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Japan's largest cement producer, supplying cement and construction materials domestically and in Asia/US.
Japan's largest cement producer, supplying cement and construction materials domestically and in Asia/US.
Domestic cement volume is on a slow downward trend as Japan's population ages, but it also earns fees for taking in waste such as coal ash and sludge as cement raw material and fuel. Overseas plants in Asia and the US add growth.
In one line: A Japanese Vulcan Materials/CEMEX.
Moat: narrow (scale, distribution). Largest cement production capacity and distribution network in Japan.
Headquarters: Tokyo, Japan · Founded: 1881 · Employees: 12,626
Size Taiheiyo Cement (5233.T) is a Japan Materials company (Construction Materials) with a market value of $3.03B, the 365th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥4,236 on 6 Nov 2026.
Performance Over six months the shares gained 18.7%, against -19.7% for the median peer and +1.8% for the Japan market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue grew 1.2% over the last twelve months (peer median -0.9%); the operating margin is 8.4% (peer median 11.6%).
Valuation It trades at 7.7× forward earnings against a peer median of 13.6× (2nd cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.1 points below its cost of capital (5.9% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥909B | ¥898B | ¥896B | ¥886B | ¥810B |
| Revenue growth | — | 0% | +1% | +9% | — |
| Gross profit | ¥227B | ¥223B | ¥217B | ¥192B | ¥141B |
| EBITDA | ¥147B | ¥145B | ¥139B | ¥123B | ¥68.9B |
| Net income | ¥26.9B | ¥25.4B | ¥57.4B | ¥43.3B | -¥33.2B |
| Free cash flow | n/a | ¥12.9B | ¥33.3B | ¥53.2B | -¥64.3B |
| Capital expenditure | n/a | ¥101B | ¥84.6B | ¥87.4B | ¥64.0B |
| Total debt | ¥520B | ¥417B | ¥423B | ¥406B | ¥441B |
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 |
|---|---|---|---|---|---|---|
| Taiheiyo Cement 5233.T | $3.03B | +19% | +1% | 8% | 7.7× | 0.8% |
| Sumitomo Osaka Cement 5232.T | $969M | +49% | +5% | 7% | 13.7× | 4.6% |
| Ube 4208.T | $1.94B | +33% | +3% | 4% | 12.0× | n/a |
| Cemex SAB de CV Sponsored ADR CX | $16.6B | -18% | +10% | 13% | 11.2× | 4.4% |
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 | 5233.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.0% | +3.0% | 10th lowest of 21 |
| 6-month return | +18.7% | -19.7% | 2nd highest of 20 |
| Distance from 52-week high | -13.5% | -36.3% | 4th highest of 21 |
| Revenue growth (TTM) | +1.2% | -0.9% | 10th highest of 21 |
| Operating margin | 8.4% | 11.6% | 7th lowest of 21 |
| Forward P/E | 7.7× | 13.6× | 2nd cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 0.8% | 5.6% | 3rd least demanding of 17 |
| Growth delivered (Del g) | +0.8% | +6.3% | 8th lowest of 17 |
| Hurdle (Req g minus delivered) | -0.0 pp | +0.4 pp | 9th least demanding of 17 |
| ROIC minus cost of capital | -1.1 pp | -1.6 pp | 10th highest of 21 |
| EV / EBITDA | 5.9× | 10.0× | 2nd cheapest of 13 |
| Net debt / EBITDA | 2.5× | 1.8× | 5th most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Taiheiyo Cement 5233.T | Japan | $3.03B | +19% | +1% | 8% | 7.7× | 0.8% | +0.8% |
| Knife River KNF | United States | $3.20B | -38% | +11% | 9% | 23.1× | n/a | n/a |
| Vicat VCT.PA | France | $3.29B | +6% | +5% | 11% | 10.2× | 0.2% | +6.6% |
| China National Building Material 3323.HK | Hong Kong | $2.76B | -51% | 0% | 2% | 25.2× | 25.1% | -7.7% |
| FangDa Carbon New Material 600516.SS | China | $2.74B | -20% | +17% | -4% | 226.5× | n/a | n/a |
| United States Lime & Minerals USLM | United States | $3.39B | +7% | +4% | 41% | 19.6× | 5.1% | +18.3% |
| Cementir CEM.MI | Italy | $2.70B | +5% | -2% | 13% | 12.8× | 4.3% | +6.0% |
| Cementos Molins CMO.MC | Spain | $2.70B | n/a | +14% | 12% | 13.6× | 8.9% | +12.5% |
| Tianshan Material 000877.SZ | China | $3.47B | -30% | -17% | -13% | n/a | 5.6% | -14.5% |
| Imerys NK.PA | France | $2.41B | +11% | -2% | 6% | 15.4× | 7.4% | -2.3% |
| Asia Cement 1102.TW | Taiwan | $3.92B | +5% | -10% | 10% | 11.0× | 5.6% | -1.9% |
| Beijing New Building Materials (Group) 000786.SZ | China | $4.41B | -33% | -3% | 10% | 11.4× | -2.3% | +8.4% |
| Titan America TTAM | United States | $2.08B | -32% | +5% | 15% | 10.5× | 1.0% | +6.9% |
| YOUNGY 002192.SZ | China | $2.03B | -52% | +315% | 60% | n/a | 4.9% | +16.8% |
| Sichuan Hexie Shuangma 000935.SZ | China | $1.98B | -35% | -14% | 15% | 13.8× | n/a | n/a |
| SigmaRoc SRC.L | United Kingdom | $1.95B | +14% | +4% | 15% | 12.1× | 12.4% | +52.8% |
| Gansu Shangfeng Materials 000672.SZ | China | $1.88B | -6% | -23% | 7% | 4.5× | 10.2% | -6.1% |
| FLSmidth & Co. A/S FLS.CO | Denmark | $4.88B | +22% | -20% | 13% | 13.9× | 2.8% | -2.3% |
| BBMG 2009.HK | Hong Kong | $1.87B | -20% | -22% | -4% | n/a | 42.3% | -4.0% |
| CCCC Design And Consulting 600720.SS | China | $1.73B | -24% | -10% | 12% | 9.7× | n/a | n/a |
| Eagle Materials EXP | United States | $5.71B | -12% | +2% | 22% | 16.1× | 9.7% | +7.3% |