Overview
Precision Instruments

Citizen Watch Co.,Ltd.

Citizen Watch Co., Ltd. is a diversified precision technology group operating across four core segments: watches, machine tools, devices, and electronic equipment. The watch segment produces and sells CITIZEN-branded timepieces globally, including proprietary Eco-Drive light-powered technology, alongside luxury Swiss brands such as Frederique Constant and La Joux-Perret. The machine tools segment (Citizen Machinery) manufactures CNC automatic lathes, while the devices segment produces automotive components, crystal devices, small motors, and LEDs for industrial customers worldwide.

Market Cap
¥536B
US$3.42B
EV
¥469B
US$2.99B
Stock¥2,197▼-0.72%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
9.3
x
LTM EV/EBIT
13.0
x
LTM PER
17.4
x
LTM PBR
1.8
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+76.3%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Nov 13, 25Strong Q2 earnings results
2Feb 13, 26Earnings release & upward revision
MC → EV Bridge
536BUS$3.42BMarket Cap68.0BUS$434M+ Debt104BUS$664M− Cash40.3BUS$257M− Inv. Sec.8.84BUS$56.4M+ NCI469BUS$2.99BEV
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Performance & Balance
Revenue 5Y (¥B)
281US$1.79B'22/3301US$1.92B'23/3313US$2.00B'24/3317US$2.02B'25/3347US$2.21B'26/3
EBITDA 5Y (¥B)
33.5US$213M'22/334.9US$223M'23/337.4US$238M'24/334.2US$218M'25/344.7US$285M'26/3
Net Income 5Y (¥B)
22.1US$141M'22/321.8US$139M'23/323.0US$146M'24/323.9US$152M'25/331.1US$198M'26/3
Capital Structure
81%
19%
EquityD/E 0.23xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
148US$945M66.9US$427M'22/3122US$775M59.8US$381M'23/3128US$816M69.9US$446M'24/3131US$834M70.0US$446M'25/3146US$928M68.0US$434M'26/3
Shareholders
Top 10 hold 44.5%
1
The Master Trust Bank of Japan, Ltd.
13.78%
2
Custody Bank of Japan, Ltd.
9.15%
3
Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)
4.88%
4
BBH (LUX) FOR FIDELITY FUNDS -JAPAN ADVANTAGE POOL (Standing Proxy: MUFG Bank, Ltd.)
4.23%
5
Nichia Corporation
4.09%
6
Mitsubishi UFJ Trust and Banking Corporation (Standing Proxy: The Master Trust Bank of Japan, Ltd.)
1.87%
7
Mizuho Bank, Ltd. (Standing Proxy: Custody Bank of Japan, Ltd.)
1.76%
8
Employee Stock Ownership Association
1.76%
9
SHIMIZU CORPORATION (Standing Proxy: The Master Trust Bank of Japan, Ltd.)
1.69%
10
STATE STREET BANK AND TRUSTCOMPANY 505223 (Standing Proxy: Mizuho Bank, Ltd.)
1.33%
Management
10 officers
Yoshitaka OJI
Representative Director, President
Apr 1986 Joined the Company Aug 2005 Attached to Marketing Headquarters, Watch Business Unit (stationed in Singapore) Jun 2011 General Manager, Business Management Department, Administration Headquarters, Citizen Watch Co., Ltd. Apr 2015 General Manager, Corporate Planning Department, the Company Oct 2016 Executive Officer, the Company Jun 2017 Director, the Company Apr 2019 General Manager, Product Development Headquarters; General Manager, Watch Development Headquarters; Director, R&D Center Apr 2022 Managing Director, the Company Apr 2022 General Manager, Watch Business Headquarters, the Company Apr 2025 Representative Director, President, the Company (current)
1963-11-23
Toshiyuki FURUKAWA
Senior Managing Director; in charge of Corporate Planning Department and Digital Integration Center; in charge of Device Business
Apr 1986 Joined the Company Apr 2009 General Manager, IR and Public Relations Office, the Company Jun 2011 General Manager, Corporate Planning Department, the Company Apr 2015 Director, Citizen Watch Co., Ltd. Apr 2015 General Manager, Corporate Planning Department, Citizen Watch Co., Ltd.; in charge of Accounting Department Jun 2016 Director, the Company Jun 2016 General Manager, Corporate Planning Department, the Company Jun 2016 in charge of Accounting Department and IR and Public Relations Office, the Company Oct 2016 in charge of Information Systems Department, the Company Apr 2021 in charge of Corporate Planning Department, the Company (current) Apr 2022 Managing Director, the Company Apr 2025 Senior Managing Director, the Company (current) Apr 2025 in charge of Device Business, the Company (current) Apr 2026 in charge of Digital Integration Center, the Company (current)
