Profitable Japanese Companies Earning Below Their Cost of Equity: 834 Companies
Ranks profitable companies whose ROE falls short of their Cost of Equity (Ke), by the size of the gap.
As of 2026-08-09 · 834 companies · Figures are frozen as of the article’s publication; each company page shows current values.
834 companies
| Rank | Code | Company | Sector | Ke | ROE | Gap ▼ |
|---|---|---|---|---|---|---|
| 1 | 5202 | Nippon Sheet Glass Company,Limited | Glass and Ceramics Products | 43.08% | 2.93% | -40.2pt |
| 2 | 6523 | PHC Holdings Corporation | Electric Appliances | 20.85% | 0.30% | -20.5pt |
| 3 | 6444 | SANDEN CORPORATION | Machinery | 26.42% | 7.23% | -19.2pt |
| 4 | 6440 | JUKI CORPORATION | Machinery | 21.95% | 4.31% | -17.6pt |
| 5 | 6962 | DAISHINKU CORP. | Electric Appliances | 18.00% | 1.08% | -16.9pt |
| 6 | 6412 | Heiwa Corporation | Machinery | 19.84% | 4.69% | -15.2pt |
| 7 | 7294 | YOROZU CORPORATION | Transportation Equipment | 18.25% | 3.83% | -14.4pt |
| 8 | 6798 | SMK Corporation | Electric Appliances | 13.81% | 0.18% | -13.6pt |
| 9 | 9130 | KYOEI TANKER CO.,LTD. | Marine Transportation | 14.70% | 1.59% | -13.1pt |
| 10 | 5852 | AHRESTY CORPORATION | Nonferrous Metals | 18.98% | 6.41% | -12.6pt |
| 11 | 6955 | FDK CORPORATION | Electric Appliances | 16.17% | 3.92% | -12.2pt |
| 12 | 3863 | Nippon Paper Industries Co.,Ltd. | Pulp and Paper | 14.55% | 2.31% | -12.2pt |
| 13 | 6832 | AOI ELECTRONICS CO.,LTD. | Electric Appliances | 12.04% | 0.16% | -11.9pt |
| 14 | 4676 | FUJI MEDIA HOLDINGS,INC. | Information & Communication | 12.96% | 1.19% | -11.8pt |
| 15 | 7915 | Nissha Co.,Ltd. | Other Products | 12.68% | 1.15% | -11.5pt |
| 16 | 4902 | KONICA MINOLTA,INC. | Electric Appliances | 17.07% | 5.65% | -11.4pt |
| 17 | 9158 | CUC Inc. | Services | 19.85% | 8.54% | -11.3pt |
| 18 | 6997 | NIPPON CHEMI-CON CORPORATION | Electric Appliances | 14.98% | 3.79% | -11.2pt |
| 19 | 6310 | ISEKI & CO.,LTD. | Machinery | 14.44% | 3.63% | -10.8pt |
| 20 | 4819 | Digital Garage,Inc. | Information & Communication | 12.46% | 1.70% | -10.8pt |
| 21 | 8086 | NIPRO CORPORATION | Precision Instruments | 15.67% | 4.92% | -10.7pt |
| 22 | 9115 | Meiji Shipping Group Co.,Ltd. | Marine Transportation | 18.39% | 8.09% | -10.3pt |
| 23 | 2162 | nms Holdings Corporation | Services | 16.34% | 6.13% | -10.2pt |
| 24 | 8897 | MIRARTH HOLDINGS,Inc. | Real Estate | 15.80% | 5.67% | -10.1pt |
| 25 | 3778 | SAKURA internet Inc. | Information & Communication | 10.63% | 0.72% | -9.9pt |
| 26 | 5074 | TESS Holdings Co.,Ltd. | Construction | 11.75% | 1.87% | -9.9pt |
| 27 | 6222 | SHIMA SEIKI MFG.,LTD. | Machinery | 10.71% | 1.04% | -9.7pt |
| 28 | 5938 | LIXIL Corporation | Metal Products | 10.82% | 1.22% | -9.6pt |
| 29 | 9603 | H.I.S.Co.,Ltd. | Services | 17.44% | 7.89% | -9.6pt |
| 30 | 5702 | DAIKI ALUMINIUM INDUSTRY CO.,LTD. | Nonferrous Metals | 14.32% | 4.82% | -9.5pt |
| 31 | 6262 | PEGASUS CO.,LTD. | Machinery | 10.46% | 0.99% | -9.5pt |
