ADEKA Corporation Overview
ADEKA is a century-old Japanese specialty chemicals and food-ingredients group that has moved from chlor-alkali and hydrogenated oils into three profit pools: Chemicals, Food Products and Life Science. Chemicals covers polymer additives, semiconductor materials and "environmental materials". Life Science is the 51%-owned agrochemical maker Nihon Nohyaku. Net sales reached a record JPY 416.6 billion in FY2025 with a 10.0% operating margin, and 54% of sales came from outside Japan. The strategic centre of gravity is advanced semiconductor materials: high-k ALD precursors for leading-edge DRAM, photoacid generators and metal compounds for EUV resists. Trade press credits ADEKA with the top global share in ALD materials for advanced memory. Polymer additives provide global scale through plants in the US, France, UAE, China, Korea and Thailand, while agrochemicals and processed fats supply steadier cash flow. Under the ADX 2026 plan, management is shifting from scale to return on capital, backed by a net-cash balance sheet, a 40%+ payout policy and its first market buyback.
What the company does. ADEKA develops, makes and sells functional chemicals and processed food ingredients, and through Nihon Nohyaku it discovers, makes and sells crop-protection products. Its reportable segments are the Chemicals Business, the Food Products Business and the Life Science Business. A small "Others" category holds plant engineering and construction, logistics, warehousing, vehicle leasing, real estate and insurance agency services (T-FY25, segment note).
The company's own description (paraphrased from the FY2025 Business Report, AGM164). The group describes itself as a provider of valuable materials ("SOZAI") that can transform industry and society. Its management policy has two limbs: staying progressive and dynamic in the face of change, and creating a better future for people worldwide. Its 2030 vision reads "An Innovative Company Contributing to a Sustainable Future and Affluent Lifestyles" (AGM164). The Business Report lists the principal businesses as follows.
Independent characterization. ADEKA is best read as a three-engine holding of B2B formulators.
-
Polymer additives (24% of FY2025 sales) is a global, mid-margin franchise at about a 10% operating margin. It sells antioxidants, light stabilizers, nucleating and clarifying agents, PVC stabilizers and intumescent flame retardants to resin producers and compounders. It is volume- and price-sensitive and exposed to Chinese and Korean competition.
-
Semiconductor materials (9% of sales) earns 20–27% operating margins. Its products are consumable precursors and resist ingredients qualified into specific device nodes at a small number of memory and logic makers and resist formulators.
-
Environmental materials (19% of sales) is a broad specialty portfolio: molybdenum-type lubricant additives, reactive emulsifiers, specialty epoxies, display photo-curing materials, surfactants, propylene glycol and peroxides.
-
Life Science (27% of sales) is the listed 51% subsidiary Nihon Nohyaku. It is seasonal, with a fourth-quarter peak, and exposed to Brazil and India.
-
Food Products (20% of sales) is a domestic-leaning processed fats business with China and Southeast Asia operations, earning about 5% margins.
Business model and revenue model. Revenue is almost entirely product sales to industrial customers. The disclosures reviewed show no subscription revenue and no material licensing revenue. Service revenue is confined to "Others" (JPY 6.95 billion, 1.7% of FY2025 sales). Nihon Nohyaku also earns some technical licensing and contract-manufacturing income, which is not separately disclosed in the ADEKA tanshin.
Value-chain position. ADEKA sits mid-stream. It buys naphtha-derived intermediates, vegetable oils (notably palm), metals and specialty reagents, then synthesizes and formulates performance ingredients. Its customers are resin makers, compounders, semiconductor device makers, photoresist makers, lubricant blenders, paint and adhesive makers, bakeries and confectioners, and (via Nihon Nohyaku) agricultural distributors and cooperatives. Management notes that some products depend on naphtha-derived raw materials and that Middle East tensions have tightened supply of certain inputs (T-FY25).
Customer types and end-markets (BR-FY25, slide 3-6).
Strategy
Long-term vision. ADEKA VISION 2030 is the aspiration to be an innovative company contributing to a sustainable future and affluent lifestyles (AGM164).
Mid-term plan ADX 2026 (FY2024–FY2026). "ADX" stands for ADEKA Transformation. The plan is the second stage toward the 2030 vision and treats sustainability as a growth strategy, with an explicit preference for profit and capital efficiency over scale (AGM164; BR-FY25). Its three key strategies, paraphrased, are:
-
Shift to a higher-profitability structure. Concentrate resources on semiconductor materials as the earnings pillar, restructure the portfolio, grow 25 strategic product lines and new products, and manage each business on ROIC.
-
Grow eco-friendly products and cut GHG emissions by transforming the business structure. This includes DE&I and human-rights due diligence across the supply chain.
-
Build a resilient management foundation. Multi-source key raw materials, develop global talent, and apply digital tools, including AI in indirect operations and materials informatics in R&D.
Targets and progress (BR-FY25)
Three-year capital investment is tracking at about JPY 64.2 billion against the JPY 75 billion plan (derived: 18.6 + 21.6 + 24.0).
Strategic and new-product sales (JPY billion; BR-FY25). Year assignment is read from the chart sequence.
Capital investment plan, three years (JPY billion; BR-FY25). Polymer Additives 6.2; Semiconductor Materials 15.8; Environmental Materials 4.4; Food 10.1; Life Science 4.2; others 5.0; research 19.7 (including about JPY 10 billion for the Kuki building); common 9.2; total 75.0.
Initiatives announced in the last 24 months
Cost programs. No quantified group cost-reduction program was found. Management cites ROIC management by business, disposal of idle assets and product-range integration in Food.
Sustainability commitments. GHG emissions down 46% from FY2013 by 2030 and carbon neutrality by 2050; an internal carbon price since FY2023 (T-FY23); renewable electricity at 14 domestic sites, 11 of them at effectively 100% (AGM164).
FY2026 guidance (REV-0807). Net sales JPY 462.0 billion (+10.9%); operating profit JPY 50.0 billion (+20.1%); ordinary profit JPY 50.0 billion; profit attributable to owners JPY 32.0 billion (+14.8%); EPS JPY 329.98; dividend JPY 132. The May assumptions were USD/JPY 153, EUR/JPY 178 and naphtha at JPY 63,000 per kilolitre. A one-yen appreciation reduces operating profit by about JPY 0.11 billion (USD) and JPY 0.06 billion (EUR). Middle East effects are not included in the forecast.
Products & Services
Pricing is not disclosed for any product line. All sales are negotiated B2B contracts. Launch years are given only where a company document supports them.
Food Products
In FY2022 the company targeted cutting about 40% of roughly 1,000 food products and had removed 320 by March 2023 (T-FY22).
Others
Plant engineering and maintenance (ADEKA Engineering & Construction), logistics (ADEKA Logistics), and real estate and insurance agency (ADEKA Life-Create). FY2025 sales to outside customers were JPY 6,951 million and inter-segment sales JPY 12,908 million (T-FY25).
