Overview
Machinery

DAIWA INDUSTRIES LTD.

Daiwa Reiki Kogyo is a comprehensive manufacturer of commercial refrigeration and cooling equipment, offering products including commercial refrigerators and freezers, refrigerated showcases, ice makers, and steam convection ovens. The company also engages in the procurement and sale of commercial kitchen cooling equipment and provides after-sales services including inspection and repair of these products. It supports customers with a 24/7/365 service and inquiry network across Japan.

Market Cap
¥79.9B
US$510M
EV
¥18.3B
US$117M
Stock¥1,627▼-1.09%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
2.2
x
LTM EV/EBIT
2.5
x
LTM PER
16.1
x
LTM PBR
1.1
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-22.7%pt
100123
Oct 24, 25 – Oct 23, 26StockTOPIX
1Feb 12, 26Large institutional buying
2Feb 24, 26Buying on earnings expectations
3Feb 26, 26Profit-taking after previous day surge
MC → EV Bridge
79.9BUS$510MMarket Cap0.00BUS$0.00M+ Debt40.5BUS$258M− Cash21.1BUS$134M− Inv. Sec.18.3BUS$117MEV
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Performance & Balance
Revenue 5Y (¥B)
44.0US$280M'21/1243.9US$280M'22/1246.0US$293M'23/1247.9US$306M'24/1246.9US$299M'25/12
EBITDA 5Y (¥B)
7.07US$45.1M'21/127.68US$49.0M'22/128.83US$56.3M'23/128.98US$57.3M'24/128.43US$53.8M'25/12
Net Income 5Y (¥B)
3.61US$23.0M'21/124.45US$28.4M'22/125.54US$35.3M'23/125.44US$34.7M'24/125.08US$32.4M'25/12
Capital Structure
100%
EquityD/E 0.00xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
55.4US$353M'21/1254.3US$346M'22/1260.5US$386M'23/1250.1US$320M'24/1240.2US$256M'25/12
Shareholders
Top 10 hold 65.0%
1
Nihon Reiki Co., Ltd.
14.08%
2
D.R.K. Ltd.
13.00%
3
The Master Trust Bank of Japan, Ltd. (Trust Account)
7.81%
4
Atsushi OZAKI
7.66%
5
Rie OZAKI
5.24%
6
Masahiro OZAKI
4.68%
7
CEPLUX-THE INDEPENDENT UCITS PLATFORM 2 (Standing Proxy: Citibank, N.A.)
4.09%
8
Kotsushin KK Investment Limited Liability Partnership
3.09%
9
Nomura Trust and Banking Co., Ltd. (Investment Trust Account)
2.94%
10
STATE STREET BANK AND TRUST CLIENT OMNIBUS ACCOUNT OMO02 505002 (Standing Proxy: Mizuho Bank, Ltd.)
2.38%
Management
12 officers
Atsushi OZAKI
Representative Director, President and Executive Officer
Mar 1994 Joined the Company Jul 2000 Head of President's Office Mar 2001 Director Aug 2001 Director and Vice President Mar 2002 Representative Director, President (current) Mar 2008 President and Executive Officer (current)
1970-03-12
Masahiro OZAKI
Director, Vice President and Executive Officer
Mar 1999 Joined the Company Aug 2001 Head of President's Office Mar 2002 Director Feb 2007 Head of Direct Sales Strategy Division Mar 2008 Retired as Director Mar 2008 Executive Officer May 2008 Head of President's Office Mar 2013 Director Jun 2016 In charge of Administration Mar 2022 Director and Vice President (current); Vice President and Executive Officer (current) Mar 2025 General Manager, Factory Division (current)
1973-01-23
Toshihiro SUGITA
Senior Managing Director, Senior Managing Executive Officer
Sep 1981 Joined the Company Mar 2005 Director Mar 2007 Managing Director Nov 2007 In charge of Direct Sales Mar 2008 Managing Executive Officer Mar 2014 Senior Managing Director (current); Senior Managing Executive Officer (current) Dec 2014 In charge of Sales Apr 2016 In charge of Corporate Clients Feb 2019 In charge of Sales Planning
1954-06-17
Shinichi OHARA
Director, Executive Officer (in charge of Administration)
Apr 2004 Joined the Company Jan 2013 Section Manager, Personnel Section, General Affairs and Personnel Department Jun 2017 Deputy General Manager, Personnel Department Jun 2019 General Manager, Personnel and Labor Department Dec 2021 General Manager, Business Division May 2023 Executive Officer (current); in charge of Administration (current) Mar 2025 Director (current)
1977-08-09
Yoshihiro SUITO
Director
Apr 1996 Joined Arthur Home Co., Ltd. Apr 2003 Joined American Life Insurance Company, Japan Branch (now MetLife Insurance K.K.) Apr 2013 Joined RK Consulting Co., Ltd. Jul 2014 Joined Fix Japan Co., Ltd. (now All One Agent Co., Ltd.) Apr 2020 Joined Risk Management Laboratory Co., Ltd. Mar 2021 Audit & Supervisory Board Member of the Company Apr 2021 Joined Fix Japan Co., Ltd. (now All One Agent Co., Ltd.) (current) Mar 2022 Director of the Company (current)
1969-08-21
Chika SOEDA
Director
Apr 2003 Joined Nippon Life Insurance Company Apr 2006 Joined Native Spirits Ltd. Sep 2008 Enrolled at EF International School of English Apr 2010 Joined Soeda Judicial Scrivener Office (now Touki Judicial Scrivener Corporation) Mar 2013 Director, SSG Co., Ltd. Mar 2022 Director, SSG Co., Ltd. (current) Mar 2022 Director of the Company (current)
1982-06-18
Akihiro TOGETA
Director
