Overview
Textiles and Apparels

ICHIKAWA CO.,LTD.

Ichikawa Co., Ltd. is a leading manufacturer of papermaking felts and belts used in the paper and pulp industry, as well as industrial felts for a variety of industrial applications. The company's core products include wet felts, press felts, shoe press belts, and related papermaking consumables that are critical to the dewatering and forming processes in paper manufacturing. Ichikawa serves global paper and pulp producers through a network of overseas subsidiaries in North America, Europe, China, and Southeast Asia, differentiating itself through advanced fabric engineering and material technology.

Market Cap
¥14.8B
US$94.0M
EV
¥0.69B
US$4.41M
Stock¥3,510▼-1.82%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
0.2
x
LTM EV/EBIT
0.4
x
LTM PER
11.3
x
LTM PBR
0.6
x
2026-08-25 closing price basis: ranked #144 in beluuga.ai's "Japanese listed companies with negative Enterprise Value" ranking (simplified EV ≈ ¥-0B).
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+39.5%pt
1001234
Oct 23, 25 – Oct 23, 26StockTOPIX
1Nov 14, 25Q2 results: recurring profit -18.3% YoY; dividend raised ¥80→¥90
2Jan 16, 26Activist investor shareholding reduction
3Jan 27, 26Rise from activist management improvement demand
4Feb 13, 26Q3 results: sales +1.7% YoY, operating profit +20.0% YoY
MC → EV Bridge
14.8BUS$94.0MMarket Cap0.88BUS$5.59M+ Debt6.33BUS$40.3M− Cash8.63BUS$55.0M− Inv. Sec.0.01BUS$0.03M+ NCI0.69BUS$4.41MEV
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Performance & Balance
Revenue 5Y (¥B)
12.4US$78.7M'22/313.3US$85.0M'23/313.6US$86.6M'24/313.9US$88.8M'25/314.8US$94.2M'26/3
EBITDA 5Y (¥B)
1.55US$9.89M'22/31.81US$11.5M'23/32.13US$13.6M'24/32.05US$13.0M'25/32.54US$16.2M'26/3
Net Income 5Y (¥B)
0.52US$3.33M'22/30.83US$5.30M'23/31.02US$6.48M'24/30.78US$4.98M'25/31.17US$7.47M'26/3
Capital Structure
97%
EquityD/E 0.03xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
8.15US$51.9M0.98US$6.23M'22/39.47US$60.3M0.94US$5.99M'23/312.0US$76.4M0.91US$5.79M'24/312.1US$76.9M0.93US$5.89M'25/313.4US$85.4M0.88US$5.62M'26/3
Shareholders
Top 10 hold 40.7%
1
Oji Holdings Corporation
9.47%
2
Nippon Paper Industries Co.,Ltd.
4.57%
3
ICHIKAWA CO.,LTD. Employee Stock Ownership Association
4.19%
4
Mizuho Bank, Ltd.
4.01%
5
The Chiba Bank,Ltd.
3.99%
6
Custody Bank of Japan, Ltd. (Trust Account E)
3.69%
7
Hiroshi MAJIMA
3.03%
8
Hikari Tsushin, Inc. Investment Business Limited Liability Partnership
2.83%
9
Naturali Co., Ltd.
2.73%
10
Japan Securities Finance Co.,Ltd.
