Stella Chemifa Corporation Overview
Stella Chemifa is a 110-year-old Osaka-based specialist in inorganic fluorine chemistry. Its economic core is ultra-high-purity hydrofluoric acid (HF) and buffered HF (BHF) used to wet-etch and clean silicon wafers. Impurities are controlled to the parts-per-trillion level, up to 12N purity. Semiconductor chemicals produced 22.2bn of the company's 36.8bn yen revenue in FY2026. They are made in plants in Sakai, Kitakyushu and Singapore with a combined 105,000 tonnes per year of capacity. Around this core sit three adjacent businesses. One is niche, high-barrier fluorides: enriched boron-10 for nuclear reactors and BNCT cancer therapy, FDA-GMP tin fluoride for toothpaste, and tantalum-capacitor aids. Another is a captive hazardous-chemicals logistics arm, Blue Express. The third is a one-third stake in listed BNCT drug developer Stella Pharma. The company combines a net-cash balance sheet, a 100% total-return payout policy and a 22%-plus activist shareholder register. It is a mid-cap, AI-cycle-exposed materials supplier whose sub-8% ROE is under explicit capital-market pressure.
The company's own description (paraphrased from the FY2026 Yuho)
According to its FY2026 Annual Securities Report, the group consists of the parent, seven subsidiaries and two equity-method affiliates. Its main business is manufacturing, purchasing and selling high-purity chemicals, and it also runs a transportation business. The High-Purity Chemicals business makes and sells fluoride-centred high-purity chemicals. The company states that these products serve as ultra-high-purity etchants and cleaning agents that make higher semiconductor integration possible. They are also used as neutron absorbers in nuclear facilities, as caries-preventive toothpaste ingredients, as tantalum production aids for tantalum capacitors, and as catalysts for chemical and pharmaceutical intermediates. The Transportation business provides logistics specialised in chemical products, together with warehousing and customs clearance. "Other" covers automobile maintenance and insurance agency services. Management's stated philosophy is decisive, unconventional decision-making to build a resilient enterprise, under the slogan "Beyond the Chemical."
Independent characterisation
Stella Chemifa is best understood as a process-technology and quality franchise in one molecule family. Its main inputs are anhydrous hydrogen fluoride (AHF) and fluorspar-derived HF, mostly procured from China. It purifies, blends and fills them into semiconductor-grade etchants. Because ultra-pure HF must be shipped in fluoropolymer-lined ISO tank containers under strict hazardous-goods regimes, the company built its own logistics subsidiary, Blue Express (founded 1991). Blue Express now earns more than half its revenue from third parties and posted a 21% operating margin on external sales in FY2026. The resulting vertical model covers raw-material import, purification, filling, container management, domestic and export trucking, customs and warehousing. It is a meaningful barrier for new entrants and a source of customer stickiness. Qualification cycles at leading-edge fabs are long and switching costs are high.
Business model and revenue model
| Dimension | Characterisation | Evidence |
|---|---|---|
| Revenue model | About 87% product sales (High-Purity Chemicals), about 13% services (logistics), under 1% other services. No subscription or licensing revenue of significance. There is a small royalty stream from Stella Chemifa Singapore to the parent (JPY 143m in FY2026, parent-only, eliminated on consolidation). | Yuho FY2026 segment note; parent P&L |
| Product vs. purchased goods | Within High-Purity Chemicals, "Purchased Goods" (resold third-party chemicals) was JPY 3,255m (10% of segment) in FY2026 | FY2026 presentation |
| Pricing | Cost pass-through model. Selling prices are adjusted to reflect AHF and other raw-material inflation, which management cites as the driver of FY2026 margin resilience. | Yuho FY2026 MD&A |
| Production mode | Make-to-stock ("mainly anticipatory production"), so there is no order-backlog disclosure | Yuho FY2026 |
| Customers | Semiconductor device makers (memory, logic, foundry) in Japan, Korea, Taiwan and Singapore, served directly and via trading houses and distributors. Kanto Chemical was the largest single customer in FY2025 (JPY 3,722m, 10.3% of sales); no customer exceeded 10% in FY2026. | Yuho FY2026, FY2025 related information |
| Value-chain position | Mid-stream: AHF (upstream, largely Chinese) → purification and formulation (Stella) → fabs and wet-process chemical distributors (downstream) | Company presentations |
| End-markets | Semiconductors (70% of segment sales), general industrial and pharma intermediates, oral care, nuclear power (enriched boron), electronic components (tantalum capacitors, optics, LED phosphors, data-centre-related potassium fluoride), stainless-steel pickling (industrial HF) | FY2026 presentation; Traders Web, Aug 2026 |
Key operating facts (FY2026)
| Metric | Value | Source |
|---|---|---|
| Semiconductor-grade HF capacity | 105,000 t/yr (Sanpo 65,000; Kitakyushu 30,000; Singapore 10,000) | FY2026 presentation |
| Semiconductor HF shipment volume | 73,800 t (FY2025: 72,500 t), implying about 70% utilisation | FY2026 presentation |
| Overseas share of High-Purity Chemicals sales | 56.4% (FY2025: 58.1%; FY2027 forecast: 58.0%) | FY2026 / FY2025 presentations |
| Enriched boron capacity | 6 t/yr B-10, equivalent to 36 t/yr enriched boric acid (Izumi plant) | FY2026 presentation |
| Transport fleet | 142 tractors, 359 container semitrailers, 652 tank containers (as of April 2026) | FY2026 presentation |
Strategy
4th Medium-Term Plan (FY2026–FY2028) — stated themes (paraphrased from the FY2026 Yuho)
Management positions the plan as a period of "transformation" toward "true growth," following a groundwork-building phase. It rests on four pillars:
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Sustainable growth of existing businesses. Expand semiconductor HF sales as Japanese and overseas fabs invest, prioritising North America and Taiwan. Further diversify AHF procurement away from China. Differentiate through high-selectivity etchants (improvement completed end-2025). Grow fluorides for communications. Shift enriched-boric-acid sales from China toward Japan, Europe and North America. In logistics, address driver recruitment and retention, profitability and compliance.
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New-business creation. Build JPY 5–10bn of new businesses by the mid-2030s through cell-culture vessels, fluoride nanoparticles, fluorine-integrated flow synthesis, materials informatics, academic partnerships and possibly new R&D sites.
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Cost-of-capital-aware management. Achieve ROE of at least 8.0% by FY2028, above the assumed cost of equity.
