Overview
Transportation Equipment

Naikai Zosen Corporation

Naikai Zosen Corporation is a Japanese shipbuilder specializing in the construction and repair of vessels, including general cargo ships and roll-on/roll-off cargo ships. The company operates through its consolidated subsidiary Naikai Engineering Co., Ltd., which is engaged in civil construction, abrasive material manufacturing, liferaft repair, and hotel/restaurant operations. Steel materials and main engines are procured through its related company Kanadevea Corporation.

Market Cap
¥17.6B
US$112M
EV
¥-1.10B
-US$7.00M
Stock¥10,400▼-0.86%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
NM
LTM EV/EBIT
NM
LTM PER
6.3
x
LTM PBR
1.2
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-46.4%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Oct 24, 25Further gains on sustained re-rating after +110% profit guidance revision
2Oct 27, 25Sustained rally following Oct 10 recurring profit +110% upward revision
MC → EV Bridge
17.6BUS$112MMarket Cap2.18BUS$13.9M+ Debt19.6BUS$125M− Cash1.31BUS$8.38M− Inv. Sec.-1.10B-US$7.00MEV
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Performance & Balance
Revenue 5Y (¥B)
33.0US$211M'22/337.6US$240M'23/346.4US$296M'24/344.6US$285M'25/347.0US$300M'26/3
EBITDA 5Y (¥B)
1.28US$8.13M'22/31.60US$10.2M'23/34.00US$25.5M'24/32.23US$14.2M'25/33.98US$25.4M'26/3
Net Income 5Y (¥B)
0.14US$0.91M'22/30.74US$4.70M'23/32.26US$14.4M'24/31.02US$6.49M'25/32.30US$14.7M'26/3
Capital Structure
87%
EquityD/E 0.15xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
18.5US$118M9.71US$61.9M'22/310.2US$64.7M9.42US$60.0M'23/315.8US$101M8.96US$57.1M'24/35.72US$36.5M5.68US$36.2M'25/312.0US$76.8M2.63US$16.7M'26/3
Shareholders
Top 10 hold 60.0%
1
Kanadevia Corporation
39.37%
2
The Hiroshima Bank, Ltd. (Standing Proxy: Custody Bank of Japan, Ltd.)
4.98%
3
SBI SECURITIES Co., Ltd.
3.08%
4
INTERACTIVE BROKERS LLC (Standing Proxy: Interactive Brokers Securities Japan Inc.)
2.40%
5
Sompo Japan Insurance Inc.
2.24%
6
Central Tanshi Co., Ltd.
2.06%
7
Mitsubishi UFJ eSmart Securities Co., Ltd.
1.62%
8
Nomura Securities Co., Ltd.
1.59%
9
Isamu FUTAGAMI
1.54%
10
JPMorgan Securities Japan Co., Ltd.
1.11%
Management
11 officers
Hiroshi TERAO
Representative Director, President
Apr 1983 Joined Hitachi Zosen Corporation (now Kanadevia Corporation) Oct 2002 Transferred to Universal Shipbuilding Corporation Jan 2013 Transferred to Japan Marine United Corporation Jan 2014 Transferred to Atlantico Sul Shipyard, Brazil Apr 2015 Returned to Japan Marine United Corporation; General Manager, Quality Assurance Department, Ariake Works, Merchant Vessel Business Division Jan 2018 Executive Officer, the Company; Assistant to Plant Manager, Setoda Plant, Newbuilding Business Headquarters Apr 2018 Deputy Head, Newbuilding Business Headquarters, the Company; concurrently Plant Manager, Setoda Plant Jun 2019 Director, the Company; Head, Newbuilding Business Headquarters; concurrently Plant Manager, Setoda Plant Apr 2021 Managing Executive Officer, the Company Jun 2024 Representative Director, President, the Company (current)
1958-08-07
Shukaku OKANO
Director, Head of Ship Repair Business Division
Apr 1980 Joined Hitachi Zosen Corporation (now Kanadevia Corporation) Sep 1993 Seconded to Hitachi Zosen Singapore Sep 1995 Returned to Hitachi Zosen Corporation Oct 2002 Transferred to Universal Shipbuilding Corporation; General Manager, Production Department, Inshima Works, Naval Vessels and Special Machinery Headquarters Oct 2008 General Manager, Ship Repair Department, Maizuru Office, Naval Vessels and Special Machinery Division, Universal Shipbuilding Corporation Jan 2013 Transferred to Japan Marine United Corporation; General Manager, Ship Repair Department, Inshima Works, Naval Vessels Business Headquarters Apr 2015 Plant Manager, Inshima Works, Naval Vessels Business Headquarters, Japan Marine United Corporation Apr 2020 Executive Officer, the Company; Assistant to Head, Ship Repair Business Division Jun 2020 Director, the Company (current); Head, Ship Repair Business Division (current) Apr 2021 Managing Executive Officer, the Company (current)
1956-05-27
Junichi YANASE
Director, Head of Sales Headquarters