Product Portfolio
| Product line | Brand / flagship | Description and capability | Target customer / application | Status and evidence |
|---|---|---|---|---|
Antioxidants (phenolic, phosphite, thioether) | ADK STAB series | Prevent thermal-oxidative degradation of polyolefins and other plastics in processing and service | Petrochemical resin producers, compounders | FY2025 sales sluggish on slow petrochemical output (T-FY25); strong in Q1 FY2026 (Q1-FY26) |
One-pack granule additives | ADK STAB one-pack | Dust-free pre-blended additive packages dosed at polyolefin plants | Polyolefin producers, especially in the Middle East and Europe | UAE capacity expansion started commercial operation Dec 2022 (T-FY22); weak in FY2025 |
Hindered amine light stabilizers (HALS) | ADK STAB LA series (†) | UV and weathering protection for automotive interior/exterior parts and agricultural film | Auto-parts compounders, film makers | Named as a strategic product outperforming plan in FY2025 (BR-FY25) |
UV absorbers | ADK STAB LA series (†) | UV-A absorbers for optical films and coatings | Optical film and coating makers | Listed among featured products (WEB) |
Nucleating agents | ADK STAB NA series (†) | Raise stiffness and heat resistance of polypropylene, allowing thinner, lighter auto parts | Automotive PP compounders | Featured as a lightweighting nucleator (WEB); FY2026 growth driver (T-FY25 outlook) |
Clarifying agents | TRANSPAREX; conventional clarifier grades | Raise polypropylene transparency for food packaging, medical goods and auto parts | PP producers, packaging converters | TRANSPAREX certified by Guinness World Records (PR, Oct 6, 2025); demand growing in Q1 FY2026; dedicated Korean plant announced Aug 25, 2026 |
Intumescent and phosphorus flame retardants | ADK STAB FP series | Halogen-free flame retardants for polyolefins and engineering plastics in appliance housings and EV parts | Appliance and automotive compounders | Weak in FY2025 on price competition in Europe and the US (T-FY25) |
Recycled and bio-attributed additive packages | ADK CYCLOAID (incl. FP-600I) | Stabilizer and flame-retardant packages that restore the quality of recycled resin | Electronics OEMs, recyclers | Light-stabilizer package launched FY2023 (T-FY23); FP-600I adopted in select Sony BRAVIA 9 II RGB TV models (PR, May 28, 2026) |
PVC stabilizers | Composite metal liquid stabilizers; Halstab-origin products (US) | Heat stabilizers for flexible and rigid PVC in wire coating, flooring, wallpaper and auto interiors | Wire and cable makers, building-material makers | Strong in FY2025 and Q1 FY2026 on US data-centre and housing demand (T-FY25; Q1-FY26) |
Plasticizers (incl. epoxidized) | ADK CIZER (†); Oxirane Chemical products | High-performance plasticizers for PVC, rubber and food-wrap film | Rubber-parts and film makers | Food-packaging plasticizers weak in FY2025 (T-FY25) |
Permanent antistatic agents | ADK STAB AS series (†) | Polymer-type antistatic agents for electronics packaging | Compounders | Listed among featured products (WEB) |
| Product line | Brand / flagship | Description and capability | Target customer / application | Status and evidence |
|---|---|---|---|---|
High-k ALD/CVD precursors | ADEKA ORCERA series | High-dielectric-constant precursors for capacitor films in leading-edge DRAM; ultra-high-purity metal complexes | DRAM makers (Korea, Taiwan, Japan) | Integrated production of new grades in Korea from FY2022 (T-FY22); new-generation DRAM products shipped from Q3 FY2025 (T-FY25); strong in Q1 FY2026 (Q1-FY26). EE Times Japan (Jul 6, 2026) cites a No. 1 global share in ALD materials for advanced memory |
ALD materials for advanced logic | Not named | Film-formation precursors for next-generation logic | Logic foundries | Rated weak in FY2025 while next-generation evaluation progressed (BR-FY25) |
Photoacid generators (PAG) | ADEKA ARKLS series | Acid generators for chemically amplified ArF and EUV resists; PFAS-free alternatives; metal control at the 1 ppb level | Photoresist makers | Strong in FY2025; Chiba capacity to double for about JPY 1 billion, operation Sep 2028 (PR, Aug 20, 2026) |
PAG monomers (polymer-bound PAG) | In development | Next-generation EUV and High-NA EUV resist components | Photoresist makers | Development accelerated at the Semiconductor Innovation Center; supply readiness brought forward two years (PR, Aug 20, 2026) |
Organometallic compounds for MOR | Not named | Metal compounds that raise EUV absorption and etch resistance in metal oxide resists | MOR resist makers | Already mass-produced on the Kashima ALD line; dedicated plant of about JPY 3.2 billion to start April 2028 (PR, Oct 31, 2025) |
Etching chemicals and equipment | AFES System; etching agents | Wet-etching systems and etchants for printed circuit boards and semiconductor processes | PCB and electronics makers | Listed in BR-FY25 core products |
Back-end (packaging) materials | In development | Materials for hybrid bonding and other back-end processes | OSATs and device makers | Management target of JPY 3.25 billion operating profit from back-end by 2035 (EE Times Japan, Jul 6, 2026) |
| Product line | Brand / flagship | Description and capability | Target customer / application | Status and evidence |
|---|---|---|---|---|
Lubricant additives | ADEKA SAKURA-LUBE series | Organo-molybdenum friction modifiers that improve fuel economy in engine oils | Lubricant blenders and additive-package makers | Strong in Asia and the US in FY2025 and in Asia, Europe and the US in Q1 FY2026 (T-FY25; Q1-FY26) |
Reactive emulsifiers | ADEKA REASOAP (†) | Polymerizable surfactants for emulsion polymerization; better water resistance in architectural paints and adhesives | Emulsion and paint makers (China, India, US, Europe) | Solid in FY2025 despite weak Chinese construction; strong in the US in Q1 FY2026 |
Specialty epoxy resins | ADEKA RESIN (†); low-chlorine grades | Structural-adhesive epoxies for cars; encapsulation and adhesive resins for electronic components | Adhesive formulators, electronics makers | Strong in FY2025; new epoxy-adhesive line for in-vehicle electronics started at the Mie Plant (AGM164) |
Photo-curing resins and high-performance adhesives | ADEKA OPTOMER (†) | UV-curing resins for bonding optical films in displays | Display-film makers (China, Taiwan) | Firm in FY2025, but the China target was missed for one new product (BR-FY25) |
Photoinitiators and black-matrix resist | ADEKA ARKLS (photoinitiators) | Oxime-ester photoinitiators for colour-filter resists | Colour-filter and panel makers | Reclassified into Environmental Materials from April 2025 (T-FY25) |
Polyurethane raw materials and water-borne resins | ADEKA BONTIGHTER (†) | Polyols and water-borne polyurethane for coatings and optical films | Coating makers | Listed in the Business Report (AGM164) |