2.18%
Management
11 officers
Takanobu YAZAKI
Representative Director, President and Executive Officer
Sep 1985 Joined the Company Jun 2005 President, Ichikawa Europe GmbH Jun 2012 General Manager, Overseas Sales Division; President, Ichikawa North America Corporation; General Manager, Yishijia Papermaking Dewatering Equipment Trading (Shanghai) Co., Ltd. Apr 2014 General Manager, Overseas Sales Division; General Manager, Yishijia Papermaking Dewatering Equipment Trading (Shanghai) Co., Ltd. Jun 2014 Executive Officer; General Manager, Overseas Sales Division; General Manager, Yishijia Papermaking Dewatering Equipment Trading (Shanghai) Co., Ltd. Apr 2015 Executive Officer, Assistant to Sales Director; General Manager, Overseas Sales Division; Managing Director, Yishijia Papermaking Dewatering Equipment Trading (Shanghai) Co., Ltd. Apr 2016 Executive Officer, Sales Director; General Manager, Overseas Sales Division Jun 2016 Director, Sales Director; General Manager, Overseas Sales Division; Managing Executive Officer Apr 2017 Director, Sales Director; Managing Executive Officer Apr 2018 Director, Sales Director; General Manager, Overseas Management Division; Managing Executive Officer Apr 2019 Director, Sales Director; Managing Executive Officer Jan 2020 Director, in charge of Overseas; Managing Executive Officer Jun 2021 Director, in charge of Overseas and Ichikawa Techno Fabrics Co., Ltd.; Managing Executive Officer Jun 2023 Representative Director, President and Executive Officer (current)
1961-10-28
Wataru KOBORI
Director, General Manager of Technology, and Managing Executive Officer
Apr 1988 Joined the Company Apr 2013 Manager, Technology Department Apr 2015 General Manager, Research and Development Center; Manager, Technology Department Jun 2015 Executive Officer; General Manager, Research and Development Center; Manager, Technology Department Jun 2016 Executive Officer; General Manager, Research and Development Center Jun 2017 Executive Officer, Assistant to Technology Director; General Manager, Research and Development Center; in charge of Technology Management Department Apr 2018 Executive Officer, Technology Director; Assistant to Asia Business Division Director Jun 2018 Director, Technology Director; Assistant to Asia Business Division Director; Managing Executive Officer Jan 2020 Director, in charge of Domestic Operations; Managing Executive Officer Jun 2020 Director, in charge of Domestic Operations and Technology; Managing Executive Officer Feb 2021 Director, in charge of Domestic Operations; Managing Executive Officer Jun 2023 Director, in charge of Production; Managing Executive Officer Apr 2025 Director, Technology Director; Managing Executive Officer Apr 2026 Director, General Manager of Technology, and Managing Executive Officer (current)
1965-09-22
Hiroyuki TOYAMA
Director, General Manager of General Affairs, in charge of Planning Department and Quality Assurance Department, and Managing Executive Officer
Apr 1988 Joined The Chiba Bank, Ltd. Apr 2017 Joined the Company; General Manager, Human Resources Department Apr 2018 General Manager, Corporate Planning Department Jun 2020 Executive Officer; General Manager, Corporate Planning Department and General Affairs Department Apr 2021 Executive Officer; General Manager, Corporate Planning Department and Human Resources Department Apr 2022 Executive Officer; General Manager, Human Resources Department Jun 2022 Director, in charge of General Affairs, in charge of Planning Department and Quality Assurance Department; General Manager, Human Resources Department; Managing Executive Officer Jun 2023 Director, in charge of Sales; Managing Executive Officer Jun 2024 Director, in charge of Sales; General Manager, Overseas Sales Headquarters; Managing Executive Officer Apr 2025 Director, in charge of Sales; Managing Executive Officer Jun 2025 Director, in charge of General Affairs, in charge of Planning Department and Quality Assurance Department, and in charge of Ichikawa Techno Fabrics Co., Ltd.; Managing Executive Officer Apr 2026 Director, General Manager of General Affairs, in charge of Planning Department and Quality Assurance Department, and Managing Executive Officer (current)
1964-11-19
Masanori MOROKAWA
Director, General Manager of Production, in charge of New Business, and Managing Executive Officer
Apr 1986 Joined the Company Apr 2013 General Manager, Production Technology Department Apr 2015 Plant Manager, Kashiwa Plant Jun 2015 Executive Officer; Plant Manager, Kashiwa Plant Apr 2016 Executive Officer; General Manager, Production Technology Department Jun 2017 Executive Officer, Assistant to Production Director; Plant Manager, Iwama Plant; General Manager, Production Technology Department Apr 2020 Executive Officer; General Manager, Production Technology Department Jul 2020 Executive Officer; General Manager, Production Technology Department; General Manager, ICP Promotion Office Apr 2022 Executive Officer; General Manager, Planning Department Jun 2023 Managing Executive Officer; General Manager, Planning Department Jun 2024 Director, Technology Director; Managing Executive Officer Apr 2025 Director, in charge of Production and in charge of New Business; Managing Executive Officer Apr 2026 Director, General Manager of Production, in charge of New Business, and Managing Executive Officer (current)
1963-04-17
Hajime YOSHIMURA
Director, General Manager of Sales, and Chairman, Yishijia Papermaking Dewatering Equipment Trading (Shanghai) Co., Ltd.
