Overview
Electric Appliances

KIKUSUI HOLDINGS CORPORATION

Kikusui Holdings is a specialized manufacturer of electronic measuring instruments and power supply equipment, supporting the foundations of electronics technology for over 70 years. The group provides evaluation technologies and measurement solutions in the power electronics field, targeting customers across Japan, China, the United States, and Europe. Its competitive strengths lie in deep domain expertise in power electronics testing and a vertically integrated group structure covering R&D, manufacturing, sales, and after-sales service.

Market Cap
¥23.4B
US$149M
EV
¥14.5B
US$92.6M
Stock¥2,804▼-1.44%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
5.1
x
LTM EV/EBIT
5.7
x
LTM PER
12.4
x
LTM PBR
1.5
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+46.6%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Mar 23, 26Profit-taking sales
2Jul 31, 26Q1 FY2027/03 earnings announced
MC → EV Bridge
23.4BUS$149MMarket Cap0.01BUS$0.09M+ Debt6.15BUS$39.2M− Cash2.69BUS$17.2M− Inv. Sec.14.5BUS$92.6MEV
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Performance & Balance
Revenue 5Y (¥B)
10.1US$64.3M'22/312.1US$77.0M'23/312.5US$79.6M'24/313.4US$85.6M'25/314.7US$93.7M'26/3
EBITDA 5Y (¥B)
1.30US$8.30M'22/31.79US$11.4M'23/32.13US$13.6M'24/32.28US$14.5M'25/32.41US$15.4M'26/3
Net Income 5Y (¥B)
0.71US$4.52M'22/31.07US$6.84M'23/31.30US$8.29M'24/31.44US$9.18M'25/31.61US$10.3M'26/3
Capital Structure
100%
EquityD/E 0.00xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
4.89US$31.2M0.01US$0.04M'22/34.95US$31.6M0.01US$0.09M'23/35.76US$36.7M0.01US$0.07M'24/36.82US$43.5M0.01US$0.09M'25/38.44US$53.9M0.01US$0.09M'26/3
Shareholders
Top 10 hold 49.7%
1
KIKUSUI HOLDINGS CORPORATION Business Partners' Stock Ownership Association
11.68%
2
KTM Co., Ltd.
10.92%
3
Mizuho Bank, Ltd.
4.32%
4
Hiroko KOBAYASHI
4.16%
5
KIKUSUI HOLDINGS CORPORATION Employee Stock Ownership Association
4.07%
6
Nippon Life Insurance Company
3.61%
7
Asia Electronics Industry Co., Ltd.
3.49%
8
KEL CORPORATION
2.64%
9
MUFG Bank, Ltd.
2.58%
10
Yukio HASHIMOTO
2.26%
Management
7 officers
Kazuo KOBAYASHI
Representative Director, President; Head of Internal Audit Office
Sep 1983 Joined the Company Apr 1994 General Manager, Management Administration Office Jun 1994 Director; General Manager, Management Administration Office Jun 1997 Managing Director Jun 1999 Senior Managing Director Jun 2001 Representative Director, Senior Managing Director Jun 2003 Representative Director, President (current) Apr 2015 Head of Internal Audit Office (current) Apr 2017 General Manager, Future Creation Office
1954-03-17
Tsuyoshi KOBAYASHI
Senior Managing Director; General Manager, Corporate Planning Office
Apr 1982 Joined Keru Co., Ltd. Feb 1992 Founded Bright International Co., Ltd.; Representative Director Jun 2001 Full-time Audit & Supervisory Board Member of the Company Jun 2003 Director in charge of Human Resources and General Affairs Apr 2006 Managing Director; Deputy General Manager, New Business Promotion HQ; in charge of Product Planning Apr 2006 CEO, KIKUSUI AMERICA, INC. Jan 2007 Chairman, Kikusui Trading (Shanghai) Co., Ltd. Jun 2007 Senior Managing Director; overseeing Sales-related Departments Apr 2010 Senior Managing Director; General Manager, Production HQ; General Manager, President's Office Apr 2015 Senior Managing Director; General Manager, Business Promotion Office, Global Business Division and China Branch Apr 2017 Senior Managing Director; General Manager, President's Office and Technology HQ; in charge of Production HQ Apr 2020 Senior Managing Director; General Manager, President's Office, Future Business Office and Technology HQ Oct 2022 Senior Managing Director; General Manager, Corporate Planning Office (current)
1957-01-12
Shiro SAITO
Managing Director; General Manager, Administration HQ
Mar 1982 Joined the Company Apr 1995 Deputy General Manager, Accounting Department Apr 2000 Executive Officer in charge of Accounting Oct 2004 Executive Officer in charge of Accounting, Human Resources and General Affairs, Legal Office and Public Relations Office Jun 2006 Director in charge of Accounting, Information Management, Human Resources and General Affairs, Legal Office and Public Relations Office Apr 2009 Managing Director; overseeing Production-related, Materials and Business Support Departments Apr 2010 Managing Director; General Manager, Administration HQ Jun 2019 Managing Director; General Manager, Administration HQ and Quality HQ Apr 2021 Managing Director; General Manager, Administration HQ (current)
1958-10-22
Kaoru ASE
Director
