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Overview

Electric Appliances

ESPEC CORP.

ESPEC is the world's leading manufacturer of environmental test chambers, providing equipment that evaluates the effects of temperature, humidity, and other environmental factors on automotive, telecommunications, and electronic components. The company also offers energy device testing equipment (secondary battery charge/discharge cycle evaluators, fuel cell evaluators), semiconductor-related equipment (burn-in systems, measurement systems), and complementary services including after-sales maintenance, contract testing, rental/resale, and calibration. ESPEC has been selected as one of Japan's Ministry of Economy, Trade and Industry 'Global Niche Top 100 Companies' (2020 edition), reflecting its dominant position in environmental testing.

Market Cap

¥95.1B

US$606M

¥72.1B

US$460M

Stock¥4,500▲+1.12%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

7.9

LTM EV/EBIT

10.1

LTM PER

16.0

LTM PBR

1.6

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+8.6%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

1Feb 12, 26Earnings: FY2026 March guidance cut

2Mar 19, 26Earnings: FY2026 March final results weak

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

98%

EquityD/E 0.02xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 43.4%

as of 2026-03-31 · Source: Annual Securities Report

The Master Trust Bank of Japan, Ltd. (Trust Account)

14.65%

Custody Bank of Japan, Ltd. (Trust Account)

7.96%

ESPEC CORP. Business Partners' Stock Ownership Association

7.49%

ESPEC CORP. Employee Stock Ownership Association

3.42%

Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)

2.54%

BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURGFUNDS/UCITS ASSETS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

2.04%

Morgan Stanley MUFG Securities Co., Ltd.

1.50%

Custody Bank of Japan, Ltd. (Trust Account E)

1.32%

The Dai-ichi Life Insurance Company, Limited (Standing Proxy: Custody Bank of Japan, Ltd.)

1.26%

Sumitomo Life Insurance Company (Standing Proxy: Custody Bank of Japan, Ltd.)

1.23%

Management

10 officers

Satoshi ARATA

Representative Director, President

Apr 1991 Joined ESPEC CORP. Jan 2015 Director, ESPEC (CHINA) LIMITED (current) Jan 2018 Chairman, ESPEC Environmental Equipment (Shanghai) Co., Ltd.; Chairman, Shanghai ESPEC Environmental Equipment Co., Ltd. Apr 2018 Senior Executive Officer Jun 2018 Director Jan 2019 Chairman, ESPEC Test Equipment (Guangdong) Co., Ltd. Apr 2019 General Manager, Environmental Test Equipment Division Apr 2021 General Manager, International Business Division; General Manager, Fukuchiyama Plant Apr 2026 Representative Director, Executive Officer, President Representative Director, President (current)

1966-10-07

Kazuhiro SUEHISA

Managing Director

Apr 1987 Joined ESPEC CORP. Apr 2018 Senior Executive Officer Jun 2018 Director Apr 2020 President and Representative Director, ESPEC Test System Co., Ltd. (now ESPEC Thermal Tech System Co., Ltd.) Apr 2021 General Manager, Business Development Division; General Manager, Manufacturing Division Jul 2021 President and Representative Director, ESPEC Thermal Tech System Co., Ltd. (current) Apr 2022 Managing Executive Officer, in charge of Technology and Production; General Manager, Fukuchiyama Plant Aug 2023 President and Representative Director, Cosmopia High Tech Co., Ltd. (current) Apr 2024 In charge of Technology (current) Apr 2026 Managing Director (current)

1963-11-26

Junko NISHITANI

Director, Executive Officer, General Manager of Sustainability Promotion Division

Apr 1982 Joined ESPEC CORP. Apr 2014 General Manager, Corporate Communications Department Apr 2016 General Manager, ESPEC Vision Support Department Apr 2017 Executive Officer (current) Apr 2019 General Manager, Sustainability Promotion Office Apr 2022 In charge of Sustainability; in charge of IR and Public Relations; General Manager, Sustainability Promotion Division (current) Jun 2022 Director (current) Apr 2024 In charge of Sustainability Management Planning

1959-08-10

Hidemasa ODA

Director, Executive Officer, General Manager of Corporate Administration Division and Export Control Division

Apr 1998 Joined ESPEC CORP. Apr 2015 General Manager, General Affairs and Human Resources Department Apr 2021 General Manager, AS Division Oct 2023 Director, Cosmopia High Tech Co., Ltd. Apr 2025 Executive Officer (current); General Manager, Corporate Administration Division (current); General Manager, Export Control Division (current) Jun 2025 Director (current)

