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Overview

Metal Products

TOKUDEN CO.,LTD.

Tokuden is a specialized welding technology company focused on surface modification through hardfacing (overlay welding) techniques, serving heavy industries such as steel, automotive, cement, and petrochemicals. The company operates across three core segments: welding construction (special materials welding and wear-resistant overlay work for industrial equipment maintenance), welding materials (manufacture and sale of flux-cored wires, covered arc electrodes, and related consumables), and environment-related equipment (forced cooling, mold heating, and AGV conveyor systems primarily for automotive casting processes). Its proprietary 'Top Plate' wear-resistant clad steel plate—manufactured at its Himeji and Muroran plants—provides a key competitive differentiation in markets demanding high abrasion resistance.

Market Cap

US$26.2M

¥4.19B

US$18.3M

¥2.93B

StockUS$16.53(¥2,644)▲+0.49%

US$1 = ¥160.00 (2026-11-13)

LTM EV/EBITDA

2.7

LTM EV/EBIT

4.2

LTM PER

7.9

LTM PBR

0.5

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-22.4%pt

Nov 14, 25 – Nov 13, 26StockTOPIX

MC → EV Bridge

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Performance & Balance

Revenue 5Y (US$)

EBITDA 5Y (US$)

Net Income 5Y (US$)

Capital Structure

83%

EquityD/E 0.21xDebt

Liquidity vs Debt 5Y (US$)▲ Net Cash

CashInv. Sec.Debt

Business Segments

FY2026/03 · US$ (¥B)

execution of works

Revenue

US$50.8M(¥8.13B)

Segment profit

US$7.10M(¥1.14B)14.0%

welding material

Revenue

US$11.5M(¥1.83B)

Segment profit

US$0.89M(¥0.14B)7.7%

Environment Related Equipment

Revenue

US$4.20M(¥0.67B)

Segment profit

US$0.67M(¥0.11B)16.1%

Other

Revenue

US$5.03M(¥0.80B)

Segment profit

US$0.31M(¥0.05B)6.1%

Adjustments

Revenue

-US$3.30M(¥-0.53B)

Segment profit

-US$5.32M(¥-0.85B)

No segment changes in the last 5 years

Shareholders

Top 10 hold 50.5%

as of 2026-09-30 · Source: Annual Securities Report

HIRAYAMA HOLDINGS Co.,Ltd.

26.69%

TOKUDEN CO.,LTD. Employee Stock Ownership Association

7.02%

TOKUDEN CO.,LTD. Business Partners' Stock Ownership Association

2.58%

Masakatsu ONO

2.14%

Hiroshi SAKANISHI

2.14%

Junko MIYATA

2.14%

Hiroshi FUKUDA

2.12%

Hiroyo SAKAMOTO

1.89%

Kansai Mirai Bank, Limited

1.89%

The Minato Bank, Ltd.

1.89%

Management

8 officers

Homare NISHIKAWA

Representative Director, President

Apr 1993 Joined the Company Apr 2006 Manager, Fukuyama Sales Office Apr 2014 Deputy General Manager, Third Sales Department, and Manager, Fukuyama Sales Office Apr 2015 General Manager, Third Sales Department Oct 2017 Deputy General Manager, Second Sales Division Apr 2018 General Manager, Second Sales Division Jun 2018 Director, General Manager, Second Sales Division Jun 2021 Representative Director, President (current) Apr 2023 President, TOKUDEN TOPAL CO., LTD. (current)

1970-08-26

Hiroyasu HATA

Director, General Manager of First Sales Division and General Manager of Construction Planning Department

Aug 1995 Joined the Company Apr 2007 Manager, Keihin Sales Office Apr 2015 Deputy General Manager, Second Sales Department, and Manager, Keihin Sales Office Apr 2018 General Manager, Second Steel Sales Department, and Manager, Keihin Sales Office Apr 2019 General Manager, Fourth Sales Department Jun 2021 Deputy General Manager, Second Sales Division Jun 2021 Director, General Manager, Second Sales Division Oct 2025 Director, General Manager of Second Sales Division and General Manager of Construction Planning Department Apr 2026 Director, General Manager of First Sales Division and General Manager of Construction Planning Department (current)

