Tokuyama Corporation Overview
Tokuyama is a 108-year-old Japanese inorganic and specialty chemicals group in transition. It is moving away from an energy-intensive base of soda, chlor-alkali, vinyl chloride and cement, built around its integrated Shunan (Tokuyama) complex and in-house coal-fired power. Its target is a portfolio led by semiconductor materials and healthcare.
Its strongest franchises are:
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Semiconductor-grade polycrystalline silicon, where it is one of a small number of global qualified suppliers.
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High-purity electronics-grade isopropyl alcohol (IPA) and photoresist developer (TMAH), supplied through joint ventures in Taiwan and Korea.
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Fumed silica.
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Aluminum nitride thermal-management fillers.
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Dental materials (OMNICHROMA).
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Plastic-lens photochromic materials.
The ¥80.6 bn acquisition of JSR's in-vitro diagnostics business (October 2025) and the ¥37 bn sale of domestic cement sales to Taiheiyo Cement (October 2026) are the two clearest portfolio moves in a decade. The Five-year Business Plan 2030 targets:
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¥407.5 bn sales.
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¥57.0 bn operating profit, a 14.0% margin.
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10.6% ROE.
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A 4.0% dividend-on-equity (DOE) ratio.
Company's own description
| Segment | Main products and services (FY2025 Tanshin) |
|---|---|
| Chemicals | Caustic soda, soda ash, calcium chloride, sodium bicarbonate, sodium silicate, hydrogen, vinyl chloride monomer (VCM), polyvinyl chloride (PVC) resin, propylene oxide, chlorinated solvents |
| Cement | Cement, ready-mixed concrete, cement-type stabilizer, resource recycling |
| Electronic & Advanced Materials | Polycrystalline silicon, fumed silica, tetrachlorosilane, aluminum nitride, high-purity IPA for electronics manufacturing, photoresist developer, IPA for manufacturing |
| Life Science | Medical diagnosis systems, in-vitro diagnostics, IVD pharmaceutical materials, dental materials and equipment, pharmaceutical ingredients and intermediates, plastic lens-related materials for glasses, microporous film |
| Eco Business | Ion exchange membranes, waste gypsum board recycling |
| Others (not reportable) | Overseas sales companies, distribution, real estate, utilities and logistics |
The FY2025 Tanshin defines five reportable segments "by product group based on business divisions." Each division sets a comprehensive product strategy for domestic and overseas markets. The segments are:
The company's mission, quoted in the 29 May 2026 Five-year Plan notice, is: "To create a bright future in harmony with the environment, in collaboration with customers, based on chemistry."
Under MTP 2025 (FY2021–FY2025), three fields were designated "growth businesses":
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Electronics
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Healthcare
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Environment
The stated ambition is for growth businesses to exceed 60% of consolidated sales by FY2030 (JSR acquisition notice and cement transfer notice).
Business and revenue model
Tokuyama is almost entirely a manufactured-product business:
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Revenue comes from selling physical goods: commodity chemicals, cement, specialty materials and medical consumables.
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Service revenue is limited to waste acceptance (gypsum board, and waste and by-product co-processing in cement kilns), outsourcing service income (non-operating, ¥979 M in FY2025) and some equipment maintenance in diagnostics.
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There is no material subscription or licensing revenue. The Tanshin notes that "other earnings" outside customer contracts are "insignificant."
The diagnostics business, enlarged by the Tokuyama Life Science (TLS)/MBL acquisition, adds a recurring reagent "razor-blade" stream:
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Analyzers and electrolyte-analyzer electrodes are placed in hospitals.
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Reagents and consumables are then sold over the installed base.
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The acquisition rationale was explicitly to cross-sell electrodes and reagents into hospital customers in Japan, Korea and China.
Value-chain position
Upstream integration at the Shunan complex. Salt electrolysis produces caustic soda, chlorine and by-product hydrogen. Chlorine feeds VCM and PVC, chlorinated solvents, and the trichlorosilane/tetrachlorosilane chain for polysilicon and fumed silica. Large in-house thermal power generation supplies cheap captive electricity, which is the cost basis for electrolysis and polysilicon. Cement kilns historically absorbed group by-products and external waste.
Mid-stream specialty materials. Polysilicon is sold to silicon wafer makers. High-purity IPA and TMAH go to semiconductor fabs. Fumed silica goes to silicone rubber, CMP slurry and toner customers. Aluminum nitride powder, fillers and substrates go to equipment and power-module makers.
Downstream products and consumables. Dental composites and adhesives go to dentists and dental labs. Photochromic lens materials go to lens makers. IVD reagents and analyzers go to hospitals and clinical labs. APIs and intermediates go to generic-drug makers.
Customer types and end-markets
| End-market | Products | Customer type |
|---|---|---|
| Semiconductors | Polysilicon, high-purity IPA, TMAH developer, fumed silica (CMP), AlN parts for chip equipment | Wafer makers, fabs, chip-equipment makers |
| Construction and infrastructure | Cement, ready-mix, stabilizers, soda ash (glass), PVC | Ready-mix plants, general contractors, PVC processors, glass makers |
| Industrial chemicals | Caustic soda, chlorinated solvents, propylene oxide, sodium silicate, calcium chloride | Pulp and paper, aluminium, water treatment, chemicals, de-icing |
| Healthcare | IVD reagents and analyzers, dental materials, APIs and intermediates | Hospitals, labs, dentists, generic pharmaceutical makers |
| Consumer and optical | Photochromic lens materials, microporous film, cosmetic silica and boron nitride | Lens makers, hygiene products, cosmetics |
| Environment and energy | Ion exchange membranes, alkaline water electrolyzer separators, gypsum recycling, PV glass recycling | Electrodialysis and electrolysis users, recyclers, construction |
Independent characterisation
Tokuyama is best understood as two companies inside one legal entity:
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A Japanese "process utility." This covers Chemicals, Cement and Others: about ¥204 bn of FY2025 external sales (58%). It is commodity-priced, energy-intensive and exposed to domestic demand decline and carbon costs. Its earnings swing with overseas VCM spreads, coal and naphtha prices, and logistics costs.
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A specialty-materials and healthcare company. This covers Electronic & Advanced Materials, Life Science and Eco Business: about ¥146 bn of FY2025 external sales (42%), and ¥24.2 bn of segment operating profit, about 53% of reportable-plus-other segment profit.
The investment case depends on how fast the second company grows relative to the first, and on whether the first can be shrunk or restructured without stranding the shared infrastructure at Shunan. The cement exit is the first decisive step in that direction.
