Nippon Shokubai Co. Ltd Overview
Nippon Shokubai is a mid-cap Japanese chemical producer built on proprietary gas-phase oxidation catalyst technology, its name literally means "Japan Catalyst". It is one of the world's largest producers of superabsorbent polymer (SAP), the absorbent core of disposable diapers; the company is widely described as holding the No. 1 global share. It is also vertically integrated upstream into acrylic acid (AA) and ethylene oxide (EO).
Roughly 70% of FY2025 revenue (JPY 278.8bn of JPY 399.9bn) came from the cyclical, spread-driven Materials segment, which produces at plants in Japan, the US, Belgium, Indonesia, China, Singapore and South Korea. The remaining c.30% came from Solutions: higher-margin functional chemicals, including concrete-admixture polymers, electronic and display materials, iodine compounds, De-NOx catalysts and the IONEL™ lithium salt (LiFSI) for lithium-ion battery electrolytes.
Under Mid-Term Management Plan 2027, management is reallocating capital toward Solutions, targeting over 50% of profit from that segment. This is a classic portfolio transformation from commodity to specialty, set against a backdrop of sub-cost-of-equity ROE (4.3% in FY2025) and a price-to-book ratio that has traded below 1.0x.
Company's own description (Yuho FY2025 / Integrated Report 2025 themes)
The group runs two reportable segments.
Materials Business. It manufactures and sells:
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acrylic acid, acrylic esters, ethylene oxide, ethylene glycol and ethanolamines;
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specialty esters, superabsorbent polymers, maleic anhydride and process catalysts.
Nippon Shokubai Trading purchases and resells these products and supplies raw materials. The company describes the business as providing high-quality materials worldwide through sophisticated production technologies. Its stated aim under the Mid-Term Management Plan 2027 is to strengthen profitability through production-system reorganisation, sales expansion in growth markets and alliances.
Solutions Business. It manufactures and sells:
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polymers for concrete admixtures, glycol ethers, secondary alcohol ethoxylates, and water-soluble polymers for detergent raw materials;
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pharmaceutical intermediates, electronic information materials, iodine compounds, and resins for adhesives and coatings;
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ethyleneimine derivatives and adhesive-processed products;
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automotive catalysts, De-NOx catalysts, dioxin-decomposition catalysts, exhaust-gas treatment equipment and wet-oxidation catalysts;
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battery materials.
The company frames this segment as providing unique functional products by capitalising on its strengths in developing key materials. The corporate philosophy is "TechnoAmenity": providing affluence and comfort to people and society through technology. The long-term vision to 2030 rests on three pillars: business transformation, environmental transformation and organisational transformation.
Independent characterisation
| Revenue model component | Approximate weight | Basis |
|---|---|---|
| Commodity/intermediate product sales (AA, AES, EO/EG, SAP, maleic anhydride) | c.70% of external revenue | Materials external revenue JPY 278,810m of JPY 399,898m (FY2025) |
| Specialty/functional product sales | c.29–30% | Solutions external revenue JPY 121,088m (derived) |
| Licensing / catalysts / engineering / CDMO services | — | Embedded in both segments |
Business model. Nippon Shokubai is fundamentally a product manufacturer. Revenue is almost entirely product sales, with no meaningful subscription component.
A modest technology-licensing element exists. The company develops core AA/SAP process and catalyst technology in-house and licenses it to its consolidated and equity-method production sites. Process-catalyst sales to third parties also exist inside Materials. External licensing revenue is not separately disclosed.
The Solutions segment also contains small engineering/equipment revenue (exhaust-gas treatment equipment). It is moving into contract manufacturing for mid-molecular APIs (oligonucleotides and peptides), which is a service-like model.
Value-chain position.
Materials: mid-stream. The company buys propylene (for AA) and ethylene (for EO), both naphtha-linked, from refiners and crackers, and converts them via proprietary catalytic oxidation. It sells either merchant AA/AES/EO/EG or captively converts AA into SAP. Earnings are driven by the spread between product prices and naphtha/propylene costs, plus inventory valuation effects.
Solutions: further downstream. Products are specified into customer formulations, such as cement admixtures, display/semiconductor materials, detergents and battery electrolytes. These are typically sold on performance rather than spec price.
Customer types.
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Global hygiene majors (diaper/feminine-care producers) for SAP. Customer names are not disclosed, but the industry is concentrated among a few multinationals.
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Coatings, adhesives, fibre and plastics producers for AA/esters.
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Polyester and antifreeze producers for EG.
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Detergent and personal-care formulators.
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Cement and concrete admixture formulators and the construction industry.
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Electronics and display panel makers and semiconductor materials users.
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Lithium-ion battery and electrolyte makers (EV and energy-storage).
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Pharmaceutical companies (intermediates, oligonucleotide APIs).
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Power utilities and incinerator operators (De-NOx and dioxin catalysts).
End-markets. Hygiene (diapers, adult incontinence), construction and civil engineering, automotive and EV, electronics and displays, energy storage, household detergents, pharmaceuticals and healthcare, coatings and adhesives, and environmental protection.
Strategy
Long-term vision ("TechnoAmenity for the future", to FY2030)
There are three transformation pillars:
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Business transformation: shift the portfolio toward Solutions.
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Environmental transformation: GHG reduction and environmentally contributing products.
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Organisational transformation: HR system reform, governance, productivity and delegation.
Review of the previous MTP (FY2022–FY2024), per MTP2027 document
| KPI | FY2021 actual | FY2024 target | FY2024 result (forecast at plan date) |
|---|---|---|---|
| Operating profit (JPY bn) | 20.0 (ex-market spike) | 33.0 | 29.1 (OP + equity basis; see note) |
| Solutions operating profit (JPY bn) | 4.6 | 17.0 | 7.8 |
| ROE (%) | 4.3 | 7.5 | 7.2 (per table; reported actual ROE 4.5%) |
| ROA (%) | 4.2 | 6.9 | 6.8 |
The company concluded that operating profit fell short of target, especially in Solutions, and that ROE and ROA also missed. The MTP2027 table bases differ from reported IFRS figures and should be read as management's own KPI definitions.
