Overview
Chemicals

Dai Nippon Toryo Company,Limited

Dai Nippon Toryo (DNT) is a Japanese paint and coatings manufacturer offering a broad product portfolio spanning heavy-duty anti-corrosion coatings for infrastructure and steel structures, architectural paints, automotive refinish coatings, and industrial coatings, as well as waterborne industrial coatings targeting VOC reduction. Beyond coatings, the company operates lighting equipment (LED and UV sterilization devices through DN Lighting), fluorescent colorants (pigments and specialty coating materials through Shinroihi), and an emerging new business segment including a world-first extracellular vesicle immunochromatography kit co-developed with Shimadzu Corporation. DNT positions itself as an 'environment-enriching company' focused on clean, sustainable products for healthy and comfortable living.

Market Cap
¥46.2B
US$295M
EV
¥53.0B
US$338M
Stock¥1,618▼-0.12%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
6.4
x
LTM EV/EBIT
8.6
x
LTM PER
18.4
x
LTM PBR
0.7
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+3.9%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
46.2BUS$295MMarket Cap16.7BUS$107M+ Debt10.4BUS$66.4M− Cash9.32BUS$59.5M− Inv. Sec.9.76BUS$62.3M+ NCI53.0BUS$338MEV
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Performance & Balance
Revenue 5Y (¥B)
66.9US$427M'22/372.8US$465M'23/371.9US$459M'24/372.5US$462M'25/393.8US$598M'26/3
EBITDA 5Y (¥B)
5.73US$36.5M'22/36.34US$40.4M'23/37.28US$46.4M'24/37.20US$45.9M'25/36.94US$44.3M'26/3
Net Income 5Y (¥B)
2.03US$13.0M'22/33.46US$22.1M'23/34.60US$29.3M'24/39.44US$60.2M'25/31.69US$10.8M'26/3
Capital Structure
80%
20%
EquityD/E 0.25xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
14.1US$89.9M5.54US$35.4M'22/314.6US$93.1M6.18US$39.4M'23/318.6US$119M6.10US$38.9M'24/322.1US$141M12.2US$77.9M'25/320.2US$129M15.1US$96.5M'26/3
Shareholders
Top 10 hold 32.5%
1
The Master Trust Bank of Japan, Ltd. (Other Trust Account)
5.00%
2
Dainikka Co., Ltd.
4.25%
3
The Master Trust Bank of Japan, Ltd. (Investment Trust Account)
4.24%
4
Shimadzu Corporation
3.50%
5
Yasuhide TANABE
2.89%
6
Meiji Yasuda Life Insurance Company (Standing Proxy: Custody Bank of Japan, Ltd.)
2.83%
7
Fukoku Mutual Life Insurance Company (Standing Proxy: Custody Bank of Japan, Ltd.)
2.80%
8
Stock Ownership Association
2.39%
9
Tokio Marine & Nichido Fire Insurance Co., Ltd.
2.36%
10
Mitsubishi UFJ Trust and Banking Corporation
2.22%
Management
10 officers
Takayuki SATO
Representative Director, President (in charge of Internal Audit Office and Quality Assurance Department)
Apr 1984 Joined the Company Apr 2009 Deputy General Manager, Structural Coatings Business Division, General Coatings Division Apr 2010 General Manager, Development Department, Technology Development Division Apr 2011 Executive Officer; Deputy Division Head, General Coatings Division (Technology Oversight); Deputy Division Head, Industrial Coatings Division (Technology Oversight) Apr 2012 Division Head, Technology Development Division; concurrently Deputy Division Head, Coatings Business Division (Technology Oversight) Jun 2012 Director Apr 2014 Division Head, Coatings Business Division; concurrently General Manager, Coatings Sales Business Division Apr 2016 Managing Executive Officer; General Manager, Architectural and Structural Coatings Business Division, Coatings Business Division Apr 2018 Senior Managing Executive Officer; in charge of overall management Jun 2018 Representative Director, President (current) Aug 2025 Head of Coatings Business Division
1961-01-15
Tatsuhiko NAGANO
Director, Managing Executive Officer; General Manager, Administration Division and Head of Coatings Business Division (in charge of Administration Division and Coatings Business Division)