Strategy
Five-year Business Plan 2030 (FY2026–FY2030), announced 29 May 2026
| Target | FY2025 actual | FY2030 target | CAGR / change |
|---|---|---|---|
| Net sales (¥ bn) | 349.4 | 407.5 | 3.1% CAGR |
| Operating profit (¥ bn) | 37.0 | 57.0 | 9.0% CAGR |
| Operating margin (%) | 10.6 | 14.0 | +3.4 points |
| EPS (¥) | 309 | 551 | — |
| ROE (%) | 8.2 | 10.6 | +2.4 points |
| ROIC (%) | 6.8 | 9.1 | +2.3 points |
| DOE (%) | 3.3 | 4.0 | +0.7 points |
| FX assumption (¥/US$) | 151 | 150 | — |
| Domestic naphtha (¥/kL) | 65,300 | 63,000 | — |
The six materialities, quoted from the notice:
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"Reinvent business portfolio"
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"Co-creation of businesses and products with customers"
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"Pursue operational excellence"
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"Take responsibility for and address issues related to global environment"
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"Strengthen governance and resilience"
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"Leverage human capital"
Core direction. The plan aims to "accelerate the reinvention of our business portfolio, centered on electronics and healthcare." Growth businesses are targeted at more than 60% of consolidated sales by FY2030.
Final-year targets:
Source: Five-year Plan notice, 29 May 2026.
Management's assessment of MTP 2025. Management stated that "none of the targets for the final year of Medium-Term Management Plan 2025 were met." FY2025 sales came in 12.6% below plan and operating profit 17.7% below plan (FY2025 Tanshin). Reasons cited:
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The semiconductor correction in the middle of the plan period.
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A lag before advanced-node demand reached Tokuyama's products.
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Lower domestic chemical and cement demand.
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Raw-material and fuel inflation.
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Higher personnel, R&D and IT costs.
FY2026 planned capital investment is ¥46.1 bn (Q1 FY2026 Tanshin), up from ¥29.1 bn spent in FY2025.
Strategic initiatives, last 24 months
| Date | Initiative | Category | Scale / target |
|---|---|---|---|
| Oct 2024 → Aug 2026 | Tokuyama Vietnam polysilicon finishing plant | Capacity and overseas expansion | Capital VND 580 bn; trial operation from Aug 2026 |
| Jul 2025 | OTSM polysilicon JV with OCI TerraSus, Sarawak | JV, clean-energy polysilicon | Capital MYR 922 M (about US$218 M); 50/50. Dec 2023 agreement cited about US$300 M total investment and about 8,000 → 10,000 t/yr capacity (JV then named "Sarawak Advanced Materials") |
| Apr–Oct 2025 | JSR IVD acquisition, creating TLS | Healthcare M&A | ¥80.6 bn cash |
| May 2025 | Tokuyama India | Market entry | Sales base |
| Sep 2025 | Cognite industrial data platform adopted | DX / AI operations | Automated operations at plants |
| Oct 2025 | Chemical sales streamlined | Organisation | Page unavailable (404) |
| Mar → Oct 2026 | Domestic cement sales transferred to Taiheiyo | Divestiture | ¥37.0 bn; expected gain about ¥30.5 bn and impairment about ¥12 bn in Q3 FY2026 |
| Apr 2026 | Cost of capital and stock price update | Capital efficiency | Target P/B consistently above 1x; continue selling cross-shareholdings |
| May 2026 | FTAC second high-purity IPA plant (Taiwan) | Capacity | 30,000 t/yr; Sept 2028 |
| May 2026 | Employee stock grant system; revised director share plan | Human capital and governance | — |
| Jun 2026 | Hantok Pyeongtaek TMAH plant | Capacity | +50% TMAH; Sept 2027 |
| Jul 2026 | DOE-based dividend policy | Shareholder returns | DOE 4.0% by FY2030; FY2026 DOE 3.4% |
| Sep 2026 | Yanai AlN powder plant | Capacity; economic-security certified | +30%; April 2028 |
| Ongoing | Carbon-neutral strategy: cement exit, biomass fuels (certified 2022), ammonia supply-hub study (METI 2022), black-pellet pilot, CCS with ITOCHU ENEX | Sustainability | Scope 1+2 cut of more than 30% vs FY2019 by FY2030 (cement Q&A) |
Near-term guidance
FY2026 forecast (released 29 Jul 2026; excludes the cement transfer):
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Net sales ¥392.0 bn (+12.2%).
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Operating profit ¥34.0 bn (-8.2%).
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Ordinary profit ¥34.0 bn.
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Net profit ¥26.0 bn (+17.1%).
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EPS ¥361.38.
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Dividend ¥132 (interim ¥60, year-end ¥72).
Products & Services
Detailed technical specifications and pricing are generally not disclosed. Where a launch year or capacity is given, it comes from company releases.