Mid-Term Management Plan 2027 (April 2025 to March 2028): "Transformation Acceleration"
| Target | FY2027 goal |
|---|---|
| Operating profit + equity-method income | JPY 35.0bn (FY2024: JPY 23.1bn) |
| of which Solutions | JPY 18.5bn |
| Solutions share of profit | Over 50% |
| ROE | 7% or higher |
| ROIC (new KPI) | 6% or higher |
| Capital investment, FY2025–FY2027 cumulative | JPY 245bn |
| Shareholder return, FY2024–FY2027 | Dividend = higher of 100% payout or 2.0% DOE; buybacks additionally (total return ratio c.146% guided for FY2025) |
| Long-term PBR objective | Above 1.0x (cost-of-capital disclosure, Jun 2025: PBR 0.69x at Mar 2025; ROE below cost of equity) |
Priority themes.
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Concentrate resources in four Solutions growth areas: Specialty Chemicals, Electronics, Construction, and Energy (Batteries).
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In Materials, strengthen profitability through equipment optimisation (for example, the Himeji SAP review), sales expansion in growth markets (Indonesia), and alliances with other companies.
Strategic initiatives, last 24 months
| Initiative | Date | Scope / target | Status |
|---|---|---|---|
| LiFSI China expansion (Hunan Fluopont) | 28 Apr 2026 | +10,000 t/y: 3,000 t/y commercial in FY2026, 7,000 t/y in FY2027; total 12,400 t/y during 2027; JV-funded (own funds and borrowings), no additional NS capital | Executing |
| LiFSI Japan plant (Kitakyushu) | Certified Sep 2024; revised 27 Aug 2026 | 3,000 t/y; capex c.JPY 43.0bn (from JPY 37.5bn); METI subsidy up to JPY 12.5bn unchanged; start-up Dec 2028 (from Jul 2028) | Construction since Jan 2026 |
| LiFSI capacity ambition | 15 Apr 2025 | ≥15,000 t/y by 2030 (12.5x the then-base) | Target |
| Indonesia SAP | Approved 30 Jul 2024 | 50 kt/y; c.USD 110m; mechanical completion Jan 2027, commercial operation Jul 2027 | Under construction |
| Himeji SAP rationalisation | Jul 2024 | Consider halting low-productivity lines | Under review |
| E-TEC acquisition | Nov 2024 / Apr 2025 | Construction chemicals and emulsions; c.JPY 7.2bn | Integrated into Solutions |
| Bio-attributed / ISCC PLUS supply | 2024–2025 | Four-region global supply of ISCC PLUS-certified AA and SAP; US sites certified | Achieved |
| Oligonucleotide / peptide CDMO | 2025–2026 | Tenfold GMP nucleic-acid API capacity plan; DDS polymer partnering | Executing |
| DX / Materials Informatics | From 2020 | All c.400 researchers to gain MI basics by FY2025 | Ongoing |
| Cost-of-capital management | Jun 2025 | Raise ROE via Solutions; improve PER | Ongoing |
| GHG reduction | Ongoing | Japan GHG -30% vs FY2014 by FY2030 (-16.8% achieved by FY2024) | On track |
Management guidance
| Metric | FY2026 guidance (7 Aug 2026) | FY2025 actual | Change (%) |
|---|---|---|---|
| Revenue (JPY bn) | 455.0 | 399.9 | 13.8 |
| Operating profit (JPY bn) | 21.0 | 17.5 | 19.8 |
| Profit attributable to owners (JPY bn) | 20.5 | 16.8 | 22.3 |
| Basic EPS (JPY) | 139.71 | 112.15 | 24.6 |
| DPS (JPY) | 140 (70 interim + 70 year-end) | 113 | 23.9 |
Notes:
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Segment profit (OP + equity-method) is guided at JPY 27.0bn, up 44.1%. The equity-method improvement reflects the absence of prior-year impairments.
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At FY2025 results (13 May 2026) management initially withheld FY2026 guidance, citing the incalculable impact of Middle East tensions on supply chains and raw-material prices. Guidance was issued with Q1 results on 7 August 2026.
Products & Services
Pricing models are not publicly disclosed for any product. Commodity products are typically priced on contract or spot terms with raw-material-linked formulas, which is an industry norm rather than a company disclosure.
Materials Business
| Product | Description / capabilities | Target customers | Notes / flagship |
|---|---|---|---|
| Acrylic acid (AA), crude and glacial | Produced by two-stage catalytic oxidation of propylene using proprietary catalysts | SAP producers (captive), ester producers, polymer/dispersant makers | Production in Japan (Himeji), Indonesia (NSI, 240 kt/y site capacity after 2023 expansion), US (JV), Belgium; ISCC PLUS mass-balance bio-attributed grades supplied from four regions |
| Acrylic esters (AES): methyl, ethyl, butyl, 2-ethylhexyl acrylate | Monomers for coatings, adhesives, textiles, acrylic fibres | Paint, adhesive and pressure-sensitive adhesive formulators | FY2024 volume growth cited in results; Indonesia production |
| Superabsorbent polymer (SAP) | Cross-linked sodium polyacrylate absorbing many times its weight in liquid | Global hygiene (baby diapers, adult incontinence, feminine care); agriculture | Global No. 1 share claimed; group capacity to reach c.760 kt/y after the Indonesia project (Chemical Week); new 50 kt/y Indonesia line (mechanical completion Jan 2027, commercial operation Jul 2027); old Himeji lines under review; brand AQUALIC™ CA / CS (high-performance absorbents)* |
| Ethylene oxide (EO) | Direct-oxidation EO from ethylene | Derivative producers (surfactants, glycols, ethanolamines) | Kawasaki-based [CH] |
| Ethylene glycol (EG) | Mono/di/tri-EG | Polyester (PET/fibre), antifreeze | FY2025 revenue down on lower prices |
| Ethanolamines | Mono-, di-, tri-ethanolamine | Gas treating, surfactants, cement grinding aids, agrochemicals | — |
| Specialty esters | Hydroxyl/functional (meth)acrylates and related specialty monomers; MMA monomers and polymers per segment description | UV-curable coatings, inks, adhesives, resins | FY2025 lower volume and price on weak overseas markets |
| Maleic anhydride | Oxidation product | Unsaturated polyester resins, additives | FY2025 lower price and volume |