| 32 | 6882 | Sansha Electric Manufacturing Co.,Ltd. | Electric Appliances | 10.95% | 1.53% | -9.4pt |
| 33 | 5915 | KOMAIHALTEC Inc. | Metal Products | 10.37% | 0.96% | -9.4pt |
| 34 | 7220 | MUSASHI SEIMITSU INDUSTRY CO.,LTD. | Transportation Equipment | 10.44% | 1.03% | -9.4pt |
| 35 | 6998 | Nippon Tungsten Co.,Ltd. | Electric Appliances | 11.41% | 2.03% | -9.4pt |
| 36 | 8931 | WADAKOHSAN CORPORATION | Real Estate | 15.49% | 6.11% | -9.4pt |
| 37 | 4553 | TOWA PHARMACEUTICAL CO.,LTD. | Pharmaceutical | 12.02% | 2.95% | -9.1pt |
| 38 | 3405 | KURARAY CO.,LTD. | Chemicals | 9.49% | 0.44% | -9.1pt |
| 39 | 9468 | KADOKAWA CORPORATION | Information & Communication | 9.51% | 0.52% | -9.0pt |
| 40 | 3632 | GREE Holdings,Inc. | Information & Communication | 10.55% | 1.57% | -9.0pt |
| 41 | 3668 | COLOPL,Inc. | Information & Communication | 9.47% | 0.51% | -9.0pt |
| 42 | 9268 | OPTIMUS GROUP COMPANY LIMITED | Wholesale Trade | 14.79% | 5.87% | -8.9pt |
| 43 | 4433 | HITO-Communications Holdings,Inc. | Information & Communication | 12.50% | 3.80% | -8.7pt |
| 44 | 9204 | Skymark Airlines Inc. | Air Transportation | 10.00% | 1.31% | -8.7pt |
| 45 | 6316 | MARUYAMA MFG.CO.,INC. | Machinery | 13.04% | 4.37% | -8.7pt |
| 46 | 6675 | SAXA,Inc. | Electric Appliances | 13.01% | 4.47% | -8.5pt |
| 47 | 3105 | Nisshinbo Holdings Inc. | Electric Appliances | 12.36% | 3.84% | -8.5pt |
| 48 | 4651 | SANIX HOLDINGS INCORPORATED | Services | 12.26% | 3.82% | -8.4pt |
| 49 | 5381 | Mipox Corporation | Glass and Ceramics Products | 14.06% | 5.65% | -8.4pt |
| 50 | 2485 | TEAR Corporation | Services | 12.73% | 4.32% | -8.4pt |
| 51 | 2445 | Takamiya Co.,Ltd. | Services | 15.85% | 7.52% | -8.3pt |
| 52 | 3434 | ALPHA Corporation | Metal Products | 11.90% | 3.58% | -8.3pt |
| 53 | 7261 | Mazda Motor Corporation | Transportation Equipment | 10.16% | 1.84% | -8.3pt |
| 54 | 6473 | JTEKT Corporation | Machinery | 9.75% | 1.51% | -8.2pt |
| 55 | 9470 | GAKKEN HOLDINGS CO.,LTD. | Information & Communication | 14.20% | 6.01% | -8.2pt |
| 56 | 7743 | SEED CO.,LTD. | Precision Instruments | 14.02% | 5.90% | -8.1pt |
| 57 | 3765 | GungHo Online Entertainment,Inc. | Information & Communication | 9.41% | 1.28% | -8.1pt |
| 58 | 9601 | Shochiku Co.,Ltd. | Information & Communication | 11.34% | 3.26% | -8.1pt |
| 59 | 6104 | SHIBAURA MACHINE CO.,LTD. | Machinery | 8.93% | 0.87% | -8.1pt |
| 60 | 6393 | YUKEN KOGYO CO.,LTD. | Machinery | 12.48% | 4.45% | -8.0pt |
| 61 | 4579 | RaQualia Pharma Inc. | Pharmaceutical | 8.67% | 0.66% | -8.0pt |
| 62 | 4446 | Link-U Group Inc. | Information & Communication | 10.06% | 2.06% | -8.0pt |
| 63 | 7888 | SANKO GOSEI LTD. | Chemicals | 10.17% | 2.18% | -8.0pt |
| 64 | 7211 | MITSUBISHI MOTORS CORPORATION | Transportation Equipment | 9.05% | 1.09% | -8.0pt |
| 65 | 4409 | TOHO CHEMICAL INDUSTRY COMPANY,LIMITED | Chemicals | 14.15% | 6.36% | -7.8pt |
| 66 | 9166 | GENDA Inc. | Services | 12.14% | 4.36% | -7.8pt |
