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Maker of carbon black for tires/rubber and graphite electrodes used in electric-arc-furnace steelmaking.
Maker of carbon black for tires/rubber and graphite electrodes used in electric-arc-furnace steelmaking.
Sells graphite electrodes to steelmakers that melt scrap in electric furnaces, so electrode demand rises and falls with electric-furnace steel output. Carbon black for tire and rubber makers tracks car and tire production, and smaller advanced-carbon materials serve semiconductor equipment.
In one line: A Japanese GrafTech/Cabot Corporation hybrid.
Moat: narrow (scale, process know-how). Global-scale carbon black and graphite electrode production, capital-intensive to replicate.
Headquarters: Tokyo, Japan · Founded: 1918 · Employees: 4,436
Size Tokai Carbon (5301.T) is a Japan Materials company (Electrical Products) with a market value of $2.02B, the 478th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,561 on 6 Nov 2026.
Performance Over six months the shares gained 41.1%, against +4.7% for the median peer and +1.8% for the Japan market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 0.4% over the last twelve months (peer median +4.6%); the operating margin is 8.0% (peer median 8.4%).
Valuation It trades at 13.5× forward earnings against a peer median of 11.4× (3rd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -1 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.3 points below its cost of capital (6.9% WACC).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥339B | ¥323B | ¥350B | ¥364B | ¥340B |
| Revenue growth | — | -8% | -4% | +7% | — |
| Gross profit | ¥74.2B | ¥70.3B | ¥62.2B | ¥81.5B | ¥78.3B |
| EBITDA | ¥63.0B | ¥58.4B | ¥61.1B | ¥76.0B | ¥75.6B |
| Net income | ¥18.8B | ¥20.1B | -¥56.5B | ¥25.5B | ¥22.4B |
| Free cash flow | n/a | ¥14.8B | ¥10.9B | ¥16.7B | -¥2.78B |
| Capital expenditure | n/a | ¥42.9B | ¥55.1B | ¥49.6B | ¥45.2B |
| Total debt | ¥217B | ¥209B | ¥200B | ¥171B | ¥171B |
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 |
|---|---|---|---|---|---|---|
| Tokai Carbon 5301.T | $2.02B | +41% | 0% | 8% | 13.5× | 9.3% |
| GrafTech International EAF | n/a | +3% | n/a | n/a | n/a | n/a |
| Cabot CBT | $3.67B | -17% | +1% | 14% | 10.9× | -3.2% |
| Resonac 4004.T | $12.6B | -26% | +1% | 8% | 18.0× | 26.7% |
| Orion OEC | n/a | -48% | n/a | n/a | n/a | n/a |
| HEG HEG.NS | n/a | +27% | n/a | n/a | n/a | n/a |
| Graphite India GRAPHITE.NS | $1.50B | 0% | +22% | 9% | 21.8× | n/a |
| FangDa Carbon New Material 600516.SS | $2.74B | -20% | +17% | -4% | 226.5× | n/a |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 5301.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -34.4% | -14.8% | lowest of 21 |
| 6-month return | +41.1% | +4.7% | highest of 21 |
| Distance from 52-week high | -35.6% | -25.0% | 9th lowest of 21 |
| Revenue growth (TTM) | +0.4% | +4.6% | 2nd lowest of 21 |
| Operating margin | 8.0% | 8.4% | 9th lowest of 21 |
| Forward P/E | 13.5× | 11.4× | 3rd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 9.3% | 1.3% | most demanding of 17 |
| Growth delivered (Del g) | +9.9% | +7.0% | 4th highest of 17 |
| Hurdle (Req g minus delivered) | -0.6 pp | -4.6 pp | 4th most demanding of 17 |
| ROIC minus cost of capital | -3.3 pp | -0.6 pp | 3rd lowest of 21 |
| EV / EBITDA | 7.7× | 6.9× | 3rd most expensive of 20 |
| Net debt / EBITDA | 2.1× | 2.0× | 10th most indebted of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tokai Carbon 5301.T | Japan | $2.02B | +41% | 0% | 8% | 13.5× | 9.3% | +9.9% |
| UACJ 5741.T | Japan | $2.06B | -36% | +28% | 9% | 6.2× | -5.3% | +15.7% |
| Ube 4208.T | Japan | $1.94B | +33% | +3% | 4% | 12.0× | n/a | n/a |
| Lintec 7966.T | Japan | $1.87B | -14% | +3% | 8% | 12.2× | 1.5% | +6.2% |
| Nippon Shokubai 4114.T | Japan | $2.27B | +11% | +4% | 6% | 16.2× | 4.1% | +7.9% |
| Rengo 3941.T | Japan | $2.29B | +18% | +4% | 4% | 11.0× | n/a | n/a |
| Fuso Chemical 4368.T | Japan | $1.79B | -19% | +17% | 26% | 13.1× | 8.4% | +12.8% |
| Daido Steel 5471.T | Japan | $2.29B | -4% | +8% | 7% | 10.8× | 8.8% | +7.0% |
| Kaneka 4118.T | Japan | $2.30B | +23% | +4% | 5% | 11.6× | 4.9% | +7.0% |
| Zeon 4205.T | Japan | $2.34B | +6% | +4% | 11% | 9.1× | -1.5% | +6.4% |
| Aica Kogyo 4206.T | Japan | $1.68B | +19% | +5% | 12% | 12.6× | -7.0% | +7.6% |
| Nippon Kayaku 4272.T | Japan | $1.66B | +3% | +14% | 10% | 10.1× | -4.8% | +6.9% |
| Daicel 4202.T | Japan | $2.48B | +24% | +2% | 7% | 11.1× | 6.1% | +8.1% |
| Tokuyama 4043.T | Japan | $1.63B | -11% | +7% | 9% | 5.8× | 1.1% | +2.9% |
| Nifco 7988.T | Japan | $2.62B | +6% | +4% | 14% | 11.7× | -3.5% | +6.6% |
| C. Uyemura & 4966.T | Japan | $1.54B | -34% | +16% | 23% | 14.0× | 5.0% | +10.4% |
| DIC 4631.T | Japan | $2.68B | +25% | +6% | 7% | 9.3× | -1.0% | +8.5% |
| Osaka Soda 4046.T | Japan | $1.52B | -2% | +8% | 19% | 13.5× | 5.1% | +0.5% |
| Denka 4061.T | Japan | $1.51B | -33% | -3% | 9% | 12.7× | n/a | n/a |
| Dowa 5714.T | Japan | $2.78B | -22% | +29% | 6% | 6.9× | n/a | n/a |
| Taiheiyo Cement 5233.T | Japan | $3.03B | +19% | +1% | 8% | 7.7× | 0.8% | +0.8% |