Surfactants and cosmetic ingredients | ADEKA NOL, ADEKA PLURONIC (†) | Nonionic surfactants and functional cosmetic ingredients | Personal-care and industrial formulators | Cosmetic surfactants weak in Europe in FY2023 (T-FY23) |
Propylene glycols | — | Industrial propylene glycol and derivatives | Industrial users | Hurt by weak overseas markets in FY2022–FY2023 (T-FY22; T-FY23) |
Hydrogen peroxide and derivatives | — | Peroxides for electronics and industrial use | Electronics and paper makers | Recovered from H2 FY2023 (T-FY23) |
Water-swelling sealants; civil-engineering materials | ADEKA ULTRASEAL (†) | Water-stop materials for construction | Contractors | Business transferred to ADEKA Chemical Supply on April 1, 2026 (AGM164) |
Commercial and kitchen detergents | ADEKA Clean Aid products | Commercial kitchen and industrial detergents | Food service and industry | Sold through ADEKA Clean Aid and Co-op Clean |
Battery materials (developmental) | Sulfurized polyacrylonitrile cathode material for lithium-sulfur batteries | Next-generation rechargeable battery active material | Battery developers | Drone flight demonstrated with Honjo Chemical (PR, Apr 24, 2026) |
| Product line | Brand / flagship | Description and capability | Target customer | Status and evidence |
|---|---|---|---|---|
Margarines and fat spreads | RISU brand (heritage, 1929) | Bakery and confectionery margarines | Industrial bakeries, confectioners, souvenir-sweet makers | Domestic general-purpose volumes pressured by downsizing (T-FY23) |
High-performance kneading ingredients | Marvelous series | Functional kneading fats that extend bread freshness at low dosage and cut food loss | Bread makers | Steady to strong in FY2025 and Q1 FY2026 |
Shortenings; frying and chocolate fats | — | Processed fats for bread, confectionery and chocolate | Bakeries and confectioners in Japan, China, SE Asia | Weak in China in FY2025; confectionery shortening volumes cut in Q1 FY2026 as raw material prices rose (Q1-FY26) |
Plant-based foods | Deli-PLANTS series | Plant-based cheese, cream and butter-type products with no directly added animal ingredients | Hotels, restaurants, cafes, bakeries | Launched April 2022 (T-FY22); trial exports to North America started in FY2025, with India and Europe planned (AGM164) |
Whipping and kneading creams; fillings | — | Creams and fillings for desserts and souvenir sweets | Confectioners | Souvenir demand helped by inbound tourism (T-FY23) |
Mayonnaise, dressings, processed seafood products | ADEKA Fine Foods | Mayonnaise-type products and processed foods | Food service | Made by ADEKA Fine Foods (Tottori) |
Frozen pie crusts and regional fats | ADEKA (Singapore); ADEKA Foods (Asia), halal-certified 2014 | Halal, RSPO-certified and locally tailored fats | SE Asian bakeries | FY2026 focus on RSPO, halal and vegan products (BR-FY25) |
| Product line | Brand / active ingredient | Description | Target market | Status and evidence |
|---|---|---|---|---|
Paddy-rice insecticide | Orchestra (benzpyrimoxan) | In-house planthopper insecticide | Japan, India | Full-scale launch in India in FY2022; multi-purpose plant completed in India in FY2023 (T-FY22; T-FY23) |
Paddy-rice herbicides and fungicides | Proprietary and licensed products | Rice herbicides, insecticides and fungicides | Japan | Strong in FY2025 as rice acreage grew on higher rice prices (T-FY25) |
Fruit, nut and vegetable insecticides and acaricides | In-house actives. | Insecticides and acaricides | North America, Europe, Asia | US insecticides for fruits and nuts strong in FY2025 and Q1 FY2026 |
Herbicides for potatoes and fruit | — | Herbicides sold through Nichino Europe | Europe | Strong in FY2025 and Q1 FY2026 |
Adjuvants and biostimulants | Interagro (UK), Nichino Netherlands | Tank-mix adjuvants and biostimulants | UK, Europe, South Africa | Interagro acquired in FY2023; consolidated in FY2025 |
Third-party products distributed in Japan | Corteva Agriscience Japan products (from Oct 2021); BASF Japan fruit-tree products (from Oct 2025) | Exclusive supply and sales arrangements | Japan | T-FY22; AGM164 |
Brazil formulations | Sipcam Nichino Brasil (50%) | Formulation, toll packaging and sales | Brazil | Profitability weak in FY2023 on generic price declines; improvement measures planned for FY2026 |
Pharmaceuticals and animal health | Luliconazole (topical antifungal) | Antifungal active ingredient | Japan and overseas licensees | Weak after China sales were discontinued (T-FY23) |
Others | Wood preservatives, termite control (AgriMart), landscaping (Nichino Ryokka), residue analysis (Nihon Ecotech) | Specialist services and chemicals | Japan | BR-FY25 |
Financial Narrative
All figures are consolidated Japanese GAAP in JPY million unless stated. FY2021 is as restated in T-FY22. Sources: T-FY22 (FY2021, FY2022), T-FY23 (FY2023), T-FY25 (FY2024, FY2025).
Income statement
Diluted EPS is not presented because there are no dilutive shares. EBITDA is operating profit plus depreciation from the cash flow statement.
FY2021 growth rates are not shown by the company because of the restatement. Derived compound annual growth from FY2021 to FY2025: net sales 3.6%, operating profit 5.2%, profit attributable to owners 4.2%.
Source conflict. Aggregators such as Datainsightsreports show FY2021 revenue of JPY 363.0 billion and operating income of JPY 34.9 billion. These are the originally reported figures. The restated basis used here is JPY 361.2 billion and JPY 34.0 billion (T-FY22 explains the differences of JPY 1,799 million and JPY 894 million).
Commentary.
Revenue: The step-up came in FY2022 (+11.7%), driven by price pass-through, a weak yen and the first full year of Corteva products in Japan. Sales have since compounded at only about 1–2% a year, and FY2025 guidance was cut twice in substance, from JPY 441 billion to JPY 415 billion, before the year closed at JPY 416.6 billion.
Gross margin: The FY2022 trough of 24.4% reflected raw material and utility inflation outrunning price increases, most severely in Food. The recovery to 28.5% reflects pricing, a better mix and product pruning.
Operating profit: SG&A grew at 5.9% a year (JPY 61.2 billion to JPY 77.1 billion), faster than sales, as R&D and semiconductor headcount were front-loaded. The company's FY2025 bridge shows +5.9 from volume, -0.4 from net pricing, -0.6 from FX and -4.2 from fixed costs (JPY billion; BR-FY25).
Below the line: Interest expense rose from JPY 839 million in FY2021 to JPY 3,588 million in FY2025 while debt stayed modest. This suggests high-rate local-currency borrowings at overseas subsidiaries, most plausibly Brazil; this is an analyst inference and is not stated by the company. FY2024 carried FX losses of JPY 3,715 million, while FY2025 had FX gains of JPY 1,261 million offset by derivative valuation losses of JPY 2,334 million.
