3405
KURARAY CO.,LTD.
株式会社クラレ
Chemicals
Kuraray Co., Ltd., together with its subsidiaries, engages in the production and sale of resins, chemicals, fibers, and other-related materials in Japan, the United States, China, Europe, Asia, and internationally. The company operates through five segments: Vinyl Acetate, Isoprene, Functional Materials, Fibers, and Trading. It offers PVOH, PVB, and EVOH resins and films; methacrylic resins; heat-resistant polyamide resins; isoprene chemicals, thermoplastic elastomers; medical and dental products; activated carbon; membranes and systems for water treatment; lipids; PVA and polyester fibers; artificial leather; nonwoven fabrics; hook-and-loop fasteners; CMP pads; and plastic hose. The company is also involved in the manufacturing and sale of molded products; logistics; temporary staffing/recruitment; consulting; travel agency; insurance; and lodging and food service facilities. Its products are used in adhesives and sealants, agriculture and fishery, air and water treatment, architecture and construction, automotive and transportation, clothing and textiles, compounding and materials, electrical and electronics, energy and resources, food and beverage, healthcare and medical, industrial and manufacturing, life and personal care, packaging, paints and inks, and sports and outdoors applications. The company was formerly known as Kurashiki Rayon Co., Ltd. and changed its name to Kuraray Co., Ltd. in January 1970. Kuraray Co., Ltd. was incorporated in 1926 and is headquartered in Chiyoda, Japan.
Price
¥1,640
Market Cap
¥503.7B
Ent. Value
¥673.5B
Net Debt
−¥169.8B
Shares Out.
307.0M
P / E
69.5×
EV / EBIT
11.4×
⚠ TSE Capital Mandate
P / Book
0.68×
P / NCAV
16.75×
Div. Yield
3.29%
Financials
| Metric |
FY 2025
EDINET ↗ |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Net Sales | ¥808.4B | ¥826.9B | ¥780.9B | ¥756.4B | ¥629.4B |
| Cost of Sales | ¥561.9B | ¥559.4B | ¥541.0B | ¥514.7B | ¥425.2B |
| Gross Profit | ¥246.5B | ¥267.5B | ¥240.0B | ¥241.7B | ¥204.1B |
| SG&A | ¥187.6B | ¥182.4B | ¥164.5B | ¥154.5B | ¥131.9B |
| Operating Income | ¥58.9B | ¥85.1B | ¥75.5B | ¥87.1B | ¥72.3B |
| Non-Operating Income | ¥4.7B | ¥6.2B | ¥3.8B | ¥3.5B | ¥2.4B |
| Dividend Income | ¥830M | ¥731M | ¥779M | ¥714M | ¥553M |
| Interest Income | ¥2.3B | ¥3.4B | ¥1.8B | ¥450M | ¥141M |
| Non-Operating Expenses | ¥12.1B | ¥9.8B | ¥10.2B | ¥6.6B | ¥5.9B |
| Interest Expense | ¥2.8B | ¥2.7B | ¥2.8B | ¥1.5B | ¥1.6B |
| Ordinary Income | ¥51.5B | ¥81.5B | ¥69.0B | ¥84.1B | ¥68.8B |
| Pre-tax Income | ¥19.8B | ¥53.2B | ¥61.3B | ¥78.0B | ¥58.7B |
| Income Taxes | ¥14.8B | ¥22.0B | ¥19.0B | ¥22.4B | ¥20.3B |
| Current Tax | ¥15.1B | ¥23.9B | ¥18.1B | ¥21.2B | ¥19.7B |
| Deferred Tax | ¥-312M | ¥-1.9B | ¥908M | ¥1.2B | ¥-767M |
| Net Income (owners) | ¥7.5B | ¥31.7B | ¥42.4B | ¥54.3B | ¥37.3B |
| Minority Interest | ¥-2.4B | ¥-548M | ¥-160M | ¥1.3B | ¥1.1B |
| Comprehensive Income | ¥24.9B | ¥87.0B | ¥84.1B | ¥113.4B | ¥75.7B |
| EBITDA | ¥148.9B | ¥175.2B | ¥157.3B | ¥156.9B | ¥134.9B |
| Goodwill Amort. (J-GAAP) | ¥5.3B | ¥4.9B | ¥4.7B | ¥4.3B | ¥3.7B |
| EPS | ¥23.62 | ¥96.33 | ¥126.80 | ¥161.13 | ¥108.32 |
| Shares Outstanding | 307.0M | 323.9M | 334.8M | 334.7M | 344.0M |
| Shares Issued (total) | 308.0M | 324.9M | 354.9M | 354.9M | 354.9M |
| Treasury Shares | 0.9M | 1.0M | 20.1M | 20.2M | 10.9M |
| Metric |
FY 2025
