Overview
Glass and Ceramics Products

Vertex Corporation

Vertex Corporation is a holding company operating primarily in the concrete products segment, manufacturing and selling secondary concrete products such as manholes, Hume pipes, and box culverts, along with installation services. The Group also produces and sells concrete piles (centrifugal prestressed concrete piles) with piling construction services, and manufactures and installs slope disaster prevention products including rockfall protection fences. Additional businesses include ceramics products, RFID (non-contact IC tag) sales, hydraulic hose sales, system development, and real estate leasing.

Market Cap
¥60.0B
US$382M
EV
¥46.2B
US$294M
Stock¥1,214▼-1.46%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
5.9
x
LTM EV/EBIT
7.1
x
LTM PER
5.8
x
LTM PBR
1.4
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-38.4%pt
10012
Oct 23, 25 – Oct 23, 26StockTOPIX
1Feb 13, 26Earnings: Full-year guidance upward revision
2Aug 10, 26Q1 FY2027/03 earnings announced
MC → EV Bridge
60.0BUS$382MMarket Cap4.80BUS$30.6M+ Debt16.1BUS$103M− Cash2.52BUS$16.0M− Inv. Sec.46.2BUS$294MEV
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Performance & Balance
Revenue 5Y (¥B)
37.5US$239M'22/339.1US$249M'23/336.8US$235M'24/338.9US$248M'25/346.5US$296M'26/3
EBITDA 5Y (¥B)
6.96US$44.3M'22/36.47US$41.2M'23/36.80US$43.3M'24/37.46US$47.5M'25/38.37US$53.3M'26/3
Net Income 5Y (¥B)
4.24US$27.0M'22/33.74US$23.8M'23/33.73US$23.7M'24/34.83US$30.7M'25/310.3US$65.7M'26/3
Capital Structure
90%
EquityD/E 0.11xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
14.1US$89.5M4.06US$25.8M'22/312.2US$77.8M5.31US$33.8M'23/315.4US$98.0M4.76US$30.3M'24/318.9US$120M3.91US$24.9M'25/320.2US$129M5.99US$38.1M'26/3
Shareholders
Top 10 hold 42.3%
1
TAIHEIYO CEMENT CORPORATION
9.74%
2
GOLDMAN SACHS & CO. REG (Standing Proxy: Goldman Sachs Japan Co., Ltd.)
5.91%
3
GOLDMAN SACHS INTERNATIONAL (Standing Proxy: Goldman Sachs Japan Co., Ltd.)
4.96%
4
Belltech Green Foundation (General Incorporated Foundation)
4.79%
5
Custody Bank of Japan, Ltd. (Trust Account)
3.90%
6
Iwasaki Seishichi Shoten Co., Ltd.
2.98%
7
Resona Bank, Limited
2.78%
8
NORTHERN TRUST CO.(AVFC) RE NON TREATY CLIENTS ACCOUNT (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
2.77%
9
Yasumitsu SHIGETA
2.35%
10
Masashi SENBA
2.08%
Management
7 officers
Akihide TSUCHIYA
Representative Director, Chairman and CEO
Apr 1984 Joined Suzuki Motor Corporation Jul 2005 Joined Nihon Zenith Pipe Co., Ltd. (current Belltech Corporation), General Manager, Sales Promotion Department Sep 2006 General Manager, Sales Division, and Tokyo Branch Manager, Nihon Zenith Pipe Co., Ltd. Aug 2007 Director, General Manager, Sales Division, Tokyo Branch Manager and Nagoya Branch Manager, Nihon Zenith Pipe Co., Ltd. Apr 2009 Director, General Manager, Sales Division, Tokyo Branch Manager and Osaka Branch Manager, Nihon Zenith Pipe Co., Ltd. Aug 2009 Managing Director, General Manager, Sales Division, Tokyo Branch Manager and Osaka Branch Manager, Nihon Zenith Pipe Co., Ltd. Apr 2011 Director, Managing Executive Officer, General Manager, Sales Division, and Tokyo Branch Manager, Nihon Zenith Pipe Co., Ltd. Jun 2013 Director, Zenith Haneda Holdings Co., Ltd. (current Belltech Corporation) Apr 2014 Managing Director, Zenith Haneda Co., Ltd. (current Belltech Corporation) Apr 2017 Representative Director, President, Zenith Haneda Co., Ltd. Jun 2017 Representative Director, President, Zenith Haneda Holdings Co., Ltd. (current Belltech Corporation) Oct 2018 Representative Director, President, the Company Apr 2026 Representative Director, Chairman and CEO, the Company; Representative Director, Chairman, Belltech Corporation (current)
1962-01-19
Yuzuru YAMAMOTO
Representative Director, President
