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Kureha
(4023)
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Rating:46Neutral
Price Target:
¥3,798.00
▼(-8.15% Downside)
Action:Reiterated
Date:05/14/26
The score is primarily held back by deteriorating financial performance (net loss in 2026, rising leverage, and uneven revenue/FCF) and weak technical signals (below key moving averages with negative momentum). A high dividend yield provides some support, but the negative P/E tied to losses limits valuation attractiveness.
Positive Factors
Consistent operating cash flow
Consistent positive operating cash flow and a return to modest positive free cash flow in 2026 indicate the core business generates cash even amid earnings volatility. Over 2–6 months this supports working capital, routine capex, and debt service, reducing short-term refinancing pressure and sustaining operations.
Negative Factors
Weakened profitability & choppy revenue
A net loss in 2026 and multi-year top-line decline indicate weakened demand or competitive pressure. Persisting revenue weakness erodes internal funding for R&D, capex and strategic initiatives, risks margin recovery, and reduces buffers for cyclical downturns over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent operating cash flow
Consistent positive operating cash flow and a return to modest positive free cash flow in 2026 indicate the core business generates cash even amid earnings volatility. Over 2–6 months this supports working capital, routine capex, and debt service, reducing short-term refinancing pressure and sustaining operations.
Read all positive factors
Kureha (4023) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥163.97B
Dividend Yield4.99%
Average Volume (3M)409.12K
Price to Earnings (P/E)―
Beta (1Y)0.69
Revenue Growth-0.20%
EPS Growth-295.35%
CountryJP
Employees3,941
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)-259.83
Shares Outstanding40,242,220
10 Day Avg. Volume239,800
30 Day Avg. Volume409,116
Financial Highlights & Ratios
PEG Ratio0.05
Price to Book (P/B)0.96
Price to Sales (P/S)0.98
P/FCF Ratio33.27
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥3,666.67Price Target Upside-11.33% Downside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)210.24
Revenue Forecast (FY)¥170.40B
Kureha Business Overview & Revenue Model
Company Description
Kureha Corporation is a global enterprise based in Japan, engaged in the development, manufacturing, and distribution of diverse offerings, including advanced materials, specialized chemicals, and various plastic products. The company organizes it...
How the Company Makes Money
Kureha makes money primarily by manufacturing and selling chemical products and materials to industrial and commercial customers. Its revenue model is largely business-to-business: it earns sales revenue from (1) functional/advanced material produ...
Kureha Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
45
Neutral
Cash Flow
42
Neutral
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 161.69B | 162.01B | 177.97B | 191.28B | 168.34B |
| Gross Profit | 45.55B | 42.49B | 51.34B | 54.79B | 50.88B |
| EBITDA | -5.21B | 23.10B | 25.76B | 34.84B | 32.11B |
| Net Income | -10.69B | 7.80B | 9.73B | 16.87B | 14.16B |
Balance Sheet | |||||
| Total Assets | 338.44B | 345.30B | 328.51B | 296.40B | 282.64B |
| Cash, Cash Equivalents and Short-Term Investments | 29.73B | 21.50B | 23.13B | 32.20B | 30.64B |
| Total Debt | 119.66B | 84.71B | 53.59B | 24.99B | 27.49B |
| Total Liabilities | 171.26B | 134.16B | 107.48B | 79.63B | 81.91B |
| Stockholders Equity | 165.23B | 209.37B | 219.26B | 215.20B | 199.22B |
Cash Flow | |||||
| Free Cash Flow | 4.75B | -14.31B | -21.10B | 8.51B | 15.99B |
| Operating Cash Flow | 28.01B | 29.52B | 11.60B | 22.74B | 28.58B |
| Investing Cash Flow | -13.72B | -39.44B | -34.29B | -11.10B | -11.00B |
| Financing Cash Flow | -7.96B | 8.44B | 12.13B | -10.48B | -6.11B |
Kureha Technical Analysis
Positive
4135.00
Price Trends
4027.90
Positive
4021.40
Positive
4036.12
Positive
Market Momentum
81.56
Positive
63.32
Neutral
75.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4023, the sentiment is Positive. The current price of 4135 is below the 20-day moving average (MA) of 4243.00, above the 50-day MA of 4027.90, and above the 200-day MA of 4036.12, indicating a bullish trend. The MACD of 81.56 indicates Positive momentum. The RSI at 63.32 is Neutral, neither overbought nor oversold. The STOCH value of 75.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4023.