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Strengthening the management foundation. Human capital (a full HR overhaul in June 2026 introducing role grades, process and MBO evaluation, and a performance-linked bonus), sustainability (five materialities, 2050 carbon neutrality) and digitalisation.
Financial targets and guidance
| Target | Value | Status | Source |
|---|---|---|---|
| FY2028 operating profit | JPY 5.5bn | FY2026 actual JPY 4.64bn; FY2027 guidance JPY 4.8bn; requires about +15% in FY2028 | Yuho FY2026 |
| FY2028 ROE | ≥ 8.0% | FY2026 6.6%; FY2027 guidance 7.0% | Yuho FY2026; FY2026 presentation |
| Total return ratio | ≥ 100%, 3-year cumulative FY2026–FY2028 | FY2026 71.7%; buyback under way | FY2026 presentation |
| DPS floor | JPY 170 per year | FY2026 JPY 180; FY2027 forecast JPY 180 | FY2026 presentation |
| New business | JPY 5–10bn by mid-2030s | Pre-revenue | Yuho FY2026 |
| GHG Scope 1+2 | Reduce 11,830 t (−46%) vs FY2013 base of 25,718 t by FY2030 | FY2026: 19,956 t (−22%) | Yuho FY2026 |
Strategic initiatives in the last 24 months
| Date | Initiative | Detail |
|---|---|---|
| May 2025 | 4th MTP and return policy | See above |
| May 2025 | FY2026 capex plan of JPY 7.6bn | Actual JPY 4.24bn because of the filling-facility delay; FY2027 plan JPY 4.6bn |
| Jun 2025 | Executive stock trust extended and enlarged | JPY 250m per 5 years; points equal to 10% of base pay |
| Jun 2025 | Third annual restricted-stock grant to employees | 13,850 shares to 213 employees |
| End-2025 | High-selectivity etchant improvement completed | Customer evaluation phase |
| Dec 2025 | Cell-culture vessel launch preparation | Exhibition at MBSJ; IRMAIL submission |
| Feb 2026 | Soulbrain Holdings capital and business alliance | Joint R&D and sales in high-purity chemicals including healthcare, display materials and optical film; cross-shareholding (see Section 11) |
| Feb–Mar 2026 | 110th anniversary and NRC independence reforms | Commemorative dividend; independent NRC chair |
| Jun 2026 | HR system redesign | Role-grade, evaluation and pay overhaul |
| Aug 2026 | JPY 1.9bn buyback | Toward the 100% total-return commitment |
Products & Services
High-Purity Chemicals — Semiconductors (FY2026 sales JPY 22,204m)
| Product | Description / specifications | Target customer | Notes |
|---|---|---|---|
| Ultra-high-purity hydrofluoric acid (grades SA, SA-X, SA-XX, SA-XXX) | Wet etching and cleaning of silicon wafers; HF is the only chemical that dissolves silicon oxide film. Purity ranges from 9N (impurities ≤1 ppb, grade SA) to 12N (impurities ≤1 ppt, grade SA-XXX). | Leading-edge logic, DRAM and NAND fabs | Flagship franchise; 105,000 t/yr capacity |
| BHF (buffered HF) | Mixture of 50% HF and 40% ammonium fluoride; etch rates from tens to thousands of Å/min | Fabs, LCD panel makers | Core product |
| LL BHF | BHF with surfactant for added functionality | Fabs | — |
| LAL BHF | Surfactant BHF with ammonium fluoride at 17–20% (about half conventional levels), giving extended bath life | Fabs | Productivity-enhancing |
| Ex-LAL BHF | Surfactant BHF with ammonium fluoride ≤5%, suppressing crystal precipitation in equipment | Fabs | Listed in FY2025 presentation |
| HSN BHF | High selectivity for silicon oxide versus silicon nitride, with long life | Advanced 3D NAND and logic | Basis for next-generation selective etchant |
| Next-generation highly selective etchant (development) | Higher selectivity than HSN BHF. Improvement completed at end-2025; customer sampling under way. | Advanced-node fabs | Key R&D bet (Yuho FY2026) |
| Detergents extending chemical lifetime; detergents suppressing SiN etching | Newly developed cleaning chemistries | Fabs | Product list, FY2025 presentation |
Pricing model: not publicly disclosed. Contract and indexed pass-through is implied by the MD&A.
High-Purity Chemicals — Energy (FY2026 sales JPY 1,135m)
| Product | Description | Customer | Notes |
|---|---|---|---|
| Enriched boron-10 / ¹⁰B-enriched boric acid | B-10 enriched above 99% (natural abundance about 20%). Used in PWR primary coolant reactivity control, spent-fuel cask and pool neutron absorbers, control rods, and severe-accident response water. Capacity 6 t/yr B-10 or 36 t/yr boric acid. | Nuclear utilities and reactor builders; sales currently concentrated in China | First mass production in Japan (2000). Management seeks diversification toward Japan, Europe and North America because of China country risk (Yuho FY2026). |
| ¹⁰B-enriched potassium fluoroborate | Nuclear-grade neutron absorber material | Nuclear industry | Product list |
| Boron raw material for BNCT | Raw material for Stella Pharma's borofalan (¹⁰B) | Stella Pharma | Intra-ecosystem supply |
| SL-51 cathode coating agent (development) | Oxidation-resistant fluorine compound with high ionic conductivity. Coats cathode active materials for liquid and all-solid-state Li-ion batteries. | Battery and EV makers | Sampling for high-voltage liquid LiB. Commercialisation targeted around 2030 for all-solid-state. |
| Battery additives; sodium hexafluorophosphate (Na-ion electrolyte) | Li-ion additives and Na-ion electrolyte salt | Battery makers | The FY2025 impairment of JPY 190m on idle LiB-additive expansion equipment signals scaled-back ambitions |
| LiPF6 (historic) | Plants built 1996 and 2012 | — | No longer separately reported; status of the business not disclosed in sources reviewed |
High-Purity Chemicals — Electronic Materials (FY2026 sales JPY 1,189m)
| Product | Description | Customer |
|---|---|---|
| Tantalum production aids (e.g., potassium fluorotantalate-related) | Used in producing tantalum powder for capacitors | Tantalum and capacitor makers |
| Optical fluorides: calcium, aluminium, lithium, strontium, barium, magnesium and lead fluoride | Raw materials for camera and stepper (lithography) lenses | Optics makers |
| LED phosphors and phosphor raw materials | Improve colour rendering of mini-LED backlights and public displays | Display makers |
| Potassium fluoride (data-centre related) | Cited by a broker as strong from FY2026 on data-centre demand | Electronic components (end-use detail not disclosed) |
| Small-lot R&D products | Products at the low-volume production stage | Various |
High-Purity Chemicals — General Products (FY2026 sales JPY 3,177m)
| Product | Description | Customer | Notes |
|---|---|---|---|
| Tin(II) fluoride, GMP grade | Active ingredient for OTC anti-caries and anti-gingivitis toothpaste. US FDA GMP inspection passed. Sold mainly in Europe and the US. | Global oral-care majors | New applications (e.g., hoof sterilisation) in development |
| Boron trifluoride family | High-purity BF3 and complexes (diethyl ether, dimethyl ether, n-butyl ether, THF, phenol, monoethylamine, piperidine), plus triethylamine-3HF | Pharmaceutical and chemical catalyst users | Domestic BF3 pioneer (1963) |
| Fluoroborates | Fluoroboric acid; tin, copper, lead, zinc, sodium and potassium fluoroborates | Plating and metal finishing | — |
| Other inorganic fluorides | Potassium fluorosilicate, ammonium bifluoride, sodium fluoride, potassium fluoride, ammonium fluoride, K2ZrF6, K2TiF6, refined CaF2, KPF6 | Industrial users | — |
| Contract synthesis of organic fluorine compounds | Fluorination reagents and pharma intermediates via fluorine gas and fluorinating agents, using flow and batch synthesis | Pharma and fine chemicals | New growth theme (Yuho FY2026) |
High-Purity Chemicals — Industrial HF (FY2026 sales JPY 824m)
| Product | Description | Customer |
|---|---|---|
| 55% hydrofluoric acid and industrial HF | Stainless-steel acid pickling, LCD glass slimming | Steel processors, panel makers |
High-Purity Chemicals — Purchased Goods (FY2026 sales JPY 3,255m)
Resale of third-party chemicals to complement the portfolio. The specific product list is not publicly disclosed.
