Overview
Wholesale Trade

MERF Inc.

MERF Co., Ltd. operates two core segments: non-ferrous metals and arts & crafts. In the non-ferrous metals segment, the company manufactures and sells copper alloy ingots (approximately 50 product types) and processes/trades recycled non-ferrous metal materials (approximately 150 types), with a globally leading market share in aluminum bronze ingots used as raw material for large marine vessel propellers. The arts & crafts segment produces and sells high-value-added art objects, Buddhist statues, and ceremonial items utilizing advanced casting and finishing techniques.

Market Cap
¥14.5B
US$92.7M
EV
¥23.0B
US$147M
Stock¥1,027▼-2.75%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
4.6
x
LTM EV/EBIT
5.2
x
LTM PER
5.2
x
LTM PBR
1.2
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+64.1%pt
100123
Oct 24, 25 – Oct 23, 26StockTOPIX
1Jan 26, 26Rise on activist proposal expectations
2Jul 14, 26Q3 FY2026/08 earnings announced
3Oct 15, 26FY2026/8 results: net profit swung to ¥2.7bn (from ¥0.2bn loss prior year) on copper price surge, but stock sold off on 'news already priced in'
MC → EV Bridge
14.5BUS$92.7MMarket Cap14.6BUS$92.9M+ Debt4.07BUS$26.0M− Cash2.03BUS$12.9M− Inv. Sec.23.0BUS$147MEV
AI Briefing
Generating insights…
Performance & Balance
Revenue 5Y (¥B)
89.1US$568M'22/884.6US$540M'23/882.1US$523M'24/882.5US$526M'25/8107US$681M'26/8
EBITDA 5Y (¥B)
1.04US$6.65M'22/80.75US$4.80M'23/81.69US$10.8M'24/80.50US$3.18M'25/84.97US$31.7M'26/8
Net Income 5Y (¥B)
0.55US$3.49M'22/80.17US$1.08M'23/80.53US$3.39M'24/8-0.20-US$1.29M'25/82.79US$17.8M'26/8
Capital Structure
46%
54%
EquityD/E 1.17xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
1.98US$12.7M13.6US$86.9M'22/81.92US$12.2M12.7US$80.9M'23/81.72US$11.0M12.8US$81.6M'24/82.49US$15.9M13.2US$84.0M'25/86.10US$38.9M14.6US$92.9M'26/8
Shareholders
Top 10 hold 71.8%
1
Kurotani Shoten Co., Ltd.
40.24%
2
Junhisa KUROTANI
21.37%
3
SMC CORPORATION
2.83%
4
Akira KUROTANI
1.58%
5
Masaki KUROTANI
1.41%
6
The Hokuriku Bank, Ltd.
0.99%
7
Izumo Sangyo Co., Ltd.
0.88%
8
BNP PARIBAS NEW YORK BRANCH FOR TREATY (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited)
0.85%
9
Harumi KUROTANI
0.85%
10
MERF Inc. Employee Stock Ownership Association
0.78%
Management
10 officers
Junhisa KUROTANI
Representative Director, Chairman of the Board
Sep 1984 Director, Kurotani Co., Ltd. (now Yusho Co., Ltd.) Nov 1985 Managing Director, Shin Nihon Bijutsu Co., Ltd. (now the Company) Jul 1997 Representative Director, Senior Managing Director, the Company Aug 2005 Representative Director, President, the Company Jul 2012 Representative Director, KUROTANI NORTH AMERICA INC. (current) Aug 2014 Director, THAI KUROTANI CO.,LTD. (current) Feb 2015 Representative Director, Kurotani Shoten Co., Ltd. (current) Apr 2017 Representative Director, Yusho Co., Ltd. (current) Nov 2021 Representative Director, Chairman of the Board, the Company (current) Sep 2024 CEO, CMX Metals (current)
1958-01-12
Akira KUROTANI
Representative Director, President and Executive Officer
Aug 2012 Joined the Company Dec 2014 General Manager, Corporate Planning Office, the Company Jan 2019 General Manager, Non-ferrous Metals Sales Department and Corporate Planning Office, the Company Nov 2019 Director, Officer in charge of Corporate Planning Office, Non-ferrous Metals Sales Department and Niigata Business Division, the Company Nov 2020 Representative Director, Senior Managing Director, Officer in charge of Non-ferrous Metals Sales Department and Niigata Business Division, the Company Nov 2021 Representative Director, President, the Company Sep 2023 Representative Director, President and Executive Officer, the Company (current)
