Moat ranks
Balance sheet
| ¥B | Dec '24 | Dec '25 |
|---|---|---|
| Cash | 214.4 | 159.4 |
| Securities | 24.6 | 17.6 |
| Long-term securities | 13.8 | 12.6 |
| Debt | 5.0 | 6.4 |
| Net cash | 247.8 | 183.3 |
| Equity | 363.7 | 392.6 |
- Debt / EBITDA
- 0.09×
- Debt / equity
- 0.02×
- Leases (12/31/25)
- ¥4.4B
- Diluted shares
- 140M
- Book value / share
- ¥2,800.22
- Price / book
- 1.9×
- Net cash / share
- ¥1,307.26
- Market cap
- ¥752.5B
- Enterprise value
- ¥569.2B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 14.7% | +7.0 pts | |
| Operating margin | 11.4% | -1.2 pts | |
| FCF margin | – | – | – |
| Capex / revenue | – | – | – |
| Maintenance and repair revenue | ¥39.4B | +14% | |
| Japan sales and service offices | 427 | – | |
| Japan service staff · 12/31/24 | ~2,800 | – | – |
| Gross margin | 37.2% | -1.1 pts | |
| Net margin | 8.0% | -1.2 pts |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About 6465
Hoshizaki generated JPY 273.6 billion of H1 2026 revenue, up 14.7%, and JPY 32.7 billion of operating profit, up 7.3%. Refrigerators were 31.8% of sales, ice machines were 18.6%, and maintenance and repair were 14.4%.
- Service Field Network
A dense direct service footprint reduces downtime risk and can reinforce replacement and service attachment in Japan; comparable overseas density is not disclosed.
- Service Field Network
Japan field-service density reduces costly refrigeration downtime and can support replacement cycles; the record does not extrapolate that density overseas.
- Service Field Network
Warewashing uptime is operationally important, and Japan coverage can reduce downtime; no equivalent overseas density or segment retention metric is disclosed.
- Installed Base Consumables
The installed base creates recurring inspection, maintenance, repair and parts opportunities, but independent service and multi-brand capability limit capture.
- Sep 30, 2026
Hoshizaki bought 381,300 shares for JPY2.07 billion in September, bringing purchases under its February authorization to JPY24.27 billion. Capital returned to shareholders reduces the cash available for future acquisitions.
- Aug 6, 2026
Hoshizaki announced a two-for-one stock split effective January 1, 2027. It reduces the trading unit but changes no operating earnings or business advantage.
- Jun 16, 2026
Hoshizaki entered a strategic partnership with Japan Activation Capital to improve capital use, overseas execution and profit margins; the benefits still depend on measurable operating improvements.
- Jul 31, 2025
Hoshizaki bought Structural Concepts for JPY56.1 billion, adding US food-display cases and potential parts-network synergies. JPY54.0 billion provisional goodwill brings substantial amortization and an integration hurdle.
- Dec 31, 2024 · Full year · One-off charge −¥2.6B
The loss on step acquisitions reduced FY2024 pretax profit as additional ownership brought businesses into consolidation. The final FY2025 comparative reports JPY2,550 million, replacing the provisional H1 amount of JPY2,560 million.
