Overview
Iron and Steel

MORY INDUSTRIES INC.

Mori Industries is one of Japan's leading stainless steel manufacturers, producing approximately 4,000 tons per month of stainless steel products including round pipes, square pipes, specialty-shaped pipes, clad pipes, handrail components, bar steel, and flexible pipes. The company also manufactures and sells carbon steel pipes for general structural and mechanical uses, as well as pipe processing machinery such as pipe cutting machines and chamfering equipment. Its products serve a broad range of industrial markets, with manufacturing operations in Japan and Indonesia, and equity-method participation in a Thai affiliate supplying the two-wheel and automotive industries.

Market Cap
US$208M
¥33.2B
EV
US$59.0M
¥9.42B
StockUS$5.48(¥875)▲+0.46%
US$1 = ¥159.70 (2026-11-12)
LTM EV/EBITDA
1.5
x
LTM EV/EBIT
1.9
x
LTM PER
9.2
x
LTM PBR
0.6
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-28.5%pt
100
Nov 13, 25 – Nov 13, 26StockTOPIX
MC → EV Bridge
US$208M¥33.2BMarket CapUS$13.0M¥2.08B+ DebtUS$81.8M¥13.1B− CashUS$80.8M¥12.9B− Inv. Sec.US$0.38M¥0.06B+ NCIUS$59.0M¥9.42BEV
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Performance & Balance
Revenue 5Y (US$)
US$270M¥43.1B'22/3US$305M¥48.7B'23/3US$300M¥47.9B'24/3US$289M¥46.1B'25/3US$271M¥43.3B'26/3
EBITDA 5Y (US$)
US$42.3M¥6.76B'22/3US$48.9M¥7.80B'23/3US$43.6M¥6.96B'24/3US$40.6M¥6.48B'25/3US$34.8M¥5.55B'26/3
Net Income 5Y (US$)
US$27.1M¥4.32B'22/3US$33.1M¥5.29B'23/3US$28.3M¥4.52B'24/3US$25.8M¥4.13B'25/3US$21.0M¥3.36B'26/3
Capital Structure
97%
EquityD/E 0.03xDebt
Liquidity vs Debt 5Y (US$)▲ Net Cash
CashInv. Sec.Debt
US$107M¥17.1BUS$12.7M¥2.02B'22/3US$114M¥18.3BUS$12.4M¥1.98B'23/3US$146M¥23.3BUS$12.8M¥2.05B'24/3US$144M¥23.0BUS$12.6M¥2.02B'25/3US$156M¥25.0BUS$12.4M¥1.99B'26/3
Business Segments
2026/03 · US$ (¥B)
96%
Japan
Revenue
US$260M(¥41.5B)
Segment profit
US$27.2M(¥4.35B)10.5%
4.2%
Indonesia
Revenue
US$11.3M(¥1.80B)
Segment profit
US$0.18M(¥0.03B)1.6%
Adjustments
Revenue
—
Segment profit
US$0.00M(¥0.00B)
No segment changes in the last 5 years
Shareholders
Top 10 hold 47.2%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
6.78%
2
Kōtsū KK Investment Limited Liability Partnership
6.07%
3
INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)
5.88%
4
Akinobu MORI
5.79%
5
Daido Life Insurance Company (Standing Proxy: Custody Bank of Japan, Ltd.)
5.76%
6
MUFG Bank, Ltd.
3.65%
7
Resona Bank, Limited
3.51%
8
Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)
3.50%
9
Mori Education Promotion Foundation (Public Interest Incorporated Foundation)
3.24%
10
HANWA CO.,LTD.
3.05%
Management
8 officers
Hiroaki MORI
Representative Director, President and Executive Officer
Jan 1989 Joined the Company Apr 1990 Representative Director, President, Mori Kinzoku Co., Ltd. Jun 1990 Director of the Company Jun 1994 Managing Director of the Company Jun 1996 Senior Managing Director of the Company Jul 1996 Representative Director, Senior Managing Director of the Company Jun 2000 Representative Director, President of the Company Jun 2020 Representative Director, President and Executive Officer of the Company (current)
1960-08-27
Hiroaki ASANO
Director, Senior Managing Executive Officer, in charge of Sales Division
Feb 1980 Joined the Company Apr 1996 General Manager, Stainless Steel Department, Tokyo Branch, the Company Jun 2004 Representative Director, President, Nittoku Co., Ltd. Jun 2010 Director of the Company Jun 2014 Managing Director of the Company Jun 2020 Director, Managing Executive Officer of the Company Jul 2023 Director, Senior Managing Executive Officer of the Company (current)
1955-03-06
Koichi MOTOYAMA
Director, Managing Executive Officer, in charge of Technology and Manufacturing Division
Apr 1984 Joined the Company May 2009 Plant Manager, Ibaraki Plant, the Company Apr 2012 General Manager, Second Manufacturing Department, the Company Apr 2014 General Manager, First Manufacturing Department, the Company Jun 2016 Director of the Company Jun 2020 Senior Executive Officer of the Company Jun 2021 Director, Managing Executive Officer of the Company (current)
1960-10-30
Ryuichi NITTA
Director, Managing Executive Officer, in charge of Administration and Materials Division
