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Japan's largest electric-arc-furnace minimill, recycling scrap steel into structural sections and plate with transparent monthly pricing.
Japan's largest electric-arc-furnace minimill, recycling scrap steel into structural sections and plate with transparent monthly pricing.
Sets its list prices publicly each month and adjusts them to scrap and power costs, so what it keeps is the gap between the posted price and those costs. Melts steel scrap in electric furnaces rather than using iron ore, which makes electricity an important input.
In one line: Japan's version of Nucor, a pure-play scrap-based minimill operator.
Moat: narrow (cost advantage, scale). Largest EAF scale in Japan and published transparent pricing give a low-cost, efficient production model.
Headquarters: Tokyo, Japan · Founded: 1934 · Employees: 1,161
Size Tokyo Steel Manufacturing (5423.T) is a Japan Materials company (Steel) with a market value of $1.17B, the 671st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,685 on 6 Nov 2026.
Performance Over six months the shares fell 0.7%, against -24.8% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue fell 0.6% over the last twelve months (peer median -0.9%); the operating margin is -0.8% (peer median 1.4%).
Valuation It trades at 53.7× forward earnings against a peer median of 20.4× (2nd most expensive of 11).
Capital Return on invested capital runs 6.1 points below its cost of capital (5.2% WACC).
Next results Next results expected around 15 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥285B | ¥268B | ¥327B | ¥367B | ¥361B |
| Revenue growth | — | -18% | -11% | +2% | — |
| Gross profit | ¥23.0B | ¥31.7B | ¥57.8B | ¥65.1B | ¥62.7B |
| EBITDA | ¥6.05B | ¥15.3B | ¥36.9B | ¥44.0B | ¥43.1B |
| Net income | ¥9.38B | ¥11.6B | ¥21.2B | ¥28.0B | ¥30.8B |
| Free cash flow | n/a | -¥25.8B | -¥2.77B | ¥36.7B | ¥30.6B |
| Capital expenditure | n/a | ¥22.6B | ¥22.4B | ¥16.7B | ¥9.18B |
| Total debt | n/a | ¥538M | ¥39.0M | ¥0 | ¥396M |
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 |
|---|---|---|---|---|---|---|
| Tokyo Steel Manufacturing 5423.T | $1.17B | -1% | -1% | -1% | 53.7× | n/a |
| Yamato Kogyo 5444.T | $3.88B | -13% | +1% | 2% | 10.3× | 24.2% |
| Jfe 5411.T | $6.66B | +2% | -4% | 2% | 8.4× | 13.2% |
| Nippon Steel 5401.T | $22.3B | +15% | +28% | 4% | 11.2× | n/a |
| Nucor NUE | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% |
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 | 5423.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.3% | -6.0% | 3rd highest of 21 |
| 6-month return | -0.7% | -24.8% | 5th highest of 20 |
| Distance from 52-week high | -14.6% | -41.8% | 2nd highest of 21 |
| Revenue growth (TTM) | -0.6% | -0.9% | 10th highest of 19 |
| Operating margin | -0.8% | 1.4% | 5th lowest of 19 |
| Forward P/E | 53.7× | 20.4× | 2nd most expensive of 11 |
| ROIC minus cost of capital | -6.1 pp | -4.1 pp | 6th lowest of 21 |
| Net debt / EBITDA | -12.1× | 0.8× | least indebted of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tokyo Steel Manufacturing 5423.T | Japan | $1.17B | -1% | -1% | -1% | 53.7× | n/a | n/a |
| Zhongnanhong Culture 002445.SZ | China | $1.17B | -7% | -1% | 1% | n/a | n/a | n/a |
| Guizhou Aviation Technical Development 688239.SS | China | $1.19B | -39% | +23% | 12% | 26.1× | 17.7% | +25.0% |
| Xinyu Iron & Steel 600782.SS | China | $1.20B | -17% | -13% | -4% | n/a | n/a | n/a |
| Beijing Lier High-Temperature Materials 002392.SZ | China | $1.20B | -29% | +16% | 4% | 14.7× | 15.4% | +10.2% |
| Fushun Special Steel 600399.SS | China | $1.22B | -25% | +6% | -5% | 102.8× | n/a | n/a |
| Vedanta Iron And Steel VISL.NS | India | $1.11B | n/a | n/a | n/a | n/a | n/a | n/a |
| NMDC Steel NSLNISP.NS | India | $1.23B | -10% | +42% | 3% | n/a | 20.8% | +41.6% |
| Feng Hsin Steel 2015.TW | Taiwan | $1.11B | +4% | -12% | 0% | 14.5× | 9.2% | +1.2% |
| TSP Wind Power 300129.SZ | China | $1.10B | -42% | -26% | 1% | 35.8× | n/a | n/a |
| Bengang Steel Plates 000761.SZ | China | $1.25B | -26% | -2% | -10% | n/a | n/a | n/a |
| Jiangsu Shagang 002075.SZ | China | $1.09B | -25% | -4% | 1% | n/a | n/a | n/a |
| Gansu Jiu Steel Group Hongxing Iron & Steel 600307.SS | China | $1.25B | -25% | -6% | -5% | n/a | n/a | n/a |
| BCI Minerals BCI.AX | Australia | $1.09B | +45% | n/a | n/a | n/a | n/a | n/a |
| ZhongHe Shangda Aeronautic Materials 301522.SZ | China | $1.09B | -39% | +5% | 2% | n/a | n/a | n/a |
| Liuzhou Iron & Steel 601003.SS | China | $1.28B | -29% | 0% | 1% | 28.2× | -0.3% | +4.7% |
| Yongjin Technology 603995.SS | China | $1.28B | +22% | +11% | 2% | 12.1× | n/a | n/a |
| Impro Precision Industries 1286.HK | Hong Kong | $1.30B | -52% | +20% | 18% | 11.4× | -1.6% | +11.7% |
| YODOKO 5451.T | Japan | $1.31B | +1% | -2% | 6% | n/a | 0.3% | +6.0% |
| Hengong Precision Equipment 301261.SZ | China | $1.04B | -9% | +34% | 5% | 41.5× | 26.1% | +15.8% |
| Tianjin You Fa Steel Pipe Group Stock 601686.SS | China | $1.03B | -15% | -2% | 1% | 9.8× | 4.0% | +0.9% |