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MERF Inc.

3168.T

JPXBasic MaterialsIndustrial Materials

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Latest quote

¥1,458

+¥3.00 · +0.21%

Aug 25, 9:38 AM JST

3168.T company overview

Regular session · JST · Market data may be delayed.

Company profile

Company website

Founded in 1870 and headquartered in Imizu, Japan, Kurotani Corporation is a multifaceted enterprise engaged in the global collection, processing, manufacturing, and sale of diverse metal products. Its reach extends across Japan, Korea, the wider Asian region, and Europe. The company's operations are structured into two distinct divisions: Nonferrous Metals and Arts and Crafts. Within its Nonferrous Metals segment, Kurotani actively recycles and trades industrial materials and scrap metals, while also producing fundamental base metals essential for electrical wiring and semiconductor substrates. This division further manufactures copper alloy ingots, which are crucial components in marine propellers, plumbing fixtures, valves, and various industrial machinery parts. Complementing this, the Arts and Crafts division is dedicated to creating and marketing exquisite fine art, including miniature gold statues and bronze Buddha figures.

Industry
Industrial Materials
Sector
Basic Materials
Headquarters
JP
CEO
Akira Kurotani
Listed since
Jun 9, 2011
Employees
154

Market position

Day range

Current ¥1,458

52-week range

Current ¥1,458

Open
¥1,465
Previous close
¥1,455
Volume
13.5K
0.09× average
Average volume
146.97K
Average daily volume
Market cap
20.64B JPY
Beta
1.86
Market reference 1
50-day average
¥1,328.72
+9.73% above average
200-day average
¥1,183.12
+23.23% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
19.24B JPY
P/E (TTM)
8.37×
P/B (TTM)
1.72×
P/S (TTM)
0.22×
EV / EBITDA
55.39×
Earnings yield
-2.64%
Free cash flow yield
20.43%
Dividend yield
2.06%

Profitability & efficiency

Gross margin
6.89%
Operating margin
4.15%
Net margin
2.62%
Return on equity
-2.20%
Return on assets
-0.79%
Return on invested capital
0.49%

Financial health

Debt / equity
1.5×
Current ratio
1.72×
Altman Z-score
4.22
Piotroski F-score
3 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends8%5%2%-1%Gross margin, FY2021: 7.37%Gross margin, FY2022: 2.89%Gross margin, FY2023: 2.47%Gross margin, FY2024: 3.80%Gross margin, FY2025: 2.83%Operating margin, FY2021: 5.15%Operating margin, FY2022: 0.97%Operating margin, FY2023: 0.63%Operating margin, FY2024: 1.77%Operating margin, FY2025: 0.14%Net margin, FY2021: 2.18%Net margin, FY2022: 0.61%Net margin, FY2023: 0.20%Net margin, FY2024: 0.65%Net margin, FY2025: -0.25%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 7.37%. Gross margin FY2022 2.89%. Gross margin FY2023 2.47%. Gross margin FY2024 3.80%. Gross margin FY2025 2.83%. Operating margin FY2021 5.15%. Operating margin FY2022 0.97%. Operating margin FY2023 0.63%. Operating margin FY2024 1.77%. Operating margin FY2025 0.14%. Net margin FY2021 2.18%. Net margin FY2022 0.61%. Net margin FY2023 0.20%. Net margin FY2024 0.65%. Net margin FY2025 -0.25%.

