Overview
Transportation Equipment

T.RAD Co., Ltd.

T.RAD Co., Ltd. is a specialized manufacturer of heat exchangers, including radiators and fuel cell thermal management components. The company designs and produces various types of heat exchangers for automotive and industrial applications, serving major OEM customers across global markets. T.RAD differentiates itself through its deep engineering expertise in thermal management solutions and its broad international manufacturing and sales network.

Market Cap
¥77.1B
US$491M
EV
¥79.6B
US$507M
Stock¥1,361▼-0.29%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
4.7
x
LTM EV/EBIT
7.2
x
LTM PER
8.8
x
LTM PBR
1.4
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+69.3%pt
100
Oct 23, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
77.1BUS$491MMarket Cap22.3BUS$142M+ Debt16.3BUS$104M− Cash3.45BUS$22.0M− Inv. Sec.0.07BUS$0.43M+ NCI79.6BUS$507MEV
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Performance & Balance
Revenue 5Y (¥B)
134US$851M'22/3149US$951M'23/3159US$1.01B'24/3159US$1.01B'25/3162US$1.03B'26/3
EBITDA 5Y (¥B)
10.9US$69.3M'22/37.40US$47.1M'23/310.6US$67.3M'24/313.0US$82.6M'25/316.9US$108M'26/3
Net Income 5Y (¥B)
3.60US$22.9M'22/3-3.60-US$22.9M'23/31.25US$7.93M'24/34.25US$27.1M'25/38.77US$55.8M'26/3
Capital Structure
71%
29%
EquityD/E 0.42xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
15.7US$99.7M19.2US$122M'22/313.2US$84.0M22.4US$143M'23/322.3US$142M24.9US$159M'24/319.8US$126M21.5US$137M'25/319.7US$126M21.9US$139M'26/3
Shareholders
Top 10 hold 58.0%
1
Jinya Connect Co., Ltd.
38.71%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
7.95%
3
YAMAKIN(JAPAN) Co.,Ltd.
2.35%
4
T.RAD Employee Shareholding Association
1.82%
5
Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)
1.75%
6
Custody Bank of Japan, Ltd. (Trust Account)
1.72%
7
STATE STREET BANK AND TRUST COMPANY 505103
1.11%
8
Hiroshi TANAKA
0.92%
9
Morgan Stanley MUFG Securities Co., Ltd.
0.85%
10
Hiromi KANO
0.82%
Management
9 officers
Tomio MIYAZAKI
Representative Director, CEO and COO; President and Executive Officer
Apr 2002: Joined Honda Motor Co., Ltd. Aug 2002: Joined Honda R&D Co., Ltd., Wako Basic Technology Research Center Oct 2009: Joined Jinya Co., Ltd.; President and Representative Director Apr 2012: Established Jinya Connect Co., Ltd.; Representative Director and CEO Jun 2014: Outside Director, T.RAD Jun 2017: Director in charge of Management Planning, T.RAD Apr 2018: Established T.RAD Connect Co., Ltd.; Director Jun 2018: Representative Director, COO and President and Executive Officer, T.RAD Mar 2019: President and Representative Director, T.RAD Connect Co., Ltd. (current) Jun 2022: Representative Director, CEO and COO, President and Executive Officer, T.RAD (current) Nov 2023: Director and Owner, Jinya Connect Co., Ltd. (current)
1977-09-16
Tatsuya KIKUYAMA
Director, Managing Executive Officer; in charge of Sales, Technology and Quality; General Manager, Sales Division; General Manager, Technology Division; General Manager, Quality Division
Apr 1986: Joined T.RAD Apr 2006: T.RAD, Product Development Center, Heat Exchanger Design Office; General Manager, Construction and Industrial Machinery Department Apr 2012: President and Director, T.RAD North America, Inc. Jan 2015: T.RAD, Deputy General Manager, Sales and Technology Division (in charge of Technology) Jan 2016: T.RAD, Sales and Technology Division (Technology); Chief Manager, Development Coordination Apr 2018: T.RAD, Executive Officer; Deputy General Manager, Sales and Technology Division (in charge of Sales) Apr 2020: T.RAD, Managing Executive Officer; General Manager, Sales Division Jan 2024: T.RAD, Managing Executive Officer in charge of Sales and Technology; General Manager, Sales Division and Technology Division Jun 2024: T.RAD, Director and Managing Executive Officer in charge of Sales and Technology; General Manager, Sales Division and Technology Division (current) Jun 2026: T.RAD, in charge of Quality; General Manager, Quality Division (current)