| Process catalysts | Proprietary oxidation catalysts (AA, phthalic anhydride and others) | Third-party chemical producers; group licensees | FY2025 revenue down on volume |
| Trading (Nippon Shokubai Trading Co., Ltd.) | Resale and raw-material supply | Group and third parties | — |
Solutions Business
| Product | Description | Target customers | Notes |
|---|---|---|---|
| Polymers for concrete admixtures (polycarboxylate ether superplasticiser base polymers) | Water-reducing dispersant polymers for high-performance concrete | Admixture formulators, construction | Core Construction growth area; brand AQUALOC™† |
| E-TEC emulsion products | Synthetic-rubber latex and acrylic emulsions; waterproofing materials; adhesives; pressure-sensitive adhesives; compound technology | Construction, civil engineering, industrial users | Consolidated from 1 Apr 2025 (ex-JSR); expanded construction portfolio |
| Water-soluble polymers for detergents | Polyacrylate-based builders and dispersants | Household/I&I detergent makers | Brand AQUALIC™ (L grades)† |
| Secondary alcohol ethoxylates | Non-ionic surfactants | Detergent and industrial surfactant users | Brand SOFTANOL™† |
| Glycol ethers | Solvents | Coatings, cleaners, electronics | Via Nippon Nyukazai Co., Ltd. (subsidiary) |
| General-purpose surfactants (Taiwan) | Surfactants via Sino-Japan Chemical Co., Ltd. (中日合成化學) | Asian surfactant users | Weak performance flagged by President, Jan 2026 |
| Resins for adhesives and coatings | Water-based and solvent-based functional polymers, e.g. POLYMENT™* KX-EK (water/solvent-resistant, adhesion) | Coatings, adhesives | — |
| Ethyleneimine derivatives | Polyethyleneimine and derivatives | Paper, ink, adhesion promoters, CO2 absorbents | Brand EPOMIN™†; CO2-absorption demand delayed (Jan 2026) |
| Oxazoline-functional cross-linkers | Cross-linking polymers | Coatings | Brand EPOCROS™† |
| Processed adhesive products | Converted adhesive products | Industrial | — |
| Specialty monomers (cyclopolymerization) | AOMA™* monomers: UV-curable, hardness with flexibility | UV coatings, electronics | Exhibited Jan 2026 |
| Zinc acrylate ionomers (new manufacturing method) | Ionomers | Golf balls, polymers | Exhibited Jan 2026 |
| Bio-based monomers | Plant-derived monomers | Sustainability-driven formulators | Exhibited Jan 2026 |
| Marine-biodegradable plastic | Resin additive conferring marine biodegradability | Plastics | In development |
| Product | Description | Target customers | Notes |
|---|---|---|---|
| Electronic information materials | Display and semiconductor materials, resist materials, optical materials | Display panel makers, semiconductor supply chain | "Significant sales growth" in display and semiconductor materials (President, Jan 2026) |
| Fine particles | High-refractive-index organic particles EPOSTAR™*; silica particles SEAHOSTAR™† | Optical films, displays | — |
| Laser absorbers | EXCOLOR™* NIR/laser absorbers for adhesive-free laser bonding | Electronics, automotive | In development |
| Nanoimprint inks | High-refractive-index nanoimprint inks | AR/optics, semiconductors | In development |
| Product | Description | Target customers | Notes |
|---|---|---|---|
| De-NOx (denitration) catalysts | SCR catalysts | Power plants, incinerators, industry | Volumes up in FY2025 |
| Dioxin-decomposition catalysts | Catalysts for incinerator flue gas | Waste-to-energy operators | — |
| Exhaust-gas treatment equipment | Engineering packages | Industrial | — |
| Wet-air oxidation catalysts | Wastewater treatment | Chemical and industrial wastewater | — |
| Automotive catalysts | Emission catalysts (historically via affiliate ICT Co., Ltd.) | Automakers | Listed in segment description |
| Product | Description | Target customers | Notes |
|---|---|---|---|
| LiFSI (lithium bis(fluorosulfonyl)imide), IONEL™ | Electrolyte lithium salt improving cycle life, fast charging and low-temperature output | Electrolyte and LIB makers (EV, ESS) | China JV capacity 2,400 t/y rising to 12,400 t/y during 2027; Japan Kitakyushu plant 3,000 t/y (21.4 GWh equivalent, c.210,000 EVs) from Dec 2028; target ≥15,000 t/y by 2030 |
| Zr sheet (zirconia electrolyte sheets) | Solid-oxide fuel-cell electrolyte material | SOFC makers | Listed in company terminology |
| Separators for alkaline water electrolysis (AWE) | Large-format separators for green hydrogen | Electrolyser makers (Europe focus) | Trade-press coverage |
| Latent heat-storage microcapsules (h-MEPCM) | Alloy-based high-temperature heat storage | Industrial heat management | NEDO-selected joint project with Hokkaido University and Toyo Aluminium |
| Product | Description | Target customers | Notes |
|---|---|---|---|
| Iodine compounds | Via Nippoh Chemicals Co., Ltd. (日宝化学) | Pharma, contrast media, electronics | Higher prices in FY2025 |
| Pharmaceutical intermediates | Fine-chemical intermediates | Pharma | — |
| Oligonucleotide and peptide API contract manufacturing | GMP mid-molecular API CDMO | Biopharma | Plan to expand GMP nucleic-acid API capacity tenfold; exhibited at TIDES USA and BIO 2026 |
| DDS materials | Biocompatible low-immunogenicity polymers; Fol-Dab8 targeting material | Oligonucleotide therapeutics developers | Strategic collaboration with PURMX Therapeutics (29 Sep 2026) |
| Cosmetics ingredients | Cosmetics business office referenced in governance disclosures | Cosmetics makers | Scale not disclosed |
Specialty Chemicals / Industrial & Household
Electronics
Environment & catalysts
Energy (batteries, hydrogen)
Health & Medical / Fine chemicals
Financial Narrative
Sources and basis.
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Revenue, operating profit, pre-tax profit, net profit attributable to owners, EPS and equity come from the Yuho FY2025 and Kessan Tanshin (IFRS).
