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Japanese diversified chemicals maker spanning petrochemicals, performance materials and carbon fiber.
Japanese diversified chemicals maker spanning petrochemicals, performance materials and carbon fiber.
Sells chemicals and plastics to manufacturers, mostly on contract at prices that follow raw-material costs, with higher-value materials earning more than commodity plastics. It agreed in 2025 to sell its pharmaceutical arm, Mitsubishi Tanabe Pharma, to Bain Capital, and has been restructuring its Japanese petrochemical operations.
In one line: A Japanese Dow/DuPont.
Moat: narrow (scale, process know-how). Large integrated petrochemical scale, but commodity chemicals are cyclical and price-competitive.
Headquarters: Tokyo, Japan · Employees: 56,678
Size Mitsubishi Chemical (4188.T) is a Japan Materials company (Chemicals: Major Diversified) with a market value of $8.65B, the 158th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,004 on 6 Nov 2026.
Performance Over six months the shares gained 10.1%, against -4.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue fell 8.0% over the last twelve months (peer median +4.8%); the operating margin is 8.1% (peer median 8.1%).
Valuation It trades at 8.9× forward earnings against a peer median of 15.3× (2nd cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.9 points below its cost of capital (5.9% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥3.83T | ¥3.70T | ¥3.95T | ¥4.39T | ¥4.63T |
| Revenue growth | — | -6% | -10% | -5% | — |
| Gross profit | ¥1.14T | ¥1.07T | ¥1.04T | ¥1.15T | ¥1.24T |
| EBITDA | ¥586B | ¥528B | ¥519B | ¥490B | ¥586B |
| Net income | ¥49.9B | ¥11.8B | ¥45.0B | ¥120B | ¥96.5B |
| Free cash flow | ¥123B | ¥152B | ¥238B | ¥196B | ¥96.2B |
| Capital expenditure | ¥294B | ¥292B | ¥325B | ¥274B | ¥281B |
| Total debt | ¥1.85T | ¥2.02T | ¥2.18T | ¥2.34T | ¥2.38T |
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 |
|---|---|---|---|---|---|---|
| Mitsubishi Chemical 4188.T | $8.65B | +10% | -8% | 8% | 8.9× | -0.5% |
| Sumitomo Chemical 4005.T | $4.93B | -7% | -2% | 5% | 6.9× | 1.1% |
| Asahi Kasei 3407.T | $12.6B | -3% | +4% | 8% | 11.3× | 1.9% |
| Mitsui Chemicals 4183.T | $4.08B | -9% | -3% | 6% | 10.7× | 1.9% |
| Basf BAS.DE | $52.6B | +2% | -4% | 7% | 16.8× | 5.7% |
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 | 4188.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.0% | -3.5% | 6th lowest of 21 |
| 6-month return | +10.1% | -4.3% | 9th highest of 21 |
| Distance from 52-week high | -23.1% | -23.8% | 11th highest of 21 |
| Revenue growth (TTM) | -8.0% | +4.8% | 2nd lowest of 21 |
| Operating margin | 8.1% | 8.1% | 11th highest of 21 |
| Forward P/E | 8.9× | 15.3× | 2nd cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -0.5% | 9.6% | 3rd least demanding of 16 |
| Growth delivered (Del g) | +2.6% | +6.6% | 4th lowest of 16 |
| Hurdle (Req g minus delivered) | -3.1 pp | +4.9 pp | 7th least demanding of 16 |
| ROIC minus cost of capital | -0.9 pp | -1.8 pp | 9th highest of 21 |
| EV / EBITDA | 5.9× | 8.4× | 4th cheapest of 13 |
| Net debt / EBITDA | 2.4× | 1.6× | 5th most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mitsubishi Chemical 4188.T | Japan | $8.65B | +10% | -8% | 8% | 8.9× | -0.5% | +2.6% |
| 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% |
| Element Solutions ESI | United States | $7.61B | -29% | +40% | 14% | 15.0× | 16.6% | +6.6% |
| 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% |
| Ecopro 086520.KS | South Korea | $6.55B | -57% | +11% | 9% | 31.5× | n/a | n/a |
| 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% |
| DuPont DD | United States | $19.4B | -1% | -43% | 14% | 18.3× | 14.7% | -13.7% |
| Kuraray 3405.T | Japan | $3.52B | +14% | +3% | 7% | 15.0× | -0.2% | +8.3% |
| 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% |
| Nippon Shokubai 4114.T | Japan | $2.27B | +11% | +4% | 6% | 16.2× | 4.1% | +7.9% |