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Employees: 1,813
Size Ishihara Sangyo Kaisha (4028.T) is a Japan Materials company (Chemicals: Specialty) with a market value of $596M, the 984th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,353 on 6 Nov 2026.
Performance Over six months the shares fell 22.0%, against -15.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 1.0% over the last twelve months (peer median +12.0%); the operating margin is 10.6% (peer median 6.7%).
Valuation It trades at 9.5× forward earnings against a peer median of 19.6× (3rd cheapest of 11).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.7 points below its cost of capital (8.5% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥152B | ¥155B | ¥145B | ¥138B | ¥131B |
| Revenue growth | — | +7% | +5% | +5% | — |
| Gross profit | ¥48.7B | ¥51.4B | ¥41.1B | ¥39.2B | ¥35.1B |
| EBITDA | ¥21.1B | ¥23.9B | ¥16.2B | ¥17.5B | ¥14.0B |
| Net income | ¥12.9B | ¥16.6B | ¥8.41B | ¥7.99B | ¥6.95B |
| Free cash flow | n/a | ¥5.49B | ¥8.53B | -¥10.3B | -¥10.6B |
| Capital expenditure | n/a | ¥11.8B | ¥9.80B | ¥7.54B | ¥4.62B |
| Total debt | ¥67.0B | ¥72.2B | ¥70.5B | ¥68.6B | ¥52.9B |
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| Measure | 4028.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.1% | -13.5% | 9th lowest of 21 |
| 6-month return | -22.0% | -15.4% | 10th lowest of 21 |
| Distance from 52-week high | -41.7% | -40.8% | 11th highest of 21 |
| Revenue growth (TTM) | +1.0% | +12.0% | 7th lowest of 21 |
| Operating margin | 10.6% | 6.7% | 6th highest of 21 |
| Forward P/E | 9.5× | 19.6× | 3rd cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | 1.1% | 13.5% | 4th least demanding of 11 |
| Growth delivered (Del g) | +8.8% | +9.8% | 6th highest of 11 |
| Hurdle (Req g minus delivered) | -7.7 pp | +4.3 pp | 4th least demanding of 11 |
| ROIC minus cost of capital | -1.7 pp | -2.4 pp | 10th highest of 21 |
| EV / EBITDA | 6.2× | 12.4× | cheapest of 9 |
| Net debt / EBITDA | 1.8× | 0.4× | 4th most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ishihara Sangyo Kaisha 4028.T | Japan | $596M | -22% | +1% | 11% | 9.5× | 1.1% | +8.8% |
| Jiangsu Hengxing New Material Technology 603276.SS | China | $596M | +7% | +29% | 8% | n/a | 18.5% | +15.2% |
| Cytech 301557.SZ | China | $595M | -3% | +13% | 7% | n/a | n/a | n/a |
| Guangzhou Lushan New Materials 603051.SS | China | $595M | +5% | -5% | 0% | n/a | 32.5% | +8.5% |
| Everlight Chemical Industrial 1711.TW | Taiwan | $593M | -45% | -2% | -1% | n/a | n/a | n/a |
| Shandong Fengyuan Chemical 002805.SZ | China | $591M | -38% | +281% | 1% | n/a | n/a | n/a |
| Shenzhen Jdd Tech New Material 301538.SZ | China | $591M | -33% | +10% | 18% | 14.6× | 15.3% | +25.6% |
| Balaji Amines BALAMINES.NS | India | $604M | +15% | +21% | 19% | 36.2× | n/a | n/a |
| Skchem 285130.KS | South Korea | $588M | -27% | +27% | 0% | 33.8× | n/a | n/a |
| Zanyu Technology 002637.SZ | China | $605M | -34% | -3% | 3% | 9.3× | -0.9% | +11.0% |
| Formosan Union Chemical 1709.TW | Taiwan | $607M | +128% | -3% | 14% | n/a | -1.6% | +1.2% |
| Hebei Jianxin Chemical Industry 300107.SZ | China | $581M | -6% | +39% | 11% | n/a | n/a | n/a |
| Shandong Sunway Chemical 002469.SZ | China | $579M | -20% | -19% | 3% | 24.6× | n/a | n/a |
| MEC 4971.T | Japan | $578M | -47% | +29% | 31% | 14.4× | 17.2% | +11.9% |
| Anshan Hifichem 300758.SZ | China | $615M | -22% | +11% | 9% | 45.2× | 15.5% | +8.2% |
| Dainichiseika Color & Chemicals Mfg.Co 4116.T | Japan | $576M | +18% | +2% | 7% | n/a | 3.4% | -2.1% |
| TSRC 2103.TW | Taiwan | $576M | +17% | 0% | 7% | n/a | n/a | n/a |
| Argus (Shanghai) Textile Chemicals 603790.SS | China | $618M | -11% | +21% | 14% | n/a | 11.7% | +0.7% |
| Longyan Zhuoyue New Energy 688196.SS | China | $622M | -38% | +2% | 1% | 35.0× | n/a | n/a |
| Grand Pacific Petrochemical 1312.TW | Taiwan | $571M | +3% | +28% | -15% | 10.6× | n/a | n/a |
| Guangdong Yussen Energy Technology 002986.SZ | China | $571M | -30% | +57% | 2% | 7.4× | -5.0% | +27.8% |