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Gross profit, balance-sheet line items and cash-flow lines come from S&P Global via StockAnalysis.
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Per-share data are adjusted for the 4-for-1 split of 1 April 2024. Pre-split dividends of JPY 180 are shown as JPY 45.
Income statement
Notes on this table:
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The FY2021 dividend of JPY 180 pre-split (JPY 45 adjusted) included a JPY 10 pre-split 80th-anniversary commemorative dividend. S&P shows JPY 42.5 adjusted, excluding the commemorative portion.
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FY2020 (year to March 2021) is the base year for the 5-year CAGR: revenue JPY 273,163m, operating loss c.JPY -15.9bn, net loss JPY -10,899m.
Margin profile (%)
Revenue CAGR (derived):
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4-year, FY2021–FY2025: 2.0% per year.
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5-year from the COVID-trough FY2020 base (JPY 273,163m): 7.9% per year.
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3-year, FY2022–FY2025: -1.6% per year (EDINET DB also shows -1.6%).
Quarterly cadence
Source: Kessan Tanshin (quarterly derived from cumulative).
The Q4 FY2025 collapse to a 2.3% margin and the Q1 FY2026 rebound to 10.0% illustrate the earnings sensitivity to inventory valuation. In Q1 FY2026 rising raw-material prices produced inventory valuation gains, together with Solutions volume growth.
Balance sheet
Q1 FY2026 update: total assets JPY 610,609m and cash JPY 50,162m at 30 June 2026. S&P reports net debt of JPY 16,846m at that date.
Cash flow
Other FY2025 cash-flow items: investing CF JPY -48,319m and financing CF JPY -9,837m.
Indicators:
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Treasury stock on the balance sheet moved from JPY -9,298m (FY2022) to -2,358m (FY2023, after cancellation) to -7,263m (FY2024) to -3,854m (FY2025, after cancellation).
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S&P "buyback yield" was 0.39%, 1.67%, 2.21% and 2.14% for FY2022–FY2025.
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A share repurchase was resolved on 30 July 2025.
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The company guided a total return ratio of c.146% for FY2025.
Ratios
Given net debt/EBITDA below 0.4x and an equity ratio near 70%, coverage is very high.
Commentary on trends, inflections and drivers
FY2021 (year to March 2022): the cyclical peak. Revenue jumped 35% from the COVID trough and operating profit reached JPY 29.1bn (7.9% margin). AA/SAP spreads widened as raw materials and product prices rose and inventory gains accrued. ROE reached 7.2%.
FY2022: revenue peak, margin compression. Revenue peaked at JPY 419.6bn, but operating profit fell 19% as energy and raw-material cost inflation outpaced pricing in Materials.
FY2023: the trough. Revenue fell 6.6% and operating profit fell 29.6% to JPY 16.6bn. Overseas AA/SAP markets weakened, China capacity additions hit Asian acrylic margins, and inventory valuation turned negative. Equity-method income was a JPY 1.0bn loss. ROE fell to 3.0%. Working capital release still pushed operating cash flow to a record JPY 57.9bn, and the balance sheet turned to net cash of JPY 9.5bn.
FY2024: partial recovery. Operating profit rose 15.1% to JPY 19.1bn on Solutions volume recovery (specialty chemicals, electronics) and AA/AES volumes. Equity-method income swung to +JPY 4.0bn. Net profit rose 58%, and the new 100%-payout policy lifted DPS 2.5x to JPY 114.
FY2025: Materials down, Solutions up. Revenue fell 2.3% and operating profit fell 8.0%. Materials profit dropped 20.7%, while Solutions OP rose 27.1%. Capex nearly doubled to JPY 49.0bn on the Indonesia SAP, LiFSI and growth projects. Free cash flow shrank to JPY 4.5bn, and the balance sheet moved back to net debt of JPY 13.7bn.
Structural observations.
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Gross margin has fallen from 21% to 17–19%. This reflects a structural loss of AA/SAP pricing power to Chinese capacity rather than a purely cyclical effect.
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EBITDA has been remarkably stable at JPY 48–51bn across FY2022–FY2025. Volatility sits at the operating-profit level because of rising depreciation and inventory effects.
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The cash conversion cycle is long, at about 120 days, and lengthening, typical of a global commodity-chemical inventory chain.
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Capital intensity is now rising sharply: capex was about 12% of revenue in FY2025 versus about 5% in FY2021–FY2023. FY2025–FY2027 capex is planned at JPY 245bn under MTP2027, about JPY 82bn per year. On the current cash flow profile (OCF JPY 47–58bn), that implies debt-funded growth, consistent with the FY2025 net-debt re-leveraging.