Chemicals
| Product | Description and uses | Target customers | Notes (sources) |
|---|---|---|---|
| Caustic soda (NaOH) | Chlor-alkali electrolysis product; used in pulp, aluminium, chemicals and water treatment | Domestic industrial users; exports | FY2025 earnings fell on lower exports; Q1 FY2026 lower volume and higher costs |
| Soda ash | Ammonia-soda (Solvay) process; the founding business from 1918 | Glass, detergents, chemicals | FY2025 earnings declined on volume and logistics costs |
| Calcium chloride | By-product of the soda-ash process; de-icing, dust control, desiccant | Road authorities, industry | Reported with soda ash |
| Sodium bicarbonate | Food, pharmaceutical and industrial grades | Food and pharma, flue-gas treatment | Listed in segment products |
| Sodium silicate | Detergent, civil engineering and silica feedstock | Industrial | Listed |
| Hydrogen | By-product of electrolysis; sold and used in fuel-cell demonstrations | Industrial gas, fuel cells | Demonstrations with Toyota (2020), Panasonic (2021), Honda and Mitsubishi Corp. (2023) |
| Vinyl chloride monomer (VCM) | Chlorine plus ethylene; sold domestically and exported | PVC producers; Asian export market | Overseas VCM spread is the main earnings swing factor |
| PVC resin | Produced after Shin Dai-ichi Vinyl was integrated (absorbed FY2024) | Pipe, profile and film processors | Domestic price revisions in FY2024 and Q1 FY2026 |
| Propylene oxide | Chlorohydrin-route derivative | Polyurethane and glycol makers | Listed |
| Chlorinated solvents | Methylene chloride and similar | Cleaning, extraction | Listed |
Cement (domestic sales transferred 1 Oct 2026)
| Product / service | Description | Status |
|---|---|---|
| Portland and blended cement (Nanyo plant, Shunan) | Domestic and export cement | Domestic sales transferred to Taiheiyo Cement; Nanyo plant supplies Taiheiyo under OEM until production is suspended by FY2028 (about Oct 2028); exports to be wound down gradually |
| Ready-mixed concrete | Through group companies | Subsidiaries Tokuyama Tsusho Trading and Tokuyama MTech transferred with the business |
| Cement-type stabilizer / solidification agents | Soil stabilisation | Transferred |
| Resource recycling | Co-processing of industrial waste and by-products in kilns | Taiheiyo to process almost all Nanyo internal waste; external waste negotiated case by case |
Electronic & Advanced Materials
| Product | Description and capabilities | Target customers | Flagship and recent developments |
|---|---|---|---|
| Semiconductor-grade polycrystalline silicon | Ultra-high-purity polysilicon (Siemens-type process) for monocrystal wafer growth; quality differentiation stressed for advanced nodes | Silicon wafer makers | Production since 1984 (company history). Overseas expansion: OTSM 50/50 JV with OCI TerraSus in Sarawak for semi-finished products using clean energy (capital MYR 922 M); TVC finishing plant (crushing and cleaning) in Vietnam opened Aug 2026, in trial operation |
| High-purity IPA for electronics | Wafer cleaning and drying solvent | Semiconductor fabs (Taiwan, Korea, China, Japan) | FTAC (Kaohsiung, 50/50 with Formosa Plastics); second plant of 30,000 t/yr approved 20 May 2026, start-up Sept 2028 |
| Photoresist developer (TMAH) | Tetramethylammonium hydroxide developer | Fabs | Hantok Chemicals (50/50 with LOTTE Chemical; equity method); new Pyeongtaek plant adds 50% capacity, commercial operation Sept 2027; Ulsan plant since 1995 |
| IPA for manufacturing | Industrial-grade IPA | Industrial | Listed |
| Fumed silica (REOLOSIL brand per company product pages; brand not re-verified here) | Hydrophilic and hydrophobic silica for silicone rubber, CMP, toners and encapsulants | Silicone, toner, semiconductor packaging | Production at Tokuyama Factory and Tokuyama Chemicals (Zhejiang); hydrophobic silica capacity increase announced 20 May 2022; FY2025 earnings up |
| Cosmetic silica and boron nitride | Spherical silica and BN for cosmetics | Cosmetic formulators | Shown at in-cosmetics Global 2024–2026 and PCHi 2026 |
| Tetrachlorosilane | By-product and feedstock for silica and optical fibre | Fibre and silica makers | Listed |
| Aluminum nitride (AlN) powder and fillers | High thermal conductivity ceramic powder | Power modules, EV, AI data centres, chip-equipment parts | Made since 1985; new plant at Yanai CCAT adds about 30% capacity, operating April 2028; certified under Japan's Economic Security Promotion Act |
| AlN sintered parts and substrates | Thermal-management substrates and parts | Chip-equipment and power-electronics makers | Bare-substrate capacity expanded 2019; AlN single-crystal substrates exhibited 2021 |
Life Science
| Product line | Description | Target customers | Flagship and notes |
|---|---|---|---|
| Dental materials and equipment (Tokuyama Dental Corporation) | Composite resins, bonding agents, CAD/CAM hybrid resin blocks, impression materials | Dentists, dental labs, distributors in Japan, Europe and Americas | OMNICHROMA single-shade universal composite (launched in Japan Sept 2020); new Kashima plant building for composite and CAD/CAM blocks (announced Aug 2022, completed by FY2024); European subsidiaries reorganised 2023–2024 |
| Medical diagnosis systems (A&T Corporation) | Clinical analyzers, electrolyte-analyzer electrodes, lab automation, reagents | Hospitals and labs in Japan and Korea | Wholly owned since 2020; FY2025 earnings down on higher manufacturing costs |
| In-vitro diagnostics (TLS / MBL) | Immunoassay reagents (autoimmune, allergy, oncology biomarkers), companion diagnostics, research reagents and antibodies | Hospitals, labs, pharma; China through MBL Shenzhen and MBL Beijing | Acquired 1 Oct 2025 from JSR; MBL is the operating brand |
| IVD materials (MBL Materials, formerly JSR Life Sciences Co.) | Latex beads, magnetic beads, blocking agents for immunoassays | IVD reagent makers worldwide | Sales moved to MBL from 1 Oct 2025 |
| APIs and intermediates | Generic API and intermediate synthesis; award for a novel synthetic technology (Nov 2022) | Generic-drug makers | Q1 FY2026 earnings up on generic volumes |
| Plastic lens-related materials | Photochromic dyes and coating materials for spectacle lenses | Lens makers worldwide | FY2025 flat; overseas shipments rising |
| Microporous film | Breathable polyolefin film | Hygiene product makers | China production ended Oct 2024; polyolefin film business restructured through a subsidiary share exchange (gain ¥2.3 bn in FY2024) |
| Health foods (Vitura brand, Taiwan) | Consumer health foods | Taiwanese consumers | Launched Jul 2022; small |
Eco Business
| Product / service | Description | Notes |
|---|---|---|
| Ion exchange membranes (NEOSEPTA brand per company product pages; not re-verified) | Electrodialysis membranes for salt making, desalination and food | Shipments fell in FY2024–FY2025 and Q1 FY2026 |
| Alkaline water electrolyzer separators and electrolyzers | Green-hydrogen equipment; NEDO project with Nippon Shokubai (Oct 2022) | Manufacturing and development base set up Jul 2022; early-stage |
| Waste gypsum board recycling (Tokuyama Chiyoda Gypsum, Muroran) | Takes in and recycles waste plasterboard | Steady intake; earnings improving |
| Solar panel recycling | Low-temperature thermal decomposition; cover-glass closed-loop recycling with AGC (2024), NSG (2026) and Hitachi/Itoki (2025) | Pilot and demonstration stage |
| Biomass "black pellets" | Pilot plant for non-fossil fuel (Dec 2023) | Pilot |
| Plastic window sashes | Exited in FY2023 (Excel Shanon deconsolidated) | Legacy compensation allowance remains small |
Financial Narrative
Income statement
Revenue CAGR, FY2021–FY2025: 4.4% a year. FY2022 was flattered by cost-pass-through price increases (+19.7%). FY2023–FY2025 were flat in volume terms.
Trend commentary.
