Noritake Co.,Limited (5331) AI Stock Analysis

• Market Cap: ¥183.89B
• Dividend Yield: 2.68%
• Average Volume (3M): 72.41K
• Price to Earnings (P/E): 12.0
• Beta (1Y): 0.99
• Revenue Growth: -2.45%
• EPS Growth: 7.31%
• Country: JP
• Employees: 4,821
• Sector: Industrials
• Sector Strength: 72
• Industry: Conglomerates
• EPS (TTM): N/A
• Shares Outstanding: 28,103,498
• 10 Day Avg. Volume: 57,480
• 30 Day Avg. Volume: 72,413
• PEG Ratio: 0.57
• Price to Book (P/B): 0.67
• Price to Sales (P/S): 0.73
• P/FCF Ratio: -20.98
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 78 Outperform
• Price Target: ¥7,570.00 ▲(31.42% Upside)
• Action: Reiterated Date: 11/28/25
• Date: Action: Reiterated 11/28/25

Noritake Co., Limited scores well due to its strong financial health and robust technical indicators. The company's low leverage and stable profitability are significant strengths. While the stock shows strong upward momentum, caution is advised due to potential overbought conditions. The valuation is attractive with a reasonable P/E ratio and a solid dividend yield.

Positive Factors

Low leverage and strong equity base

Extremely low leverage and a ~75% equity ratio materially reduce financial risk and interest burden, giving management durable flexibility. Over the next 2–6 months this supports capacity to fund operations, pursue targeted capex or M&A, and withstand cyclical slowdowns without stressing liquidity.

Stable profitability and healthy margins

Consistent gross margins (~28%) and a positive net margin (peaking 9.4%) point to structural cost control and pricing power in core products. These margin levels support persistent earnings generation, underpin operating cash potential, and provide a buffer to fund reinvestment or dividends over a multi-month horizon.

Diversified industrial ceramics and products mix

A multi-segment business spanning tableware, industrial abrasives, and high-performance ceramics reduces single-market exposure. Structural demand from manufacturing applications for technical ceramics and abrasives supports steadier revenue streams and allows the firm to allocate resources toward higher-margin industrial opportunities over time.

Negative Factors

Negative free cash flow in the latest year

Significant capex pushed free cash flow negative in the most recent year, creating a near-term funding drainage. If elevated investment levels persist, the company may need to draw on reserves or external financing, constraining capital allocation flexibility for dividends, buybacks, or strategic M&A in the coming months.

Weak conversion of profits into cash

A low operating-cash-to-net-income ratio indicates earnings quality issues where reported profits do not reliably convert to cash. This impairs the firm's ability to self-finance growth and raises sensitivity to working capital swings, increasing execution risk for multi-month strategic plans reliant on internal cash.

Modest revenue growth trajectory

Revenue expansion has been modest, limiting scale benefits and the pace of earnings growth. Over a 2–6 month horizon this suggests limited organic upside absent margin improvement or strategic deals, constraining the firm’s ability to materially accelerate profitability or market share in the near term.

Noritake Co.,Limited Business Overview & Revenue Model

Company Description

Noritake Co., Limited manufactures and sells industrial, ceramic and material, tabletop, and engineering products in Japan and internationally. The company offers industrial products, such as abrasive wheels, coated abrasives, diamond and CBN tools, and grinding and polishing related products to automotive, steel, and bearing industries. Its ceramics and materials products include electronic pastes for multilayer ceramic capacitors and other electronic parts; thick film circuit boards for automotive, medical instruments, and light emitting diodes; and vacuum fluorescent displays and ceramic cores. In addition, the company develops and produces various engineering equipment, such as mixers for combining ingredients in chemical, medical, and food products; and filtration systems in grinding and polishing processes, as well as heating equipment for automobiles, electronic components, and energy-related industries. Further, it offers tabletop products comprising tableware for dining. Noritake Co., Limited was founded in 1904 and is headquartered in Nagoya, Japan.

How the Company Makes Money

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Noritake Co.,Limited Financial Statement Overview

Summary

Noritake Co., Limited demonstrates strong financial health with stable profitability and low leverage. The balance sheet is robust with a low debt-to-equity ratio and high equity ratio. However, cash flow management needs improvement, particularly in converting income to cash flow and managing capital expenditures.

Income Statement

Noritake Co., Limited shows solid profitability with steady gross profit margins averaging around 28% over the years. The company has maintained a positive net profit margin, peaking at 9.4% in the most recent year. Revenue growth has been modest but consistent, with a slight increase from the previous year. EBIT and EBITDA margins are stable, demonstrating efficient cost management. However, the growth rate could be more aggressive to capture more market share.

Balance Sheet

The balance sheet reflects strong financial health with a low debt-to-equity ratio of approximately 0.04, indicating low leverage and financial risk. The equity ratio stands robustly at around 75%, signifying strong asset backing by equity. Return on Equity (ROE) is commendable at 8.6%, showcasing effective use of equity capital to generate profits. The company's strong equity position provides a buffer against uncertainties.