Extraordinary items: FY2022: Food impairment of JPY 3,750 million. FY2024: environmental expenses of JPY 1,984 million, a JPY 1,423 million gain on asset sales and a JPY 1,572 million gain on sale of investments in subsidiaries and associates. FY2025: JPY 2,065 million gain on investment securities and a JPY 1,072 million settlement payment (SNB–FMC).
Minorities: Non-controlling interests take about 12% of profit (JPY 3,850 million in FY2025), mainly the 49% of Nihon Nohyaku and JV partners.
Balance sheet (as of March 31 following each fiscal year)
Notes. Interest-bearing debt is the company-reported figure in JPY 0.1 billion units (BR-FY25, slide 2-5), shown here in millions. The long-term portion is bonds payable plus long-term borrowings plus non-current lease liabilities; the short-term portion is the remainder. Net debt is interest-bearing debt less cash and deposits. Goodwill was not shown as a separate line in the tanshin balance sheets for FY2021–FY2023, so it is not publicly disclosed in the sources reviewed. Technical assets (JPY 3,241 million) and customer-related assets (JPY 2,007 million) at March 2026 are acquisition intangibles.
At March 31, 2026 the balance-sheet debt lines were: short-term borrowings JPY 15,600 million, current portion of long-term borrowings JPY 6,667 million, bonds payable JPY 15,924 million and long-term borrowings JPY 23,703 million (T-FY25).
Commentary. The balance sheet is conservatively financed. The equity ratio rose from 52.6% to 56.0%, and the group has held net cash in every year. Inventories stepped up by JPY 20.6 billion in FY2022 (safety stock and input inflation) and have not come back down. At about 146 days of cost of sales, inventory is the main drag on ROIC. Total assets grew 17.8% over four years against sales growth of 15.3%.
Cash flow
Treasury share purchases for FY2021–FY2023 are from the statements of changes in net assets; FY2024–FY2025 are from the cash flow statement.
Commentary. FY2021–FY2022 cash conversion was poor because inventories absorbed JPY 22.5 billion and JPY 17.7 billion. Operating cash flow has since run at JPY 40–46 billion. FY2025 was the first year in which shareholder distributions (JPY 10.6 billion of dividends plus JPY 14.5 billion of buybacks) exceeded free cash flow, and cash and equivalents fell by JPY 19.9 billion to JPY 87.9 billion. The buyback was the company's first through market transactions (AGM164).
Ratios
Notes. ROIC for FY2021–FY2022 is not publicly disclosed in the sources reviewed. Asset turnover uses average total assets, except FY2021 which uses year-end assets. Working-capital days use year-end balances and cost of sales for inventory and payables.
Trend commentary. ROE recovered from 6.6% to 9.1% but remains below the 11.0% ADX 2026 target. ROIC was flat at 9.1% against a 10.5% target. The lengthening cash conversion cycle, up 23 days since FY2021, is the clearest efficiency problem the plan's ROIC push needs to fix. Leverage is not a constraint.
Latest quarter: Q1 FY2026 (three months to June 30, 2026; Q1-FY26)
By sub-segment (JPY 100 million): Polymer Additives sales 287 (+14.5%) and profit 38 (+49.0%); Semiconductor Materials sales 108 (+47.2%) and profit 26 (+82.9%); Environmental Materials sales 232 (+16.9%) and profit 35 (+60.1%). The Q1 operating margin was 13.4%. Total assets at June 30, 2026 were JPY 576,089 million, net assets JPY 380,525 million and the equity ratio 55.8%.
Financial Detail
Revenue by Segment
| Segment | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Chemicals net sales (JPY Mn) | 200,119 | 211,720 | 204,130 | 218,426 | 214,810 |
Food Products net sales (JPY Mn) | 73,337 | 82,525 | 84,012 | 82,540 | 83,003 |
Life Science net sales (JPY Mn) | 80,100 | 102,082 | 103,021 | 99,954 | 111,797 |
Others net sales (JPY Mn) | 7,677 | 7,015 | 8,606 | 6,222 | 6,951 |
Consolidated net sales (JPY Mn) | 361,234 | 403,343 | 399,770 | 407,145 | 416,563 |
Results by Segment
| Segment | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Chemicals segment profit (JPY Mn) | 29,347 | 26,260 | 23,699 | 28,028 | 26,353 |
Food Products segment profit (JPY Mn) | -686 | -2,403 | 4,111 | 4,390 | 4,363 |
Life Science segment profit (JPY Mn) | 4,801 | 7,793 | 5,907 | 7,770 | 9,823 |
Others segment profit (JPY Mn) | 429 | 759 | 1,768 | 714 | 1,046 |
Adjustments (JPY Mn) | 141 | -39 | -58 | 107 | 27 |
Consolidated operating profit (JPY Mn) | 34,032 | 32,369 | 35,428 | 41,010 | 41,614 |
Segment Margins & Growth (%)
| Segment | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Chemicals margin (%) | 14.7 | 12.4 | 11.6 | 12.8 | 12.3 |
Food Products margin (%) | -0.9 | -2.9 | 4.9 | 5.3 | 5.3 |
Life Science margin (%) | 6.0 | 7.6 | 5.7 | 7.8 | 8.8 |
Others margin (%) | 5.6 | 10.8 | 20.5 | 11.5 | 15.0 |
Revenue by Segment (%)
| Segment | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Chemicals share (%) | 55.4 | 52.5 | 51.1 | 53.6 | 51.6 |
Food Products share (%) | 20.3 | 20.5 | 21.0 | 20.3 | 19.9 |
Life Science share (%) | 22.2 | 25.3 | 25.8 | 24.6 | 26.8 |
Others share (%) | 2.1 | 1.7 | 2.2 | 1.5 | 1.7 |
Segment Margins & Growth (%) (FY2022–FY2025)
| Segment | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Chemicals growth (%) | 5.8 | -3.6 | 7.0 | -1.7 |
Food Products growth (%) | 12.5 | 1.8 | -1.8 | 0.6 |
