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Tokyo Ohka Kogyo Co
(4186)
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Rating:74Outperform
Price Target:
¥11,001.00
▲(82.17% Upside)
Action:Reiterated
Date:05/12/26
The score is driven mainly by strong financial fundamentals (healthy profitability and low leverage), supported by a strong uptrend in the stock. These positives are moderated by weaker/uneven cash-flow conversion and overbought technical readings, with only modest support from valuation given the low dividend yield.
Positive Factors
Recurring consumable business
Tokyo Ohka Kogyo sells photoresists and process chemicals that are qualified into customer fabs, creating recurring revenue streams. Qualification stickiness and repeat purchases across wafer starts and display production give durable revenue visibility and high customer switching costs over multi-year cycles.
Negative Factors
Weak cash conversion
Operating profits are not fully converting to free cash, limiting internally available funds for buybacks, dividends, or aggressive M&A. Variability in working capital and investment cycles can compress liquidity in weaker revenue periods and reduce the predictability of shareholder cash returns over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumable business
Tokyo Ohka Kogyo sells photoresists and process chemicals that are qualified into customer fabs, creating recurring revenue streams. Qualification stickiness and repeat purchases across wafer starts and display production give durable revenue visibility and high customer switching costs over multi-year cycles.
Read all positive factors
Tokyo Ohka Kogyo Co (4186) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.32T
Dividend Yield1.08%
Average Volume (3M)576.71K
Price to Earnings (P/E)35.9
Beta (1Y)1.40
Revenue Growth18.84%
EPS Growth42.10%
CountryJP
Employees2,132
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)313.32
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 Target
¥9,400.00Price Target Upside55.65% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)341.22
Revenue Forecast (FY)¥281.76B
Tokyo Ohka Kogyo Co Business Overview & Revenue Model
Company Description
Operating both domestically in Japan and across international markets, Tokyo Ohka Kogyo Co., Ltd., along with its subsidiaries, focuses on the development and sale of diverse chemical products and sophisticated process equipment. Their core offeri...
How the Company Makes Money
Tokyo Ohka Kogyo primarily makes money by selling specialty chemical materials that are consumed in customers’ manufacturing processes, especially semiconductor wafer fabrication. A core revenue stream is photoresists (light-sensitive materials ap...
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 | 249.83B | 237.03B | 200.97B | 162.27B | 175.43B | 140.06B |
| Gross Profit | 96.03B | 86.28B | 70.40B | 55.49B | 60.97B | 47.18B |
| EBITDA | 65.31B | 59.27B | 43.58B | 29.71B | 37.63B | 32.30B |
| Net Income | 37.54B | 33.34B | 22.68B | 12.71B | 19.69B | 17.75B |
Balance Sheet | ||||||
| Total Assets | 340.95B | 335.29B | 281.93B | 251.86B | 238.07B | 217.26B |
| Cash, Cash Equivalents and Short-Term Investments | 64.36B | 70.96B | 63.05B | 60.81B | 59.37B | 60.83B |
| Total Debt | 26.57B | 26.48B | 10.54B | 10.49B | 10.22B | 10.61B |
| Total Liabilities | 94.68B | 92.99B | 68.45B | 56.38B | 57.11B | 52.07B |
| Stockholders Equity | 235.06B | 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
Positive
6039.00
Price Trends
10582.32
Positive
9598.56
Positive
7743.61
Positive
Market Momentum
-35.96
Positive
51.68
Neutral
47.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4186, the sentiment is Positive. The current price of 6039 is below the 20-day moving average (MA) of 10786.74, below the 50-day MA of 10582.32, and below the 200-day MA of 7743.61, indicating a neutral trend. The MACD of -35.96 indicates Positive momentum. The RSI at 51.68 is Neutral, neither overbought nor oversold. The STOCH value of 47.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | ¥1.14T | 31.03 | 11.99% | 0.65% | 8.38% | 8.43% | |
79 Outperform | ¥673.98B | 23.68 | ― | 2.18% | 3.12% | 2.74% | |
76 Outperform | ¥402.72B | 19.39 | ― | 2.04% | -8.82% | 18.33% | |
74 Outperform | ¥1.32T | 35.89 | 15.75% | 1.08% | 18.84% | 42.10% | |
69 Neutral | ¥469.20B | 13.39 | 6.30% | 2.16% | 4.78% | ― | |
68 Neutral | ¥486.43B | 40.00 | 5.63% | 2.35% | -3.24% | -36.64% | |
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 Rides AI-Driven Chip Demand to Strong Start in Fiscal 2026
May 11, 2026
Tokyo Ohka Kogyo reported a strong first quarter for fiscal 2026, with net sales rising 23.6% year on year to ¥67.0 billion as demand for electronic functional materials and high-purity chemicals increased on the back of robust semiconductor ...
Tokyo Ohka Kogyo Delivers Strong Q1 Results and Confirms 2026 Outlook
May 11, 2026
Tokyo Ohka Kogyo reported strong first-quarter results for the fiscal year ending December 31, 2026, with net sales rising 23.6% year-on-year to ¥67.1 billion and profit attributable to owners of parent jumping 55.8% to ¥11.7 billion. Op...
Tokyo Ohka Kogyo Completes Treasury Share Disposal for Restricted Stock Compensation
May 1, 2026
Tokyo Ohka Kogyo Co., Ltd. has completed the payment procedures for the disposal of 22,615 shares of its treasury stock, which are being used as restricted stock compensation under a plan approved by the board on April 3, 2026. The common shares 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.