Apr 1981 Joined Hitachi Zosen Corporation (now Kanadevia Corporation) Feb 1988 Hitachi Zosen Singapore Jul 2001 Hitachi Zosen Europe Oct 2002 Universal Shipbuilding Europe Jan 2012 General Manager, Merchant Vessel and Offshore Sales Department, Merchant Vessel and Offshore Business Headquarters, Universal Shipbuilding Corporation Jan 2013 General Manager, First Sales Department, Merchant Vessel Business Headquarters, Japan Marine United Corporation Apr 2018 Managing Executive Officer; Head, Sales Headquarters, Japan Marine United Corporation Apr 2022 Head, Offshore Engineering Business Division, Japan Marine United Corporation Apr 2023 Executive Officer; Head, Sales Headquarters, the Company (current) Jun 2023 Director, the Company (current) Jun 2023 Managing Executive Officer, the Company (current)
1957-06-21
Yukitaka OKANO
Director; Head of Newbuilding Business Headquarters; Executive in Charge of and Head of Intellectual Property Management Office
Nov 1990 Joined the Company Jun 2010 General Manager, Hull Design Department, Design Headquarters, Newbuilding Business Headquarters Jul 2015 General Manager, General Coordination Department, Design Headquarters; concurrently General Manager, Hull Design Department Aug 2019 General Manager, Design Coordination Department, Design Headquarters; concurrently General Manager, Detailed Design Department Apr 2021 Executive Officer; Deputy Head, Newbuilding Business Headquarters; concurrently Head, Design Headquarters and General Manager, Detailed Design Department Jun 2021 Director, the Company (current) Jun 2023 Managing Executive Officer, the Company (current) Jun 2024 Head, Newbuilding Business Headquarters Aug 2024 Head, Newbuilding Business Headquarters; Executive in Charge of Intellectual Property Management Office; Head of Intellectual Property Management Office (current)
1960-08-06
Kosaku HARA
Full-time Audit and Supervisory Board Member
Apr 1981 Joined Hitachi Zosen Corporation (now Kanadevia Corporation) Jun 2003 Director; General Manager, Administration Headquarters, Kansai Service Co., Ltd. Jun 2007 General Manager, Administration Department, Hitz High-Technology Corporation Apr 2009 General Manager, Business Department, Precision Machinery Headquarters, Hitachi Zosen Corporation Jun 2011 Executive Officer; Deputy Head, Administration Headquarters, the Company Jan 2012 Head, Administration Headquarters, the Company Jun 2012 Director, the Company Jun 2017 Managing Executive Officer, the Company Jun 2019 Representative Director, President, the Company Jun 2024 Director and Senior Advisor, the Company Jun 2025 Senior Advisor, the Company (current) Jun 2026 Full-time Audit and Supervisory Board Member, the Company
1958-06-26
Hiroshi MIYAZAKI
Director
Apr 1986 Joined Hitachi Zosen Corporation (now Kanadevia Corporation) Apr 2014 General Manager, Business Department, Environment, Energy and Plant Headquarters, Hitachi Zosen Corporation Apr 2015 General Manager, Business Department, Environmental Business Headquarters, Hitachi Zosen Corporation Jul 2016 Executive Director, Hitachi Zosen Corporation Apr 2018 General Manager, Corporate Planning Department, Corporate Planning and Administration Headquarters, Hitachi Zosen Corporation; concurrently Head of IR Group Jun 2018 Director, the Company (current) Apr 2019 General Manager, Corporate Planning Department, Corporate Planning and Administration Headquarters, Hitachi Zosen Corporation; concurrently Head of Planning Group Apr 2020 General Manager, Corporate Planning Department, Corporate Planning and Administration Headquarters, Hitachi Zosen Corporation; concurrently BI Project Manager Apr 2021 Executive Officer, Hitachi Zosen Corporation Apr 2025 Managing Executive Officer; Head, Corporate Planning and Administration Headquarters, Hitachi Zosen Corporation Jun 2025 Director, Hitachi Zosen Corporation Jun 2026 Advisor, Hitachi Zosen Corporation (current)
1963-01-06
Koichi WAKANO
Director
Apr 1971 Joined Hitachi Zosen Corporation (now Kanadevia Corporation) Oct 2002 Head, Inshima Office, Universal Shipbuilding Corporation Jun 2006 Executive Officer; Head, Maizuru Office, Universal Shipbuilding Corporation Jun 2008 Director and Executive Officer, Universal Shipbuilding Corporation Apr 2009 Director and Senior Managing Executive Officer; Head, Naval Vessels and Special Machinery Headquarters, Universal Shipbuilding Corporation Apr 2011 Advisor, Universal Shipbuilding Corporation Jan 2013 Advisor, Japan Marine United Corporation Jun 2014 Director, the Company (current)
