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Japanese maker of gas water heaters, stoves and cooking appliances, sold globally under the Rinnai brand.
Japanese maker of gas water heaters, stoves and cooking appliances, sold globally under the Rinnai brand.
Sells through plumbing wholesalers and installers rather than directly to households, so installer preference counts for as much as advertising, and much demand is replacement of old heaters. A large part of sales comes from outside Japan, led by North America, Australia and Korea.
In one line: A Japanese Rheem/A.O. Smith for gas water heaters.
Moat: narrow (brand, distribution, scale). Globally recognized tankless-water-heater brand with strong installer/distributor networks.
Headquarters: Nagoya, Japan · Founded: 1920 · Employees: 11,328
Size Rinnai (5947.T) is a Japan Industrials company (Building Products) with a market value of $3.07B, the 361st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,459 on 6 Nov 2026.
Performance Over six months the shares fell 2.9%, against +0.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 3.5% over the last twelve months (peer median +6.0%); the operating margin is 10.4% (peer median 11.7%).
Valuation It trades at 13.3× forward earnings against a peer median of 16.3× (4th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.3 points above its cost of capital (5.1% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥481B | ¥470B | ¥460B | ¥430B | ¥425B |
| Revenue growth | — | +2% | +7% | +1% | — |
| Gross profit | ¥166B | ¥159B | ¥152B | ¥134B | ¥135B |
| EBITDA | ¥65.7B | ¥65.9B | ¥61.1B | ¥53.9B | ¥54.8B |
| Net income | ¥36.3B | ¥36.2B | ¥29.7B | ¥26.7B | ¥26.1B |
| Free cash flow | n/a | ¥34.4B | ¥40.7B | ¥6.60B | -¥6.56B |
| Capital expenditure | n/a | ¥15.3B | ¥17.4B | ¥37.4B | ¥26.7B |
| Total debt | ¥49.1B | ¥18.7B | ¥3.53B | ¥3.76B | ¥2.69B |
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 |
|---|---|---|---|---|---|---|
| Rinnai 5947.T | $3.07B | -3% | +4% | 10% | 13.3× | -9.5% |
| A. O. Smith AOS | $8.67B | +10% | -1% | 18% | 17.3× | 4.5% |
| Noritz 5943.T | $633M | -3% | -1% | 2% | 12.8× | 4.1% |
| Kyung Dong Navien 009450.KS | $650M | -21% | +5% | 13% | 7.6× | -17.8% |
| Ariston ARIS.MI | $1.20B | -17% | +5% | 6% | 8.8× | 0.1% |
| Haier Smarthome 6690.HK | $27.6B | -2% | -4% | 7% | 9.3× | -3.8% |
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 | 5947.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.9% | -3.9% | 7th highest of 21 |
| 6-month return | -2.9% | +0.5% | 10th lowest of 21 |
| Distance from 52-week high | -22.4% | -25.2% | 10th highest of 21 |
| Revenue growth (TTM) | +3.5% | +6.0% | 9th lowest of 21 |
| Operating margin | 10.4% | 11.7% | 10th lowest of 21 |
| Forward P/E | 13.3× | 16.3× | 4th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -9.5% | 7.3% | 3rd least demanding of 19 |
| Growth delivered (Del g) | +6.4% | +6.0% | 9th highest of 19 |
| Hurdle (Req g minus delivered) | -16.0 pp | +2.2 pp | 3rd least demanding of 19 |
| ROIC minus cost of capital | +3.3 pp | +4.2 pp | 10th lowest of 21 |
| EV / EBITDA | 6.2× | 10.9× | 2nd cheapest of 16 |
| Net debt / EBITDA | -2.0× | 0.6× | 2nd least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Rinnai 5947.T | Japan | $3.07B | -3% | +4% | 10% | 13.3× | -9.5% | +6.4% |
| STO Express 002468.SZ | China | $3.40B | -8% | +26% | 5% | 10.2× | -12.5% | +20.8% |
| Nichias 5393.T | Japan | $3.52B | -5% | +3% | 15% | 15.2× | 7.1% | +5.1% |
| Shanghai Mechanical & Electrical Industry 600835.SS | China | $2.34B | -27% | -2% | 2% | 22.5× | 0.6% | -3.8% |
| Reliance Worldwide RWC.AX | Australia | $2.33B | +47% | -5% | 12% | 16.3× | 9.9% | +7.5% |
| Qingdao East Steel Tower Stock 002545.SZ | China | $2.25B | -50% | +23% | 32% | 8.5× | -10.2% | +13.0% |
| Griffon GFF | United States | $4.58B | +15% | -12% | 20% | 17.1× | 7.5% | +4.0% |
| Jangho 601886.SS | China | $2.01B | +26% | +14% | 5% | 15.0× | -0.1% | +3.9% |
| Kajaria Ceramics KAJARIACER.NS | India | $1.96B | +7% | +14% | 16% | 26.1× | 26.2% | +11.7% |
| Tecnoglass TGLS | United States | $1.95B | +10% | +10% | 18% | 13.8× | n/a | n/a |
| Sanwa 5929.T | Japan | $5.10B | +8% | +2% | 11% | 14.8× | -2.6% | +9.1% |
| Hyundai Elevator 017800.KS | South Korea | $1.79B | -31% | -9% | 9% | 9.4× | -5.5% | +6.3% |
| Interface TILE | United States | $1.78B | +4% | +7% | 12% | 14.5× | 11.4% | +4.7% |
| Toto 5332.T | Japan | $5.40B | -1% | +5% | 8% | 18.2× | 7.8% | +5.0% |
| Fortune Brands Innovations FBIN | United States | $5.74B | +27% | -3% | 14% | 19.7× | 5.3% | -6.0% |
| Century Plyboards (India) CENTURYPLY.NS | India | $1.50B | -20% | +26% | 10% | 34.4× | n/a | n/a |
| Xiamen Solex High-Tech Industries 603992.SS | China | $1.38B | -35% | +18% | 8% | 29.9× | 13.5% | +5.2% |
| SPX Technologies SPXC | United States | $7.15B | -30% | +20% | 17% | 15.3× | 15.7% | +15.0% |
| Preformed Line Products PLPC | United States | $1.28B | -24% | +16% | 10% | 18.8× | 10.2% | +7.5% |
| Takara standard 7981.T | Japan | $1.20B | +2% | +2% | 7% | n/a | -5.5% | +5.7% |
| Simpson Manufacturing SSD | United States | $8.07B | +4% | +5% | 20% | 20.9× | 13.2% | +13.0% |