New-business pipeline (all pre-commercial)
| Programme | Status | Target |
|---|---|---|
| Cell-culture vessels with proprietary fluorinated surface treatment | Up to 10 SKUs; successfully cultured neurons and two hard-to-culture primary cell types; exhibited at the 48th MBSJ annual meeting (Dec 2025) | Sales start targeted in FY2027 |
| Inorganic fluoride nanoparticle dispersions (Mg, Yb, Li, Ca, CNP-P) | Anti-reflection films for high-definition displays; dental materials; refractive-index nanofillers | — |
| Fluorinated carbon nanotubes, antistatic agents | Development | — |
| 5G/6G communications and PCB fluorides | Development and early sales | — |
| Neutron-shielding materials | Development | — |
The group-level ambition is to create JPY 5–10bn of new business by the mid-2030s (Yuho FY2026).
Transportation (Blue Express) — services
| Service | Description |
|---|---|
| Road, sea and rail transport | Hazardous and high-pressure chemical haulage. Fleet: 142 tractors, 359 container chassis, 8 tank trailers, 17 tank trucks and others. |
| Container services | Supply, leasing, cleaning and repair of ISO tank containers (Teflon-lined and reefer), JR tank containers and UN-spec IBCs. 652 tank containers and 24 portable tanks. |
| Customs clearance | Licensed sites at Ohama, Osaka, Yokohama, Shimizu, Nagoya, Kobe and Kitakyushu |
| Warehousing | Multi-function warehouses in Sakai, Sodegaura (Kanto) and Kawasaki (Yokohama office) |
| Overseas | Singapore and Shanghai forwarding |
Other
Insurance agency and automobile maintenance (Blue Auto Trust), with FY2026 external sales of JPY 120m.
Financial Narrative
All figures are consolidated, Japanese GAAP, JPY millions unless stated. Sources: Yuho FY2026 (five-year summary, statements); FY2025 and FY2026 results presentations; S&P Global via StockAnalysis for line items not in the summary (gross profit, D&A, balance-sheet detail). Ratios marked (A) are analyst-calculated.
Income statement
There are no dilutive securities, so diluted EPS equals basic EPS (Yuho FY2026). The FY2026 DPS includes a JPY 10 commemorative dividend for the 110th anniversary. The FY2022 DPS of JPY 60 comprised an interim of JPY 24, a year-end of JPY 26 and a JPY 10 special.
Margins
Revenue CAGR. FY2022→FY2026 (4 years): −0.3% (A). FY2021→FY2026 (5 years, FY2021 revenue about JPY 32.9bn per EDINET DB): about +2.3% (A). The five-year top line is essentially flat. Value creation has come from margin rather than volume.
Commentary. FY2022 was a cyclical and accounting high. Net income of JPY 5,364m was inflated by gains on selling part of the Stella Pharma stake and deconsolidating it (investing CF shows JPY 2,268m in divestitures), and equity income was JPY 994m. FY2023–FY2024 captured the memory downcycle. Semiconductor HF shipments fell to 65,100 t in FY2024 from 75,100 t in FY2022, and operating margin troughed at 8.9%. FY2025 delivered operating leverage: revenue rose 19.2% and OP rose 59.4%. FY2026 brought a record-equalling 12.6% operating margin on flat revenue, achieved through pass-through pricing. The inflection to watch is gross margin. It improved only 0.5 points in FY2026 despite price hikes, and Q1 FY2027 High-Purity Chemicals segment profit fell 9.6% YoY. This suggests the AHF cost curve, with China import prices up from JPY 168/kg in FY2021 to JPY 307/kg in FY2026, is outrunning pass-through again.
Balance sheet
Sources: Yuho FY2026 (equity ratio, BVPS, net assets, debt detail for FY2025–FY2026); FY2025 and FY2026 presentations (interest-bearing liabilities); S&P Global (other lines). FY2023 shareholders' equity is JPY 42,875m per the company versus JPY 42,923m per S&P. The company figure is used.
Commentary. The balance sheet is conservatively over-capitalised: a 74.6% equity ratio, about JPY 9.1bn of net cash at FY2026 and D/E of 0.12. Total assets rose JPY 3.4bn in FY2026, driven by two things. First, PP&E rose JPY 1.8bn, including JPY 5.35bn of construction in progress, mainly the JPY 6.22bn Sanpo container-filling facility, which is delayed to September 2027 by a construction defect. Second, investment securities rose JPY 2.4bn, reflecting the Soulbrain Holdings stake (book value JPY 1,727m against cost JPY 2,088m) and about JPY 1.5bn of new fund (LP) commitments. A notable hidden asset is the Stella Pharma stake. It is carried at JPY 547m but had a market value of JPY 8,690m at 31 March 2026, an unrealised gain of JPY 8.1bn equal to about 12% of market capitalisation (Yuho FY2026, financial instruments note).
