Kureha (JP:4023)
:4023
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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
¥148.65B
Dividend Yield3.76%
Average Volume (3M)409.12K
Price to Earnings (P/E)―
Beta (1Y)0.65
Revenue Growth-0.20%
EPS Growth-276.01%
CountryJP
Employees4,217
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)-259.83
Shares Outstanding49,942,223
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
¥4,453.33Price Target Upside7.70% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)280.07
Revenue Forecast (FY)¥173.84B
Kureha Business Overview & Revenue Model
Company Description
Kureha Corporation manufactures and sells functional materials, specialty chemicals, and plastics in Japan and internationally. It operates through four segments: Advanced Materials, Specialty Chemicals, Specialty Plastics, Construction, and Other...
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 | 25.63B | 22.60B | 30.39B | 34.43B | 34.91B |
| 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
4005.48
Negative
4194.81
Negative
3928.56
Negative
Market Momentum
-41.13
Negative
49.92
Neutral
65.16
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 above the 20-day moving average (MA) of 3811.25, above the 50-day MA of 4005.48, and above the 200-day MA of 3928.56, indicating a neutral trend. The MACD of -41.13 indicates Negative momentum. The RSI at 49.92 is Neutral, neither overbought nor oversold. The STOCH value of 65.16 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | ¥182.70B | 18.42 | ― | 2.84% | 4.10% | 5.25% | |
74 Outperform | ¥549.18B | 22.24 | 6.52% | 1.82% | 4.95% | 52.94% | |
73 Outperform | ¥321.38B | 10.92 | 5.47% | 3.41% | 0.55% | 25.37% | |
73 Outperform | ¥414.03B | 11.56 | 9.59% | 3.91% | -2.06% | 46.42% | |
72 Outperform | ¥2.01T | 15.07 | 11.98% | 1.54% | 1.41% | 0.76% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
46 Neutral | ¥148.65B | -14.73 | 4.24% | 3.76% | -0.20% | -276.01% |
* Basic Materials Sector Average
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Kureha Corporate Events
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...
Kureha to Grant Restricted Treasury Shares to Executives With Minimal Dilution
Apr 28, 2026
Kureha Corporation has approved the disposal of 3,006 shares of its treasury stock as restricted stock remuneration for five executive officers, with a disposal price of 3,890 yen per share and a total value of 11.69 million yen. The company noted...
Kureha Proposes Director Slate Emphasizing Governance Continuity and Oversight
Apr 28, 2026
Kureha Corporation has proposed a slate of seven directors for approval at its shareholders meeting scheduled for late June 2026, including the reappointment of Representative Director and Chairman Yutaka Kobayashi and Representative Director, Pre...
Kureha’s Top Shareholder Meiji Yasuda Trims Stake but Retains Leading Position
Apr 8, 2026
Kureha Corporation has announced a change in its major and principal shareholder after updating its shareholder register as of March 31, 2026. Life insurer Meiji Yasuda Life Insurance Company remains the largest shareholder, though its stake has d...
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.