1988-11-08
Ikiko URATA
Managing Director, Managing Executive Officer, General Manager of Fine Arts Department
Oct 1986 Audit & Supervisory Board Member, the Company Jul 1989 Retired as Audit & Supervisory Board Member, the Company Sep 1992 Joined Kurotani Co., Ltd. (now Yusho Co., Ltd.) Nov 1996 Director, the Company May 2004 Retired as Director, the Company Sep 2011 General Manager, Fine Arts Department, the Company Nov 2012 Director, Officer in charge of Fine Arts Department and General Manager, Fine Arts Department, the Company Nov 2018 Director, General Manager, Fine Arts Department, the Company Nov 2020 Managing Director, General Manager, Fine Arts Department, the Company Sep 2023 Managing Director, Managing Executive Officer, General Manager, Fine Arts Department, the Company (current)
1960-08-19
Tatsuro ISHIGURO
Director
Jun 2011 Managing Director and Executive Officer, Hokuriku Bank, Ltd. Jun 2012 President, Tsutsumi Shoji Co., Ltd. Jun 2013 Representative Director, Hokugin Software Co., Ltd. Nov 2018 Outside Director, the Company (current)
1951-03-12
Kiyohiro ORIHASHI
Director
Jul 2008 Chief, Tonami Tax Office Jul 2014 Director, Collection Department, Kanazawa Regional Taxation Bureau Aug 2015 Representative, Kiyohiro Orihashi Tax Accountant Office (current) Nov 2017 Audit & Supervisory Board Member, the Company Dec 2017 Audit Committee Member, Imizu City Hall (current) Jun 2021 Auditor, Social Welfare Corporation Yowakai (current) Nov 2021 Director (Audit and Supervisory Committee Member), the Company May 2022 Representative Auditor, Izumino Agricultural Cooperative Nov 2023 Outside Director, the Company (current)
1954-10-26
Yutaka HASEGAWA
Director
Jun 1985 Obtained Master of Business Administration (MBA), Pace University, New York Jun 1985 Joined Brown Brothers Harriman & Co., New York Headquarters Jan 1995 Brown Brothers Harriman & Co., Tokyo Representative Office Apr 1997 Managing Director, Brown Brothers Harriman Investment Advisers Ltd. Jul 2000 Representative Director, President, Yamato Co., Ltd. (current) Nov 2023 Outside Director, the Company (current)
1958-11-20
Masayuki MAEKAWA
Director
Oct 1991 Joined Chuo Shinko Audit Corporation Mar 2001 Certified Public Accountant and Certified Tax Accountant, Masayuki Maekawa Office (current) Dec 2004 Audit & Supervisory Board Member, Mobcast Inc. (now Mobcast Holdings Inc.) Jul 2005 Audit & Supervisory Board Member, Tranzas Inc. (now Trase on Product Inc.) May 2006 Representative Director, CONSOLIX Inc. (current) Jun 2012 Audit & Supervisory Board Member, Ushio Spex Inc. (now Modulex Inc.) (current) Mar 2014 Director, Tranzas Inc. (now Trase on Product Inc.) Feb 2015 Representative Director, I.P.F. Corporation (current) Mar 2015 Audit & Supervisory Board Member, ZMP Inc. Jun 2021 Outside Director (Audit and Supervisory Committee Member), CRESCO, Ltd. (current) Jun 2021 Outside Director, IA Group Corporation Nov 2023 Outside Director, the Company (current)
1965-03-30
Yoshihiko AME
Full-time Audit & Supervisory Board Member
Apr 1980 Joined Kurotani Co., Ltd. (now Yusho Co., Ltd.) Nov 1985 Joined Shin Nihon Bijutsu Co., Ltd. (now the Company) Jul 2006 General Manager, General Affairs Department, the Company Nov 2007 Full-time Audit & Supervisory Board Member, the Company Nov 2021 Director (Full-time Audit and Supervisory Committee Member), the Company Nov 2023 Full-time Audit & Supervisory Board Member, the Company (current)