1947-01-01
Teruyuki DOI
Director
Apr 1981 Joined Hitachi Zosen Corporation (now Kanadevia Corporation) Apr 1996 Hitachi Zosen USA Apr 2002 HZEU Dec 2003 Hitz America Inc. Feb 2004 Hitachi Zosen Corporation Apr 2012 General Manager, DeNOx Business Unit, Plant Business Department, Plant and Energy Business Division, Engineering Headquarters, Hitachi Zosen Corporation Apr 2014 Head, DeNOx Business Unit, Machinery Business Division, Machinery and Infrastructure Headquarters, Hitachi Zosen Corporation Apr 2016 Director, Aimex Co., Ltd. Apr 2017 Managing Director, Aimex Co., Ltd. Apr 2018 President and Representative Director, Aimex Co., Ltd.; concurrently Plant Manager, Inshima Plant, Hitachi Zosen Corporation Apr 2025 Advisor, Hitachi Zosen Corporation (current) Jun 2026 Director, the Company
1958-07-15
Yoshiaki TANIGUCHI
Director
Apr 1991 Joined The Hiroshima Bank, Ltd. Apr 2013 Branch Manager, Kudamatsu Branch, The Hiroshima Bank, Ltd. Oct 2014 General Manager, Public Relations and Community Contribution Office, General Planning Department, The Hiroshima Bank, Ltd. Oct 2018 Branch Manager, Koyo Branch, The Hiroshima Bank, Ltd. Apr 2020 Branch Manager, Hatsukaichi Branch, The Hiroshima Bank, Ltd. Apr 2022 Executive Officer; Branch Manager, Kure Branch and Kawaraishi Branch, The Hiroshima Bank, Ltd. Apr 2025 Managing Executive Officer; General Manager, Eastern Regional Headquarters, The Hiroshima Bank, Ltd. (current) Jun 2025 Audit and Supervisory Board Member, the Company (current) Jun 2026 Director, the Company
1969-02-17
Yohei TANAKA
Audit and Supervisory Board Member
Apr 1979 Joined Nihon Shoji Co., Ltd. (now Alfresa Pharma Corporation) Jul 1982 Joined Inoshima Chamber of Commerce and Industry May 1985 Management Consultant, Inoshima Chamber of Commerce and Industry Jul 2001 Head, Guidance Section, Inoshima Chamber of Commerce and Industry Apr 2011 Secretary General; concurrently Director, Consultation Office, Inoshima Chamber of Commerce and Industry Nov 2019 Managing Director, Inoshima Chamber of Commerce and Industry (current) Jun 2026 Audit and Supervisory Board Member, the Company
1956-10-25
Chiharu MATSUMOTO
Audit and Supervisory Board Member
Apr 1979 Joined Nishimura Shokai Co., Ltd. May 1983 Joined Nichizo Hiroshima Design Co., Ltd. Jan 2006 Manager, Machinery Sales Department, Nichizo Hiroshima Design Co., Ltd. Oct 2019 Joined Creative Co., Ltd.; Branch Manager, Inoshima Branch Apr 2025 Branch Manager, Onomichi Branch, Creative Co., Ltd. Dec 2025 Resigned from Creative Co., Ltd. Jun 2026 Audit and Supervisory Board Member, the Company
1956-08-18
Large Shareholding Reports
Daisuke Gomi
2026-09-24
8.48%→7.35%
Daisuke GOMI
2026-08-17
7.43%→8.48%
Daisuke GOMI
2026-07-21
6.32%→7.43%
Daisuke GOMI
2026-05-26
5.22%→6.32%
Daisuke GOMI
2026-05-19
5.22%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-09-24
Large Shareholding Report
EDINET
2026-08-17
Large Shareholding Report
TDnet
2026-08-06
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-07-21
Large Shareholding Report
EDINET
2026-06-25
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-05-26
Large Shareholding Report
EDINET
2026-05-19
Large Shareholding Report
TDnet
2026-02-04
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-05
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-27
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-05
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-14
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-05
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-21
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-09
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-23
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-13
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-09
Quarterly Securities Report
EDINET
2022-06-24
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-06
Quarterly Securities Report
EDINET
2021-06-24
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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