Income trends

Revenue

82.41B JPY+0.42%

Operating income

117M JPY-91.93%

Net income

−203M JPY−735.5M JPY
Income trends across reported periods98.03B JPY62.31B JPY26.59B JPY−9.13B JPYRevenue, FY2021: 62.06B JPYRevenue, FY2022: 89.1B JPYRevenue, FY2023: 84.59B JPYRevenue, FY2024: 82.07B JPYRevenue, FY2025: 82.41B JPYOperating income, FY2021: 3.2B JPYOperating income, FY2022: 862.07M JPYOperating income, FY2023: 532.83M JPYOperating income, FY2024: 1.45B JPYOperating income, FY2025: 117M JPYNet income, FY2021: 1.35B JPYNet income, FY2022: 547.08M JPYNet income, FY2023: 170.26M JPYNet income, FY2024: 532.5M JPYNet income, FY2025: −203M JPYFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 62.06B JPY. Revenue FY2022 89.1B JPY. Revenue FY2023 84.59B JPY. Revenue FY2024 82.07B JPY. Revenue FY2025 82.41B JPY. Operating income FY2021 3.2B JPY. Operating income FY2022 862.07M JPY. Operating income FY2023 532.83M JPY. Operating income FY2024 1.45B JPY. Operating income FY2025 117M JPY. Net income FY2021 1.35B JPY. Net income FY2022 547.08M JPY. Net income FY2023 170.26M JPY. Net income FY2024 532.5M JPY. Net income FY2025 −203M JPY.
Metric (JPY)FY2025FY2024FY2023FY2022FY2021
Revenue82.41B JPY82.07B JPY84.59B JPY89.1B JPY62.06B JPY
Cost of goods sold80.08B JPY78.95B JPY82.5B JPY86.53B JPY57.48B JPY
Gross profit2.33B JPY3.12B JPY2.09B JPY2.57B JPY4.58B JPY
Research and development5.87M JPY3M JPY421K JPY——
Selling, general, and administrative2.15B JPY1.67B JPY1.56B JPY1.71B JPY1.38B JPY
Operating expenses2.22B JPY1.67B JPY1.56B JPY1.71B JPY1.38B JPY
Interest income31.76M JPY10.64M JPY1.05M JPY64K JPY53K JPY
Interest expense182.07M JPY95.07M JPY126.84M JPY124.47M JPY74.09M JPY
Depreciation and amortization381.98M JPY237.66M JPY219.95M JPY180.49M JPY183.53M JPY
Operating income117M JPY1.45B JPY532.83M JPY862.07M JPY3.2B JPY
Net income−203M JPY532.5M JPY170.26M JPY547.08M JPY1.35B JPY

Company facts updated Aug 25, 2026.

Earnings

Latest EPS result
42.1

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Estimates unavailable
Quarterly EPS actual values compared with estimates98.5957.9617.32-23.31Q4 '24Q1 '25Q2 '25Q3 '25Q3 '25Q1 '26Q2 '26Q3 '26
Q4 2024, reported Oct 11, 2024: actual -5, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Jan 13, 2025: actual 2.33, estimate —, surprise —, Comparison unavailable. Q2 2025, reported Apr 11, 2025: actual -14.89, estimate —, surprise —, Comparison unavailable. Q3 2025, reported Jul 10, 2025: actual -14.9, estimate —, surprise —, Comparison unavailable. Q3 2025, reported Aug 31, 2025: actual 13.09, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Jan 14, 2026: actual 28.8, estimate —, surprise —, Comparison unavailable. Q2 2026, reported Apr 13, 2026: actual 90.18, estimate —, surprise —, Comparison unavailable. Q3 2026, reported Jul 13, 2026: actual 42.1, estimate —, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Estimates unavailable
Quarterly Revenue actual values compared with estimates29.01B25.28B21.55B17.81BQ4 '24Q1 '25Q2 '25Q3 '25Q3 '25Q1 '26Q2 '26Q3 '26
Q4 2024, reported Oct 11, 2024: actual 24.31B JPY, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Jan 13, 2025: actual 21.35B JPY, estimate —, surprise —, Comparison unavailable. Q2 2025, reported Apr 11, 2025: actual 21.71B JPY, estimate —, surprise —, Comparison unavailable. Q3 2025, reported Jul 10, 2025: actual 18.93B JPY, estimate —, surprise —, Comparison unavailable. Q3 2025, reported Aug 31, 2025: actual 20.42B JPY, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Jan 14, 2026: actual 21.1B JPY, estimate —, surprise —, Comparison unavailable. Q2 2026, reported Apr 13, 2026: actual 24.49B JPY, estimate —, surprise —, Comparison unavailable. Q3 2026, reported Jul 13, 2026: actual 27.9B JPY, estimate —, surprise —, Comparison unavailable.

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

¥20.00

2025 complete year+33.3% since 2021

2026 partial: ¥20.00

* Partial calendar year in the available dividend history.

Corporate action history

DividendUpcoming

Ex-dividend Aug 28, 2026

¥20.00

Annual

Record Aug 31, 2026 · Payment Aug 28, 2026

Dividend

Ex-dividend Feb 26, 2026

¥20.00

Special

Record Feb 28, 2026 · Payment May 8, 2026

Dividend

Ex-dividend Aug 28, 2025

¥10.00

Semi-Annual

Record Aug 31, 2025 · Payment Nov 21, 2025

Dividend

Ex-dividend Feb 27, 2025

¥10.00

Semi-Annual

Record Feb 28, 2025 · Payment May 8, 2025

Dividend

Ex-dividend Aug 29, 2024

¥10.00

Semi-Annual

Record Aug 31, 2024 · Payment Nov 22, 2024

Dividend

Ex-dividend Feb 28, 2024

¥10.00

Semi-Annual

Record Feb 29, 2024 · Payment May 8, 2024

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