1957-11-25
Tsuyoshi NISHIJIMA
Audit & Supervisory Board Member
Jul 2017 Chief, Takaoka Tax Office Oct 2018 Representative, Tsuyoshi Nishijima Tax Accountant Office (current) Nov 2023 Outside Audit & Supervisory Board Member, the Company (current)
1957-11-24
Kazuharu TOMIOKA
Audit & Supervisory Board Member
Apr 1982 Joined Daiwa Securities Co., Ltd. (now Daiwa Securities Group Inc.) Oct 1987 Registered as Assistant Certified Public Accountant Apr 1998 Representative Director, Disclosure Co., Ltd. (current) May 2004 Outside Director, Pixen Inc. (now Biomimetics Sympathies Inc.) (current) Nov 2004 Director, YWT Co., Ltd. (current) May 2007 Outside Audit & Supervisory Board Member, PE&HR Co., Ltd. (current) Dec 2016 Outside Audit & Supervisory Board Member, Fuji Sakura Hotel Co., Ltd. (current) Jul 2018 Outside Audit & Supervisory Board Member, Mail Solution Japan Co., Ltd. (current) Jan 2019 Outside Audit & Supervisory Board Member, Yokohama Kokusai Auction Co., Ltd. Jan 2019 Outside Director, TBC SCAT Co., Ltd. (now SCAT Co., Ltd.) (current) Jul 2021 Outside Audit & Supervisory Board Member, Esporia Co., Ltd. Oct 2021 Director, Chiyoda SDGs Research Institute Co., Ltd. (current) Nov 2023 Outside Audit & Supervisory Board Member, the Company (current) Nov 2023 Outside Director, Esporia Co., Ltd. (current)
1958-12-31
Large Shareholding Reports
No filings
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-10-14
Full-Year Earnings Flash
FY ending Aug 2026
EDINETAmended
2026-07-14
Amended Annual Securities Report
Period: Sep 2023 – Aug 2024
EDINETAmended
2026-07-14
Amended Annual Securities Report
Period: Sep 2024 – Aug 2025
TDnet
2026-07-13
Q3 Earnings Flash
FY ending Aug 2026
EDINET
2026-04-13
Semi-Annual Securities Report
Period: Sep 2025 – Aug 2026
TDnet
2026-01-14
Q1 Earnings Flash
FY ending Aug 2026
EDINET
2025-11-20
Annual Securities Report
Period: Sep 2024 – Aug 2025
TDnetAmended
2025-10-07
Q3 Earnings Flash
TDnet
2025-07-11
Q3 Earnings Flash
FY ending Aug 2025
EDINET
2025-04-11
Semi-Annual Securities Report
Period: Sep 2024 – Aug 2025
TDnet
2025-01-14
Q1 Earnings Flash
FY ending Aug 2025
EDINET
2024-11-21
Annual Securities Report
Period: Sep 2023 – Aug 2024
EDINET
2024-07-12
Quarterly Securities Report
Period: Mar 2024 – May 2024
EDINET
2024-04-12
Quarterly Securities Report
Period: Dec 2023 – Feb 2024
EDINET
2024-01-15
Quarterly Securities Report
Period: Sep 2023 – Nov 2023
EDINET
2023-11-22
Annual Securities Report
Period: Sep 2022 – Aug 2023
EDINET
2023-07-12
Quarterly Securities Report
Period: Mar 2023 – May 2023
EDINET
2023-04-14
Quarterly Securities Report
Period: Dec 2022 – Feb 2023
EDINET
2023-01-12
Quarterly Securities Report
Period: Sep 2022 – Nov 2022
EDINET
2022-11-25
Annual Securities Report
EDINET
2022-07-11
Quarterly Securities Report
EDINET
2022-04-11
Quarterly Securities Report
EDINET
2022-01-14
Quarterly Securities Report
EDINET
2021-11-25
Annual Securities Report
EDINET
2021-07-12
Quarterly Securities Report
EDINET
2021-04-13
Quarterly Securities Report
EDINET
2021-01-12
Quarterly Securities Report
Ask AI
I have this company's financials, ownership, and management on hand. Ask me anything from an M&A perspective.
End of Preview

Try the full product

Free demo (no time limit, up to 10 companies). Explore Comps, DCF, LBO, WACC on every screen. Excel export is on the paid plan.

Free Demo (No Time Limit, 10 Companies) →