Cash flow
The FY2022 investing CF sign has been aligned with the company's presentation (an outflow of JPY 5,674m). The company does not disclose a separate FY2022 FCF definition beyond OCF plus investing CF, which is calculated here. The total return ratios are company-reported (FY2025 and FY2026 presentations).
Commentary. Cash generation is steady but modest relative to capital intensity. Capex has run at 1.4–2.1x D&A since FY2023 as Stella refreshes purification and filling assets. Two FY2026 items distort the cash picture. The JPY 3.6bn of securities purchases (Soulbrain stake and funds) drove company-defined FCF negative, and JPY 2.06bn was raised by selling treasury shares to Soulbrain Holdings. FY2026's 71.7% total return ratio is below the 100% three-year target. Hitting the target over FY2026–FY2028 requires catch-up buybacks, which explains the JPY 1.9bn authorisation in August 2026.
Returns, liquidity and efficiency ratios
S&P Global reports TTM ROIC of 11.7% using a pre-tax or different invested-capital convention. The analyst figure above (8.3% for FY2026) uses after-tax NOPAT and nets cash, and is the more conservative measure. Both exceed S&P's 6.71% WACC estimate. Equity returns are diluted by excess cash and low-yielding investments, which is the central activist argument.
Ratio commentary. ROE has been anchored at about 6.5% for two years against a 4th MTP target of at least 8.0% by FY2028. Management implicitly acknowledges a cost of equity around 8%, since the plan targets ROE "above the assumed cost of shareholders' equity." The cash conversion cycle lengthened by 8 days in FY2026 as inventory built (+JPY 754m) ahead of FY2027 shipments. Interest coverage remains extremely high despite a doubling of interest expense (JPY 39m → JPY 74m) as yen rates normalised.
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Segment Overview
| Segment | Contents | Group entities |
|---|---|---|
High-Purity Chemicals (高純度薬品) | Manufacture and sale of fluoride-centred high-purity chemicals, in six sub-categories: Semiconductors, Energy, Electronic Materials, General Products, Industrial HF, Purchased Goods | Stella Chemifa (parent); Stella Chemifa Singapore; Zhejiang Blue Star Chemical (55%); Blue Express Shanghai International Trade; equity-method affiliates Stella Pharma (about 33.7%, falling to about 31.8% after June 2026 dilution) and Quzhou BDX (34%) |
Transportation (運輸) | Chemical-specialised logistics (road, sea and rail), customs brokerage, warehousing, ISO and IBC container leasing, cleaning and repair | Blue Express Inc.; Stella Express (Singapore); Blue Express Shanghai International Freight Forwarding |
Other | Automobile maintenance and insurance agency | Blue Auto Trust Co., Ltd. |
Revenue by Segment
| Segment | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
High-Purity Chemicals sales (JPY Mn) | 26,019 | 31,535 | 31,786 |
Transportation sales, external (JPY Mn) | 4,252 | 4,636 | 4,892 |
Other sales (JPY Mn) | 174 | 116 | 120 |
Total consolidated sales (JPY Mn) | 30,446 | 36,288 | 36,799 |
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View Subscription PlansResults by Segment and Segment Margins & Growth (%)
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
High-Purity Chemicals operating profit (JPY Mn) | 2,167 | 3,546 | 3,592 |
Transportation operating profit (JPY Mn) | 548 | 794 | 1,045 |
Other operating profit (JPY Mn) | 18 | 18 | 28 |
Eliminations (JPY Mn) | -13 | -20 | -20 |
Consolidated operating profit (JPY Mn) | 2,722 | 4,338 | 4,644 |
High-Purity Chemicals margin (%) | 8.3 | 11.2 | 11.3 |
Transportation margin on external sales (%) | 12.9 | 17.1 | 21.4 |
Transportation margin on gross sales incl. intersegment (%) | — | 9.7 | 12.0 |
Segment Margins & Growth (%) and Revenue by Segment (%)
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
High-Purity Chemicals sales growth (%) | — | 21.2 | 0.8 |
Transportation sales growth (%) | — | 9.0 | 5.5 |
High-Purity Chemicals share of total sales (%) | 85.5 | 86.9 | 86.4 |
Transportation share of total sales (%) | 14.0 | 12.8 | 13.3 |
High-Purity Chemicals OP growth (%) | — | 63.6 | 1.3 |
Transportation OP growth (%) | — | 44.8 | 31.6 |
Revenue by Segment (FY2024–FY2027F)
| Category | FY2024 | FY2025 | FY2026 | FY2027F |
|---|---|---|---|---|
Semiconductors (JPY Mn) | 18,341 | 20,992 | 22,204 | 24,310 |
Energy (JPY Mn) | 1,152 | 2,051 | 1,135 | 1,130 |
Electronic Materials (JPY Mn) | 592 | 843 | 1,189 | 1,400 |
General Products (JPY Mn) | 2,060 | 3,613 | 3,177 | 3,140 |
Industrial HF (JPY Mn) | 696 | 718 | 824 | 770 |
Purchased Goods (JPY Mn) | 3,177 | 3,317 | 3,255 | 3,640 |
Total High-Purity Chemicals (JPY Mn) | 26,019 | 31,535 | 31,786 | 34,390 |
Revenue by Segment (Quarterly)
| Metric | Q1 FY2026 | Q1 FY2027 | YoY (%) |
|---|---|---|---|
High-Purity Chemicals sales (JPY Mn) | 7,609 | 8,383 | +10.2 |
High-Purity Chemicals OP (JPY Mn) | 998 | 902 | −9.6 |
