Tokyo Ohka Kogyo Co Ltd (JP:4186)
:4186
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Tokyo Ohka Kogyo Co
(4186)
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Rating:71Outperform
Price Target:
¥8,536.00
▲(41.35% Upside)
Action:ReiteratedDate:03/10/26
The score is driven primarily by strong financial performance—healthy 2025 margins and a low-leverage balance sheet—partly offset by weaker cash-flow conversion and a cautious technical setup (RSI ~40, Stoch ~25). Valuation is neutral with a moderate P/E but limited support from a sub-1% dividend yield.
Positive Factors
Recurring consumables business
TOK's core revenue derives from photoresists and high‑purity process chemicals that are repeat consumables for semiconductor and display makers. Long qualification cycles and co‑development create durable customer lock‑in and predictable recurring demand aligned with customers' production volumes.
Negative Factors
Weak cash conversion
Despite solid accounting profits, cash conversion is muted and free cash flow is volatile, likely from working capital swings or capex timing. This limits capacity for sustained shareholder returns or rapid strategic investments and raises funding sensitivity during downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables business
TOK's core revenue derives from photoresists and high‑purity process chemicals that are repeat consumables for semiconductor and display makers. Long qualification cycles and co‑development create durable customer lock‑in and predictable recurring demand aligned with customers' production volumes.
Read all positive factors
Tokyo Ohka Kogyo Co (4186) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.05T
Dividend Yield1.08%
Average Volume (3M)576.71K
Price to Earnings (P/E)20.8
Beta (1Y)1.21
Revenue Growth19.45%
EPS Growth41.03%
CountryJP
Employees1,996
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)94.14
Shares Outstanding127,800,000
10 Day Avg. Volume637,990
30 Day Avg. Volume576,710
Financial Highlights & Ratios
PEG Ratio0.43
Price to Book (P/B)3.05
Price to Sales (P/S)2.93
P/FCF Ratio66.63
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)301.15
Revenue Forecast (FY)¥264.88B
Tokyo Ohka Kogyo Co Business Overview & Revenue Model
Company Description
Tokyo Ohka Kogyo Co., Ltd., together with its subsidiaries, manufactures and sells chemical products and process equipment in Japan and internationally. The company offers optimal photoresists and photolithography relative chemicals; and coating, ...
How the Company Makes Money
TOK primarily makes money by selling specialty materials consumed in semiconductor and display manufacturing processes. The largest revenue driver is the semiconductor segment, where TOK sells photoresists (including advanced lithography resists) ...
Tokyo Ohka Kogyo Co Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 217.85B | 237.03B | 200.97B | 162.27B | 175.43B | 140.06B |
| Gross Profit | 81.16B | 86.28B | 70.40B | 55.49B | 60.97B | 47.18B |
| EBITDA | 47.85B | 56.19B | 41.42B | 30.42B | 36.94B | 27.14B |
| Net Income | 27.16B | 33.34B | 22.68B | 12.71B | 19.69B | 17.75B |
Balance Sheet | ||||||
| Total Assets | 293.52B | 335.29B | 281.93B | 251.86B | 238.07B | 217.26B |
| Cash, Cash Equivalents and Short-Term Investments | 59.16B | 70.96B | 63.05B | 60.81B | 59.37B | 60.83B |
| Total Debt | 16.45B | 26.48B | 10.54B | 10.49B | 10.22B | 10.61B |
| Total Liabilities | 74.65B | 92.99B | 68.45B | 56.38B | 57.11B | 52.07B |
| Stockholders Equity | 207.75B | 227.72B | 200.66B | 183.80B | 169.92B | 156.04B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 10.43B | 5.58B | 2.50B | 8.29B | 11.93B |
| Operating Cash Flow | 0.00 | 35.19B | 30.15B | 17.21B | 18.99B | 19.76B |
| Investing Cash Flow | 0.00 | -25.29B | -2.73B | -9.38B | -12.38B | -4.58B |
| Financing Cash Flow | 0.00 | 3.17B | -15.42B | -7.38B | -8.61B | -18.11B |
Tokyo Ohka Kogyo Co Technical Analysis
Neutral
6039.00
Price Trends
7987.76
Positive
6934.11
Positive
5694.16
Positive
Market Momentum
-17.99
Positive
46.51
Neutral
30.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4186, the sentiment is Neutral. The current price of 6039 is below the 20-day moving average (MA) of 8555.80, below the 50-day MA of 7987.76, and above the 200-day MA of 5694.16, indicating a neutral trend. The MACD of -17.99 indicates Positive momentum. The RSI at 46.51 is Neutral, neither overbought nor oversold. The STOCH value of 30.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:4186.
Tokyo Ohka Kogyo Co Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | ¥809.05B | 18.06 | 11.99% | 0.65% | 8.50% | 14.06% | |
78 Outperform | ¥299.79B | 8.42 | ― | 2.04% | -0.69% | -29.88% | |
74 Outperform | ¥515.45B | 16.10 | 6.30% | 2.16% | 1.90% | -105.45% | |
71 Outperform | ¥1.05T | 20.85 | 15.75% | 1.08% | 19.45% | 41.03% | |
70 Outperform | ¥387.82B | 14.11 | ― | 2.18% | -6.10% | -7.03% | |
62 Neutral | ¥458.56B | 19.19 | 5.63% | 2.35% | -9.06% | -35.95% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
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Tokyo Ohka Kogyo Co Corporate Events
Tokyo Ohka Kogyo Revamps Board and Executive Lineup Ahead of March 2026 Shareholders’ Meeting
Feb 9, 2026
Tokyo Ohka Kogyo has announced a new management structure to take effect following its 96th general meeting of shareholders on March 27, 2026, including the appointment of Shogo Ishihara as director and executive officer and the retirement of dire...
Tokyo Ohka Kogyo Raises Year-End Dividend, Signals Ongoing Focus on Shareholder Returns
Feb 9, 2026
Tokyo Ohka Kogyo Co., Ltd. plans to propose a year-end dividend of 37 yen per share for the fiscal year ended December 31, 2025, with a total payout of 4,435 million yen from retained earnings, to be approved at the March 27, 2026 shareholdersR...
Tokyo Ohka Kogyo Lifts 2027 Mid-Term Plan Targets on AI-Driven Demand
Feb 9, 2026
Tokyo Ohka Kogyo has revised the financial targets in its “tok Medium-Term Plan 2027,” raising its consolidated net sales goal for fiscal 2027 from 270 billion yen to 295 billion yen and lifting operating income, EBITDA, and ROE target...
Tokyo Ohka Kogyo Updates FY2025 Results and Revises Medium-Term 2027 Targets
Feb 9, 2026
Tokyo Ohka Kogyo Co., Ltd. released an outline of its business results for the fiscal year ended December 2025 and provided consolidated performance forecasts for fiscal 2026. The company also announced a revision of the quantitative objectives in...
Tokyo Ohka Kogyo Delivers Strong 2025 Earnings and Signals Further Growth in 2026
Feb 9, 2026
Tokyo Ohka Kogyo Co. reported strong results for the fiscal year ended December 31, 2025, with consolidated net sales rising 17.9% to ¥237.0 billion and profit attributable to owners of parent jumping 47.0% to ¥33.3 billion. Margins impr...
Tokyo Ohka Kogyo Lifts FY2025 Earnings Outlook on AI-Driven Semiconductor Demand
Jan 30, 2026
Tokyo Ohka Kogyo has sharply raised its consolidated full-year forecast for the 2025 fiscal year, reflecting stronger-than-expected demand from the semiconductor sector. The company now projects sales of ¥237 billion, operating profit of ...
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.