Apr 1987 Joined The Mitsubishi Bank, Ltd. [now MUFG Bank, Ltd.] May 2012 General Manager, Sales Department No. 5, Sales Division No. 2, the Bank Jun 2014 Branch Manager, Marunouchi Branch, the Bank Jun 2017 Joined the Company; Executive Officer; Deputy General Manager, Administration Division and in charge of Finance Apr 2018 General Manager, Administration Division (current) Jun 2018 Director (current); Managing Executive Officer (current) Oct 2020 In charge of dealer collaboration promotion Apr 2022 General Manager, Corporate Planning Office, Administration Division Apr 2024 General Manager, Finance Department, Administration Division Apr 2026 Head of Coatings Business Division (current)
1963-09-22
Motohiro YAMAMOTO
Director, Executive Officer; Head of Specialty Business Division and Deputy Head of Coatings Business Division (Technology Oversight); in charge of Specialty Business Division Technology Development Division
Apr 1986 Joined the Company Apr 2014 Deputy Division Head, Technology Development Division; concurrently General Manager, Development Department, Head of Technology Development Group No. 1, and Deputy General Manager, Architectural and Structural Coatings Business Division Apr 2015 Executive Officer (current) Apr 2016 Division Head, Technology Development Division; concurrently Deputy Division Head, Coatings Business Division (Technology Oversight) Jun 2017 Director (current) Apr 2018 Division Head, Coatings Business Division Apr 2022 Division Head, Specialty Business Division [now Head of Specialty Business Division]; concurrently Deputy Division Head, Coatings Business Division [now Deputy Head of Coatings Business Division] (Technology Oversight) (current)
1964-01-18
Akihiro MIYAKE
Director, Executive Officer; Head of Production Division (in charge of Production Division and Materials Division)
Apr 1996 Joined the Company Apr 2013 Deputy General Manager, Production Technology Planning Department, Production Division Apr 2015 Deputy General Manager, Coatings Business Planning Office, Coatings Business Division Apr 2017 General Manager, Coatings Business Planning Office, Coatings Business Division Apr 2021 Executive Officer (current); General Manager, Production Technology Planning Department, Production Division Apr 2022 Division Head, Production Division [now Head of Production Division] (current) Jun 2023 Director (current)
1971-02-07
Koji BABA
Director
Apr 1981 Joined The Tokyo Bank, Ltd. [now MUFG Bank, Ltd.] May 2007 Representative, Johannesburg Representative Office, The Bank of Tokyo-Mitsubishi UFJ, Ltd. [now MUFG Bank, Ltd.] Dec 2010 Joined Nippon Yusoki Co., Ltd. [now Logisnext Co., Ltd.] Apr 2011 General Manager, Sales Planning Office, Sales Division, Nippon Yusoki Apr 2013 General Manager, Overseas Sales Planning Department, Overseas Sales Division, Nippon Yusoki Jun 2014 Executive Officer; General Manager, Overseas Sales Planning Department, Overseas Sales Division, Nippon Yusoki Oct 2017 Senior Manager; Deputy Head, Overseas Sales Division; concurrently General Manager, Overseas Sales Planning Department, Nippon Yusoki Jun 2019 Full-time Audit & Supervisory Board Member, Nippon Yusoki (resigned Jun 2023) Jun 2022 Director of the Company (current)
1957-08-22
Kayoko YATSUSHIRO
Director
Apr 1991 Joined Hokkaido Broadcasting Co., Ltd. Jun 1996 Freelance announcer Feb 2002 Worked at Japan Network Group, Inc. (Delaware, U.S.) [now NHK Cosmomedia America, Inc.] Sep 2005 Freelance lecturer, trainer, and writer Apr 2019 Visiting Associate Professor, Business Breakthrough University (operated by Senshin Educational Institution) Apr 2023 Visiting Professor, Business Breakthrough University (current) Jan 2026 Representative Director, Conphonity Co., Ltd. (current) Jun 2026 Director of the Company (current) Principal concurrent position: Representative Director, Conphonity Co., Ltd.
