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Chemicals maker best known for Aron Alpha instant adhesive, also produces chlor-alkali chemicals and agrochemicals.
Chemicals maker best known for Aron Alpha instant adhesive, also produces chlor-alkali chemicals and agrochemicals.
Sells caustic soda and related chlor-alkali chemicals to industrial users at market-linked prices, which gives volume but little control over price. Aron Alpha and other adhesives and specialty polymers are the higher-value products, sold both to consumers and to electronics and assembly makers.
In one line: Japan's maker of Aron Alpha, akin to Krazy Glue/Loctite.
Moat: narrow (brand, IP / patents). Aron Alpha is a household adhesive brand in Japan/Asia, invented and long-marketed by the company.
Headquarters: Tokyo, Japan · Founded: 1942 · Employees: 2,680
Size Toagosei (4045.T) is a Japan Materials company (Chemicals: Specialty) with a market value of $1.19B, the 666th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,756 on 6 Nov 2026.
Performance Over six months the shares gained 3.2%, against -22.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 2.3% over the last twelve months (peer median +4.8%); the operating margin is 9.2% (peer median 12.2%).
Valuation It trades at 14.4× forward earnings against a peer median of 19.0× (7th cheapest of 13).
Capital Return on invested capital runs 1.5 points below its cost of capital (6.2% WACC).
Next results Next results expected around 5 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥168B | ¥162B | ¥168B | ¥159B | ¥161B |
| Revenue growth | — | -3% | +5% | -1% | — |
| Gross profit | ¥50.3B | ¥45.1B | ¥44.0B | ¥39.8B | ¥41.4B |
| EBITDA | ¥28.1B | ¥25.8B | ¥25.5B | ¥23.2B | ¥24.8B |
| Net income | ¥13.7B | ¥12.8B | ¥11.9B | ¥12.2B | ¥12.5B |
| Free cash flow | n/a | -¥5.68B | -¥1.86B | ¥9.98B | -¥9.31B |
| Capital expenditure | n/a | ¥31.4B | ¥22.0B | ¥11.7B | ¥20.3B |
| Total debt | ¥25.6B | ¥21.8B | ¥12.3B | ¥12.3B | ¥12.4B |
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 |
|---|---|---|---|---|---|---|
| Toagosei 4045.T | $1.19B | +3% | +2% | 9% | 14.4× | n/a |
| Henkel AG & Co. KGaA HEN.DE | $35.4B | +25% | -3% | 15% | 13.6× | -1.9% |
| Sekisui Chemical 4204.T | $6.61B | +9% | +6% | 9% | 13.4× | n/a |
| Konishi 4956.T | $643M | +9% | +7% | 9% | 12.3× | -10.1% |
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 | 4045.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.9% | -9.0% | 6th highest of 21 |
| 6-month return | +3.2% | -22.3% | 3rd highest of 21 |
| Distance from 52-week high | -8.6% | -46.7% | highest of 21 |
| Revenue growth (TTM) | +2.3% | +4.8% | 9th lowest of 21 |
| Operating margin | 9.2% | 12.2% | 9th lowest of 21 |
| Forward P/E | 14.4× | 19.0× | 7th cheapest of 13 |
| ROIC minus cost of capital | -1.5 pp | -0.6 pp | 9th lowest of 21 |
| EV / EBITDA | 7.0× | 8.8× | 3rd cheapest of 7 |
| Net debt / EBITDA | 0.3× | -0.4× | 3rd most indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Toagosei 4045.T | Japan | $1.19B | +3% | +2% | 9% | 14.4× | n/a | n/a |
| Chemtrade Logistics Income Fund CHE-UN.TO | Canada | $1.19B | -17% | +12% | 12% | 9.5× | -0.8% | +7.7% |
| ISE Chemicals 4107.T | Japan | $1.20B | -30% | 0% | 22% | 36.0× | 18.6% | +18.4% |
| Hunan Kaimeite Gases 002549.SZ | China | $1.18B | -43% | -7% | -5% | 38.9× | n/a | n/a |
| Jinhong Gas 688106.SS | China | $1.17B | -42% | +15% | 2% | 67.0× | n/a | n/a |
| Hebei Jinniu Chemical Industry 600722.SS | China | $1.16B | -16% | -1% | 18% | n/a | 28.1% | +3.0% |
| Tongyu Advanced Materials (Guangdong) 301630.SZ | China | $1.21B | -19% | +26% | 18% | n/a | 35.9% | +26.0% |
| Yunnan Energy Investment 002053.SZ | China | $1.21B | -24% | -24% | 20% | 11.6× | n/a | n/a |
| Shandong Boyuan Advanced Materials 301617.SZ | China | $1.15B | -4% | +11% | 12% | n/a | 44.7% | +22.5% |
| Shanghai Skychem Technology 688603.SS | China | $1.22B | -29% | +38% | 19% | 44.6× | n/a | n/a |
| Shin-Etsu Polymer 7970.T | Japan | $1.15B | +5% | +10% | 13% | 13.2× | -2.9% | +8.4% |
| Ecovyst ECVT | United States | $1.15B | -26% | +20% | 12% | 14.1× | 8.0% | +7.8% |
| Zhejiang Jiahua Energy Chemical Industry 600273.SS | China | $1.23B | -22% | +4% | 5% | 7.8× | -6.3% | +12.9% |
| Vinati Organics VINATIORGA.NS | India | $1.14B | -26% | +11% | 20% | 23.8× | 24.0% | +18.2% |
| Nan Pao Resins Chemical 4766.TW | Taiwan | $1.24B | -6% | +3% | 16% | 13.3× | -8.7% | +8.3% |
| Shanghai Chlor-Alkali Chemical 600618.SS | China | $1.24B | -29% | +2% | 6% | n/a | -0.4% | +9.9% |
| Anhui Shenjian New Materials 002361.SZ | China | $1.25B | -54% | -4% | -3% | n/a | n/a | n/a |
| Guizhou Redstar Developing 600367.SS | China | $1.25B | +14% | +1% | 7% | n/a | 26.8% | +9.1% |
| Anhui Hwasu 600935.SS | China | $1.13B | -22% | -10% | -8% | n/a | 28.1% | -1.0% |
| Jiangsu Sopo Chemical 600746.SS | China | $1.12B | -23% | +6% | 5% | n/a | n/a | n/a |
| Shandong Kaisheng New Materials 301069.SZ | China | $1.28B | -19% | +20% | 13% | 47.0× | 29.2% | +10.4% |