Loading…
Japanese chemicals maker and major global producer of polysilicon for semiconductors and solar cells, also makes cement.
Japanese chemicals maker and major global producer of polysilicon for semiconductors and solar cells, also makes cement.
Sells high-purity polysilicon, the raw material wafers are sliced from, to wafer makers; the semiconductor grade is the demanding one. Cement and chemicals sold in Japan give it a steadier base alongside. Polysilicon is made at its own plant in Japan and at one in Malaysia.
In one line: A key global polysilicon supplier alongside Wacker Chemie.
Moat: narrow (scale, process know-how). One of few global-scale high-purity polysilicon producers, a capital-intensive barrier to entry.
Headquarters: Tokyo, Japan · Founded: 1918 · Employees: 6,390
Size Tokuyama (4043.T) is a Japan Materials company (Chemicals: Specialty) with a market value of $1.63B, the 546th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,565 on 6 Nov 2026.
Performance Over six months the shares fell 10.8%, against -24.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 6.8% over the last twelve months (peer median +16.9%); the operating margin is 8.6% (peer median 6.9%).
Valuation It trades at 5.8× forward earnings against a peer median of 16.5× (2nd cheapest of 19).
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 +3%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.2 points below its cost of capital (6.1% WACC).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥364B | ¥349B | ¥343B | ¥342B | ¥352B |
| Revenue growth | — | +2% | 0% | -3% | — |
| Gross profit | ¥126B | ¥127B | ¥110B | ¥101B | ¥92.1B |
| EBITDA | ¥55.9B | ¥59.5B | ¥49.7B | ¥43.4B | ¥35.4B |
| Net income | ¥20.0B | ¥22.2B | ¥23.4B | ¥17.8B | ¥9.36B |
| Free cash flow | n/a | ¥21.9B | ¥29.8B | ¥24.2B | -¥43.7B |
| Capital expenditure | n/a | ¥29.1B | ¥22.6B | ¥31.6B | ¥31.9B |
| Total debt | ¥166B | ¥162B | ¥111B | ¥106B | ¥142B |
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 |
|---|---|---|---|---|---|---|
| Tokuyama 4043.T | $1.63B | -11% | +7% | 9% | 5.8× | 1.1% |
| Wacker Chemie WCH.DE | $4.42B | -24% | -5% | -1% | 33.0× | n/a |
| GCL Technology 3800.HK | $2.71B | -30% | +25% | -22% | n/a | n/a |
| Taiheiyo Cement 5233.T | $3.03B | +19% | +1% | 8% | 7.7× | 0.8% |
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 | 4043.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.0% | -15.2% | 11th highest of 21 |
| 6-month return | -10.8% | -24.4% | 7th highest of 20 |
| Distance from 52-week high | -38.2% | -42.5% | 7th highest of 21 |
| Revenue growth (TTM) | +6.8% | +16.9% | 7th lowest of 21 |
| Operating margin | 8.6% | 6.9% | 7th highest of 21 |
| Forward P/E | 5.8× | 16.5× | 2nd cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 1.1% | 11.6% | 3rd least demanding of 13 |
| Growth delivered (Del g) | +2.9% | +6.0% | 5th lowest of 13 |
| Hurdle (Req g minus delivered) | -1.9 pp | +4.5 pp | 5th least demanding of 13 |
| ROIC minus cost of capital | -1.2 pp | -1.4 pp | 11th highest of 21 |
| EV / EBITDA | 7.1× | 8.3× | 3rd cheapest of 10 |
| Net debt / EBITDA | 2.1× | 0.4× | 4th most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tokuyama 4043.T | Japan | $1.63B | -11% | +7% | 9% | 5.8× | 1.1% | +2.9% |
| Chambal Fertilisers & Chemicals CHAMBLFERT.NS | India | $1.63B | -15% | +6% | 12% | 7.2× | n/a | n/a |
| Huabao Technology 300741.SZ | China | $1.63B | +7% | +17% | 1% | n/a | 45.3% | -8.5% |
| Ningbo Yunsheng 600366.SS | China | $1.64B | -24% | +33% | 6% | 19.3× | 19.1% | +17.9% |
| Fujian Kuncai Material Technology 603826.SS | China | $1.64B | -51% | +59% | 5% | 61.0× | 24.1% | +11.0% |
| Shenzhen Dynanonic 300769.SZ | China | $1.65B | -50% | +188% | 4% | 12.5× | n/a | n/a |
| Guangdong Dowstone Technology 300409.SZ | China | $1.59B | -50% | +34% | 6% | 14.0× | n/a | n/a |
| Shida Shinghwa Advanced Material 603026.SS | China | $1.68B | -58% | +58% | 8% | 7.5× | n/a | n/a |
| Genesis Energy, L.P GEL | United States | $1.57B | -21% | -17% | 19% | n/a | 2.2% | -2.2% |
| Proto Labs PRLB | United States | $1.57B | -5% | +12% | 8% | 27.4× | 26.8% | +4.2% |
| ADAMA 000553.SZ | China | $1.55B | -33% | -6% | 3% | 30.7× | -7.2% | +0.3% |
| Tangshan SunFar Silicon Industries 603938.SS | China | $1.72B | +6% | +30% | 8% | 42.8× | n/a | n/a |
| Stepan SCL | United States | $1.52B | +26% | +10% | 4% | 19.0× | 14.9% | +4.5% |
| Osaka Soda 4046.T | Japan | $1.52B | -2% | +8% | 19% | 13.5× | 5.1% | +0.5% |
| Befar 6745.HK | Hong Kong | $1.52B | n/a | +25% | 5% | 9.7× | 3.6% | +17.3% |
| Crystal Clear Electronic Material 300655.SZ | China | $1.75B | -25% | +27% | 7% | 78.2× | n/a | n/a |
| Denka 4061.T | Japan | $1.51B | -33% | -3% | 9% | 12.7× | n/a | n/a |
| KumhoPetrochem 011780.KS | South Korea | $1.50B | -37% | 0% | 7% | 4.3× | -16.5% | +7.5% |
| Anhui Wanwei Updated High-Tech Material Industry 600063.SS | China | $1.49B | -32% | +3% | 4% | 20.0× | n/a | n/a |
| Shaily Engineering Plastics SHAILY.NS | India | $1.48B | +14% | +18% | 24% | 56.7× | 35.8% | +22.8% |
| Fuso Chemical 4368.T | Japan | $1.79B | -19% | +17% | 26% | 13.1× | 8.4% | +12.8% |