Ownership
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On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share (¥) | |||||||||||||
| Revenue | 1,833.54 | 1,948.62 | 2,021.47 | 2,003.17 | 1,645.35 | 1,894.53 | 2,218.30 | 2,578.64 | 3,098.03 | 3,434.56 | 3,716.02 | +7.2%/yr | |
| Cash flow | 211.36 | 240.82 | 208.54 | 210.27 | 143.15 | 188.77 | 35.69 | 260.22 | 329.24 | 215.79 | 328.69 | +0.2%/yr | |
| Earnings | 147.97 | 159.80 | 177.56 | 168.72 | 79.00 | 149.67 | 165.52 | 226.65 | 256.86 | 269.65 | 274.55 | +6.9%/yr | |
| Free cash flow | 172.18 | 196.22 | 176.65 | 180.27 | 119.60 | 165.08 | -2.97 | 211.57 | 255.06 | 137.63 | 250.78 | -2.5%/yr | |
| Capex | 39.18 | 44.60 | 31.89 | 30.00 | 23.55 | 23.69 | 38.66 | 48.65 | 74.18 | 78.16 | 77.91 | +8.0%/yr | |
| Dividends | 29.99 | 34.99 | 35.00 | 40.00 | 54.96 | 55.01 | 84.95 | 69.98 | 110.39 | 110.32 | 116.77 | +15.6%/yr | |
| Book value | 1,281.33 | 1,415.24 | 1,534.45 | 1,660.68 | 1,644.17 | 1,779.97 | 1,994.71 | 2,267.56 | 2,529.07 | 2,775.18 | 2,844.36 | +9.0%/yr | |
| Diluted shares (M) | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 145 | 144 | 141 | 140 | -0.3%/yr | |
| Totals (¥B) | |||||||||||||
| Revenue | 265.5 | 282.2 | 292.8 | 290.1 | 238.3 | 274.4 | 321.3 | 373.6 | 445.5 | 485.9 | 521.0 | +6.9%/yr | |
| Operating income | 34.6 | 36.1 | 36.4 | 32.7 | 18.4 | 24.9 | 27.4 | 43.5 | 51.1 | 51.9 | 54.2 | +4.6%/yr | |
| Net income | 21.4 | 23.1 | 25.7 | 24.4 | 11.4 | 21.7 | 24.0 | 32.8 | 36.9 | 38.1 | 38.5 | +6.6%/yr | |
| Free cash flow | 24.9 | 28.4 | 25.6 | 26.1 | 17.3 | 23.9 | -0.4 | 30.7 | 36.7 | 19.5 | 35.2 | -2.7%/yr | |
| Buybacks | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 14.5 | 5.5 | 17.2 | – | |
| Dividends | 4.3 | 5.1 | 5.1 | 5.8 | 8.0 | 8.0 | 12.3 | 10.1 | 15.9 | 15.6 | 16.4 | +15.3%/yr | |
| Net cash | 165.5 | 188.3 | 205.2 | 215.3 | 220.2 | 243.0 | 225.6 | 257.7 | 247.8 | 183.3 | – | +¥17.8B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 39.0 | 38.4 | 37.8 | 37.7 | 37.4 | 36.3 | 34.8 | 36.4 | 37.4 | 37.3 | 37.1 | -1.7 pts | |
| Operating margin | 13.0 | 12.8 | 12.4 | 11.3 | 7.7 | 9.1 | 8.5 | 11.6 | 11.5 | 10.7 | 10.4 | -2.3 pts | |
| Net margin | 8.1 | 8.2 | 8.8 | 8.4 | 4.8 | 7.9 | 7.5 | 8.8 | 8.3 | 7.9 | 7.4 | -0.2 pts | |
| FCF margin | 9.4 | 10.1 | 8.7 | 9.0 | 7.3 | 8.7 | -0.1 | 8.2 | 8.2 | 4.0 | 6.7 | -5.4 pts | |
| ROIC | – | – | – | – | – | – | 30.1 | 40.5 | 27.4 | 16.3 | – | – | |
| Return on equity | 11.5 | 11.3 | 11.6 | 10.2 | 4.8 | 8.4 | 8.3 | 10.0 | 10.2 | 9.7 | 9.7 | -1.8 pts | |
| R&D % of revenue | 1.5 | 1.4 | 1.4 | 1.5 | 1.7 | 1.6 | 1.4 | 1.3 | 1.3 | 1.2 | – | -0.2 pts | |
| Capex % of revenue | 2.1 | 2.3 | 1.6 | 1.5 | 1.4 | 1.3 | 1.7 | 1.9 | 2.4 | 2.3 | 2.1 | +0.1 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Competitive
- Durability
- durable
- Trajectory
- stable
- Pricing power
- moderate
- Ice makers18.7%1 claim
- Refrigerators & freezers28.1%1 claim
- Commercial dishwashers (warewashing)7.1%1 claim
- Dispensers (beverage systems)8.5%No moat
- Other Hoshizaki products12.7%No moat
- Maintenance / repair (service, parts, and connected monitoring)14.6%2 claims
- Other companies' products (resale/complementary kitchen equipment)10.2%No moat
Moat claims
- Applies to
- Ice makers
- Confidence
- Durability
- durable
- Trajectory
- stableas of Jun 30, 2026
A dense direct service footprint reduces downtime risk and can reinforce replacement and service attachment in Japan; comparable overseas density is not disclosed.