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View Subscription PlansFinancial Detail
Segment Overview
| Segment | Contents | Key products |
|---|---|---|
Materials | Acrylics, SAP, basic materials (EO/EG, ethanolamines), specialty esters, maleic anhydride, process catalysts; trading arm | AA, AES, SAP (AQUALIC™ CA), EO, EG, ethanolamines, specialty esters (incl. MMA-related monomers), maleic anhydride, process catalysts |
Solutions | Industrial & Household (incl. construction chemicals, E-TEC), Electronics & Environmental Solutions, Energy (battery materials), Health & Medical, iodine compounds | Concrete-admixture polymers, glycol ethers, secondary alcohol ethoxylates, water-soluble polymers, pharmaceutical intermediates, electronic information materials, iodine compounds, adhesive/coating resins, ethyleneimine derivatives, processed adhesive products, automotive and De-NOx catalysts, LiFSI (IONEL™) |
Revenue by Segment
| Segment | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Materials revenue incl. inter-segment (JPY Mn) | 324,101 | 299,870 | 310,829 | 294,387 |
Solutions revenue incl. inter-segment (JPY Mn) | 117,406 | 111,042 | 118,096 | 123,835 |
Eliminations (JPY Mn) | -21,939 | -18,904 | -19,579 | -18,324 |
Consolidated revenue (JPY Mn) | 419,568 | 392,009 | 409,346 | 399,898 |
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View Subscription PlansResults by Segment and Segment Margins & Growth (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Materials external revenue (JPY Mn) | 0 | 294,092 | 278,810 |
Solutions external revenue (JPY Mn, derived) | 0 | 115,254 | 121,088 |
Materials operating profit (JPY Mn) | 0 | 12,900 | 10,234 |
Solutions operating profit (JPY Mn) | 2,700 | 5,116 | 6,503 |
Materials segment profit incl. equity-method (JPY Mn) | 0 | 15,886 | 11,943 |
Materials operating margin on external revenue (%) | 0 | 4.4 | 3.7 |
Solutions operating margin on external revenue (%, derived) | 0 | 4.4 | 5.4 |
Segment Margins & Growth (%) and Revenue by Segment (%)
| Metric | FY2024 | FY2025 |
|---|---|---|
Materials external revenue YoY (%) | 0 | -5.2 |
Solutions external revenue YoY (%, derived) | 0 | 5.1 |
Materials share of consolidated revenue (%) | 71.8 | 69.7 |
Solutions share of consolidated revenue (%) | 28.2 | 30.3 |
Solutions share of segment operating profit (%) | 28.4 | 38.9 |
Product Group Metric Details
| Product group metric | Period | Value |
|---|---|---|
AA·SAP revenue, Q1 FY2025 vs Q1 FY2024 | Q1 | JPY 54.3bn vs 59.1bn (-8.1%) |
AA·SAP operating profit, Q1 FY2025 vs Q1 FY2024 | Q1 | JPY 2.1bn vs 4.0bn (-47.5%); spread worsened on a long turnaround at a North American affiliate |
AA·SAP revenue, 9M FY2024 vs 9M FY2023 | 9M | JPY 167.5bn vs 161.7bn (+3.6%) |
Basic materials & others revenue, FY2024 forecast vs FY2023 actual (1H FY2024 deck) | FY | JPY 76.2bn vs 67.8bn |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (JPY Mn) | 369,293 | 419,568 | 392,009 | 409,346 | 399,898 |
Revenue growth YoY (%) | 35.2 | 13.6 | -6.6 | 4.4 | -2.3 |
Gross profit (JPY Mn, S&P) | 77,707 | 80,392 | 68,004 | 70,446 | 74,806 |
Operating profit (JPY Mn, company) | 29,062 | 23,528 | 16,562 | 19,062 | 17,530 |
Depreciation & amortisation (JPY Mn, CF statement) | 28,875 | 29,312 | 31,853 | 31,551 | 32,243 |
EBITDA (JPY Mn, derived OP + D&A) | 57,937 | 52,840 | 48,415 | 50,613 | 49,773 |
Profit before tax (JPY Mn) | 33,675 | 26,175 | 15,744 | 23,203 | 21,493 |
Profit attributable to owners of parent (JPY Mn) | 23,720 | 19,392 | 11,008 | 17,394 | 16,764 |
Basic EPS (JPY, split-adjusted) | 148.72 | 122.07 | 70.48 | 113.90 | 112.15 |
Diluted EPS (JPY, S&P) | 148.71 | 122.06 | 70.46 | 113.86 | 112.14 |
Dividend per share (JPY, split-adjusted) | 45 | 45 | 45 | 114 | 113 |
Payout ratio (%, derived) | 30.3 | 36.9 | 63.9 | 100.1 | 100.8 |
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View Subscription PlansMargin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 21.0 | 19.2 | 17.3 | 17.2 | 18.7 |
Operating margin (%) | 7.9 | 5.6 | 4.2 | 4.7 | 4.4 |
EBITDA margin (%) | 15.7 | 12.6 | 12.4 | 12.4 | 12.4 |
Pre-tax margin (%) | 9.1 | 6.2 | 4.0 | 5.7 | 5.4 |
Net margin (%) | 6.4 | 4.6 | 2.8 | 4.2 | 4.2 |
Income Statement and Margin Analysis (%) (Quarterly)
| Metric | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 |
|---|---|---|---|---|---|
Revenue (JPY Mn) | 101,247 | 98,950 | 99,135 | 100,566 | 121,318 |
Operating profit (JPY Mn) | 4,295 | 4,716 | 6,173 | 2,346 | 12,142 |
Operating margin (%) | 4.2 | 4.8 | 6.2 | 2.3 | 10.0 |
Balance Sheet and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (JPY Mn) | 518,151 | 523,319 | 544,060 | 543,659 | 580,209 |
Cash & equivalents (JPY Mn) | 39,363 | 39,035 | 55,129 | 54,565 | 51,819 |
Short-term debt incl. current LTD (JPY Mn) | 23,559 | 23,044 | 17,099 | 23,126 | 23,107 |
Long-term debt (JPY Mn) | 28,634 | 27,867 | 21,924 | 18,265 | 35,624 |
Lease liabilities (JPY Mn) | 7,484 | 6,700 | 6,588 | 5,183 | 6,789 |
Total debt incl. leases (JPY Mn, S&P) | 59,677 | 57,611 | 45,611 | 46,574 | 65,520 |
Net debt (JPY Mn; negative = net cash) | 20,314 | 18,576 | -9,518 | -7,991 | 13,701 |
Equity attributable to owners (JPY Mn) | 343,882 | 362,231 | 383,448 | 383,029 | 396,649 |
