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Global glass maker producing display glass substrates, fiberglass and specialty glass for electronics, autos and pharma.
Global glass maker producing display glass substrates, fiberglass and specialty glass for electronics, autos and pharma.
Sells glass it melts and shapes in its own furnaces, and the display-substrate line has few buyers, a limited set of panel makers, so it follows their capacity decisions. Fiberglass and pharmaceutical tubing give it customers in other industries with different cycles.
In one line: A smaller Corning.
Moat: narrow (scale, process know-how, IP / patents). Glass melting/forming know-how and manufacturing scale in niche substrates.
Headquarters: Otsu, Japan · Founded: 1949 · Employees: 5,218
Size Nippon Electric Glass (5214.T) is a Japan Information Technology company (Electronic Production Equipment) with a market value of $2.32B, the 440th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,540 on 6 Nov 2026.
Performance Over six months the shares fell 43.6%, against -22.6% for the median peer and +1.8% for the Japan market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 2.6% over the last twelve months (peer median +14.0%); the operating margin is 8.2% (peer median 6.0%).
Valuation It trades at 22.6× forward earnings against a peer median of 29.3× (8th cheapest of 19).
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 +5%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.7 points below its cost of capital (6.6% WACC).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥312B | ¥311B | ¥299B | ¥280B | ¥325B |
| Revenue growth | — | +4% | +7% | -14% | — |
| Gross profit | ¥74.1B | ¥81.7B | ¥55.7B | ¥33.6B | ¥84.7B |
| EBITDA | ¥52.7B | ¥57.8B | ¥34.4B | ¥25.4B | ¥54.3B |
| Net income | ¥22.6B | ¥29.6B | ¥12.1B | -¥26.2B | ¥28.2B |
| Free cash flow | n/a | ¥23.1B | ¥35.1B | -¥30.5B | -¥28.4B |
| Capital expenditure | n/a | ¥29.0B | ¥17.1B | ¥29.1B | ¥60.0B |
| Total debt | ¥78.5B | ¥102B | ¥139B | ¥123B | ¥108B |
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 Electric Glass 5214.T | $2.32B | -44% | +3% | 8% | 22.6× | 2.4% |
| Corning GLW | $91.4B | -43% | +19% | 17% | 25.4× | 24.7% |
| Agc 5201.T | $6.33B | -15% | +6% | 6% | 12.6× | 4.8% |
| Nippon Sheet Glass 5202.T | n/a | +4% | n/a | n/a | 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 | 5214.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.8% | -20.3% | 6th highest of 21 |
| 6-month return | -43.6% | -22.6% | 4th lowest of 21 |
| Distance from 52-week high | -45.1% | -57.5% | 8th highest of 21 |
| Revenue growth (TTM) | +2.6% | +14.0% | 4th lowest of 21 |
| Operating margin | 8.2% | 6.0% | 7th highest of 21 |
| Forward P/E | 22.6× | 29.3× | 8th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 2.4% | 7.0% | 4th least demanding of 10 |
| Growth delivered (Del g) | +5.1% | +8.9% | 2nd lowest of 10 |
| Hurdle (Req g minus delivered) | -2.7 pp | -1.9 pp | 5th least demanding of 10 |
| ROIC minus cost of capital | -2.7 pp | -2.8 pp | 11th highest of 21 |
| EV / EBITDA | 6.5× | 17.1× | 2nd cheapest of 8 |
| Net debt / EBITDA | -0.6× | -0.8× | 5th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nippon Electric Glass 5214.T | Japan | $2.32B | -44% | +3% | 8% | 22.6× | 2.4% | +5.1% |
| VECO VECO | United States | $2.27B | -37% | -3% | 4% | 13.3× | 37.1% | +7.9% |
| Universal Microwave Technology 3491.TWO | Taiwan | $2.26B | -36% | +36% | 27% | 42.9× | n/a | n/a |
| Shenzhen Zesum Technology 301486.SZ | China | $2.41B | -42% | +57% | 3% | 99.2× | n/a | n/a |
| Alps Alpine 6770.T | Japan | $2.23B | -24% | +5% | 3% | 10.8× | -3.8% | +7.3% |
| Shenzhen H&T Intelligent Control 002402.SZ | China | $2.23B | -49% | +2% | 6% | 41.3× | n/a | n/a |
| Foxconn Technology 2354.TW | Taiwan | $2.23B | -11% | +13% | 2% | 13.3× | n/a | n/a |
| XiaMen HongXin Electron-tech 300657.SZ | China | $2.21B | -18% | +4% | 8% | 28.2× | n/a | n/a |
| Benchmark Electronics BHE | United States | $2.16B | -29% | +13% | 4% | 17.7× | 13.8% | +5.3% |
| Xiamen Intretech 002925.SZ | China | $2.16B | -3% | +39% | 9% | 32.1× | n/a | n/a |
| Sinomag Technology 300835.SZ | China | $2.54B | +10% | +18% | 6% | 75.2× | n/a | n/a |
| AXT AXTI | United States | $2.55B | -67% | +89% | 20% | 16.2× | n/a | n/a |
| LG Display 034220.KS | South Korea | $2.61B | -42% | -7% | 2% | n/a | -13.4% | +1.2% |
| Shenzhen SED Industry 000032.SZ | China | $2.03B | -36% | +5% | 1% | 42.9× | 7.0% | +8.9% |
| Plug Power PLUG | United States | $2.03B | -54% | +11% | -68% | n/a | n/a | n/a |
| Kitron KIT.OL | Norway | $2.02B | -20% | +54% | 10% | 22.0× | -0.6% | +16.9% |
| Forehope Electronic (Ningbo) 688362.SS | China | $2.67B | -19% | +19% | 0% | 86.7× | n/a | n/a |
| Marketech International 6196.TW | Taiwan | $2.68B | +8% | +44% | 7% | 13.0× | 6.3% | +15.5% |
| Zhejiang Jiemei Electronic & Technology 002859.SZ | China | $2.71B | -21% | +26% | 13% | 47.3× | n/a | n/a |
| Shenzhen Microgate Technology 300319.SZ | China | $1.86B | +12% | +11% | 8% | 30.5× | 22.5% | +10.3% |
| Exosens EXENS.PA | France | $2.95B | -11% | +15% | 17% | 27.5× | 24.3% | +25.6% |