1. Japan Stocks

  2. •

    Consumer Cyclical

  3. •

    Furnishings, Fixtures & Appliances
Rinnai Corporation

Rinnai Corporation

5947.T
Rinnai CorporationJP flagTokyo Stock Exchange
3,665.00
JPY
+43.00
- -
506.04BMarket Cap
Rinnai Corporation
5947.T
(Tokyo Stock Exchange)

Recent

price

3,665.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
1,603.02
1,675.75
1,711.09
1,870.6
1,890.99
2,050.73
2,116.94
2,240.25
2,256.96
2,207.95
2,233.3
7,253.03
2,882.74
2,980.35
3,250.5
3,381.67
1,662.13
Revenue per Share
103.84
114.19
131.62
151.57
132.34
145.57
143.08
136.8
132.81
139.83
178.87
470.38
176.91
184.75
209.66
259.96
131.33
Basic EPS, GAAP
124.85
91.55
97.02
153.66
81.93
116.17
116.05
86.95
93.43
177.05
234.83
155.62
-49.64
41.48
283.17
244.48
- -
Free Cash Flow per Basic Share
15.5
17.33
19.32
20.43
24.66
26
28
29.36
30.67
31.99
34.99
140.23
48.44
58.47
70.15
90.25
- -
Dividend per Share
1,032.47
1,144.68
1,256.99
1,306.87
1,380.16
1,511.64
1,626.77
1,712.26
1,832.7
1,947.28
2,091.19
6,379.38
2,314.65
2,417.73
2,537.98
2,685.2
2,498.02
Book Value per Share
934.14
1,041.24
1,199.11
1,488.24
1,647.59
1,703.87
1,819.05
1,946.83
2,042.49
2,188.59
2,387.14
7,428.9
2,735.13
3,005.34
3,205.35
3,423.25
3,140.03
Tangible Book Value per Share
149
147
147
153
156
156
156
155
154
154
154
50
148
144
142
139
143
Basic Weighted Avg Shares
239,436
246,636
251,832
286,981
295,022
319,935
330,256
347,071
348,022
340,460
344,364
366,185
425,229
430,186
460,319
470,392
237,492
Sales/Revenue/Turnover
16.05
10.8
10.47
11.86
10.44
10.81
10.31
9.47
8.87
10.11
11.82
9.8
9.74
9.15
10
10.74
12.32
Operating Margin (%)
8,045
1,087
1,044
1,053
1,123
1,389
1,681
1,792
1,976
2,594
2,663
2,864
3,379
3,714
4,119
15,076
- -
Depreciation Expense
15,510
16,807
19,371
23,254
20,647
22,710
22,322
21,194
20,480
21,561
27,581
23,748
26,096
26,667
29,691
36,160
18,765
Net Income, GAAP
32.96
37.1
31.36
34.32
30.99
30.27
28.17
28.35
27.63
26.25
26.46
25.74
25.96
24.81
25.45
27.2
25.08
Effective Tax Rate (%)
6.48
6.81
7.69
8.1
7
7.1
6.76
6.11
5.88
6.33
8.01
6.49
6.14
6.2
6.45
7.69
7.9
Profit Margin (%)
65,844
83,543
104,693
125,025
126,306
133,750
146,103
170,557
192,541
208,106
232,615
225,153
228,652
234,547
253,877
263,570
246,838
Working Capital
2,763
3,325
2,550
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
LT Debt
141,110
154,738
178,006
232,633
261,413
271,708
290,636
307,963
320,694
340,956
371,317
378,856
407,198
437,436
461,716
494,122
452,923
Total Equity
16.31
10.31
10.04
10.18
8.21
8.81
8.49
7.7
6.97
7.51
8.2
6.96
7.67
6.88
7.49
7.46
5
Return on Invested Capital (%)
9.26
9.49
9.9
10.75
8.28
8.45
7.46
6.32
5.75
5.55
6.78
5.23
5.19
4.82
5.47
6.78
3.58
Return on Capital (%)
10.51
10.42
10.96
12.06
9.93
10.07
9.12
8.17
7.48
7.4
8.86
7.37
7.87
7.73
8.38
9.87
5.35
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Mar'24
Jun'25
Sep'25
ST Debt
- -
- -
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
143
- -
141
Market Capitalization
509,479
522,956
504,524

Working Capital

FRC

•

in mil. unless spec.
Mar'24
Jun'25
Sep'25
Total Current Assets
341,437
- -
346,003
Cash, Cash Equivalents & STI
247,362
- -
252,936
Accounts Receivable, Net
91,694
- -
- -
Inventories
81,652
- -
82,442
Total Current Liabilities
106,890
- -
99,165
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.18%
5.9%
7.02%
Free Cash Flow
20.47%
20.27%
-15.2%
Net Income, GAAP
5.44%
6.26%
21.79%
Sales/Revenue/Turnover
4.04%
6.56%
2.19%
Total Cash Common Dividend
12.38%
18.87%
26.36%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
89,853
102,841
117,468
120,024
430,186
2025
- -
- -
- -
- -
460,319
2026
- -
- -
- -
- -
470,392

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
22.48
- -
- -
- -
184.75
2025
- -
- -
- -
- -
209.66
2026
- -
- -
- -
- -
259.96

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
58.47
2025
- -
- -
- -
- -
70.15
2026
- -
- -
- -
- -
90.25
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Business
Rinnai Corporation manufactures and sells thermal equipment, including gas appliances and related products, primarily for residential and commercial applications. Founded in 1920 and headquartered in Nagoya, Japan, the company operates through six regional segments in Japan and maintains a global presence with subsidiaries and sales operations in over 20 countries and regions, including the United States, Australia, China, South Korea, Indonesia, Europe, Latin America, and Asia-Pacific markets; its international sales account for approximately 30% of total revenue. Core products and services encompass tankless water heaters, condensing gas water heaters, hybrid water heaters with heating systems such as ECO ONE and ECO ONE X5, gas stoves and cooking appliances including glass-top stoves with inner flame burners and commercial cooking equipment, gas heaters and bathroom heater/dryers, HVAC systems, air conditioning units, industrial equipment, and emerging renewable energy solutions like hydrogen-ready boilers, low-GWP heat pumps, solar thermal systems, and R290 commercial heat pumps; the company targets households, businesses, and utilities with a focus on energy efficiency, safety features, and environmental sustainability. Recent major developments include the acquisition of Smart Energy Group in Australia in 2024 to expand into solar PV systems and battery storage, the acquisition of Industrias MASS in Mexico in 2021 to bolster Latin American operations, the purchase of Brivis Climate Systems in Australia in 2015, and the completed acquisition of Peru-based MT Industrial S.A.C. in October 2025, a leading housing equipment sales company with ¥9.8 billion in 2024 net sales, to strengthen market presence in Peru and broader Latin America through enhanced sales networks for water heaters, home appliances, and installation services.