Transportation external sales (JPY Mn) | 1,159 | 1,350 | +16.5 |
Transportation OP (JPY Mn) | 226 | 337 | +49.1 |
Income Statement and Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue (JPY Mn) | 37,296 | 35,382 | 30,446 | 36,288 | 36,799 |
Revenue growth (%) | 13.4 | -5.1 | -14.0 | 19.2 | 1.4 |
Gross profit (JPY Mn) | 8,902 | 7,410 | 6,446 | 8,257 | 8,581 |
SG&A incl. R&D (JPY Mn) | 4,324 | 3,896 | 3,724 | 3,918 | 3,936 |
Operating income (JPY Mn) | 4,578 | 3,514 | 2,722 | 4,338 | 4,644 |
Depreciation and amortisation (JPY Mn) | 2,713 | 2,593 | 2,768 | 2,812 | 2,889 |
EBITDA, OP plus D&A (JPY Mn) (A) | 7,291 | 6,107 | 5,490 | 7,150 | 7,533 |
Equity-method income (JPY Mn) | 994 | 329 | -302 | -393 | -282 |
Ordinary income (JPY Mn) | 5,707 | 4,347 | 3,064 | 4,161 | 4,424 |
Pre-tax income (JPY Mn) | 6,840 | 3,366 | 2,613 | 4,224 | 4,395 |
Net income attributable to owners (JPY Mn) | 5,364 | 2,280 | 1,845 | 2,892 | 3,058 |
EPS basic (JPY) | 422.97 | 186.03 | 153.48 | 241.00 | 258.45 |
EPS diluted (JPY) | 422.97 | 186.03 | 153.48 | 241.00 | 258.45 |
Dividend per share (JPY) | 60 | 60 | 154 | 170 | 180 |
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View Subscription PlansMargin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Gross margin (%) (A) | 23.9 | 20.9 | 21.2 | 22.8 | 23.3 |
Operating margin (%) | 12.3 | 9.9 | 8.9 | 12.0 | 12.6 |
EBITDA margin (%) (A) | 19.5 | 17.3 | 18.0 | 19.7 | 20.5 |
Net margin (%) (A) | 14.4 | 6.4 | 6.1 | 8.0 | 8.3 |
Balance Sheet and Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Total assets (JPY Mn) | 56,598 | 55,471 | 58,618 | 60,725 | 64,149 |
Cash and deposits (JPY Mn) | 15,895 | 15,097 | 16,225 | 16,643 | 14,817 |
Interest-bearing liabilities, company definition (JPY Mn) | 5,594 | 4,138 | 5,119 | 5,560 | 5,748 |
Short-term borrowings (JPY Mn) | — | — | — | 2,000 | 1,600 |
Current portion of long-term loans (JPY Mn) | — | — | — | 949 | 1,084 |
Long-term loans excl. current (JPY Mn) | — | — | — | 2,424 | 2,871 |
Lease obligations, total (JPY Mn) | — | — | — | 186 | 192 |
Net debt, negative means net cash (JPY Mn) (A) | -10,301 | -10,959 | -11,106 | -11,083 | -9,069 |
Net assets, total (JPY Mn) | 42,728 | 43,162 | 44,501 | 44,992 | 48,061 |
Shareholders' equity excl. minorities (JPY Mn) | 42,218 | 42,875 | 44,261 | 44,752 | 47,824 |
Goodwill and intangibles (JPY Mn) | 375 | 261 | 149 | 42 | 69 |
Working capital (JPY Mn) | 20,777 | 19,721 | 20,112 | 20,055 | 19,844 |
Equity ratio (%) | 74.5 | 77.3 | 75.5 | 73.7 | 74.6 |
Book value per share (JPY) | 3,369.93 | 3,568.67 | 3,679.90 | 3,791.73 | 3,918.11 |
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View Subscription PlansCash Flow and Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Operating cash flow (JPY Mn) | 5,403 | 5,634 | 6,542 | 7,115 | 6,009 |
Capex, PP&E cash outflow (JPY Mn) | 2,702 | 4,586 | 5,701 | 4,165 | 4,571 |
Capex, company-reported accrual basis (JPY Mn) | — | — | 5,708 | 3,924 | 4,235 |
Free cash flow, OCF minus capex (JPY Mn) (A) | 2,701 | 1,048 | 841 | 2,950 | 1,438 |
Company FCF, OCF plus investing CF (JPY Mn) | -271 | 2,353 | 711 | 2,790 | -2,152 |
Investing cash flow (JPY Mn) | -5,674 | -3,281 | -5,831 | -4,324 | -8,162 |
Dividends paid (JPY Mn) | 633 | 825 | 1,092 | 2,177 | 2,030 |
Share buybacks (JPY Mn) | 847 | 1,348 | 0 | 1,045 | 0 |
Treasury share disposal proceeds (JPY Mn) | 0 | 0 | 0 | 0 | 2,058 |
Total return ratio (%) | 30.1 | 91.4 | 101.5 | 107.0 | 71.7 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
ROE (%), company-reported | 13.7 | 5.4 | 4.2 | 6.5 | 6.6 |
ROA, NI / period-end assets (%) (A) | 9.5 | 4.1 | 3.1 | 4.8 | 4.8 |
ROIC, NOPAT at 30.6% tax / (equity + debt − cash) (%) (A) | 9.8 | 7.6 | 5.7 | 8.9 | 8.3 |
Current ratio (x) (A) | 3.12 | 3.22 | 3.26 | 3.05 | 3.18 |
Debt / equity (x), company-reported | 0.13 | 0.10 | 0.12 | 0.12 | 0.12 |
Net debt / EBITDA (x) (A) | -1.41 | -1.79 | -2.02 | -1.55 | -1.20 |
Interest coverage, OP / interest expense (x) (A) | 131 | 110 | 91 | 111 | 63 |
Asset turnover, sales / period-end assets (x) (A) | 0.66 | 0.64 | 0.52 | 0.60 | 0.57 |
DSO (days) (A) | 84 | 73 | 81 | 71 | 73 |
DIO (days) (A) | 68 | 72 | 83 | 73 | 82 |
DPO (days) (A) | 34 | 30 | 30 | 33 | 35 |
Cash conversion cycle (days) (A) | 118 | 115 | 135 | 112 | 120 |
Dividend payout ratio, consolidated (%) (A) | 14.2 | 32.3 | 100.3 | 70.5 | 69.6 |
Revenue by Region
| Region | FY2025 | FY2026 |
|---|---|---|
Japan (JPY Mn) | 17,904 | 19,032 |
South Korea (JPY Mn) | 5,425 | 5,578 |
China (JPY Mn) | 3,023 | 1,371 |
Other Asia (JPY Mn) | 6,040 | 6,761 |
North America (JPY Mn) | 2,027 | 2,178 |
Europe (JPY Mn) | 1,365 | 1,503 |
Other (JPY Mn) | 500 | 373 |
Total (JPY Mn) | 36,288 | 36,799 |
Geographic Revenue
| Region | FY2026 YoY (%) | FY2025 share (%) | FY2026 share (%) |
|---|---|---|---|
Japan | +6.3 | 49.3 | 51.7 |
South Korea | +2.8 | 14.9 | 15.2 |
China | −54.6 | 8.3 | 3.7 |
