FURUYA METAL CO.,LTD.
7826・Prime Market・Other Products
Business
Furuya Metal Co., Ltd. is a specialized manufacturer of industrial precious metal products that concentrates its management resources on platinum group metals (PGM: platinum, iridium, palladium, rhodium, ruthenium). Founded in 1951, the company succeeded in 1981 in domestically manufacturing iridium crucibles for the first time in Japan, and has since supplied materials indispensable to fields such as electronics, optical glass, clean energy, and medical care. Its main products are crucibles for electronic component manufacturing, sputtering targets, thermocouples (temperature sensors), and precious metal compounds/catalysts, and it has customers related to data centers, semiconductors, and green energy both domestically and overseas. The overseas sales ratio reached 61.5% (FY2025 (ended June 2025)), with a broad presence across Asia, North America, and Europe. The company was selected twice, in 2014 and 2020, as one of the 100 Global Niche Top Companies certified by the Ministry of Economy, Trade and Industry.
Business Model
The company adopts a vertically integrated business model spanning precious metal raw material procurement (through partnerships with Tanaka Kikinzoku Kogyo and mining companies), product manufacturing via advanced processing and refining technologies, and contract recycling/refining of used precious metals. While securing high-value-added earnings through manufacturing and sales (Electronics, Thin Film, Thermal, Fine Chemicals & Recycling), the company also supports the distribution of precious metal raw materials through its Supply Chain Support segment. Raw material recovery through recycling contributes to cost reduction and stable procurement within this structure.
Company Strengths
In 1981, the company succeeded in Japan's first domestic manufacture of iridium crucibles, and has since accumulated over 40 years of PGM processing technology. It supplies highly challenging products such as isolators for optical communications used in data centers and scintillators for medical PET devices, and in the Thin Film segment began new sales of target materials for next-generation communications (BAW) from FY2025 (ended June 2025), demonstrating continuous technological evolution.
In FY2025 (ended June 2025), the Thin Film segment maintained a high gross profit margin of 38.2%, while the Electronics segment maintained 29.3%. Overseas sales reached ¥35,307 million (61.5% of total net sales), with a customer base diversified across Asia, North America, and Europe. The operating margin stood at 16.6% (FY2025, ended June 2025), maintaining high profitability as a manufacturer.
In 2011, the company concluded a capital and business alliance agreement with Tanaka Kikinzoku Kogyo K.K., collaborating on procurement of iridium bullion and other matters. It also has a precious metal bullion purchase and sale agreement with Mitsubishi Corporation RtM Japan (concluded in 2001 and continuously renewed), establishing a stable procurement system for scarce PGMs. The company has also secured a ¥30.0 billion commitment line, providing financial procurement capacity as well.
ENVALITH's Perspective
Performance Trend
Over the past five fiscal years, revenue expanded from ¥33,840 million (FY2021) to ¥57,379 million (FY2025), but operating profit had been declining after peaking at ¥13,055 million in FY2022, falling to ¥9,538 million in FY2025. In the cumulative nine months of Q3 FY2026 (ending June 2026), revenue sharply rebounded to ¥74,730 million (up 83.1% year on year) and operating profit to ¥17,336 million (up 109.4% year on year). External factors such as soaring precious metal prices and yen depreciation provided a tailwind, with rapid expansion in the Supply Chain Support segment occurring simultaneously with improved profitability in the manufacturing segment. Full-year guidance calls for revenue of ¥96,000 million and operating profit of ¥22,500 million (up 67.3% and 135.9% year on year, respectively), aiming for a level significantly exceeding the FY2022 peak profit. The annual dividend forecast has also been raised from ¥96 to ¥155.
Growth Strategy
Aiming for net sales of ¥150.0 billion and ordinary income of ¥20.0 billion in FY2030 (ending June 2030) under "KFK Vision 2030"
Continuing to drive order growth in the Thin Film segment (HD and Sputtering Targets for Semiconductors) and the Electronics segment (Crucibles for optical communications and medical applications), against a backdrop of expanding data center investment. Progress has been steady, with Thin Film sales up 38.0% and Electronics sales up 54.3% for the cumulative nine months of Q3 FY2026 (ending June 2026).
Strengthening the supply function for precious metal raw materials not tied to orders for the company's own products, in order to meet customers' procurement needs. Supply Chain Support sales surged 255.6% year on year for the cumulative nine months of Q3 FY2026 (ending June 2026), and Direct Sales of Precious Metals from Raw Material Inventory (net sales of ¥16,558 million) were also carried out. Agile responsiveness during a period of surging precious metal prices contributed to this success.
Construction in progress increased from ¥1,860 million at the end of the previous fiscal year to ¥4,400 million, as capital investment to expand production capacity accelerates. Software in progress also increased from ¥2,952 million to ¥3,571 million, with IT infrastructure development proceeding in parallel. Capacity expansion to meet robust demand is underway.
The annual dividend forecast for FY2026 (ending June 2026) has been raised from ¥96 to ¥155 (up 61.5% year on year). The dividend forecast was revised concurrently with the upward revision of the earnings forecast, clearly demonstrating the policy of reflecting profit growth in shareholder returns. Based on the forecast of net income per share of ¥609.95, the payout ratio is approximately 25.4%.
Last updated: July 17, 2026