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Japanese maker of phenolic and other specialty resins, also producing medical devices and semiconductor packaging materials.
Japanese maker of phenolic and other specialty resins, also producing medical devices and semiconductor packaging materials.
Sells resins and moulding compounds as ingredients that customers qualify for their own processes, so volumes follow customers' production in cars, electronics and chip packaging. Moulding compounds, which encase chips for protection, and phenolic resins carry the business; medical devices such as syringes and catheters are a separate, smaller line.
In one line: A diversified specialty-materials maker spanning plastics, medical devices and semiconduct.
Moat: narrow (process know-how, customer qualification). Resin formulations qualified into automotive and semiconductor packaging processes create switching costs.
Headquarters: Tokyo, Japan · Founded: 1932 · Employees: 7,524
Size Sumitomo Bakelite (4203.T) is a Japan Health Care company (Medical Specialties) with a market value of $3.31B, the 335th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥6,346 on 6 Nov 2026.
Performance Over six months the shares gained 15.4%, against +0.4% for the median peer and +1.8% for the Japan market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 15.3% over the last twelve months (peer median +4.7%); the operating margin is 12.8% (peer median 9.5%).
Valuation It trades at 14.9× forward earnings against a peer median of 26.8× (cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.3 points above its cost of capital (11.5% WACC).
Next results Next results expected around 8 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥355B | ¥320B | ¥305B | ¥287B | ¥285B |
| Revenue growth | — | +5% | +6% | +1% | — |
| Gross profit | ¥116B | ¥96.1B | ¥89.4B | ¥81.6B | ¥77.3B |
| EBITDA | ¥60.5B | ¥48.7B | ¥44.8B | ¥41.1B | ¥39.3B |
| Net income | ¥34.3B | ¥28.0B | ¥19.3B | ¥21.8B | ¥20.3B |
| Free cash flow | ¥21.9B | ¥19.6B | ¥28.1B | ¥18.3B | ¥8.65B |
| Capital expenditure | ¥19.7B | ¥17.7B | ¥15.6B | ¥21.9B | ¥15.0B |
| Total debt | ¥16.9B | ¥27.4B | ¥30.7B | ¥48.5B | ¥43.2B |
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 |
|---|---|---|---|---|---|---|
| Sumitomo Bakelite 4203.T | $3.31B | +15% | +15% | 13% | 14.9× | 6.8% |
| Kaneka 4118.T | $2.30B | +23% | +4% | 5% | 11.6× | 4.9% |
| Terumo 4543.T | $23.4B | +25% | +14% | 17% | 24.6× | 8.7% |
| Resonac 4004.T | $12.6B | -26% | +1% | 8% | 18.0× | 26.7% |
| Nitto Denko 6988.T | $13.2B | +10% | +7% | 18% | 15.1× | 2.3% |
| Asahi Yukizai 4216.T | $638M | -8% | +1% | 11% | 16.4× | -1.8% |
| NIPRO 8086.T | $1.55B | -9% | +3% | 6% | 14.9× | n/a |
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 | 4203.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -31.8% | +7.3% | lowest of 21 |
| 6-month return | +15.4% | +0.4% | 9th highest of 21 |
| Distance from 52-week high | -33.0% | -31.0% | 11th highest of 21 |
| Revenue growth (TTM) | +15.3% | +4.7% | 5th highest of 19 |
| Operating margin | 12.8% | 9.5% | 6th highest of 19 |
| Forward P/E | 14.9× | 26.8× | cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 6.8% | 11.7% | 6th least demanding of 16 |
| Growth delivered (Del g) | +8.9% | +8.1% | 8th highest of 16 |
| Hurdle (Req g minus delivered) | -2.0 pp | +0.7 pp | 5th least demanding of 16 |
| ROIC minus cost of capital | +1.3 pp | -1.6 pp | 5th highest of 18 |
| EV / EBITDA | 6.6× | 13.3× | cheapest of 10 |
| Net debt / EBITDA | -2.0× | 1.1× | 2nd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sumitomo Bakelite 4203.T | Japan | $3.31B | +15% | +15% | 13% | 14.9× | 6.8% | +8.9% |
| Zhende Medical 603301.SS | China | $3.33B | -8% | +8% | 7% | 43.5× | 23.2% | -16.1% |
| Celcuity CELC | United States | $3.27B | -49% | n/a | n/a | n/a | n/a | n/a |
| Ottobock SE & Co. KGaA OBCK.DE | Germany | $3.36B | -25% | +5% | 15% | 15.4× | 3.5% | +8.0% |
| Autobio Diagnostics 603658.SS | China | $3.41B | +19% | +3% | 25% | 20.6× | -0.3% | +7.2% |
| MGI Tech 688114.SS | China | $3.42B | +9% | +2% | -7% | n/a | 46.5% | -0.1% |
| Lepu Medical Technology (Beijing) 300003.SZ | China | $3.42B | -12% | -1% | 13% | 26.3× | 9.6% | -4.2% |
| Ambu A/S AMBU-B.CO | Denmark | $3.42B | +40% | +5% | 11% | 28.1× | 12.6% | +11.1% |
| Carl Zeiss Meditec AFX.DE | Germany | $3.51B | +40% | 0% | 8% | 26.8× | 13.7% | +10.8% |
| iRay Technology 688301.SS | China | $3.54B | -8% | +58% | 24% | 27.5× | n/a | n/a |
| TransMedics TMDX | United States | $3.06B | +30% | +26% | 12% | 48.5× | 35.6% | +88.2% |
| Andon Health 002432.SZ | China | $3.60B | -29% | -30% | -26% | 15.0× | -7.7% | -7.4% |
| Shandong Weigao Blood Purification Products 603014.SS | China | $3.63B | -3% | +4% | n/a | 20.4× | -1.2% | +8.1% |
| Axogen AXGN | United States | $2.99B | +19% | +24% | -5% | 76.5× | 48.8% | +14.9% |
| AtriCure ATRC | United States | $2.98B | +123% | +14% | 3% | 220.7× | 55.7% | +20.9% |
| iRhythm IRTC | United States | $2.97B | -25% | +26% | 1% | 182.6× | n/a | n/a |
| SCHOTT Pharma AG & Co. KGaA 1SXP.DE | Germany | $3.67B | +31% | +4% | 15% | 22.1× | 11.7% | +11.0% |
| Stevanato STVN | United States | $3.70B | -26% | +12% | 18% | 19.3× | 10.6% | +12.1% |
| COMET COTN.SW | Switzerland | $2.84B | -9% | -3% | 6% | 34.0× | n/a | n/a |
| Pulse Biosciences PLSE | United States | $3.87B | +179% | n/a | -7,008% | n/a | n/a | n/a |
| Envista NVST | United States | $4.04B | +4% | +12% | 11% | 15.6× | 6.8% | +7.1% |