Other Asia (Taiwan, Singapore etc.) | +11.9 | 16.6 | 18.4 |
North America | +7.4 | 5.6 | 5.9 |
Europe | +10.1 | 3.8 | 4.1 |
Other | −25.4 | 1.4 | 1.0 |
Valuation Multiples (x) and Capital Markets Data (JPY)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
FY-end share price, derived from P/E × EPS (JPY) (A) | 2,580 | 2,642 | 3,684 | 3,856 | 4,807 |
Fiscal-year high (JPY) | 3,445 | 3,020 | 3,985 | 4,660 | 5,940 |
Fiscal-year low (JPY) | 2,210 | 2,291 | 2,559 | 3,255 | 3,130 |
P/E at FY-end (x) | 6.1 | 14.2 | 24.0 | 16.0 | 18.6 |
Total shareholder return, cumulative from Mar 2021 (%) | 83.3 | 86.6 | 124.3 | 134.9 | 170.3 |
TOPIX total return, cumulative from Mar 2021 (%) | 102.0 | 107.9 | 152.5 | 150.2 | 202.2 |
Share Price & Returns
| Horizon | Performance | Source |
|---|---|---|
Current price | JPY 5,630 (6 Oct 2026) | StockAnalysis |
1-year | +37.8% (52-week price change) | StockAnalysis |
Since FY2023-end (about 3.5 years) | About +113% on derived FY2023-end price (A) | Calculated |
5-year TSR (Mar 2021 → Mar 2026) | 170.3% versus TOPIX 202.2%, an underperformance of about 32 points | Yuho FY2026 |
Recent extremes | Intraday high JPY 6,540 (14 May 2026); JPY 5,090 close (6 Aug 2026, −11.3% on Q1) | Kabushiki Shimbun; Kabuyoho |
Valuation Multiples
| Multiple | Stella Chemifa (6 Oct 2026) | Kanto Denka (Aug 2026) | Central Glass (Sep 2026) | Soulbrain Co. (Sep 2026) |
|---|---|---|---|---|
P/E trailing | 20.2x | 23.5x | 9.7x | 20.5x |
P/E forward | 19.1x (S&P); 20.2x on company EPS guidance of JPY 278.55 | 15.6x | 14.3x | 14.2x |
P/B | 1.43x | — | — | — |
EV/EBITDA | 8.35x | — | — | — |
EV/Sales | 1.62x | — | — | — |
P/S | 1.82x | 2.18x | 0.74x | 2.47x |
Dividend yield | 3.20% | 1.37% | 3.84% | 0.74% |
Per-Share Data and Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | FY2027F |
|---|---|---|---|---|---|---|
Interim DPS (JPY) | 24 | 30 | 60 | 85 | 85 | 90 |
Year-end DPS incl. special (JPY) | 36 | 30 | 94 | 85 | 95 | 90 |
Total DPS (JPY) | 60 | 60 | 154 | 170 | 180 | 180 |
Total return ratio (%) | 30.1 | 91.4 | 101.5 | 107.0 | 71.7 | — |
Authorisation by Period
| Period | Authorisation | Executed |
|---|---|---|
FY2022 | — | JPY 847m |
FY2023 | — | JPY 1,348m |
Jan–Mar 2025 | Up to 240,000 shares / JPY 1.2bn | 240,000 shares / JPY 1,045m; cancelled 31 Mar 2025 |
7 Aug – 30 Oct 2026 | Up to 300,000 shares (2.5%) / JPY 1.9bn | 111,800 shares / JPY 604m at 31 Aug 2026 |
Long-term debt maturity (JPY Mn, at 31 Mar 2026)
| Long-term debt maturity (JPY Mn, at 31 Mar 2026) | Amount |
|---|---|
Within 1 year (current portion) | 1,084 |
1–2 years | 853 |
2–3 years | 680 |
3–4 years | 514 |
4–5 years | 432 |
Over 5 years (to 2032) | 391 |
Short-term borrowings (average rate 1.35%) | 1,600 |
Average rate on long-term loans | 0.48% (current) / 0.63% (non-current) |
Analyst Conclusions
Management guidance (FY2027, unchanged at Q1)
| Metric | FY2026 actual | FY2027 guidance | Change |
|---|---|---|---|
| Sales (JPY M) | 36,799 | 39,100 | +6.3% |
| Operating profit (JPY M) | 4,644 | 4,800 | +3.3% |
| Ordinary profit (JPY M) | 4,424 | 4,900 | +10.7% |
| Net income (JPY M) | 3,058 | 3,400 | +11.2% |
| EPS (JPY) | 258.45 | 278.55 | +7.8% |
| DPS (JPY) | 180 | 180 | — |
| ROE (%) | 6.6 | 7.0 | +0.4 pt |
| Capex (JPY M) | 4,235 | 4,600 | +8.6% |
| D&A (JPY M) | 2,889 | 3,150 | +9.0% |
| R&D (JPY M) | 626 | 820 | +30.9% |
The FY2027 OP bridge assumes volume +JPY 1,000m, net price −JPY 450m (selling-price gains outpaced by raw-material inflation), other costs −JPY 373m, and transport and eliminations −JPY 21m. Middle East effects are excluded. Q1 progress stands at 24.9% of sales and 25.9% of OP guidance, in line with a linear pace.
Consensus growth expectations
Kabuyoho consensus implies OP growth of 12.0% for FY2027 (to JPY 5.2bn), about 8 points above company guidance. S&P's forward P/E of 19.1x implies forward EPS of about JPY 295. The broker trajectory (JPY 5.6bn FY2028 OP; JPY 6.15bn FY2029) implies an OP CAGR of about 10% over FY2026–FY2029.
Bull case
-
AI semiconductor volume plus spare capacity equals operating leverage. Shipments of 73,800 t against 105,000 t capacity leave room for about 40% volume growth without major greenfield capex. FY2027 semiconductor sales are guided up 9.5%, and the consensus OP of JPY 5.2bn already approaches the FY2028 MTP target of JPY 5.5bn.
-
Capital-allocation catalyst. A 100% three-year total return commitment requires about JPY 6bn-plus of FY2027–FY2028 returns, against FY2026's 71.7%. Combined with net cash of about JPY 9bn, about JPY 8bn of unrealised Stella Pharma value, and 22% activist ownership, this supports both ROE convergence toward 8% and a valuation floor.
-
Optionality layered on the core. Soulbrain-enabled Korea and new-product access, high-selectivity etchants, non-China nuclear demand for B-10, BNCT progress at Stella Pharma, and SL-51 for solid-state batteries each require little capital and add upside not in guidance.