Total equity incl. NCI (JPY Mn) | 351,123 | 369,998 | 392,562 | 392,534 | 406,588 |
Goodwill & intangibles (JPY Mn) | 7,895 | 8,358 | 4,959 | 4,496 | 9,554 |
Working capital (JPY Mn) | 128,642 | 142,412 | 158,433 | 148,280 | 143,376 |
Equity ratio (%) | 66.4 | 69.2 | 70.5 | 70.5 | 68.4 |
Book value per share (JPY) | 2,156.01 | 2,303.48 | 2,482.45 | 2,527.98 | 2,684.47 |
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View Subscription PlansCash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (JPY Mn) | 35,058 | 41,447 | 57,880 | 46,974 | 53,544 |
Capital expenditure (JPY Mn) | 20,189 | 21,652 | 19,149 | 33,920 | 49,013 |
Free cash flow (JPY Mn) | 14,869 | 19,795 | 38,731 | 13,054 | 4,531 |
Cash acquisitions (JPY Mn) | 500 | 3,963 | 570 | 75 | 9,206 |
Net debt issued / (repaid) (JPY Mn) | -3,460 | -4,077 | -15,062 | 2,591 | 16,007 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE (%, company) | 7.2 | 5.5 | 3.0 | 4.5 | 4.3 |
ROA (%, S&P net income/assets) | 3.59 | 2.87 | 2.04 | 2.03 | 1.89 |
ROIC (%, S&P) | 5.73 | 4.85 | 3.56 | 3.67 | 3.44 |
Current ratio (x) | 2.18 | 2.40 | 2.57 | 2.38 | 2.38 |
Debt / equity (x) | 0.17 | 0.16 | 0.12 | 0.12 | 0.16 |
Net debt / EBITDA (x, S&P) | 0.36 | 0.35 | -0.19 | -0.16 | 0.28 |
Asset turnover (x) | 0.75 | 0.81 | 0.74 | 0.75 | 0.71 |
Inventory turnover (x) | 4.39 | 4.20 | 3.80 | 4.02 | 3.82 |
Days sales outstanding (days, derived) | 102.4 | 85.8 | 91.4 | 86.0 | 83.3 |
Days inventory outstanding (days, derived) | 83.1 | 86.9 | 96.1 | 90.8 | 95.5 |
Days payables outstanding (days, derived) | 72.1 | 57.2 | 69.1 | 59.0 | 58.0 |
Cash conversion cycle (days, derived) | 113.4 | 115.5 | 118.4 | 117.8 | 120.8 |
Geographic Revenue
| Region | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Japan revenue (JPY Mn) | 0 | 0 | 0 |
Asia revenue (JPY Mn) | 0 | 0 | 0 |
North America revenue (JPY Mn) | 0 | 0 | 0 |
Europe revenue (JPY Mn) | 0 | 0 | 0 |
Other revenue (JPY Mn) | 0 | 0 | 0 |
Segment Overview — Materials: AA/AES
| Segment | Production geography | Market geography | Directional evidence |
|---|---|---|---|
Materials: AA/AES | Japan (Himeji), Indonesia (Cilegon), USA (Texas JV), Belgium | Asia, NA, Europe | FY2025 overseas AA price declines; Indonesia AA capacity raised to 240 kt/y in 2023 |
Materials: SAP | Japan (Himeji), USA, Belgium, China (Zhangjiagang), Indonesia (from 2027) | Global hygiene customers | FY2025 SAP volume growth "at global sites including the US, Belgium and China"; Himeji lines under review |
Materials: EO/EG | Japan (Kawasaki) | Japan / Asia | FY2025 price and volume declines |
Solutions: construction chemicals | Japan (incl. E-TEC) | Japan-centric | E-TEC consolidation from FY2025 |
Solutions: electronics | Japan | Japan, Korea, Taiwan, China display/semi supply chain | Display and semi materials "significant sales growth" (Jan 2026) |
Solutions: surfactants | Taiwan (Sino-Japan Chemical) | Asia | Weak (Jan 2026) |
Solutions: LiFSI | — | China LIB makers; future Japan/Western OEMs | 2,400 t/y rising to 12,400 t/y (2027) |
Capital Markets Data (JPY) and Market Valuation
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Adjusted close at FY-end (JPY) | 1,109.72 | 1,137.36 | 1,303.34 | 1,650.68 | 2,270 |
Market capitalisation at FY-end (JPY Mn) | 212,533 | 207,576 | 226,446 | 263,843 | 335,409 |
Enterprise value at FY-end (JPY Mn) | 231,809 | 224,928 | 228,528 | 258,553 | 347,151 |
P/E (x) | 8.96 | 10.70 | 20.57 | 15.17 | 20.01 |
P/B (x) | 0.61 | 0.56 | 0.58 | 0.67 | 0.83 |
EV/EBITDA (x) | 4.05 | 4.22 | 4.63 | 5.25 | 7.05 |
EV/Sales (x) | 0.63 | 0.54 | 0.58 | 0.63 | 0.87 |
Dividend yield (%) | 3.83 | 3.96 | 3.45 | 6.91 | 4.98 |
Share Price & Returns
| Period | Return | Basis |
|---|---|---|
From FY2024 end (Mar 2025), about 18 months | +57.5% | Adjusted price, derived |
1-year total return to 8 Jun 2026 (US OTC NSHKF, USD) | +62.5% | YCharts |
From FY2022 end (Mar 2023), about 3.5 years | +128.6% | Adjusted price, derived |
From FY2021 end (Mar 2022), about 4.5 years | +134.3% | Adjusted price, derived |
Valuation Multiples
| Multiple | Nippon Shokubai | Sumitomo Seika | Toagosei | Sanyo Chemical |
|---|---|---|---|---|
Trailing P/E (x) | 17.0 (S&P) | 9.4 (S&P, 11 Sep 2026) | 14.3 (S&P, 29 Jul 2026) | about 7.0 (derived; distorted by a tax gain) |
Forward P/E (x) | 17.9 (S&P) | — | 15.3 (S&P) | — |
P/B (x) | about 0.97 (derived on Mar 2026 BVPS of JPY 2,684) | — | — | — |
EV/EBITDA, trailing (x) | about 7.2 (derived) | — | — | — |
EV/Sales (x) | about 0.98 (derived) | 0.60 (P/S) | 1.18 (P/S) | — |
Dividend yield (%) | 5.38 (S&P, on DPS JPY 140) | 4.65 | 3.89 | — |
Analyst Conclusions
Guidance and consensus
FY2026 company guidance (year ending March 2027):
-
Revenue JPY 455.0bn (+13.8%).
-
OP JPY 21.0bn (+19.8%).
-
Net profit JPY 20.5bn (+22.3%).
-
Segment profit JPY 27.0bn (+44.1%).
-
DPS JPY 140.
The implied path to the MTP2027 target of JPY 35.0bn OP plus equity income in FY2027 requires a further 30% step-up in FY2027. Consensus (implied EPS of about JPY 145) sits modestly above guidance.
Bull case
-
Solutions inflection is real and accelerating. Solutions OP rose 27% in FY2025 with E-TEC, electronics and De-NOx growth. Q1 FY2026 showed "strong Solutions performance". LiFSI volumes step up from 2026–2027 as the Hunan JV adds 10,000 t/y.
