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Makes photoresists and other chemical materials essential to semiconductor lithography.
Makes photoresists and other chemical materials essential to semiconductor lithography.
Photoresist is a consumable that chipmakers use up with every wafer, so sales follow wafers processed rather than equipment purchases, and a resist qualified into a fab's process tends to stay. A few Japanese makers dominate the advanced grades, and much of the company's sales are overseas.
In one line: A key photoresist supplier, like a JSR/Shin-Etsu peer.
Moat: wide (process know-how, IP / patents, customer qualification). Deep lithography-chemistry IP and long qualification cycles create high switching costs.
Headquarters: Kawasaki, Japan · Founded: 1940 · Employees: 2,132
Size Tokyo Ohka Kogyo (4186.T) is a Japan Materials company (Chemicals: Major Diversified) with a market value of $5.03B, the 243rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥6,404 on 6 Nov 2026.
Performance Over six months the shares fell 29.5%, against +7.1% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 21.7% over the last twelve months (peer median +4.8%); the operating margin is 21.3% (peer median 7.8%).
Valuation It trades at 17.8× forward earnings against a peer median of 15.0× (7th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.2 points above its cost of capital (13.8% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥265B | ¥237B | ¥201B | ¥162B | ¥175B |
| Revenue growth | — | +18% | +24% | -8% | — |
| Gross profit | ¥102B | ¥86.2B | ¥70.4B | ¥55.5B | ¥61.0B |
| EBITDA | ¥66.5B | ¥56.2B | ¥41.4B | ¥30.4B | ¥36.9B |
| Net income | ¥40.1B | ¥33.3B | ¥22.7B | ¥12.7B | ¥19.7B |
| Free cash flow | n/a | ¥10.4B | ¥5.58B | ¥2.50B | ¥8.29B |
| Capital expenditure | n/a | ¥25.4B | ¥25.5B | ¥15.2B | ¥11.4B |
| Total debt | ¥26.2B | ¥26.5B | ¥10.5B | ¥10.5B | ¥10.2B |
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 |
|---|---|---|---|---|---|---|
| Tokyo Ohka Kogyo 4186.T | $5.03B | -30% | +22% | 21% | 17.8× | 19.9% |
| Shin-etsu Chemical 4063.T | $66.5B | -27% | +5% | 25% | 17.2× | 8.9% |
| Dow DOW | $22.7B | -14% | +4% | 5% | 14.8× | 4.3% |
| Fujifilm 4901.T | $24.9B | +14% | +7% | 10% | 14.1× | n/a |
| Sumitomo Chemical 4005.T | $4.93B | -7% | -2% | 5% | 6.9× | 1.1% |
| Dongjin Semichem 005290.KS | $1.18B | -44% | -4% | 16% | n/a | -4.4% |
| Merck KGaA MRK.DE | $72.5B | +23% | 0% | 20% | 17.5× | 7.7% |
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 | 4186.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -31.7% | -5.4% | lowest of 21 |
| 6-month return | -29.5% | +7.1% | 2nd lowest of 21 |
| Distance from 52-week high | -50.5% | -24.0% | 6th lowest of 21 |
| Revenue growth (TTM) | +21.7% | +4.8% | 6th highest of 21 |
| Operating margin | 21.3% | 7.8% | 2nd highest of 21 |
| Forward P/E | 17.8× | 15.0× | 7th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 19.9% | 6.7% | 3rd most demanding of 15 |
| Growth delivered (Del g) | +15.1% | +6.6% | 2nd highest of 15 |
| Hurdle (Req g minus delivered) | +4.9 pp | -2.7 pp | 7th most demanding of 15 |
| ROIC minus cost of capital | +3.2 pp | -1.8 pp | 5th highest of 21 |
| EV / EBITDA | 11.4× | 6.7× | 4th most expensive of 12 |
| Net debt / EBITDA | -0.7× | 1.8× | least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tokyo Ohka Kogyo 4186.T | Japan | $5.03B | -30% | +22% | 21% | 17.8× | 19.9% | +15.1% |
| Arkema AKE.PA | France | $4.96B | -9% | -6% | 5% | 13.7× | 12.5% | +2.8% |
| Kingfa Sci. & Tech 600143.SS | China | $4.96B | -28% | -1% | 3% | 24.6× | -1.2% | +13.3% |
| Perimeter Solutions PRM | United States | $4.83B | -7% | +24% | -51% | 18.3× | 36.6% | +14.0% |
| Wacker Chemie WCH.DE | Germany | $4.42B | -24% | -5% | -1% | 33.0× | n/a | n/a |
| Hubei Xingfa Chemicals 600141.SS | China | $4.19B | -27% | +4% | 8% | 15.3× | n/a | n/a |
| Avient AVNT | United States | $4.17B | +23% | +5% | 11% | 13.0× | 9.9% | +0.1% |
| Mitsui Chemicals 4183.T | Japan | $4.08B | -9% | -3% | 6% | 10.7× | 1.9% | +6.6% |
| Johnson Matthey JMAT.L | United Kingdom | $4.01B | +14% | +8% | 3% | 13.3× | 9.6% | -4.0% |
| Ecopro 086520.KS | South Korea | $6.55B | -57% | +11% | 9% | 31.5× | n/a | n/a |
| Kuraray 3405.T | Japan | $3.52B | +14% | +3% | 7% | 15.0× | -0.2% | +8.3% |
| Element Solutions ESI | United States | $7.61B | -29% | +40% | 14% | 15.0× | 16.6% | +6.6% |
| Mitsubishi Chemical 4188.T | Japan | $8.65B | +10% | -8% | 8% | 8.9× | -0.5% | +2.6% |
| Grandit 688549.SS | China | $2.89B | +36% | +40% | -1% | n/a | n/a | n/a |
| CES Energy Solutions CEU.TO | Canada | $2.82B | +4% | +11% | 10% | 14.1× | 9.2% | +22.9% |
| Solstice Advanced Materials SOLS | United States | $9.22B | -26% | +3% | 17% | 17.8× | 0.3% | +2.7% |
| Peric Special Gases 688146.SS | China | $9.58B | +102% | +75% | 19% | 67.1× | 50.8% | +13.1% |
| Sasol Limited Sponsored ADR SSL | United States | $10.3B | +14% | +18% | 22% | 4.8× | n/a | n/a |
| Evonik Industries EVK.DE | Germany | $11.0B | +19% | +2% | 10% | 12.0× | -6.2% | +2.9% |
| Nippon Shokubai 4114.T | Japan | $2.27B | +11% | +4% | 6% | 16.2× | 4.1% | +7.9% |
| Hubei Sinophorus Electronic Materials 688545.SS | China | $2.24B | +11% | +75% | 11% | 68.3× | n/a | n/a |