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Overview

Chemicals

Arisawa Mfg.Co.,Ltd.

Arisawa Mfg. Co., Ltd. is a specialty materials manufacturer producing four core product lines: electronic materials (FPC/FPCBsubstrates, glass cloth for PCBs), industrial structural materials (FRP pressure vessels for water treatment, aircraft honeycomb panels and prepregs), electrical insulation materials (glass cloth/tape, insulation prepregs), and display materials (3D display filters, polarization-based optical films). The company holds a leading market position as a specialized manufacturer of flexible printed circuit board (FPC) materials, leveraging proprietary weaving and resin impregnation technologies. Its products serve diverse end markets including electronics, aerospace, water treatment, and display industries across global markets.

Activists: Strategic Capital, Inc. 4.96%

Market Cap

¥82.5B

US$525M

¥82.0B

US$521M

Stock¥2,518▼-4.91%

US$1 = ¥157.25 (2026-10-30)

LTM EV/EBITDA

9.5

LTM EV/EBIT

13.5

LTM PER

15.9

LTM PBR

1.7

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+36.1%pt

Nov 4, 25 – Oct 30, 26StockTOPIX

MC → EV Bridge

AI Briefing

Niche advanced materials play with leading FPC substrate position plus FRP, insulation and optical film diversification. FY26/3 revenue ¥56.5B, OP margin expanding to 10.3% on improving profitability trend since FY24/3 trough. Tightly held register (top holder 15.79%) with strategic GC stake from Mitsubishi Gas Chemical; no M&A situation in public data.

Open Arisawa Mfg.Co., Ltd. in the demo →Comps, DCF and WACC for this company. Free, no time limit.

Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

72%

28%

EquityD/E 0.39xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 33.7%

as of 2026-03-31 · Source: Annual Securities Report

The Master Trust Bank of Japan, Ltd. (Trust Account)

15.79%

Mitsubishi Gas Chemical Company,Inc.

4.48%

Custody Bank of Japan, Ltd. (Trust Account)

3.68%

The Daishi Hokuetsu Bank, Ltd. (Standing Proxy: The Master Trust Bank of Japan, Ltd.)

2.26%

Sanji ARISAWA

1.36%

BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC; Standing Proxy: MUFG Bank, Ltd.)

1.31%

DFA INTL SMALL CAP VALUE PORTFOLIO (Standing Proxy: Citibank, N.A., Tokyo Branch)

1.28%

JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)

1.23%

Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)

1.18%

Yoko MORI

1.14%

Management

12 officers

Yuta ARISAWA

Representative Director, President and CEO

Apr 1992 Joined Mitsubishi Electric Corporation Feb 2002 Joined J.P. Morgan Securities Japan Co., Ltd. Aug 2003 Joined the Company Apr 2007 Assistant General Manager, Manufacturing Division, the Company Apr 2009 Executive Officer, the Company Jun 2010 Director, Managing Executive Officer, the Company Jun 2011 Director, Senior Managing Executive Officer, the Company Jun 2014 Representative Director, President, the Company Jun 2015 President, Chief Operating Officer (COO), the Company Jun 2017 Chief Executive Officer (CEO), the Company (current)

1969-07-25

Takeshi MASUDA

Director, Senior Managing Executive Officer, General Manager of Administration Division

Apr 1986 Joined Alps Electric Co., Ltd. (now Alps Alpine Co., Ltd.) Oct 1990 Joined the Company Nov 2003 Business Planning Group Leader, the Company Jul 2008 Assistant General Manager, Manufacturing Division, the Company Oct 2010 General Manager, Management Planning Division, the Company Jun 2011 Executive Officer, in charge of Management Planning Division, the Company Jun 2015 Senior Executive Officer, the Company Jun 2021 Director, Managing Executive Officer, the Company Jun 2023 Director, Senior Managing Executive Officer, the Company (current)

1963-04-03

Osamu NAKAJIMA

Director, Managing Executive Officer, General Manager of Business Strategy Promotion Division and Deputy General Manager of Innovation Promotion Division

Apr 1989 Joined Mitsui & Co., Ltd. May 2011 Manager, Solar Business Office, Functional Chemicals Division, Mitsui & Co., Ltd. Apr 2013 Manager, Advanced Materials Business Office, Functional Chemicals Division, Mitsui & Co., Ltd. Jul 2014 Manager, Business Development Office, Basic Chemicals Division, Mitsui & Co., Ltd. Oct 2015 Joined the Company, Executive Officer, in charge of Electronic Materials Sales Department Jun 2016 Director, Managing Executive Officer, the Company (current)

