NOF (4403) AI Stock Analysis

• Market Cap: ¥648.55B
• Dividend Yield: 1.63%
• Average Volume (3M): 505.21K
• Price to Earnings (P/E): 19.0
• Beta (1Y): 0.93
• Revenue Growth: 4.89%
• EPS Growth: -3.79%
• Country: JP
• Employees: 3,879
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): 37.00
• Shares Outstanding: 236,524,120
• 10 Day Avg. Volume: 633,250
• 30 Day Avg. Volume: 505,213
• PEG Ratio: 1.46
• Price to Book (P/B): 1.72
• Price to Sales (P/S): 2.01
• P/FCF Ratio: 37.91
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0

• Rating: 73 Outperform
• Price Target: ¥2,919.00 ▲(11.24% Upside)

NOF's strong financial performance is the most significant factor, supported by consistent revenue growth and a robust balance sheet. The technical analysis indicates some short-term weakness, but the valuation suggests the stock is fairly priced with a modest dividend yield. The absence of earnings call data and corporate events means these factors do not influence the score.

NOF Business Overview & Revenue Model

Company Description

NOF (4403) is a Japanese company primarily engaged in the production and development of specialty chemicals, focusing on the fields of polymer and surface treatment technologies. The company operates in various sectors including electronics, automotive, and healthcare, providing innovative solutions such as anti-corrosion coatings, adhesives, and high-performance materials that cater to a diverse range of industries.

How the Company Makes Money

NOF generates revenue through the sale of its specialty chemical products and solutions across multiple sectors. The company has established key revenue streams from its core offerings, including coatings for electronics and automotive applications, which are essential for enhancing product durability and performance. Additionally, NOF has formed strategic partnerships with various manufacturers and suppliers, enabling it to expand its market reach and enhance product innovation. The company also engages in research and development to create new products that meet evolving market demands, thus maintaining a competitive edge and driving growth in revenue.

NOF Financial Statement Overview

Summary

NOF exhibits strong financial health with consistent revenue growth, robust profitability, and a solid balance sheet. The company maintains a low debt-to-equity ratio and high equity ratio, reducing financial risk. Despite a slight decline in operating cash flow, overall financial management is effective.

Income Statement

NOF has demonstrated consistent revenue growth over the past years, with a significant increase from 222.25 billion in 2024 to 238.31 billion in 2025, a growth rate of 7.22%. Gross profit margins have remained strong, and net profit margins have improved, reflecting effective cost management and operational efficiency. The EBIT and EBITDA margins are healthy, indicating robust profitability. Overall, NOF's income statement reflects a strong financial performance, marked by growth and profitability.

Balance Sheet

NOF's balance sheet is characterized by a strong equity position with a high equity ratio, indicating financial stability. The debt-to-equity ratio is low, suggesting conservative leverage and low financial risk. The return on equity is impressive, showcasing efficient use of shareholders' funds to generate profits. Overall, the balance sheet presents a solid financial position with minimal risk exposure.

Cash Flow

The operating cash flow remains strong, although it has seen a slight decline from the previous year. The free cash flow has shown positive growth, indicating effective capital management. The ratios of operating cash flow and free cash flow to net income are healthy, reflecting solid cash generation capabilities. However, the decline in operating cash flow warrants attention for future cash flow stability.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	239.26B	238.31B	222.25B	217.71B	192.64B	172.65B
Gross Profit	84.44B	85.15B	79.49B	75.94B	68.93B	57.39B
EBITDA	53.66B	58.88B	49.08B	46.98B	43.95B	39.72B
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	69.44B	67.93B	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

• Technical Analysis Sentiment: Positive
• Last Price: 2624.00
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: 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 2624 is below the 20-day moving average (MA) of 2675.47, below the 50-day MA of 2672.36, and above the 200-day MA of 2433.61, indicating a bullish trend. The MACD of 28.53 indicates Negative momentum. The RSI at 57.24 is Neutral, neither overbought nor oversold. The STOCH value of 40.72 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
4182	―	$555.40B	13.32	6.42%	3.50%	-6.27%	40.98%
4403	―	¥648.55B	19.00	12.59%	1.63%	4.89%	-3.79%
4088	―	$513.17B	10.07	10.06%	3.17%	4.35%	7.88%
5201	―	$1.02T	29.60	2.45%	4.36%	-0.06%	―
4183	―	$693.99B	45.84	1.78%	4.11%	-0.91%	-74.07%
Sector *	―	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
4208	―	$221.97B	11.14	-1.26%	4.85%	-0.53%	-117.46%

NOF Corporate Events

NOF Corporation Reports Q1 2025 Financial Results with Mixed Performance

NOF Corporation reported its consolidated financial results for the three months ending June 30, 2025, showing a slight increase in net sales by 1.7% compared to the previous year. However, the company experienced a decline in operating profit, ordinary profit, and profit attributable to owners of the parent, indicating challenges in maintaining profitability. The company maintains a strong equity-to-asset ratio, and its earnings forecast for the fiscal year ending March 31, 2026, anticipates modest growth in net sales and profits, suggesting a cautious outlook for the future.

NOF Corporation Completes Treasury Share Purchase

NOF Corporation has completed the purchase of 136,000 treasury shares for a total of 408,877,150 yen, as part of a resolution made by its Board of Directors. This move is part of a broader strategy to purchase up to 5,000,000 shares, indicating a significant investment in its own stock, which could impact shareholder value and market perception.