Apr 1990 Joined the Company Jul 2014 General Manager, Tokyo Branch, the Company Apr 2016 General Manager, Stainless Steel Sales Department, the Company Oct 2023 Executive Officer, General Manager, OA Department and General Manager, Human Resources Department, the Company Apr 2025 Senior Executive Officer of the Company Jun 2025 Director, Senior Executive Officer of the Company Apr 2026 Director, Managing Executive Officer of the Company (current)
1967-11-17
Teruichi OKUMURA
Director, Full-time Audit and Supervisory Committee Member
Apr 1984 Joined the Company Apr 2018 General Manager, Human Resources Department, the Company Jul 2019 General Manager, General Affairs Department, the Company Sep 2021 General Manager, Planning Office, the Company Jun 2024 Director, Full-time Audit and Supervisory Committee Member of the Company (current)
1961-08-10
Shuichi HAYASHI
Director, Audit and Supervisory Committee Member
May 2006 Registered as Certified Public Accountant Oct 2006 Joined Kyozo Hayashi CPA and Tax Accountant Office Apr 2007 Registered as Certified Tax Accountant Mar 2008 Representative Director, President, Total Planning Service Co., Ltd. (current) Jun 2008 Audit & Supervisory Board Member of the Company Jun 2009 Outside Director, Osaka Daiichi Shokuryo Co., Ltd. Jun 2011 Outside Audit & Supervisory Board Member, Osaka Chikagai Co., Ltd. Jan 2012 Representative, Hayashi CPA Office (current) Nov 2015 Audit & Supervisory Board Member, Midori Total Health Research Institute Co., Ltd. (current) Jun 2016 Director, Audit and Supervisory Committee Member of the Company (current) Nov 2017 Audit & Supervisory Board Member, Kuga Co., Ltd. (current) Nov 2018 Audit & Supervisory Board Member, Fuji Chemical Co., Ltd. (current)
1970-11-25
Yasushi IWASAKI
Director, Audit and Supervisory Committee Member
Apr 1997 Registered as Certified Public Accountant Jul 1997 Representative, Yasushi Iwasaki CPA Office (current) Aug 1997 Registered as Certified Tax Accountant Jun 2015 Audit & Supervisory Board Member of the Company Jun 2016 Director, Audit and Supervisory Committee Member of the Company (current) Oct 2022 Audit & Supervisory Board Member, Shimadzu Shokai Co., Ltd. (current) May 2024 Audit & Supervisory Board Member, Umeda Vacuum Packaging Co., Ltd. (current)
1968-11-10
Yuki SAITO
Director, Audit and Supervisory Committee Member
Oct 2006 Registered as Attorney at Law Jan 2012 Partner, Sakura Law Office (current) Oct 2015 Part-time Judge (Family Court Mediation Officer) Jun 2023 Outside Audit & Supervisory Board Member, Iwatani Corporation (current) Mar 2024 Outside Director, Audit and Supervisory Committee Member, Kuriyama Holdings Corporation (current) Jun 2024 Director, Audit and Supervisory Committee Member of the Company (current)
1978-11-13
Large Shareholding Reports
Capistrano Investment LLC
2026-06-03
5.02%
Koutsushin Co., Ltd.
2025-09-29
7.18%→6.97%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-11-10
Semi-Annual Securities Report
Period: Apr 2026 – Mar 2027
TDnet
2026-10-30
Q2 Earnings Flash
FY ending Mar 2027
TDnet
2026-07-31
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-23
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-03
Large Shareholding Report
TDnet
2026-05-08
Full-Year Earnings Flash
FY ending Mar 2026
TDnet
2026-01-30
Q3 Earnings Flash
EDINET
2025-11-10
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-09-29
Large Shareholding Report
TDnet
2025-07-31
Q1 Earnings Flash
EDINET
2025-06-23
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-01-31
Q3 Earnings Flash
EDINET
2024-11-08
Semi-Annual Securities Report
Period: Apr 2024 – Sep 2024
TDnet
2024-07-31
Q1 Earnings Flash
EDINET
2024-06-27
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-07
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-08
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-08
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-28
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-07
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-08
Quarterly Securities Report
EDINET
2022-08-08
Quarterly Securities Report
EDINET
2022-06-29
Annual Securities Report
EDINET
2022-02-07
Quarterly Securities Report
EDINET
2021-11-09
Quarterly Securities Report
EDINET
2021-08-06
Quarterly Securities Report
EDINET
2021-06-28
Annual Securities Report
EDINET
2021-02-09
Quarterly Securities Report
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