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One of the world's largest makers of glass fiber, used for reinforced plastics and glass cloth for printed-circuit-board substrates.
One of the world's largest makers of glass fiber, used for reinforced plastics and glass cloth for printed-circuit-board substrates.
Spins fine glass yarn and weaves it into cloth that goes into printed-circuit-board substrates, and sells glass fiber for plastics reinforcement. Its specialty cloth for advanced chip substrates is made by few firms worldwide and must be qualified by board makers, so it is hard to replace. A medical-diagnostics unit sits apart.
In one line: A glass-fiber materials maker akin to a segment of Owens Corning.
Moat: narrow (scale, process know-how). Global-scale glass-fiber manufacturing and decades of process know-how in fine glass-fiber yarns.
Headquarters: Fukushima, Japan · Founded: 1934 · Employees: 2,793
Size Nitto Boseki (3110.T) is a Japan Consumer Discretionary company (Textiles) with a market value of $2.85B, the 376th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,400 on 6 Nov 2026.
Performance Over six months the shares fell 58.0%, against -3.8% for the median peer and +1.8% for the Japan market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 11.6% over the last twelve months (peer median +8.4%); the operating margin is 19.7% (peer median 9.5%).
Valuation It trades at 19.3× forward earnings against a peer median of 12.0× (5th most expensive of 18).
Capital Return on invested capital runs 9.3 points below its cost of capital (18.0% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥124B | ¥118B | ¥109B | ¥93.3B | ¥87.5B |
| Revenue growth | — | +8% | +17% | +7% | — |
| Gross profit | ¥51.8B | ¥47.6B | ¥40.4B | ¥30.6B | ¥27.2B |
| EBITDA | ¥34.2B | ¥30.3B | ¥24.6B | ¥15.6B | ¥13.1B |
| Net income | ¥44.4B | ¥41.8B | ¥12.8B | ¥7.30B | ¥2.77B |
| Free cash flow | n/a | -¥3.22B | ¥5.98B | -¥1.89B | ¥470M |
| Capital expenditure | n/a | ¥20.5B | ¥13.1B | ¥6.95B | ¥7.17B |
| Total debt | ¥49.3B | ¥50.7B | ¥52.7B | ¥53.1B | ¥46.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Nitto Boseki 3110.T | $2.85B | -58% | +12% | 20% | 19.3× | n/a |
| Owens Corning OC | $9.59B | 0% | -11% | 14% | 15.3× | 3.6% |
| Nippon Electric Glass 5214.T | $2.32B | -44% | +3% | 8% | 22.6× | 2.4% |
| Taiwan Glass Industry 1802.TW | $5.08B | -21% | +12% | 12% | 16.7× | n/a |
| China Jushi 600176.SS | $16.6B | -20% | +27% | 34% | 13.5× | 14.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3110.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -34.1% | -3.9% | lowest of 21 |
| 6-month return | -58.0% | -3.8% | lowest of 21 |
| Distance from 52-week high | -63.5% | -18.5% | lowest of 21 |
| Revenue growth (TTM) | +11.6% | +8.4% | 9th highest of 21 |
| Operating margin | 19.7% | 9.5% | highest of 21 |
| Forward P/E | 19.3× | 12.0× | 5th most expensive of 18 |
| ROIC minus cost of capital | -9.3 pp | +2.9 pp | lowest of 21 |
| EV / EBITDA | 13.5× | 8.5× | most expensive of 7 |
| Net debt / EBITDA | 0.1× | 2.5× | 3rd least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nitto Boseki 3110.T | Japan | $2.85B | -58% | +12% | 20% | 19.3× | n/a | n/a |
| HMT (Xiamen) New Technical Materials 603306.SS | China | $2.18B | -56% | -1% | 0% | 57.4× | 50.6% | +21.4% |
| Coats COA.L | United Kingdom | $2.14B | +2% | +5% | 15% | 11.2× | 11.6% | +4.1% |
| OC Oerlikon OERL.SW | Switzerland | $1.99B | +41% | -21% | 8% | 15.8× | 1.0% | -7.0% |
| Albany International AIN | United States | $1.91B | +8% | +14% | 13% | 22.5× | 8.5% | +5.6% |
| North Chemical Industries 002246.SZ | China | $1.80B | -10% | +17% | 15% | 28.4× | 8.3% | +3.0% |
| Xinfengming 603225.SS | China | $4.54B | -2% | +22% | 4% | 9.7× | -3.9% | +14.1% |
| Tangshan Sanyou Chemical Industries 600409.SS | China | $1.72B | -28% | +1% | 1% | 24.0× | 4.5% | +1.3% |
| Ruentex Industries 2915.TW | Taiwan | $1.72B | +23% | -25% | 10% | 6.9× | 48.3% | -2.4% |
| Bros Eastern 601339.SS | China | $1.72B | -16% | +11% | 11% | 11.8× | -8.3% | +5.2% |
| Luolai Lifestyle Technology 002293.SZ | China | $1.55B | +10% | +6% | 14% | 16.4× | -2.6% | -0.2% |
| Inner Mongolia ERDOS Resources 600295.SS | China | $5.49B | -5% | +2% | 9% | 14.1× | -9.2% | +2.2% |
| Billion Industrial 2299.HK | Hong Kong | $1.48B | +136% | +13% | 6% | n/a | -8.7% | +15.6% |
| Xinxiang Chemical Fiber 000949.SZ | China | $1.46B | -27% | +19% | 8% | 12.5× | -3.3% | +12.2% |
| Sunvim 002083.SZ | China | $1.16B | -20% | +19% | 17% | 9.8× | -12.1% | +3.3% |
| Huafon Chemical 002064.SZ | China | $7.15B | -18% | +13% | 14% | 12.0× | -0.3% | +10.5% |
| Hengyi Petrochemical 000703.SZ | China | $7.21B | -30% | +21% | 9% | 5.0× | -6.6% | +5.6% |
| Kurabo Industries 3106.T | Japan | $1.10B | +33% | -3% | 7% | n/a | 8.2% | +3.3% |
| Zhejiang Taihua New Material 603055.SS | China | $1.09B | -9% | +3% | 10% | 10.2× | -5.0% | +20.7% |
| Shanghai Haixin 600851.SS | China | $1.08B | +4% | -15% | 7% | n/a | n/a | n/a |
| Seiren 3569.T | Japan | $1.07B | -1% | +12% | 12% | 10.7× | -4.9% | +11.7% |