Cash Flow

Cash flow analysis indicates some volatility, with free cash flow turning negative in the most recent year due to significant capital expenditures. The operating cash flow to net income ratio is relatively low, suggesting potential issues in converting profits into cash. However, the company has shown capability to generate positive free cash flow in prior years, indicating potential for recovery if capital expenditures stabilize.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	137.38B	138.18B	137.91B	139.49B	127.64B	107.00B
Gross Profit	39.17B	37.28B	36.51B	34.03B	33.74B	25.39B
EBITDA	15.43B	15.35B	15.52B	13.75B	14.07B	7.35B
Net Income	12.43B	12.94B	11.48B	10.02B	9.07B	2.81B
Balance Sheet
Total Assets	224.74B	198.31B	202.07B	180.59B	163.56B	154.91B
Cash, Cash Equivalents and Short-Term Investments	22.41B	16.61B	21.34B	14.60B	14.17B	12.26B
Total Debt	32.80B	6.55B	2.97B	12.79B	6.75B	8.18B
Total Liabilities	64.10B	47.45B	54.10B	51.62B	44.76B	40.91B
Stockholders Equity	159.66B	149.98B	147.10B	128.19B	118.12B	110.93B
Cash Flow
Free Cash Flow	0.00	-4.79B	16.72B	-5.57B	8.01B	-527.00M
Operating Cash Flow	0.00	2.02B	22.04B	-213.00M	12.84B	5.90B
Investing Cash Flow	0.00	-5.26B	-3.24B	-3.52B	-5.82B	-7.60B
Financing Cash Flow	0.00	-3.03B	-13.49B	3.31B	-5.39B	1.60B

Noritake Co.,Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 5760.00
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:5331, the sentiment is Neutral. The current price of 5760 is below the 20-day moving average (MA) of 6684.50, below the 50-day MA of 6444.40, and above the 200-day MA of 5044.74, indicating a neutral trend. The MACD of -12.67 indicates Positive momentum. The RSI at 46.69 is Neutral, neither overbought nor oversold. The STOCH value of 48.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:5331.

Noritake Co.,Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
5331	78 Outperform	¥183.89B	12.04	8.27%	2.68%	-2.45%	7.31%
5393	78 Outperform	¥550.94B	12.74	13.63%	1.95%	-1.33%	9.21%
3106	75 Outperform	¥144.90B	9.78	―	2.66%	-1.63%	67.13%
5355	72 Outperform	¥4.55B	6.43	―	2.79%	3.32%	18.84%
4204	71 Outperform	¥1.12T	16.83	7.53%	3.13%	1.90%	-6.73%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
3401	53 Neutral	¥309.27B	-15.81	-20.43%	3.72%	-8.20%	―

Noritake Co.,Limited Corporate Events

Noritake Posts Slight Profit Decline but Strengthens Balance Sheet, Keeps Outlook and Dividend Plan

Noritake Co., Limited reported consolidated net sales of ¥104.19 billion for the nine months ended December 31, 2025, down 0.8% year on year, with operating profit slipping 3.1% to ¥7.86 billion and profit attributable to owners of parent declining 5.6% to ¥8.68 billion. Despite softer earnings, total assets rose to ¥224.74 billion and equity increased to ¥159.66 billion, lifting comprehensive income sharply and underscoring a strengthened balance sheet.

The company maintained its full-year forecast for fiscal 2026, projecting modest growth in net sales to ¥141 billion and higher operating and ordinary profit, even as full-year profit attributable to owners of parent is expected to fall 7.3% to ¥12 billion. Noritake also kept its dividend outlook unchanged, targeting a total annual dividend of ¥160 per share, signaling continued shareholder returns amid a stable yet slightly pressured earnings environment.

The most recent analyst rating on (JP:5331) stock is a Buy with a Yen7270.00 price target. To see the full list of analyst forecasts on Noritake Co.,Limited stock, see the JP:5331 Stock Forecast page.

Noritake Announces 2-for-1 Stock Split and Doubling of Authorized Shares

Noritake Co., Limited has approved a 2-for-1 stock split of its common shares, effective April 1, 2026, in a move aimed at lowering the per-share investment price, improving stock liquidity, and broadening its investor base. In conjunction with the split, the company will amend its Articles of Incorporation to double the total number of authorized shares from 79.5 million to 159 million, while confirming that year-end dividends for the fiscal year ending March 31, 2026, will be calculated on the pre-split share count and that the existing shareholder benefit program will remain unchanged, effectively expanding its reach post-split for eligible investors.

The most recent analyst rating on (JP:5331) stock is a Buy with a Yen6122.00 price target. To see the full list of analyst forecasts on Noritake Co.,Limited stock, see the JP:5331 Stock Forecast page.