Apr 1978 Joined Osaka Regional Taxation Bureau Jul 2011 Tax Judge, National Tax Tribunal Jul 2012 Professor, Research Department, National Tax College Jul 2014 Tax Litigation Officer, Tax Litigation Office, First Tax Assessment Department, Tokyo Regional Taxation Bureau Jul 2015 Director, Okinawa Tax Office Jul 2016 Tax Judge, Fourth Division, Tokyo National Tax Tribunal Jul 2017 Director, Yokohama Branch, Tokyo National Tax Tribunal Apr 2018 Director, Okinawa Office, National Tax Tribunal Mar 2019 Director, Kumamoto National Tax Tribunal Jun 2020 Established Kaoru Ase Certified Tax Accountant Office (current) Jun 2021 Director of the Company (current)
1960-01-29
Toshinori YAMASAKI
Director, Audit and Supervisory Committee Member
Apr 1978 Joined Asahi Tsushinsha Co., Ltd. (now ADK Marketing Solutions Inc.) Jan 1999 Group Leader, 13th Sales HQ, Asahi Tsushinsha Jan 2005 General Manager, Radio Division, Television and Radio HQ, Asahi Tsushinsha Jul 2008 General Manager, No. 2 Television Time Division, Television and Radio HQ, Asahi Tsushinsha Jan 2010 General Manager, Television Division, Television and Radio HQ, Asahi Tsushinsha Jan 2011 Head of Television and Radio HQ, Asahi Tsushinsha Apr 2015 Joined the Company Jun 2015 Full-time Audit & Supervisory Board Member Jun 2023 Director, Audit and Supervisory Committee Member (current)
1955-03-21
Shinichi UCHIYAMA
Director, Audit and Supervisory Committee Member
Apr 1983 Joined The Mitsubishi Bank, Ltd. (now MUFG Bank, Ltd.) Sep 2003 Deputy General Manager, Third Sales Department, Sales HQ, The Tokyo-Mitsubishi Bank, Ltd. (now MUFG Bank, Ltd.) Apr 2006 Deputy General Manager, New York Branch, The Bank of Tokyo-Mitsubishi UFJ, Ltd. (now MUFG Bank, Ltd.) May 2009 General Manager, Third Nagoya Sales Department, Nagoya Sales HQ, The Bank of Tokyo-Mitsubishi UFJ, Ltd. Aug 2010 General Manager, Foreign Exchange Operations Department, The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jun 2012 Director, Morinaga & Co., Ltd. Jun 2014 Director and Senior Executive Officer, Morinaga & Co., Ltd. Jul 2022 Part-time Advisor, Marunouchi Yorozu Co., Ltd. Jun 2023 Director, Audit and Supervisory Committee Member (current)
1961-02-17
Itsuo SHINTANI
Director, Audit and Supervisory Committee Member
Apr 1972 Joined Tokyo Regional Taxation Bureau Jul 2001 Assistant Manager, Personnel Division, Secretariat of the Commissioner, National Tax Agency Jul 2002 Director, Tateyama Tax Office Jul 2004 Special Tax Investigator, First Examination Department, Tokyo Regional Taxation Bureau Jul 2006 Director, Tax Public Relations and Public Hearing Office, General Affairs Department, Tokyo Regional Taxation Bureau Jul 2008 Director, Suginami Tax Office Jul 2009 Director, General Affairs Division, General Affairs Department, Tokyo Regional Taxation Bureau Jul 2010 Director, Supervision and Evaluation Office, Secretariat of the Commissioner, National Tax Agency Mar 2012 Director, Okinawa Tax Office Jun 2013 Commissioner, Kanazawa Regional Taxation Bureau Aug 2014 Established Itsuo Shintani Certified Tax Accountant Office (current) Jun 2015 Outside Audit & Supervisory Board Member, Iwai Kikai Kogyo Co., Ltd. Mar 2016 Outside Audit & Supervisory Board Member, M.I.T Holdings Co., Ltd. (now Beauty Sharing Technologies Inc.) Jun 2023 Outside Director, Iwai Kikai Kogyo Co., Ltd. (current) Nov 2023 Director, Audit and Supervisory Committee Member of the Company (current)
1953-11-25
Large Shareholding Reports
Kikusui Business Partners Shareholding Association, Chairman Tetsuro FUJITA
2026-01-13
9.59%→11.03%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-07-30
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-24
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-01-29
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2026-01-13
Large Shareholding Report
EDINET
2025-11-07
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-07-30
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-01-30
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-07
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-07-30
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-06
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-07
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-04
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-29
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-06
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-07
Quarterly Securities Report
EDINET
2022-08-04
Quarterly Securities Report
EDINETAmended
2022-07-28
Amended Annual Securities Report
EDINET
2022-06-29
Annual Securities Report
EDINET
2022-02-04
Quarterly Securities Report
EDINET
2021-11-05
Quarterly Securities Report
EDINET
2021-08-05
Quarterly Securities Report
EDINET
2021-06-29
Annual Securities Report
EDINET
2021-02-04
Quarterly Securities Report
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