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Japanese chemicals trading and manufacturing company distributing specialty chemicals, plastics and electronics materials, with life-science ties.
Japanese chemicals trading and manufacturing company distributing specialty chemicals, plastics and electronics materials, with life-science ties.
Earns a trading margin by buying chemicals, resins and electronic materials from many makers and selling them on with technical advice, while its own manufacturing, notably Hayashibara in Okayama, which makes sugar-based ingredients such as trehalose, adds a production side. Its role is finding and qualifying materials customers need, not just moving goods.
In one line: A chemicals-focused trading house, similar in role to Univar Solutions.
Moat: narrow (distribution, scale). Long-standing supplier agreements and logistics/technical-service scale across chemical value chains.
Headquarters: Osaka, Japan · Founded: 1917 · Employees: 7,756
Size Nagase & (8012.T) is a Japan Industrials company (Wholesale Distributors) with a market value of $2.96B, the 369th largest of 1,379 Japan companies the cockpit tracks. Shares closed at ¥1,070 on 6 Nov 2026.
Performance Over six months the shares fell 9.1%, against +0.1% for the median peer and +1.8% for the Japan market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 7.7% over the last twelve months (peer median +9.6%); the operating margin is 5.1% (peer median 4.9%).
Valuation It trades at 10.9× forward earnings against a peer median of 14.5× (8th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +0 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 0.6 points below its cost of capital (6.2% WACC).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ¥1.02T | ¥973B | ¥945B | ¥900B | ¥913B |
| Revenue growth | — | +3% | +5% | -1% | — |
| Gross profit | ¥195B | ¥175B | ¥168B | ¥153B | ¥145B |
| EBITDA | ¥72.2B | ¥64.3B | ¥57.1B | ¥47.2B | ¥48.3B |
| Net income | ¥40.3B | ¥33.1B | ¥25.5B | ¥22.4B | ¥23.6B |
| Free cash flow | ¥2.42B | ¥22.5B | ¥23.8B | ¥58.9B | -¥2.62B |
| Capital expenditure | ¥25.5B | ¥28.1B | ¥15.2B | ¥17.8B | ¥16.9B |
| Total debt | ¥214B | ¥191B | ¥175B | ¥167B | ¥180B |
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 |
|---|---|---|---|---|---|---|
| Nagase & 8012.T | $2.96B | -9% | +8% | 5% | 10.9× | 3.5% |
| Inabata & 8098.T | $1.31B | +6% | +5% | 3% | n/a | -7.8% |
| Sojitz 2768.T | $5.77B | -19% | +27% | 3% | 7.6× | n/a |
| Toyota Tsusho 8015.T | $36.8B | +2% | +25% | 5% | 13.0× | 9.8% |
| Kanematsu 8020.T | $2.35B | +2% | +4% | 5% | 9.6× | -2.4% |
| Brenntag BNR.DE | $10.0B | 0% | -5% | 5% | 14.5× | 1.9% |
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 | 8012.T | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.1% | -5.0% | 7th lowest of 21 |
| 6-month return | -9.1% | +0.1% | 8th lowest of 21 |
| Distance from 52-week high | -18.1% | -21.1% | 8th highest of 21 |
| Revenue growth (TTM) | +7.7% | +9.6% | 10th lowest of 21 |
| Operating margin | 5.1% | 4.9% | 10th highest of 21 |
| Forward P/E | 10.9× | 14.5× | 8th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 3.5% | 5.5% | 7th least demanding of 19 |
| Growth delivered (Del g) | +3.2% | +9.4% | 5th lowest of 19 |
| Hurdle (Req g minus delivered) | +0.3 pp | -3.5 pp | 6th most demanding of 19 |
| ROIC minus cost of capital | -0.6 pp | +0.8 pp | 7th lowest of 21 |
| EV / EBITDA | 9.0× | 8.9× | 5th most expensive of 12 |
| Net debt / EBITDA | 2.4× | 1.3× | 5th most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nagase & 8012.T | Japan | $2.96B | -9% | +8% | 5% | 10.9× | 3.5% | +3.2% |
| Russel Metals RUS.TO | Canada | $2.98B | +36% | +18% | 5% | 14.4× | 8.7% | +11.5% |
| Inchcape INCH.L | United Kingdom | $2.87B | -21% | +7% | 6% | 7.5× | -6.0% | +5.9% |
| Jiangsu Azure 002245.SZ | China | $2.82B | -21% | +27% | 12% | 14.6× | 11.8% | +13.8% |
| Marco Polo 001386.SZ | China | $2.80B | -15% | -12% | 21% | n/a | -7.2% | -5.5% |
| IWATANI 8088.T | Japan | $2.73B | -4% | +5% | 5% | 7.6× | 4.3% | +10.1% |
| Macnica 3132.T | Japan | $3.23B | +8% | +35% | 4% | 11.8× | n/a | n/a |
| Xinhua Winshare Publishing & Media 0811.HK | Hong Kong | $2.60B | -15% | +1% | 7% | 6.6× | -10.6% | +4.7% |
| Workman 7564.T | Japan | $2.57B | -31% | +21% | 19% | 17.1× | 4.6% | +8.7% |
| Bufab BUFAB.ST | Sweden | $2.55B | +16% | +8% | 13% | 29.2× | 18.7% | +11.2% |
| Boise Cascade BCC | United States | $2.44B | -1% | +1% | 3% | 24.1× | 7.7% | +3.2% |
| DNOW DNOW | United States | $2.40B | +2% | +70% | -3% | 23.6× | 9.8% | +11.7% |
| OEM International OEM-B.ST | Sweden | $2.34B | +11% | +11% | 15% | 29.9× | 14.6% | +10.1% |
| Farsoon Technologies 688433.SS | China | $3.76B | -24% | +52% | 5% | 234.8× | n/a | n/a |
| Hanwa 8078.T | Japan | $2.29B | +7% | +6% | 2% | 7.8× | -4.2% | +8.8% |
| Wuchan Zhongda 600704.SS | China | $3.86B | 0% | +3% | 1% | 7.2× | -2.5% | +8.1% |
| Gibson Energy GEI.TO | Canada | $3.87B | +13% | +26% | 3% | 19.5× | 6.4% | +16.7% |
| DXP Enterprises DXPE | United States | $2.18B | -10% | +11% | 9% | 20.7× | 6.6% | +14.9% |
| Rubis SCA RUI.PA | France | $4.10B | 0% | +11% | 7% | 10.3× | 3.1% | +10.9% |
| Shanghai Xinhua Media 600825.SS | China | $2.03B | +118% | +1% | -1% | n/a | 44.5% | +2.3% |
| Currys CURY.L | United Kingdom | $1.97B | +16% | +6% | 2% | 10.4× | 4.3% | -2.2% |