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Japanese specialty-chemicals maker of semiconductor materials (CMP slurries, packaging films) and battery/carbon materials.
Japanese specialty-chemicals maker of semiconductor materials (CMP slurries, packaging films) and battery/carbon materials.
Sells materials that chipmakers and battery makers specify into their production lines, so revenue arrives as repeat supply once a material is qualified. Showa Denko bought Hitachi Chemical in 2020 and renamed itself Resonac in 2023, steering the group toward electronics materials.
In one line: A Japanese Entegris/Cabot for chip materials.
Moat: narrow (process know-how, customer qualification). Qualified supplier for advanced-node chip materials; formed from a 2023 Showa Denko/Hitachi Chemical merger, still integrating.
Headquarters: Tokyo, Japan · Founded: 2023 · Employees: 21,525
Size Resonac (4004.T) is a Japan Materials company (Chemicals: Specialty) with a market value of $12.6B, the 112th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥10,530 on 6 Nov 2026.
Performance Over six months the shares fell 25.9%, against -21.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 1.4% over the last twelve months (peer median +1.7%); the operating margin is 8.1% (peer median 11.6%).
Valuation It trades at 18.0× forward earnings against a peer median of 11.8× (8th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 27% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +20 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.5 points below its cost of capital (11.8% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.38T | ¥1.35T | ¥1.39T | ¥1.30T | ¥1.39T |
| Revenue growth | — | -3% | +7% | -7% | — |
| Gross profit | ¥379B | ¥350B | ¥280B | ¥197B | ¥291B |
| EBITDA | ¥204B | ¥203B | ¥166B | ¥78.6B | ¥171B |
| Net income | ¥57.8B | ¥29.0B | ¥73.5B | -¥6.50B | ¥32.4B |
| Free cash flow | n/a | ¥23.6B | ¥75.3B | ¥33.2B | ¥11.5B |
| Capital expenditure | n/a | ¥107B | ¥88.3B | ¥85.6B | ¥87.9B |
| Total debt | ¥957B | ¥970B | ¥1.02T | ¥1.03T | ¥1.10T |
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 |
|---|---|---|---|---|---|---|
| Resonac 4004.T | $12.6B | -26% | +1% | 8% | 18.0× | 26.7% |
| Mitsubishi Chemical 4188.T | $8.65B | +10% | -8% | 8% | 8.9× | -0.5% |
| Sumitomo Chemical 4005.T | $4.93B | -7% | -2% | 5% | 6.9× | 1.1% |
| Entegris ENTG | $19.6B | -14% | +9% | 19% | 23.7× | 26.3% |
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 | 4004.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -41.3% | -0.6% | lowest of 21 |
| 6-month return | -25.9% | -21.0% | 10th lowest of 21 |
| Distance from 52-week high | -48.6% | -39.9% | 6th lowest of 21 |
| Revenue growth (TTM) | +1.4% | +1.7% | 11th highest of 21 |
| Operating margin | 8.1% | 11.6% | 8th lowest of 21 |
| Forward P/E | 18.0× | 11.8× | 8th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 26.7% | 7.8% | 2nd most demanding of 16 |
| Growth delivered (Del g) | +6.7% | +10.7% | 5th lowest of 16 |
| Hurdle (Req g minus delivered) | +20.0 pp | -12.0 pp | 3rd most demanding of 16 |
| ROIC minus cost of capital | -6.5 pp | -0.9 pp | 3rd lowest of 21 |
| EV / EBITDA | 12.9× | 9.7× | 3rd most expensive of 11 |
| Net debt / EBITDA | 3.1× | 2.2× | 4th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Resonac 4004.T | Japan | $12.6B | -26% | +1% | 8% | 18.0× | 26.7% | +6.7% |
| Lgchem 051910.KS | South Korea | $12.6B | -42% | 0% | 0% | n/a | n/a | n/a |
| Satellite Chemical 002648.SZ | China | $12.4B | -17% | +20% | 23% | 7.2× | -13.2% | +33.8% |
| Formosa Plastics 1301.TW | Taiwan | $12.1B | +22% | -11% | -2% | 21.4× | n/a | n/a |
| Zhejiang Juhua 600160.SS | China | $13.1B | -12% | -5% | 20% | 18.2× | n/a | n/a |
| Albemarle ALB | United States | $11.7B | -51% | +18% | 14% | 11.3× | 10.9% | +10.4% |
| Covestro 1COV.DE | Germany | $14.0B | 0% | -9% | -3% | 200.3× | n/a | n/a |
| Formosa Chemicals & Fibre 1326.TW | Taiwan | $11.1B | +21% | -5% | 1% | 21.0× | 26.2% | +2.5% |
| Swancor Advanced Materials 688585.SS | China | $10.9B | +50% | +3% | -25% | n/a | n/a | n/a |
| Symrise SY1.DE | Germany | $15.1B | +30% | -1% | 12% | 24.8× | 8.1% | +7.0% |
| Nippon Sanso 4091.T | Japan | $15.3B | +1% | +10% | 15% | 16.9× | 7.8% | +10.7% |
| Sociedad Quimica y Minera de Chile S.A. Sponsored ADR Pfd Series B SQM | United States | $16.0B | -37% | +59% | 39% | 7.3× | -4.8% | +20.1% |
| Ganfeng Lithium 1772.HK | Hong Kong | $9.76B | -72% | +123% | 18% | 6.4× | 9.0% | +32.0% |
| Hengli Petrochemical 600346.SS | China | $17.5B | -25% | -8% | 8% | 9.2× | -8.0% | +5.1% |
| Tianqi Lithium 002466.SZ | China | $8.97B | -54% | +104% | 57% | 9.0× | -1.2% | +26.2% |
| Guangzhou Tinci Materials Technology 002709.SZ | China | $8.73B | -53% | +102% | 19% | 10.3× | 9.3% | +32.3% |
| Shandong Hualu-Hengsheng Chemical 600426.SS | China | $8.27B | -32% | +3% | 16% | 12.3× | -2.5% | +18.7% |
| Westlake WLK | United States | $8.11B | -32% | 0% | 1% | 38.6× | 37.4% | +8.3% |
| China Northern Rare Earth (Group) High-Tech 600111.SS | China | $19.6B | -31% | +29% | 11% | 28.5× | 24.6% | +14.2% |
| LyondellBasell LYB | United States | $19.6B | -15% | -2% | 10% | 9.5× | -10.3% | +1.7% |
| Eastman Chemical EMN | United States | $7.37B | -13% | 0% | 10% | 10.2× | 5.1% | +0.7% |