Loading…
Japanese precious-metals refiner recycling gold, silver, platinum and rhodium from e-scrap, dental and industrial waste; also handles industrial waste management.
Japanese precious-metals refiner recycling gold, silver, platinum and rhodium from e-scrap, dental and industrial waste; also handles industrial waste management.
Collects scrap from electronics, dental and plating industries, extracts the gold, silver and platinum-group metals, and earns processing fees plus the value of the metal it recovers and sells, so metal prices swing results. Industrial waste disposal is a steadier fee business.
In one line: A precious-metals recycler and industrial-waste processor, akin to a smaller Umicore.
Moat: narrow (scale, process know-how). Refining scale and collection-network relationships across Japan, Asia and North America support recurring recycling volumes.
Headquarters: Kobe, Japan · Founded: 1952 · Employees: 998
Size ARE (5857.T) is a Japan Industrials company (Wholesale Distributors) with a market value of $1.89B, the 504th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥3,580 on 6 Nov 2026.
Performance Over six months the shares gained 1.4%, against +5.9% for the median peer and +1.8% for the Japan market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 38.2% over the last twelve months (peer median +6.4%); the operating margin is 7.0% (peer median 5.4%).
Valuation It trades at 9.3× forward earnings against a peer median of 20.7× (2nd cheapest of 16).
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 +29%, so the hurdle is -27 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points above its cost of capital (6.5% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥697B | ¥600B | ¥514B | ¥327B | ¥281B |
| Revenue growth | — | +17% | +57% | +16% | — |
| Gross profit | ¥59.2B | ¥73.8B | ¥36.2B | ¥25.3B | ¥31.1B |
| EBITDA | ¥52.1B | ¥67.9B | ¥31.1B | ¥21.4B | ¥27.9B |
| Net income | ¥34.5B | ¥24.4B | ¥14.3B | ¥24.5B | ¥10.9B |
| Free cash flow | ¥7.26B | -¥108B | ¥7.26B | ¥5.04B | ¥32.3B |
| Capital expenditure | ¥6.18B | ¥9.15B | ¥7.72B | ¥8.42B | ¥5.13B |
| Total debt | ¥263B | ¥184B | ¥290B | ¥137B | ¥145B |
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 |
|---|---|---|---|---|---|---|
| ARE 5857.T | $1.89B | +1% | +38% | 7% | 9.3× | 2.0% |
| Dowa 5714.T | $2.78B | -22% | +29% | 6% | 6.9× | n/a |
| Mitsubishi Materials 5711.T | $3.21B | -24% | +7% | 5% | 3.7× | 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 | 5857.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.3% | -1.5% | 10th highest of 21 |
| 6-month return | +1.4% | +5.9% | 10th lowest of 21 |
| Distance from 52-week high | -24.1% | -21.0% | 9th lowest of 21 |
| Revenue growth (TTM) | +38.2% | +6.4% | highest of 21 |
| Operating margin | 7.0% | 5.4% | 9th highest of 19 |
| Forward P/E | 9.3× | 20.7× | 2nd cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 2.0% | 6.6% | 8th least demanding of 18 |
| Growth delivered (Del g) | +29.4% | +8.5% | 4th highest of 18 |
| Hurdle (Req g minus delivered) | -27.5 pp | -6.7 pp | 3rd least demanding of 18 |
| ROIC minus cost of capital | +1.0 pp | +0.3 pp | 9th highest of 18 |
| EV / EBITDA | 10.5× | 14.3× | 4th cheapest of 10 |
| Net debt / EBITDA | 4.8× | 1.8× | 2nd most indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ARE 5857.T | Japan | $1.89B | +1% | +38% | 7% | 9.3× | 2.0% | +29.4% |
| Travis Perkins TPK.L | United Kingdom | $1.86B | +28% | 0% | 3% | 23.2× | 8.5% | +4.3% |
| Jiangxi Tungsten Rare and Precious Equipment 600397.SS | China | $1.86B | -13% | -92% | n/a | 156.9× | n/a | n/a |
| Dalrymple Bay Infrastructure DBI.AX | Australia | $1.92B | +6% | +11% | 29% | 26.2× | 7.8% | +104.8% |
| Pengxin International Mining 600490.SS | China | $1.85B | -32% | -20% | n/a | n/a | 6.6% | -17.2% |
| BIC Cameras 3048.T | Japan | $1.94B | +10% | +7% | 4% | 15.2× | -8.2% | +4.5% |
| Tibet Huayu Mining 601020.SS | China | $1.83B | -48% | -22% | 23% | n/a | n/a | n/a |
| Inaba Denkisangyo 9934.T | Japan | $1.82B | -4% | +15% | 8% | n/a | -11.9% | +8.5% |
| Happinet 7552.T | Japan | $1.82B | +133% | +19% | 3% | 16.2× | -4.1% | +11.1% |
| Currys CURY.L | United Kingdom | $1.97B | +16% | +6% | 2% | 10.4× | 4.3% | -2.2% |
| AGTech 8279.HK | Hong Kong | $1.78B | +109% | +24% | 8% | n/a | -14.9% | +36.3% |
| Arteche Lantegi Elkartea ART.MC | Spain | $1.77B | -36% | +11% | 14% | 25.2× | 7.2% | +13.9% |
| Shanghai Xinhua Media 600825.SS | China | $2.03B | +118% | +1% | -1% | n/a | 44.5% | +2.3% |
| Anhui Xinhua Media 601801.SS | China | $1.72B | -3% | -16% | 4% | 13.6× | n/a | n/a |
| Norinco International Cooperation 000065.SZ | China | $1.72B | -23% | -21% | 9% | 13.5× | -5.1% | +1.1% |
| DXP Enterprises DXPE | United States | $2.18B | -10% | +11% | 9% | 20.7× | 6.6% | +14.9% |
| Distribution Solutions DSGR | United States | $1.62B | +27% | +6% | 4% | 40.9× | 15.5% | +41.3% |
| Hillman Solutions HLMN | United States | $1.62B | +6% | +6% | 6% | 13.3× | 17.9% | +2.6% |
| Xinjiang Zhongtai Chemical 002092.SZ | China | $1.57B | -41% | +7% | 3% | 25.4× | -4.2% | -19.5% |
| Hanwa 8078.T | Japan | $2.29B | +7% | +6% | 2% | 7.8× | -4.2% | +8.8% |
| OEM International OEM-B.ST | Sweden | $2.34B | +11% | +11% | 15% | 29.9× | 14.6% | +10.1% |