NOF Corporation (JP:4403)
:4403
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NOF
(4403)
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Rating:71Outperform
Price Target:
¥3,091.00
▲(1.38% Upside)
Action:Reiterated
Date:05/12/26
Overall score is driven by strong financial fundamentals—consistent growth, solid margins, and a very low-leverage balance sheet—partly offset by weaker technical positioning (trading below major moving averages) and only mid-range valuation support (P/E ~17.6 with a ~2.18% dividend yield).
Positive Factors
Conservative balance sheet
NOF's extremely low leverage and steadily rising equity provide durable financial flexibility. Over the medium term this reduces solvency risk, preserves optionality to fund R&D or M&A from internal resources, and supports resilience across chemical-cycle downturns without needing external financing.
Negative Factors
Uneven cash conversion
Operating cash consistently trailing net income and a declining FCF-to-net-income ratio reflect working-capital swings or higher reinvestment. Over months this makes free-cash-flow timing less predictable, potentially constraining discretionary spend and necessitating careful liquidity management.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
NOF's extremely low leverage and steadily rising equity provide durable financial flexibility. Over the medium term this reduces solvency risk, preserves optionality to fund R&D or M&A from internal resources, and supports resilience across chemical-cycle downturns without needing external financing.
Read all positive factors
NOF (4403) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥654.34B
Dividend Yield1.58%
Average Volume (3M)706.87K
Price to Earnings (P/E)17.6
Beta (1Y)0.85
Revenue Growth8.25%
EPS Growth14.61%
CountryJP
Employees3,879
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)N/A
Shares Outstanding236,524,120
10 Day Avg. Volume854,260
30 Day Avg. Volume706,870
Financial Highlights & Ratios
PEG Ratio1.20
Price to Book (P/B)2.41
Price to Sales (P/S)2.76
P/FCF Ratio33.21
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥3,600.00Price Target Upside18.07% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
NOF Business Overview & Revenue Model
Company Description
NOF Corporation manufactures chemicals Japan, rest of Asia, and internationally. The company operates through Functional Chemicals, Life Science, and Explosive & Propulsion segments. The Functional Chemicals segment offers fatty acids and glycerin...
How the Company Makes Money
NOF makes money primarily by manufacturing and selling chemical and materials products to business customers. Revenue is generated through (1) product sales: income recognized from delivering chemical products/materials to customers under supply c...
NOF Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
94
Very Positive
Cash Flow
70
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 257.97B | 238.31B | 222.25B | 217.71B | 192.64B |
| Gross Profit | 89.09B | 86.05B | 80.41B | 76.82B | 69.86B |
| EBITDA | 69.53B | 53.27B | 49.08B | 46.98B | 41.51B |
| Net Income | 40.55B | 36.50B | 33.99B | 33.97B | 26.69B |
Balance Sheet | |||||
| Total Assets | 399.17B | 357.20B | 341.45B | 309.44B | 289.63B |
| Cash, Cash Equivalents and Short-Term Investments | 88.36B | 87.06B | 91.74B | 92.52B | 85.43B |
| Total Debt | 5.14B | 5.04B | 5.17B | 4.84B | 5.63B |
| Total Liabilities | 102.70B | 77.64B | 75.54B | 69.43B | 67.92B |
| Stockholders Equity | 295.35B | 278.53B | 265.00B | 239.18B | 220.93B |
Cash Flow | |||||
| Free Cash Flow | 21.47B | 12.64B | 12.22B | 17.11B | 19.98B |
| Operating Cash Flow | 35.87B | 28.98B | 29.97B | 23.33B | 27.39B |
| Investing Cash Flow | -4.43B | -13.75B | -14.96B | -709.00M | -8.76B |
| Financing Cash Flow | -31.41B | -22.02B | -17.10B | -16.17B | -15.31B |
NOF Technical Analysis
Negative
3049.00
Price Trends
3063.93
Negative
3044.28
Negative
2922.93
Negative
Market Momentum
-87.53
Positive
44.86
Neutral
22.72
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4403, the sentiment is Negative. The current price of 3049 is above the 20-day moving average (MA) of 3015.57, below the 50-day MA of 3063.93, and above the 200-day MA of 2922.93, indicating a bearish trend. The MACD of -87.53 indicates Positive momentum. The RSI at 44.86 is Neutral, neither overbought nor oversold. The STOCH value of 22.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:4403.
