YAMATO KOGYO CO., LTD. YKCLY

MaterialsMetals & MiningJapan

Last close 17.30 USD on Nov 1, 2026, 0.0% year to date

Quant rating

Quant rating B Rank 80 of 220 in Materials

Growth C 98 of 220
Valuation C 100 of 220
Quality A 20 of 220
Revisions B 50 of 220
Momentum D 191 of 220

Wall Street consensus Buy (2.33)Average target 95.27 USD +450.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.8B
Enterprise value: 3.5B
52-week range: 16.81 – 17.30
3-year range: 16.81 – 17.30
Dividend yield: 1.43%
Beta (5 years): –
Shares outstanding: 62.0M
Next earnings: Nov 1, 2026

About the company

Yamato Kogyo Co Ltd is a Japan-based company mainly engaged in the steel business. It operates through four segments. The Steel (Japan) segment manufactures and sells H-beams, channel steel, I-beams, steel sheet piles, checkered H-beams, shipbuilding steel, castings, ship canning products, and heavy machinery processed products. The Steel (Thailand) segment manufactures and sells H-beams, channel steel, I-beams, and steel sheet piles. The Steel (Indonesia) segment manufactures and sells H-beams, channel steel, and equal-leg angle steel. The Track Supplies segment processes and sells turnouts, expansion joints, non-gap electron beam welded (NEW) crossings, adhesive insulated rails, derailment prevention guards, tie plates, and bolts. The Company is also engaged in the manufacture and sale of counterweights, transportation, medical waste disposal, and real estate businesses.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	1,011	1,122	1,080	1,359	1,233	–
Revenue growth	−9.9%	3.9%	−20.5%	10.2%	0.4%	−3.8%
EPS (basic, normalized)	6.54	3.51	6.97	7.52	4.73	–
EPS growth	86.3%	−49.6%	−7.4%	59.2%	–	–
Gross margin	13.9%	17.5%	19.5%	17.6%	17.5%	17.2%
Net margin	38.9%	18.9%	42.8%	36.2%	26.6%	32.7%
ROE	11.4%	5.9%	14.5%	16.5%	12.2%	12.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,509
Current ratio	11.00x
Long-term debt (mil)	0
Net debt (mil)	−1,262
Total equity (mil)	3,365
Net debt / equity	−0.38x
Net debt / EBITDA	−12.25x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	1,011	−9.9%	3.5x	103	−49.9%	34.1x	6.54	+86.3%	2.6x
2027	1,085	+7.4%	3.2x	87.7	−14.9%	40.0x	6.31	−3.6%	2.7x
2028	1,172	+8.0%	3.0x	110	+25.4%	31.9x	7.10	+12.6%	2.4x
2029	1,170	−0.2%	3.0x	119	+7.8%	29.6x	7.07	−0.4%	2.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	1,085	+0.1%	+1.9%	0.0%	6.31	0.0%	+2.4%	+9.5%
2028	1,172	0.0%	+1.4%	+3.4%	7.10	0.0%	+3.8%	+19.6%
2029	1,170	0.0%	−0.1%	−0.6%	7.07	0.0%	+2.0%	+25.1%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	41,274	34,050	44,309	47,889	42,020	39,199	36,981	41,841	42,368	39,195
Sales mean (mil)	40,800	40,000	46,000	46,200	47,067	40,000	38,050	38,600	42,400	40,050
Surprise	+1.2%	−14.9%	−3.7%	+3.7%	−10.7%	−2.0%	−2.8%	+8.4%	−0.1%	−2.1%
EPS reported	285.02	275.86	172.26	−144.56	199.00	95.70	215.52	243.44	475.94	205.71
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

Peer comparison Metals & Mining

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
YKCLY YAMATO KOGYO CO., LTD.	4.8B	−12.25x	38.9%	1.34x	2.7x	2.4x	40.0x	31.9x
OICT Oicintra Inc	5.1B	–	–	–	–	–	–	–
FLIDY FLSmidth & Co. A/S	5.0B	0.82x	4.8%	2.99x	1.4x	1.7x	11.5x	11.4x
MTRN Materion Corporation	4.6B	2.00x	4.2%	4.65x	31.6x	26.3x	18.9x	16.7x
HCC Warrior Met Coal Inc	4.5B	−0.21x	4.4%	1.98x	14.3x	11.7x	7.3x	6.0x
ANIOY Acerinox, S.A.	4.5B	–	−0.7%	1.89x	8.9x	5.4x	8.7x	6.7x
Mean		−2.41x	10.3%	2.57x	11.8x	9.5x	17.3x	14.5x
Median		0.31x	4.4%	1.98x	8.9x	5.4x	11.5x	11.4x