EDINET ↗ |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥1,303.5B | ¥1,291.2B | ¥1,254.5B | ¥1,221.5B | ¥1,091.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | ¥578.4B | ¥565.3B | ¥551.7B | ¥533.9B | ¥470.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | ¥104.1B | ¥118.1B | ¥131.1B | ¥123.7B | ¥151.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Trade Receivables | ¥178.3B | ¥166.6B | ¥161.9B | ¥157.0B | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | ¥725.1B | ¥726.0B | ¥702.8B | ¥687.6B | ¥620.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | ¥549.1B | ¥540.4B | ¥527.0B | ¥512.6B | ¥455.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill | ¥52.2B | ¥53.6B | ¥55.4B | ¥56.1B | ¥52.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | ¥110.6B | ¥115.9B | ¥120.5B | ¥121.5B | ¥114.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Securities | ¥23.5B | ¥29.9B | ¥24.0B | ¥23.2B | ¥25.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | ¥20.3B | ¥21.5B | ¥16.5B | ¥16.7B | ¥14.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | ¥548.3B | ¥509.4B | ¥518.3B | ¥553.0B | ¥511.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | ¥228.2B | ¥198.2B | ¥200.6B | ¥221.3B | ¥219.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable | ¥58.5B | ¥59.6B | ¥49.1B | ¥52.7B | ¥49.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | ¥77.7B | ¥42.0B | ¥64.7B | ¥64.9B | ¥89.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Taxes Payable | ¥3.4B | ¥10.1B | ¥11.0B | ¥11.4B | ¥13.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | ¥320.1B | ¥311.2B | ¥317.8B | ¥331.7B | ¥291.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | ¥196.2B | ¥192.3B | ¥217.3B | ¥239.5B | ¥217.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension Obligations | ¥32.1B | ¥31.4B | ¥29.5B | ¥25.6B | ¥25.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | ¥23.2B | ¥24.4B | ¥18.8B | ¥17.3B | ¥12.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥755.2B | ¥781.8B | ¥736.2B | ¥668.5B | ¥579.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Stock | ¥89.0B | ¥89.0B | ¥89.0B | ¥89.0B | ¥89.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | ¥55.9B | ¥87.1B | ¥87.1B | ¥87.2B | ¥87.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | ¥386.9B | ¥396.8B | ¥426.3B | ¥399.9B | ¥359.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | ¥-1.6B | ¥-1.5B | ¥-25.7B | ¥-25.7B | ¥-15.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | ¥212.5B | ¥192.6B | ¥137.5B | ¥96.5B | ¥39.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | ¥530.1B | ¥571.4B | ¥576.7B | ¥550.3B | ¥520.1B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | ¥12.3B | ¥17.5B | ¥21.5B | ¥21.4B | ¥19.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | ¥273.9B | ¥234.3B | ¥282.0B | ¥304.4B | ¥307.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | ¥-169.8B | ¥-116.2B | ¥-150.9B | ¥-180.7B | ¥-155.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | ¥30.1B | ¥55.8B | ¥33.4B | ¥-19.1B | ¥-41.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | ¥98 | ¥172 | ¥100 | ¥-57 | ¥-120 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | ¥1,727 | ¥1,764 | ¥1,723 | ¥1,644 | ¥1,512 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2025
EDINET ↗ |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Operating CF | ¥98.6B | ¥138.3B | ¥129.3B | ¥51.7B | ¥78.2B |
| Taxes Paid | ¥-22.8B | ¥-18.9B | ¥-23.2B | ¥-19.5B | ¥-14.1B |
| Interest Paid | ¥-1.8B | ¥-2.1B | ¥-2.3B | ¥-1.2B | ¥-1.5B |
| Interest Received | ¥5.0B | ¥4.3B | ¥2.6B | ¥1.2B | ¥833M |
| D&A | ¥84.7B | ¥85.3B | ¥77.2B | ¥65.5B | ¥59.0B |
| Goodwill Amort. | ¥5.3B | ¥4.9B | ¥4.7B | ¥4.3B | ¥3.7B |
| Investing CF | ¥-98.1B | ¥-76.0B | ¥-63.2B | ¥-68.6B | ¥-65.6B |
| Purchase Investments | — | — | — | — | ¥-88M |
