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Employees: 3,941
Size Kureha (4023.T) is a Japan Materials company (Chemicals: Specialty) with a market value of $1.02B, the 733rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,190 on 6 Nov 2026.
Performance Over six months the shares gained 7.4%, against -18.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 6.8% over the last twelve months (peer median +8.9%); the operating margin is 9.7% (peer median 7.7%).
Valuation It trades at 22.6× forward earnings against a peer median of 18.8× (4th most expensive of 9).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +2 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 1.2 points below its cost of capital (5.5% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥167B | ¥162B | ¥162B | ¥178B | ¥191B |
| Revenue growth | — | 0% | -9% | -7% | — |
| Gross profit | ¥49.3B | ¥45.5B | ¥42.5B | ¥51.3B | ¥54.8B |
| EBITDA | ¥28.4B | ¥25.8B | ¥22.6B | ¥30.4B | ¥34.4B |
| Net income | -¥8.46B | -¥10.7B | ¥7.80B | ¥9.73B | ¥16.9B |
| Free cash flow | ¥4.08B | ¥4.75B | -¥14.3B | -¥21.1B | ¥8.51B |
| Capital expenditure | ¥25.3B | ¥23.3B | ¥43.8B | ¥32.7B | ¥14.2B |
| Total debt | ¥123B | ¥124B | ¥86.0B | ¥54.9B | ¥26.3B |
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 | 4023.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.9% | -12.8% | highest of 21 |
| 6-month return | +7.4% | -18.0% | 4th highest of 20 |
| Distance from 52-week high | -14.6% | -44.6% | 2nd highest of 21 |
| Revenue growth (TTM) | +6.8% | +8.9% | 10th lowest of 21 |
| Operating margin | 9.7% | 7.7% | 10th highest of 21 |
| Forward P/E | 22.6× | 18.8× | 4th most expensive of 9 |
| Growth the price implies (Req g, 7 yrs) | 4.1% | 9.4% | 4th least demanding of 12 |
| Growth delivered (Del g) | +2.3% | +5.0% | 3rd lowest of 12 |
| Hurdle (Req g minus delivered) | +1.9 pp | +5.3 pp | 6th least demanding of 12 |
| ROIC minus cost of capital | -1.2 pp | -1.6 pp | 10th highest of 21 |
| EV / EBITDA | 9.0× | 8.1× | 4th most expensive of 8 |
| Net debt / EBITDA | 3.3× | 1.4× | 4th most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kureha 4023.T | Japan | $1.02B | +7% | +7% | 10% | 22.6× | 4.1% | +2.3% |
| Guangzhou Lingwe Technology 301373.SZ | China | $1.01B | -37% | +15% | 26% | 48.0× | 35.6% | +7.4% |
| Shikoku Kasei 4099.T | Japan | $1.03B | -26% | +20% | 18% | 14.8× | 5.0% | +6.5% |
| Shinkong Synthetic Fibers 1409.TW | Taiwan | $1.03B | +23% | -7% | 14% | n/a | n/a | n/a |
| Yibin Tianyuan 002386.SZ | China | $1,000M | -27% | +14% | 3% | n/a | n/a | n/a |
| Jiangsu Evergreen New Material Technology 603125.SS | China | $1.03B | -23% | +38% | 19% | n/a | n/a | n/a |
| Ningbo Changhong Polymer Scientific & Technical 605008.SS | China | $1.04B | -11% | -12% | -1% | 31.5× | n/a | n/a |
| Anhui Guofeng New Materials 000859.SZ | China | $1.04B | -14% | +6% | -4% | n/a | n/a | n/a |
| Hangjin Technology 000818.SZ | China | $988M | -35% | -29% | -8% | n/a | 18.9% | +3.2% |
| Jiujiang Shanshui Technology 301190.SZ | China | $983M | +32% | +54% | 19% | n/a | n/a | n/a |
| Lihuayi Weiyuan Chemical 600955.SS | China | $978M | -39% | +18% | -8% | 17.7× | n/a | n/a |
| Japan Material 6055.T | Japan | $1.06B | -9% | +11% | 27% | 13.5× | 9.4% | +10.5% |
| Guangdong Sinoplast Adv Matl 301686.SZ | China | $962M | n/a | +7% | 19% | n/a | n/a | n/a |
| Compass Minerals International CMP | United States | $962M | -18% | +5% | 8% | 20.0× | 8.1% | +2.8% |
| Hubei Heyuan Gas 002971.SZ | China | $1.09B | +9% | +12% | 7% | 138.4× | n/a | n/a |
| Zhejiang Oceanking Development 603213.SS | China | $938M | +1% | -17% | 0% | n/a | 38.3% | +17.9% |
| Rastar Environmental Protection Materials 300834.SZ | China | $933M | -9% | -23% | 1% | n/a | 43.9% | 0.0% |
| Jiangsu Chengxing Phosph-Chemicals 600078.SS | China | $928M | -29% | +27% | 13% | n/a | 2.6% | +2.9% |
| Green Plains GPRE | United States | $927M | -27% | -22% | 7% | 7.4× | -1.0% | +1.8% |
| Quechen Silicon Chemical 605183.SS | China | $926M | -12% | +7% | 19% | n/a | 2.0% | +16.1% |
| Changzhou Tronly New Electronic Materials 300429.SZ | China | $923M | -37% | +14% | -14% | n/a | 56.6% | +5.0% |