1972-12-23

Akihito KOGANEMARU

Director, General Manager of Second Sales Division

Apr 1997 Joined the Company Apr 2013 Manager, Hiroshima Sales Office Apr 2020 General Manager, Second Sales Department, and Manager, Hiroshima Sales Office Apr 2023 General Manager, First Sales Division, and General Manager, Second Sales Department Jun 2023 Director, General Manager, First Sales Division, and General Manager, Second Sales Department Oct 2025 Director, General Manager, First Sales Division Apr 2026 Director, General Manager, Second Sales Division (current)

1973-10-02

Tatsuya KATAOKA

Director, General Manager of Administration Division and General Manager of Accounting Department

Apr 1999 Joined the Company Apr 2018 Deputy General Manager, Accounting Department Apr 2021 General Manager, Accounting Department Sep 2023 Deputy General Manager, Administration Division, and General Manager, Accounting Department Apr 2024 General Manager, Administration Division, and General Manager, Accounting Department Jun 2024 Director, General Manager, Administration Division, and General Manager, Accounting Department (current)

1975-04-08

Nobuhide ABIRU

Director, General Manager of Head Office Plant Division and General Manager of Quality Assurance Department

Apr 1997 Joined the Company Apr 2006 Manager, Tokai Sales Office Apr 2009 Deputy General Manager, Operations Department Apr 2013 General Manager, Operations Department Apr 2025 Deputy General Manager, Head Office Plant Division, and General Manager, Operations Department Apr 2025 Director, General Manager, Head Office Plant Division, and General Manager, Operations Department Jan 2026 Chairman, Tokuden Zhenming (Nantong) Machinery Manufacturing Co., Ltd. (current) Apr 2026 Director, General Manager of Head Office Plant Division and General Manager of Quality Assurance Department (current)

1971-05-18

Hiroyuki KONO

Director (Audit and Supervisory Committee Member)

Oct 2001 Joined Tohmatsu Audit Corporation (currently Deloitte Touche Tohmatsu LLC) Oct 2020 Left Deloitte Touche Tohmatsu LLC Oct 2020 Certified Public Accountant and Certified Public Tax Accountant, Kono CPA and Tax Accountant Office (current) Jun 2021 Outside Director, Daihonkumi Co., Ltd. (current) Jun 2021 Outside Audit & Supervisory Board Member, Miyamoto Gumi Co., Ltd. (current) Jun 2023 Director (Audit and Supervisory Committee Member) (current)

1971-02-09

Takehisa HAMADA

Director (Audit and Supervisory Committee Member)

Apr 1993 Entered Legal Research and Training Institute Apr 1995 Registered with Osaka Bar Association; joined Naniwa Kyodo Law Office (currently Naniwa Kyodo Law Office LPC) Aug 2004 Studied at Duke University School of Law, United States Aug 2005 Trainee, Rajah & Tann, Singapore Mar 2006 Registered as attorney in New York State Aug 2006 Returned to Naniwa Kyodo Law Office (currently Naniwa Kyodo Law Office LPC) (current) Oct 2006 Part-time Lecturer, Osaka University Law School Jun 2011 Audit & Supervisory Board Member of the Company Apr 2013 Visiting Professor, Osaka University Law School (current) Apr 2018 Vice President, Osaka Bar Association (until Mar 2019) Jun 2019 Audit & Supervisory Board Member, Fujiwara Unyu Co., Ltd. (current) Jun 2021 Director (Audit and Supervisory Committee Member) (current)

1968-10-05

Tadahiko SHIMADA

Director (Audit and Supervisory Committee Member)

Sep 1989 Joined the Company Apr 2006 Manager, Nishi-Kyushu Sales Office Apr 2013 Deputy General Manager, Fourth Sales Department Apr 2014 General Manager, Fourth Sales Department Apr 2019 General Manager, First Sales Department Apr 2020 Executive Officer Mar 2025 Resigned from the Company Jun 2025 Director (Audit and Supervisory Committee Member) (current)

1959-08-04

Large Shareholding Reports

UH Partners 3 Co., Ltd.

2026-07-23

6.87%→0.00%

Hirayama Holdings Co., Ltd.

2026-07-17

26.40%

Annual report (as of 2026-09-30): 26.69%

UH Partners 2 Co., Ltd.

2026-06-05

9.76%→9.76%

UH Partners 2 Co., Ltd.

2025-09-26

9.76%→9.76%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-11-13

Semi-Annual Securities Report

Period: Apr 2026 – Mar 2027

TOKUDEN CO.,LTD.

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TOKUDEN CO.,LTD.

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