FY2022 trough: Sales rose 19.7% but operating profit fell 41.6% to ¥14.3 bn. Coal, raw-material and logistics costs outran price increases, the overseas VCM market deteriorated, and Cement lost ¥3.7 bn.
FY2023 to FY2025 recovery: Operating profit rose 158% over two years to ¥37.0 bn while sales were flat. Cost of sales fell from ¥261.0 bn to ¥224.5 bn, reflecting lower fuel costs, cement price increases, manufacturing-cost programmes and the straight-line depreciation change (about ¥5.4 bn a year). Gross margin expanded by 10 points.
SG&A inflation: SG&A rose from ¥70.9 bn to ¥87.9 bn, a 24% increase. Drivers were R&D (now ¥17.7 bn in total), logistics, and from Q3 FY2025 TLS overhead and amortisation. The Five-year Plan notice cites rising personnel, R&D and IT costs as reasons the MTP 2025 targets were missed.
Guidance discipline: The FY2025 initial forecast of ¥41.5 bn operating profit was cut to ¥39.0 bn on 30 Jan 2026 because of lower chemical prices; the actual result was ¥37.0 bn. Net profit of ¥22.2 bn compares with an initial ¥29.0 bn and a revised ¥27.5 bn.
Balance sheet
FY2025 purchase-price allocation restatement. Goodwill was originally reported at ¥58,646 M, with provisional TLS goodwill of ¥60,139 M. After the 30 Jun 2026 finalisation, the restated FY2025 balance sheet shows:
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Goodwill of ¥31,008 M, amortised over 20 years.
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Customer-related intangibles of ¥39,993 M, amortised over 31 years.
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Other intangibles of ¥4,567 M.
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Deferred-tax liabilities increased by about ¥12.3 bn.
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Restated total assets of ¥569,687 M and an equity ratio of 49.7%.
Quarterly amortisation is now about ¥0.43 bn of goodwill plus ¥0.33 bn of customer assets (Q1 FY2026).
Cash flow
Commentary.
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FY2022 operating cash flow was negative (-¥11.8 bn) because of a ¥25.4 bn inventory build and a ¥13.5 bn receivables increase as prices inflated. Long-term borrowing funded the gap.
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FY2023 saw ¥61.4 bn of long-term debt repaid, including early repayment of a subordinated loan announced 27 Jul 2023.
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FY2025 funded the ¥77.7 bn TLS acquisition and ¥17.7 bn of investment-securities purchases (including OTSM capital) with ¥36.0 bn of new long-term borrowing, ¥18.0 bn of commercial paper and cash on hand.
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Buybacks are not part of the capital-return toolkit; returns are made through dividends anchored on DOE.
Ratios
Notes:
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The company disclosed a WACC of 6.5% in its 28 Apr 2026 update. FY2025 was described as the first year in four that ROIC exceeded WACC, which implies ROIC below 6.5% in FY2021–FY2024; exact values were not disclosed.
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The FY2021 ROA uses FY2020 total assets of ¥386,794 M from Finboard.
Ratio commentary.
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Leverage rose sharply in FY2025 because of the acquisition: net debt/EBITDA went from 0.7x to 2.0x. The ¥37 bn cement proceeds received on 1 Oct 2026 should cut net debt by roughly a third, before any reinvestment.
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The cash conversion cycle of 124–139 days is long. It reflects inventory-heavy processes (polysilicon, cement) and Japanese payment terms. Inventory days worsened in FY2025, partly because TLS inventories were added.
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ROE has stayed at 7–9% since FY2023, below the plan's 10.6% FY2030 target. The 0.95x P/B at FY2025 year-end (company figure) reflects that.
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View Subscription PlansFinancial Detail
Change by Date
| Date | Change | Source |
|---|---|---|
FY2021 Tanshin | The segment list text still shows "Chemicals, Specialty Products, Cement, Life & Amenity, Eco Business" (legacy wording), while the tables use Chemicals / Cement / Electronic Materials / Life Science / Eco Business | FY2022 Tanshin |
FY2023 (from 1 Apr 2023) | "Electronic Materials" renamed "Electronic & Advanced Materials"; no change in scope. Depreciation switched to straight-line, lowering depreciation by about ¥5.4 bn a year (Chemicals ¥0.9 bn, Cement ¥1.2 bn, Electronic & Advanced Materials ¥1.0 bn, Life Science ¥0.2 bn, Eco ¥0.3 bn, Others ¥1.6 bn) | FY2022 Tanshin |
FY2023 vs FY2022 | Plastic window sashes (Excel Shanon) leave Eco Business after partial share transfer (notice 21 Apr 2023) | FY2024 Tanshin |
FY2024 | Management categorisation of one subsidiary changed; FY2023 restated | FY2024 Tanshin |
FY2025 | TLS/MBL group added to Life Science from Q3 (1 Oct 2025) | FY2025 Tanshin |
FY2026 Q3 | Domestic cement sales (about ¥44.7 bn FY2024 sales, about 13% of consolidated) leaves the Cement segment from 1 Oct 2026; the Nanyo plant supplies Taiheiyo on an OEM basis until production is suspended by about Oct 2028 | Cement transfer notice and Q&A |
Segment net sales (JPY Mn)