Life Science growth (%) | 27.4 | 0.9 | -3.0 | 11.8 |
Others growth (%) | -8.6 | 22.7 | -27.7 | 11.7 |
Revenue by Segment and Segment Margins & Growth (%)
| Sub-segment metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Polymer Additives net sales (JPY Bn) | 100.3 | 105.4 | 98.4 |
Semiconductor Materials net sales (JPY Bn) | 32.0 | 34.0 | 36.0 |
Environmental Materials net sales (JPY Bn) | 71.3 | 78.9 | 80.3 |
Polymer Additives operating profit (JPY Bn) | 7.7 | 10.8 | 9.6 |
Semiconductor Materials operating profit (JPY Bn) | 8.8 | 9.0 | 7.4 |
Environmental Materials operating profit (JPY Bn) | 6.5 | 8.0 | 9.2 |
Polymer Additives margin (%) | 7.7 | 10.2 | 9.8 |
Semiconductor Materials margin (%) | 27.5 | 26.5 | 20.6 |
Environmental Materials margin (%) | 9.1 | 10.1 | 11.5 |
Segment Revenue
| Item | Chemicals | Food Products | Life Science | Others | Adjustment | Consolidated |
|---|---|---|---|---|---|---|
Segment assets | 268,912 | 61,634 | 154,218 | 21,627 | 53,594 | 559,987 |
Depreciation | 12,618 | 2,950 | 3,425 | 135 | (293) | 18,835 |
Increase in PP&E and intangibles | 15,612 | 2,022 | 3,419 | 841 | (221) | 21,674 |
Equity-method investments | 8,686 | — | 4,018 | — | — | 12,704 |
Impairment loss | — | 296 | 85 | — | — | 381 |
Revenue by Segment (%) (FY2023–FY2025)
| Business | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Group ROIC (%) | 8.3 | 9.1 | 9.1 |
Polymer Additives ROIC (%) | 6 | 8 | 8 |
Semiconductor Materials ROIC (%) | 13 | 13 | 11 |
Environmental Materials ROIC (%) | 6 | 8 | 9 |
Food Products ROIC (%) | 5 | 6 | 7 |
Life Science ROIC (%) | 3 | 4 | 6 |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net sales (JPY Mn) | 361,234 | 403,343 | 399,770 | 407,145 | 416,563 |
Cost of sales (JPY Mn) | 266,021 | 305,124 | 295,079 | 292,279 | 297,860 |
Gross profit (JPY Mn) | 95,212 | 98,218 | 104,691 | 114,865 | 118,703 |
SG&A expenses (JPY Mn) | 61,180 | 65,848 | 69,262 | 73,855 | 77,088 |
Operating profit (JPY Mn) | 34,032 | 32,369 | 35,428 | 41,010 | 41,614 |
Depreciation (JPY Mn) | 15,604 | 16,003 | 17,065 | 17,555 | 18,835 |
EBITDA, derived (JPY Mn) | 49,636 | 48,372 | 52,493 | 58,565 | 60,449 |
Ordinary profit (JPY Mn) | 35,658 | 32,579 | 35,763 | 39,346 | 42,772 |
Profit before income taxes (JPY Mn) | 36,930 | 29,192 | 35,682 | 38,914 | 42,878 |
Profit attributable to owners of parent (JPY Mn) | 23,687 | 16,778 | 22,977 | 25,019 | 27,866 |
Profit attributable to non-controlling interests (JPY Mn) | 3,581 | 4,182 | 3,333 | 3,496 | 3,850 |
Basic EPS (JPY) | 229.65 | 163.30 | 224.87 | 245.55 | 277.95 |
Dividend per share (JPY) | 70 | 70 | 90 | 100 | 112 |
Margin Analysis (%)
| Margin / growth (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 26.4 | 24.4 | 26.2 | 28.2 | 28.5 |
Operating margin (%) | 9.4 | 8.0 | 8.9 | 10.1 | 10.0 |
EBITDA margin (%) | 13.7 | 12.0 | 13.1 | 14.4 | 14.5 |
Net margin (%) | 6.6 | 4.2 | 5.7 | 6.1 | 6.7 |
Net sales growth YoY (%) | — | 11.7 | -0.9 | 1.8 | 2.3 |
Operating profit growth YoY (%) | — | -4.9 | 9.4 | 15.8 | 1.5 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (JPY Mn) | 475,304 | 500,068 | 543,057 | 543,118 | 559,987 |
Cash and deposits (JPY Mn) | 84,249 | 81,119 | 98,429 | 110,117 | 96,536 |
Cash and cash equivalents per cash flow statement (JPY Mn) | 82,799 | 79,537 | 96,901 | 107,768 | 87,884 |
Trade receivables and contract assets (JPY Mn) | 100,459 | 99,623 | 116,937 | 110,057 | 116,772 |
Inventories, total (JPY Mn) | 96,081 | 116,713 | 114,619 | 113,365 | 119,543 |
Property, plant and equipment (JPY Mn) | 119,318 | 119,488 | 126,840 | 125,866 | 131,748 |
Intangible assets, total (JPY Mn) | 16,843 | 18,044 | 16,497 | 14,645 | 15,352 |
Goodwill (JPY Mn) | — | — | — | 0 | 757 |
Investment securities (JPY Mn) | 33,586 | 33,609 | 42,013 | 42,803 | 49,745 |
Trade payables (JPY Mn) | 63,233 | 62,235 | 64,903 | 60,212 | 64,349 |
Interest-bearing debt, company definition (JPY Mn) | 58,100 | 68,700 | 79,600 | 69,800 | 65,100 |
Short-term portion of debt, derived (JPY Mn) | 27,948 | 41,999 | 42,475 | 31,780 | 24,921 |
Long-term portion of debt, derived (JPY Mn) | 30,152 | 26,701 | 37,125 | 38,020 | 40,179 |
Net debt, derived; negative = net cash (JPY Mn) | -26,149 | -12,419 | -18,829 | -40,317 | -31,436 |
Equity excl. non-controlling interests (JPY Mn) | 249,968 | 260,950 | 285,143 | 296,690 | 313,438 |
Non-controlling interests (JPY Mn) | 46,902 | 50,759 | 54,539 | 55,085 | 58,134 |
Total net assets (JPY Mn) | 296,871 | 311,709 | 339,682 | 351,776 | 371,572 |
Working capital: current assets less current liabilities (JPY Mn) | 179,015 | 185,913 | 212,171 | 227,645 | 238,923 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (JPY Mn) | 21,072 | 17,253 | 41,954 | 46,235 | 40,612 |
Investing cash flow (JPY Mn) | -11,330 | -19,520 | -23,069 | -12,553 | -30,078 |
Financing cash flow (JPY Mn) | -11,804 | -2,618 | -4,559 | -22,288 | -35,301 |
Capex: purchases of PP&E and intangibles (JPY Mn) | 13,572 | 17,856 | 21,751 | 16,227 | 22,369 |
Free cash flow: OCF less capex, derived (JPY Mn) | 7,500 | -603 | 20,203 | 30,008 | 18,243 |
Dividends paid to parent shareholders (JPY Mn) | 5,380 | 7,947 | 7,700 | 10,032 | 10,556 |
Dividends paid to non-controlling interests (JPY Mn) | 1,577 | 2,043 | 2,517 | 2,068 | 2,846 |
Purchase of treasury shares (JPY Mn) | 868 | 1,178 | 1,238 | 1,599 | 14,498 |
