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Noritz
(5943)
Noritz (5943) vs. iShares MSCI Japan ETF (EWJ)
Noritz Business Overview & Revenue Model
Noritz Financial Statement Overview
| 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 | 14.92B | 12.31B | 15.23B | 11.06B | 14.67B | 15.39B |
| Net Income | 5.94B | 3.36B | 4.38B | 868.00M | 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 | 3.79B | 2.53B | 2.11B | 849.00M |
| Total Liabilities | 78.66B | 92.09B | 86.83B | 81.11B | 97.32B | 78.34B |
| Stockholders Equity | 125.92B | 139.90B | 132.07B | 122.06B | 115.35B | 112.09B |
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
Noritz Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ¥658.71B | 13.13 | ― | 2.13% | 15.98% | 82.99% | |
76 Outperform | ¥218.01B | 14.34 | 8.53% | 2.45% | 5.14% | -10.92% | |
67 Neutral | ¥911.75B | 9.02 | 0.85% | 2.36% | -0.03% | -89.02% | |
67 Neutral | ¥101.96B | 27.14 | 2.57% | 3.57% | 2.69% | 1.74% | |
66 Neutral | ¥5.68T | 42.68 | 9.46% | 1.52% | 1.60% | 5.80% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
50 Neutral | ¥496.31B | 16.11 | 1.44% | 4.80% | 0.68% | ― |
Noritz Corporate Events
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 and ordinary income by 54.9% to ¥5.5 billion, even as net profit fell 23.4% to ¥3.3 billion. The company’s strategy centers on shifting its business structure away from a heavy dependence on domestic residential water heaters and on mitigating overseas risks, including exposure to China’s sluggish real estate market.
The domestic business delivered sales of ¥136.7 billion, up 2.4%, and segment income of ¥2.1 billion, up 55.5%, driven by price revisions, better cost ratios and robust demand for eco-friendly offerings such as the new natural refrigerant hybrid water heater HP HB R290 and high-efficiency units aligned with Japan’s Top Runner standard. Premium kitchen appliance models like the PROGRE series and rising maintenance contracts for commercial water heaters also contributed to higher domestic sales and earnings.
Overseas, sales declined 5.0% to ¥65.3 billion, but segment income more than doubled to ¥2.1 billion as Noritz tightened costs in China and achieved profitability in North America on strong tankless and high-efficiency water heater sales across residential and commercial categories. Growth in Australia’s tankless and heat pump water heaters and the development of new Noritz-branded water purifier products in Southeast Asia underpinned the company’s efforts to diversify growth drivers, supporting its goal of improving profitability and geographic balance despite top-line pressure.
The most recent analyst rating on (JP:5943) stock is a Hold with a Yen2144.00 price target. To see the full list of analyst forecasts on Noritz stock, see the JP:5943 Stock Forecast page.
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 ¥1,790 million, with the dividend to be funded from retained earnings and paid on March 30, 2026.
The company, which targets the higher of a 50% consolidated payout ratio or 2.5% dividend on equity, will lift its total annual dividend for 2025 to ¥74 per share from the previously forecast ¥71, also above the prior year’s ¥69. The move signals stronger earnings and balance-sheet conditions and underscores management’s commitment to enhancing shareholder returns through a progressively higher dividend.
The most recent analyst rating on (JP:5943) stock is a Hold with a Yen2144.00 price target. To see the full list of analyst forecasts on Noritz stock, see the JP:5943 Stock Forecast page.
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, equivalent to about 1.2% of its outstanding shares excluding treasury stock, with a budget of up to ¥1 billion.
The buyback will be executed through market purchases on the Tokyo Stock Exchange between February 12 and December 31, 2026, adding to the company’s existing treasury stock of 2.83 million shares as of December 31, 2025. This move underscores Noritz’s continued commitment to shareholder returns and may support its share price and capital allocation flexibility over the medium term.
The most recent analyst rating on (JP:5943) stock is a Hold with a Yen2144.00 price target. To see the full list of analyst forecasts on Noritz stock, see the JP:5943 Stock Forecast page.