| Segment net sales (JPY Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Chemicals | 101,482 | 116,263 | 115,594 | 115,002 | 106,226 |
Cement | 50,366 | 58,511 | 67,187 | 64,705 | 66,881 |
Electronic & Advanced Materials | 74,996 | 91,589 | 77,969 | 87,054 | 91,675 |
Life Science | 33,564 | 37,567 | 41,368 | 41,955 | 49,387 |
Eco Business | 10,305 | 13,842 | 7,392 | 5,216 | 6,129 |
Others | 36,302 | 47,331 | 43,722 | 40,769 | 41,707 |
Segment total | 307,018 | 365,105 | 353,234 | 354,702 | 362,008 |
Adjustment | -13,188 | -13,314 | -11,244 | -11,629 | -12,532 |
Consolidated net sales | 293,830 | 351,790 | 341,990 | 343,073 | 349,476 |
Segment operating profit (JPY Mn)
| Segment operating profit (JPY Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Chemicals | 14,225 | 6,887 | 11,530 | 10,832 | 9,701 |
Cement | -1,912 | -3,718 | 6,710 | 7,453 | 9,536 |
Electronic & Advanced Materials | 7,232 | 7,011 | 3,341 | 9,583 | 15,681 |
Life Science | 6,036 | 7,377 | 8,595 | 7,816 | 7,828 |
Eco Business | -468 | 46 | -102 | 52 | 655 |
Others | 3,851 | 2,036 | 1,356 | 2,163 | 2,029 |
Adjustment (mainly basic R&D) | -4,425 | -5,303 | -5,795 | -7,933 | -8,415 |
Consolidated operating profit | 24,539 | 14,336 | 25,637 | 29,968 | 37,017 |
Segment operating margin (%)
| Segment operating margin (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Chemicals | 14.0 | 5.9 | 10.0 | 9.4 | 9.1 |
Cement | -3.8 | -6.4 | 10.0 | 11.5 | 14.3 |
Electronic & Advanced Materials | 9.6 | 7.7 | 4.3 | 11.0 | 17.1 |
Life Science | 18.0 | 19.6 | 20.8 | 18.6 | 15.9 |
Eco Business | -4.5 | 0.3 | -1.4 | 1.0 | 10.7 |
Others | 10.6 | 4.3 | 3.1 | 5.3 | 4.9 |
Share of consolidated external sales (%)
| Share of consolidated external sales (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Chemicals | 33.7 | 33.5 | 30.4 |
Cement | 19.4 | 18.7 | 18.9 |
Electronic & Advanced Materials | 22.6 | 25.1 | 26.0 |
Life Science | 12.1 | 12.2 | 14.1 |
Eco Business | 2.1 | 1.4 | 1.7 |
Others | 10.1 | 9.0 | 8.9 |
Segment sales YoY growth (%)
| Segment sales YoY growth (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Chemicals | -0.6 | -0.5 | -7.6 |
Cement | 14.8 | -3.7 | 3.4 |
Electronic & Advanced Materials | -14.9 | 11.7 | 5.3 |
Life Science | 10.1 | 1.4 | 17.7 |
Eco Business | -46.6 | -29.4 | 17.5 |
Others | -7.6 | -6.8 | 2.3 |
Segment (FY2025, JPY Mn) Overview
| Segment (FY2025, JPY Mn) | Segment assets | Depreciation | Increase in tangible and intangible fixed assets |
|---|---|---|---|
Chemicals | 59,065 | 2,758 | 2,569 |
Cement | 68,950 | 3,523 | 3,096 |
Electronic & Advanced Materials | 141,206 | 5,606 | 13,275 |
Life Science | 132,618 | 2,021 | 1,989 |
Eco Business | 7,970 | 444 | 547 |
Others | 68,968 | 3,476 | 6,800 |
Adjustment / corporate | 78,651 | 3,116 | 6,038 |
Total | 557,432 | 20,948 | 34,316 |
Revenue by Segment
| Segment Q1 (JPY Mn) | Q1 FY2025 sales | Q1 FY2026 sales | Q1 FY2025 OP | Q1 FY2026 OP | Sales YoY % | OP YoY % |
|---|---|---|---|---|---|---|
Chemicals | 27,471 | 24,688 | 2,808 | 523 | -10.1 | -81.4 |
Cement | 16,080 | 16,052 | 2,517 | 2,551 | -0.2 | 1.3 |
Electronic & Advanced Materials | 21,234 | 22,303 | 2,822 | 3,126 | 5.0 | 10.8 |
Life Science | 9,097 | 14,690 | 1,705 | 2,640 | 61.5 | 54.8 |
Eco Business | 1,479 | 1,094 | 159 | -7 | -26.0 | n/m |
Others | 9,351 | 9,732 | -67 | 251 | 4.1 | n/m |
Consolidated | 81,828 | 85,654 | 7,884 | 6,076 | 4.7 | -22.9 |
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View Subscription PlansIncome statement (JPY Mn)
| Income statement (JPY Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net sales | 293,830 | 351,790 | 341,990 | 343,073 | 349,476 |
Cost of sales | 198,417 | 261,009 | 242,470 | 234,929 | 224,530 |
Gross profit | 95,412 | 90,781 | 99,519 | 108,143 | 124,946 |
SG&A | 70,872 | 76,444 | 73,882 | 78,175 | 87,928 |
Operating profit | 24,539 | 14,336 | 25,637 | 29,968 | 37,017 |
Depreciation (cash-flow statement) | 19,716 | 20,773 | 17,690 | 19,688 | 20,948 |
EBITDA (operating profit plus depreciation) | 44,255 | 35,109 | 43,327 | 49,656 | 57,965 |
Ordinary profit | 25,855 | 14,783 | 26,292 | 29,588 | 38,203 |
Profit before income taxes | 27,649 | 14,424 | 25,856 | 31,315 | 36,462 |
Income taxes | -525 | 5,061 | 8,445 | 8,037 | 13,925 |
Net profit attributable to owners | 28,000 | 9,364 | 17,751 | 23,388 | 22,205 |
Per share (JPY)
| Per share (JPY) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Basic EPS | 389.09 | 130.15 | 246.72 | 325.08 | 308.64 |
Diluted EPS (no dilutive securities) | 389.09 | 130.15 | 246.72 | 325.08 | 308.64 |
Dividends per share | 70 | 70 | 80 | 100 | 120 |
Net assets per share | 3,120.25 | 3,189.01 | 3,464.47 | 3,635.62 | 3,934.72 |
Margins (%)
| Margins (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin | 32.5 | 25.8 | 29.1 | 31.5 | 35.8 |
Operating margin | 8.4 | 4.1 | 7.5 | 8.7 | 10.6 |
EBITDA margin | 15.1 | 10.0 | 12.7 | 14.5 | 16.6 |
Net margin | 9.5 | 2.7 | 5.2 | 6.8 | 6.4 |
Balance Sheet
| Balance sheet (JPY Mn, 31 March) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets | 433,210 | 478,342 | 457,360 | 476,207 | 557,432 |
Cash and deposits | 83,116 | 68,080 | 48,684 | 75,544 | 47,193 |
Short-term debt (ST borrowings, CP, current long-term debt, current bonds) | 21,286 | 3,898 | 21,459 | 9,474 | 37,496 |