1964-01-29
Yoshisada TAKAHASHI
Director
Apr 1978: Joined Komatsu Ltd. Jun 1995: Plant Manager, Komatsu Brasil Ltda. Apr 2006: Komatsu Ltd., Executive Officer; General Manager, Awazu Plant, Production Division Apr 2008: Komatsu Ltd., Executive Officer; General Manager, Osaka Plant, Production Division Apr 2012: Komatsu Ltd., Managing Executive Officer; General Manager, Production Division; in charge of Environment Apr 2016: Komatsu Ltd., Senior Managing Executive Officer; CIO and General Manager, Information Strategy Division; in charge of Production and Industrial Machinery Business Apr 2017: Komatsu Ltd., Vice President Executive Officer; CIO and General Manager, Information Strategy Division; in charge of Industrial Machinery Business Apr 2019: Komatsu Ltd., Assistant to the President Jun 2019: Outside Director, T.RAD (current) Jul 2019: Advisor, Komatsu Ltd. (current) Sep 2019: Advisor for Industrial Promotion, Ishikawa Prefecture (current) Jun 2022: Outside Director, T-Gaia Corporation
1955-12-08
Ryuichi MURATA
Director
Apr 1971: Joined The Mitsubishi Bank, Ltd. Jan 2006: Senior Managing Director, The Bank of Tokyo-Mitsubishi UFJ, Ltd. May 2006: Deputy President, The Bank of Tokyo-Mitsubishi UFJ, Ltd. Jun 2009: Director and Vice President, Mitsubishi UFJ Lease & Finance Co., Ltd. (now Mitsubishi HC Capital Inc.) Jun 2010: President and Representative Director, Mitsubishi UFJ Lease & Finance Co., Ltd. Jun 2012: Chairman and Representative Director, Mitsubishi UFJ Lease & Finance Co., Ltd. Jun 2016: Outside Audit & Supervisory Board Member, Noritake Co., Limited Jun 2017: Senior Advisor, Mitsubishi UFJ Lease & Finance Co., Ltd. (now Mitsubishi HC Capital Inc.) Jun 2017: Outside Director, Kintetsu Group Holdings Co., Ltd. Jun 2018: Outside Director, Eisai Co., Ltd. Jul 2018: Special Advisor, Mitsubishi UFJ Lease & Finance Co., Ltd. (now Mitsubishi HC Capital Inc.) Jun 2021: Outside Director, T.RAD (current) Apr 2026: Honorary Advisor, Mitsubishi HC Capital Inc. (current)
1948-04-12
Jinning TU
Director
Oct 2006: Joined Anderson Mori & Tomotsune Jan 2013: Joined Wintell Law Firm (Shanghai, China) Aug 2013: Joined Anderson Mori & Tomotsune Jan 2018: Senior Foreign Counsel with partner-equivalent status, Anderson Mori & Tomotsune Jan 2021: Partner, Anderson Mori & Tomotsune (current) Jun 2023: Outside Director, T.RAD (current)
1978-05-06
Kosei TAMURA
Standing Audit & Supervisory Board Member
Apr 1986: Joined T.RAD Apr 2005: General Manager, Automotive Sales Division No. 1, T.RAD Jun 2013: Chief Manager, SMART Project, T.RAD Mar 2014: Chief Manager, Sales and Technology Management Department, T.RAD Jan 2016: Chief Manager, Management Planning Office, T.RAD Apr 2017: General Manager, Management Planning Office, T.RAD Apr 2018: Executive Officer, T.RAD; in charge of Human Resources, General Affairs and Related Businesses; General Manager, Human Resources and General Affairs Department Apr 2021: Executive Officer and General Manager, Procurement Division, T.RAD Mar 2022: Managing Executive Officer in charge of Procurement, T.RAD Apr 2023: Standing Adviser, T.RAD Jun 2023: Standing Audit & Supervisory Board Member, T.RAD (current)
1963-01-28
Satoshi IWASAKI
Standing Audit & Supervisory Board Member
