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Tokuyama
(4043)
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Rating:61Neutral
Price Target:
¥4,126.00
▼(-9.22% Downside)
Action:Reiterated
Date:07/30/26
The score is driven primarily by improved profitability and sustained positive cash generation, tempered by increased 2026 leverage and cyclical/volatile financial patterns. Technicals are a notable drag with the stock trading below major moving averages, while a moderate P/E and ~3% dividend yield provide valuation support.
Positive Factors
Improving Profitability
Sustained margin and EBIT improvement since 2023 indicates stronger operational performance and pricing/mix leverage. Over 2–6 months this supports cash generation, reinvestment capacity, and resilience versus peers, making earnings less dependent on one-off gains and more on structural product profitability.
Negative Factors
Rising Leverage
A material jump in debt increases interest and refinancing risk and reduces financial flexibility. If demand or margins soften, elevated leverage could constrain capex, dividends or require asset sales, making the firm more vulnerable to cyclical downturns over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving Profitability
Sustained margin and EBIT improvement since 2023 indicates stronger operational performance and pricing/mix leverage. Over 2–6 months this supports cash generation, reinvestment capacity, and resilience versus peers, making earnings less dependent on one-off gains and more on structural product profitability.
Read all positive factors
Tokuyama (4043) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥272.84B
Dividend Yield3.16%
Average Volume (3M)407.64K
Price to Earnings (P/E)12.1
Beta (1Y)1.16
Revenue Growth3.19%
EPS Growth7.66%
CountryJP
Employees6,390
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)567.11
Revenue Forecast (FY)¥380.57B
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 from product sales across its operating segments, typically under supply contracts or recurring purchase orders...
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 Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ¥344.45B | 11.38 | 6.43% | 2.74% | 0.55% | 26.28% | |
73 Outperform | ¥230.30B | 14.26 | ― | 1.00% | 3.66% | 52.27% | |
67 Neutral | ¥310.70B | 12.95 | 5.75% | 3.31% | -5.02% | ― | |
64 Neutral | ¥418.76B | 9.22 | 10.33% | 4.92% | -0.45% | 50.53% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | ¥272.84B | 12.13 | 8.12% | 2.64% | 3.19% | 7.66% | |
55 Neutral | ¥369.75B | 37.09 | 2.75% | 4.15% | 2.16% | -77.64% |
* Basic Materials Sector Average
JP:4043
Tokuyama
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JP:4046
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Tokuyama Corporate Events
Tokuyama sets FY2026 earnings outlook and raises dividend guidance
Jul 29, 2026
Tokuyama Corporation has issued its previously undetermined performance and dividend forecasts for the fiscal year ending March 31, 2027, projecting consolidated net sales of ¥392 billion and profit attributable to owners of parent of ¥2...
Tokuyama Sees Higher Sales but Profit Squeeze, Lifts Dividend Again
Jul 29, 2026
Tokuyama reported that first-quarter fiscal 2026 net sales rose year on year, supported by the consolidation of the Tokuyama Life Science Group and firm demand for semiconductor-related products, despite a temporary raw material shortage weighing ...
Tokuyama Lifts Dividend and Full-Year Profit Outlook Despite Softer Q1 Margins
Jul 29, 2026
Tokuyama Corporation reported first-quarter fiscal 2026 consolidated net sales of ¥85.7 billion, up 4.7% year on year, while operating profit fell 22.9% to ¥6.1 billion and ordinary profit dropped 11.8% to ¥6.7 billion. Despite marg...
Tokuyama Spins Off Cement Sales Unit Ahead of Transfer to Taiheiyo Cement
Jul 24, 2026
Tokuyama has established a wholly owned subsidiary, Tokuyama Cement Corporation, to assume its domestic sales business for cement and solidification agents as part of a broader restructuring. The new entity, created in July 2026 with modest capita...
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...
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.