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Diversified Japanese materials group: chemicals/fibers, prefab homebuilding, and healthcare devices.
Diversified Japanese materials group: chemicals/fibers, prefab homebuilding, and healthcare devices.
Spread over three groups: materials (fibers, battery separators, chemicals), homes (Hebel Haus prefab houses, paid per house, plus rental-housing management) and healthcare, where it bought ZOLL Medical in 2012 and the drug company Veloxis in 2020.
In one line: A 3M/Honeywell hybrid with a homebuilder arm.
Moat: narrow (IP / patents, process know-how). Leading lithium-ion battery separator technology (Hipore/Celgard), but faces material-science competitors.
Headquarters: Tokyo, Japan · Founded: 1922 · Employees: 47,895
Size Asahi Kasei (3407.T) is a Japan Industrials company (Chemicals: Specialty) with a market value of $12.6B, the 111th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,490 on 6 Nov 2026.
Performance Over six months the shares fell 2.9%, against -13.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 4.0% over the last twelve months (peer median +9.1%); the operating margin is 8.2% (peer median 8.6%).
Valuation It trades at 11.3× forward earnings against a peer median of 12.9× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.9 points below its cost of capital (6.8% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥3.16T | ¥3.07T | ¥3.04T | ¥2.78T | ¥2.73T |
| Revenue growth | — | +1% | +9% | +2% | — |
| Gross profit | ¥1.06T | ¥952B | ¥909B | ¥849B | ¥805B |
| EBITDA | ¥460B | ¥428B | ¥398B | ¥323B | ¥305B |
| Net income | ¥193B | ¥159B | ¥135B | ¥43.8B | -¥91.9B |
| Free cash flow | ¥88.0B | ¥109B | ¥99.8B | ¥148B | -¥61.2B |
| Capital expenditure | ¥230B | ¥211B | ¥218B | ¥172B | ¥172B |
| Total debt | ¥1.16T | ¥1.01T | ¥1.20T | ¥956B | ¥975B |
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 |
|---|---|---|---|---|---|---|
| Asahi Kasei 3407.T | $12.6B | -3% | +4% | 8% | 11.3× | 1.9% |
| 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% |
| Sumitomo Forestry 1911.T | $4.87B | -10% | +14% | 6% | 12.5× | 2.8% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3407.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.0% | -7.6% | 9th lowest of 21 |
| 6-month return | -2.9% | -13.5% | 10th highest of 21 |
| Distance from 52-week high | -21.8% | -27.5% | 10th highest of 21 |
| Revenue growth (TTM) | +4.0% | +9.1% | 5th lowest of 21 |
| Operating margin | 8.2% | 8.6% | 10th lowest of 21 |
| Forward P/E | 11.3× | 12.9× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 1.9% | 6.4% | 8th least demanding of 18 |
| Growth delivered (Del g) | +7.9% | +9.2% | 5th lowest of 18 |
| Hurdle (Req g minus delivered) | -6.0 pp | -4.2 pp | 8th least demanding of 18 |
| ROIC minus cost of capital | -0.9 pp | -0.3 pp | 10th lowest of 21 |
| EV / EBITDA | 6.2× | 10.2× | 3rd cheapest of 20 |
| Net debt / EBITDA | 1.7× | 0.5× | 7th most indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Asahi Kasei 3407.T | Japan | $12.6B | -3% | +4% | 8% | 11.3× | 1.9% | +7.9% |
| Kajima 1812.T | Japan | $12.5B | -27% | +4% | 8% | 10.8× | -1.9% | +10.0% |
| Obayashi 1802.T | Japan | $12.8B | -20% | +5% | 8% | 12.3× | -1.6% | +7.9% |
| Nidec 6594.T | Japan | $11.7B | -33% | +4% | -22% | 11.5× | 8.4% | +10.9% |
| Baycurrent 6532.T | Japan | $11.2B | +132% | +32% | 33% | 35.6× | 6.4% | +28.2% |
| Kawasaki Kisen Kaisha 9107.T | Japan | $11.0B | +17% | +11% | 8% | 9.4× | 7.3% | +10.2% |
| Daifuku 6383.T | Japan | $10.9B | -33% | +21% | 15% | 18.9× | 14.7% | +8.3% |
| Kawasaki Heavy Industries 7012.T | Japan | $10.9B | -39% | +9% | 6% | 13.8× | 20.2% | +9.2% |
| Taisei 1801.T | Japan | $10.8B | -38% | +2% | 9% | 9.9× | 0.6% | +7.1% |
| Mitsui O.s.k. Lines 9104.T | Japan | $15.0B | +10% | +20% | 6% | 7.3× | n/a | n/a |
| Ihi 7013.T | Japan | $15.4B | -20% | +8% | 10% | 12.7× | 16.7% | +8.1% |
| Ana 9202.T | Japan | $9.77B | +24% | +17% | 8% | 13.1× | -10.0% | +28.4% |
| Fuji Electric 6504.T | Japan | $9.68B | -18% | +9% | 12% | 13.1× | 11.3% | +7.0% |
| Nippon Yusen Kabushiki Kaisha 9101.T | Japan | $16.8B | +17% | 0% | 6% | 9.0× | 7.8% | +8.5% |
| Ebara 6361.T | Japan | $9.28B | -40% | +9% | 11% | 14.5× | n/a | n/a |
| West Japan Railway 9021.T | Japan | $9.19B | +12% | +6% | 10% | 13.8× | 2.4% | +14.9% |
| Japan Airlines 9201.T | Japan | $9.08B | +34% | +10% | 8% | 15.3× | -9.7% | +33.1% |
| Makita 6586.T | Japan | $8.78B | -9% | +9% | 14% | 16.6× | 0.6% | +5.0% |
| Kubota 6326.T | Japan | $18.2B | 0% | +13% | 11% | 10.0× | 7.5% | +10.3% |
| Furukawa Electric 5801.T | Japan | $8.75B | -54% | +13% | 6% | 11.9× | n/a | n/a |
| Secom 9735.T | Japan | $18.8B | +16% | +4% | 13% | 22.7× | -0.3% | +3.9% |