Apr 1989: Joined T.RAD Apr 2014: General Manager, Production Department, Hadano Plant, T.RAD Apr 2016: Deputy Plant Manager, Shiga Plant; General Manager, Production Department, T.RAD Oct 2016: Plant Manager, Shiga Plant; General Manager, Production Department, T.RAD Apr 2019: Plant Manager, Shiga Plant; Deputy General Manager, Production and Procurement Division (Production), T.RAD Jul 2019: Plant Manager, Shiga Plant; Deputy General Manager, Production and Procurement Division (Production); Deputy Director, Production Technology Center, T.RAD Jan 2020: Plant Manager, Hadano Plant; General Manager, Quality Control Department; Deputy General Manager, Production and Procurement Division (Production); Deputy Director, Production Technology Center, T.RAD Jan 2022: Deputy General Manager, Production Division; General Manager, Production Control Department, T.RAD Apr 2023: Managing Executive Officer in charge of Procurement; General Manager, Procurement Division, T.RAD May 2025: Standing Adviser, T.RAD Jun 2025: Standing Audit & Supervisory Board Member, T.RAD (current)
1966-05-27
Mikio ENDO
Audit & Supervisory Board Member
Sep 1978: Joined Toyama Co., Ltd. Sep 1998: President and Representative Director, Toyama Co., Ltd. May 2006: Chairman and Representative Director, Toyama Co., Ltd. Oct 2008: Mayor of Zama City, Kanagawa Prefecture Jan 2021: Senior Advisor, Yoshika Co., Ltd. Jun 2021: Outside Audit & Supervisory Board Member, T.RAD (current)
1957-10-28
Hisashi FUJII
Temporary Audit & Supervisory Board Member
Apr 2003: Joined Shin Nihon & Co. (now EY Shin Nihon LLC) Apr 2006: Registered as Certified Public Accountant Dec 2011: Registered as Attorney at Law Dec 2011: Joined Shiba Daimon Law Office Oct 2015: Part-time Ethics Investigator for Post-Retirement Employment, Ministry of Defense (current) Aug 2017: Joined Link Partners Law Office (current) Jul 2019: Outside Audit & Supervisory Board Member, Yoshizumi Holdings Co., Ltd. (current) Apr 2022: Outside Audit & Supervisory Board Member, Synclrand Co., Ltd. (current) Oct 2023: Outside Audit & Supervisory Board Member, Carets Technologies Co., Ltd. (current) Dec 2023: Outside Director, Linc'well Co., Ltd. (current) Jun 2024: Auditor, Sasaki Taiju Ikueikai Foundation (current) Aug 2024: Outside Director, MDB Co., Ltd. (current) Jun 2025: Outside Director, Redcliff Co., Ltd. (current) Jan 2026: Temporary Audit & Supervisory Board Member, T.RAD Jun 2026: Outside Audit & Supervisory Board Member, T.RAD (current)
1980-12-18
Large Shareholding Reports
Jinya Connect Co., Ltd.
2025-08-29
33.37%→33.37%
Annual report (as of 2026-03-31): 38.71%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-03
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-05
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-02-02
Q3 Earnings Flash
FY ending Mar 2026
EDINETAmended
2025-11-07
Amended Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-11-04
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-08-29
Large Shareholding Report
TDnet
2025-08-04
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-17
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-03
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-06
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
2024-02-06
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-07
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-08
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-27
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-07
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-08
Quarterly Securities Report
EDINET
2022-08-09
Quarterly Securities Report
EDINET
2022-06-28
Annual Securities Report
EDINET
2022-02-08
Quarterly Securities Report
EDINET
2021-11-09
Quarterly Securities Report
EDINET
2021-08-03
Quarterly Securities Report
EDINET
2021-06-29
Annual Securities Report
EDINET
2021-02-09
Quarterly Securities Report
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