1963-01-19
Yoshiaki MIYAMOTO
Managing Director; in charge of Group Risk Management, Human Resources Department, General Affairs Department, and CSR Office
Aug 1990 Joined the Company Apr 2009 Deputy General Manager, Business Management Department, Administration Headquarters, Citizen Watch Co., Ltd. Dec 2010 Deputy General Manager, Strategic Planning Department, Planning Headquarters, Citizen Watch Co., Ltd. Apr 2012 Representative Director, President, Citizen Watch Manufacturing (Thailand) Co., Ltd. Apr 2014 Representative Director, President, Citizen Watch Europe GmbH Apr 2017 Senior Executive Officer, the Company Apr 2017 General Manager, General Affairs Department, the Company Jun 2017 in charge of Group Risk Management and Human Resources Department, the Company (current) Jun 2018 Director, the Company Apr 2019 in charge of Environmental Management Office, the Company Apr 2019 in charge of CSR Office, the Company (current) Apr 2025 Managing Director, the Company (current) Apr 2025 in charge of General Affairs Department, the Company (current)
1963-02-03
Keiichi KOBAYASHI
Director; in charge of Public Relations and IR Office, Sustainability Promotion Department, R&D Department, and Intellectual Property Department
Apr 1992 Joined Citizen Shoji Co., Ltd. Sep 2005 Attached to Marketing Headquarters, Watch Business Unit, the Company (stationed in the United States) Apr 2007 Attached to CB Business Division, Citizen Watch Co., Ltd. (stationed in the United States) Oct 2016 Deputy General Manager, Switzerland Department, Global Planning Business Division, the Company Apr 2017 Representative Director, President, Citizen Watch Europe GmbH Apr 2022 Executive Officer, the Company Apr 2022 General Manager, Corporate Planning Department, the Company Apr 2025 Senior Executive Officer, the Company Apr 2025 in charge of Public Relations and IR Office, Sustainability Promotion Department, R&D Department, and Intellectual Property Department, the Company (current) Jun 2025 Director, the Company (current)
1968-08-06
Toshiko KUBOKI
Director
Apr 1987 Registered as attorney-at-law Feb 2002 Mediation Committee Member, Tokyo Family Court (current) Apr 2012 Visiting Professor, Chuo University Law School (current) Jun 2015 Outside Director, Qol Co., Ltd. (now Qol Holdings Co., Ltd.) (current) Jun 2015 Outside Audit & Supervisory Board Member, Kyodo News (general incorporated association) (current) Jun 2016 Outside Audit & Supervisory Board Member, the Company Jun 2019 Director, the Company (current) Apr 2023 Vice President, Tokyo Medical and Dental University Jun 2023 Outside Director (Audit and Supervisory Committee Member), Asahi Organic Chemicals Co., Ltd. (current) Oct 2024 Vice Director, Institute of Science Tokyo Apr 2025 Audit Committee Member, Chuo Ward, Tokyo (current)
1960-02-26
Yoshio OSAWA
Director
Apr 2003 Executive Officer and General Manager, Network Business Division, Sumitomo Corporation Apr 2005 Managing Executive Officer and General Manager, Network Business Division, Sumitomo Corporation Apr 2007 Managing Executive Officer and General Manager, Media Business Division, Sumitomo Corporation Apr 2008 Senior Managing Executive Officer and General Manager, Media & Lifestyle Business Division, Sumitomo Corporation Jun 2008 Representative Director, Senior Managing Executive Officer, Sumitomo Corporation Apr 2011 Representative Director, Executive Vice President, Sumitomo Corporation Jun 2013 Representative Director, President and COO, SCSK Corporation Apr 2015 Representative Director, President, SCSK Corporation Apr 2016 Chairman of the Board, SCSK Corporation Apr 2017 Director, SCSK Corporation Mar 2018 Outside Director, Canon Marketing Japan Inc. (current) Jun 2019 Director, the Company (current) Jun 2024 Outside Director, Fujitsu General Ltd. (now General Co., Ltd.)
