Loading…
Japanese chemicals maker of synthetic rubber and specialty materials used in tires, electronics and batteries.
Japanese chemicals maker of synthetic rubber and specialty materials used in tires, electronics and batteries.
Sells synthetic rubber, mainly for tires, to major tire makers on regular supply contracts, which is the large, cyclical base. Specialty materials, such as cyclo-olefin polymers for optical parts and binders for battery electrodes, are smaller niches sold to electronics and battery makers at higher prices.
In one line: A specialty rubber and materials chemical maker.
Moat: narrow (process know-how, customer qualification). Qualified supplier for tire and battery-binder chemistry, hard to swap mid-production.
Headquarters: Tokyo, Japan · Founded: 1950 · Employees: 4,425
Size Zeon (4205.T) is a Japan Materials company (Industrial Specialties) with a market value of $2.34B, the 436th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,936 on 6 Nov 2026.
Performance Over six months the shares gained 6.0%, against -2.8% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 4.0% over the last twelve months (peer median +12.9%); the operating margin is 11.0% (peer median 10.2%).
Valuation It trades at 9.1× forward earnings against a peer median of 31.5× (3rd cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.4 points above its cost of capital (7.8% WACC).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥430B | ¥412B | ¥421B | ¥382B | ¥389B |
| Revenue growth | — | -2% | +10% | -2% | — |
| Gross profit | ¥132B | ¥120B | ¥118B | ¥102B | ¥109B |
| EBITDA | ¥66.0B | ¥52.0B | ¥48.4B | ¥40.0B | ¥47.3B |
| Net income | ¥40.2B | ¥36.2B | ¥26.2B | ¥31.1B | ¥10.6B |
| Free cash flow | n/a | ¥17.0B | -¥8.32B | ¥13.7B | -¥9.89B |
| Capital expenditure | n/a | ¥62.2B | ¥31.2B | ¥36.2B | ¥28.1B |
| Total debt | ¥27.0B | ¥18.4B | ¥28.3B | ¥11.3B | ¥30.4B |
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 |
|---|---|---|---|---|---|---|
| Zeon 4205.T | $2.34B | +6% | +4% | 11% | 9.1× | -1.5% |
| Lanxess LXS.DE | $1.27B | -30% | -10% | -1% | n/a | 17.9% |
| Kuraray 3405.T | $3.52B | +14% | +3% | 7% | 15.0× | -0.2% |
| KumhoPetrochem 011780.KS | $1.50B | -37% | 0% | 7% | 4.3× | -16.5% |
| Asahi Kasei 3407.T | $12.6B | -3% | +4% | 8% | 11.3× | 1.9% |
| Denka 4061.T | $1.51B | -33% | -3% | 9% | 12.7× | n/a |
| Lgchem 051910.KS | $12.6B | -42% | 0% | 0% | n/a | 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 | 4205.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.8% | -12.9% | 3rd lowest of 21 |
| 6-month return | +6.0% | -2.8% | 8th highest of 20 |
| Distance from 52-week high | -26.1% | -44.2% | 8th highest of 21 |
| Revenue growth (TTM) | +4.0% | +12.9% | 7th lowest of 21 |
| Operating margin | 11.0% | 10.2% | 10th highest of 21 |
| Forward P/E | 9.1× | 31.5× | 3rd cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -1.5% | 22.6% | 2nd least demanding of 15 |
| Growth delivered (Del g) | +6.4% | +14.0% | 4th lowest of 15 |
| Hurdle (Req g minus delivered) | -7.9 pp | +2.6 pp | 4th least demanding of 15 |
| ROIC minus cost of capital | +0.4 pp | -0.5 pp | 9th highest of 21 |
| EV / EBITDA | 5.5× | 20.2× | cheapest of 10 |
| Net debt / EBITDA | -0.1× | 2.7× | 4th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zeon 4205.T | Japan | $2.34B | +6% | +4% | 11% | 9.1× | -1.5% | +6.4% |
| UFP Technologies UFPT | United States | $2.35B | +32% | +9% | 15% | 28.3× | 17.8% | +27.4% |
| Pamica Technology 001359.SZ | China | $2.41B | -1% | +23% | 23% | 36.2× | 38.0% | +12.1% |
| Henan Huanghe Whirlwind 600172.SS | China | $2.27B | +29% | +13% | -30% | n/a | n/a | n/a |
| Grindwell Norton GRINDWELL.NS | India | $2.25B | +16% | +14% | 16% | 39.5× | 37.8% | +13.4% |
| Jiangsu Shemar Electric 603530.SS | China | $2.23B | -44% | +17% | 29% | 26.2× | 23.4% | +21.1% |
| Sichuan Yahua Industrial 002497.SZ | China | $2.48B | -56% | +69% | 18% | 6.2× | n/a | n/a |
| Zhejiang Fulai New Material 605488.SS | China | $2.21B | +47% | +19% | 2% | 134.6× | 31.8% | +17.6% |
| Quanzhou Jiadeli Electronic Materials 603435.SS | China | $2.49B | n/a | +4% | 38% | n/a | n/a | n/a |
| Shaanxi Huaqin Technology Industry 688281.SS | China | $2.50B | -18% | +31% | 15% | 34.7× | 27.5% | +24.7% |
| Xizang Gaozheng Civil Explosives 002827.SZ | China | $2.53B | +92% | -1% | 12% | 108.9× | n/a | n/a |
| Shenzhen Leading Semiconductor Industry 603991.SS | China | $2.60B | +12% | +996% | 10% | n/a | 21.7% | +12.0% |
| Carborundum Universal CARBORUNIV.NS | India | $2.10B | +4% | +12% | 7% | 44.5× | 43.4% | +14.6% |
| Anhui Jiangnan Chemical Industry 002226.SZ | China | $2.07B | -3% | +13% | 11% | 16.8× | -3.0% | +20.5% |
| DIC 4631.T | Japan | $2.68B | +25% | +6% | 7% | 9.3× | -1.0% | +8.5% |
| H.B. Fuller FUL | United States | $2.68B | -19% | +1% | 11% | 9.5× | 3.5% | +4.5% |
| GCL Technology 3800.HK | Hong Kong | $2.71B | -30% | +25% | -22% | n/a | n/a | n/a |
| Jiangsu Pacific Quartz 603688.SS | China | $2.78B | -38% | +15% | 10% | 82.1× | n/a | n/a |
| Olin OLN | United States | $1.97B | -36% | -1% | 0% | n/a | 44.0% | +3.3% |
| Flat Glass 6865.HK | Hong Kong | $2.87B | -40% | -20% | -2% | n/a | 11.2% | +19.1% |
| KCC 002380.KS | South Korea | $1.91B | -34% | 0% | 6% | 2.1× | 3.8% | +5.0% |