1965-06-05

Makoto TAI

Director, Managing Executive Officer, General Manager of Innovation Promotion Division, in charge of Development Support Department; Deputy General Manager of Business Strategy Promotion Division, in charge of Analysis Center

Apr 1988 Joined Daiichi Denko Co., Ltd. (now Sumitomo Electric Wintec Inc.) Mar 2002 Joined the Company Jul 2006 Electronic Materials 1 Group Leader, Technical Division, the Company Apr 2010 Assistant General Manager, Electronic Materials Technical Division, the Company Apr 2012 General Manager, Technical Division, the Company Jun 2015 Executive Officer, in charge of Electronic Materials Technical Division, the Company Jun 2019 Senior Executive Officer, the Company Jun 2023 Director, Managing Executive Officer, the Company (current)

1964-09-21

Koji NAKAMURA

Director

Apr 1973 Joined Mitsui & Co., Ltd. Apr 2004 Executive Officer, General Manager, Inorganic Chemicals Division, Mitsui & Co., Ltd. Apr 2006 Managing Executive Officer, General Manager, Chemicals Division No. 2, Mitsui & Co., Ltd. Apr 2009 Senior Managing Executive Officer, General Manager, Europe, Middle East and Africa Division, Mitsui & Co., Ltd. Mar 2011 Retired as Senior Managing Executive Officer, Mitsui & Co., Ltd. Aug 2011 Audit & Supervisory Board Member, Sankou Co., Ltd. (current) Aug 2016 Outside Director, Sanko Gosei Ltd. (current) Jun 2020 Director, the Company (current)

1948-08-15

Kazuo ABIKO

Director

Nov 1978 Joined The Associated Press May 1985 Deputy Bureau Chief, Tokyo Bureau, The Associated Press Jul 2001 President, The Foreign Correspondents' Club of Japan Apr 2004 Bureau Chief, Tokyo Bureau, The Associated Press Jul 2004 General Manager, Northeast Asia, The Associated Press Feb 2010 Advisor, The Associated Press Sep 2010 Part-time Lecturer, Tokyo University of Foreign Studies Sep 2011 Part-time Lecturer, Sophia University Apr 2015 Visiting Professor, Kanda University of International Studies Jul 2018 Auditor, The Foreign Correspondents' Club of Japan (public interest incorporated association) Jun 2020 Director, the Company (current)

1947-01-22

Hirotoshi TAKADA

Director

Mar 1977 Joined Nippon Seiki Co., Ltd. Apr 2003 President, UKN S.I. Co., Ltd. Jun 2005 Director, Nippon Seiki Co., Ltd. Jun 2008 Managing Director, Nippon Seiki Co., Ltd. Apr 2011 Senior Managing Director, Nippon Seiki Co., Ltd. Apr 2011 General Manager, Sales Division, Nippon Seiki Co., Ltd. Jun 2011 Chairman, Nissei Instrument (Wuhan) Co., Ltd. Mar 2012 Chairman, Nissei Instrument Technology (Shanghai) Co., Ltd. Jun 2013 President, Nippon Seiki Co., Ltd. Mar 2014 Chairman, Dongguan Nissei Electronics Co., Ltd. Apr 2014 Chairman, Nippon Seiki (Hong Kong) Co., Ltd. Jun 2015 President, Chief Executive Officer, Nippon Seiki Co., Ltd. Jul 2015 Chairman, Hong Kong Yichu Nissei Co., Ltd. Jul 2015 Chairman, Shanghai Nissei Instrument Co., Ltd. Mar 2016 Chairman, Thai Nippon Seiki Co., Ltd. Jun 2017 Vice Chairman, Director, Nippon Seiki Co., Ltd. Jun 2021 Director, the Company (current)

1953-08-10

Miho NUMATA

Director

Dec 2009 Registered as Attorney-at-law; joined Numata Law Office Jan 2016 Head of Numata Law Office (current) Apr 2018 Civil Mediation Commissioner, Tokyo Summary Court (current) Jun 2020 Outside Audit & Supervisory Board Member, Tokyo Boeki Holdings Co., Ltd. (current) Jun 2021 Director, the Company (current) Apr 2025 Vice President, First Tokyo Bar Association, FY2025

1975-04-18

Makiko HORIE

Director

Apr 1990 Joined Nomura Securities Co., Ltd. May 1995 Joined Merrill Lynch Investment Managers Japan Co., Ltd. (now BlackRock Japan Co., Ltd.) May 2016 Joined Value Create Co., Ltd., Partner Oct 2021 Joined SDG Impact Japan Co., Ltd., Partner (current) Jun 2023 Director, the Company (current) Jan 2025 Advisory Board Member, Seino Holdings Co., Ltd. (current) Mar 2026 Outside Audit & Supervisory Board Member, Shikison Power Co., Ltd. (current)