-
Capital-return floor plus re-rating. A 100% payout with a 2% DOE floor gives a dividend yield of about 5.4%. The stock trades near 1.0x book, so each 1pp of ROE improvement should be accretive to valuation as the company exits the sub-1x PBR regime.
-
Materials trough is behind. Indonesia SAP (from July 2027) and Himeji rationalisation lower the cost curve. Rising raw-material prices produced inventory gains in Q1 FY2026 (OP +183%). Sumitomo Seika's margin recovery to 9.8% shows the SAP industry can re-price.
Bear case
-
Chronic target misses. The previous MTP Solutions target was missed by more than half. ROE has been at or below 4.5% for three years, and FY2025 OP missed its own upgraded forecast (17.5bn vs 18.0bn).
-
Capex without returns. JPY 245bn of capex over three years against OCF of about JPY 50bn a year re-levers the balance sheet; FCF was only JPY 4.5bn in FY2025. The LiFSI plant cost overrun (+15%) occurs while Chinese LiFSI pricing is under pressure.
-
Q1 quality is low. The Q1 FY2026 surge depended on inventory valuation gains from rising raw materials, which reverse when prices fall (as in Q4 FY2025, when OP was JPY 2.3bn). Middle East tensions add two-way volatility, and the share price has already re-rated by about 129% over 3.5 years.
Catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable |
|---|---|
| Early Nov 2026 | Q2 FY2026 results: confirmation of the JPY 21.0bn OP guidance; inventory effects; buyback announcement |
| Jan 2027 | Indonesia SAP mechanical completion |
| Feb 2027 | Q3 FY2026 results; Solutions run-rate vs the JPY 18.5bn FY2027 target |
| During 2027 | Hunan Fluopont 3,000 t/y then 7,000 t/y start-ups; LiFSI pricing |
| May 2027 | FY2026 results; FY2027 guidance (MTP final year); capital-policy update |
| Ongoing | Naphtha and propylene prices; USD/JPY; Middle East supply; US tariffs; Himeji SAP line decisions; cross-shareholder sell-downs (ENEOS, Resona, Mizuho, Sanyo) |
Analyst verdict
Nippon Shokubai is a high-quality balance sheet attached to a low-quality earnings stream that management is credibly, but slowly, trying to upgrade. The data show three things clearly.
First, the commodity core still dominates. Materials provides about 70% of revenue and swings group operating profit by roughly JPY 10bn from quarter to quarter on inventory effects alone. EBITDA, by contrast, is steady at about JPY 50bn, which tells us the cash engine is intact even when reported profits disappoint.
Second, the transformation is now visible in the numbers rather than only in plans. Solutions profit rose 27% in FY2025, E-TEC is integrated, display and semiconductor materials are growing, and LiFSI capacity rises more than fivefold in 2027. Yet Solutions profit of JPY 6.5bn remains far from the JPY 18.5bn FY2027 target. The prior plan missed its equivalent goal by more than half, so investors should haircut management's targets. A more realistic FY2027 outcome is Solutions profit in the low teens of billions and group ROE around 5–6%, rather than the 7% target.
Third, the shareholder-return policy changed the stock's character. A 100% payout with a DOE floor turned an under-owned, sub-book-value chemical into a yield vehicle. That, together with TSE capital-efficiency pressure, drove the re-rating from about 0.56x to about 0.97x book.
At about 18x trailing earnings and roughly 1x book, the easy re-rating is done. Further upside now requires proof of ROE progress, specifically sustained Solutions growth and LiFSI execution without further overruns, while downside is cushioned by the dividend floor and balance-sheet strength.
Overall stance: neutral-to-constructive, as a quality cyclical with a free option on battery materials. Accumulate on inventory-driven earnings dips; take profits if margins in the Materials segment fail to recover alongside the next raw-material downturn.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Title / responsibilities | Born | Tenure | Career highlights | Shares held (000) |
|---|---|---|---|---|---|
Kazuhiro Noda | Representative Director, President & CEO | Jan 1963 | President since Jun 2022; director since Jun 2020 | Joined 1986; GM SAP Division 2017; Executive Officer 2018 | 29 |
Kuniaki Takagi | Director, Managing Executive Officer; Administration | May 1963 | Director since Jun 2020 | Sumitomo Chemical 1987–2019; GM General Affairs & HR 2019 | 21 |
Yasutaka Sumida | Director, Managing Executive Officer; Business Creation (Corporate Research, Health & Medical, New Business, R&D, Process Catalyst Research) | Oct 1963 | Director since Jun 2021 | Joined 1991; GM Business Creation 2020 | 22 |
Yukihiro Matsumoto | Director, Managing Executive Officer; Production & Technology (Engineering, DX, Responsible Care, Battery Materials Commercialisation PJ, Indonesia PJ) | Jan 1964 | Director 2016–2020, again since Jun 2023 | Joined 1988; GM Production 2014; Corporate Planning 2016 | 23 |
Kenjiro Komoda | Director, Managing Executive Officer; Business divisions (Battery Materials, Business Planning, Purchasing & Logistics) | Oct 1962 | Director since Jun 2025 | Joined 1986; GM Business Planning 2022 | 9 |
Tetsuo Setoguchi | Outside Director (independent) | Feb 1957 | Since Jun 2018 (8 years) | Ex-Rep. Director & EVP, Osaka Gas; Chairman OGIS-RI | — |
Miyuki Sakurai | Outside Director (independent) | Dec 1964 | Since Jun 2020 | Attorney; co-managing partner, Hanamizuki Law Office; outside director Nippon Shinyaku | — |