Capital investment, company investment basis (JPY Mn) | 14,599 | 20,434 | 20,664 | 18,683 | 21,674 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE, company-reported (%) | 9.9 | 6.6 | 8.4 | 8.6 | 9.1 |
ROA: ordinary profit to total assets, company-reported (%) | 7.8 | 6.7 | 6.9 | 7.2 | 7.8 |
ROIC, company-reported (%) | — | — | 8.3 | 9.1 | 9.1 |
Equity ratio (%) | 52.6 | 52.2 | 52.5 | 54.6 | 56.0 |
Current ratio (x), derived | 2.56 | 2.44 | 2.58 | 2.86 | 3.07 |
Interest-bearing debt to equity (x), derived | 0.23 | 0.26 | 0.28 | 0.24 | 0.21 |
Net debt to EBITDA (x), derived; negative = net cash | -0.53 | -0.26 | -0.36 | -0.69 | -0.52 |
Interest coverage: OCF to interest paid, company-reported (x) | 26.4 | 8.3 | 13.0 | 10.9 | 11.2 |
Interest coverage: operating profit to interest expense (x), derived | 40.6 | 13.1 | 9.5 | 11.9 | 11.6 |
Cash flow to interest-bearing debt, company-reported (years) | 2.8 | 4.0 | 1.9 | 1.5 | 1.6 |
Asset turnover (x), derived | 0.76 | 0.83 | 0.77 | 0.75 | 0.76 |
Days sales outstanding, derived | 102 | 90 | 107 | 99 | 102 |
Days inventory outstanding, derived | 132 | 140 | 142 | 142 | 146 |
Days payables outstanding, derived | 87 | 74 | 80 | 75 | 79 |
Cash conversion cycle (days), derived | 147 | 155 | 168 | 165 | 170 |
Key Financials and Per-Share Data
| Item (JPY Mn) | Q1 FY2025 | Q1 FY2026 | Change (%) |
|---|---|---|---|
Net sales | 101,600 | 117,043 | 15.2 |
Gross profit | 28,950 | 35,429 | 22.4 |
Operating profit | 10,996 | 15,690 | 42.7 |
Ordinary profit | 11,064 | 16,620 | 50.2 |
Profit attributable to owners of parent | 7,245 | 10,710 | 47.8 |
Basic EPS (JPY) | 71.22 | 110.10 | 54.6 |
Chemicals segment profit | 6,307 | 10,146 | 60.9 |
Food Products segment profit | 1,103 | 864 | (21.6) |
Life Science segment profit | 3,278 | 4,489 | 36.9 |
Revenue by Region and Revenue by Region (%)
| Region | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Japan net sales (JPY Bn) | 169.7 | 182.7 | 183.0 | 183.7 | 189.9 |
Overseas net sales (JPY Bn) | 191.4 | 220.6 | 216.7 | 223.4 | 226.5 |
Overseas sales ratio (%) | 53.0 | 54.7 | 54.2 | 54.9 | 54.4 |
Asia net sales (JPY Bn) | — | — | 116.6 | 116.4 | 111.1 |
Americas, Europe, Middle East and others net sales (JPY Bn) | — | — | 100.1 | 106.9 | 115.3 |
Region Margins & Growth (%)
| Region | FY2024 | FY2025 |
|---|---|---|
Japan growth (%) | 0.4 | 3.4 |
Asia growth (%) | -0.2 | -4.6 |
Americas, Europe, Middle East and others growth (%) | 6.8 | 7.9 |
Total overseas growth (%) | 3.1 | 1.4 |
Geographic Revenue
| Entity group | FY2024 sales | FY2025 sales | Change (%) | FY2024 op. profit | FY2025 op. profit |
|---|---|---|---|---|---|
ADEKA Corporation (parent) | 161.0 | 164.6 | 2.2 | 15.4 | 16.2 |
Domestic companies (8) | 95.5 | 98.3 | 3.0 | 2.5 | 2.8 |
Overseas companies (17) | 193.9 | 182.7 | (5.8) | 15.4 | 12.6 |
Nihon Nohyaku Group (16) | 99.9 | 111.8 | 11.9 | 8.5 | 10.8 |
Market Valuation and Share Price
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Market capitalization at fiscal year-end, implied (JPY Bn) | 278.5 | 231.5 | 329.1 | 273.7 | 353.4 |
Share price at fiscal year-end, implied (JPY) | 2,684 | 2,231 | 3,171 | 2,638 | 3,405 |
Basic EPS (JPY) | 229.65 | 163.30 | 224.87 | 245.55 | 277.95 |
Net assets per share (JPY) | 2,426.70 | 2,544.28 | 2,791.92 | 2,916.30 | 3,202.99 |
P/E at fiscal year-end, derived (x) | 11.7 | 13.7 | 14.1 | 10.7 | 12.3 |
P/B at fiscal year-end, derived (x) | 1.11 | 0.88 | 1.14 | 0.90 | 1.06 |
Dividend per share (JPY) | 70 | 70 | 90 | 100 | 112 |
Payout ratio (%) | 30.5 | 42.9 | 40.0 | 40.7 | 40.3 |
Total dividends (JPY Mn) | 7,240 | 7,209 | 9,230 | 10,225 | 11,150 |
Dividend yield at fiscal year-end, derived (%) | 2.6 | 3.1 | 2.8 | 3.8 | 3.3 |
Dividends to net assets (%) | 3.0 | 2.8 | 3.4 | 3.5 | 3.7 |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
Market capitalization | About JPY 443 bn | 96.98 million shares excluding treasury (June 30, 2026) |
P/E, trailing | 16.4x | FY2025 EPS of JPY 277.95 |
P/E, forward | 13.9x | FY2026 company EPS forecast of JPY 329.98 |
P/B | 1.43x | Net assets per share of JPY 3,202.99 (March 2026) |
Enterprise value | About JPY 461 bn | Market cap + interest-bearing debt JPY 65.1 bn - cash and deposits JPY 96.5 bn - securities JPY 9.0 bn + non-controlling interests JPY 58.1 bn |
EV/EBITDA | 7.6x | FY2025 EBITDA of JPY 60.4 bn |
EV/Sales | 1.11x | FY2025 net sales |
Dividend yield, forward | 2.9% | FY2026 forecast dividend of JPY 132 |
Analyst Conclusions
Management guidance (REV-0807; BR-FY25)
Initial FY2026 segment forecasts (May; JPY billion, sales / operating profit): Polymer Additives 111.0 / 10.8; Semiconductor Materials 41.0 / 9.0; Environmental Materials 88.3 / 11.1; Food Products 90.0 / 5.0; Life Science 116.0 / 10.4; Others 6.7 / 0.5. The August revision was attributed mainly to all three Chemicals sub-segments; revised segment numbers were not captured. Q1 operating profit of JPY 15.7 billion is 64% of the revised H1 forecast and 31% of the full-year forecast. The revised guidance therefore implies a slowdown to about JPY 8.7 billion in Q2 and JPY 25.6 billion in H2 (derived), which looks conservative given the fourth-quarter agrochemical peak.
Consensus. Third-party consensus EPS of about JPY 289 (Stockopedia) is below company guidance of JPY 330 and appears stale.
