Noritz Corporation (JP:5943)
:5943
Top Page
Noritz
(5943)
Select Model
Select Model
Rating:67Neutral
Price Target:
¥2,630.00
▲(27.55% Upside)
Action:ReiteratedDate:02/18/26
The score is primarily supported by a strong, conservatively financed balance sheet and a positive technical uptrend. It is held back by volatile operating/cash-flow performance and a relatively expensive valuation (high P/E), despite the offsetting dividend yield.
Positive Factors
Balance sheet strength
Very low leverage and steadily growing equity provide durable financial flexibility. This supports capital expenditure, product development, and weathering demand cycles without forcing asset sales or heavy refinancing, enabling long-term strategic investment and steady dividends.
Negative Factors
Flat top-line momentum
Stagnant revenue over multiple years constrains margin expansion and limits reinvestment capacity. Without sustained top-line growth, profitability improvements rely on cost cuts or mix shifts, increasing execution risk and capping long-term earnings scalability.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Very low leverage and steadily growing equity provide durable financial flexibility. This supports capital expenditure, product development, and weathering demand cycles without forcing asset sales or heavy refinancing, enabling long-term strategic investment and steady dividends.
Read all positive factors
Noritz (5943) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥103.53B
Dividend Yield3.57%
Average Volume (3M)110.66K
Price to Earnings (P/E)8.5
Beta (1Y)0.46
Revenue Growth2.69%
EPS Growth1.74%
CountryJP
Employees6,128
SectorIndustrials
Sector Strength72
IndustryConstruction
Share Statistics
EPS (TTM)58.83
Shares Outstanding48,554,930
10 Day Avg. Volume172,890
30 Day Avg. Volume110,656
Financial Highlights & Ratios
PEG Ratio-1.20
Price to Book (P/B)0.65
Price to Sales (P/S)0.45
P/FCF Ratio24.28
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)64
Revenue Forecast (FY)¥203.30B
Noritz Business Overview & Revenue Model
Company Description
Noritz Corporation engages in the development, manufacture, and sale of household appliances and equipment, and related services worldwide. The company offers heating ventilation and air conditioning (HVAC) equipment, such as water heaters, hydron...
How the Company Makes Money
Noritz generates revenue primarily through the sale of its core products, including tankless water heaters and boilers, which are both highly sought after in the residential and commercial sectors. The company benefits from a strong distribution n...
Noritz Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
84
Very Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 204.72B | 202.05B | 202.20B | 201.89B | 210.97B | 178.14B |
| Gross Profit | 64.20B | 63.70B | 63.14B | 63.83B | 67.32B | 57.19B |
| EBITDA | 12.13B | 12.31B | 10.34B | 11.60B | 13.78B | 8.89B |
| Net Income | 5.94B | 3.36B | 4.38B | 869.00M | 4.80B | 5.48B |
Balance Sheet | ||||||
| Total Assets | 209.36B | 237.12B | 223.77B | 207.77B | 216.97B | 194.53B |
| Cash, Cash Equivalents and Short-Term Investments | 29.29B | 25.57B | 29.02B | 26.14B | 36.25B | 43.53B |
| Total Debt | 3.64B | 6.27B | 8.47B | 4.37B | 3.33B | 2.38B |
| Total Liabilities | 78.66B | 92.09B | 86.82B | 81.10B | 97.31B | 78.33B |
| Stockholders Equity | 125.92B | 139.90B | 132.07B | 122.06B | 115.35B | 112.10B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 3.75B | 1.60B | -9.59B | -2.03B | 11.82B |
| Operating Cash Flow | 0.00 | 9.96B | 8.62B | -1.87B | 2.40B | 15.45B |
| Investing Cash Flow | 0.00 | -11.13B | -6.00B | -5.66B | -7.79B | -2.52B |
| Financing Cash Flow | 0.00 | -3.67B | -2.48B | -3.23B | -4.78B | -3.12B |
Noritz Technical Analysis
Positive
2062.00
Price Trends
2288.32
Positive
2114.01
Positive
2022.27
Positive
Market Momentum
11.69
Positive
51.46
Neutral
66.47
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:5943, the sentiment is Positive. The current price of 2062 is below the 20-day moving average (MA) of 2343.45, below the 50-day MA of 2288.32, and above the 200-day MA of 2022.27, indicating a neutral trend. The MACD of 11.69 indicates Positive momentum. The RSI at 51.46 is Neutral, neither overbought nor oversold. The STOCH value of 66.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:5943.
