Overview
Machinery

ZUIKO CORPORATION

ZUIKO Corporation develops, manufactures, and sells hygiene product manufacturing machines, including machines for baby diapers, adult diapers and incontinence products, feminine care products (sanitary napkins, panty liners), pet sheets, and masks. The company holds approximately 90% domestic market share in Japan and ranks among the top three hygiene product machine manufacturers globally, supported by over 800 domestic and international patents. In addition to core machine manufacturing, ZUIKO provides consulting services and is expanding into new businesses including spunlace nonwoven fabric production and used diaper recycling equipment.

Market Cap
¥22.1B
US$141M
EV
¥16.6B
US$106M
Stock¥849▼-0.35%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
33.6
x
LTM EV/EBIT
NM
LTM PER
14.6
x
LTM PBR
0.6
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-36.7%pt
100
Oct 23, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
22.1BUS$141MMarket Cap7.54BUS$48.0M+ Debt11.9BUS$75.8M− Cash1.19BUS$7.56M− Inv. Sec.0.05BUS$0.30M+ NCI16.6BUS$106MEV
AI Briefing
ZUIKO: ~90% share of Japan's hygiene-equipment machinery market, top-3 globally, 800+ patents across diaper/feminine-care/mask production lines. FY26/2 revenue ¥21.2B with OP margin creeping back to 0.8% after a loss-making FY25/2; EBITDA fwd ¥2.7B signals expected recovery. Top holder SFP Value Realization Fund owns 27.67% alongside a fragmented register — activist/value-unlock overhang on a name trading at EV ¥17.3B vs equity ¥36.1B.
Performance & Balance
Revenue 5Y (¥B)
23.6US$150M'22/226.5US$169M'23/221.7US$138M'24/220.0US$127M'25/221.2US$135M'26/2
EBITDA 5Y (¥B)
2.72US$17.3M'22/22.65US$16.9M'23/21.96US$12.5M'24/20.54US$3.41M'25/21.05US$6.66M'26/2
Net Income 5Y (¥B)
1.74US$11.1M'22/22.67US$17.0M'23/21.38US$8.77M'24/2-0.79-US$5.02M'25/21.97US$12.6M'26/2
Capital Structure
83%
EquityD/E 0.21xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
15.4US$98.2M8.02US$51.0M'22/215.3US$97.7M7.77US$49.5M'23/215.9US$101M7.53US$48.0M'24/216.0US$102M7.57US$48.2M'25/214.7US$93.5M6.23US$39.6M'26/2
Shareholders
Top 10 hold 69.9%
1
THE SFP VALUE REALIZATION MASTER FUND LTD. (Standing Proxy: Tachibana Securities Co., Ltd.)
27.67%
2
Michikake Co., Ltd.
11.54%
3
JP MORGAN CHASE BANK 385642 (Standing Proxy: Mizuho Bank, Ltd., Settlement Operations Department)
7.72%
4
The Master Trust Bank of Japan, Ltd. (Trust Account)
4.61%
5
Akio WADA
3.97%
6
UNICHARM CORPORATION
3.77%
7
BNYM AS AGT/CLTS 10 PERCENT (Standing Proxy: MUFG Bank, Ltd.)
3.26%
8
RBC IST 15 PCT LENDING ACCOUNT - CLIENT ACCOUNT (Standing Proxy: Citibank, N.A., Tokyo Branch)
2.52%
9
Custody Bank of Japan, Ltd. (Trust Account)
2.45%
10
Hakujuji Co., Ltd.
