Corporation Mar 2016 Adviser, Lion Corporation Jun 2020 Outside Director, Sato Holdings Corporation (now SATO Corporation) (current) Jun 2020 Outside Director, the Company (current) Mar 2021 Special Adviser, Lion Corporation Jun 2021 Outside Director, Audit and Supervisory Committee Member, TV Asahi Holdings Corporation (current)
1947-01-01
Ayasa NAITO
Director
Oct 2001 Registered as attorney-at-law; joined Nagashima Ohno & Tsunematsu May 2008 Registered as attorney-at-law in New York State, USA Jun 2011 Joined Tanabe Sogo Law Office Apr 2013 Partner Attorney, Tanabe Sogo Law Office (current) Jun 2015 Outside Audit & Supervisory Board Member, Bookoff Corporation Co., Ltd. Oct 2018 Outside Audit & Supervisory Board Member, Bookoff Group Holdings Ltd. Jun 2020 Outside Director, the Company (current) Aug 2021 Outside Director, Audit and Supervisory Committee Member, Bookoff Group Holdings Ltd. Jun 2022 Supervisory Executive Officer, GLP J-REIT (current) Jun 2023 Outside Audit & Supervisory Board Member, ispace, Inc. (current)
1976-10-02
Yasuharu NAKAJIMA
Director
Oct 1983 Joined Ota Tetsuzo Audit Corporation (now EY ShinNihon LLC) Apr 1987 Registered as Certified Public Accountant May 1998 Partner, Ota Showa & Co. (now EY ShinNihon LLC) May 2004 Representative Partner, Shin Nihon & Co. (now EY ShinNihon LLC) Sep 2008 Head of the Sixth Audit Division, Shin Nihon LLC (now EY ShinNihon LLC) Sep 2010 Managing Director; Head of the Second Audit Business Division and Head of the Knowledge Division, EY ShinNihon LLC Jul 2021 Partner, EY ShinNihon LLC Jun 2022 Outside Director, the Company (current) Jul 2022 Outside Director, Audit and Supervisory Committee Member, Business Brain Showa-Ota, Inc. (current)
1960-04-07
Ken MITSUIDA
Director
Apr 1978 Joined Meidensha Corporation Apr 2008 Executive Officer; General Manager, Management Planning Group and General Manager, Corporate Planning Department, Meidensha Corporation Apr 2011 Managing Executive Officer; General Manager, Management Planning Group and General Manager, Corporate Planning Department, Meidensha Corporation Apr 2012 Senior Managing Executive Officer; General Manager, Management Planning Group, Meidensha Corporation Jun 2012 Director and Senior Managing Executive Officer; General Manager, Management Planning Group, Meidensha Corporation Apr 2015 Representative Director, Vice President, Meidensha Corporation Jun 2018 Representative Director, President, Meidensha Corporation Jun 2022 Representative Director, President and Executive Officer, Meidensha Corporation Jun 2023 Representative Director, Chairman and Executive Officer, Meidensha Corporation (current) Jun 2024 Outside Director, the Company (current)
1955-08-16
Toshinobu HAYASHI
Director
Apr 2013 Joined the Company Feb 2016 General Manager, Corporate Planning Department and General Manager, Compliance Division May 2017 General Manager, Planning and Operations Department, Glass Fiber Business Division Apr 2020 Executive Officer; Deputy Head, Production and Technology Division, Glass Fiber Business Division; Chairman, NITTOBO ASIA Glass Fiber Co., Ltd. Apr 2022 Senior Executive Officer; Head, Glass Fiber Business Division; Chairman, NITTOBO ASIA Glass Fiber Co., Ltd.; Chairman, Baotek Industrial Materials Ltd. Apr 2024 Senior Executive Officer; Head, Electronic Materials Business Division Apr 2026 Representative Executive Officer, President (current)
Large Shareholding Reports
Goldman Sachs International
2026-09-25
4.00%
Mizuho Trust & Banking Co., Ltd.
2026-06-22
3.62%→3.62%
Mizuho Trust & Banking Co., Ltd.
2026-04-07
0.46%→3.62%
Asset Management One Co., Ltd.
2026-03-23
5.45%→3.49%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2025-12-04
1.57%→1.51%
Asset Management One Co., Ltd.
2025-11-21
3.96%→5.45%
Asset Management One Co., Ltd.
2025-10-07
3.74%→3.96%
Asset Management One Co., Ltd.
2025-09-22
2.94%→3.74%
Amova Asset Management Co., Ltd.
2025-09-19
2.54%→2.39%
Asset Management One Co., Ltd.
2025-08-22
3.95%→2.94%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-09-25
Large Shareholding Report
TDnet
2026-08-05
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-22
Large Shareholding Report
EDINET
2026-06-18
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-05-28
株主総会招集通知
EDINET
2026-04-07
Large Shareholding Report
EDINET
2026-03-23
Large Shareholding Report
TDnet
2026-02-05
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-12-04
Large Shareholding Report
EDINET
2025-11-21
Large Shareholding Report
EDINET
2025-11-10
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-10-07
Large Shareholding Report
EDINET
2025-09-22
Large Shareholding Report
EDINET
2025-09-19
Large Shareholding Report
EDINET
2025-08-22
Large Shareholding Report
TDnet
2025-08-01
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-19
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-06
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-08
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-01
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-20
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-09
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-09
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-28
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-10
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-10
Quarterly Securities Report
EDINET
2022-08-09
Quarterly Securities Report
EDINET
2022-06-28
Annual Securities Report
EDINET
2022-02-10
Quarterly Securities Report
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