Overview
Metal Products

Sanwa Holdings Corporation

Sanwa Holdings is a global leader in high-performance entrance solutions, manufacturing and selling architectural metal products including shutters, doors, garage doors, automatic doors, and facade systems for both commercial/building and residential markets. The company operates across four segments—Japan, North America, Europe, and Asia—delivering products and maintenance/service businesses through major group companies such as Sanwa Shutter Corporation, Overhead Door Corporation, and Novoferm Group. With operations in 28 countries and regions, the Group combines strong domestic market presence with significant international scale, generating over ¥375 billion in overseas revenues out of ¥662 billion in total sales (FY March 2025).

Market Cap
¥761B
US$4.85B
EV
¥652B
US$4.16B
Stock¥3,641▲+0.66%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
7.2
x
LTM EV/EBIT
8.7
x
LTM PER
13.3
x
LTM PBR
2.2
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-37.6%pt
100123
Oct 23, 25 – Oct 23, 26StockTOPIX
1Jan 30, 26Disappointing earnings announcement
2May 28, 26ValueAct Capital Management, L.P. changed stake (2.84%→4.12%)
3Jul 31, 26Q1 FY2027/03 earnings announced
MC → EV Bridge
761BUS$4.85BMarket Cap55.4BUS$353M+ Debt109BUS$697M− Cash57.2BUS$365M− Inv. Sec.2.51BUS$16.0M+ NCI652BUS$4.16BEV
AI Briefing
Global smart entrance player—shutters, doors, garage doors, facades across 28 countries; ~57% sales overseas via Overhead Door (NA) and Novoferm (Europe) FY25/3 revenue ¥662B with OP margin expanding to 12.2%; FY26/3 guidance roughly flat at ¥661B revenue, ¥79.1B OP No tender offer in data—trades at ¥758B cap vs ¥90.1B LTM EBITDA, levered conservatively with ¥55.4B debt against ¥109B cash
Performance & Balance
Revenue 5Y (¥B)
469US$2.99B'22/3588US$3.75B'23/3611US$3.90B'24/3662US$4.22B'25/3661US$4.21B'26/3
EBITDA 5Y (¥B)
46.2US$294M'22/368.3US$436M'23/378.8US$502M'24/394.9US$605M'25/393.8US$598M'26/3
Net Income 5Y (¥B)
22.8US$146M'22/333.1US$211M'23/343.2US$276M'24/357.5US$367M'25/359.8US$381M'26/3
Capital Structure
86%
EquityD/E 0.16xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
81.7US$521M51.5US$328M'22/395.7US$610M59.6US$380M'23/3130US$828M56.8US$362M'24/3159US$1.01B57.0US$363M'25/3167US$1.06B57.1US$364M'26/3
Shareholders
Top 10 hold 41.9%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
14.13%
2
Custody Bank of Japan, Ltd. (Trust Account)
6.59%
3
Sumitomo Mitsui Banking Corporation
4.78%
4
The Dai-ichi Life Insurance Company, Limited
3.23%
5
CGML PB CLIENT ACCOUNT/COLLATERAL (Standing Proxy: Citibank, N.A., Tokyo Branch)
2.94%
6
STATE STREET BANK AND TRUST COMPANY 505010 (Standing Proxy: Mizuho Bank, Ltd.)
2.74%
7
Aioi Nissay Dowa Insurance Co., Ltd.
