Overview
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IWATANI CORPORATION

Iwatani Corporation is Japan's leading energy and industrial gas company, holding the No. 1 domestic market share in both hydrogen and LPG (liquefied petroleum gas) sales. The company operates across four core segments: comprehensive energy (LPG, carbon-offset LPG), industrial gas and hydrogen, machinery, and materials, serving both residential and commercial customers. Iwatani is actively advancing Japan's decarbonization agenda through hydrogen infrastructure development, including hydrogen stations and fuel cell vessels, leveraging its established LPG distribution network and proprietary hydrogen handling technologies.

Market Cap
¥433B
US$2.76B
EV
¥366B
US$2.33B
Stock¥1,881▼-0.11%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
4.8
x
LTM EV/EBIT
7.8
x
LTM PER
5.8
x
LTM PBR
0.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-8.2%pt
1001
Oct 24, 25 – Oct 23, 26StockTOPIX
1Aug 7, 26Q1 earnings: net profit 6.7x YoY (¥31.7bn), operating profit 2.1x, record high
MC → EV Bridge
433BUS$2.76BMarket Cap218BUS$1.39B+ Debt28.3BUS$181M− Cash269BUS$1.72B− Inv. Sec.12.1BUS$77.4M+ NCI366BUS$2.33BEV
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Performance & Balance
Revenue 5Y (¥B)
690US$4.40B'22/3906US$5.78B'23/3848US$5.41B'24/3883US$5.63B'25/3909US$5.79B'26/3
EBITDA 5Y (¥B)
61.2US$390M'22/364.3US$410M'23/376.7US$489M'24/374.1US$473M'25/369.0US$440M'26/3
Net Income 5Y (¥B)
30.0US$191M'22/332.0US$204M'23/347.4US$302M'24/340.4US$258M'25/347.7US$304M'26/3
Capital Structure
69%
31%
EquityD/E 0.46xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
110US$700M111US$708M'22/3119US$762M139US$888M'23/3255US$1.63B254US$1.62B'24/3240US$1.53B231US$1.48B'25/3265US$1.69B247US$1.58B'26/3
Shareholders
Top 10 hold 36.0%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
11.89%
2
Naoji Iwatani Memorial Foundation
7.17%
3
Custody Bank of Japan, Ltd. (Trust Account)
4.86%
4
MUFG Bank, Ltd.
2.32%
5
Resona Bank, Limited
2.04%
6
Tetsu Iwatani Co., Ltd.
1.74%
7
Iwatani Corporation Senyukai (Employee Shareholding Association)
1.59%
8
STATE STREET BANK AND TRUST COMPANY 505223 (Standing Proxy: Mizuho Bank, Ltd.)
1.57%
9
Nippon Life Insurance Company
1.56%
10
Iwatani Enyukai
1.28%
Management
16 officers
Akitsugu MAKINO
Representative Director, Chairman
Mar 1965 Joined the Company Jun 1988 Appointed Director Jun 1990 Appointed Managing Director Jun 1994 Appointed Senior Managing Director Apr 1996 Appointed Representative Director, President, Iwatani Gas Co., Ltd. Jun 1996 Retired as Director of the Company Jun 1998 Appointed Director and Vice President of the Company Apr 2000 Appointed Representative Director, President Jun 2004 Appointed Executive Officer Jun 2012 Appointed Representative Director, Chairman and CEO Apr 2026 Appointed Representative Director, Chairman (current) Significant concurrent positions: Representative Director, Chairman, Central Sekiyu Gas Co., Ltd.; Director, Chairman, Iwatani Gas Co., Ltd.; Director, Kinsei Matec Co., Ltd.; Director, Daikin Industries, Ltd. (Outside Director)
1941-09-14
Toshio WATANABE
Representative Director, Vice Chairman
Mar 1968 Joined the Company Apr 1996 Appointed General Manager, Related Business Division; General Manager, General Affairs and Human Resources Department Jun 1996 Appointed Director Apr 2000 Appointed Managing Director Apr 2001 Appointed Senior Managing Director Apr 2003 Appointed Director and Senior Vice President Jun 2004 Appointed Executive Officer Jun 2006 Appointed Representative Director and Senior Vice President Jun 2012 Appointed Representative Director, Vice Chairman (current) Significant concurrent positions: Audit & Supervisory Board Member, Central Sekiyu Gas Co., Ltd.; Audit & Supervisory Board Member, Iwatani Gas Co., Ltd.; Audit & Supervisory Board Member, Kinsei Matec Co., Ltd.; Representative Director, Chairman
1945-09-04
Hiroshi MAJIMA
Representative Director, President and Executive Officer, CEO
Apr 1981 Joined the Company Jun 2010 Appointed Executive Officer Apr 2011 Appointed Managing Executive Officer Apr 2012 General Manager, Electronics and Machinery Division Jun 2012 Appointed Director; Executive Officer Apr 2014 Appointed Managing Director Apr 2017 Appointed Senior Managing Director Apr 2019 Appointed Director and Senior Vice President Executive Officer Apr 2020 Appointed Representative Director, President and Executive Officer Apr 2026 Appointed Representative Director, President and Executive Officer, CEO (current)
1958-07-03
Manabu TSUKIYOSHI
Director, Senior Managing Executive Officer; General Manager, Industrial Gas and Machinery Business Division