Bull case
-
The semiconductor inflection is visible in reported numbers. Q1 FY2026 Semiconductor Materials profit rose 82.9% on high-k and EUV materials, and FY2025's margin dip was due to fixed costs taken ahead of revenue. With the Innovation Center running and PAG, MOR and Korean capacity due by 2028, the sub-segment could become the largest profit contributor at margins above 20%.
-
The Chemicals recovery is broad. Polymer Additives profit rose 49% and Environmental Materials 60% in Q1 on data-centre wiring, housing, lubricant additives and clarifiers. TRANSPAREX and recycled-resin packages add mix upside.
-
Capital returns have a floor and room to grow. There is net cash of about JPY 31 billion, an A+ rating, a 40% payout with a rising dividend (JPY 132) and a completed first buyback. The stock trades near 14x forward earnings and 7.6x EV/EBITDA against a far higher multiple for a pure-play precursor peer.
Bear case
-
ADX 2026 will miss on every headline financial target. Sales are guided to JPY 462 billion against JPY 500 billion and operating profit to JPY 50 billion against JPY 53 billion. ROE of roughly 9–10% compares with 11%, and strategic and new-product sales are well short of plan. The next plan may have to reset expectations.
-
Earnings quality depends on timing. Semiconductor revenue hinges on customers' node ramps, as the H1 FY2025 drop showed. FY2025 guidance was cut by 6% for sales, and naphtha, palm oil and Middle East logistics risks are excluded from guidance.
-
Structural drag remains. A third of capital sits in a 51% agrochemical subsidiary earning a 6% ROIC with Brazil exposure. Food earns a 5% margin. The cash conversion cycle has lengthened to 170 days. Semiconductor Materials is only 9% of sales, which limits how far the growth story can lift group returns.
Catalysts and monitorables for the next 12 months
Analyst verdict. ADEKA is a well-run, conservatively financed conglomerate of specialty niches. Its market narrative is advanced semiconductor materials, while its income statement is still dominated by polymer additives, agrochemicals and bakery fats. The last five years show real improvement: gross margin up four points from the FY2022 trough, Food back in profit, four straight record years of operating profit, and a change in capital policy from a 30% payout and no buybacks to a 40% payout plus JPY 18 billion of repurchases. The same record also shows the limits. Sales have grown at under 2% a year since FY2022, ROIC is stuck at 9.1%, working capital has lengthened, and FY2025 guidance had to be cut before a modest beat that the market punished.
FY2026 is the first year in which the growth businesses are carrying the numbers. Q1 operating profit rose 43%, Chemicals profit rose 61%, and guidance now points to JPY 50 billion with what looks like some cushion. If AI-driven DRAM and EUV demand holds through the 2028 capacity additions, Semiconductor Materials can plausibly double its profit contribution, and the Innovation Center gives ADEKA a credible route into logic and back-end materials. At about 14x forward earnings with net cash, the shares price a diversified chemicals company and give little credit for that optionality.
The discount has a cause, and it is the group's structure. A 51% listed agrochemical subsidiary on 6% ROIC, a sub-scale food business and 170 days of working capital dilute a 20%-plus-margin semiconductor franchise that is only 9% of sales. The next mid-term plan is therefore the decisive event. A plan built on ROIC, inventory release and portfolio simplification would justify a re-rating. A plan that again targets JPY 500 billion of sales would not. Our stance is constructive on earnings momentum, with the rating conditional on capital-efficiency delivery and on the durability of memory demand.
*End of dossier. All figures are from the cited public documents as of October 3, 2026. Derived figures are analyst calculations.
Executive Leadership
Board of Directors
| Name | Title | Born (age at Oct 3, 2026) | Joined / tenure | Prior roles | ADEKA shares held |
|---|---|---|---|---|---|
Hidetaka Shirozume | President and CEO, Representative Director | Nov 10, 1961 (64) | Joined 1985; President since June 2018; Representative Director since June 2023 | Electronic materials sales; GM Chemicals Planning & Marketing; GM Osaka Main Branch; GM Corporate Planning & Strategy | 77,200 |
Yoshiaki Kobayashi | Representative Director and Senior Managing Executive Officer (HR, Purchasing & Distribution; chair, Internal Control Promotion Committee) | May 7, 1962 (64) | Joined 1985; director 2017–2023; re-elected June 2026 | Foods sales; GM Foods Division; Managing Director, ADEKA Foods (Changshu) | 45,900 |
Youji Shiga | Director and Managing Operating Officer (Finance & Accounting, Information Systems) | Aug 3, 1962 (64) | Joined 1985; director since June 2018 | GM Finance & Accounting from 2006 | 38,000 |
Kiyoshi Masamune | Director and Operating Officer (Legal & Publicity, Corporate Planning; chair, Compliance and Capital Investment committees) | Mar 13, 1964 (62) | Joined 1988; director since June 2024 | Functional polymers R&D; GM Corporate Planning & Strategy | 19,500 |
Shigeru Endo | External Director (independent) | Oct 16, 1948 (77) | Since June 2018 | Career diplomat; ambassador to Tunisia and Saudi Arabia; former external director of JGC and Iino Kaiun | 0 |
Makoto Horiguchi | External Director (independent); chair, Nomination and Remuneration Committee | Dec 5, 1955 (70) | Since June 2021 | Vice President, Iwatani Corporation; President, Kashima L.P.G. Joint Stockpiling | 7,900 |
Naoya Takahashi | External Director (independent) | Oct 17, 1948 (77) | Since June 2024 | Hitachi Group CTO; President, Hitachi Systems; Executive Advisor, Hitachi Vantara | 0 |
Koichi Taya | Director, full-time Audit and Supervisory Committee member (chair) | Not captured | Executive officer since June 2018 | Sales and purchasing; GM Osaka Main Branch | Not captured |
Ikuko Hirasawa | External Director, Audit and Supervisory Committee member | Not captured | — | Attorney; partner, Oozora Law Office; chair of trustees, Nihon University | Not captured |
Yukiko Fujikawa | External Director, Audit and Supervisory Committee member | Not captured | Since June 20, 2025 | CPA and tax accountant; outside director at Sotetsu Holdings and Lacto Japan; supervisory director, Hoshino Resorts REIT | Not captured |
