Loading…
Specialty chemicals maker producing colloidal silica used in semiconductor and glass polishing slurries.
Specialty chemicals maker producing colloidal silica used in semiconductor and glass polishing slurries.
In one line: A niche Japanese supplier of semiconductor polishing materials.
Moat: narrow (process know-how, customer qualification). Specialized colloidal-silica manufacturing know-how qualified into semiconductor CMP supply chains.
Headquarters: Tokyo, Japan · Founded: 1953 · Employees: 956
Size Fuso Chemical (4368.T) is a Japan Materials company (Chemicals: Specialty) with a market value of $1.79B, the 515th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,653 on 6 Nov 2026.
Performance Over six months the shares fell 18.6%, against -28.5% for the median peer and +1.8% for the Japan market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 17.1% over the last twelve months (peer median +26.8%); the operating margin is 26.4% (peer median 7.1%).
Valuation It trades at 13.1× forward earnings against a peer median of 17.7× (7th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.5 points above its cost of capital (12.1% WACC).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥84.8B | ¥76.9B | ¥69.5B | ¥59.0B | ¥68.5B |
| Revenue growth | — | +11% | +18% | -14% | — |
| Gross profit | ¥33.7B | ¥29.3B | ¥26.0B | ¥20.6B | ¥28.4B |
| EBITDA | ¥34.9B | ¥29.8B | ¥24.5B | ¥18.2B | ¥23.3B |
| Net income | ¥19.1B | ¥14.3B | ¥11.6B | ¥8.34B | ¥14.1B |
| Free cash flow | ¥23.6B | ¥17.4B | ¥4.38B | -¥7.87B | ¥498M |
| Capital expenditure | ¥10.1B | ¥10.1B | ¥20.1B | ¥17.6B | ¥13.6B |
| Total debt | ¥14.9B | ¥17.0B | ¥20.1B | ¥20.0B | ¥24.8M |
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 |
|---|---|---|---|---|---|---|
| Fuso Chemical 4368.T | $1.79B | -19% | +17% | 26% | 13.1× | 8.4% |
| Nissan Chemical 4021.T | $5.72B | 0% | +10% | 23% | 15.9× | 9.3% |
| Fujimi 5384.T | $1.28B | -18% | +13% | 21% | 15.6× | n/a |
| Entegris ENTG | $19.6B | -14% | +9% | 19% | 23.7× | 26.3% |
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 | 4368.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -24.5% | -11.1% | 4th lowest of 21 |
| 6-month return | -18.6% | -28.5% | 6th highest of 20 |
| Distance from 52-week high | -46.9% | -55.4% | 10th highest of 21 |
| Revenue growth (TTM) | +17.1% | +26.8% | 8th lowest of 20 |
| Operating margin | 26.4% | 7.1% | highest of 21 |
| Forward P/E | 13.1× | 17.7× | 7th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 8.4% | 17.6% | 5th least demanding of 11 |
| Growth delivered (Del g) | +12.8% | +6.7% | 4th highest of 11 |
| Hurdle (Req g minus delivered) | -4.4 pp | +8.7 pp | 4th least demanding of 11 |
| ROIC minus cost of capital | +4.5 pp | -0.9 pp | 2nd highest of 21 |
| EV / EBITDA | 7.1× | 11.3× | 2nd cheapest of 7 |
| Net debt / EBITDA | -1.0× | 1.1× | 3rd least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fuso Chemical 4368.T | Japan | $1.79B | -19% | +17% | 26% | 13.1× | 8.4% | +12.8% |
| Jiangsu Lopal Tech 603906.SS | China | $1.82B | -54% | +96% | 7% | 14.7× | n/a | n/a |
| Crystal Clear Electronic Material 300655.SZ | China | $1.75B | -25% | +27% | 7% | 78.2× | n/a | n/a |
| Ganzhou Teng Yuan Cobalt New Material 301219.SZ | China | $1.85B | -53% | +64% | 10% | 12.5× | n/a | n/a |
| Tangshan SunFar Silicon Industries 603938.SS | China | $1.72B | +6% | +30% | 8% | 42.8× | n/a | n/a |
| Transfar Zhilian 002010.SZ | China | $1.87B | -21% | -30% | 5% | 16.1× | n/a | n/a |
| Zibo Qixiang Tengda Chemical 002408.SZ | China | $1.87B | -33% | +18% | -1% | 220.0× | 3.7% | -0.8% |
| Inner Mongolia Shuangxin Environment-Friendly Material 001369.SZ | China | $1.87B | -28% | +3% | 15% | n/a | n/a | n/a |
| Verbio VBK.DE | Germany | $1.88B | -37% | +19% | 5% | 13.2× | 1.1% | +12.8% |
| Garware Hi-Tech Films GRWRHITECH.NS | India | $1.88B | +40% | +15% | 21% | 37.7× | 38.8% | +16.6% |
| Lianhe Chemical Technology 002250.SZ | China | $1.90B | -16% | +28% | 13% | 19.7× | -3.4% | +6.1% |
| Standard Nuclear STDN | United States | $1.90B | n/a | n/a | -288% | n/a | n/a | n/a |
| Shida Shinghwa Advanced Material 603026.SS | China | $1.68B | -58% | +58% | 8% | 7.5× | n/a | n/a |
| Lily 603823.SS | China | $1.91B | +85% | +2% | 10% | 58.1× | 27.9% | +1.4% |
| Minerals Technologies MTX | United States | $1.91B | -22% | +5% | 13% | 9.8× | 0.5% | +5.4% |
| Guangdong Huate Gas 688268.SS | China | $1.92B | -47% | +27% | 13% | 56.1× | 35.6% | +7.2% |
| Chemours CC | United States | $1.92B | -45% | -1% | 3% | 8.2× | 16.1% | +3.2% |
| Shenzhen Dynanonic 300769.SZ | China | $1.65B | -50% | +188% | 4% | 12.5× | n/a | n/a |
| Ube 4208.T | Japan | $1.94B | +33% | +3% | 4% | 12.0× | n/a | n/a |
| Fujian Kuncai Material Technology 603826.SS | China | $1.64B | -51% | +59% | 5% | 61.0× | 24.1% | +11.0% |
| Ningbo Yunsheng 600366.SS | China | $1.64B | -24% | +33% | 6% | 19.3× | 19.1% | +17.9% |