Apr 1989 Joined the Company Jun 2017 Appointed Executive Officer Apr 2018 Appointed Managing Executive Officer Apr 2019 General Manager, Hydrogen Division Jun 2020 Appointed Director and Managing Executive Officer Apr 2022 Appointed Director and Senior Managing Executive Officer (current) Apr 2026 General Manager, Industrial Gas and Machinery Business Division (current) Significant concurrent positions: Director, Tokico System Solutions Co., Ltd.; Director, Iwatani (China) Ltd. (Director, Iwatani (China) Co., Ltd.); Director, IWATANI CORPORATION OF AMERICA
1964-02-25
Hiroshi FUKUSHIMA
Director, Senior Managing Executive Officer; General Manager, Technology and Engineering Division; in charge of Central Research Laboratory, Iwatani Hydrogen Technology Research Laboratory, Sustainability Promotion Department, Safety, and Hydrogen Energy
Apr 1987 Joined Ministry of International Trade and Industry (now Ministry of Economy, Trade and Industry) Nov 2019 Joined the Company; Managing Executive Officer Dec 2019 In charge of Environment and Safety Dec 2019 In charge of Hydrogen Energy (current) Apr 2020 Appointed Senior Managing Executive Officer; in charge of General Energy Division and Industrial Gas Division Apr 2022 General Manager, Technology and Engineering Division (current) Apr 2022 In charge of Central Research Laboratory and Iwatani Hydrogen Technology Research Laboratory (current) Jun 2022 Appointed Director and Senior Managing Executive Officer (current) Apr 2023 In charge of Sustainability Promotion Department (current) and Safety (current) Significant concurrent positions: Director, Iwatani (China) Ltd.
1962-11-06
Kenji TAKAYAMA
Director, Senior Managing Executive Officer; in charge of Operations, Information Planning, Corporate Planning, Public Relations, General Affairs and Human Resources, and Legal Affairs departments
Apr 1990 Joined the Company Apr 2020 Appointed Executive Officer; General Manager, General Affairs and Human Resources Department Apr 2022 Appointed Managing Executive Officer; General Manager, Corporate Planning Department Oct 2022 In charge of Information Planning Department Apr 2023 Appointed Senior Managing Executive Officer; in charge of New System Promotion Department Apr 2024 In charge of Corporate Planning Department (current) Jun 2024 Appointed Director and Senior Managing Executive Officer (current) Apr 2025 In charge of Logistics and Internal Audit departments Apr 2025 In charge of Operations, Information Planning, Public Relations, General Affairs and Human Resources, and Legal Affairs departments (current)
1966-11-28
Kazumasa TERADA
Director, Managing Executive Officer; in charge of Accounting and Internal Audit departments; Chairman, Crisis Management Committee
Apr 1993 Joined Sanwa Bank, Ltd. (now MUFG Bank, Ltd.) Apr 2022 Regional Head, MUFG Bank, Ltd. (in charge of Western Japan) Jun 2023 Executive Officer and Regional Head, MUFG Bank, Ltd. (in charge of Western Japan) May 2025 Joined the Company; Advisor Jun 2025 Appointed Director and Managing Executive Officer (current); in charge of Accounting Department (current) Apr 2026 In charge of Internal Audit Department (current) Apr 2026 Chairman, Crisis Management Committee (current)
1969-09-06
Hirokiyo HIROTA
Director
Mar 1980 Joined the Company Jun 2007 Appointed Executive Officer Jun 2009 Appointed Director Apr 2011 Appointed Managing Director Apr 2013 Appointed Senior Managing Director Jun 2017 Retired as Director; appointed Chairman, Iwatani Logistics Co., Ltd.; appointed Chairman, Iwatani Liquefied Gas Terminal Co., Ltd. Jan 2021 Appointed Senior Managing Executive Officer of the Company Jun 2022 Appointed Director and Senior Managing Executive Officer; General Manager, General Energy Business Division; General Manager, Energy Division; General Manager, Living Materials Division Apr 2024 Appointed Director and Senior Vice President Executive Officer; in charge of Sales Division; in charge of Marketing Department; Chairman, Crisis Management Committee Jun 2024 In charge of Corporate Strategy Office Apr 2026 Retired as Senior Vice President Executive Officer Apr 2026 Appointed Director (current) Significant concurrent positions: Representative Director, President, Iwatani Gas Co., Ltd.
1958-01-15
Shosuke MORI
Director
Apr 1963 Joined Kansai Electric Power Co., Inc. Jun 2005 Appointed Representative Director, President Jun 2010 Appointed Representative Director, Chairman Jun 2019 Appointed Director of the Company (current)
1940-08-06
Hiroshi SATO
Director
Apr 1970 Joined Kobe Steel, Ltd. Apr 2009 Appointed Representative Director, President Apr 2013 Appointed Representative Director, Chairman Jun 2021 Appointed Director of the Company (current) Significant concurrent positions: Outside Director, Sumitomo Electric Industries, Ltd.