2.45%
8
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
1.79%
9
Goldman Sachs Japan Co., Ltd. BNYM
1.63%
10
Nippon Life Insurance Company
1.60%
Management
10 officers
Seiji TAKAYAMA
Representative Director, President and Executive Officer
Oct 2006 Joined the Company Apr 2011 Managing Executive Officer Apr 2011 Assistant to Overseas Business Division Apr 2012 Senior Managing Executive Officer Apr 2012 In charge of Corporate Planning Division Jun 2012 Director Apr 2016 Executive Officer, Executive Vice President Apr 2016 Assistant to President Apr 2017 COO Apr 2017 Representative Director, President (current) Apr 2019 Representative Director, Chairman, Sanwa Shutter Corporation Apr 2020 Executive Officer, President (current)
1971-02-03
Hiroyuki YAMAZAKI
Director, Senior Managing Executive Officer, in charge of Corporate Planning Division
Sep 2017 Joined the Company Apr 2018 Managing Executive Officer Apr 2018 Assistant to Corporate Planning Division; General Manager, Corporate Planning Department Apr 2020 In charge of Corporate Planning Division (current) Jun 2020 Director (current) Apr 2024 Senior Managing Executive Officer (current) Apr 2024 Director, Sanwa Shutter Corporation (current)
1961-02-03
Toshiaki DOJO
Director, Senior Managing Executive Officer, in charge of Global Business Division
Apr 2014 Joined the Company Apr 2015 General Manager, Business Transformation Promotion Department Apr 2016 Executive Officer Apr 2016 General Manager, Americas Business Division (Americas and Europe Business Division) Apr 2019 Managing Executive Officer Apr 2020 General Manager, Europe and Americas Business Division Apr 2021 Assistant to Global Business Division Jan 2022 General Manager, Global Product Planning Department Apr 2022 In charge of Global Business Division (current); concurrently General Manager, Product Planning Department Jun 2022 Director (current) Apr 2023 Concurrently General Manager, Americas Business Division Oct 2023 Concurrently General Manager, Asia Business Division Apr 2024 Senior Managing Executive Officer (current)
1961-07-26
Meiji TAKAYAMA
Director
Oct 2006 Joined the Company Apr 2010 Executive Officer, Sanwa Shutter Corporation Apr 2011 Director, Sanwa Shutter Corporation Apr 2011 Managing Executive Officer, Sanwa Shutter Corporation Apr 2012 Senior Managing Executive Officer, Sanwa Shutter Corporation Apr 2016 Representative Director, Sanwa Shutter Corporation Apr 2016 Executive Officer, Executive Vice President; Assistant to President, Sanwa Shutter Corporation Apr 2017 Representative Director, President, Sanwa Shutter Corporation (current) Apr 2017 Executive Officer, President, Sanwa Shutter Corporation (current) Jun 2017 Director (non-executive) (current)
1973-08-27
Masanaka YOKOTA
Director
Jun 2003 Director, Japan Management Association Consultants Co., Ltd. (JMAC) Jan 2009 Chairman, JMAC CHINA Jun 2013 Managing Director, JMAC Apr 2015 President, JMAC EUROPE S.p.A. Jun 2020 Standing Advisor, JMAC (current) Jun 2020 Director (current)
1955-01-05
Hiroko ISHIMURA
Director
Apr 1978 Joined The Mitsubishi Bank, Ltd. Apr 1991 Joined Syncom Systems Japan K.K. Apr 1996 Marketing Manager, Syncom Systems Japan K.K. Apr 1998 Sales Manager, East Japan Sales Department, Syncom Systems Japan K.K. Jan 2000 Managing Director, Syncom Systems Japan K.K. Apr 2008 Representative Director, Syncom Systems Japan K.K. Feb 2021 Executive Advisor, Syncom Systems Japan K.K. Jun 2022 Director (current)
1955-08-02
Naoto YAMAOKA
Director (Audit and Supervisory Committee Member)
Mar 1989 Joined the Company Apr 2013 General Manager, Human Resources and General Affairs Department, Sanwa Shutter Corporation Mar 2017 Executive Officer, Sanwa Shutter Corporation Apr 2021 Managing Executive Officer, Sanwa Shutter Corporation Jun 2023 Audit & Supervisory Board Member, Sanwa Shutter Corporation Jun 2025 Part-time Audit & Supervisory Board Member, Sanwa Shutter Corporation (current) Jun 2025 Director (Audit and Supervisory Committee Member) (current)