Bear case
-
Margin squeeze is structural, not transitory. China HF import prices are up 83% since FY2021. Q1 FY2027 High-Purity Chemicals OP fell 9.6% on 10% sales growth, and guidance already shows net price −JPY 450m. Middle East–driven sulfuric acid tightness is excluded from guidance.
-
Growth has been absent for five years. FY2026 revenue sits below FY2022, R&D is only 1.7% of sales, and new businesses are pre-revenue. At 20x trailing P/E, about 1.4x book and an 8.35x EV/EBITDA multiple, the stock already discounts a growth profile it has not delivered. Korean and Chinese capacity caps share gains outside Japan.
-
Governance and capital friction. The combined Chair/CEO role and family influence (about 20%) versus activists (about 22%) have produced annual proxy contests. The board has rejected every activist proposal. Capex execution has slipped (Sanpo delayed to September 2027), and FCF covered only 64% of FY2026 dividends.
Key catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable |
|---|---|
| By 30 Oct 2026 | Completion of the JPY 1.9bn buyback (JPY 604m done at 31 Aug) |
| 12 Nov 2026 | H1 FY2027 results: High-Purity Chemicals margin trend, AHF price commentary, any guidance revision |
| Ongoing | AHF and China HF import price trajectory (Ministry of Finance monthly trade statistics); sulfuric acid supply amid Middle East developments |
| Ongoing | Semiconductor shipment volume versus FY2027 plan; Taiwan and US customer wins |
| FY2027 | First sales of cell-culture vessels (targeted FY2027) |
| H1 2027 | Tangible outputs from the Soulbrain alliance (joint products, customer access) |
| Feb–May 2027 | FY2028 guidance versus the JPY 5.5bn MTP OP target; FY2027 total-return outcome |
| Spring 2027 | Likely renewed activist proposals ahead of the June 2027 AGM; updated Dalton/NAVF holdings |
| Sep 2027 | Completion of the Sanpo filling facility (twice the capacity in half the operating time) |
| Ongoing | Stella Pharma dilution and equity-change gains; BNCT indication progress |
Analyst verdict
Stella Chemifa is a high-quality but under-earning franchise. Its core asset is world-class ultra-pure HF know-how, delivered through an integrated logistics chain and backed by a balance sheet that has weathered the 2019 Korean export shock and the 2023–2024 memory downturn without stress. FY2026's 12.6% operating margin is at the top of its range. The current AI-driven upcycle, combined with about 30% idle HF capacity, gives genuine operating leverage. A broker trajectory toward JPY 6bn-plus OP by FY2029 is plausible if pricing keeps pace with raw materials.
The investment debate, however, is less about demand than about cost pass-through and capital discipline. Q1 FY2027 delivered the first warning: segment profit fell on higher sales as AHF costs and a weak yen bit. Management's own guidance concedes negative net pricing for the year and excludes Middle East supply risk. Meanwhile ROE is stuck near 6.6%, five-year revenue growth is nil, and the stock has underperformed TOPIX by about 32 points on a five-year TSR basis.
Several factors cushion the downside: about JPY 9bn of net cash, an off-balance-sheet gain of about JPY 8bn in Stella Pharma, a JPY 170 dividend floor (3.2% yield) and a 100% three-year total-return pledge. A 22% activist bloc, which won 24.5% support even for a procedural proposal in 2026, will keep capital allocation in focus.
At about 20x trailing earnings and 1.4x book, the shares price in a credible MTP delivery but not much more. Our synthesis is a balanced, catalyst-dependent stance. Upside requires evidence, by the H1 and Q3 FY2027 prints, that High-Purity Chemicals margins have stabilised and that the board will deploy surplus capital, through buybacks or Stella Pharma monetisation, toward an ROE above 8%. Failure on either front would leave the stock exposed to the margin-squeeze bear case despite its strong franchise.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Title | Born (age at Oct 2026) | Tenure / career | Shares held |
|---|---|---|---|---|
Aki Hashimoto (橋本 亜希) | Representative Director, President & CEO; Board Chair | 4 Dec 1973 (52) | Joined 2012; Director & Executive Officer (President's Office) 2013; Representative Vice President 2014; President since Jan 2015. Member of the founding family. | 521,867 (4.21%) |
Kiyonori Saka (坂 喜代憲) | Representative Director, Executive Vice President | 30 Mar 1959 (67) | Joined 1982; Izumi and Sanpo plant head; President of Blue Express since 2008; production chief; Representative Senior Managing Director 2021; EVP since Jun 2025 | 18,000 |
Jun Takano (高野 順) | Senior Managing Director (Technology & IR; General Manager R&D) | 28 Jun 1961 (65) | Joined 1985; served as Director & President 2004–05; R&D head since 2013; Senior MD Jun 2025; current role from Jun 2026 | 25,500 |
Norio Ogata (小方 教夫) | Director, Executive Officer (Sales) | 28 Aug 1968 (58) | Joined 1992; Tokyo Sales GM; General Affairs; Sales head | 6,000 |
Masaaki Tsuchitani (土谷 匡章) | Director, Executive Officer (Production) | 10 Mar 1971 (55) | Joined 1989; Sanpo plant manager 2010–2026; production head from Jun 2026 | 1,000 |
Yasuhiko Nakashima (中島 康彦) | Director, Executive Officer (Finance & IR) | 4 Nov 1959 (66) | Ex-Resona Bank (branch GM); joined 2017 as Accounting GM; finance and IR from Jun 2026 | 500 |
Takeshi Iijima (飯島 猛司) | Director, Executive Officer (Singapore); MD Stella Chemifa Singapore | 16 Oct 1966 (59) | Joined 1991; international and Osaka sales | 4,100 |
Hirohisa Kikuyama (菊山 裕久) | Director, full-time Audit & Supervisory Committee Chair | 1 Jul 1949 (77) | Joined 1977; R&D head; Managing Director; adviser; ACM since 2016 | 65,000 |
Yusaku Nishimura (西村 勇作) | Outside Director (ACM), independent | 5 Jan 1970 (56) | Attorney, Umegae Chuo Law partner; outside auditor from 2012. The company has an advisory contract with his firm. | — |
