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Japanese electric-arc-furnace steelmaker specializing in H-beam structural steel, with a major US joint-venture mill with Nucor.
Japanese electric-arc-furnace steelmaker specializing in H-beam structural steel, with a major US joint-venture mill with Nucor.
Melts scrap in electric furnaces and rolls it into H-beams, so profit is the gap between H-beam prices and the cost of scrap and power. Its Japanese plants serve domestic construction, while the joint venture with Nucor in the US sells the same structural sections to American builders.
In one line: A structural-steel minimill operator, partnered with America's Nucor.
Moat: narrow (scale, cost advantage). Scrap-based EAF cost structure and a leading US structural-steel JV give scale advantages in H-beams.
Headquarters: Himeji, Japan · Founded: 1948 · Employees: 2,463
Size Yamato Kogyo (5444.T) is a Japan Materials company (Steel) with a market value of $3.88B, the 295th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥10,355 on 6 Nov 2026.
Performance Over six months the shares fell 13.4%, against -23.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 1.3% over the last twelve months (peer median -1.0%); the operating margin is 1.6% (peer median 3.8%).
Valuation It trades at 10.3× forward earnings against a peer median of 14.8× (4th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +21 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.5 points below its cost of capital (7.0% WACC).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥168B | ¥160B | ¥168B | ¥163B | ¥180B |
| Revenue growth | — | -5% | +3% | -9% | — |
| Gross profit | ¥21.2B | ¥21.5B | ¥28.9B | ¥31.5B | ¥31.5B |
| EBITDA | ¥13.6B | ¥16.1B | ¥22.9B | ¥23.9B | ¥22.9B |
| Net income | ¥70.8B | ¥62.4B | ¥31.8B | ¥70.0B | ¥65.3B |
| Free cash flow | ¥46.8B | ¥40.9B | ¥54.6B | ¥74.6B | ¥48.8B |
| Capital expenditure | ¥12.6B | ¥11.5B | ¥16.8B | ¥6.73B | ¥4.33B |
| Total debt | ¥182M | ¥3.51B | ¥4.53B | ¥2.32B | ¥2.21B |
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 |
|---|---|---|---|---|---|---|
| Yamato Kogyo 5444.T | $3.88B | -13% | +1% | 2% | 10.3× | 24.2% |
| Tokyo Steel Manufacturing 5423.T | $1.17B | -1% | -1% | -1% | 53.7× | n/a |
| Nucor NUE | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% |
| 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 |
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 | 5444.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.6% | -5.7% | lowest of 21 |
| 6-month return | -13.4% | -23.5% | 6th highest of 20 |
| Distance from 52-week high | -27.5% | -38.5% | 5th highest of 21 |
| Revenue growth (TTM) | +1.3% | -1.0% | 9th highest of 21 |
| Operating margin | 1.6% | 3.8% | 7th lowest of 21 |
| Forward P/E | 10.3× | 14.8× | 4th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 24.2% | 2.6% | 2nd most demanding of 17 |
| Growth delivered (Del g) | +3.4% | +5.7% | 6th lowest of 17 |
| Hurdle (Req g minus delivered) | +20.9 pp | -5.0 pp | 2nd most demanding of 17 |
| ROIC minus cost of capital | -6.5 pp | -1.3 pp | 3rd lowest of 21 |
| EV / EBITDA | 29.5× | 7.9× | most expensive of 10 |
| Net debt / EBITDA | -18.3× | 1.3× | least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Yamato Kogyo 5444.T | Japan | $3.88B | -13% | +1% | 2% | 10.3× | 24.2% | +3.4% |
| Nanjing Iron & Steel 600282.SS | China | $3.99B | -20% | +12% | 5% | 9.5× | -4.2% | +1.8% |
| Acerinox ACX.MC | Spain | $4.00B | +2% | 0% | 4% | 15.8× | 18.6% | +4.4% |
| Grupo Simec SAB de CV Sponsored ADR SIM | United States | $4.22B | +4% | +17% | 16% | 14.1× | -9.2% | -1.1% |
| Beijing Shougang 000959.SZ | China | $3.50B | -34% | -2% | 1% | 27.4× | -9.7% | +5.2% |
| Hunan Valin Steel 000932.SZ | China | $3.49B | -27% | -7% | 1% | 20.0× | 6.4% | +0.9% |
| TA Chen Stainless Pipe 2027.TW | Taiwan | $3.46B | +21% | +24% | 18% | 8.0× | -10.1% | +11.4% |
| Tube Investments of India TIINDIA.NS | India | $4.47B | -28% | +18% | 7% | 42.7× | n/a | n/a |
| Zhejiang Hailiang 002203.SZ | China | $4.53B | -23% | +10% | 2% | 17.6× | n/a | n/a |
| Salzgitter SZG.DE | Germany | $3.29B | -14% | -6% | -1% | 10.5× | n/a | n/a |
| Kobe Steel 5406.T | Japan | $4.83B | 0% | -3% | 5% | 7.7× | -1.1% | +7.4% |
| HBIS 000709.SZ | China | $2.96B | -16% | -6% | 5% | 12.2× | n/a | n/a |
| Yongxing Special Materials Technology 002756.SZ | China | $2.88B | -59% | +30% | 16% | 11.2× | -2.3% | +8.4% |
| Shanxi Taigang Stainless Steel 000825.SZ | China | $2.78B | -24% | +1% | -1% | 65.0× | 7.4% | +6.1% |
| Fujian Makeng Mining 601123.SS | China | $2.76B | n/a | -3% | 41% | n/a | 29.1% | -1.0% |
| Zhejiang Jiuli Hi-Tech Metals 002318.SZ | China | $2.75B | -37% | -38% | 4% | 25.9× | 15.4% | +19.5% |
| Hangzhou Iron & Steel 600126.SS | China | $2.73B | -38% | -58% | -1% | n/a | 19.3% | +9.8% |
| Hyundai Steel 004020.KS | South Korea | $2.73B | -34% | +2% | 1% | 74.3× | -1.2% | +4.8% |
| Vallourec VK.PA | France | $5.51B | -31% | -7% | 14% | 15.5× | -7.6% | +3.3% |
| Aperam APAM.AS | Netherlands | $2.63B | -32% | -4% | 2% | 13.6× | 12.9% | +10.9% |
| Sims SGM.AX | Australia | $2.62B | -11% | +7% | 4% | 10.5× | 14.6% | +6.2% |