Long-term debt (bonds plus long-term borrowings) | 82,951 | 133,333 | 78,262 | 94,644 | 117,449 |
Lease liabilities (current plus non-current) | 4,979 | 5,215 | 6,061 | 6,571 | 7,074 |
Interest-bearing debt (company definition) | 109,219 | 142,447 | 105,784 | 110,691 | 162,020 |
Net debt (interest-bearing debt minus cash and deposits) | 26,103 | 74,367 | 57,100 | 35,147 | 114,827 |
Shareholders' equity (excluding minorities) | 224,506 | 229,450 | 249,256 | 261,562 | 283,086 |
Total net assets | 232,917 | 241,602 | 259,948 | 273,858 | 297,811 |
Goodwill plus intangibles | 2,682 | 3,465 | 3,463 | 4,210 | 63,222 |
Current assets | 223,950 | 253,689 | 217,776 | 234,630 | 212,070 |
Current liabilities | 102,337 | 88,244 | 103,935 | 91,338 | 121,493 |
Working capital | 121,613 | 165,445 | 113,841 | 143,292 | 90,577 |
Inventories | 55,723 | 81,323 | 71,888 | 69,652 | 74,352 |
Cash flow (JPY Mn)
| Cash flow (JPY Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow | 25,986 | -11,800 | 55,828 | 52,368 | 50,985 |
Capex (purchase of PP&E) | 31,887 | 31,916 | 31,591 | 22,598 | 29,111 |
Free cash flow (operating cash flow minus capex) | -5,901 | -43,716 | 24,237 | 29,770 | 21,874 |
Acquisitions (subsidiaries, net) | 0 | 370 | 0 | 0 | 77,707 |
Investing cash flow | -33,797 | -33,757 | -30,405 | -23,478 | -122,975 |
Financing cash flow | 5,118 | 30,151 | -46,508 | -1,106 | 41,792 |
Dividends paid | 5,034 | 5,036 | 5,038 | 6,839 | 7,921 |
Share buybacks (net treasury purchases) | 101 | 3 | 12 | 6 | 4 |
Cash and equivalents at year-end | 82,496 | 67,556 | 47,905 | 74,926 | 46,466 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratios | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE (%, company) | 13.2 | 4.1 | 7.4 | 9.2 | 8.2 |
ROA (%, net profit over average total assets) | 6.8 | 2.1 | 3.8 | 5.0 | 4.3 |
ROIC (%, company) | — | — | — | — | 6.8 |
Current ratio (x) | 2.19 | 2.87 | 2.10 | 2.57 | 1.75 |
Debt/equity (x, interest-bearing debt over shareholders' equity) | 0.49 | 0.62 | 0.42 | 0.42 | 0.57 |
Net D/E (x, company definition) | 0.12 | 0.32 | 0.23 | 0.13 | 0.41 |
Net debt / EBITDA (x) | 0.59 | 2.12 | 1.32 | 0.71 | 1.98 |
Interest coverage (x, operating profit over interest expense) | 17.8 | 9.0 | 19.2 | 32.9 | 26.0 |
Asset turnover (x, sales over average assets) | 0.72 | 0.77 | 0.73 | 0.73 | 0.68 |
Days sales outstanding (year-end) | 97 | 96 | 93 | 87 | 86 |
Days inventory (year-end, on cost of sales) | 103 | 114 | 108 | 108 | 121 |
Days payables (year-end, on cost of sales) | 90 | 70 | 72 | 71 | 69 |
Cash conversion cycle (days) | 110 | 139 | 129 | 124 | 138 |
Equity ratio (%) | 51.8 | 48.0 | 54.5 | 54.9 | 50.8 |
Market Data Details
| Market data (as of 14 Aug 2026) | Value |
|---|---|
Share price (JPY) | 4,244 |
Market capitalisation (JPY Bn) | 305.4 |
52-week range (JPY) | 3249 – 5768 |
1-year price change (%) | +28.2 |
Beta | 0.51 |
Dividend yield on the FY2026 ¥132 forecast (%) | 3.1 |
Analyst consensus (StockAnalysis, 3 analysts) | Buy; average target ¥4,857 (+14.4%) |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
P/E on FY2025 EPS (x) | 13.8 | EPS ¥308.64 |
P/E on FY2026 forecast EPS (x) | 11.7 | EPS ¥361.38 |
P/B (x) | 1.08 | Net assets per share ¥3,934.72 (Mar 2026) |
Enterprise value (JPY Bn) | 434.9 | Market cap 305.4 + net debt 114.8 + non-controlling interests 14.7 |
EV/EBITDA, FY2025 (x) | 7.5 | EBITDA ¥58.0 bn |
EV/Sales, FY2025 (x) | 1.24 | — |
Valuation Multiples (x) and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
P/B at fiscal year-end (x) | 0.55 | 0.66 | 0.78 | 0.77 | 0.95 |
Market-price equity ratio (%) | 28.5 | 31.7 | 42.7 | 42.1 | 48.2 |
Dividend history
| Dividend history | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
Dividend per share (JPY) | 70 | 70 | 80 | 100 | 120 | 132 |
Payout ratio (%) | 18.0 | 53.8 | 32.4 | 30.8 | 38.9 | 36.5 |
DOE (%) | 2.4 | 2.2 | 2.4 | 2.8 | 3.2 | 3.4 |
Credit Ratings
| Agency | Long-term | Short-term | Outlook | Date |
|---|---|---|---|---|
Rating and Investment Information (R&I) | A | a-1 | Stable | 29 Sep 2026 |
Moody's / S&P / Fitch | Not rated (none disclosed) | — | — | — |
Capital Instruments
| Instrument | Amount (JPY Mn) | Coupon | Maturity |
|---|---|---|---|
25th unsecured bonds | 10,000 | 0.37% | 1 Mar 2027 |
27th unsecured bonds | 20,000 | 0.868% | 11 Jun 2029 |
26th unsecured bonds | 5,000 | 0.60% | 1 Mar 2032 |
Commercial paper | 18000 (19000 at 30 Jun 2026) | — | Short-term |
Short-term borrowings | 5,883 | — | Under 1 year |
Current portion of long-term borrowings | 3,613 | — | Under 1 year |
Long-term borrowings | 92,449 | — | — |
Lease liabilities | 7,074 | — | Various |
Analyst Conclusions
Management guidance
| FY2026 guidance (JPY Mn) | FY2025 actual (restated) | FY2026 forecast | Change (%) |
|---|---|---|---|
| Net sales | 349,476 | 392,000 | 12.2 |
| Operating profit | 37,071 | 34,000 | -8.3 |
| Ordinary profit | 38,256 | 34,000 | -11.1 |
| Net profit attributable to owners | 22,207 | 26,000 | 17.1 |
| EPS (¥) | 308.66 | 361.38 | 17.1 |
| Dividend per share (¥) | 120 | 132 | 10.0 |
The guidance excludes the cement transfer (about ¥30.5 bn gain and about ¥12 bn impairment in Q3). The FY2030 targets are sales ¥407.5 bn, operating profit ¥57.0 bn, operating margin 14.0%, ROE 10.6%, ROIC 9.1% and DOE 4.0%.