Executive Leadership Team
| Name | Title and responsibility |
|---|---|
Shigeki Fujisawa | Managing Operating Officer; GM, Environmental Materials Division |
Atsuya Yoshinaka | Managing Operating Officer; GM, Semiconductor Materials Division |
Naoshi Kawamoto | Managing Operating Officer; GM, Polymer Additives Division |
Shin Takahashi | Senior Operating Officer; GM, Production Division |
Yukio Tatsumi | Senior Operating Officer; GM, R&D Technology Coordination Division |
Kenji Ikeda | Senior Operating Officer; GM, Foods Division (promoted) |
Hirohide Kakimoto | Senior Operating Officer; GM, Secretarial Department (promoted) |
Takafumi Fujii | Senior Operating Officer; GM, Technology & Engineering Department (promoted) |
Employment-type operating officers | T. Kajimura (Osaka), M. Maeno (Polymer Additives Sales), H. Matsuyoshi (Environmental and Safety), K. Seki (Semiconductor Materials Sales), M. Sasajima (Semiconductor Materials Development Lab), T. Tokuhashi (Corporate Planning & Strategy), S. Ishikawa (Polymer Additives R&D Lab), H. Inaba (Environmental Materials Sales II), Y. Ochiai (East Japan Foods Sales, new), T. Mori (Environmental Materials Development Lab, new), Y. Sakuda (Purchasing & Distribution, new), N. Kikuchi (Legal Affairs & Publicity, new) |
Board of Directors ()
| Officer category | Total (JPY Mn) | Basic | Bonus | Restricted stock | Recipients |
|---|---|---|---|---|---|
Directors excluding audit committee members | 308 | 174 | 70 | 63 | 7 (3 external, JPY 35M) |
Directors who are audit committee members | 48 | 48 | — | — | 4 (3 external, JPY 23M) |
External officers in total | 58 | — | — | — | 6 |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
Jun 20, 2025 | Yukiko Fujikawa elected to the audit committee; Akio Okuyama retired | Term expiry (AGM164) |
Jun 2025 | Yoshiaki Kobayashi promoted to Senior Managing Executive Officer; Youji Shiga to Managing Operating Officer | OFF-0514 career summaries |
May 14, 2026 | Board resolves representative-director change | Stated purpose is to strengthen the management base (OFF-0514) |
Jun 17–19, 2026 | Haruhiko Tomiyasu retires as Representative Director and Senior Managing Executive Officer and becomes Representative Director and Vice President of Nihon Nohyaku; Kobayashi succeeds him | Tightens the parent's link to the 51% subsidiary |
Jun 19, 2026 | Kenji Ikeda succeeds Kobayashi as GM, Foods Division | OFF-0514 |
Major Shareholders
| Shareholder | Shares (thousand) | Ratio (%) |
|---|---|---|
The Master Trust Bank of Japan, Ltd. (Trust Account) | 11,224 | 11.41 |
Custody Bank of Japan, Ltd. (Trust Account) | 6,958 | 7.07 |
Asahi Mutual Life Insurance Company | 4,053 | 4.12 |
Custody Bank of Japan (Mizuho Bank retirement benefit trust) | 3,770 | 3.83 |
ADEKA Business Partners Shareholding Association | 3,136 | 3.19 |
National Federation of Agricultural Cooperative Associations (Zen-Noh) | 2,334 | 2.37 |
State Street Bank and Trust Company 505001 | 2,296 | 2.33 |
Zeon Corporation | 2,188 | 2.22 |
The Bank of New York Mellon 140042 | 1,888 | 1.92 |
Showa Kosan Co., Ltd. | 1,870 | 1.90 |
Competitive Landscape
Competitors by Segment
| Business | Direct competitors | Relative positioning |
|---|---|---|
Polymer additives: antioxidants, HALS, one-packs | BASF, Songwon Industrial, SI Group, Clariant, Syensqo, Rianlon, Sabo | ADEKA is a top-tier global supplier with plants on four continents. Songwon, the closest pure-play, reported FY2025 sales of KRW 1,039 billion (-2.9%) and a 13.7% gross margin, which shows the industry-wide oversupply |
Nucleating and clarifying agents | Milliken, New Japan Chemical | TRANSPAREX is ADEKA's challenge to incumbent clarifier chemistry in transparent PP |
PVC stabilizers and plasticizers | Baerlocher, Galata Chemicals, Sakai Chemical, Valtris | Strong in Japan and the US via AM Stabilizers |
Flame retardants | ICL, Lanxess, Albemarle, Daihachi Chemical, Chinese intumescent producers | ADEKA's FY2025 weakness was attributed to price competition in Europe and the US |
ALD/CVD precursors | Merck KGaA, Air Liquide, Entegris, Tri Chemical Laboratories, SK Trichem, DNF, Soulbrain, Hansol Chemical, UP Chemical | Trade press credits ADEKA with the top share in ALD materials for advanced memory. Tri Chemical earned a 24.7% operating margin on JPY 23.9 billion of sales in the year to January 2026 |
Photoacid generators and resist ingredients | San-Apro, Toyo Gosei, FUJIFILM Wako, Heraeus Epurio | ADEKA targets the top share in cutting-edge resist materials (BR-FY25) |
MOR materials | JSR/Inpria and Lam Research's dry-resist ecosystem | ADEKA supplies metal compounds rather than finished resist. JSR is building a MOR line in Korea (TrendForce, Nov 6, 2025) |
Lubricant additives | Infineum, Lubrizol, Afton, Chevron Oronite, Vanderbilt | ADEKA is a niche specialist in molybdenum friction modifiers |
Reactive emulsifiers and surfactants | DKS, Kao, Sanyo Chemical | Share gains reported in China and India (T-FY23) |
Processed fats | Fuji Oil, Kaneka, Miyoshi Oil & Fat, NOF, J-Oil Mills, Nisshin OilliO, Tsukishima Foods | ADEKA is sub-scale against Fuji Oil (FY to March 2026 sales JPY 772 billion) |
Agrochemicals | Sumitomo Chemical, Kumiai Chemical, Nissan Chemical, Nippon Soda, Ishihara Sangyo, Mitsui Chemicals Crop & Life Solutions; globally Syngenta, Bayer, BASF, Corteva, FMC, UPL | Nihon Nohyaku is a mid-size R&D-based player that depends on partners for reach |
Peer Comparison FY2026
| Metric | ADEKA (FY to Mar 2026) | Songwon Industrial (FY to Dec 2025) | Fuji Oil Co., Ltd. (FY to Mar 2026) | Tri Chemical Laboratories (FY to Jan 2026) |
|---|---|---|---|---|
Revenue | JPY 416.6 bn | KRW 1,039.2 bn | JPY 772.3 bn | JPY 23.9 bn |
Revenue growth | +2.3% | -2.9% | +15.1% | +26.3% |
Gross margin | 28.5% | 13.7% | 14.4% (derived) | 37.8% |
Operating margin | 10.0% | Not captured (Q4 2025 operating loss of KRW 3.1 bn) | 4.3% or 3.9% (sources differ) | 24.7% |
Net profit | JPY 27.9 bn | KRW 2.3 bn (preliminary) | JPY 11.1 bn | JPY 5.5 bn |
R&D intensity | 4.6% | Not captured | About 1.0% (FY to Mar 2025) | Not captured |
Sources | T-FY25; BR-FY25 | Songwon releases, Jan 30 and Mar 4, 2026 | StockAnalysis; Stockopedia | Envalith; Finboard |
Recent Developments
Layoffs or restructuring charges: none disclosed. The next scheduled event is H1 FY2026 results, shown as November 6, 2026 on Investing.com; this date was not confirmed against a company calendar.