Japan had 427 sales and service offices in June 2026, compared with 426 at December 2025; H1 maintenance and repair revenue reached JPY39.4 billion, but contract renewals and OEM repair capture remain undisclosed.
- Japan sales and service offices427
- Japan service staff~2,800
- Third-party service providers expand, reducing differentiation
- Service labor shortages and rising costs
- Outside Japan, footprint may be thinner and less defensible
- SourceHoshizaki H1 2026 results presentation - company profileAug 6, 2026
- SourceHoshizaki Integrated Report 2025 - domestic service scaleOct 31, 2025
- Applies to
- Refrigerators & freezers
- Confidence
- Durability
- durable
- Trajectory
- stableas of Jun 30, 2026
Japan field-service density reduces costly refrigeration downtime and can support replacement cycles; the record does not extrapolate that density overseas.
Japan had 427 sales and service offices in June 2026, compared with 426 at December 2025; H1 maintenance and repair revenue reached JPY39.4 billion, but contract renewals and OEM repair capture remain undisclosed.
- Japan sales and service offices427
- Japan service staff~2,800
- Independent service firms reduce dependence on OEM service
- Rising service labor costs compress economic advantage
- Outside Japan, service coverage may be less dense
- SourceHoshizaki H1 2026 results presentation - company profileAug 6, 2026
- Applies to
- Commercial dishwashers (warewashing)
- Confidence
- Durability
- durable
- Trajectory
- stableas of Jun 30, 2026
Warewashing uptime is operationally important, and Japan coverage can reduce downtime; no equivalent overseas density or segment retention metric is disclosed.
Japan had 427 sales and service offices in June 2026, compared with 426 at December 2025; H1 maintenance and repair revenue reached JPY39.4 billion, but contract renewals and OEM repair capture remain undisclosed.
- Japan sales and service offices427
- Japan service staff~2,800
- Service partner networks of competitors narrow response-time advantage
- Price-based competition for standard models
- Labor constraints for service technicians
- SourceHoshizaki H1 2026 results presentation - company profileAug 6, 2026
- SourceHoshizaki Japan - service, support and maintenanceOct 7, 2026
- Applies to
- Maintenance / repair (service, parts, and connected monitoring)
- Confidence
- Durability
- durable
- Trajectory
- stableas of Jun 30, 2026
The installed base creates recurring inspection, maintenance, repair and parts opportunities, but independent service and multi-brand capability limit capture.
Japan had 427 sales and service offices in June 2026, compared with 426 at December 2025; H1 maintenance and repair revenue reached JPY39.4 billion, but contract renewals and OEM repair capture remain undisclosed.
- Maintenance and repair revenue¥39.4B+14%
- Independent service firms and compatible parts reduce OEM capture
- Customer in-sourcing of maintenance for large chains
- Right-to-repair policies could reduce parts pricing power
- SourceHoshizaki Japan - maintenance contractsOct 7, 2026
- SourceHoshizaki H1 2026 results presentation - product groupsAug 6, 2026
- Applies to
- Maintenance / repair (service, parts, and connected monitoring)
- Confidence
- Durability
- durable
- Trajectory
- stableas of Jun 30, 2026
A dense service network is itself the delivery mechanism for service revenue and improves retention and attach rates.
