Loading…
Global paint and coatings maker: decorative, automotive and industrial paints, strongest across Asia.
Global paint and coatings maker: decorative, automotive and industrial paints, strongest across Asia.
Sells decorative paint through shops and dealers, and coatings to automakers and industrial buyers on supply agreements. Most sales come from outside Japan. Singapore-based Wuthelam Holdings is the controlling shareholder, and the group has grown by acquisitions such as Australia's DuluxGroup in 2019.
In one line: Asia's Sherwin-Williams.
Moat: narrow (brand, distribution, scale). Leading paint brand across Japan, China and Southeast Asia via the Nipsea joint-venture distribution network.
Headquarters: Osaka, Japan · Founded: 1881 · Employees: 38,481
Size Nippon Paint (4612.T) is a Japan Materials company (Industrial Specialties) with a market value of $20.4B, the 81st largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,384 on 6 Nov 2026.
Performance Over six months the shares gained 39.9%, against +8.9% for the median peer and +1.8% for the Japan market (cap-weighted) — highest of 16 in its peer set.
Growth Revenue grew 16.2% over the last twelve months (peer median +6.4%); the operating margin is 14.6% (peer median 13.5%).
Valuation It trades at 16.6× forward earnings against a peer median of 16.1× (8th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is -16 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.9 points above its cost of capital (5.8% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.95T | ¥1.77T | ¥1.64T | ¥1.44T | ¥1.31T |
| Revenue growth | — | +8% | +14% | +10% | — |
| Gross profit | ¥834B | ¥750B | ¥657B | ¥576B | ¥488B |
| EBITDA | ¥364B | ¥318B | ¥240B | ¥208B | ¥151B |
| Net income | ¥197B | ¥180B | ¥126B | ¥118B | ¥79.4B |
| Free cash flow | ¥229B | ¥145B | ¥118B | ¥154B | ¥74.9B |
| Capital expenditure | ¥45.8B | ¥42.5B | ¥49.0B | ¥38.1B | ¥41.0B |
| Total debt | ¥1.42T | ¥1.53T | ¥862B | ¥823B | ¥798B |
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 |
|---|---|---|---|---|---|---|
| Nippon Paint 4612.T | $20.4B | +40% | +16% | 15% | 16.6× | 1.9% |
| Sherwin-Williams SHW | $83.1B | +9% | +7% | 16% | 26.8× | 14.9% |
| PPG Industries PPG | $27.0B | +12% | +6% | 13% | 14.6× | 7.1% |
| Akzo Nobel AKZA.AS | $12.1B | +26% | -5% | 6% | 16.1× | 10.7% |
| Kansai Paint 4613.T | $3.23B | +29% | +3% | 8% | 19.1× | 2.3% |
| Asian Paints ASIANPAINT.NS | $25.9B | +1% | +12% | 16% | 47.5× | 37.3% |
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 | 4612.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.4% | +3.9% | highest of 16 |
| 6-month return | +39.9% | +8.9% | highest of 16 |
| Distance from 52-week high | -3.6% | -15.0% | 2nd highest of 16 |
| Revenue growth (TTM) | +16.2% | +6.4% | 6th highest of 16 |
| Operating margin | 14.6% | 13.5% | 7th highest of 16 |
| Forward P/E | 16.6× | 16.1× | 8th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 1.9% | 8.3% | 4th least demanding of 14 |
| Growth delivered (Del g) | +18.1% | +9.6% | 2nd highest of 14 |
| Hurdle (Req g minus delivered) | -16.2 pp | +4.3 pp | 2nd least demanding of 14 |
| ROIC minus cost of capital | +0.9 pp | +3.2 pp | 3rd lowest of 16 |
| EV / EBITDA | 11.5× | 12.6× | 6th cheapest of 14 |
| Net debt / EBITDA | 2.6× | 0.6× | 2nd most indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nippon Paint 4612.T | Japan | $20.4B | +40% | +16% | 15% | 16.6× | 1.9% | +18.1% |
| Solar Industries India SOLARINDS.NS | India | $17.8B | +17% | +53% | 25% | 64.6× | n/a | n/a |
| Pidilite Industries PIDILITIND.NS | India | $17.0B | +9% | +17% | 21% | 56.8× | 40.3% | +14.9% |
| China Jushi 600176.SS | China | $16.6B | -20% | +27% | 34% | 13.5× | 14.6% | +10.1% |
| Asian Paints ASIANPAINT.NS | India | $25.9B | +1% | +12% | 16% | 47.5× | 37.3% | +10.6% |
| PPG Industries PPG | United States | $27.0B | +12% | +6% | 13% | 14.6× | 7.1% | +2.8% |
| RPM International RPM | United States | $13.2B | +2% | +6% | 13% | 16.9× | 7.5% | +5.2% |
| Wanhua Chemical 600309.SS | China | $34.1B | -19% | +37% | 11% | 11.3× | -2.6% | +22.7% |
| Akzo Nobel AKZA.AS | Netherlands | $12.1B | +26% | -5% | 6% | 16.1× | 10.7% | +3.6% |
| Henkel AG & Co. KGaA HEN.DE | Germany | $35.4B | +25% | -3% | 15% | 13.6× | -1.9% | +1.3% |
| Axalta Coating Systems AXTA | United States | $7.80B | +25% | 0% | 14% | 14.0× | 8.3% | +6.5% |
| Srf SRF.NS | India | $7.67B | -11% | +20% | 19% | 30.3× | 25.2% | +13.5% |
| Orica ORI.AX | Australia | $7.23B | +1% | +2% | 11% | 18.2× | 6.9% | +9.6% |
| Sekisui Chemical 4204.T | Japan | $6.61B | +9% | +6% | 9% | 13.4× | n/a | n/a |
| Berger Paints India BERGEPAINT.NS | India | $5.90B | -2% | +5% | 12% | 41.5× | 38.5% | +11.8% |
| Fuchs FPE.DE | Germany | $5.87B | +21% | +12% | 13% | 13.8× | -4.4% | +8.4% |