| Financing CF | ¥-16.3B | ¥-82.5B | ¥-65.0B | ¥-12.1B | ¥-47.4B |
| Dividends Paid | ¥-17.4B | ¥-17.3B | ¥-16.1B | ¥-13.9B | ¥-13.4B |
| Share Buybacks | ¥-30.0B | ¥-20.0B | ¥-4M | ¥-10.0B | ¥-2M |
| LT Debt Repaid | ¥-18.0B | ¥-25.0B | ¥-30.8B | ¥-55.0B | ¥-29M |
| Free Cash Flow | ¥98.6B | ¥138.3B | ¥129.3B | ¥51.7B | ¥78.2B |
| Net Change in Cash | ¥-13.4B | ¥-11.4B | ¥6.0B | ¥-24.0B | ¥-30.6B |
| Metric |
FY 2025
EDINET ↗ |
FY 2024
EDINET ↗ |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| ROE | 1.0% | 4.3% | 6.2% | 9.0% | 7.0% |
| ROA | 0.6% | 2.5% | 3.4% | 4.7% | 3.4% |
| EPS | ¥23.62 | ¥96.33 | ¥126.80 | ¥161.13 | ¥108.32 |
| DPS | ¥54.00 | ¥54.00 | ¥50.00 | ¥44.00 | ¥40.00 |
| BPS | ¥2,418.65 | ¥2,359.03 | ¥2,133.75 | ¥1,932.37 | ¥1,627.84 |
| FCF/Share | ¥321 | ¥427 | ¥386 | ¥155 | ¥227 |
| NCAV/Share | ¥98 | ¥172 | ¥100 | ¥-57 | ¥-120 |
| Payout Ratio | 228.6% | 56.1% | 39.4% | 27.3% | 36.9% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 42
Capital Allocation Signals 1
| Date | Type | Amount | Summary | |
|---|---|---|---|---|
|
2026-05-13
13:00
|
Cancellation | — | 5,830,000 treasury shares to be cancelled. | |
|
Summary
5,830,000 treasury shares to be cancelled.
Shares: 5,830,000
Source (JP)
: 当社普通株式
記
2.消却する株式の総数 : 5,830,000 株(消却前の発行済株式総数に対する割合 1.89%)
3.消却予定日 : 2026 年 5 月 29 日
(ご参考)
消却後の発行済株式総数 :
自己株式の消却に関するお知らせ
TDnet PDF
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| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 |
The Master Trust Bank of Japan, Ltd. (Trust Account)
日本マスタートラスト信託銀行㈱(信託口)
|
55,421 | 18.05% |
| 2 |
Japan Custody Bank
㈱日本カストディ銀行 (信託口)
|
21,004 | 6.84% |
| 3 | 全国共済農業協同組合連合会 | 10,882 | 3.54% |
| 4 |
Nippon Life Insurance
日本生命保険相互会社
|
10,848 | 3.53% |
| 5 |
Employee Stock Ownership Plan
クラレ従業員持株会
|
6,067 | 1.98% |
| 6 | BNYMSANV AS AGENT/CLIENTS LUX UCITS NON TREATY 1(常任代理人 ㈱三菱UFJ銀行) | 6,032 | 1.96% |
| 7 | JPモルガン証券㈱ | 5,864 | 1.91% |
| 8 |
Meiji Yasuda Life Insurance
明治安田生命保険相互会社
|
5,372 | 1.75% |
| 9 |
THE BANK OF NEW YORK MELLON
THE BANK OF NEW YORK MELLON 140042(常任代理人 ㈱みずほ銀行決済営業部)
|
5,322 | 1.73% |
| 10 |
Stock Ownership Plan
クラレ持株会
|
4,719 | 1.54% |
as of 2025-12-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
24.9%
-4.7% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
1.7%
+0.2% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
16.2%
+1.6% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 42.8% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 日本マスタートラスト信託銀行 | 19.19% | 19.64% | 18.05% -1.59% | |
| Japan Custody Bank 日本カストディ銀行 | 8.87% | 9.96% | 6.84% -3.12% | |
| 全国共済農業協同組合連合会 | 3.25% | 3.36% | 3.54% +0.18% | |
| Nippon Life Insurance 日本生命保険 | 3.12% | 3.35% | 3.53% +0.18% | |
| Employee Stock Ownership Plan クラレ従業員持株会 | 1.84% | 1.81% | 1.98% +0.17% | |
| BNYMSANV AS AGENT/CLIENTS LUX UCITS NON TREATY 1 NEW ENTRY | — | — | — | 1.96% NEW |
| JPモルガン証券 | 1.83% | 1.68% | 1.91% +0.23% | |
| Meiji Yasuda Life Insurance 明治安田生命保険 | 1.60% | 1.66% | 1.75% +0.09% | |
| BNY Mellon | 1.45% | 1.55% | 1.73% +0.18% | |
| Stock Ownership Plan クラレ持株会 | 1.40% | 1.48% | 1.54% +0.06% | |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC SECURITIES/UCITS ASSETS BNP PARIBAS LUXEMBOURG/2S/JASDEC SECURITIES/UCITS ASSETS last seen 2024 | Exited Top 10 | — | 1.28% | — |
| 日本証券金融 last seen 2023 | Exited Top 10 | 1.38% | — | — |
| Concentration (HHI) ⓘ | 482 | 523 | 417 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥11,258M
-22% since 2023
Holdings
18
8 exited
Trend
2 unwinding
vs 2023
| Held Company | FY2025 ¥11,258M total | FY2023 ¥14,349M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
Kurashiki Spinning Co., Ltd.