| 67 | 4235 | Ultrafabrics Holdings Co.,Ltd. | Chemicals | 13.13% | 5.35% | -7.8pt |
| 68 | 9249 | Japan Ecosystem Co.,Ltd. | Services | 10.44% | 2.72% | -7.7pt |
| 69 | 7962 | KING JIM CO.,LTD. | Other Products | 9.64% | 2.01% | -7.6pt |
| 70 | 4538 | Fuso Pharmaceutical Industries,Ltd. | Pharmaceutical | 13.33% | 5.74% | -7.6pt |
| 71 | 7600 | Japan Medical Dynamic Marketing,INC. | Precision Instruments | 8.61% | 1.04% | -7.6pt |
| 72 | 4839 | WOWOW INC. | Information & Communication | 9.41% | 1.86% | -7.5pt |
| 73 | 5269 | NIPPON CONCRETE INDUSTRIES CO.,LTD. | Glass and Ceramics Products | 8.98% | 1.50% | -7.5pt |
| 74 | 8089 | Nice Corporation | Wholesale Trade | 11.75% | 4.35% | -7.4pt |
| 75 | 7779 | CYBERDYNE,INC. | Precision Instruments | 7.79% | 0.39% | -7.4pt |
| 76 | 7751 | CANON INC. | Electric Appliances | 11.09% | 3.69% | -7.4pt |
| 77 | 6918 | AVAL DATA CORPORATION | Electric Appliances | 10.12% | 2.73% | -7.4pt |
| 78 | 6445 | JANOME Corporation | Machinery | 9.03% | 1.70% | -7.3pt |
| 79 | 7952 | Kawai Musical Instruments Manufacturing Co.,Ltd. | Other Products | 9.73% | 2.44% | -7.3pt |
| 80 | 7245 | DAIDO METAL CO.,LTD. | Transportation Equipment | 12.63% | 5.35% | -7.3pt |
| 81 | 6986 | FUTABA CORPORATION | Electric Appliances | 10.22% | 3.01% | -7.2pt |
| 82 | 8904 | AVANTIA CO.,LTD. | Real Estate | 11.97% | 4.77% | -7.2pt |
| 83 | 6645 | OMRON Corporation | Electric Appliances | 10.84% | 3.69% | -7.1pt |
| 84 | 4188 | Mitsubishi Chemical Group Corporation | Chemicals | 7.79% | 0.67% | -7.1pt |
| 85 | 6584 | Sanoh Industrial Co.,Ltd. | Transportation Equipment | 10.56% | 3.44% | -7.1pt |
| 86 | 6966 | Mitsui High-tec,Inc. | Electric Appliances | 12.83% | 5.76% | -7.1pt |
| 87 | 4996 | KUMIAI CHEMICAL INDUSTRY CO.,LTD. | Chemicals | 9.89% | 2.82% | -7.1pt |
| 88 | 7238 | AKEBONO BRAKE INDUSTRY CO.,LTD. | Transportation Equipment | 10.71% | 3.65% | -7.1pt |
| 89 | 3002 | GUNZE LIMITED | Textiles and Apparels | 7.49% | 0.46% | -7.0pt |
| 90 | 3678 | MEDIA DO Co.,Ltd. | Information & Communication | 13.05% | 6.07% | -7.0pt |
| 91 | 4169 | ENECHANGE Ltd. | Information & Communication | 9.66% | 2.74% | -6.9pt |
| 92 | 6965 | HAMAMATSU PHOTONICS K.K. | Electric Appliances | 10.81% | 3.99% | -6.8pt |
| 93 | 4005 | SUMITOMO CHEMICAL COMPANY,LIMITED | Chemicals | 12.86% | 6.05% | -6.8pt |
| 94 | 2790 | NAFCO Co.,Ltd. | Retail Trade | 6.93% | 0.15% | -6.8pt |
| 95 | 4569 | KYORIN Pharmaceutical Co.,Ltd. | Pharmaceutical | 9.19% | 2.42% | -6.8pt |
| 96 | 8219 | AOYAMA TRADING Co.,Ltd. | Retail Trade | 10.67% | 3.90% | -6.8pt |
| 97 | 8999 | Grandy House Corporation | Real Estate | 10.36% | 3.64% | -6.7pt |
| 98 | 6140 | Asahi Diamond Industrial Co.,Ltd. | Machinery | 9.95% | 3.23% | -6.7pt |
| 99 | 7218 | TANAKA SEIMITSU KOGYO CO.,LTD. | Transportation Equipment | 11.21% | 4.60% | -6.6pt |
| 100 | 6324 | Harmonic Drive Systems Inc. | Machinery | 8.59% | 2.00% | -6.6pt |
…