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Maker of industrial insulation materials, gaskets and sealing products, plus automotive friction materials.
Maker of industrial insulation materials, gaskets and sealing products, plus automotive friction materials.
Sells insulation, gaskets and seals to industrial plants both for new construction and, more steadily, for maintenance shutdowns when old pieces are replaced; it also sells fluoropolymer parts that go into chipmaking equipment. Orders follow industrial investment and plant maintenance budgets, with car brake materials as a third line.
In one line: A Japanese industrial-insulation/gasket specialist.
Moat: narrow (process know-how, customer qualification). Specialized high-temperature insulation and sealing material know-how for industrial plants.
Headquarters: Tokyo, Japan · Founded: 1896 · Employees: 6,424
Size Nichias (5393.T) is a Japan Industrials company (Building Products) with a market value of $3.52B, the 323rd largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥2,930 on 6 Nov 2026.
Performance Over six months the shares fell 5.4%, against +1.2% for the median peer and +1.8% for the Japan market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 2.5% over the last twelve months (peer median +6.0%); the operating margin is 14.9% (peer median 11.7%).
Valuation It trades at 15.2× forward earnings against a peer median of 16.7× (9th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +2 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 5.1 points above its cost of capital (8.7% WACC).
Next results Next results expected around 10 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥262B | ¥252B | ¥257B | ¥249B | ¥238B |
| Revenue growth | — | -2% | +3% | +5% | — |
| Gross profit | ¥73.3B | ¥74.3B | ¥74.9B | ¥68.7B | ¥61.8B |
| EBITDA | ¥46.4B | ¥44.3B | ¥47.4B | ¥42.8B | ¥37.4B |
| Net income | ¥33.3B | ¥31.6B | ¥32.1B | ¥27.0B | ¥21.4B |
| Free cash flow | ¥24.8B | ¥15.9B | ¥24.5B | ¥6.77B | ¥10.5B |
| Capital expenditure | ¥9.72B | ¥8.73B | ¥7.03B | ¥12.8B | ¥8.63B |
| Total debt | ¥11.0B | ¥11.0B | ¥11.0B | ¥22.8B | ¥24.5B |
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 |
|---|---|---|---|---|---|---|
| Nichias 5393.T | $3.52B | -5% | +3% | 15% | 15.2× | 7.1% |
| 3M MMM | $95.7B | +30% | +2% | 21% | 19.2× | 11.3% |
| Nitto Denko 6988.T | $13.2B | +10% | +7% | 18% | 15.1× | 2.3% |
| Valqua 7995.T | $611M | -6% | +15% | 15% | 10.2× | 11.3% |
| Enpro NPO | $5.47B | -16% | +16% | 16% | 23.2× | 26.1% |
| Morgan Advanced Materials MGAM.L | $981M | +22% | -6% | 9% | 14.6× | 9.4% |
| Nisshinbo 3105.T | $1.87B | -9% | +2% | 7% | 11.5× | 3.6% |
| ROCKWOOL A/S ROCK-A.CO | $6.72B | +11% | -1% | 13% | 16.2× | -4.8% |
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 | 5393.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.9% | -2.2% | 2nd lowest of 21 |
| 6-month return | -5.4% | +1.2% | 9th lowest of 21 |
| Distance from 52-week high | -29.3% | -23.6% | 8th lowest of 21 |
| Revenue growth (TTM) | +2.5% | +6.0% | 8th lowest of 21 |
| Operating margin | 14.9% | 11.7% | 8th highest of 21 |
| Forward P/E | 15.2× | 16.7× | 9th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 7.1% | 6.4% | 10th least demanding of 19 |
| Growth delivered (Del g) | +5.1% | +6.3% | 7th lowest of 19 |
| Hurdle (Req g minus delivered) | +2.0 pp | +1.6 pp | 10th least demanding of 19 |
| ROIC minus cost of capital | +5.1 pp | +4.2 pp | 10th highest of 21 |
| EV / EBITDA | 10.9× | 11.2× | 8th cheapest of 16 |
| Net debt / EBITDA | -1.1× | 0.6× | 2nd least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nichias 5393.T | Japan | $3.52B | -5% | +3% | 15% | 15.2× | 7.1% | +5.1% |
| STO Express 002468.SZ | China | $3.40B | -8% | +26% | 5% | 10.2× | -12.5% | +20.8% |
| Rinnai 5947.T | Japan | $3.07B | -3% | +4% | 10% | 13.3× | -9.5% | +6.4% |
| Griffon GFF | United States | $4.58B | +15% | -12% | 20% | 17.1× | 7.5% | +4.0% |
| Sanwa 5929.T | Japan | $5.10B | +8% | +2% | 11% | 14.8× | -2.6% | +9.1% |
| Shanghai Mechanical & Electrical Industry 600835.SS | China | $2.34B | -27% | -2% | 2% | 22.5× | 0.6% | -3.8% |
| Reliance Worldwide RWC.AX | Australia | $2.33B | +47% | -5% | 12% | 16.3× | 9.9% | +7.5% |
| Toto 5332.T | Japan | $5.40B | -1% | +5% | 8% | 18.2× | 7.8% | +5.0% |
| Qingdao East Steel Tower Stock 002545.SZ | China | $2.25B | -50% | +23% | 32% | 8.5× | -10.2% | +13.0% |
| Fortune Brands Innovations FBIN | United States | $5.74B | +27% | -3% | 14% | 19.7× | 5.3% | -6.0% |
| Jangho 601886.SS | China | $2.01B | +26% | +14% | 5% | 15.0× | -0.1% | +3.9% |
| Kajaria Ceramics KAJARIACER.NS | India | $1.96B | +7% | +14% | 16% | 26.1× | 26.2% | +11.7% |
| Tecnoglass TGLS | United States | $1.95B | +10% | +10% | 18% | 13.8× | n/a | n/a |
| Hyundai Elevator 017800.KS | South Korea | $1.79B | -31% | -9% | 9% | 9.4× | -5.5% | +6.3% |
| Interface TILE | United States | $1.78B | +4% | +7% | 12% | 14.5× | 11.4% | +4.7% |
| SPX Technologies SPXC | United States | $7.15B | -30% | +20% | 17% | 15.3× | 15.7% | +15.0% |
| Simpson Manufacturing SSD | United States | $8.07B | +4% | +5% | 20% | 20.9× | 13.2% | +13.0% |
| Century Plyboards (India) CENTURYPLY.NS | India | $1.50B | -20% | +26% | 10% | 34.4× | n/a | n/a |
| A. O. Smith AOS | United States | $8.67B | +10% | -1% | 18% | 17.3× | 4.5% | +5.8% |
| Xiamen Solex High-Tech Industries 603992.SS | China | $1.38B | -35% | +18% | 8% | 29.9× | 13.5% | +5.2% |
| Preformed Line Products PLPC | United States | $1.28B | -24% | +16% | 10% | 18.8× | 10.2% | +7.5% |