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Tokuyama
(4043)
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Rating:67Neutral
Price Target:
¥5,047.00
▲(20.51% Upside)
Action:Reiterated
Date:06/04/26
The score is driven by a solid financial recovery with sustained positive free cash flow and strong technical momentum. This is tempered by cyclical volatility and the 2026 debt increase, while valuation is broadly neutral (mid P/E with a moderate yield).
Positive Factors
Profitability recovery
Sustained EBIT and net income recovery indicate improved operational efficiency and pricing power across cycles. Higher margins and profits strengthen internal funding for capex, R&D, or dividends and reduce reliance on external financing, supporting longer-term stability.
Negative Factors
Revenue cyclicality
Persistent top-line volatility means earnings depend more on pricing/mix than stable volume growth. That undermines predictability for cash flow and investment planning, increases sensitivity to end-market swings, and limits visibility on sustainable organic growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability recovery
Sustained EBIT and net income recovery indicate improved operational efficiency and pricing power across cycles. Higher margins and profits strengthen internal funding for capex, R&D, or dividends and reduce reliance on external financing, supporting longer-term stability.
Read all positive factors
Tokuyama (4043) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥329.69B
Dividend Yield2.65%
Average Volume (3M)407.64K
Price to Earnings (P/E)15.1
Beta (1Y)1.09
Revenue Growth1.87%
EPS Growth-5.06%
CountryJP
Employees5,795
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)308.63
Shares Outstanding72,088,326
10 Day Avg. Volume395,260
30 Day Avg. Volume407,639
Financial Highlights & Ratios
PEG Ratio-2.39
Price to Book (P/B)0.95
Price to Sales (P/S)0.77
P/FCF Ratio12.29
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)558.06
Revenue Forecast (FY)¥379.73B
Tokuyama Business Overview & Revenue Model
Company Description
Tokuyama Corporation produces and sells various chemical products in Japan. It operates through Chemicals, Cement, Advanced Electronic Materials, Life Science, Environmental Business, and Others segments. The Chemicals segment offers caustic soda,...
How the Company Makes Money
Tokuyama makes money primarily by manufacturing and selling chemical and materials products to business customers. Revenue is generated through (1) product sales across its chemical-related business lines (e.g., basic and specialty chemical produc...
Tokuyama Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
60
Neutral
Cash Flow
58
Neutral
| Breakdown | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 349.48B | 343.07B | 341.99B | 351.79B | 293.83B |
| Gross Profit | 124.95B | 109.58B | 100.85B | 92.09B | 96.18B |
| EBITDA | 58.83B | 51.98B | 44.96B | 37.07B | 49.32B |
| Net Income | 22.21B | 23.39B | 17.75B | 9.36B | 28.00B |
Balance Sheet | |||||
| Total Assets | 557.43B | 476.21B | 457.36B | 478.34B | 433.21B |
| Cash, Cash Equivalents and Short-Term Investments | 47.19B | 75.54B | 48.68B | 68.08B | 83.12B |
| Total Debt | 162.02B | 110.69B | 105.78B | 142.45B | 109.22B |
| Total Liabilities | 259.62B | 202.34B | 197.41B | 236.73B | 200.29B |
| Stockholders Equity | 283.09B | 261.56B | 249.26B | 229.45B | 224.51B |
Cash Flow | |||||
| Free Cash Flow | 21.87B | 29.77B | 24.24B | -43.72B | -5.90B |
| Operating Cash Flow | 50.98B | 52.37B | 55.83B | -11.80B | 25.99B |
| Investing Cash Flow | -122.97B | -23.48B | -30.41B | -33.76B | -33.80B |
| Financing Cash Flow | 41.79B | -1.11B | -46.51B | 30.15B | 5.12B |
Tokuyama Technical Analysis
Neutral
4188.00
Price Trends
4793.00
Negative
4341.84
Positive
4123.81
Positive
Market Momentum
-46.45
Positive
44.08
Neutral
13.32
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4043, the sentiment is Neutral. The current price of 4188 is below the 20-day moving average (MA) of 4950.75, below the 50-day MA of 4793.00, and above the 200-day MA of 4123.81, indicating a neutral trend. The MACD of -46.45 indicates Positive momentum. The RSI at 44.08 is Neutral, neither overbought nor oversold. The STOCH value of 13.32 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:4043.
Tokuyama Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ¥340.83B | 11.20 | 5.47% | 3.41% | 0.55% | 26.28% | |
73 Outperform | ¥232.38B | 14.54 | ― | 1.00% | 3.66% | 52.27% | |
67 Neutral | ¥329.69B | 15.07 | 9.45% | 2.65% | 1.87% | -5.06% | |
67 Neutral | ¥308.94B | 12.81 | 1.47% | 4.29% | -5.02% | ― | |
64 Neutral | ¥441.76B | 9.71 | 8.14% | 2.61% | -0.45% | 50.53% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
55 Neutral | ¥357.00B | 36.20 | 9.34% | 4.27% | -1.18% | -80.61% |
* Basic Materials Sector Average
JP:4043
Tokuyama
4,652.00
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JP:4046
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2.51%
Tokuyama Corporate Events
Tokuyama Launches ESOP-Based Stock Grant Plan to Tie Employee Rewards to Performance
May 29, 2026
Tokuyama will introduce an employee stock grant system using an Employee Stock Ownership Plan trust for its own staff and those of Group companies residing in Japan, aiming to link part of employee compensation to company performance through grant...
Tokuyama Sets 2030 Profitability and Growth Targets in New Five-Year Plan
May 29, 2026
Tokuyama has unveiled a new Five-year Business Plan covering fiscal 2026 to 2030, following a previous medium-term plan under which it failed to meet final-year targets amid a semiconductor downturn, weaker domestic demand for chemicals and cement...
Tokuyama Extends and Refines Performance-Linked Share Remuneration Plan
May 20, 2026
Tokuyama Corporation will renew and partially revise its performance-linked share-based remuneration plan for directors and executive officers, extending a Board Incentive Plan trust that ties share delivery and cash payments to management rank an...
Tokuyama Tightens Capital-Efficient Management and Boosts Shareholder Returns
Apr 28, 2026
Tokuyama has updated investors on its efforts to run management more conscious of capital costs and stock price, following the completion of its Medium-Term Management Plan 2025 and ongoing work on a new plan. The company reports improved financia...
Tokuyama Revamps Board and Audit Structure Ahead of New Mid-Term Plan
Apr 28, 2026
Tokuyama’s board has approved changes to its director lineup, nominating Senior Managing Executive Officer Katsumi Nagase as a new director and accepting the retirement from the board of Senior Managing Executive Officer Fumiaki Iwasaki, wit...
Tokuyama Posts Higher Fiscal 2025 Earnings but Withholds FY2026 Outlook Amid Middle East Uncertainty
Apr 28, 2026
Tokuyama reported higher net sales for fiscal 2025, driven mainly by consolidating the Tokuyama Life Science Group and robust growth in semiconductor-related product sales. Operating profit also increased year on year, supported by strong demand f...
Tokuyama Lifts Profits and Dividends as It Accelerates Investment and Life Science Expansion
Apr 28, 2026
Tokuyama reported fiscal 2025 net sales of ¥349.5 billion, up 1.9%, with operating profit jumping 23.5% to ¥37.0 billion and ordinary profit up 29.1%, although profit attributable to owners of parent slipped 5.1% to ¥22.2 billion, p...
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.