Overview
Other Products

Kawai Musical Instruments Manufacturing Co.,Ltd.

Kawai Musical Instruments Manufacturing is a leading Japanese manufacturer and seller of acoustic and digital pianos, electronic instruments, and wind/string/percussion instruments, distributed through approximately 70 domestic directly-operated stores and an extensive global network spanning the Americas, Europe, Asia, and Australia. Beyond instrument manufacturing, the company operates music, physical education, art, and English language schools, provides piano tuning and maintenance services through its nationwide technician network, and publishes music scores and educational materials. The group also leverages its piano-derived manufacturing expertise in a materials processing segment, producing precision metal components for electronic/automotive industries and acoustic system products.

Market Cap
¥27.1B
US$173M
EV
¥20.4B
US$130M
Stock¥3,150▼-2.17%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
8.4
x
LTM EV/EBIT
57.3
x
LTM PER
22.7
x
LTM PBR
0.6
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-0.3%pt
100123
Oct 23, 25 – Oct 23, 26StockTOPIX
1Jun 15, 26Hibiki Path Advisors Pte. Ltd. filed large shareholding report
2Jul 9, 26Hibiki Path Advisors Pte. Ltd. changed stake (5.2%→6.23%)
3Aug 26, 26Hibiki Path Advisors Pte. Ltd. changed stake (6.23%→7.23%)
MC → EV Bridge
27.1BUS$173MMarket Cap12.6BUS$80.1M+ Debt10.0BUS$63.8M− Cash9.21BUS$58.6M− Inv. Sec.20.4BUS$130MEV
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Performance & Balance
Revenue 5Y (¥B)
85.7US$546M'22/387.8US$559M'23/380.2US$511M'24/372.9US$464M'25/372.0US$459M'26/3
EBITDA 5Y (¥B)
8.22US$52.4M'22/36.70US$42.6M'23/34.86US$30.9M'24/32.15US$13.7M'25/32.15US$13.7M'26/3
Net Income 5Y (¥B)
5.05US$32.1M'22/33.67US$23.4M'23/32.78US$17.7M'24/30.41US$2.58M'25/31.14US$7.27M'26/3
Capital Structure
79%
21%
EquityD/E 0.27xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
28.0US$178M10.3US$65.5M'22/324.7US$157M8.93US$56.8M'23/325.4US$162M8.12US$51.7M'24/320.5US$131M9.51US$60.6M'25/320.6US$131M12.4US$78.7M'26/3
Shareholders
Top 10 hold 53.6%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
9.75%
2
HSBC Broking Securities (Asia) Limited (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
9.38%
3
Kawai Shadan Co., Ltd.
5.53%
4
Sumitomo Realty & Development Co.,Ltd.
5.11%
5
Kawai Musical Instruments Manufacturing Co.,Ltd. Business Partners' Stock Ownership Association
4.81%
6
NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB; Standing Proxy: Nomura Securities Co., Ltd.)
4.35%
7
THE JAPAN WOOL TEXTILE CO.,LTD.
4.03%
8
Employee Stock Ownership Association
3.97%
9
Meiji Yasuda Life Insurance Company
3.47%
10
Tokio Marine & Nichido Fire Insurance Co., Ltd.
3.18%
Management
10 officers
Kentaro KAWAI
Representative Director, President and Executive Officer, Head of Corporate Strategy Headquarters
Oct 2007 Joined the Company Apr 2012 Executive Officer, General Manager, Piano Business Division Apr 2013 General Manager, Piano Business Division, Musical Instrument Manufacturing Headquarters Jun 2015 Director and Executive Officer Apr 2016 General Manager, Musical Instrument Manufacturing Headquarters and General Manager, Piano Business Division Jun 2016 Managing Director and Executive Officer Jun 2018 Senior Managing Director and Executive Officer Jun 2018 General Manager, Production Headquarters Jun 2020 Director, Executive Vice President and Executive Officer Apr 2023 General Manager, Corporate Strategy Headquarters (current) Feb 2024 Representative Director, President and Executive Officer (current) Apr 2024 General Manager, Musical Instrument Education Sales Headquarters
1977-06-01
Hiroshi USHIO
Director, Executive Vice President and Executive Officer
Jan 1983 Joined the Company Apr 2005 Manager, PT. Kawai Indonesia Jun 2011 Representative Director, President, PT. Kawai Indonesia; Executive Officer Apr 2012 Deputy General Manager, Piano Business Division Apr 2016 Deputy General Manager, Piano Business Division, Musical Instrument Manufacturing Headquarters Jun 2017 Director and Executive Officer Jun 2018 General Manager, Piano Business Division, Production Headquarters Jun 2020 Managing Director and Executive Officer Apr 2024 General Manager, Production Headquarters Jun 2024 Senior Managing Director and Executive Officer Jun 2025 Director, Executive Vice President and Executive Officer (current)
1961-02-11
Masafumi MINOWA
Senior Managing Director and Executive Officer
Apr 1988 Joined the Company Jun 2011 Vice President, PT. Kawai Indonesia Apr 2013 General Manager, Electronic Musical Instruments Division Jun 2013 Executive Officer Jun 2018 General Manager, Electronic Musical Instruments Division, Production Headquarters Jun 2019 Director and Executive Officer Jun 2023 Managing Director and Executive Officer Jun 2025 Senior Managing Director and Executive Officer (current)