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 attributable to shareholders fell 23.4% to ¥3.3 billion. The performance reflects the second year of its “V-plan 26” reform strategy, aimed at shifting away from dependence on the domestic residential water heater business and diversifying overseas markets beyond China.
In the domestic segment, sales rose 2.4% to ¥136.7 billion and income jumped 55.5% to ¥2.1 billion, driven by price revisions, stronger demand for environmentally friendly and high value-added products, and improved cost ratios, with notable momentum from the new natural refrigerant hybrid water heater and premium kitchen appliances. Overseas, sales declined 5.0% to ¥65.3 billion but segment income more than doubled to ¥2.1 billion as cost controls in China, profitability in North America, strong tankless and heat pump water heater sales in Australia, and new water purifier launches in Southeast Asia improved earnings despite weaker top-line growth.
The most recent analyst rating on (JP:5943) stock is a Hold with a Yen2144.00 price target. To see the full list of analyst forecasts on Noritz stock, see the JP:5943 Stock Forecast page.
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 set of proposals from LIM, which holds about 0.07% of voting rights, seeks to abolish Noritz’s recently approved takeover response policy, mandate the sale of cross-shareholdings, require individual disclosure of directors’ remuneration, and change capital allocation through surplus appropriation and treasury share acquisition.
The board rejects the call to scrap its anti-takeover policy, arguing that as a provider of hot-water and related infrastructure with a significant social mission, it must ensure that any large-scale share purchases do not undermine long-term corporate value or the common interests of shareholders. Noritz maintains that its policy is not meant to block all takeovers but to secure sufficient information and deliberation time for shareholders and the board when facing potential large-scale acquisitions, and therefore sees the activist proposals as misaligned with its governance framework and perceived public-interest role.
The most recent analyst rating on (JP:5943) stock is a Hold with a Yen2144.00 price target. To see the full list of analyst forecasts on Noritz stock, see the JP:5943 Stock Forecast page.
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 shareholders in the transaction. Effective December 19, 2025, Noritz became the parent company in this partial share exchange, and on December 24, 2025, it moved to acquire one share of its own common stock corresponding to the aggregated fractions, with the cash consideration to be calculated based on the closing price on the Tokyo Stock Exchange on the purchase date. While the scale of the buyback is minimal, the step tidies up shareholdings and reflects Noritz’s adherence to Japanese Companies Act procedures in integrating Ogihara’s shareholders, supporting a smoother post-transaction capital structure and corporate governance framework.
The most recent analyst rating on (JP:5943) stock is a Hold with a Yen1978.00 price target. To see the full list of analyst forecasts on Noritz stock, see the JP:5943 Stock Forecast page.
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 additional OGIHARA shares—exceeding the minimum acceptance threshold—and now holds 56,658 OGIHARA shares, raising its ownership from 32.5% to 69.9% in exchange for issuing 365,416 of its own shares, a move that strengthens its control and integration of OGIHARA within the group structure.
The most recent analyst rating on (JP:5943) stock is a Hold with a Yen1978.00 price target. To see the full list of analyst forecasts on Noritz stock, see the JP:5943 Stock Forecast page.
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 monitoring investment decisions, and improve group governance to further strengthen board effectiveness.
The most recent analyst rating on (JP:5943) stock is a Hold with a Yen1978.00 price target. To see the full list of analyst forecasts on Noritz stock, see the JP:5943 Stock Forecast page.
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 productivity and cost control measures. The year-end dividend forecast remains unchanged.
The most recent analyst rating on (JP:5943) stock is a Hold with a Yen1978.00 price target. To see the full list of analyst forecasts on Noritz stock, see the JP:5943 Stock Forecast page.
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 power and expand its customer base by leveraging Ogihara’s technological capabilities and management resources, ultimately aiming to enhance corporate value and streamline operations.
The most recent analyst rating on (JP:5943) stock is a Hold with a Yen1978.00 price target. To see the full list of analyst forecasts on Noritz stock, see the JP:5943 Stock Forecast page.