Technical analysis

1M–
3M–
1Y0.0%
3Y0.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, YAMATO KOGYO CO., LTD., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	1,011	1,122	1,080	1,359	1,233	1,229
Cost of revenue	870	925	870	1,120	1,017	1,024
Gross profit	141	197	210	239	216	205
Selling, general & administrative expenses	107	107	93.8	110	105	112
Research & development	0.5	0.3	0.1	0.3	–	0.1
Depreciation/amortization	5.1	4.7	2.1	1.6	1.7	2.3
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	4.2	13.6	17.9	9.6	2.5	3.1
Other operating expenses	0	0	0	0	0	0
Operating income	24.1	71.0	96.3	117	107	87.4
Net interest income (expense)	477	281	537	548	360	97.7
Gain (loss) on sale of assets	0.1	0.2	0.1	0.1	0	−85.4
Other non-operating income (expense)	6.2	6.8	4.8	6.5	5.1	6.7
Net income before taxes	507	359	638	672	472	106
Provision for taxes	104	133	161	158	112	47.6
Minority interest	−9.7	−14.4	−13.9	−21.7	−31.2	−13.7
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	393	212	463	492	328	45.0
Extraordinary items	–	–	–	–	–	–
Net income	393	212	463	492	328	45.0
EBIT, normalized	28.3	84.5	114	127	109	90.5
EBITDA, normalized	102	153	158	173	157	151
Basic EPS, normalized	6.54	3.51	6.97	7.52	4.73	–

Balance sheet in millions of USD, fiscal years

Balance sheet, YAMATO KOGYO CO., LTD., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	1,382	1,500	1,568	1,223	820	918
Receivables	146	160	207	212	206	159
Total inventory	337	368	256	300	327	253
Prepaid expenses	–	–	–	–	–	–
Other current assets	88.8	39.3	27.9	58.5	24.7	25.1
Total current assets	1,954	2,068	2,058	1,794	1,379	1,355
Property, plant & equipment	731	768	453	477	491	561
Goodwill	76.8	92.7	4.0	5.3	6.7	8.2
Intangibles	23.1	25.7	8.6	8.5	6.8	5.2
Long-term investments	1,067	1,235	1,295	1,320	1,110	905
Note receivable	81.7	145	151	189	190	189
Other long-term assets	58.8	50.5	53.0	83.3	227	227
Total assets	3,992	4,385	4,023	3,878	3,411	3,250
Liabilities
Accounts payable	57.3	68.0	71.7	79.8	90.7	68.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	28.0	28.4	24.9	24.9	24.7	24.7
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	6.5	9.3	1.4	1.5	1.4	1.6
Other current liabilities	49.5	62.8	68.8	55.8	42.8	48.7
Total current liabilities	141	168	167	162	160	143
Long-term debt	15.6	20.8	13.9	15.2	15.2	18.5
Minority interest	250	303	212	223	208	215
Other liabilities	171	174	175	160	148	146
Total liabilities	578	666	568	560	531	522
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	50.4	53.3	52.8	60.2	65.7	72.2
Additional paid-in capital	0.6	1.5	0.3	0.1	–	–
Retained earnings (accumulated deficit)	2,763	2,831	2,784	2,788	2,637	2,672
Treasury stock	−88.7	−82.2	−8.9	−10.4	−11.6	−26.8
Other equity	688	915	628	480	189	11.5
Total equity	3,413	3,718	3,456	3,318	2,880	2,729
Total liabilities & shareholders' equity	3,992	4,385	4,023	3,878	3,411	3,250

Cash flow statement in millions of USD, fiscal years

Cash flow statement, YAMATO KOGYO CO., LTD., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	507	359	638	672	472	106
Depreciation, depletion & amortization	73.3	68.3	43.5	46.1	47.6	60.3
Deferred taxes	–	–	–	–	–	–
Non-cash items	−459	−273	−511	−533	−338	−4.8
Changes in working capital	207	319	364	211	−86.5	88.6
Cash from operations	328	474	535	397	94.2	250
Investing activities
Capital expenditures	−72.6	−112	−44.5	−32.6	−28.6	−45.4
Other investing cash flows	−185	−459	−176	−45.3	659	−175
Cash from investing	−258	−571	−220	−77.9	631	−220
Financing activities
Financing cash flow items	−42.6	−10.7	−14.8	−14.0	−20.9	−12.7
Cash dividends paid	−155	−190	−126	−119	−53.3	−53.8
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−167	−85.6	0	0	−56.6	−23.3
Cash from financing	−364	−287	−140	−133	−131	−89.8
Foreign exchange effects	−12.3	86.5	56.0	104	33.0	−6.5
Net change in cash	−306	−298	230	289	627	−66.2
Free cash flow	255	362	490	364	65.6	205

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.