1967-11-05
Hideki SUGIURA
Full-time Audit & Supervisory Board Member
Apr 1989 Joined Mitsubishi Trust and Banking Corporation [now Mitsubishi UFJ Trust and Banking Corporation] Feb 2012 Deputy Manager, Corporate Advisory Services Department, Mitsubishi UFJ Trust and Banking Oct 2013 Deputy Manager, Credit Examination Department, Mitsubishi UFJ Trust and Banking Aug 2014 Manager, Real Estate Finance Examination Office, Mitsubishi UFJ Trust and Banking Apr 2017 Deputy Manager, Real Estate Trust Department, Mitsubishi UFJ Trust and Banking Apr 2018 Deputy General Manager, Group Real Estate Sales Department, Mitsubishi UFJ Trust and Banking Apr 2021 Seconded to M.U. Trust Apple Planning Co., Ltd. (resigned from Mitsubishi UFJ Trust and Banking in Jun 2021) Jun 2021 Full-time Audit & Supervisory Board Member of the Company (current) Jun 2024 Outside Audit & Supervisory Board Member, Mitsubishi Logisnext Co., Ltd. [now Logisnext Co., Ltd.] (resigned May 2026)
1966-02-02
Hiroyuki FUJII
Full-time Audit & Supervisory Board Member
Apr 1981 Joined Shimadzu Corporation Apr 2005 General Manager, Human Resources Department, Shimadzu Jun 2007 Executive Officer, Shimadzu Jun 2009 Director in charge of Human Resources and Global Environmental Management, Shimadzu Jun 2011 Director in charge of Public Relations, Shimadzu Jun 2013 Senior Standing Audit & Supervisory Board Member, Shimadzu Jun 2014 Audit & Supervisory Board Member of the Company Jun 2026 Full-time Audit & Supervisory Board Member of the Company (current)
1954-08-01
Kimiyo HAYASHI
Audit & Supervisory Board Member
Oct 1982 Joined Asahi Accounting Firm [now Azusa Audit LLC] Mar 1986 Registered as Certified Public Accountant (current) Oct 1995 Senior Manager, Asahi Accounting Firm (resigned Sep 2009) Oct 2009 Representative, Kimiyo Hayashi Certified Public Accountant Office (current) Oct 2010 Audit & Supervisory Board Member, Iwatani Direct Co., Ltd. [now Iwatani Icollect Co., Ltd.] (current) Jun 2019 Director of the Company Jun 2020 Outside Audit & Supervisory Board Member, Shin Cosmos Electric Co., Ltd. (current) Jun 2026 Audit & Supervisory Board Member of the Company (current) Principal concurrent positions: Representative, Kimiyo Hayashi Certified Public Accountant Office; Outside Audit & Supervisory Board Member, Shin Cosmos Electric Co., Ltd.
1958-04-29
Masahiro NAKAMURA
Director
Apr 1983 Joined The Mitsubishi Bank, Ltd. [now MUFG Bank, Ltd.] May 2007 General Manager, Retail Planning Department, The Bank of Tokyo-Mitsubishi UFJ, Ltd. [now MUFG Bank, Ltd.]; Head of Retail-Related Business Office, Mitsubishi UFJ Financial Group, Inc. Jun 2009 Executive Officer and General Manager, Planning Department, the Bank; Executive Officer and General Manager, Corporate Planning Department, the Group May 2011 Executive Officer and General Manager, Retail Planning Department, the Bank; Executive Officer and General Manager, Retail Planning Department, the Group May 2013 Managing Executive Officer and Deputy Head of Corporate Services, the Bank; Executive Officer, Deputy in charge of Operations and Systems Planning Department, the Group Jun 2015 Representative Director and Executive Vice President; Head of Consulting Business Division, Mitsubishi UFJ Research and Consulting Co., Ltd. Jun 2016 Outside Audit & Supervisory Board Member, Nanto Bank, Ltd. May 2020 Representative Director and President, Marunouchi Yorozu Co., Ltd. Jun 2020 Outside Audit & Supervisory Board Member, Chitose Corporation Jun 2025 Special Advisor, Marunouchi Yorozu Co., Ltd. (current); Outside Audit & Supervisory Board Member, Hyakugo Bank, Ltd. (scheduled to resign Jun 2026) Jun 2026 Director of the Company (current) Principal concurrent position: Outside Audit & Supervisory Board Member, Hyakugo Bank, Ltd.
1959-08-29
Large Shareholding Reports
Mitsubishi UFJ Trust and Banking Corporation
2026-03-02
3.52%→3.25%
Meiji Yasuda Life Insurance Company
2026-02-04
5.13%→3.91%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-23
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-03-02
Large Shareholding Report
TDnet
2026-02-10
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2026-02-04
Large Shareholding Report
EDINET
2025-11-10
Semi-Annual Securities Report
Period: Apr 2025 – Sep 2025
TDnet
2025-08-08
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-24
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-06
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-11
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-08
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-27
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-09
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-10
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-09
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-29
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-10
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-08
Quarterly Securities Report
EDINET
2022-06-29
Annual Securities Report
EDINET
2022-02-09
Quarterly Securities Report
EDINET
2021-11-10
Quarterly Securities Report
EDINET
2021-08-10
Quarterly Securities Report
EDINET
2021-06-29
Annual Securities Report
EDINET
2021-02-09
Quarterly Securities Report
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