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Japanese chemicals maker producing acetylene black conductive carbon for batteries, cement and specialty electronics materials.
Japanese chemicals maker producing acetylene black conductive carbon for batteries, cement and specialty electronics materials.
A broad chemicals group that also makes synthetic rubber, polymers and medical products such as flu vaccines and diagnostic tests, so the battery-material line is one part of several. Its US rubber plant in Louisiana, bought from DuPont, has faced regulatory and legal scrutiny over emissions.
In one line: A niche Japanese battery-materials and cement chemicals maker.
Moat: narrow (process know-how, scale). Leading global supplier of acetylene black conductive carbon, a critical li-ion battery additive.
Headquarters: Tokyo, Japan · Founded: 1915 · Employees: 6,454
Size Denka (4061.T) is a Japan Materials company (Chemicals: Specialty) with a market value of $1.51B, the 575th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,758 on 6 Nov 2026.
Performance Over six months the shares fell 32.7%, against -16.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue fell 3.0% over the last twelve months (peer median +9.1%); the operating margin is 9.0% (peer median 8.4%).
Valuation It trades at 12.7× forward earnings against a peer median of 19.3× (4th cheapest of 18).
Capital Return on invested capital runs 1.0 points below its cost of capital (5.3% WACC).
Next results Next results expected around 9 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥387B | ¥384B | ¥400B | ¥389B | ¥408B |
| Revenue growth | — | -4% | +3% | -4% | — |
| Gross profit | ¥103B | ¥96.8B | ¥87.0B | ¥85.0B | ¥105B |
| EBITDA | ¥64.7B | ¥55.4B | ¥42.3B | ¥40.3B | ¥59.4B |
| Net income | ¥13.5B | ¥15.7B | -¥12.3B | ¥11.9B | ¥12.8B |
| Free cash flow | n/a | -¥31.0B | -¥40.1B | -¥7.59B | -¥29.9B |
| Capital expenditure | n/a | ¥67.6B | ¥59.8B | ¥44.7B | ¥39.8B |
| Total debt | ¥238B | ¥226B | ¥222B | ¥178B | ¥173B |
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 |
|---|---|---|---|---|---|---|
| Denka 4061.T | $1.51B | -33% | -3% | 9% | 12.7× | n/a |
| Imerys NK.PA | $2.41B | +11% | -2% | 6% | 15.4× | 7.4% |
| Cabot CBT | $3.67B | -17% | +1% | 14% | 10.9× | -3.2% |
| 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 | 4061.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.2% | -14.8% | 7th lowest of 21 |
| 6-month return | -32.7% | -16.0% | 5th lowest of 21 |
| Distance from 52-week high | -41.2% | -40.5% | 11th highest of 21 |
| Revenue growth (TTM) | -3.0% | +9.1% | 5th lowest of 21 |
| Operating margin | 9.0% | 8.4% | 10th highest of 21 |
| Forward P/E | 12.7× | 19.3× | 4th cheapest of 18 |
| ROIC minus cost of capital | -1.0 pp | -1.9 pp | 9th highest of 21 |
| EV / EBITDA | 7.2× | 8.5× | 4th cheapest of 10 |
| Net debt / EBITDA | 3.1× | 0.9× | 3rd most indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Denka 4061.T | Japan | $1.51B | -33% | -3% | 9% | 12.7× | n/a | n/a |
| Befar 601678.SS | China | $1.51B | -14% | +19% | 5% | 21.8× | -6.4% | +18.2% |
| KumhoPetrochem 011780.KS | South Korea | $1.50B | -37% | 0% | 7% | 4.3× | -16.5% | +7.5% |
| Osaka Soda 4046.T | Japan | $1.52B | -2% | +8% | 19% | 13.5× | 5.1% | +0.5% |
| Stepan SCL | United States | $1.52B | +26% | +10% | 4% | 19.0× | 14.9% | +4.5% |
| 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% |
| ADAMA 000553.SZ | China | $1.55B | -33% | -6% | 3% | 30.7× | -7.2% | +0.3% |
| Proto Labs PRLB | United States | $1.57B | -5% | +12% | 8% | 27.4× | 26.8% | +4.2% |
| LOTTE CHEMICAL 011170.KS | South Korea | $1.45B | -59% | +5% | -2% | n/a | n/a | n/a |
| Genesis Energy, L.P GEL | United States | $1.57B | -21% | -17% | 19% | n/a | 2.2% | -2.2% |
| Elementis ELM.L | United Kingdom | $1.45B | +34% | -12% | 20% | 16.9× | 16.9% | -4.8% |
| Jilin OLED Material Tech 688378.SS | China | $1.45B | -17% | +74% | 18% | 28.1× | 46.2% | +15.2% |
| Guangdong Orient Zirconic Industry Science & Technology 002167.SZ | China | $1.44B | +5% | +17% | 14% | 48.5× | 32.4% | +10.1% |
| Anhui Guangxin Agrochemical 603599.SS | China | $1.43B | -29% | -13% | 18% | 13.1× | -3.8% | +0.6% |
| Guangdong Dowstone Technology 300409.SZ | China | $1.59B | -50% | +34% | 6% | 14.0× | n/a | n/a |
| Shenzhen Rongda Photosensitive & Technology 300576.SZ | China | $1.40B | -31% | +14% | 10% | n/a | n/a | n/a |
| Tokuyama 4043.T | Japan | $1.63B | -11% | +7% | 9% | 5.8× | 1.1% | +2.9% |
| Shandong Dawn Polymer 002838.SZ | China | $1.40B | -35% | +31% | 6% | 19.3× | n/a | n/a |
| Guangdong Guanghua Sci-Tech 002741.SZ | China | $1.40B | -9% | +61% | 4% | 58.4× | n/a | n/a |
| Chambal Fertilisers & Chemicals CHAMBLFERT.NS | India | $1.63B | -15% | +6% | 12% | 7.2× | n/a | n/a |