Building Products & Equipment / Household Appliances & HVAC Systems
Strategic Profile
Noritz operates through Domestic and Overseas segments, with the Domestic segment handling sales and after-sales services of products in Japan, while also offering shared services and parts for hot water equipment. The company operates across North America, Europe, and Asia offering a comprehensive range of products including tankless gas and electric water heaters, condensing boilers, and air conditioning systems.
Cyborg Score Rationale
Trailing 12-month net income margin sits at 1.7% compared with 2.2% a year earlier, with trailing revenue at approximately ¥202,049 million versus ¥202,204 million a year earlier, indicating pressure on profitability rather than demand levels. The stock reached an all-time high on February 12, 2026 with a price of 2,600 JPY, suggesting strong recent momentum, but the company's thin 1.7% net margin, five-year earnings decline and premium 29.6x P/E indicate stretched valuation.
Top Insights
Noritz holds a distinguished position as a key innovator and significant market share holder in the tankless water heater sector, recognized for its technological prowess and dedication to customer satisfaction, solidifying its standing as a premier provider of advanced home comfort systems worldwide.
Net income margin has compressed to 1.7% (February 2026 trailing 12-month basis) from 2.2% a year earlier despite relatively stable revenue around ¥202 billion.
Dividend yield was 3.71% in 2025 with a payout ratio of 100.69%, compared with 4.14% yield and 72.72% payout ratio the year before (2024).
The company has 6,128 full-time employees and is classified in the Building Products & Equipment industry.
Named Competitors
Water Heater Systems — Leading tankless water heater and heating equipment manufacturer
Water Heating Solutions — Global manufacturer of water heaters and HVAC equipment
Kitchen Appliances & HVAC — Japanese manufacturer of gas appliances and heating equipment
Recent Developments
(May 2026) Consolidated Financial Results for the Three Months Ended March 31, 2026 released
(February 2026) Trailing 12-month net income of ¥3,358 million on ¥202,049 million revenue with 1.7% net margin
(February 2026) Stock reached all-time high of 2,600 JPY on February 12, 2026
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