2.37%
Management
6 officers
Toyoshi UMEBAYASHI
Representative Director, President, CEO
Apr 1990 Joined the Company Apr 2002 General Manager, Design Department, the Company May 2003 Director, General Manager, Design Department, the Company Apr 2009 Director, Zuiko (Shanghai) Electrical Equipment Co., Ltd. (current) Jan 2011 Director, the Company Mar 2018 Representative Director, Executive Vice President, COO, the Company May 2018 Representative Director, Vice President, COO, the Company May 2020 Representative Director, President, CEO, the Company (current)
1963-09-29
Tsuyoshi JO
Managing Director
Feb 1998 Joined the Company Dec 2003 Seconded to Zuiko (Shanghai) Electrical Equipment Co., Ltd. May 2013 Deputy General Manager, Zuiko (Shanghai) Electrical Equipment Co., Ltd. May 2015 General Manager, Zuiko (Shanghai) Electrical Equipment Co., Ltd. (current) May 2016 Executive Officer, the Company May 2017 Director and Executive Officer, the Company Jun 2017 Chairman, Zuiko (Shanghai) Electrical Equipment Co., Ltd. (current) Mar 2018 Director and Executive Officer, General Manager, Asia Area, the Company May 2018 Director, General Manager, Asia Area, the Company May 2020 Director, General Manager, Global Division, the Company May 2021 Director, the Company May 2025 Managing Director, the Company (current)
1974-06-27
Fumihiko OKUNO
Director
Apr 1985 Joined Sumitomo Bank, Ltd. (now Sumitomo Mitsui Banking Corporation) Jun 2005 General Manager, Kohama Corporate Sales Department, Sumitomo Bank, Ltd. May 2007 General Manager, Hyogo Corporate Sales Department, Sumitomo Bank, Ltd. Apr 2009 General Manager, Corporate Marketing Department, Sumitomo Bank, Ltd. Apr 2011 General Manager, Nagoya Corporate Sales Department No. 2, Sumitomo Bank, Ltd. Apr 2014 General Manager, Umeda Corporate Sales Department No. 1, Sumitomo Bank, Ltd. Apr 2015 Executive Officer, General Manager, Umeda Corporate Sales Department No. 1, Sumitomo Bank, Ltd. Aug 2016 Managing Director, General Manager, Accounting Department, Paloma Co., Ltd. Apr 2017 Managing Director and Executive Officer, General Manager, Administration Division, Paloma Co., Ltd. Apr 2019 Director and Senior Managing Executive Officer, in charge of Administration Division, Paloma Co., Ltd. Apr 2021 Managing Executive Officer, Insurance Business Division, Ginsen Co., Ltd. Jun 2022 Representative Director, President, Otemachi Building Management Co., Ltd. Jul 2024 Joined the Company May 2025 Director, in charge of Administration Division, the Company Sep 2025 Director, in charge of Administration Division and General Manager, Business Strategy Department, the Company (current)
1961-11-03
Takao TAKEUCHI
Director, Audit and Supervisory Committee Member
Apr 1977 Registered as attorney-at-law Apr 1977 Associate Attorney, Miyake Godo Law Office (now Miyake Law Office Corporation) Apr 1984 Partner Attorney, Miyake Godo Law Office Apr 1988 Head, Takeuchi Law Office (current) May 2008 Outside Audit & Supervisory Board Member, the Company May 2023 Outside Director, Audit and Supervisory Committee Member, the Company (current)
1950-12-03
Miho ISHIHARA
Director, Audit and Supervisory Committee Member
Oct 1996 Joined Asahi Audit Corporation (now Ernst & Young ShinNihon LLC) Jan 2002 Registered as Certified Public Accountant Feb 2006 Joined Protiviti Japan K.K. (now Protiviti LLC) Apr 2009 Joined EY Advisory Co., Ltd. (now EY Strategy and Consulting Co., Ltd.) May 2010 Established Ishihara CPA Office (now Ishihara Certified Public Accountant and Tax Accountant Office), Head (current) Jun 2019 Outside Audit & Supervisory Board Member, Yodogawa Steel Works, Ltd. (now Yodoko Co., Ltd.) Jun 2022 Outside Director, Nichia Steel Works, Ltd. (current) May 2023 Outside Director, Audit and Supervisory Committee Member, the Company (current) Jul 2023 Representative Partner, Kainan Audit Corporation (current) Jun 2024 Outside Director, Yodoko Co., Ltd. (current)
1969-02-17
Jun SAKAMOTO
Director, Audit and Supervisory Committee Member
Apr 1987 Joined Fujikoshi Ltd. Feb 2010 General Manager, Management Accounting Office, Business Planning Department, Fujikoshi Ltd. Feb 2015 Executive Officer, General Manager, Management Accounting Office, Business Planning Department, Fujikoshi Ltd. Feb 2017 Director, General Manager, Business Planning Department; in charge of Organization, Personnel and Education, Public Relations, and IT, Fujikoshi Ltd. Feb 2019 Representative Director, President, Fujikoshi Ltd. Feb 2023 Advisor, Fujikoshi Ltd. Feb 2024 Retired as Advisor, Fujikoshi Ltd. May 2025 Outside Director, Audit and Supervisory Committee Member, the Company (current)
1964-10-10
Large Shareholding Reports
Akio WADA
2026-03-17
5.40%→3.58%
Annual report (as of 2026-08-20): 3.97%
Akio WADA
2026-03-02
5.63%→3.58%
Annual report (as of 2026-08-20): 3.97%
Akio WADA
2026-01-30
6.57%→5.63%
Annual report (as of 2026-08-20): 3.97%
Akio WADA
2026-01-13
6.42%→5.40%
Annual report (as of 2026-08-20): 3.97%
Symphony Financial Partners (Singapore) Pte. Ltd.
