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Sony spin-off making specialty adhesive and optical films, like anisotropic conductive film, for display and electronics assembly.
Sony spin-off making specialty adhesive and optical films, like anisotropic conductive film, for display and electronics assembly.
Sells materials that are designed into a customer's component, such as the film that bonds a display's driver chips to the glass, so a qualified product is bought repeatedly for the life of a device model. Smartphone and display makers are the main buyers. It separated from Sony in 2012 and listed on its own in 2015.
In one line: A materials-science spin-off in the niche 3M occupies for electronics adhesives.
Moat: narrow (IP / patents, process know-how). Materials-science patents and process control give leading share in niche films like ACF.
Headquarters: Tokyo, Japan · Founded: 2012 · Employees: 1,802
Size Dexerials (4980.T) is a Japan Information Technology company (Electronic Equipment/Instruments) with a market value of $2.55B, the 408th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,340 on 6 Nov 2026.
Performance Over six months the shares fell 4.1%, against -25.2% for the median peer and +1.8% for the Japan market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 5.0% over the last twelve months (peer median +11.0%); the operating margin is 34.6% (peer median 8.8%).
Valuation It trades at 13.8× forward earnings against a peer median of 21.6× (3rd cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 9.9 points above its cost of capital (13.7% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥115B | ¥114B | ¥110B | ¥105B | ¥106B |
| Revenue growth | — | +3% | +5% | -1% | — |
| Gross profit | ¥65.1B | ¥62.4B | ¥61.0B | ¥55.4B | ¥51.8B |
| EBITDA | ¥47.6B | ¥47.0B | ¥44.8B | ¥39.6B | ¥39.1B |
| Net income | ¥28.7B | ¥28.0B | ¥27.7B | ¥22.6B | ¥20.7B |
| Free cash flow | n/a | ¥3.83B | ¥26.4B | ¥17.9B | ¥10.6B |
| Capital expenditure | n/a | ¥25.2B | ¥15.7B | ¥11.3B | ¥11.8B |
| Total debt | ¥20.3B | ¥16.5B | ¥21.1B | ¥23.2B | ¥19.9B |
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 |
|---|---|---|---|---|---|---|
| Dexerials 4980.T | $2.55B | -4% | +5% | 35% | 13.8× | 15.0% |
| 3M MMM | $95.7B | +30% | +2% | 21% | 19.2× | 11.3% |
| Nitto Denko 6988.T | $13.2B | +10% | +7% | 18% | 15.1× | 2.3% |
| Sekisui Chemical 4204.T | $6.61B | +9% | +6% | 9% | 13.4× | n/a |
| Lgchem 051910.KS | $12.6B | -42% | 0% | 0% | n/a | n/a |
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 | 4980.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -35.7% | -8.7% | 4th lowest of 21 |
| 6-month return | -4.1% | -25.2% | 5th highest of 21 |
| Distance from 52-week high | -55.2% | -49.9% | 8th lowest of 21 |
| Revenue growth (TTM) | +5.0% | +11.0% | 8th lowest of 21 |
| Operating margin | 34.6% | 8.8% | highest of 21 |
| Forward P/E | 13.8× | 21.6× | 3rd cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 15.0% | 12.9% | 6th most demanding of 14 |
| Growth delivered (Del g) | +11.6% | +13.5% | 6th lowest of 14 |
| Hurdle (Req g minus delivered) | +3.5 pp | -2.2 pp | 4th most demanding of 14 |
| ROIC minus cost of capital | +9.9 pp | -1.5 pp | 4th highest of 21 |
| EV / EBITDA | 8.5× | 8.7× | 3rd cheapest of 6 |
| Net debt / EBITDA | 0.1× | -1.1× | 2nd most indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dexerials 4980.T | Japan | $2.55B | -4% | +5% | 35% | 13.8× | 15.0% | +11.6% |
| Vaisala VAIAS.HE | Finland | $2.54B | +22% | +2% | 16% | 26.9× | 9.7% | +9.5% |
| Suzhou HYC Technology 688001.SS | China | $2.59B | -31% | +19% | 6% | 61.1× | 37.6% | +5.9% |
| Shenzhen CSL Vacuum Science & Technology 688785.SS | China | $2.62B | -21% | -2% | 18% | n/a | n/a | n/a |
| Ningbo Sanxing Medical Electric 601567.SS | China | $2.66B | -37% | -11% | 3% | 15.8× | 4.8% | +15.1% |
| Focuslight Technologies 688167.SS | China | $2.71B | -44% | +22% | -9% | 284.8× | n/a | n/a |
| Oxford Nanopore Technologies ONT.L | United Kingdom | $2.71B | +75% | +15% | -55% | n/a | n/a | n/a |
| Sineng Electric 300827.SZ | China | $2.35B | -25% | +29% | 12% | 24.7× | n/a | n/a |
| Kehua Data 002335.SZ | China | $2.81B | -41% | +5% | 5% | 31.4× | 16.7% | +14.4% |
| GeniuS Electronic Optical 3406.TW | Taiwan | $2.81B | +59% | +16% | 20% | 20.1× | 5.9% | +9.5% |
| Keli Sensing Technology (Ningbo) 603662.SS | China | $2.28B | -4% | +24% | 19% | 51.6× | 24.7% | +13.4% |
| Ginlong Technologies 300763.SZ | China | $2.98B | -47% | +4% | 11% | 19.2× | 10.0% | +27.2% |
| Shanghai Lingang 600848.SS | China | $3.00B | -9% | -26% | 15% | 19.4× | 12.9% | +15.1% |
| Addsino 000547.SZ | China | $3.02B | -49% | -6% | -54% | n/a | n/a | n/a |
| Syntec Technology 7750.TW | Taiwan | $3.15B | -46% | +60% | 25% | 13.2× | 17.2% | +24.3% |
| ULVAC 6728.T | Japan | $2.01B | -34% | +7% | 7% | 15.5× | 14.1% | +8.0% |
| GRG Banking Equipment 002152.SZ | China | $3.26B | -25% | 0% | 9% | 23.0× | 4.0% | +13.5% |
| Diebold Nixdorf DBD | United States | $1.96B | -25% | +6% | 9% | 10.5× | -2.0% | -0.5% |
| Goodwe Technologies 688390.SS | China | $1.93B | -51% | +53% | 5% | 17.1× | 17.4% | +41.2% |
| Shenzhen SEICHI Technologies 688627.SS | China | $3.37B | -24% | +65% | 3% | 89.1× | n/a | n/a |
| Shenzhen Everbest Machinery Industry 002980.SZ | China | $1.90B | -16% | +64% | 23% | n/a | n/a | n/a |