倉敷紡績㈱
|
2,290 |
270,119
|
781 | 270,119 | M |
|
MORITO CO.,LTD.
モリト㈱
|
2,238 |
-43.0%
↓
1,324,300
|
2,986 | 2,324,300 | M |
|
HISAMITSU PHARMACEUTICAL CO.,INC.
久光製薬㈱
|
2,010 |
457,708
|
1,973 | 457,708 | M |
|
SHOEI CO., LTD.
㈱SHOEI
|
1,705 |
960,000
|
1,766 | 960,000 | |
|
YONEX CO.,LTD.
ヨネックス㈱
|
1,593 |
480,000
|
642 | 480,000 | |
|
Riken Technos Co., Ltd.
リケンテクノス㈱
|
859 |
560,000
|
473 | 560,000 | M |
|
NITTO DENKO CORPORATION
日東電工㈱
|
371 |
+400.0%
↑
100,000
|
211 | 20,000 | |
|
NAGAILEBEN Co.,Ltd.
ナガイレーベン㈱
|
189 |
105,600
|
251 | 105,600 | |
|
Takashima & Co.,Ltd.
高島㈱
|
3 |
-99.1%
↓
3,746
|
472 | 404,051 | M |
|
Sumitomo Mitsui Trust Group, Inc.
三井住友トラストグループ㈱(注)2
|
— | — | M | ||
|
TOKYO SOIR CO.,LTD.
㈱東京ソワール(注)2
|
— | — | |||
| Amyris, Inc. | — | — | |||
|
PIGEON CORPORATION
ピジョン㈱ (注)2
|
— | — | |||
|
KOMATSU MATERE Co., Ltd.
小松マテーレ㈱ (注)2
|
— | — | M | ||
| 住江織物㈱ | — | — | |||
|
Sumitomo Rubber Industries, Ltd.
住友ゴム工業㈱
|
— | — | |||
|
NITTO SEIMO CO., LTD.
日東製網㈱
|
— | — | |||
|
TOKYO ROPE MFG. CO., LTD.
東京製綱㈱
|
— | — | M | ||
|
KUREHA CORPORATION
㈱クレハ
|
— |
−100%
Exit
—
|
1,070 | 123,900 | M |
|
Mitsubishi UFJ Financial Group, Inc.
㈱三菱UFJフィナンシャル・グループ
|
— |
−100%
Exit
—
|
1,280 | 1,057,210 | M |
|
Chugin Financial Group, Inc.
㈱ちゅうぎんフィナンシャルグループ
|
— |
−100%
Exit
—
|
527 | 526,411 | M |
|
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
|
— |
−100%
Exit
—
|
891 | 369,519 | M |
|
Sumitomo Mitsui Financial Group, Inc.
㈱三井住友フィナンシャルグループ
|
— |
−100%
Exit
—
|
580 | 84,388 | M |
|
Ashimori Industry Co.,Ltd
芦森工業㈱
|
— |
−100%
Exit
—
|
63 | 31,742 | |
| 三井住友トラスト・ホールディングス㈱ | — |
−100%
Exit
—
|
339 | 62,700 | M |
|
TOKYO SOIR CO.,LTD.
㈱東京ソワール
|
— |
−100%
Exit
—
|
44 | 54,520 | M |
| Portfolio total | 11,258 | 14,349 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding