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Japanese industrial group making abrasives, ceramics and welding materials, spun out of the tableware brand.
Japanese industrial group making abrasives, ceramics and welding materials, spun out of the tableware brand.
Sells grinding wheels and similar consumables that wear away and are reordered, so volume follows factory output at automotive and steel customers, while ceramics and furnace engineering are specification or project sales. Tableware, the original business that gave it its name, is now a minor sideline.
In one line: An industrial-materials sibling of the Noritake china brand.
Moat: none (process know-how). Diversified industrial-materials maker without a dominant scale or IP advantage in any one segment.
Headquarters: Nagoya, Japan · Founded: 1904 · Employees: 4,901
Size Noritake Co.,Limited (5331.T) is a Japan Industrials company (Industrial Machinery) with a market value of $991M, the 739th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,801 on 6 Nov 2026.
Performance Over six months the shares fell 18.8%, against -14.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 9.0% over the last twelve months (peer median +7.5%); the operating margin is 8.7% (peer median 7.7%).
Valuation It trades at 8.2× forward earnings against a peer median of 18.4× (cheapest of 14).
Capital Return on invested capital runs 4.6 points below its cost of capital (9.0% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥149B | ¥143B | ¥138B | ¥138B | ¥139B |
| Revenue growth | — | +3% | 0% | -1% | — |
| Gross profit | ¥43.3B | ¥39.5B | ¥37.3B | ¥36.5B | ¥34.0B |
| EBITDA | ¥18.7B | ¥16.7B | ¥15.3B | ¥15.5B | ¥13.8B |
| Net income | ¥15.6B | ¥14.2B | ¥12.9B | ¥11.5B | ¥10.0B |
| Free cash flow | n/a | -¥4.07B | -¥4.79B | ¥16.7B | -¥5.57B |
| Capital expenditure | n/a | ¥14.1B | ¥6.81B | ¥5.31B | ¥5.36B |
| Total debt | ¥38.6B | ¥13.6B | ¥6.55B | ¥2.97B | ¥12.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Noritake Co.,Limited 5331.T | $991M | -19% | +9% | 9% | 8.2× | n/a |
| Toagosei 4045.T | $1.19B | +3% | +2% | 9% | 14.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 5331.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -26.5% | -10.4% | 6th lowest of 21 |
| 6-month return | -18.8% | -14.3% | 9th lowest of 21 |
| Distance from 52-week high | -39.6% | -42.6% | 10th highest of 21 |
| Revenue growth (TTM) | +9.0% | +7.5% | 10th highest of 21 |
| Operating margin | 8.7% | 7.7% | 10th highest of 21 |
| Forward P/E | 8.2× | 18.4× | cheapest of 14 |
| ROIC minus cost of capital | -4.6 pp | +0.9 pp | 5th lowest of 21 |
| EV / EBITDA | 9.5× | 9.2× | 5th most expensive of 10 |
| Net debt / EBITDA | 1.1× | -0.7× | 4th most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Noritake Co.,Limited 5331.T | Japan | $991M | -19% | +9% | 9% | 8.2× | n/a | n/a |
| Phoenix Silicon International 8028.TW | Taiwan | $991M | -26% | +24% | 24% | 18.3× | n/a | n/a |
| Changzhou Kaidi Electrical 605288.SS | China | $985M | +12% | +1% | 3% | 50.5× | n/a | n/a |
| Ye Siang Enterprise 7909.TWO | Taiwan | $984M | -53% | -14% | 16% | n/a | 34.9% | -13.5% |
| Taesung 323280.KS | South Korea | $999M | -44% | +67% | 3% | n/a | n/a | n/a |
| Sichuan Zigong Conveying Machine 001288.SZ | China | $999M | +1% | -20% | 3% | 19.0× | n/a | n/a |
| Est Tools 300488.SZ | China | $1.01B | +17% | +15% | 29% | n/a | 15.3% | +13.1% |
| Zhejiang Liju Thermal Energy Equipment 603391.SS | China | $973M | +18% | +9% | 18% | n/a | 12.0% | +5.0% |
| METAWATER 9551.T | Japan | $972M | +4% | +13% | 6% | 13.5× | 0.9% | +9.5% |
| Lindab International LIAB.ST | Sweden | $1.01B | -10% | -3% | 7% | 17.7× | 4.2% | +9.4% |
| Jiangsu Shentong Valve 002438.SZ | China | $1.01B | -23% | -5% | 17% | 17.5× | 5.9% | +6.1% |
| Yindu Kitchen Equipment 603277.SS | China | $969M | -17% | -4% | 19% | 13.0× | -4.3% | +11.1% |
| Truking Technology 300358.SZ | China | $968M | -8% | +6% | 6% | 18.4× | -1.7% | +10.1% |
| Chang Wah Electromaterials 8070.TW | Taiwan | $965M | -10% | +19% | 12% | 19.3× | -6.6% | +3.3% |
| Shanghai Shibei Hi-Tech 600604.SS | China | $960M | -13% | -26% | 4% | n/a | 15.1% | -1.7% |
| Miracle Automation Engineering 002009.SZ | China | $1.03B | -27% | +6% | 1% | 28.8× | 34.6% | -5.1% |
| Allied Machinery 605060.SS | China | $1.03B | -51% | +24% | 22% | 21.1× | 15.5% | +13.2% |
| Morimatsu International 2155.HK | Hong Kong | $1.03B | -16% | +14% | 3% | 14.2× | -2.4% | +17.6% |
| Zhejiang Taitan 003036.SZ | China | $953M | -10% | +14% | 2% | n/a | n/a | n/a |
| Tsugami 6101.T | Japan | $1.03B | -23% | +24% | 27% | n/a | -5.3% | +15.9% |
| SUSS MicroTec SMHN.DE | Germany | $948M | -53% | -15% | 9% | 35.8× | 24.2% | +14.8% |