NOF Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ¥543.60B | 15.11 | 6.52% | 1.82% | 4.95% | 52.94% | |
73 Outperform | ¥327.64B | 9.57 | 5.47% | 3.41% | 0.55% | 25.37% | |
71 Outperform | ¥654.34B | 17.58 | 12.15% | 1.58% | 8.25% | 14.61% | |
64 Neutral | ¥437.97B | 4.51 | 8.14% | 2.61% | -0.45% | 50.53% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | ¥796.81B | 20.28 | 2.01% | 3.82% | -7.76% | 7.92% | |
58 Neutral | ¥964.93B | -17.36 | -2.50% | 3.49% | -4.57% | -190.44% |
* Basic Materials Sector Average
JP:4403
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NOF Corporate Events
NOF lifts profit, boosts dividends and projects strong sales growth
May 11, 2026
NOF Corporation reported solid earnings for the fiscal year ended March 31, 2026, with net sales rising 8.2% to ¥257.97 billion and profit attributable to owners of the parent increasing 11.1% to ¥40.55 billion. Operating profit grew 4.6...
NOF overhauls performance-linked stock compensation with new restricted stock plan
May 11, 2026
NOF Corporation will revise its existing performance-linked stock compensation scheme for directors and senior operating officers, replacing the current Board Benefit Trust with a new Board Benefit Trust-Restricted Stock plan. The move is aimed at...
NOF Launches ¥5 Billion Share Buyback to Boost Shareholder Returns
May 11, 2026
NOF Corporation’s board has approved a share buyback program aimed at enhancing shareholder returns and capital efficiency. The move aligns with its previously announced dividend policy under the “NOF VISION 2030 Stage II” plan, ...
NOF revamps executive ranks while keeping top leadership in place
May 11, 2026
NOF Corporation has announced a broad reshuffle of its executive management, effective June 26, 2026, while maintaining continuity at the top with President and CEO Koji Sawamura and Executive Chairman Takeo Miyaji staying in their roles. The comp...
NOF Nears 5 Billion Yen Limit in Completed Share Buyback Program
Mar 24, 2026
NOF Corporation has completed a share buyback program authorized by its board in February 2026, purchasing a total of 1,680,600 common shares for 4,999,844,500 yen on the Tokyo Stock Exchange. Within this, the latest tranche ran from March 1 to Ma...
NOF Corporation Buys Back 681,600 Shares Under Ongoing ¥5 Billion Program
Mar 2, 2026
NOF Corporation has repurchased 681,600 of its common shares on the Tokyo Stock Exchange between February 16 and February 28, 2026, for a total consideration of ¥2.04 billion. The buyback is part of a previously approved program authorizing t...
NOF Flags Profit Dip but Lifts Dividend and Full-Year Outlook
Feb 13, 2026
NOF Corporation reported consolidated net sales of ¥173.5 billion for the nine months ended Dec. 31, 2025, up 1.3% year on year, while operating profit fell 11.0% to ¥31.8 billion and profit attributable to owners of parent declined 7.5%...
NOF Raises FY2026 Earnings and Dividend Outlook on Strength in Defense Business
Feb 13, 2026
NOF Corporation has slightly raised its full-year consolidated earnings forecast for the fiscal year ending March 31, 2026, projecting modest increases in net sales, ordinary profit, and profit attributable to owners, while keeping operating profi...
NOF Launches ¥5 Billion Share Buyback to Boost Shareholder Returns
Feb 13, 2026
NOF Corporation’s board has approved a share buyback to enhance shareholder returns and improve capital efficiency in line with its Mid-Term Management Plan, which targets a total payout ratio of around 50% in fiscal 2025. The company will r...
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.