1952-01-22
Katsuhiko YOSHIDA
Director
Jun 2007 Executive Officer, Kao Corporation Jun 2012 Senior Executive Officer, Kao Corporation Mar 2014 Representative Director, Senior Executive Officer, Kao Corporation Mar 2015 Representative Director, Executive Vice President, Kao Corporation Oct 2019 Chairman, Japan Child Care Support Association (general incorporated association) (current) Jun 2022 Outside Director, Kawasaki Heavy Industries, Ltd. (current) Jun 2022 Director, the Company (current)
1954-04-05
Kazunori YANAGI
Full-time Audit and Supervisory Committee Member, Director
Apr 1986 Joined the Company Apr 2007 General Manager, Accounting Department, Administration Headquarters, Citizen Watch Co., Ltd. Aug 2011 General Manager, Accounting Department, Citizen Watch Co., Ltd. Apr 2012 Executive Officer, Citizen Jewelry Co., Ltd. Mar 2014 Director, ROYAL TIME CITI CO., LTD. Aug 2014 Representative Director, President, ROYAL TIME CITI CO., LTD. Apr 2017 Director, ROYAL TIME CITI CO., LTD. Apr 2019 Director, Citizen Watch Manufacturing Co., Ltd. Jun 2022 Full-time Audit & Supervisory Board Member, the Company Jun 2025 Full-time Audit and Supervisory Committee Member, Director, the Company (current)
1963-02-03
Yaeko ISHIDA
Director, Audit and Supervisory Committee Member
Oct 2000 Registered as attorney-at-law Jan 2007 Judicial Officer, Tokyo Summary Court Apr 2016 Mediation Committee Member, Tachikawa Branch, Tokyo Family Court Jun 2019 Audit & Supervisory Board Member, the Company Jun 2021 Outside Director, Inageya Co., Ltd. (current) Jun 2023 Outside Director, Shindengen Electric Manufacturing Co., Ltd. (current) Jun 2025 Director, Audit and Supervisory Committee Member, the Company (current)
1970-08-18
Noriko YAMANAKA
Director, Audit and Supervisory Committee Member
Oct 1998 Joined Asahi & Co. (now KPMG Azsa LLC) Apr 2002 Registered as Certified Public Accountant Aug 2004 Joined Special Investigation Division, Securities and Exchange Surveillance Commission, Financial Services Agency Aug 2006 Joined Azsa & Co. (now KPMG Azsa LLC) Sep 2012 Joined Suntory Holdings Limited Mar 2022 Audit & Supervisory Board Member, Pronto Corporation Mar 2024 Outside Director, Audit and Supervisory Committee Member, I-ne Co., Ltd. (current) Jun 2025 Director, Audit and Supervisory Committee Member, the Company (current)
1973-04-22
Large Shareholding Reports
Fidelity Investment Trust Company, Limited
2026-10-07
8.41%→7.27%
Fidelity Investment Trust Company, Limited
2026-06-04
5.02%
Fidelity Investment Trust Company, Limited
2026-06-04
6.66%→8.15%
Fidelity Investment Trust Company, Limited
2026-06-04
5.02%→6.66%
Mizuho Bank, Ltd.
2026-05-12
3.19%→3.19%
Fidelity Investments Japan Limited
2026-03-23
6.93%→8.41%
Fidelity Investment Trust Company, Limited
2026-02-20
5.28%→6.93%
Fidelity Investment Trust Company, Limited
2026-01-09
5.28%
Mitsubishi UFJ Trust and Banking Corporation
2026-01-05
3.33%→3.20%
Nomura Asset Management Co., Ltd.
2025-11-21
3.12%→3.30%
Mitsubishi UFJ Trust and Banking Corporation
2025-10-20
3.36%→3.33%
Nippon Life Insurance Company
2025-10-07
5.03%→4.86%
Nomura Asset Management Co., Ltd.
2025-10-06
8.47%→3.12%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2025-10-06
1.91%→1.86%
Mitsubishi UFJ Trust and Banking Corporation
2025-10-06
3.56%→3.36%
Amova Asset Management Co., Ltd.
2025-09-19
3.07%→3.23%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-10-07
Large Shareholding Report
TDnet
2026-08-14
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-23
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINETAmended
2026-06-04
Change Report
EDINETAmended
2026-06-04
Change Report
EDINETAmended
2026-06-04
Change Report
EDINET
2026-05-12
Large Shareholding Report
EDINET
2026-03-23
Large Shareholding Report
EDINET
2026-02-20
Large Shareholding Report
TDnet
2026-02-12
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2026-01-09
Large Shareholding Report
EDINET
2026-01-05
Large Shareholding Report
EDINETAmended
2025-12-11
Amended Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-11-21
Large Shareholding Report
EDINET
2025-11-14
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-10-20
Large Shareholding Report
EDINET
2025-10-07
Large Shareholding Report
EDINET
2025-10-06
Large Shareholding Report
EDINET
2025-10-06
Large Shareholding Report
EDINET
2025-10-06
Large Shareholding Report
EDINET
2025-09-19
Large Shareholding Report
TDnet
2025-08-13
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-12
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-11
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-13
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-13
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-14
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
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