2025-10-17
36.24%→37.10%
Mitsubishi UFJ Trust and Banking Corporation
2025-09-30
3.95%→3.60%
Akio WADA
2025-08-26
6.95%→6.42%
Annual report (as of 2026-08-20): 3.97%
Akio WADA
2025-08-07
6.24%→6.24%
Annual report (as of 2026-08-20): 3.97%
Symphony Financial Partners (Singapore) Pte. Ltd.
2023-06-16
37.28%→36.24%
Symphony Financial Partners (Singapore) Pte. Ltd.
2023-04-26
38.32%→37.28%
Symphony Financial Partners (Singapore) Pte. Ltd.
2022-03-28
37.00%→38.32%
Symphony Financial Partners (Singapore) Pte. Ltd.
2021-12-06
35.92%→37.00%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-05
Semi-Annual Securities Report
Period: Feb 2026 – Feb 2027
TDnet
2026-10-02
Q2 Earnings Flash
FY ending Feb 2027
TDnet
2026-06-25
Q1 Earnings Flash
FY ending Feb 2027
EDINET
2026-05-14
Annual Securities Report
Period: Feb 2025 – Feb 2026
EDINETAmended
2026-03-17
Change Report
EDINET
2026-03-02
Large Shareholding Report
EDINETAmended
2026-01-30
Change Report
EDINET
2026-01-13
Large Shareholding Report
TDnet
2025-12-25
Q3 Earnings Flash
FY ending Feb 2026
EDINETAmended
2025-12-02
Amended Semi-Annual Securities Report
Period: Feb 2025 – Feb 2026
EDINET
2025-10-17
Large Shareholding Report
EDINET
2025-10-06
Semi-Annual Securities Report
Period: Feb 2025 – Feb 2026
EDINET
2025-09-30
Large Shareholding Report
EDINETAmended
2025-08-26
Change Report
EDINET
2025-08-07
Large Shareholding Report
TDnet
2025-06-25
Q1 Earnings Flash
FY ending Feb 2026
EDINET
2025-05-16
Annual Securities Report
Period: Feb 2024 – Feb 2025
TDnet
2024-12-24
Q3 Earnings Flash
FY ending Feb 2025
EDINET
2024-10-04
Semi-Annual Securities Report
Period: Feb 2024 – Feb 2025
EDINET
2024-07-04
Quarterly Securities Report
Period: Feb 2024 – May 2024
TDnet
2024-06-26
Q1 Earnings Flash
FY ending Feb 2025
EDINET
2024-05-17
Annual Securities Report
Period: Feb 2023 – Feb 2024
EDINET
2023-12-28
Quarterly Securities Report
Period: Aug 2023 – Nov 2023
EDINET
2023-10-04
Quarterly Securities Report
Period: Feb 2023 – Aug 2023
EDINETAmended
2023-09-08
Amended Quarterly Securities Report
Period: Feb 2023 – May 2023
EDINET
2023-07-04
Quarterly Securities Report
Period: Feb 2023 – May 2023
EDINET
2023-06-16
Large Shareholding Report
EDINET
2023-05-18
Annual Securities Report
Period: Feb 2022 – Feb 2023
EDINET
2023-04-26
Large Shareholding Report
EDINET
2022-12-28
Quarterly Securities Report
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