Kureha Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | ¥2.15T | 16.44 | 12.36% | 1.69% | 4.24% | 6.46% | |
73 Outperform | ¥344.45B | 11.38 | 6.43% | 2.74% | 0.55% | 26.28% | |
73 Outperform | ¥431.89B | 10.52 | 9.96% | 3.43% | 0.17% | 69.59% | |
69 Neutral | ¥534.89B | 20.99 | 8.52% | 1.62% | 4.95% | 52.93% | |
69 Neutral | ¥173.47B | 18.71 | ― | 2.84% | 4.24% | -10.24% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
46 Neutral | ¥163.97B | -16.51 | -6.14% | 3.76% | -0.20% | -295.35% |
* Basic Materials Sector Average
JP:4023
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Kureha Corporate Events
Kureha Completes Restricted Stock Remuneration Disposal for Directors
Jul 24, 2026
Kureha Corporation has completed the payment procedures for the disposal of its treasury stock used as restricted stock remuneration, following a resolution by its Board of Directors in late June 2026. The company issued 6,955 shares of common sto...
Kureha Cancels Nearly 20% of Outstanding Shares to Tighten Equity Base
Jun 30, 2026
Kureha Corporation has completed the cancellation of 9,700,000 treasury shares, all common stock, effective June 30, 2026, following a resolution approved by its Board of Directors in May. The cancelled shares represented 19.42% of the companyR...
Kureha Links Director Stock Awards to Mid-Term Performance and ESG Targets
Jun 25, 2026
Kureha Corporation has approved a new grant of performance-based restricted stock units for four internal directors under its performance share unit remuneration plan. The grant covers up to 41,730 shares, valued at about ¥160 million at rece...
Kureha to Grant Restricted Stock to Directors via Treasury Share Disposal
Jun 25, 2026
Kureha Corporation has approved the disposal of 6,955 treasury shares as restricted stock remuneration for four internal directors, with a disposal price of 3,845 yen per share and a total value of about 26.7 million yen. The stock-based compensat...
Kureha Completes Treasury Stock Disposal for Executive Restricted Stock Pay
May 28, 2026
Kureha Corporation has completed payment procedures for the disposal of 3,006 shares of its treasury stock as restricted stock remuneration to five executive officers, following a board resolution made on April 28, 2026. The shares were disposed o...
Kureha to Cancel 9.7 Million Treasury Shares Under New Capital Policy
May 12, 2026
Kureha Corporation’s board has approved the cancellation of 9,700,000 treasury shares, reducing the total number of issued shares to 40,242,221 after the transaction scheduled for June 30, 2026. This move is part of a capital management stra...
Kureha Sharply Raises FY2025 Year-end Dividend Under New DOE Policy
May 12, 2026
Kureha Corporation’s board has approved a FY2025 year-end dividend of 104.50 yen per share, payable to shareholders of record on March 31, 2026, with total payouts reaching 3,993 million yen. This represents a sharp increase from the prior y...
Kureha Resets Growth Roadmap With New 2035 Strategy and 2028 Mid-Term Targets
May 12, 2026
Kureha has unveiled a new long-term management plan through fiscal 2035 and a mid-term plan covering fiscal 2026 to 2028, while scrapping its previous 2030 targets after reassessing its reliance on profit growth from the PVDF business. The group w...
Kureha Swings to Loss but Lifts Dividend and Signals Profit Recovery in FY2027
May 12, 2026
Kureha reported virtually flat revenue of ¥161.7 billion for the fiscal year ended March 31, 2026, but swung to an operating loss of ¥18.6 billion and a net loss attributable to owners of the parent of ¥10.7 billion, compared with a...
Kureha Takes ¥36.5 Billion Impairment, Cuts Forecast and Dividend on PVDF and Drug Weakness
Apr 30, 2026
Kureha Corporation will book significant impairment losses in FY2025 on manufacturing facilities for its PVDF battery materials and KREMEZIN drug due to slower EV demand in Europe and the U.S. and shrinking spherical activated carbon demand. The w...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.