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Producer Manufacturing

Rinnai Corp.

Business Summary

Rinnai Corp. engages in the development, manufacture, and sale of comprehensive heating products. It products include water heaters, kitchen appliances, air-conditioning appliances, commercial-use equipment and others. The company was founded by Hidejiro Naito and Kanekichi Hayashi on September 1, 1920 and is headquartered in Nagoya, Japan.

Financial Highlights

Mar 2022 JPYUSD
Gross Profit113,693M1,011.74M
Operating income35,865M319.16M
Income before tax39,060M347.59M
Net income23,748M211.33M
Diluted EPS470.374.18
Dividends Per Share1401.24
Total Assets512,867M4,225.47M
Total liabilities134,009M1,104.09M
Total equity343,120M2,826.94M
Operating cash flow28,696M255.36M
Currency in JPYCurrency in USD

Historical Data

 Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022
Revenue 347,071M 348,022M 340,460M 344,364M 366,185M
Gross Profit 110,283M 110,131M 109,981M 112,669M 113,693M
Operating income 32,850M 30,880M 34,422M 40,691M 35,865M
Income before tax 34,580M 33,164M 34,834M 43,846M 39,060M
Net income 21,194M 20,480M 21,562M 27,581M 23,748M
EBITDA 44,651M 43,251M 46,897M 52,265M 47,704M
Diluted EPS 410.40 398.44 419.48 536.61 470.37
Dividends Per Share 90 94 98 125 140
Total Assets 422,422M 430,885M 450,486M 497,291M 512,867M
Total liabilities 114,456M 110,187M 109,525M 125,971M 134,009M
Total equity 287,283M 299,136M 315,616M 342,329M 343,120M
Operating cash flow 29,914M 29,479M 37,694M 49,491M 28,696M
 Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022
Revenue 3,131.49M 3,138.31M 3,131.36M 3,246.95M 3,258.66M
Gross Profit 995.04M 993.11M 1,011.54M 1,062.33M 1,011.74M
Operating income 296.39M 278.46M 316.59M 383.66M 319.16M
Income before tax 312.00M 299.05M 320.38M 413.41M 347.59M
Net income 191.22M 184.67M 198.31M 260.05M 211.33M
EBITDA 402.86M 390.01M 431.33M 492.79M 424.51M
Diluted EPS 3.70 3.59 3.85 5.05 4.18
Dividends Per Share 0.81 0.84 0.90 1.17 1.24
Total Assets 3,971.99M 3,892.89M 4,172.90M 4,500.37M 4,225.47M
Total liabilities 1,076.21M 995.50M 1,014.54M 1,140.00M 1,104.09M
Total equity 2,701.29M 2,702.58M 2,923.58M 3,098.00M 2,826.94M
Operating cash flow 269.90M 265.82M 346.68M 466.64M 255.36M

Valuation Measures

Mar 2022
Operating margin9.79%
Profit margin6.48%

Key executives

  • Executive President & Representative Director: Hiroyasu Naito
  • GM-Development & Manager-Technology Management: Chuji Nakashima
  • Representative Director & Executive Vice President: Tsunenori Narita
  • Executive Officer & Accounting Manager: Atsuro Kashima
  • Senior Executive Officer & GM-Quality Assurance: Masanori Shimizu


  • NAITO YUKIMI (13.5%)
  • FIL Investments (Japan) Ltd. (7.4%)
  • Nomura Asset Management Co., Ltd. (5.3%)
  • Rinnai Scholarship Foundation (2.7%)
  • Rinnai Corp. (2.0%)
  • Misaki Capital, Inc. (2.0%)
  • The Vanguard Group, Inc. (1.8%)
  • Tokyo Gas Co., Ltd. (1.5%)

Contact Details

  • Website:
  • Address: 2-26 Fukuzumi-cho, Nakagawa-Ku, Nagoya, 454-0802, Japan
  • Phone: +81.52.361.8211

Related Companies

  • Rinnai Restricted Stock Compensation Plan
  • Guangzhou Rinnai Gas & Electric Appliance Co., Ltd.
  • Rinnai Brasil Tecnologia de Aquecimento Ltda.
  • Rinnai Italia Srl
  • Rinnai Canada Holdings Ltd.
  • Rinnai Hong Kong Ltd.
  • Rinnai (Malaysia) Sdn. Bhd.
  • Rinnai Taiwan Corp.
  • Rinnai New Zealand Ltd.
  • Rinnai Kigyo Co. Ltd.
  • Rinnai UK Ltd.
  • Rinnai Pension Fund
  • Equipamentos NGK-Rinnai Ltda.
  • PT Rinnai Indonesia
  • Japan Ceramics Co., Ltd.
  • Rinnai Vietnam Co. Ltd.
  • Rinnai Precision Co., Ltd.
  • Rinnai Toyota Engineering Corp.
  • Yanagisawa Seisakusho KK
  • RG Co., Ltd.
  • Techno Parts Co., Ltd.
  • Noto Tech Co., Ltd.
  • Rinnai Net Co., Ltd.
  • GASTAR Co., Ltd.
  • Rinnai Seiki Co. Ltd.
  • Rinnai Technica Co., Ltd.
  • RB Controls Co., Ltd.
  • Shanghai Rinnai Co., Ltd.
  • Rinnai Kyoshinkai Business Association
  • Rinnai Holdings (Pacific) Pte Ltd.


  • A. O. Smith Corporation
Last Updated on 30 Sep, 2022

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