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Japanese maker of decorative laminates and adhesives used in furniture, kitchens and building interiors.
Japanese maker of decorative laminates and adhesives used in furniture, kitchens and building interiors.
Sells laminates and adhesives mostly through dealers and wholesalers to makers of furniture, kitchens and building interiors, so demand follows Japanese housing starts and renovation spending.
In one line: Japan's Formica.
Moat: narrow (brand, distribution). Established brand and dealer network in Japan's laminate/interior-materials market.
Headquarters: Nagoya, Japan · Founded: 1953 · Employees: 5,314
Size Aica Kogyo (4206.T) is a Japan Materials company (Industrial Specialties) with a market value of $1.68B, the 532nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,185 on 6 Nov 2026.
Performance Over six months the shares gained 19.1%, against -15.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 4.7% over the last twelve months (peer median +12.6%); the operating margin is 12.1% (peer median 9.9%).
Valuation It trades at 12.6× forward earnings against a peer median of 21.8× (4th 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 +8%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.3 points above its cost of capital (5.0% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥263B | ¥252B | ¥249B | ¥237B | ¥242B |
| Revenue growth | — | +1% | +5% | -2% | — |
| Gross profit | ¥75.5B | ¥68.4B | ¥65.1B | ¥61.7B | ¥54.4B |
| EBITDA | ¥41.2B | ¥37.7B | ¥36.2B | ¥32.4B | ¥28.9B |
| Net income | ¥18.8B | ¥18.5B | ¥16.9B | ¥15.1B | ¥10.1B |
| Free cash flow | n/a | ¥1.09B | ¥18.5B | ¥20.0B | ¥12.2B |
| Capital expenditure | n/a | ¥8.44B | ¥8.96B | ¥9.11B | ¥8.58B |
| Total debt | ¥44.9B | ¥51.1B | ¥30.6B | ¥30.5B | ¥31.7B |
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.
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 | 4206.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.9% | -15.6% | 5th highest of 21 |
| 6-month return | +19.1% | -15.9% | 2nd highest of 21 |
| Distance from 52-week high | -6.2% | -38.7% | highest of 21 |
| Revenue growth (TTM) | +4.7% | +12.6% | 7th lowest of 21 |
| Operating margin | 12.1% | 9.9% | 6th highest of 21 |
| Forward P/E | 12.6× | 21.8× | 4th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -7.0% | 9.8% | least demanding of 17 |
| Growth delivered (Del g) | +7.6% | +8.9% | 8th lowest of 17 |
| Hurdle (Req g minus delivered) | -14.6 pp | -1.1 pp | 3rd least demanding of 17 |
| ROIC minus cost of capital | +4.3 pp | +0.9 pp | 6th highest of 21 |
| EV / EBITDA | 6.9× | 10.6× | 2nd cheapest of 13 |
| Net debt / EBITDA | -0.2× | -0.8× | 5th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Aica Kogyo 4206.T | Japan | $1.68B | +19% | +5% | 12% | 12.6× | -7.0% | +7.6% |
| Kansai Nerolac Paints KANSAINER.NS | India | $1.67B | -7% | +10% | 9% | 22.1× | 22.1% | +9.7% |
| Kunshan Dongwei Technology 688700.SS | China | $1.64B | -40% | +56% | 13% | 34.2× | 23.1% | +14.5% |
| Explosive 002096.SZ | China | $1.74B | -14% | -3% | 9% | 12.8× | -2.5% | +37.7% |
| Triumph Science & Technology 600552.SS | China | $1.76B | -20% | +12% | 5% | 65.5× | 21.3% | +3.1% |
| Zhejiang Runtu 002440.SZ | China | $1.77B | -1% | +23% | 17% | 8.5× | -5.5% | +2.0% |
| Suzhou Kingswood Education Technology 300192.SZ | China | $1.55B | +24% | -6% | 12% | 59.3× | 44.2% | -2.3% |
| C. Uyemura & 4966.T | Japan | $1.54B | -34% | +16% | 23% | 14.0× | 5.0% | +10.4% |
| Gansu Energy Chemical 000552.SZ | China | $1.86B | -19% | +11% | 3% | 33.4× | n/a | n/a |
| Lintec 7966.T | Japan | $1.87B | -14% | +3% | 8% | 12.2× | 1.5% | +6.2% |
| Graphite India GRAPHITE.NS | India | $1.50B | 0% | +22% | 9% | 21.8× | n/a | n/a |
| KCC 002380.KS | South Korea | $1.91B | -34% | 0% | 6% | 2.1× | 3.8% | +5.0% |
| Luxin Venture Capital 600783.SS | China | $1.45B | -40% | +24% | -50% | n/a | 40.2% | -6.1% |
| Olin OLN | United States | $1.97B | -36% | -1% | 0% | n/a | 44.0% | +3.3% |
| Yangling Metron New Material 300861.SZ | China | $1.39B | -31% | +23% | 16% | 21.1× | 9.6% | +12.5% |
| Supreme Petrochem SPLPETRO.NS | India | $1.38B | -6% | +21% | 11% | 22.1× | 10.1% | +11.1% |
| Anhui Jiangnan Chemical Industry 002226.SZ | China | $2.07B | -3% | +13% | 11% | 16.8× | -3.0% | +20.5% |
| Carborundum Universal CARBORUNIV.NS | India | $2.10B | +4% | +12% | 7% | 44.5× | 43.4% | +14.6% |
| JSW Dulux JSWDULUX.NS | India | $1.31B | +3% | -5% | 11% | 30.9× | n/a | n/a |
| Solar Applied Materials Technology 1785.TWO | Taiwan | $1.30B | -55% | +54% | 10% | n/a | -0.2% | +8.1% |
| Fujimi 5384.T | Japan | $1.28B | -18% | +13% | 21% | 15.6× | n/a | n/a |