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Japanese maker of printing inks, pigments and packaging materials, renamed from Toyo Ink Group.
Japanese maker of printing inks, pigments and packaging materials, renamed from Toyo Ink Group.
Sells ink by the tonne to printers of packaging and publications, so volume follows consumer-goods packaging demand, with colour pigments for displays and plastics a higher-value line. Raw materials are petroleum-based, so oil prices and how far they can be passed on to customers matter.
In one line: Another large Japanese ink maker, like DIC.
Moat: narrow (scale, distribution). Scale in ink/pigment manufacturing and long-standing print-industry distribution relationships.
Headquarters: Tokyo, Japan · Founded: 1896 · Employees: 7,880
Size artience (4634.T) is a Japan Materials company (Industrial Specialties) with a market value of $1.25B, the 642nd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,620 on 6 Nov 2026.
Performance Over six months the shares gained 18.2%, against -10.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 6.7% over the last twelve months (peer median +9.2%); the operating margin is 6.5% (peer median 11.3%).
Valuation It trades at 9.3× forward earnings against a peer median of 18.4× (2nd cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.6 points below its cost of capital (5.8% WACC).
Next results Next results expected around 13 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥371B | ¥350B | ¥351B | ¥322B | ¥316B |
| Revenue growth | — | 0% | +9% | +2% | — |
| Gross profit | ¥80.1B | ¥79.7B | ¥78.8B | ¥68.0B | ¥58.0B |
| EBITDA | ¥37.9B | ¥34.4B | ¥32.5B | ¥24.7B | ¥17.6B |
| Net income | ¥18.6B | ¥10.3B | ¥18.5B | ¥9.74B | ¥9.31B |
| Free cash flow | n/a | ¥12.8B | ¥8.93B | ¥4.51B | -¥13.4B |
| Capital expenditure | n/a | ¥15.4B | ¥18.9B | ¥20.0B | ¥17.9B |
| Total debt | ¥61.8B | ¥66.1B | ¥83.9B | ¥89.9B | ¥85.8B |
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 |
|---|---|---|---|---|---|---|
| artience 4634.T | $1.25B | +18% | +7% | 6% | 9.3× | -3.9% |
| 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 | 4634.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.6% | -10.9% | 11th highest of 21 |
| 6-month return | +18.2% | -10.6% | 4th highest of 21 |
| Distance from 52-week high | -11.5% | -25.8% | 3rd highest of 21 |
| Revenue growth (TTM) | +6.7% | +9.2% | 10th lowest of 21 |
| Operating margin | 6.5% | 11.3% | 5th lowest of 21 |
| Forward P/E | 9.3× | 18.4× | 2nd cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -3.9% | 5.0% | 4th least demanding of 16 |
| Growth delivered (Del g) | +6.3% | +10.4% | 6th lowest of 16 |
| Hurdle (Req g minus delivered) | -10.2 pp | -5.4 pp | 6th least demanding of 16 |
| ROIC minus cost of capital | -0.6 pp | +3.7 pp | 8th lowest of 21 |
| EV / EBITDA | 5.9× | 11.9× | 2nd cheapest of 13 |
| Net debt / EBITDA | 0.4× | -1.6× | 3rd most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Sinosteel Engineering & Technology 000928.SZ | China | $1.22B | -13% | +4% | 5% | 11.9× | -15.6% | -1.3% |
| Fujimi 5384.T | Japan | $1.28B | -18% | +13% | 21% | 15.6× | n/a | n/a |
| Solar Applied Materials Technology 1785.TWO | Taiwan | $1.30B | -55% | +54% | 10% | n/a | -0.2% | +8.1% |
| JSW Dulux JSWDULUX.NS | India | $1.31B | +3% | -5% | 11% | 30.9× | n/a | n/a |
| PCBL Chemical PCBL.NS | India | $1.16B | -8% | +6% | 8% | 23.5× | 27.6% | +25.1% |
| Xinjiang Xuefeng Sci-Tech (Group) 603227.SS | China | $1.14B | -17% | -8% | 12% | 10.3× | -7.6% | +22.0% |
| Supreme Petrochem SPLPETRO.NS | India | $1.38B | -6% | +21% | 11% | 22.1× | 10.1% | +11.1% |
| Yangling Metron New Material 300861.SZ | China | $1.39B | -31% | +23% | 16% | 21.1× | 9.6% | +12.5% |
| Luxin Venture Capital 600783.SS | China | $1.45B | -40% | +24% | -50% | n/a | 40.2% | -6.1% |
| Nitta 5186.T | Japan | $1.05B | +36% | +5% | 7% | 10.8× | 10.6% | +3.1% |
| Xinjiang Tianye 600075.SS | China | $1.04B | -41% | -10% | -3% | n/a | n/a | n/a |
| SK Kaken 4628.T | Japan | $1.04B | +2% | +9% | 13% | n/a | -19.4% | +5.2% |
| Chugoku Marine Paints,Ltd 4617.T | Japan | $1.04B | +4% | +10% | 13% | 12.8× | 0.0% | +11.1% |
| Graphite India GRAPHITE.NS | India | $1.50B | 0% | +22% | 9% | 21.8× | n/a | n/a |
| Intco Recycling Resources 688087.SS | China | $1.01B | -25% | +29% | 12% | 22.0× | 0.5% | +15.8% |
| C. Uyemura & 4966.T | Japan | $1.54B | -34% | +16% | 23% | 14.0× | 5.0% | +10.4% |
| 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% |
| Suzhou Kingswood Education Technology 300192.SZ | China | $1.55B | +24% | -6% | 12% | 59.3× | 44.2% | -2.3% |