1964-02-14
Naomi MURAMATSU
Director
Oct 2002 Registered as Attorney-at-Law Feb 2020 Outside Director (Audit and Supervisory Committee Member), Sala Corporation Jun 2022 Outside Director (Audit and Supervisory Committee Member), Enshu Ltd. (current) Jun 2023 Director of the Company (current)
1972-07-20
Masayuki NISHIO
Full-time Audit & Supervisory Board Member
Apr 1977 Joined the Company Feb 2006 General Manager, Sales Department, Overseas Division Aug 2008 Executive Officer Apr 2013 General Manager, Overseas Division Jun 2013 Director and Executive Officer Jun 2015 Managing Director and Executive Officer Apr 2016 Deputy Head, Sales Headquarters and General Manager, Overseas Division Jun 2016 Senior Managing Director and Executive Officer Jun 2020 Audit & Supervisory Board Member (current)
1953-12-24
Harumitsu MAKITA
Full-time Audit & Supervisory Board Member
Apr 1979 Joined the Company Apr 2013 General Manager, Metal Division Jun 2013 Representative Director, President, Kawai Precision Metal Co., Ltd. Jun 2014 Executive Officer Apr 2016 General Manager, Material Processing Division Jun 2016 Director and Executive Officer Jun 2018 Managing Director and Executive Officer Jun 2018 General Manager, Material Processing Division, Production Headquarters Jun 2023 Audit & Supervisory Board Member (current)
1957-01-18
Takahisa TABATA
Audit & Supervisory Board Member
Apr 1980 Joined Tokyo Sokan Co., Ltd. Oct 1987 Joined Ota Showa & Co. (currently EY ShinNihon LLC) Mar 1991 Registered as Certified Public Accountant Jun 1993 Opened Tabata Certified Public Accountant Office Jun 2006 Substitute Audit & Supervisory Board Member of the Company Jun 2010 Audit & Supervisory Board Member of the Company (current)
1956-08-28
Shinichi MIZUNO
Audit & Supervisory Board Member
Jul 2008 Director, Mishima Tax Office Jul 2014 Deputy Director, Taxation Division No. 2, Nagoya Regional Taxation Bureau Jul 2015 Director, Investigation Department, Nagoya Regional Taxation Bureau Sep 2016 Opened Shinichi Mizuno Certified Tax Accountant Office Jun 2020 Substitute Audit & Supervisory Board Member of the Company Jun 2024 Audit & Supervisory Board Member of the Company (current)
1955-09-25
Masaki SUGIUE
Director and Executive Officer, General Manager, Accounting and Finance Department, Corporate Strategy Headquarters
Apr 1987 Joined the Company Apr 2014 Director, Zen-on Music Publishing Co., Ltd. Jun 2018 General Manager, Accounting and Finance Department Apr 2023 General Manager, Management Administration Department Apr 2025 General Manager, Accounting and Finance Department, Corporate Strategy Headquarters (current) Apr 2026 Executive Officer Jun 2026 Director and Executive Officer (current)
1965-01-08
Yasuo GOTO
Director
Jun 1986 Representative Director, President, Hagoromo Kanzume Co., Ltd. (now Hagoromo Foods Corporation) Jun 2007 Representative Director, Chairman, Hagoromo Foods Corporation (current) Nov 2022 Adviser, Shizuoka Chamber of Commerce and Industry Jun 2023 Director of the Company (current)
1949-02-14
Large Shareholding Reports
Hibiki Path Advisors SPC
2026-08-26
6.23%→7.23%
Hibiki Path Advisors SPC
2026-07-09
5.20%→6.23%
Hibiki Path Advisors SPC
2026-06-15
5.20%
Nomura Asset Management Co., Ltd.
2026-02-20
4.66%→3.89%
Nomura Asset Management Co., Ltd.
2025-12-04
5.15%→4.66%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-26
Large Shareholding Report
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-07-09
Large Shareholding Report
EDINET
2026-06-23
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-15
Large Shareholding Report
EDINET
2026-02-20
Large Shareholding Report
TDnet
2026-02-12
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-12-04
Large Shareholding Report
EDINET
2025-11-13
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-06
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-14
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-07
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-28
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-10
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-09
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-28
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-10
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-10
Quarterly Securities Report
EDINET
2022-08-05
Quarterly Securities Report
EDINET
2022-06-29
Annual Securities Report
EDINET
2022-02-10
Quarterly Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-06
Quarterly Securities Report
EDINET
2021-06-28
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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