Noritz Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ¥609.86B | 13.13 | ― | 2.13% | 15.98% | 82.99% | |
76 Outperform | ¥216.13B | 14.34 | 8.53% | 2.45% | 5.14% | -10.92% | |
67 Neutral | ¥837.39B | 9.02 | 0.85% | 2.36% | -0.03% | -89.02% | |
67 Neutral | ¥103.53B | 8.48 | 2.57% | 3.57% | 2.69% | 1.74% | |
66 Neutral | ¥5.70T | 42.68 | 9.46% | 1.52% | 1.60% | 5.80% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
52 Neutral | ¥470.01B | 16.11 | 1.44% | 4.80% | 0.68% | ― |
* Industrials Sector Average
JP:5943
Noritz
2,366.00
879.21
59.14%
JP:6367
Daikin
19,485.00
4,595.71
30.87%
JP:5938
LIXIL Group
1,635.00
152.51
10.29%
JP:1979
Taikisha
3,460.00
1,502.13
76.72%
JP:5332
TOTO
5,270.00
1,938.76
58.20%
JP:1969
Takasago Thermal Engineering Co., Ltd.
4,395.00
1,937.51
78.84%
Noritz Corporate Events
Noritz Lifts Earnings on Eco Products and Overseas Restructuring Despite Flat Sales
Feb 17, 2026
Noritz, in the second year of its three-year “V-plan 26” medium-term reform program, reported 2025 net sales of ¥202.0 billion, essentially flat year on year, while sharply improving operating income by 79.5% to ¥4.3 billion ...
Noritz Raises Year-End Dividend and Lifts Annual Payout Forecast
Feb 10, 2026
Noritz Corporation’s board has approved a year-end dividend of ¥39 per share for the fiscal year ended December 31, 2025, up from ¥36 a year earlier and exceeding its previous forecast by ¥3. The total year-end payout will be ...
Noritz Launches ¥1 Billion Share Buyback to Boost Capital Efficiency
Feb 10, 2026
Noritz Corporation’s board has approved a share buyback program aimed at improving capital efficiency and enhancing shareholder returns by adjusting its capital structure. The company plans to repurchase up to 550,000 common shares, equivale...
Noritz Lifts Profits on Green Products and Global Restructuring Despite Flat Sales
Feb 10, 2026
Noritz reported consolidated net sales of ¥202.0 billion for fiscal 2025, essentially flat year on year, while operating income surged 79.5% to ¥4.3 billion and ordinary income rose 54.9% to ¥5.5 billion, even as net income attribut...
Noritz Board Rejects Activist Shareholder Proposals Ahead of March AGM
Feb 10, 2026
Noritz Corporation’s board of directors has decided to oppose two shareholder proposal packages submitted by LIM Japan Event Master Fund and Nippon Active Value Fund for the company’s March 27, 2026 annual general meeting. The first se...
Noritz Buys Back Fractional Treasury Shares After Partial Share Exchange with Ogihara
Dec 24, 2025
Noritz Corporation has executed a corporate action tied to its recent partial share exchange with subsidiary Ogihara Mfg. Co., Ltd., resolving to purchase as treasury stock the fractional shares of less than one share that arose for Ogihara shareh...
Noritz Boosts Stake in Ogihara to 69.9% Through Partial Share Exchange
Dec 19, 2025
Noritz Corporation has completed a simplified partial share exchange to increase its stake in OGIHARA MFG.CO., Ltd., turning the firm into a consolidated subsidiary. Through the transaction, effective December 19, 2025, Noritz acquired 30,325 addi...
Noritz Corporation Evaluates and Enhances Board Effectiveness
Dec 9, 2025
Noritz Corporation has evaluated the effectiveness of its Board of Directors for fiscal year 2025, confirming appropriate functionality and setting new objectives for 2026. The company plans to enhance discussions on ESG management, continue monit...
Noritz Revises 2025 Forecast: Lower Sales, Higher Income
Dec 4, 2025
Noritz Corporation has revised its full-year consolidated results forecast for 2025, anticipating lower net sales due to sluggish market conditions in China. However, the company expects higher operating and net income, driven by improved producti...
Noritz to Acquire Ogihara as Subsidiary through Partial Share Exchange
Nov 19, 2025
Noritz Corporation has announced a partial share exchange to make Ogihara MFG. Co., Ltd. a subsidiary, utilizing treasury shares without issuing new ones. This strategic move is part of Noritz’s Medium-Term Management Plan to boost earning p...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.