Japan had 427 sales and service offices in June 2026, compared with 426 at December 2025; H1 maintenance and repair revenue reached JPY39.4 billion, but contract renewals and OEM repair capture remain undisclosed.
- Maintenance and repair revenue¥39.4B+14%
- Japan sales and service offices427
- Japan service staff~2,800
- Technician shortages degrade response times
- Cost inflation reduces service competitiveness
- Digital remote diagnostics commoditize some service value
- SourceHoshizaki H1 2026 results presentation - company profileAug 6, 2026
Profile change log
- Oct 7, 2026 · business change
Hoshizaki bought 381,300 shares for JPY2.07 billion in September, bringing purchases under its February authorization to JPY24.27 billion. Capital returned to shareholders reduces the cash available for future acquisitions.
- Oct 7, 2026 · business change
Hoshizaki announced a two-for-one stock split effective January 1, 2027. It reduces the trading unit but changes no operating earnings or business advantage.
- Oct 7, 2026 · business change
Hoshizaki entered a strategic partnership with Japan Activation Capital to improve capital use, overseas execution and profit margins; the benefits still depend on measurable operating improvements.
- Oct 7, 2026 · business change
Hoshizaki bought Structural Concepts for JPY56.1 billion, adding US food-display cases and potential parts-network synergies. JPY54.0 billion provisional goodwill brings substantial amortization and an integration hurdle.
- Oct 7, 2026 · analyst revision
Linked all seven product groups to the commercial food-equipment market, changed their revenue weights from H1 2026 to the latest full year FY2025, and added stable trajectories, operating KPI history, management and a sourced investment debate. Moat claims, evidence status, sector and industry are unchanged.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Commercial food equipment and service
Commercial warewash, cooking, refrigeration, food preparation and ventilation equipment, plus related parts, maintenance and repair. Excludes residential appliances and restaurant food sales.
- Middleby
- Ali Group
- Illinois Tool Works / Hobart
- Hoshizaki
- Rational
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| 6465 | 47 | 37.1% | 10.4% | |
| Industry median | 20 | 70 | 40.9% | 19.0% |
| Sector median | 88 | 76 | 37.3% | 18.0% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Restaurant, retail and institutional investment strongly affects new equipment demand. Replacement needs soften the effect of weak new openings.
- Installed kitchens create recurring repair and maintenance demand. Service capability and uptime matter when a failure prevents food preparation.
- Labor shortages and energy efficiency encourage investment in automated and more efficient equipment. Equipment must still earn a return for customers.
- Interest rates have a moderate indirect effect through restaurant financing and institutional budgets. Foreign exchange changes translated international revenue.
- Low-global-warming refrigerants and more efficient refrigeration can accelerate replacement demand. Hoshizaki is expanding natural-refrigerant refrigerators and ice machines; savings and compliance must justify customer investment.
- Weak restaurant traffic, closures and delayed institutional investment reduce equipment purchases.
- Large chains and distributors can negotiate discounts and switch approved brands; established reputation does not remove competing bids.
- Third-party service providers and compatible parts can reduce control of the aftermarket.
- Wage, steel and component inflation can absorb service and equipment pricing; new product safety or energy rules can add development costs.
- Currency swings strongly affect reported international sales and profit; Turkish hyperinflation accounting makes comparisons harder. Refrigerant transitions and trade barriers can change equipment design and sourcing costs.
Bulls & bears
Can Hoshizaki carry its Japan service advantage into profitable overseas growth while earning a return on recent acquisitions?
Arguments
What to watch
- 1Maintenance and repair revenue and contract renewal rates
- 2Japan service offices and technicians
- 3Americas and Europe profit after acquisition amortization, with organic sales separated from acquisitions
Next check: Q3 2026 results on November 12, 2026, as scheduled in the company IR calendar.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 47/100 by <a href="https://www.findmymoat.com/stocks/XTKS:6465">Find My Moat</a> (as of September 2026)Curation & Accuracy
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