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Japanese materials maker known for carbon fiber composites, synthetic fibers, plastics and water treatment membranes.
Japanese materials maker known for carbon fiber composites, synthetic fibers, plastics and water treatment membranes.
Carbon fiber is sold under long-term supply agreements with aircraft makers, notably for Boeing's 787, so volume follows aircraft build rates, while fibers, films and plastics are sold more like commodities with thinner margins. It bought the US carbon-fiber maker Zoltek in 2014 to widen into cars and industrial uses.
In one line: A Japanese chemicals/materials conglomerate akin to a smaller DuPont.
Moat: narrow (process know-how, IP / patents, customer qualification). Leading carbon fiber technology qualified into long-cycle aerospace programs like Boeing's 787.
Headquarters: Tokyo, Japan · Founded: 1926 · Employees: 46,294
Size Toray Industries (3402.T) is a Japan Consumer Discretionary company (Textiles) with a market value of $11.1B, the 127th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,184 on 6 Nov 2026.
Performance Over six months the shares gained 5.6%, against -24.1% for the median peer and +1.8% for the Japan market (cap-weighted) — highest of 9 in its peer set.
Growth Revenue grew 5.8% over the last twelve months (peer median +19.5%); the operating margin is 5.9% (peer median 9.3%).
Valuation It trades at 16.6× forward earnings against a peer median of 13.0× (4th most expensive of 9).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.1 points below its cost of capital (6.1% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥2.67T | ¥2.59T | ¥2.56T | ¥2.46T | ¥2.49T |
| Revenue growth | — | +1% | +4% | -1% | — |
| Gross profit | ¥547B | ¥520B | ¥506B | ¥444B | ¥421B |
| EBITDA | ¥290B | ¥270B | ¥269B | ¥226B | ¥216B |
| Net income | ¥93.6B | ¥79.5B | ¥77.9B | ¥21.9B | ¥72.8B |
| Free cash flow | ¥87.0B | ¥65.3B | ¥75.8B | ¥51.5B | ¥43.0B |
| Capital expenditure | ¥129B | ¥147B | ¥179B | ¥134B | ¥102B |
| Total debt | ¥901B | ¥906B | ¥843B | ¥950B | ¥950B |
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 |
|---|---|---|---|---|---|---|
| Toray Industries 3402.T | $11.1B | +6% | +6% | 6% | 16.6× | 5.5% |
| Mitsubishi Chemical 4188.T | $8.65B | +10% | -8% | 8% | 8.9× | -0.5% |
| Teijin 3401.T | $2.07B | +7% | -14% | -7% | 6.9× | -11.5% |
| Hexcel HXL | $6.09B | -16% | +8% | 11% | 29.6× | 23.0% |
| SGL Carbon SGL.DE | $668M | +2% | -16% | 8% | 18.9× | 2.3% |
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 | 3402.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.6% | -12.8% | 5th highest of 9 |
| 6-month return | +5.6% | -24.1% | highest of 9 |
| Distance from 52-week high | -15.2% | -36.1% | highest of 9 |
| Revenue growth (TTM) | +5.8% | +19.5% | 2nd lowest of 9 |
| Operating margin | 5.9% | 9.3% | 3rd lowest of 9 |
| Forward P/E | 16.6× | 13.0× | 4th most expensive of 9 |
| Growth the price implies (Req g, 7 yrs) | 5.5% | -3.9% | most demanding of 6 |
| Growth delivered (Del g) | +6.5% | +10.5% | 3rd lowest of 6 |
| Hurdle (Req g minus delivered) | -1.1 pp | -12.3 pp | most demanding of 6 |
| ROIC minus cost of capital | -2.1 pp | +3.5 pp | 3rd lowest of 9 |
| EV / EBITDA | 8.7× | n/a | — |
| Net debt / EBITDA | 2.2× | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Toray Industries 3402.T | Japan | $11.1B | +6% | +6% | 6% | 16.6× | 5.5% | +6.5% |
| Grace Fabric Technology 603256.SS | China | $10.6B | -36% | +115% | 44% | 57.2× | n/a | n/a |
| Sinoma Science & Technology 002080.SZ | China | $8.76B | -40% | +18% | 9% | 19.5× | n/a | n/a |
| Tongkun 601233.SS | China | $8.35B | -3% | +21% | 5% | 6.8× | -1.4% | +15.4% |
| Hengyi Petrochemical 000703.SZ | China | $7.21B | -30% | +21% | 9% | 5.0× | -6.6% | +5.6% |
| Huafon Chemical 002064.SZ | China | $7.15B | -18% | +13% | 14% | 12.0× | -0.3% | +10.5% |
| Inner Mongolia ERDOS Resources 600295.SS | China | $5.49B | -5% | +2% | 9% | 14.1× | -9.2% | +2.2% |
| Xinfengming 603225.SS | China | $4.54B | -2% | +22% | 4% | 9.7× | -3.9% | +14.1% |
| Nitto Boseki 3110.T | Japan | $2.85B | -58% | +12% | 20% | 19.3× | n/a | n/a |