1958-08-21
Tsunekatsu YONEZAWA
Director (Audit and Supervisory Committee Member)
Oct 2001 Director, Itochu Marubeni Steel Corporation Apr 2004 Representative Director, Executive Vice President, Itochu Marubeni Steel Corporation Apr 2005 Representative Director, President, Itochu Marubeni Steel Corporation Apr 2009 Representative Director, Chairman, Itochu Marubeni Steel Corporation Apr 2012 Senior Adviser, Itochu Marubeni Steel Corporation Apr 2013 Managing Director (Assistant to President), ITOCHU Corporation Jun 2015 Audit & Supervisory Board Member Jun 2016 Director (Audit and Supervisory Committee Member) (current)
1948-08-04
Michael MORIZUMI
Director (Audit and Supervisory Committee Member)
May 1987 Joined Merrill Lynch Japan Securities Co., Ltd. Apr 1990 Joined Lehman Brothers Securities Japan Jun 1993 Joined Baring Securities Japan Aug 1995 Joined Merrill Lynch Japan Securities Co., Ltd. Jun 2000 Joined UBS Warburg Securities Japan Jul 2002 Representative Director, Pacific IR Co., Ltd. (current) Dec 2009 Outside Audit & Supervisory Board Member, Asura Port Dining Co., Ltd. Jun 2016 Outside Director, YONEX Co., Ltd. (current) Jan 2022 Audit & Supervisory Board Member, Yaesu Musen Co., Ltd. (current) Jun 2025 Director (Audit and Supervisory Committee Member) (current)
1959-11-09
Emiko SUZUKI
Director (Audit and Supervisory Committee Member)
Apr 1986 Joined Fuji Bank, Ltd. Oct 2002 Joined Tohmatsu & Co. May 2006 Registered as Certified Public Accountant Mar 2025 Representative, Emiko Suzuki Certified Public Accountant Office (current) Mar 2025 Outside Audit & Supervisory Board Member, POLA ORBIS HOLDINGS INC. (current) Nov 2025 Supervisory Director, Japan Hotel REIT Investment Corporation (current) Jun 2026 Director (Audit and Supervisory Committee Member) (current)
1964-01-03
Large Shareholding Reports
ValueAct Capital Master Fund, L.P.
2026-06-10
2.84%→4.12%
Correction filing (name/detail fix only) — ratio carried over from the original filing
ValueAct Capital Master Fund, L.P.
2026-05-28
2.84%→4.12%
Mitsubishi UFJ Trust and Banking Corporation
2026-05-08
3.50%→2.70%
BlackRock Japan Co., Ltd.
2026-01-06
1.69%
Sumitomo Mitsui Banking Corporation
2025-09-05
4.78%→4.91%
Annual report (as of 2026-03-31): 4.78%
ValueAct Japan Master Fund, L.P.
2024-09-25
3.10%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-10
Q1 Earnings Flash
FY ending Mar 2027
TDnet
2026-07-31
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-22
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINETAmended
2026-06-10
Change Report
EDINET
2026-05-28
Large Shareholding Report
EDINET
2026-05-08
Large Shareholding Report
TDnet
2026-02-13
Q3 Earnings Flash
FY ending Mar 2026
TDnet
2026-01-30
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2026-01-06
Large Shareholding Report
EDINET
2025-11-13
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-09-05
Large Shareholding Report
TDnet
2025-08-08
Q1 Earnings Flash
TDnet
2025-07-31
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-23
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-13
Q3 Earnings Flash
FY ending Mar 2025
TDnet
2025-01-31
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2024-09-25
Large Shareholding Report
TDnet
2024-08-09
Q1 Earnings Flash
FY ending Mar 2025
TDnet
2024-07-31
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-27
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-26
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
2022-08-10
Quarterly Securities Report
EDINET
2022-06-24
Annual Securities Report
EDINET
2022-02-10
Quarterly Securities Report
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