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Industrial gas producer (formerly Taiyo Nippon Sanso), a top-four global supplier via its US arm Matheson.
Industrial gas producer (formerly Taiyo Nippon Sanso), a top-four global supplier via its US arm Matheson.
Sells gases under long-term supply contracts: large users such as chip fabs and steel plants get on-site plants or pipelines, while smaller users buy cylinders and bulk liquid through distributors. Matheson in the US and its Asia and Oceania units give it a large overseas side.
In one line: Japan's Air Products, majority-owned by Mitsubishi Chemical.
Moat: narrow (scale, installed base, regulatory licence). On-site gas plants and pipeline networks create high switching costs once installed at a customer site.
Headquarters: Tokyo, Japan · Founded: 1910 · Employees: 20,411
Size Nippon Sanso (4091.T) is a Japan Materials company (Chemicals: Specialty) with a market value of $15.3B, the 96th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥5,581 on 6 Nov 2026.
Performance Over six months the shares gained 0.7%, against -21.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 9.9% over the last twelve months (peer median +2.2%); the operating margin is 14.6% (peer median 11.6%).
Valuation It trades at 16.9× forward earnings against a peer median of 13.1× (9th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.6 points below its cost of capital (7.8% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.45T | ¥1.36T | ¥1.31T | ¥1.26T | ¥1.19T |
| Revenue growth | — | +4% | +4% | +6% | — |
| Gross profit | ¥622B | ¥582B | ¥545B | ¥511B | ¥439B |
| EBITDA | ¥348B | ¥324B | ¥302B | ¥277B | ¥229B |
| Net income | ¥146B | ¥124B | ¥98.8B | ¥106B | ¥73.1B |
| Free cash flow | ¥146B | ¥163B | ¥88.3B | ¥97.6B | ¥96.1B |
| Capital expenditure | ¥120B | ¥109B | ¥147B | ¥118B | ¥91.8B |
| Total debt | ¥813B | ¥946B | ¥903B | ¥937B | ¥942B |
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 |
|---|---|---|---|---|---|---|
| Nippon Sanso 4091.T | $15.3B | +1% | +10% | 15% | 16.9× | 7.8% |
| Linde LIN | $237B | +5% | +8% | 27% | 27.0× | 14.4% |
| Air Liquide AI.PA | $134B | +15% | -1% | 21% | 29.0× | 18.1% |
| Air Products APD | $67.9B | +4% | +5% | 24% | 21.2× | n/a |
| Air Water 4088.T | $3.93B | +23% | +7% | 4% | 14.3× | 7.1% |
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 | 4091.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.2% | -5.6% | 10th highest of 21 |
| 6-month return | +0.7% | -21.0% | 6th highest of 21 |
| Distance from 52-week high | -14.3% | -40.2% | 4th highest of 21 |
| Revenue growth (TTM) | +9.9% | +2.2% | 9th highest of 21 |
| Operating margin | 14.6% | 11.6% | 9th highest of 21 |
| Forward P/E | 16.9× | 13.1× | 9th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 7.8% | 8.1% | 8th least demanding of 16 |
| Growth delivered (Del g) | +10.7% | +10.4% | 8th highest of 16 |
| Hurdle (Req g minus delivered) | -2.8 pp | -12.0 pp | 8th most demanding of 16 |
| ROIC minus cost of capital | -0.6 pp | +0.4 pp | 11th highest of 21 |
| EV / EBITDA | 9.0× | 10.6× | 4th cheapest of 11 |
| Net debt / EBITDA | 1.9× | 2.2× | 6th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nippon Sanso 4091.T | Japan | $15.3B | +1% | +10% | 15% | 16.9× | 7.8% | +10.7% |
| Symrise SY1.DE | Germany | $15.1B | +30% | -1% | 12% | 24.8× | 8.1% | +7.0% |
| Sociedad Quimica y Minera de Chile S.A. Sponsored ADR Pfd Series B SQM | United States | $16.0B | -37% | +59% | 39% | 7.3× | -4.8% | +20.1% |
| Covestro 1COV.DE | Germany | $14.0B | 0% | -9% | -3% | 200.3× | n/a | n/a |
| Hengli Petrochemical 600346.SS | China | $17.5B | -25% | -8% | 8% | 9.2× | -8.0% | +5.1% |
| Zhejiang Juhua 600160.SS | China | $13.1B | -12% | -5% | 20% | 18.2× | n/a | n/a |
| Lgchem 051910.KS | South Korea | $12.6B | -42% | 0% | 0% | n/a | n/a | n/a |
| Resonac 4004.T | Japan | $12.6B | -26% | +1% | 8% | 18.0× | 26.7% | +6.7% |
| Satellite Chemical 002648.SZ | China | $12.4B | -17% | +20% | 23% | 7.2× | -13.2% | +33.8% |
| Formosa Plastics 1301.TW | Taiwan | $12.1B | +22% | -11% | -2% | 21.4× | n/a | n/a |
| China Northern Rare Earth (Group) High-Tech 600111.SS | China | $19.6B | -31% | +29% | 11% | 28.5× | 24.6% | +14.2% |
| LyondellBasell LYB | United States | $19.6B | -15% | -2% | 10% | 9.5× | -10.3% | +1.7% |
| Albemarle ALB | United States | $11.7B | -51% | +18% | 14% | 11.3× | 10.9% | +10.4% |
| Formosa Chemicals & Fibre 1326.TW | Taiwan | $11.1B | +21% | -5% | 1% | 21.0× | 26.2% | +2.5% |
| Swancor Advanced Materials 688585.SS | China | $10.9B | +50% | +3% | -25% | n/a | n/a | n/a |
| Dow DOW | United States | $22.7B | -14% | +4% | 5% | 14.8× | 4.3% | +0.7% |
| Ningxia Baofeng Energy 600989.SS | China | $23.4B | -31% | +35% | 35% | 8.4× | -7.8% | +24.8% |
| Ganfeng Lithium 1772.HK | Hong Kong | $9.76B | -72% | +123% | 18% | 6.4× | 9.0% | +32.0% |
| Ems-chemie EMSN.SW | Switzerland | $24.3B | +28% | -3% | 30% | 39.4× | 8.6% | +1.6% |
| Tianqi Lithium 002466.SZ | China | $8.97B | -54% | +104% | 57% | 9.0× | -1.2% | +26.2% |
| Guangzhou Tinci Materials Technology 002709.SZ | China | $8.73B | -53% | +102% | 19% | 10.3× | 9.3% | +32.3% |