Consensus: three covering analysts rate the stock Buy with an average target of ¥4,857 (StockAnalysis).
Bull case
-
Electronics compounding. The segment's operating profit already went from ¥3.3 bn to ¥15.7 bn in two years. The 2027–2028 capacity wave (Hantok +50%, FTAC +30,000 t/yr, Yanai AlN +30%, plus the Vietnam and Malaysia polysilicon chain) is timed for AI-driven advanced-node demand. That could take segment operating profit well above ¥20 bn by FY2030.
-
Cleaner portfolio and balance sheet. The cement exit removes a structurally declining ¥45 bn-sales business and about 2.8 Mt/yr of CO2, and brings in ¥37 bn of cash. Net debt/EBITDA falls back toward roughly 1.4x, and the share of sales from growth businesses rises automatically.
-
Rising returns. The DOE framework and cross-shareholding sales lift dividends (¥132, heading toward a 4% DOE). Hitting the 10.6% ROE target would support a P/B above 1x, from 1.08x today.
Bear case
-
Execution and credibility. MTP 2025 missed every target, FY2025 guidance was cut and then missed again, and FY2026 operating profit guidance (¥34.0 bn) sits below FY2025. A 9% operating-profit CAGR to FY2030 needs a step-change the company has not yet shown.
-
Commodity drag and cost shocks. Chemicals operating profit collapsed 81% in Q1 FY2026. Middle East supply risk, Asian VCM oversupply and coal-based power costs can wipe out electronics gains, as happened in FY2022.
-
Capital-allocation risk. About ¥71 bn of TLS goodwill and intangibles depends on a niche IVD franchise whose earnings fell in FY2025. Overseas polysilicon recalls the Malaysia write-offs of more than ¥200 bn.
Catalysts and things to monitor (next 12 months)
| Timing | Catalyst / monitorable |
|---|---|
| 29 Oct 2026 | Q2 FY2026 results: any guidance revision to include the cement gain and impairment; Chemicals recovery after the raw-material shortage |
| Q3 FY2026 (Oct–Dec 2026) | Booking of the about ¥30.5 bn gain and about ¥12 bn impairment; use of the ¥37 bn proceeds |
| Late 2026 – 2027 | TVC qualification and commercial shipments; OTSM construction progress |
| 1 Mar 2027 | ¥10 bn bond redemption |
| Apr 2027 | FY2026 results and FY2027 guidance; Taiheiyo price revision on OEM cement |
| Sept 2027 | Hantok Pyeongtaek start-up |
| Ongoing | TLS synergy evidence (Life Science margin back toward 18–20%); semiconductor cycle; ¥/US$ and naphtha versus the plan assumptions (150 and ¥63,000/kL); cross-shareholding sales; power-contract provisions |
Analyst verdict
Tokuyama in late 2026 is a credible but unfinished transformation story at a reasonable price.
What has gone right. The quality of earnings has clearly improved. Group operating profit nearly tripled from the FY2022 trough to ¥37.0 bn in FY2025, and gross margin widened by ten points. The mix is shifting: Electronic & Advanced Materials and Life Science together generated more than half of segment profit. The company has also made two decisive portfolio moves within twelve months. It bought a diagnostics platform from JSR for ¥80.6 bn, and it sold domestic cement to Taiheiyo for ¥37 bn. Many Japanese chemical companies take years to take steps of this kind. The 2027–2028 electronics capacity wave is concrete, partly financed by joint-venture partners, and aimed at the right demand (advanced-node purity and AI-related thermal management).
What still weighs on it. Execution is the weakness. Every MTP 2025 target was missed, FY2025 guidance was cut and then missed again, and FY2026 operating profit guidance is below last year's. The Chemicals segment remains a source of volatility, as Q1 FY2026 showed, and coal-based captive power is both a cost advantage and a carbon liability. The diagnostics acquisition roughly doubled leverage. It now has to prove it can earn more than its cost of capital: TLS goodwill and customer assets total about ¥71 bn, against a group ROIC of only 6.8%.
Valuation. At ¥4,244 (14 August 2026), the shares trade at about 11.7x forecast earnings, 7.5x EV/EBITDA and 1.08x book, with a 3.1% yield backed by a rising DOE floor. That price assumes some progress but not delivery of the FY2030 plan (EPS ¥551, ROE 10.6%). If management meets even two-thirds of the planned operating-profit growth, the stock looks undervalued. If the commodity businesses suffer another FY2022-style squeeze, the dividend policy and balance sheet provide protection, but a re-rating would stall.
Overall: constructive, with execution risk explicitly priced in. The key evidence over the next four quarters is whether the Chemicals segment stabilises and whether the Life Science margin recovers after the acquisition.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Position | Responsibilities | Independent | Background (where verified) |
|---|---|---|---|---|
Hiroshi Yokota | Representative Director, Chairperson | Chemicals, Audit Office, Secretarial | No | President until 31 Mar 2026; Chair from 1 Apr 2026 |
Tomohiro Inoue | Representative Director, President & Executive Officer | Corporate Planning, Life Science, Eco Business, Manufacturing Strategy & Operations, Digital, Carbon Neutral Strategy, New Business | No | Born 8 Dec 1964; joined Tokuyama Soda Apr 1989. GM of Business Promotion Project Dept. (2013), Recycling & Environment (2015), Cement Manufacturing (2018); Executive Officer and Deputy GM of Cement Business (2021); GM of Eco Business (2022); Managing Executive Officer (2023), Director (Jun 2023); GM of Corporate Planning (Apr 2024) |
Takahide Taniguchi | Director, Senior Managing Executive Officer | Cement, Sustainability, General Affairs & HR, Procurement & Logistics | No | — |
Katsumi Nagase | Director, Senior Managing Executive Officer | R&D; Electronic & Advanced Materials | No | — |
Hiraku Ishizuka | External Director | — | Yes (external) | — |
Shiro Saito | External Director | — | Yes (external) | — |
Yumiko Kajiwara | External Director | — | Yes (external) | — |