Apr 1987 Joined Nihon Zenith Pipe Co., Ltd. (current Belltech Corporation) Apr 2004 Nagoya Sales Office Manager, Nihon Zenith Pipe Co., Ltd. Apr 2009 Nagoya Branch Manager, Mikawa Sales Office Manager and Shizuoka Sales Office Manager, Nihon Zenith Pipe Co., Ltd. Apr 2013 Osaka Branch Manager and Nagoya Branch Manager, Nihon Zenith Pipe Co., Ltd. Apr 2014 Osaka Branch Manager, Hyogo Sales Office Manager and Kyoto Sales Office Manager, Zenith Haneda Co., Ltd. (current Belltech Corporation) Apr 2017 Director, General Manager, Head Office Sales Department, Zenith Haneda Co., Ltd. Jun 2017 Director, Managing Executive Officer, General Manager, Head Office Sales Department, Zenith Haneda Co., Ltd. Jun 2017 Director, Zenith Haneda Holdings Co., Ltd. (current Belltech Corporation) Oct 2018 Director, the Company Apr 2022 Managing Executive Officer, the Company; Managing Director, Belltech Corporation Jun 2024 Director, the Company Apr 2026 Representative Director, President, the Company; Representative Director, President, Belltech Corporation (current)
1968-10-23
Satoru TAKANE
Director, Audit and Supervisory Committee Member
Apr 1982 Joined Kyowa Bank, Ltd. (current Resona Bank, Limited) Jul 2000 Todoroki Branch Manager, Asahi Bank, Ltd. (current Resona Bank, Limited) Jun 2002 General Manager, Administration Division, Hanex Co., Ltd. (current Belltech Corporation) Jun 2010 Director, General Manager, Administration Division, Hanex Co., Ltd. Dec 2011 Director, Managing Executive Officer, Hanex Co., Ltd. Jun 2013 Director, Zenith Haneda Holdings Co., Ltd. (current Belltech Corporation) Apr 2014 Representative Director, Executive Vice President, Zenith Haneda Co., Ltd. (current Belltech Corporation) Apr 2017 Representative Director, Chairman, Zenith Haneda Co., Ltd. Jun 2017 Representative Director, Chairman, Zenith Haneda Holdings Co., Ltd. (current Belltech Corporation) Oct 2018 Vice Chairman, Director, the Company Jun 2020 Director, the Company Jun 2024 Full-time Audit and Supervisory Committee Member, Director, the Company (current); Audit & Supervisory Board Member, Belltech Corporation
1958-10-23
Kenichi EMI
Director, Audit and Supervisory Committee Member
Apr 1980 Joined Hokuriku Concrete Industry Co., Ltd. (current Belltech Corporation) Apr 1997 Nagoya Sales Office Manager, Hokuriku Concrete Industry Co., Ltd. Jun 2010 Executive Officer, Deputy General Manager, Sales Division, Hokucon Co., Ltd. (current Belltech Corporation) Mar 2013 Executive Officer, General Manager, Sales Division, and General Manager, Tokai Sales Department, Hokucon Co., Ltd. Jun 2013 Director, Executive Officer, General Manager, Sales Division, and General Manager, Tokai Sales Department, Hokucon Co., Ltd. Jun 2015 Director, Managing Executive Officer, General Manager, Sales Division, and General Manager, Tokai Sales Department, Hokucon Co., Ltd. Jun 2018 Senior Managing Director, Hokucon Co., Ltd. Oct 2018 Senior Managing Director, the Company Apr 2020 Representative Director, President, Hokucon Materials Co., Ltd. Apr 2026 Advisor, the Company Jun 2026 Full-time Audit and Supervisory Committee Member, Director, the Company
1962-03-22
Hisataka SOGAWA
Outside Director, Audit and Supervisory Committee Member
Apr 1971 Joined Ministry of Construction (current Ministry of Land, Infrastructure, Transport and Tourism) Jun 2000 Director, Sewerage Division, City Bureau, Ministry of Construction Jan 2001 Director, Sewerage Division, City and Regional Development Bureau, Ministry of Land, Infrastructure and Transport Oct 2003 Senior Managing Director, Japan Sewage Works Association (current Japan Sewage New Technology Organization) Jul 2005 Director (in charge of business management), Japan Sewage Works Agency Jul 2008 Deputy President, Japan Sewage Works Agency Jul 2009 President, Japan Sewage Works Agency Jul 2012 President, Japan Sewerage Association Jun 2017 Advisor, Japan Sewerage Association (current) Jun 2019 Outside Audit & Supervisory Board Member, the Company Jun 2020 Outside Director, Audit and Supervisory Committee Member, the Company (current)
