NOF Corporation (JP:4403)
:4403
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NOF
(4403)
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Select Model
Rating:75Outperform
Price Target:
¥3,262.00
▲(6.99% Upside)
Action:ReiteratedDate:12/02/25
NOF's strong financial performance is the most significant factor, showcasing robust growth and stability. The technical analysis indicates bullish momentum, though caution is advised due to overbought signals. Valuation metrics suggest the stock is fairly valued, with moderate income potential from dividends.
Positive Factors
Balance Sheet Strength
NOF’s balance sheet shows a high equity ratio, low leverage and an impressive return on equity. Conservative capital structure reduces solvency risk, preserves strategic flexibility for capex or R&D, and supports durability through chemical-cycle volatility.
Negative Factors
EPS Contraction
Reported negative EPS growth suggests per-share earnings pressure versus prior periods. If EPS contraction persists it can indicate underlying margin stress, one-off charges, or weaker profit conversion, which would constrain reinvestment capacity and shareholder returns over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
NOF’s balance sheet shows a high equity ratio, low leverage and an impressive return on equity. Conservative capital structure reduces solvency risk, preserves strategic flexibility for capex or R&D, and supports durability through chemical-cycle volatility.
Read all positive factors
NOF (4403) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥731.42B
Dividend Yield1.58%
Average Volume (3M)706.87K
Price to Earnings (P/E)17.0
Beta (1Y)0.88
Revenue Growth2.62%
EPS Growth2.81%
CountryJP
Employees3,879
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)44.21
Shares Outstanding236,524,120
10 Day Avg. Volume854,260
30 Day Avg. Volume706,870
Financial Highlights & Ratios
PEG Ratio1.46
Price to Book (P/B)1.72
Price to Sales (P/S)2.01
P/FCF Ratio37.91
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)167.35
Revenue Forecast (FY)¥259.50B
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 products to business customers (B2B). Revenue is generated from (1) product sales across its chemical segments (e.g., specialty/functional chemicals and related materials), where cust...
NOF Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 239.26B | 238.31B | 222.25B | 217.71B | 192.64B | 172.65B |
| Gross Profit | 84.44B | 86.05B | 80.41B | 76.82B | 69.86B | 58.27B |
| EBITDA | 51.91B | 53.27B | 49.08B | 46.98B | 41.51B | 32.16B |
| Net Income | 34.06B | 36.50B | 33.99B | 33.97B | 26.69B | 23.30B |
Balance Sheet | ||||||
| Total Assets | 371.76B | 357.20B | 341.45B | 309.44B | 289.63B | 271.54B |
| Cash, Cash Equivalents and Short-Term Investments | 100.18B | 87.06B | 91.74B | 92.52B | 85.43B | 78.67B |
| Total Debt | 4.36B | 5.04B | 5.17B | 4.84B | 5.63B | 9.94B |
| Total Liabilities | 91.98B | 77.64B | 75.54B | 69.43B | 67.92B | 68.02B |
| Stockholders Equity | 278.79B | 278.53B | 265.00B | 239.18B | 220.93B | 202.79B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 12.64B | 12.22B | 17.11B | 19.98B | 24.74B |
| Operating Cash Flow | 0.00 | 28.98B | 29.97B | 23.33B | 27.39B | 30.73B |
| Investing Cash Flow | 0.00 | -13.75B | -14.96B | -709.00M | -8.76B | 1.89B |
| Financing Cash Flow | 0.00 | -22.02B | -17.10B | -16.17B | -15.31B | -8.04B |
NOF Technical Analysis
Positive
3049.00
Price Trends
3028.22
Positive
3034.52
Positive
2892.04
Positive
Market Momentum
-10.77
Negative
53.29
Neutral
67.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4403, the sentiment is Positive. The current price of 3049 is above the 20-day moving average (MA) of 2991.30, above the 50-day MA of 3028.22, and above the 200-day MA of 2892.04, indicating a bullish trend. The MACD of -10.77 indicates Negative momentum. The RSI at 53.29 is Neutral, neither overbought nor oversold. The STOCH value of 67.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | ¥418.03B | 17.67 | 6.52% | 1.82% | 3.25% | -11.31% | |
75 Outperform | ¥731.42B | 17.03 | 12.15% | 1.58% | 2.62% | 2.81% | |
74 Outperform | ¥302.60B | 9.05 | 5.47% | 3.41% | 2.60% | 9.50% | |
67 Neutral | ¥784.70B | 77.75 | -2.50% | 3.49% | -6.83% | -123.67% | |
65 Neutral | ¥361.21B | 10.69 | 8.14% | 2.61% | -1.45% | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | ¥752.63B | 12.79 | 2.01% | 3.82% | -4.63% | -65.11% |
* Basic Materials Sector Average
JP:4403
NOF
3,098.00
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48.26%
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NOF Corporate Events
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...
NOF Nears Authorized Limit as It Completes ¥5 Billion Share Buyback
Dec 24, 2025
NOF Corporation has completed a share buyback program authorized by its board on November 6, 2025, acquiring a total of 1,714,300 common shares for 4,999,758,400 yen by December 23, 2025, mainly through open-market purchases on the Tokyo Stock Exc...
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.