1967-05-12

Wataru MASUMURA

Full-time Audit & Supervisory Board Member

Apr 1985 Joined Tanabe Kogyo Co., Ltd. Nov 1987 Joined the Company Jul 2005 Personnel Group Leader, Personnel Division, the Company Jul 2008 Business Planning Group Leader, Management Planning Division, the Company Oct 2010 Assistant General Manager, Manufacturing Division, the Company Apr 2012 General Manager, Personnel Division, the Company Apr 2018 General Manager, Personnel Division and General Affairs Division, the Company Oct 2020 General Manager, General Affairs Division, the Company Jun 2022 Full-time Audit & Supervisory Board Member, the Company (current)

1963-02-05

Koichiro TANAKA

Audit & Supervisory Board Member

Oct 1987 Joined Sanwa Taimatsu Aoki Audit Corporation (now Deloitte Touche Tohmatsu LLC) Mar 1991 Registered as Certified Public Accountant Aug 1998 Resident Representative, Dalian Office, Deloitte Touche Tohmatsu (U.S.) Sep 2002 Resident, Shenzhen Office, Deloitte Touche Tohmatsu (China); Director, South China Japanese Business Services Jun 2003 Partner, Shenzhen Office, Deloitte Touche Tohmatsu Sep 2003 Returned to Tokyo Office, Audit Division, Deloitte Touche Tohmatsu; Partner Dec 2003 Director and Executive Officer, Corporate Finance Division (now Deloitte Tohmatsu Financial Advisory LLC); Partner, in charge of China Business and Public Relations May 2005 Registered as Licensed Tax Accountant Jul 2014 Established Tanaka Certified Public Accountant & Tax Accountant Office; Representative (current) Mar 2017 Outside Audit & Supervisory Board Member, Odawara Engineering Co., Ltd. (current) Jun 2018 Auditor, Japan Automobile Research Institute (general incorporated foundation) (current) Jun 2020 Audit & Supervisory Board Member, the Company (current) Jun 2023 Outside Audit & Supervisory Board Member, Ten Allied Co., Ltd. (current)

1965-07-06

Koichi YOKOTA

Audit & Supervisory Board Member

Nov 1996 Registered as Licensed Tax Accountant Apr 2003 Director, Takada Branch, Kanto-Shinetsu Tax Accountants Association Jan 2004 Head of Yokota Accounting Office (current) Apr 2019 Branch Chairman, Takada Branch, Kanto-Shinetsu Tax Accountants Association Jun 2020 Audit & Supervisory Board Member, the Company (current) Apr 2021 Executive Managing Director, Niigata Prefectural Branch Federation, Kanto-Shinetsu Tax Accountants Association Apr 2023 Vice Chairman, Niigata Prefectural Branch Federation, Kanto-Shinetsu Tax Accountants Association Apr 2025 Managing Director, Kanto-Shinetsu Tax Accountants Association (current)

1970-03-03

Large Shareholding Reports

Strategic Capital, Inc.

2024-09-05

6.02%→4.96%

Strategic Capital, Inc.

2024-08-23

7.22%→6.02%

Strategic Capital, Inc.

2024-07-25

8.24%→7.22%

Strategic Capital, Inc.

2024-07-09

9.37%→8.24%

Strategic Capital, Inc.

2024-06-27

10.44%→9.37%

Strategic Capital, Inc.

2024-06-14

11.53%→10.44%

Strategic Capital, Inc.

2024-06-03

12.58%→11.53%

Strategic Capital, Inc.

2024-02-13

11.58%→12.58%

Strategic Capital, Inc.

2023-10-13

10.51%→11.58%

Strategic Capital, Inc.

2023-10-04

9.21%→10.51%

Strategic Capital, Inc.

2023-09-25

8.17%→9.21%

Strategic Capital, Inc.

2023-06-07

7.17%→8.17%

Strategic Capital, Inc.

2023-05-29

7.74%→7.17%

Strategic Capital, Inc.

2023-03-10

8.87%→7.74%

Strategic Capital, Inc.

2023-02-27

9.88%→8.87%

Strategic Capital, Inc.

2022-10-05

8.88%→9.88%

Strategic Capital, Inc.

2022-03-22

8.88%→8.88%

Strategic Capital, Inc.

2022-03-17

8.88%→8.88%

Strategic Capital, Inc.

2021-11-04

8.60%→8.88%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-08-06

Q1 Earnings Flash

FY ending Mar 2027

Arisawa Mfg.Co.,Ltd.

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Arisawa Mfg.Co.,Ltd.

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