1945-09-25
Hiroyuki SUZUKI
Director
Aug 1980 Joined Maruichi Steel Tube Ltd. Apr 2003 Appointed Representative Director, President Jun 2003 Appointed Representative Director, President and Executive Officer Jun 2013 Appointed Representative Director, Chairman and CEO, Chairman and Executive Officer (current) Jun 2022 Appointed Director of the Company (current) Significant concurrent positions: Representative Director, Chairman and CEO, Maruichi Steel Tube Ltd.; Representative Director, President, Maruichi Steel Hanbai Ltd.; Representative Director, President, Kyushu Maruichi Steel Tube Ltd.; Outside Director, Japan Venture Capital Co., Ltd.
1946-02-07
Tomonori SAITO
Director
Oct 2006 Registered as attorney-at-law; joined Sakura Law Office Jan 2012 Appointed Partner Attorney, Sakura Law Office (current) Oct 2015 Part-time Judge (Family Mediation Commissioner) Jun 2023 Appointed Director of the Company (current) Significant concurrent positions: Partner Attorney, Sakura Law Office; Outside Director (Audit and Supervisory Committee Member), Kuriyama Holdings Co., Ltd.; Outside Director (Audit and Supervisory Committee Member), Mori Kogyo Co., Ltd.
1978-11-13
Toyofumi OBAMA
Corporate Auditor (Full-time)
Mar 1972 Joined the Company Jun 1996 Appointed Director Jun 1999 Retired as Director Apr 2004 General Manager, Corporate Planning Department; General Manager, Overseas Business Division Jun 2004 Appointed Director; Executive Officer Apr 2006 Appointed Managing Director Jun 2008 Appointed Full-time Corporate Auditor (current)
1949-03-15
Naoki IWATANI
Corporate Auditor (Full-time)
Apr 1990 Joined the Company Jun 2009 Appointed Executive Officer Apr 2011 Deputy General Manager, General Energy Division (in charge of Eastern Region) Jun 2011 Appointed Director Apr 2015 Appointed Managing Director; in charge of Operations and Internal Audit departments; Chairman, Crisis Management Committee Apr 2019 Appointed Director and Senior Managing Executive Officer Jun 2022 Appointed Full-time Corporate Auditor (current) Significant concurrent positions: Audit & Supervisory Board Member, Central Sekiyu Gas Co., Ltd.; Outside Audit & Supervisory Board Member, Nippon Seisen Co., Ltd.
1966-12-25
Shotetsu SHINOHARA
Corporate Auditor
Feb 1963 Registered as Certified Public Accountant (current) Jul 1969 Appointed Representative Partner, Ohwa Accounting Office (merged into Asahi Audit Corporation) May 1999 Appointed Vice Chairman, Asahi Audit Corporation (now Azusa Audit Corporation) Jun 2001 Appointed Representative Partner and Senior Advisor, Asahi Audit Corporation Aug 2002 Appointed Representative Director, Shinohara Institute of Management and Economics Co., Ltd. (current) Jun 2015 Appointed Corporate Auditor of the Company (current) Significant concurrent positions: Certified Public Accountant, Shotetsu Shinohara CPA Office; Representative Director, Shinohara Institute of Management and Economics Co., Ltd.; Outside Director, Shin Cosmos Electric Co., Ltd.
1935-03-01
Yasushi YOKOI
Corporate Auditor
Mar 1982 Registered as Certified Public Accountant (current) May 2001 Appointed Representative Partner, Asahi Audit Corporation (now Azusa Audit Corporation) Jul 2008 Appointed Executive Director, Head Office, Asahi Audit Corporation Jul 2010 Appointed Executive Director, Azusa Audit Corporation; Director, Osaka Second Business Division Jul 2012 Appointed Senior Executive Director, Azusa Audit Corporation; in charge of Diversity, Director, Nagoya Office Jun 2021 Appointed Corporate Auditor of the Company (current) Significant concurrent positions: Certified Public Accountant, Yasushi Yokoi CPA Office; Outside Director (Audit and Supervisory Committee Member), ASICS Corporation
1956-11-16
Large Shareholding Reports
Amova Asset Management Co., Ltd.
2026-07-06
2.81%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2025-09-19
2.55%→2.41%
MUFG Bank, Ltd.
—
2.28%
Annual report (as of 2026-03-31): 2.32%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-06
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-07-06
Large Shareholding Report
EDINET
2026-06-16
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-05-26
株主総会招集通知
EDINET
2026-03-16
Large Shareholding Report
TDnet
2026-02-10
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-11
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-09-19
Large Shareholding Report
TDnet
2025-08-08
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-17
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-13
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-09
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-20
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-09
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-10
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-22
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-06-21
中期経営計画
EDINET
2023-02-10
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-06-23
Annual Securities Report
EDINET
2022-02-10
Quarterly Securities Report
EDINET
2021-11-11
Quarterly Securities Report
EDINET
2021-08-12
Quarterly Securities Report
EDINET
2021-06-24
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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