Apr 1986 Joined the Company Apr 2009 Manager, Sales Department Oct 2014 President, Ichikawa Europe GmbH Jul 2019 General Manager, Asia Planning and Sales Department Oct 2020 General Manager, Overseas Sales Technology Department Jun 2021 Executive Officer; General Manager, Overseas Sales Technology Department Apr 2022 Executive Officer, Assistant to Domestic and Overseas Directors; General Manager, Sales Planning Department Jun 2023 Executive Officer; General Manager, Sales Headquarters and Sales Planning Department Jun 2024 Executive Officer; General Manager, Domestic Sales Headquarters and Sales Planning Department Apr 2025 Executive Officer; General Manager, Domestic Sales Headquarters and Overseas Sales Headquarters; Head of Domestic Sales Department; President, Ichikawa Europe GmbH Jun 2025 Director, in charge of Sales; General Manager, Domestic Sales Headquarters and Overseas Sales Headquarters; Head of Domestic Sales Department; President, Ichikawa Europe GmbH; Managing Executive Officer Oct 2025 Director, in charge of Sales; General Manager, Domestic Sales Headquarters and Overseas Sales Headquarters; Head of Domestic Sales Department; President, Ichikawa Europe GmbH; Chairman, Yishijia Papermaking Dewatering Equipment Trading (Shanghai) Co., Ltd.; Managing Executive Officer Apr 2026 Director, General Manager of Sales, Chairman, Yishijia Papermaking Dewatering Equipment Trading (Shanghai) Co., Ltd., and Managing Executive Officer (current)
1963-06-06
Hiroki NAGAOKA
Director
Jul 1977 Joined Sanwa Audit Corporation Tokyo Marunouchi Office (now Deloitte Touche Tohmatsu LLC) Mar 1979 Registered as Certified Public Accountant Nov 1990 Head of Shizuoka Office, Sanwa Audit Corporation Jun 2004 Member of Management Committee, Sanwa Audit Corporation Jun 2004 Deputy Manager for Regional Management, Tokyo Office; General Manager, Eastern Japan Offices Jun 2007 Deputy Leader, Eastern Japan Block Oct 2010 Head of Total Services Division Oct 2013 Head of Middle Market Promotion Jul 2016 Advisor, Paramount Bed Holdings Co., Ltd. (current) Jun 2018 Non-Executive Outside Director of the Company (current)
1953-07-09
Ryota HONJO
Director
Apr 1972 Joined Itochu Corporation Apr 2001 Asia Regional General Manager; President, Itochu Hong Kong Ltd. Jun 2002 Executive Officer, Itochu Corporation Jun 2004 President, Itochu Management Consulting Co., Ltd. Jun 2005 President, Japan Foods Co., Ltd. Jun 2015 Chairman, Japan Foods Co., Ltd. Jun 2022 Non-Executive Outside Director of the Company (current)
1948-07-17
Itsuko FUKUDA
Director
Apr 1984 Joined Toshiba Corporation Apr 2015 General Manager, Quality Assurance Department, Kosaki Works, Toshiba Corporation Jul 2017 General Manager, Quality Assurance Department, Kosaki Works, Toshiba Infrastructure Systems & Solutions Corporation Mar 2018 Joined Tokyo Electronic Systems Corporation Jun 2018 President, Tokyo Electronic Systems Corporation Oct 2019 President, Toshiba Electronic Systems Corporation Oct 2022 Director; General Manager, Systems Headquarters and Sales Headquarters, Toshiba Denpa Technology Corporation Jun 2024 Outside Director, Shinko Industries Ltd. Jun 2024 Non-Executive Outside Director of the Company (current) Jun 2025 Outside Director (Audit and Supervisory Committee Member), ITFOR Inc. (current)
1962-02-05
Takashi HIRAMA
Corporate Auditor
Apr 1985 Joined the Company Apr 2015 Deputy General Manager, Quality Assurance Department Apr 2018 General Manager, Quality Assurance Department Apr 2020 Plant Manager, Kashiwa Plant Jun 2020 Executive Officer; Plant Manager, Kashiwa Plant Mar 2021 Executive Officer; Plant Manager, Kashiwa Plant; Head of Kashiwa Plant Operations Office Apr 2022 Executive Officer; Chief Plant Manager Jun 2023 Full-time Corporate Auditor (current)
1963-01-31
Masato DENAWA
Corporate Auditor