Akiko Ikeda | Outside Director (independent) | Jul 1960 | Since Jun 2024 | Ex-President Jolly-Pasta and COCO'S Japan; Ito-Yokado executive officer; outside director J-Oil Mills | — |
Takashi Kobayashi | Full-time Audit & Supervisory Board Member | Sep 1962 | Since Jun 2022 (term to Jun 2026 AGM) | Joined 1986; GM Accounting; Managing Executive Officer | 15 |
Atsushi Tabata | Full-time Audit & Supervisory Board Member | Nov 1966 | Since Jun 2025 | Joined 1990; GM Legal; GM General Affairs & HR | 7 |
Tsukasa Takahashi | Outside Audit & Supervisory Board Member (independent) | Dec 1962 | Since Jun 2020 | Attorney; ex-VP Osaka Bar Association; outside auditor TOYO TIRE | — |
Kazumasa Murai | Outside Audit & Supervisory Board Member (independent) | Dec 1963 | Since Jun 2024 | CPA / tax accountant; ex-Deloitte Tohmatsu; outside director Daiei Kankyo | — |
Governance Detail
| Title | Name | Role |
|---|---|---|
Senior Executive Officer | Shuki Hijikuro | In charge of Sino-Japan Chemical (Taiwan) |
Senior Executive Officer | Kenta Kanaida | President, Nippon Shokubai America Industries, Inc. |
Senior Executive Officer | Kazuhiro Sakuma | President, Nippon Nyukazai Co., Ltd. |
Senior Executive Officer | Shinya Kataoka | GM, Acrylics Business Division |
Senior Executive Officer | Shigeru Harada | GM, General Affairs & HR |
Senior Executive Officer | Tomiyuki Sawada | GM, Electronics & Environmental Solutions |
Executive Officer | Shinichi Ito | GM, Finance (de facto CFO function) |
Executive Officer | Koji Takeda | GM, Kawasaki Plant |
Executive Officer | Kazuto Okazaki | GM, Himeji Plant |
Executive Officer | Juichi Fujita | GM, Industrial & Household |
Executive Officer | Yasuharu Nakabayashi | GM, Basic Materials |
Executive Officer | Shigeki Takamiya | GM, Production |
Executive Officer | Nobuo Akanuma | GM, SAP Division |
Executive Officer | Takashi Tomita | President, Nippoh Chemicals |
Executive Leadership Team
| Executive | Total |
|---|---|
Kazuhiro Noda (President & CEO) | below JPY 100m (implied) |
Board & Management Changes
| Date | Change |
|---|---|
Jun 2022 | Kazuhiro Noda appointed President & CEO; Yujiro Goto to Chairman |
Jun 2023 | Yukihiro Matsumoto rejoins board as Director & Managing Executive Officer |
Jun 2024 | Akiko Ikeda appointed outside director; Kazumasa Murai appointed outside auditor |
Jun 2025 | Kenjiro Komoda joins board (Battery Materials, Business Planning); Masahiro Watanabe leaves board; Atsushi Tabata replaces Teruhisa Wada as full-time auditor |
Major Shareholders
| Rank | Shareholder | Shares (000) | Stake (%) |
|---|---|---|---|
| 1 | The Master Trust Bank of Japan (trust account) | 18,077 | 12.22 |
| 2 | Custody Bank of Japan (trust account) | 6,770 | 4.57 |
| 3 | ENEOS Holdings | 6,016 | 4.06 |
| 4 | Resona Bank | 5,493 | 3.71 |
| 5 | Sanyo Chemical Industries | 5,070 | 3.42 |
| 6 | Mizuho Bank | 3,795 | 2.56 |
| 7 | artience (ex-Toyo Ink SC Holdings) | 3,618 | 2.44 |
| 8 | JP Morgan Securities | 3,071 | 2.07 |
| 9 | State Street Bank and Trust Company | 2,428 | 1.64 |
| 10 | Not identified in source (derived residual of top-10 total) | 2,940 | 1.99 |
Competitive Landscape
Competitors by Segment
| Segment / product | Key competitors | Positioning notes |
|---|---|---|
SAP | BASF (Germany), LG Chem (Korea), Evonik (Germany), Sumitomo Seika (Japan), SDP Global / Sanyo Chemical (Japan), Formosa Plastics (Taiwan), Yixing Danson (China), Wanhua Chemical (China), Satellite Chemical (China) | NS claims No. 1 global share; Chinese capacity growth compresses spreads |
Acrylic acid / esters | BASF, Dow, Arkema, LG Chem, Mitsubishi Chemical, Toagosei, Formosa, Satellite Chemical, Wanhua, Jiangsu Jurong | AA is globally oversupplied; NS integrated into SAP |
EO / EG | Mitsubishi Chemical, Maruzen Petrochemical, SABIC, Shell, Lotte Chemical | NS is a small, domestic-focused EO/EG player |
Concrete-admixture polymers | Kao, Sika (incl. ex-Master Builders), Saint-Gobain (ex-GCP), Takemoto Oil & Fat | NS supplies base polymers to formulators |
Detergent polymers / surfactants | BASF, Dow, Kao, Lion, Sanyo Chemical, Clariant | — |
LiFSI | Chunbo (China), Tinci Materials (China), Shenzhen Capchem (China), Shanghai-area Chinese producers, Arkema (France), Nippon Shokubai | Price competition from Chinese producers is intense |
Display / electronic materials | JSR, Sumitomo Chemical, Toyo Ink (artience), Tokyo Ohka, Nippon Kayaku, DIC | Niche positions |
Iodine compounds | Godo Shigen, Ise Chemicals, SQM | Iodine prices high in FY2025 |
De-NOx catalysts | Mitsubishi Heavy Industries-related, Hitachi Zosen-related, JGC Catalysts & Chemicals, Umicore, Cormetech | Niche |
Peer Comparison FY2025
| Metric | Nippon Shokubai (FY to Mar 2026) | Sumitomo Seika (FY to Mar 2026) | Sanyo Chemical (FY to Mar 2026) | Toagosei (FY to Dec 2025) |
|---|---|---|---|---|
Revenue (JPY Mn) | 399,898 | 148,354 | 127,859 | 162,312 |
Revenue growth (%) | -2.3 | 0.5 | -10.1 | -3.2 |
Operating margin (%) | 4.4 | 9.8 | 7.8 | 8.7 |
Gross margin (%) | 18.7 | 23.9 | 25.9 | 29.0 |
Net margin (%) | 4.2 | 5.2 | 12.2 | 7.9 |
R&D / revenue (%) | 0 | 0 | 4.1 | 0 |
Recent Developments
On the Kitakyushu revision, FilingReader misstated the new capex as "JPY 430bn"; the correct figure per the company and LOGISTICS TODAY is JPY 43.0bn.
