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Global leader in solder-mask ink and photosensitive materials used to manufacture printed circuit boards.
Global leader in solder-mask ink and photosensitive materials used to manufacture printed circuit boards.
Sells inks and films used in printed-circuit-board production, where its solder-mask ink is the protective coating over copper circuitry, so each new board consumes it and sales follow board production. The same materials are also used in advanced chip-packaging substrates.
In one line: The world's top solder-mask-ink supplier for PCBs.
Moat: wide (scale, IP / patents, process know-how). Dominant global market share in solder-mask ink, a specialized chemistry with high switching costs.
Headquarters: Tokyo, Japan · Founded: 1953 · Employees: 2,561
Size Taiyo (4626.T) is a Japan Industrials company (Electrical Products) with a market value of $3.36B, the 334th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,589 on 6 Nov 2026.
Performance Over six months the shares fell 5.0%, against -38.3% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th highest of 18 in its peer set.
Growth Revenue grew 18.4% over the last twelve months (peer median +23.8%); the operating margin is 25.0% (peer median 7.4%).
Valuation It trades at 17.0× forward earnings against a peer median of 22.6× (7th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.4 points above its cost of capital (7.2% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥144B | ¥138B | ¥119B | ¥105B | ¥97.3B |
| Revenue growth | — | +16% | +14% | +8% | — |
| Gross profit | ¥71.9B | ¥65.5B | ¥53.2B | ¥45.3B | ¥40.3B |
| EBITDA | ¥44.7B | ¥41.0B | ¥31.7B | ¥27.2B | ¥23.7B |
| Net income | ¥26.9B | ¥24.0B | ¥10.8B | ¥8.65B | ¥11.4B |
| Free cash flow | n/a | ¥23.4B | ¥17.4B | ¥9.64B | ¥11.1B |
| Capital expenditure | n/a | ¥7.73B | ¥7.29B | ¥18.8B | ¥12.4B |
| Total debt | ¥53.7B | ¥56.9B | ¥64.5B | ¥86.7B | ¥71.5B |
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 |
|---|---|---|---|---|---|---|
| Taiyo 4626.T | $3.36B | -5% | +18% | 25% | 17.0× | 5.0% |
| Tamura 6768.T | $339M | -22% | +8% | 4% | 9.3× | n/a |
| Nan Ya Plastic 1303.TW | $57.4B | +155% | +6% | 6% | 11.5× | n/a |
| Shenzhen Rongda Photosensitive & Technology 300576.SZ | $1.40B | -31% | +14% | 10% | n/a | n/a |
| Resonac 4004.T | $12.6B | -26% | +1% | 8% | 18.0× | 26.7% |
| DIC 4631.T | $2.68B | +25% | +6% | 7% | 9.3× | -1.0% |
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 | 4626.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.2% | -11.7% | 7th highest of 21 |
| 6-month return | -5.0% | -38.3% | 5th highest of 18 |
| Distance from 52-week high | -26.9% | -52.2% | 5th highest of 21 |
| Revenue growth (TTM) | +18.4% | +23.8% | 8th lowest of 21 |
| Operating margin | 25.0% | 7.4% | 3rd highest of 21 |
| Forward P/E | 17.0× | 22.6× | 7th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 5.0% | 26.9% | 2nd least demanding of 7 |
| Growth delivered (Del g) | +11.2% | +21.8% | lowest of 6 |
| Hurdle (Req g minus delivered) | -6.2 pp | +3.8 pp | 3rd least demanding of 6 |
| ROIC minus cost of capital | +11.4 pp | +0.5 pp | 2nd highest of 20 |
| EV / EBITDA | 12.0× | 11.7× | 4th most expensive of 8 |
| Net debt / EBITDA | 0.2× | 0.1× | 5th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Taiyo 4626.T | Japan | $3.36B | -5% | +18% | 25% | 17.0× | 5.0% | +11.2% |
| T&S Communications 300570.SZ | China | $3.36B | -25% | +40% | 18% | 47.3× | 43.8% | +21.8% |
| Harbin Electric 1133.HK | Hong Kong | $3.27B | -54% | +13% | 7% | 6.2× | n/a | n/a |
| Luoyang Bearing 301699.SZ | China | $3.45B | n/a | +29% | 11% | n/a | n/a | n/a |
| Dhoot Transmission DHOOTTRANS.NS | India | $3.46B | n/a | +31% | 13% | 52.6× | n/a | n/a |
| Sany Renewable Energy 688349.SS | China | $3.50B | -22% | +30% | 2% | 21.7× | n/a | n/a |
| LS 006260.KS | South Korea | $3.51B | -62% | +30% | 4% | 8.0× | n/a | n/a |
| CALB 3931.HK | Hong Kong | $3.57B | -59% | +80% | 7% | 8.1× | n/a | n/a |
| Maruwa 5344.T | Japan | $3.12B | -46% | +26% | 36% | 19.5× | n/a | n/a |
| Zhefu 002266.SZ | China | $3.09B | -26% | +27% | 8% | 9.3× | n/a | n/a |
| Shanghai Moons Electrical 603728.SS | China | $3.66B | -1% | +22% | 4% | 183.9× | n/a | n/a |
| Wuhan Raycus Fiber Laser Technologies 300747.SZ | China | $3.67B | +22% | +16% | 6% | 76.8× | n/a | n/a |
| Dajin Heavy Industry 002487.SZ | China | $3.71B | -60% | -2% | 19% | 19.6× | n/a | n/a |
| Hainan Jinpan Smart Technology 688676.SS | China | $3.75B | -38% | +12% | 10% | 29.4× | 28.5% | +24.7% |
| Shenzhen Woer Heat-Shrinkable Material 002130.SZ | China | $2.98B | -37% | +20% | 15% | 16.4× | 1.8% | +15.6% |
| TDG 600330.SS | China | $2.96B | -43% | +21% | -19% | 320.4× | n/a | n/a |
| XJ Electric 000400.SZ | China | $3.86B | 0% | -8% | 6% | 23.5× | n/a | n/a |
| Guangzhou Great Power Energy & Technology 300438.SZ | China | $3.90B | -50% | +125% | 7% | 11.7× | 9.7% | +26.8% |
| Zhuhai CosMX Battery 688772.SS | China | $2.88B | +2% | +18% | -2% | 144.1× | n/a | n/a |
| Shenzhen Hfc 301716.SZ | China | $3.93B | n/a | +114% | 44% | n/a | 45.3% | n/a |
| Beijing Sifang Automation 601126.SS | China | $3.94B | -44% | +9% | 9% | 27.8× | 25.3% | +16.3% |