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Japanese maker of marine and protective coatings, including anti-fouling paints for ship hulls.
Japanese maker of marine and protective coatings, including anti-fouling paints for ship hulls.
Sells paints for new ships to shipyards and repainting for hulls of ships in service, the latter paid when vessels go into dry dock, which gives it steadier demand than new builds. Most sales are made outside Japan, near the Asian yards that build most of the world's ships.
In one line: A marine-paint specialist, like a smaller Jotun/PPG marine unit.
Moat: narrow (customer qualification, process know-how). Anti-fouling formulations are qualified by shipyards and classed by marine regulators, limiting switching.
Headquarters: Tokyo, Japan · Founded: 1917 · Employees: 2,198
Size Chugoku Marine Paints,Ltd (4617.T) is a Japan Materials company (Industrial Specialties) with a market value of $1.04B, the 719th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,295 on 6 Nov 2026.
Performance Over six months the shares gained 3.8%, against -16.0% for the median peer and +1.8% for the Japan market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 9.9% over the last twelve months (peer median +6.0%); the operating margin is 13.2% (peer median 7.8%).
Valuation It trades at 12.8× forward earnings against a peer median of 14.4× (7th cheapest of 15).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.3 points above its cost of capital (9.6% WACC).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥150B | ¥139B | ¥131B | ¥116B | ¥99.5B |
| Revenue growth | — | +6% | +13% | +17% | — |
| Gross profit | ¥51.1B | ¥47.2B | ¥43.1B | ¥35.8B | ¥25.1B |
| EBITDA | ¥21.8B | ¥19.3B | ¥17.1B | ¥13.8B | ¥5.49B |
| Net income | ¥13.0B | ¥11.0B | ¥13.7B | ¥9.89B | ¥3.85B |
| Free cash flow | ¥10.3B | ¥11.9B | ¥12.8B | ¥10.9B | -¥1.49B |
| Capital expenditure | ¥1.99B | ¥2.53B | ¥1.79B | ¥1.53B | ¥1.52B |
| Total debt | ¥15.6B | ¥17.4B | ¥20.8B | ¥25.6B | ¥23.9B |
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 |
|---|---|---|---|---|---|---|
| Chugoku Marine Paints,Ltd 4617.T | $1.04B | +4% | +10% | 13% | 12.8× | 0.0% |
| PPG Industries PPG | $27.0B | +12% | +6% | 13% | 14.6× | 7.1% |
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 | 4617.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.2% | -6.4% | 10th lowest of 21 |
| 6-month return | +3.8% | -16.0% | 7th highest of 21 |
| Distance from 52-week high | -31.6% | -25.8% | 10th lowest of 21 |
| Revenue growth (TTM) | +9.9% | +6.0% | 8th highest of 21 |
| Operating margin | 13.2% | 7.8% | 4th highest of 21 |
| Forward P/E | 12.8× | 14.4× | 7th cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 0.0% | 5.8% | 6th least demanding of 14 |
| Growth delivered (Del g) | +11.1% | +6.3% | 5th highest of 14 |
| Hurdle (Req g minus delivered) | -11.1 pp | +2.5 pp | 5th least demanding of 14 |
| ROIC minus cost of capital | +5.3 pp | -0.7 pp | 2nd highest of 21 |
| EV / EBITDA | 6.7× | 9.3× | 3rd cheapest of 11 |
| Net debt / EBITDA | -1.1× | -0.4× | 5th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chugoku Marine Paints,Ltd 4617.T | Japan | $1.04B | +4% | +10% | 13% | 12.8× | 0.0% | +11.1% |
| SK Kaken 4628.T | Japan | $1.04B | +2% | +9% | 13% | n/a | -19.4% | +5.2% |
| Xinjiang Tianye 600075.SS | China | $1.04B | -41% | -10% | -3% | n/a | n/a | n/a |
| Nitta 5186.T | Japan | $1.05B | +36% | +5% | 7% | 10.8× | 10.6% | +3.1% |
| Intco Recycling Resources 688087.SS | China | $1.01B | -25% | +29% | 12% | 22.0× | 0.5% | +15.8% |
| ZJMI Environmental Energy 603071.SS | China | $1.00B | -15% | -4% | 3% | 9.2× | n/a | n/a |
| ELANTAS Beck India ELANTAS.NS | India | $999M | +23% | +19% | 21% | n/a | 32.4% | +17.2% |
| Morgan Advanced Materials MGAM.L | United Kingdom | $981M | +22% | -6% | 9% | 14.6× | 9.4% | +1.8% |
| Guangdong Tloong Technology 300063.SZ | China | $946M | -26% | +21% | 2% | n/a | 25.0% | -6.6% |
| Xinjiang Xuefeng Sci-Tech (Group) 603227.SS | China | $1.14B | -17% | -8% | 12% | 10.3× | -7.6% | +22.0% |
| PCBL Chemical PCBL.NS | India | $1.16B | -8% | +6% | 8% | 23.5× | 27.6% | +25.1% |
| Jiangxi Guotai 603977.SS | China | $914M | -29% | +15% | 9% | 14.2× | n/a | n/a |
| Hainan Development Holdings Nanhai 002163.SZ | China | $892M | -44% | -9% | -3% | 37.0× | n/a | n/a |
| Sinosteel Engineering & Technology 000928.SZ | China | $1.22B | -13% | +4% | 5% | 11.9× | -15.6% | -1.3% |
| Mattr MATR.TO | Canada | $879M | +108% | +25% | 7% | 15.6× | 5.8% | +1.5% |
| TOCALO 3433.T | Japan | $864M | -26% | +6% | 23% | 11.8× | n/a | n/a |
| artience 4634.T | Japan | $1.25B | +18% | +7% | 6% | 9.3× | -3.9% | +6.3% |
| Nihon Parkerizing 4095.T | Japan | $1.26B | +16% | +5% | 12% | n/a | -1.6% | +6.7% |
| ZETTA 002256.SZ | China | $843M | -40% | +25% | -5% | n/a | n/a | n/a |
| Fujimi 5384.T | Japan | $1.28B | -18% | +13% | 21% | 15.6× | n/a | n/a |
| Shenma Industry 600810.SS | China | $838M | -33% | -9% | 0% | 28.6× | 9.7% | +7.1% |