Masae Matsumura (松村 真恵) | Outside Director (ACM), independent; Chair, Nomination & Remuneration Committee | 24 May 1954 (72) | Former Osaka Regional Taxation Bureau official and tax office head; licensed tax accountant | — |
Jun Yamamoto (山本 淳) | Outside Director (ACM), independent | 26 Dec 1970 (55) | Attorney, Dojima Law partner; director at Honyaku Center | — |
Kayoko Nishino (西野 佳代子) | Outside Director (ACM), independent | 8 Jul 1960 (66) | Former Osaka Regional Taxation Bureau international-tax head; tax accountant | — |
Akemi Uchida (内田 明美) | Outside Director (ACM), independent | 27 Apr 1965 (61) | Ex-Tomy and Topre (director), Morpho; outside director at Ishihara Sangyo and Iriso Electronics | — |
Governance Overview
| Attribute | Status |
|---|---|
Size | 13 directors (7 executive or internal, 6 Audit & Supervisory Committee members) |
Independence | 5 of 13 (38%) are independent outside directors, meeting the Prime one-third requirement but not a majority. NAVF's 2025 proposal to mandate a majority was opposed by the board. |
Gender | 3 women (23.1%) |
Chair/CEO separation | None. President Aki Hashimoto chairs the board. |
Committees | Audit & Supervisory Committee (statutory; 6 members, chaired by internal director Kikuyama); voluntary Nomination & Remuneration Committee (3 members: Hashimoto, Nishimura, Matsumura; independent chair since March 2026); management-level Compliance, Risk Management and Sustainability Committees |
Board activity | 13 meetings in FY2026; near-full attendance. Agenda included the board opinion on shareholder proposals. |
Notable governance changes | From June 2026, determination of individual executive pay was delegated to the Nomination & Remuneration Committee instead of the President, and the committee must have an independent chair and majority (Yuho FY2026) |
Directors' Remuneration
| Category | Total (JPY Mn) | Fixed | Performance-linked | Stock-based | Headcount |
|---|---|---|---|---|---|
Executive directors (excl. ACM and outside) | 223 | 142 | 59 | 21 | 7 |
Internal ACM director | 10 | 10 | — | — | 1 |
Outside directors | 28 | 28 | — | — | 5 |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
Jun 2025 | Saka promoted to Representative EVP; Takano to Senior Managing Director | Succession depth around the President |
1 Jun 2026 (announced 27 Apr 2026) | Reallocation of duties: Saka steps back from production oversight; Tsuchitani becomes production head; Takano adds IR; Nakashima moves to Finance & IR; Ogata becomes Sales head | Generational transition in operations; IR elevated amid activist pressure |
Mar 2026 | Matsumura becomes chair of the Nomination & Remuneration Committee | Governance enhancement |
Major Shareholders
| # | Holder | Shares (k) | % of outstanding ex-treasury |
|---|---|---|---|
| 1 | The Master Trust Bank of Japan (trust account) | 1,641 | 13.26 |
| 2 | FUKADA Co., Ltd. (Ashiya; founding-family related) | 1,203 | 9.72 |
| 3 | Nippon Active Value Fund plc | 550 | 4.45 |
| 4 | Aki Hashimoto | 521 | 4.21 |
| 5 | State Street Bank and Trust Co. 505103 | 500 | 4.04 |
| 6 | Custody Bank of Japan (trust account) | 477 | 3.85 |
| 7 | CACEIS Bank Luxembourg / AIF clients | 394 | 3.18 |
| 8 | Korea Securities Depository – Samsung | 390 | 3.15 |
| 9 | Nobuko Hashimoto | 367 | 2.97 |
| 10 | Asami Fukada | 334 | 2.70 |
| — | Top 10 total | 6,380 | 51.57 |
Competitive Landscape
Competitors by Segment
| Segment / product | Competitor | Country | Positioning vs. Stella |
|---|---|---|---|
Semiconductor-grade HF / BHF | Morita Chemical Industries | Japan (private, Osaka) | Stella's principal domestic rival in ultra-pure HF. Both were named in the 2019 Japan–Korea export-control episode. Financials not publicly disclosed. |
Semiconductor-grade HF / wet chemicals | Soulbrain Co., Ltd. (subsidiary of Soulbrain Holdings) | Korea | Dominant Korean supplier. Now also a capital partner of Stella through its parent, so competition and cooperation coexist. |
Semiconductor-grade HF / wet chemicals | ENF Technology | Korea | Korean localisation beneficiary |
Semiconductor-grade HF / wet chemicals | RAM Technology | Korea | Korean localisation beneficiary |
Electronic-grade HF and fluorochemicals | Do-Fluoride New Materials; Zhejiang Juhua group | China | Low-cost Chinese capacity; also part of the AHF supply chain Stella depends on |
Electronic chemicals / HF | Honeywell (Electronic Materials) | US | Global wet-chemicals supplier for US and Taiwan fabs |
High-purity process chemicals | Mitsubishi Chemical Group; Kanto Chemical | Japan | Broad-line wet-chemical suppliers. Kanto is also Stella's largest customer and distributor. |
Fluorine specialty chemicals | Daikin Industries (chemicals division) | Japan | Fluorochemical major with HF-derivative scale |
Fluorine specialty gases and battery materials | Kanto Denka Kogyo | Japan | Listed fluorine specialist (NF3, WF6, battery materials) |
Fluorochemicals and battery electrolyte (LiPF6) | Central Glass | Japan | Listed fluorine and glass group; battery-electrolyte competitor in Stella's historic LiPF6 field |
Enriched boron-10 | EaglePicher Technologies (US); Russian and Chinese isotope producers | US / other | Few global producers; Stella is the only Japanese mass producer |
Tin fluoride (oral care) | Various fine-chemical producers | Global | Niche; FDA-GMP status is Stella's differentiator |
Chemical logistics | Nippon Express, Suzuyo and other hazardous-goods carriers | Japan | Blue Express's niche is HF-specific containers and know-how |
Peer Comparison FY2012
| Metric | Stella Chemifa (FY3/2026) | Kanto Denka Kogyo (FY3/2026) | Central Glass (FY3/2026) | Soulbrain Co. (FY12/2025) |
|---|---|---|---|---|
Revenue | JPY 36.8bn | JPY 65.4bn | JPY 144.5bn | KRW 923.4bn |
Revenue growth | +1.4% | +4.9% | +0.2% | +7.0% |
Gross margin | 23.3% | 24.2% | 26.7% | 25.2% |
Operating margin | 12.6% | 8.4% | 6.9% | 14.4% |
Net margin | 8.3% | 5.8% | 5.8% | 8.6% |
R&D intensity | 1.7% | — | — | — |
Net cash (debt) | JPY +9.1bn | JPY −19.6bn | JPY −4.1bn | KRW +218.7bn |
Trailing P/E (recent) | 20.2x | 23.5x | 9.7x | 20.5x |