1974-10-21

Toshihiko YOSHINO

Director, Executive Officer, General Manager of Sales Division and Group Business Strategy Division

Apr 1998 Joined ESPEC CORP. Apr 2018 Block Manager, East Japan Sales Block Jul 2021 Director, ESPEC Thermal Tech System Co., Ltd. Apr 2025 Executive Officer (current); General Manager, Sales Division (current) Representative Director, ESPEC ENGINEERING (THAILAND) CO., LTD. (current) Director, ESPEC EUROPE GmbH (current) Jun 2025 Director Apr 2026 Director (current); General Manager, Group Business Strategy Division (current)

1976-03-04

Kazuo HIRATA

Outside Director

Apr 1971 Joined Nippon Telegraph and Telephone Public Corporation (now NTT, Inc.) Jul 1993 Deputy General Manager, NTT, Inc. Apr 1996 Joined New Japan Radio Co., Ltd. (now Nisshinbo Micro Devices Inc.) Jun 2022 President and Representative Director, Nisshinbo Micro Devices Inc. Outside Director, ESPEC CORP. (current)

1946-12-04

Yoshikatsu MINAMI

Outside Director

Dec 1983 Joined Yaskawa Electric Manufacturing Co., Ltd. (now Yaskawa Electric Corporation) Jun 2008 Director, Yaskawa Electric Corporation Jun 2015 Director and Managing Executive Officer, Yaskawa Electric Corporation Jun 2026 Outside Director, ESPEC CORP.

1959-10-31

Kunikazu ISHII

Director (Full-time Audit and Supervisory Committee Member)

Apr 1981 Joined ESPEC CORP. Apr 2002 Executive Officer Apr 2008 President and Representative Director, ESPEC Techno Co., Ltd. (now ESPEC Thermal Tech System Co., Ltd.) Jun 2009 Director Apr 2011 Director, ESPEC NORTH AMERICA, INC. Jun 2012 Managing Director Jun 2019 Full-time Audit & Supervisory Board Member Jun 2022 Director (Full-time Audit and Supervisory Committee Member) (current)

1958-05-27

Takamasa TANAKA

Outside Director (Audit and Supervisory Committee Member)

Apr 2000 Registered with Osaka Bar Association; joined Nakanoshima Central Law Office Jan 2007 Partner, Nakanoshima Central Law Office (current) Jun 2010 Outside Audit & Supervisory Board Member, Shinko Wire Company, Ltd. Apr 2014 Visiting Professor, Graduate School of Intellectual Property, Osaka Institute of Technology (current) Jun 2015 Outside Director, Shinko Wire Company, Ltd. Jun 2019 Outside Director, Funai Electric Co., Ltd. Jun 2020 Outside Audit & Supervisory Board Member, ESPEC CORP. Jun 2022 Outside Director (Audit and Supervisory Committee Member), ESPEC CORP. (current) Jun 2023 Outside Director (Audit and Supervisory Committee Member), Nankai Electric Railway Co., Ltd. (now NANKAI Inc.) (current)

1973-01-17

Kyoko YOSHIDA

Outside Director (Audit and Supervisory Committee Member)

Oct 2000 Joined Asahi Audit Corporation (now Azsa LLC) May 2004 Registered as Certified Public Accountant Jul 2005 Registered as Certified Tax Accountant; opened Yoshida CPA Office, Head (current) Feb 2019 Outside Audit & Supervisory Board Member, Osaka Organic Chemical Industry Ltd. May 2021 Registered as US Certified Public Accountant (Washington State) Jun 2021 Outside Audit & Supervisory Board Member, ESPEC CORP. Jun 2022 Outside Director (Audit and Supervisory Committee Member), ESPEC CORP. (current) Feb 2024 Outside Director (Audit and Supervisory Committee Member), Osaka Organic Chemical Industry Ltd. (current)

1976-11-26

Large Shareholding Reports

Sumitomo Mitsui Trust Asset Management Co., Ltd.

2026-07-22

2.88%

Schroder Investment Management (Japan) Ltd.

2026-05-21

4.75%→5.35%

ESPEC Business Partners Shareholding Association, Chairman: Satoshi MORIKAWA

2025-10-23

9.52%→7.04%

ESPEC Business Partners Shareholding Association, Chairman: Satoshi MORIKAWA

2025-10-23

8.45%→9.52%

Disclosures

No disclosures

Primary Source Filings

TDnet

2026-08-06

Q1 Earnings Flash

FY ending Mar 2027

ESPEC CORP.

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ESPEC CORP.

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