Apr 1990 Registered as Attorney-at-Law (Daiichi Tokyo Bar Association); joined Okinawa Ishihara Law Office (now Spring Law Office) Jan 1999 Partner Attorney, Spring Law Office Jun 2000 Corporate Auditor, Kinkando Co., Ltd. Apr 2002 Part-time Lecturer, Keio University Faculty of Law Jul 2007 Director, Advicelink Co., Ltd. Sep 2007 Supervisory Director, Japan Prime Realty Investment Corporation Apr 2009 Part-time Lecturer, Keio University Law School Apr 2011 Instructor, Legal Training and Research Institute of the Supreme Court of Japan Apr 2013 Senior Instructor, Legal Training and Research Institute of the Supreme Court of Japan Sep 2014 Part-time Lecturer, Keio University Law School Jun 2015 Non-Executive Corporate Auditor of the Company (current) Feb 2021 Member, Disaster Compensation Review Committee, Supreme Court of Japan (current) Jun 2021 Outside Corporate Auditor, BML, Inc. Jan 2025 Executive Advisor Attorney, Spring Law Office (current) Jun 2025 Outside Director (Audit and Supervisory Committee Member), BML, Inc. (current)
1964-02-05
Takako OKADA
Corporate Auditor
Oct 1992 Joined Tohmatsu Audit Corporation (now Deloitte Touche Tohmatsu LLC) Apr 1996 Registered as Certified Public Accountant Sep 2004 Transferred to Tohmatsu Tax Corporation (now Deloitte Tohmatsu Tax Co.) Nov 2011 Registered as Certified Tax Accountant Jan 2019 Established Takako Okada CPA and Tax Accountant Office; Representative (current) Jun 2019 Non-Executive Corporate Auditor of the Company (current) Mar 2020 Outside Corporate Auditor, Kenedix, Inc. Mar 2020 Corporate Auditor, Kenedix Real Estate Investment Management Co., Ltd. Jun 2021 Outside Director (Audit and Supervisory Committee Member), Nihon Kanzai Co., Ltd. Jan 2023 Outside Corporate Auditor, RUN.EDGE Inc. (current) Apr 2023 Outside Director (Audit and Supervisory Committee Member), Nihon Kanzai Holdings Co., Ltd. (current) Mar 2025 Outside Director (Audit and Supervisory Committee Member), Skylark Holdings Co., Ltd. (current)
1965-09-11
Large Shareholding Reports
Naturari Co., Ltd.
2026-09-14
4.46%→4.50%
Annual report (as of 2026-03-31): 2.73%
Mizuho Bank, Ltd.
2026-09-07
3.54%→3.54%
Annual report (as of 2026-03-31): 4.01%
Naturari Co., Ltd.
2026-06-12
4.28%→4.46%
Annual report (as of 2026-03-31): 2.73%
Naturari Co., Ltd.
2026-05-08
2.65%→4.28%
Annual report (as of 2026-03-31): 2.73%
Naturari Co., Ltd.
2026-04-02
2.41%→2.65%
Annual report (as of 2026-03-31): 2.73%
Mizuho Bank, Ltd.
2026-03-23
3.54%→3.54%
Annual report (as of 2026-03-31): 4.01%
Kankuro UEJIMA
2026-03-11
0.00%→2.54%
Nippon Paper Industries Co., Ltd.
2025-12-02
6.70%→4.02%
Annual report (as of 2026-03-31): 4.57%
Mizuho Bank, Ltd.
2025-08-07
3.54%→3.54%
Annual report (as of 2026-03-31): 4.01%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-09-14
Large Shareholding Report
EDINET
2026-09-07
Large Shareholding Report
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-18
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-12
Large Shareholding Report
EDINET
2026-05-08
Large Shareholding Report
EDINET
2026-04-02
Large Shareholding Report
EDINET
2026-03-23
Large Shareholding Report
EDINET
2026-03-11
Large Shareholding Report
TDnet
2026-02-13
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-12-02
Large Shareholding Report
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-08
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-08-07
Large Shareholding Report
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnetAmended
2025-02-14
Q3 Earnings Flash
TDnet
2025-01-31
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-07-31
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-12-25
Securities Registration Statement
EDINET
2023-11-14
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
EDINETAmended
2023-02-28
Amended Annual Securities Report
Period: Apr 2016 – Mar 2017
EDINET
2023-02-14
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-05
Quarterly Securities Report
EDINET
2022-06-29
Annual Securities Report
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