1947-10-21
Yutaka MORI
Outside Director, Audit and Supervisory Committee Member
Jan 1987 Joined Board of Audit of Japan Jul 1992 Special Investigation Division, Securities and Exchange Surveillance Commission, Ministry of Finance Dec 1994 Investigator, Agriculture, Forestry and Fisheries Audit Division 2, Fourth Bureau, Board of Audit of Japan Jan 2001 Procurement Section Chief, Procurement Department, Central Japan International Airport Co., Ltd. Apr 2005 Expert Investigator, Financial Audit Division, First Bureau, Board of Audit of Japan Jul 2007 Personnel Planning Officer, Personnel Division, Secretariat General Office, Board of Audit of Japan Apr 2011 Capacity Development Officer, Secretariat General Office, Board of Audit of Japan Apr 2013 Chief, Agriculture, Forestry and Fisheries Audit Division 2, Fourth Bureau, Board of Audit of Japan Apr 2016 Chief, Accounting Division, Secretariat General Office, Board of Audit of Japan Apr 2017 Deputy Director-General, Secretariat General Office, Board of Audit of Japan (in charge of Fifth Bureau) Apr 2018 Deputy Director-General, Secretariat General Office, Board of Audit of Japan (in charge of First Bureau) Jan 2019 Director-General, Third Bureau, Board of Audit of Japan Jul 2019 Director-General, Fifth Bureau, Board of Audit of Japan Apr 2020 Audit Committee Member, Shizuoka Prefecture Nov 2020 Representative Audit Committee Member, Shizuoka Prefecture Mar 2024 Representative Audit Committee Member, Shizuoka Local Tax Collection Organization (current) Jun 2024 Outside Director, Audit and Supervisory Committee Member, the Company (current)
1959-06-07
Hatsumi MATSUAMI
Outside Director, Audit and Supervisory Committee Member
Apr 1999 Registered as attorney-at-law, Osaka Bar Association (current) Joined Keihanshin Law Office May 2004 Joined Nami-Haya Law Office (current Nami-Haya Law Office) (current) Apr 2021 Legal Advisor, the Company Jun 2023 Outside Audit & Supervisory Board Member, Kyosha Co., Ltd. Jun 2024 Outside Director, Audit and Supervisory Committee Member, Kyosha Co., Ltd. (current) Jun 2024 Outside Director, Audit and Supervisory Committee Member, the Company (current)
1968-01-28
Large Shareholding Reports
Valex Partners Co., Ltd.
2025-09-29
13.43%→12.22%
VARECS Partners Limited
2025-07-25
14.46%→13.43%
VARECS Partners Limited
2024-05-24
13.42%→14.46%
VARECS Partners Limited
2024-01-11
6.37%→13.42%
VARECS Partners Limited
2023-06-20
5.02%→6.37%
VARECS Partners Limited
2022-11-10
5.02%
Disclosures
No disclosures
Primary Source Filings
EDINETAmended
2026-08-25
Amended Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-24
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-12
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-09-29
Large Shareholding Report
TDnet
2025-08-08
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-07-25
Large Shareholding Report
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-13
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-08
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-28
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-05-24
Large Shareholding Report
EDINET
2024-02-09
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2024-01-11
Large Shareholding Report
EDINET
2023-11-10
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-30
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-06-20
Large Shareholding Report
EDINET
2023-02-10
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-11-10
Large Shareholding Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-06-30
Annual Securities Report
EDINET
2022-02-10
Quarterly Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-10
Quarterly Securities Report
EDINET
2021-06-30
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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