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Noritz
(5943)
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Rating:72Outperform
Price Target:
¥2,615.00
▲(7.84% Upside)
Action:Upgraded
Date:08/04/26
The score is driven primarily by financial fundamentals: a very strong, low-leverage balance sheet offsets muted revenue growth and historically volatile profits/cash flows. Technicals add support with an uptrend and positive momentum, while valuation is reasonable with a ~3.62% dividend yield and a mid-range P/E around 17.
Positive Factors
Very Low Leverage
Noritz’s very low leverage and large equity base provide meaningful financial resilience. This structure reduces balance-sheet pressure, preserves flexibility to support investment or absorb weaker periods, and gives the company a stronger foundation for sustaining operations through earnings volatility.
Negative Factors
Limited Revenue Momentum
A largely flat revenue base suggests Noritz has not recently achieved strong top-line expansion. Limited growth can constrain operating leverage, reduce the company’s ability to spread fixed costs, and make future profit improvement more dependent on mix, pricing, or cost control rather than market expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Very Low Leverage
Noritz’s very low leverage and large equity base provide meaningful financial resilience. This structure reduces balance-sheet pressure, preserves flexibility to support investment or absorb weaker periods, and gives the company a stronger foundation for sustaining operations through earnings volatility.
Read all positive factors
Noritz (5943) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥101.08B
Dividend Yield3.72%
Average Volume (3M)71.88K
Price to Earnings (P/E)14.8
Beta (1Y)0.45
Revenue Growth-0.79%
EPS Growth21.74%
CountryJP
Employees5,934
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)156.33
Shares Outstanding48,554,930
10 Day Avg. Volume75,020
30 Day Avg. Volume71,880
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)175.2
Revenue Forecast (FY)¥207.30B
Noritz Business Overview & Revenue Model
Company Description
Noritz Corporation operates on a global scale, focusing on the design, production, and distribution of residential appliances and associated support services. Its extensive portfolio encompasses heating, ventilation, and air conditioning (HVAC) so...
How the Company Makes Money
Noritz makes money mainly by selling water-heating products and related systems, with revenue recognized from the shipment/sale of equipment to distributors, installers, homebuilders, and other channel partners. Its core revenue stream is the sale...
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 | 203.09B | 202.05B | 202.20B | 201.89B | 210.97B | 178.14B |
| Gross Profit | 62.75B | 63.70B | 63.14B | 63.83B | 67.32B | 57.19B |
| EBITDA | 18.95B | 12.31B | 10.34B | 11.60B | 13.78B | 8.89B |
| Net Income | 7.15B | 3.36B | 4.38B | 869.00M | 4.80B | 5.48B |
Balance Sheet | ||||||
| Total Assets | 232.91B | 237.12B | 223.77B | 207.77B | 216.97B | 194.53B |
| Cash, Cash Equivalents and Short-Term Investments | 30.12B | 25.57B | 29.02B | 26.14B | 36.25B | 43.53B |
| Total Debt | 7.69B | 6.27B | 8.47B | 4.37B | 3.33B | 2.38B |
| Total Liabilities | 84.78B | 92.09B | 86.82B | 81.10B | 97.31B | 78.33B |
| Stockholders Equity | 142.77B | 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 Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ¥101.08B | 14.78 | 5.17% | 3.72% | -0.79% | 21.74% | |
69 Neutral | ¥225.19B | 15.43 | 9.29% | 3.33% | -1.29% | 32.72% | |
68 Neutral | ¥553.94B | 14.96 | ― | 3.33% | 2.27% | 2.33% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | ¥6.16T | 22.35 | 8.84% | 1.69% | 10.88% | -2.59% | |
49 Neutral | ¥913.02B | 23.14 | 9.99% | 2.09% | 4.83% | 1223.36% | |
46 Neutral | ¥478.16B | 2,409.42 | 0.03% | 5.41% | 2.42% | -97.84% |
* Industrials Sector Average
JP:5943
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Noritz Corporate Events
Noritz Details Ongoing Share Buyback Progress Through September 2026
Oct 1, 2026
Noritz Corporation has reported the latest progress in its ongoing share repurchase program authorized in February 2026, detailing that it bought back 60,400 common shares on the Tokyo Stock Exchange during September for a total of ¥138.27 mi...
Noritz books ¥1.99 billion gain from sale of policy-held shares
Sep 16, 2026
Noritz Corporation has completed the sale of a policy-held listed security as part of its ongoing effort to improve asset efficiency and redeploy capital into growth investments. The move reflects a broader push to streamline its balance sheet by ...
Noritz Reports Ongoing Progress in Share Buyback Program
Sep 1, 2026
Noritz Corporation has reported progress on its ongoing share repurchase program authorized by its board earlier this year, detailing that it bought 62,600 common shares for about 150.8 million yen on the Tokyo Stock Exchange between August 1 and ...
Noritz to Book ¥2 Billion Extraordinary Gain from Sale of Investment Securities
Aug 24, 2026
Noritz Corporation has decided to sell a portion of its policy-held investment securities to improve asset efficiency and secure funds for future growth investments. The move involves the sale of one listed security during August to September 2026...
Noritz Beats Interim Profit Forecasts on Strong Domestic Hot-Water Demand
Aug 7, 2026
Noritz reported that its consolidated results for the first half of the fiscal year ending December 2026 significantly exceeded its earlier forecasts, driven mainly by robust domestic demand. Strong sales volumes in Japan, particularly from initia...
Noritz Posts Profit Surge and Hikes Dividend as 2026 Outlook Raised
Aug 7, 2026
Noritz reported consolidated net sales of ¥99.57 billion for the six months ended June 30, 2026, up 1.1 percent year on year, with operating profit rising 10.6 percent to ¥1.83 billion and profit attributable to owners of parent surging ...
Noritz Reports Ongoing Progress in Share Buyback Program
Aug 3, 2026
Noritz Corporation has reported the latest progress of its ongoing share repurchase program, authorized by its board in February 2026 under Japan’s Companies Act. The company bought 33,400 common shares on the Tokyo Stock Exchange between Ju...
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.