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Japanese provider of thermal spray coating services that add wear- and heat-resistant surfaces to industrial parts.
Japanese provider of thermal spray coating services that add wear- and heat-resistant surfaces to industrial parts.
Paid a processing fee for each part coated, usually parts the customer owns and sends in, so revenue recurs as coatings wear out and parts are recoated during maintenance. Coating for chipmaking equipment, where plasma-resistant surfaces last longer inside etching chambers, has become an important use.
In one line: A thermal-spray coating service specialist.
Moat: narrow (process know-how, customer qualification). Coating process qualified into customers' critical parts (turbine blades, rollers), creating switching costs.
Headquarters: Kobe, Japan · Founded: 1969 · Employees: 1,573
Size TOCALO (3433.T) is a Japan Materials company (Industrial Specialties) with a market value of $864M, the 802nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,316 on 6 Nov 2026.
Performance Over six months the shares fell 26.0%, against -23.8% for the median peer and +1.8% for the Japan market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 6.2% over the last twelve months (peer median +7.7%); the operating margin is 23.5% (peer median 6.1%).
Valuation It trades at 11.8× forward earnings against a peer median of 19.7× (3rd cheapest of 17).
Capital Return on invested capital runs 2.8 points above its cost of capital (10.2% WACC).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥60.0B | ¥58.5B | ¥54.2B | ¥46.7B | ¥48.1B |
| Revenue growth | — | +8% | +16% | -3% | — |
| Gross profit | ¥22.7B | ¥22.4B | ¥20.3B | ¥16.3B | ¥17.4B |
| EBITDA | ¥18.0B | ¥17.9B | ¥15.6B | ¥12.3B | ¥13.5B |
| Net income | ¥10.1B | ¥10.1B | ¥8.05B | ¥6.33B | ¥7.35B |
| Free cash flow | n/a | -¥2.01B | ¥3.55B | ¥3.09B | ¥5.28B |
| Capital expenditure | n/a | ¥9.92B | ¥5.58B | ¥4.89B | ¥4.70B |
| Total debt | ¥12.1B | ¥7.57B | ¥3.88B | ¥5.10B | ¥2.94B |
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.
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 | 3433.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -26.2% | -6.0% | 2nd lowest of 21 |
| 6-month return | -26.0% | -23.8% | 10th lowest of 21 |
| Distance from 52-week high | -33.1% | -47.8% | 8th highest of 21 |
| Revenue growth (TTM) | +6.2% | +7.7% | 10th lowest of 21 |
| Operating margin | 23.5% | 6.1% | highest of 21 |
| Forward P/E | 11.8× | 19.7× | 3rd cheapest of 17 |
| ROIC minus cost of capital | +2.8 pp | -2.2 pp | 5th highest of 21 |
| EV / EBITDA | 7.7× | 11.3× | 3rd cheapest of 8 |
| Net debt / EBITDA | -0.2× | 0.3× | 4th least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TOCALO 3433.T | Japan | $864M | -26% | +6% | 23% | 11.8× | n/a | n/a |
| Mattr MATR.TO | Canada | $879M | +108% | +25% | 7% | 15.6× | 5.8% | +1.5% |
| ZETTA 002256.SZ | China | $843M | -40% | +25% | -5% | n/a | n/a | n/a |
| Shenma Industry 600810.SS | China | $838M | -33% | -9% | 0% | 28.6× | 9.7% | +7.1% |
| Hainan Development Holdings Nanhai 002163.SZ | China | $892M | -44% | -9% | -3% | 37.0× | n/a | n/a |
| Suzhou Xinguangyi Electronics 301687.SZ | China | $831M | -34% | +7% | 19% | n/a | 42.9% | +11.3% |
| Hubei Huitian New Materials 300041.SZ | China | $820M | -13% | +15% | 6% | 19.3× | 10.3% | +15.5% |
| Jiangxi Guotai 603977.SS | China | $914M | -29% | +15% | 9% | 14.2× | n/a | n/a |
| Shandong Jinjing Science & Technology 600586.SS | China | $806M | -35% | -23% | -23% | 31.6× | 0.5% | -1.3% |
| Jiangsu Favored Nanotechnology 688371.SS | China | $797M | -34% | -7% | -29% | 18.1× | n/a | n/a |
| Jiangxi Black Cat Carbon Black 002068.SZ | China | $795M | -22% | +1% | -4% | 30.8× | n/a | n/a |
| Guangdong Tloong Technology 300063.SZ | China | $946M | -26% | +21% | 2% | n/a | 25.0% | -6.6% |
| SP Group A/S SPG.CO | Denmark | $788M | +17% | +18% | 14% | 13.5× | -6.2% | +6.2% |
| Jiangsu Canlon Building Materials 300715.SZ | China | $770M | -1% | +3% | -2% | 52.6× | 33.6% | +3.8% |
| Toyo Tanso 5310.T | Japan | $765M | -5% | -8% | 10% | 22.9× | n/a | n/a |
| Morgan Advanced Materials MGAM.L | United Kingdom | $981M | +22% | -6% | 9% | 14.6× | 9.4% | +1.8% |
| ELANTAS Beck India ELANTAS.NS | India | $999M | +23% | +19% | 21% | n/a | 32.4% | +17.2% |
| ZJMI Environmental Energy 603071.SS | China | $1.00B | -15% | -4% | 3% | 9.2× | n/a | n/a |
| Intco Recycling Resources 688087.SS | China | $1.01B | -25% | +29% | 12% | 22.0× | 0.5% | +15.8% |
| Chengdu Guibao Science and Technology 300019.SZ | China | $737M | -29% | +9% | 6% | 20.0× | n/a | n/a |
| Sakata Inx 4633.T | Japan | $732M | +8% | +9% | 6% | 10.7× | -4.0% | +9.8% |