Dec 2011 Registered as attorney-at-law Jan 2012 Joined Inoue Haruo Law Office, Attorney Corporation Dec 2012 Left the same office Jan 2013 Head, Taoda Law Office (current) Apr 2019 Registered as patent attorney Apr 2020 Member, Shimane Prefecture Construction Review Board (current) Nov 2021 Member, Matsue City Compliance Review Committee (current) Mar 2022 Member, Shimane Prefecture Pollution Dispute Review Committee Apr 2022 Member, Shimane Prefectural Branch Review Committee, Local Government Employees' Compensation Fund (current) Mar 2023 Director of the Company (current) (Representative of other organizations: Head, Taoda Law Office)
1983-09-13
Misato NAKANISHI
Director
Apr 2004 Joined Daido Life Insurance Company, Fukuoka Tax Accountants Mutual Aid Branch Mar 2010 Left the company Apr 2010 Joined Blake Co., Ltd. Nov 2022 Director, Blake Co., Ltd. (current) Mar 2023 Director of the Company (current)
1981-11-24
Eiji FURUYA
Director
Apr 1984 Joined The Taiyo Kobe Bank, Ltd. (now Sumitomo Mitsui Banking Corporation) Apr 2007 Seconded to Japan Pension Navigator Co., Ltd., General Manager, DC Business Division Apr 2009 Group Manager, Corporate Transaction Business Division, Sumitomo Mitsui Banking Corporation Apr 2010 General Manager, Defined Contribution Pension Promotion Office, Sumitomo Mitsui Banking Corporation Oct 2015 General Manager, Corporate Transaction Business Division, Sumitomo Mitsui Banking Corporation May 2017 Transferred to Japan Pension Navigator Co., Ltd., Managing Executive Officer Mar 2024 Director of the Company (current)
1961-09-14
Seiji AKAKABE
Full-time Audit & Supervisory Board Member
Apr 1992 Joined the Company Apr 2005 Assistant Manager, Sales Management Department Feb 2006 Specialist, Market Development Department Aug 2008 Manager, Internal Audit Department Sep 2015 Manager, President's Office Jul 2021 Specialist, Audit Department Mar 2023 Full-time Audit & Supervisory Board Member (current)
1967-05-04
Masaki KAMO
Audit & Supervisory Board Member
Apr 2005 Joined Toyobo Co., Ltd. Apr 2008 Development Section Chief, Toyobo Co., Ltd. Apr 2013 Operations Section Chief, Toyobo Co., Ltd. Feb 2017 Joined Medical Corporation Seijukai Apr 2019 Managing Director, Medical Corporation Seijukai (current) Mar 2024 Audit & Supervisory Board Member of the Company (current)
1978-04-07
Hiroshi NISHIMURA
Audit & Supervisory Board Member
Apr 1979 Joined Yoshida Sato Law Office Aug 1987 Left the office Sep 1987 Joined Aoki Accounting Office Feb 1999 Registered as certified tax accountant Nov 1999 Left the office Jan 2000 Founded Hiroshi Nishimura Accounting Office; Head (current) Mar 2023 Audit & Supervisory Board Member of the Company (current) (Representative of other organizations: Head, Hiroshi Nishimura Accounting Office)
1957-01-30
Large Shareholding Reports
Nihon Reiki Co., Ltd.
2026-09-14
13.37%→13.37%
Annual report (as of 2026-06-30): 14.08%
Fidelity Management & Research Company LLC
2026-06-16
5.83%→5.83%
Fidelity Management & Research Company LLC
2026-06-16
6.09%→5.77%
Fidelity Management & Research Company LLC
2026-06-16
5.77%→5.83%
FMR LLC
2026-06-16
—
FMR LLC
2026-06-16
—
Fidelity Management & Research Company LLC
2026-06-10
7.60%→7.25%
FMR LLC
2026-06-10
—
Fidelity Management & Research Company LLC
2026-06-10
7.25%→6.09%
FMR LLC
2026-06-10
—
Fidelity Management & Research Company LLC
2026-06-10
4.92%→7.60%
FMR LLC
2026-06-10
—
Zennor Asset Management LLP
2026-03-06
5.08%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-09-14
Large Shareholding Report
EDINET
2026-08-12
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-08-10
Q2 Earnings Flash
FY ending Dec 2026
EDINETAmended
2026-06-16
Change Report
EDINET
2026-06-16
Large Shareholding Report
EDINETAmended
2026-06-16
Change Report
EDINET
2026-06-16
Large Shareholding Report
EDINET
2026-06-16
Large Shareholding Report
EDINET
2026-06-10
Large Shareholding Report
EDINET
2026-06-10
Large Shareholding Report
EDINETAmended
2026-06-10
Change Report
EDINETAmended
2026-06-10
Change Report
EDINET
2026-06-10
Large Shareholding Report
EDINETAmended
2026-06-10
Change Report
TDnet
2026-05-12
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-26
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2026-03-06
Large Shareholding Report
TDnet
2025-11-11
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-08-13
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-05-13
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-31
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-09
Semi-Annual Securities Report
Period: Jan 2024 – Jun 2024
EDINETAmended
2024-07-26
Amended Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-05-15
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-29
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-15
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-03-31
Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
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