Kazumasa Sueoka | Director, Audit & Supervisory Committee Chair | — | No (internal) | — |
Nobuko Mizumoto | External Director, Audit & Supervisory Committee member | — | Yes (external) | — |
Naoki Kondo | External Director, Audit & Supervisory Committee member | — | Yes (external) | — |
Executive Leadership Team
| Name | Title | Role |
|---|---|---|
Hiroshi Yokota | Chairperson | — |
Tomohiro Inoue | President & Executive Officer | CEO |
Fumiaki Iwasaki | Senior Managing Executive Officer | GM, Life Science Business Div. (born 21 Jun 1960; joined 1986; R&D and Life Science; former head of Kashima Factory) |
Takahide Taniguchi | Senior Managing Executive Officer | GM, Cement Business Div. |
Katsumi Nagase | Senior Managing Executive Officer | GM, Electronic & Advanced Materials HQ; Research & Development Div.; Advanced Materials Div. |
Hirotaka Nishihara | Managing Executive Officer | President, Tokuyama Dental Corporation |
Yasushi Okuno | Managing Executive Officer | GM, Manufacturing Strategy & Operations HQ and Tokuyama Factory |
Takashi Sato | Managing Executive Officer | GM, General Affairs & HR; Digital Administration & Planning |
Takeshi Ito | Managing Executive Officer | GM, Corporate Planning Div. and New Business Div. (closest to a CFO / strategy head) |
Seiji Teranishi | Managing Executive Officer | Deputy GM, Electronic & Advanced Materials HQ; GM, Electronic Materials Div. |
Naoki Tamura | Executive Officer | GM, Eco Business Div. |
Yuji Inoue | Executive Officer | GM, Carbon Neutral Strategy Div. |
Etsuji Uchida | Executive Officer | GM, Engineering Center |
Mitsuaki Yasumura | Executive Officer | GM, Chemicals Business Div. |
Nami Arimura | Executive Officer | GM, Corporate Sustainability Div. |
Yoshinori Katayama | Executive Officer | Deputy GM, Corporate Planning; GM, Finance & Investment Management Dept. |
Atsunari Mitani | Executive Officer | GM, Procurement & Logistics; Deputy GM, Tokuyama Factory |
Board & Management Changes
| Date announced | Effective | Change |
|---|---|---|
22 Apr 2025 | 24 Jun 2025 | Fumiaki Iwasaki becomes Representative Director; Hideo Sugimura steps down as Representative Director and becomes Advisor |
23 Jan 2026 | 1 Apr 2026 | Inoue becomes President; Yokota becomes Chair; Iwasaki ceases to be a representative director |
28 Apr 2026 | 26 Jun 2026 (AGM) | Changes of directors and selection of substitute Audit & Supervisory Committee directors |
| — | 1 Apr 2026 | Koji Ozawa replaces Tetsuya Nakano as GM of Corporate Communications & IR (per Tanshin contacts) |
Major Shareholders
| Rank | Shareholder | Shares (thousands) | % (excluding treasury) |
|---|---|---|---|
| 1 | The Master Trust Bank of Japan (trust account) | 12,288 | 17.05 |
| 2 | Custody Bank of Japan (trust account) | 4,850 | 6.73 |
| 3 | Nippon Life Insurance Company | 2,174 | 3.01 |
| 4 | State Street Bank and Trust Company 505223 | 1,896 | 2.63 |
| 5 | BNY GCM Client Account JPRD AC ISG (FE-AC) | 1,764 | 2.44 |
| 6 | Meiji Yasuda Life Insurance Company | 1,488 | 2.06 |
| 7 | Tokuyama employee share ownership association | 1,427 | 1.98 |
| 8 | HSBC Fund Services HSBC 006 MF EFM | 1,300 | 1.80 |
| 9 | BNP Paribas Luxembourg / JASDEC / UCITS | 1,235 | 1.71 |
| 10 | The Yamaguchi Bank | 1,214 | 1.68 |
Competitive Landscape
Competitors by Segment
| Segment / product | Principal competitors | Tokuyama's relative position |
|---|---|---|
Semiconductor polysilicon | Wacker Chemie (Germany); Hemlock Semiconductor (US, private); Mitsubishi Materials / SUMCO-linked supply (Japan); OCI (Korea and Malaysia; also Tokuyama's JV partner); Chinese electronic-grade entrants (e.g., GCL, Huanghe Hydropower) | One of a small number of qualified high-purity suppliers to leading wafer makers; differentiates on quality for advanced nodes; smaller capacity than Wacker or Hemlock |
High-purity IPA | LCY Chemical (Taiwan), Tokuyama/FTAC, Kanto Chemical, Isu Chemical (Korea), Chinese suppliers | Leading position in Taiwan through the Formosa JV; capacity expanding |
TMAH developer | Tama Chemicals, SACHEM (US), Kanto Chemical, Hantok (Tokuyama JV), Chang Chun (Taiwan) | Strong in Korea through Hantok |
Fumed silica | Evonik (AEROSIL), Wacker (HDK), Cabot (CAB-O-SIL), Orisil and Chinese producers | Niche Asian player; strong in Japan and China |
Aluminum nitride | Toyo Aluminium, Denka, Furukawa Denshi, MARUWA (substrates), Kyocera | Long-standing powder leader with a high-purity reputation; expanding |
Chlor-alkali / VCM / PVC | Tosoh, Shin-Etsu Chemical, Kaneka, AGC (Vinythai), Chinese and Middle Eastern VCM exporters | Regional mid-sized producer with integrated power; exposed to Asian VCM spreads |
Soda ash / calcium chloride | Imported soda ash (US natural soda ash, Chinese synthetic); AGC historically | — |
Cement (until 2026) | Taiheiyo Cement, UBE Mitsubishi Cement, Sumitomo Osaka Cement, Tosoh | Being exited; Taiheiyo is the buyer |
Dental materials | GC Corporation, Shofu, Kuraray Noritake, 3M/Solventum, Dentsply Sirona, Ivoclar | OMNICHROMA gives a differentiated composite niche; much smaller than global leaders |
IVD (immunoassay, electrolytes) | Sysmex, Fujirebio (H.U. Group), Roche, Abbott, Siemens Healthineers, Hitachi High-Tech, Eiken | Niche in autoimmune and allergy reagents (MBL) and electrolytes (A&T) |
Photochromic lens materials | Transitions (EssilorLuxottica), Mitsui Chemicals, Corning | — |
Ion exchange membranes | AGC (SELEMION), Asahi Kasei, Fujifilm, Suez | One of a few Japanese suppliers |
Competitor Detail
| Metric (FY2025 unless noted) | Tokuyama |
|---|---|
Revenue | ¥349.5 bn |
Revenue growth | 1.9% |
Operating margin | 10.6% |
R&D intensity | 5.1% |
Recent Developments
Upcoming: * Q2 FY2026 results scheduled for 29 Oct 2026 (company IR page).
Cement sales staff are seconded to the buyer, and other employees are being absorbed within the group in Yamaguchi.
