4023
KUREHA CORPORATION
株式会社クレハ
Basic Materials · Specialty Chemicals
Kureha Corporation manufactures and sells functional materials, specialty chemicals, and plastics in Japan and internationally. The company operates through five segments: Advanced Materials, Specialty Chemicals, Specialty Plastics, Construction, and Other Operations. The Advanced Materials segment offers polyphenylene sulfide, polyvinylidene fluoride (PVDF), processed polyglycolic acid products, carbon fiber, and bead-shaped activated carbon products. The Specialty Chemicals segment provides therapeutic agents for chronic renal failure, agricultural and horticultural fungicides, caustic soda, hydrochloric acid, sodium hypochlorite, monochlorobenzene, para-dichlorobenzene, and ortho-dichlorobenzene. The Specialty Plastics segment offers household plastic wraps, garbage bags for kitchen sink, plastic food containers, cooking paper, PVDF fishing lines, polyvinylidene chloride films, multilayer heat-shrinkable films, and auto-pack machinery for food packaging. The Construction segment provides civil engineering and construction contracting, and construction supervision services. The Other Operations segment offers industrial waste treatment and environmental processing facilities; physiochemical analysis, measurement, testing, and inspection services; and transportation and warehousing, and medical services. The company was incorporated in 1944 and is headquartered in Tokyo, Japan.
Price
¥3,905
Market Cap
¥194.2B
Ent. Value
¥164.5B
Net Cash
est
¥29.7B
Shares Out.
49.7M
P / E
13.0×
EV / EBIT
1.0×
P / Book
1.29×
P / NCAV
N/M
Div. Yield
5.48%
Financials
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Net Sales | ¥161.7B | ¥161.7B | ¥178.0B | ¥191.3B | ¥168.3B |
| Cost of Sales | — | ¥116.1B | ¥126.6B | ¥136.5B | ¥117.5B |
| Gross Profit | — | ¥45.5B | ¥51.3B | ¥54.8B | ¥50.9B |
| SG&A | — | ¥32.3B | ¥32.6B | ¥32.0B | ¥27.5B |
| Operating Income | ¥165.0B | ¥-18.6B | ¥12.8B | ¥22.4B | ¥20.1B |
| Non-Operating Income | — | ¥986M | ¥1.3B | ¥871M | ¥532M |
| Interest Income | — | ¥215M | ¥211M | ¥158M | ¥71M |
| Non-Operating Expenses | — | ¥196M | ¥191M | ¥228M | ¥276M |
| Interest Expense | — | ¥189M | ¥181M | ¥222M | ¥155M |
| Ordinary Income | ¥-18.3B | ¥10.2B | — | — | — |
| Pre-tax Income | — | ¥-18.3B | ¥13.9B | ¥23.0B | ¥20.4B |
| Net Income (owners) | ¥-10.6B | ¥-10.7B | ¥9.7B | ¥16.9B | ¥14.2B |
| Minority Interest | — | ¥96M | ¥108M | ¥109M | ¥129M |
| Comprehensive Income | — | ¥7.7B | ¥21.6B | ¥20.9B | ¥19.0B |
| EBITDA | — | ¥-6.3B | ¥24.5B | ¥34.0B | ¥31.7B |
| EPS | ¥301.17 | ¥-267.14 | ¥173.03 | ¥864.30 | ¥725.73 |
| Shares Outstanding | — | 49.7M | 55.0M | 19.5M | 19.5M |
| Shares Issued (total) | — | 55.4M | 58.6M | 20.8M | 20.8M |
| Treasury Shares | — | 5.7M | 3.5M | 1.3M | 1.3M |
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | ¥276.6B | ¥338.4B | ¥330.6B | ¥296.4B | ¥282.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Assets | — | ¥110.9B | ¥119.9B | ¥121.0B | ¥112.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash & Deposits | — | ¥29.7B | ¥23.1B | ¥32.2B | ¥30.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Assets | — | ¥227.6B | ¥210.7B | ¥175.4B | ¥170.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PP&E | — | ¥147.1B | ¥140.5B | ¥117.4B | ¥114.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | — | ¥5.3B | ¥5.0B | ¥4.5B | ¥4.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Assets | — | ¥2.0B | ¥2.1B | ¥1.9B | ¥1.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Liabilities | — | ¥171.3B | ¥107.5B | ¥79.6B | ¥81.9B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current Liabilities | — | ¥77.8B | ¥52.9B | ¥60.8B | ¥62.6B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ST Debt | — | ¥37.3B | ¥11.9B | ¥13.4B | ¥14.8B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Non-Current Liabilities | — | ¥93.4B | ¥54.6B | ¥18.8B | ¥19.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total LT Borrowings | — | ¥82.3B | ¥39.1B | ¥8.6B | ¥11.4B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Tax Liab. | — | ¥7.6B | ¥8.7B | ¥2.9B | ¥2.3B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Equity | ¥115.8B | ¥167.2B | ¥223.1B | ¥216.8B | ¥200.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital Surplus | — | ¥14.7B | ¥14.7B | ¥14.7B | ¥14.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Retained Earnings | — | ¥145.4B | ¥177.3B | ¥179.0B | ¥166.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury Stock | — | ¥-15.8B | ¥-9.6B | ¥-8.7B | ¥-8.7B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AOCI | — | ¥17.9B | ¥20.8B | ¥12.1B | ¥9.0B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity (owners) | — | ¥165.2B | ¥221.4B | ¥215.2B | ¥199.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minority Interests | — | ¥1.8B | ¥1.8B | ¥1.6B | ¥1.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Interest-Bearing Debt ⓘ | — | ¥119.7B | ¥51.0B | ¥22.0B | ¥26.2B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Cash ⓘ | — | ¥-89.9B | ¥-27.9B | ¥10.2B | ¥4.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV ⓘ | — | ¥-60.4B | ¥12.4B | ¥41.4B | ¥30.5B | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NCAV/Share | — | ¥-1,214 | ¥226 | ¥2,119 | ¥1,563 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BV/Share | — | ¥3,322 | ¥4,023 | ¥11,026 | ¥10,207 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| Operating CF | — | ¥28.0B | ¥11.6B | ¥22.7B | ¥28.6B |
| D&A | — | ¥12.3B | ¥11.7B | ¥11.6B | ¥11.6B |
| Investing CF | — | ¥-13.7B | ¥-34.3B | ¥-11.1B | ¥-11.0B |
| Purchase Investments | — | ¥-358M | ¥-337M | ¥-13M | ¥-379M |
| Financing CF | — | ¥-8.0B | ¥12.1B | ¥-10.5B | ¥-6.1B |
| Free Cash Flow | — | ¥28.0B | ¥11.6B | ¥22.7B | ¥28.6B |
| Net Change in Cash | — | ¥-1.6B | ¥-9.1B | ¥1.6B | ¥12.8B |
| Metric |
FY 2025
TDnet |
FY 2024
TDnet |
FY 2023
EDINET ↗ |
FY 2022
EDINET ↗ |
FY 2021
EDINET ↗ |
|---|---|---|---|---|---|
| ROE | -7.5% | -5.5% | 4.4% | 8.1% | 7.1% |
| ROA | -3.4% | -3.2% | 3.1% | 5.8% | 5.0% |
| EPS | ¥301.17 | ¥-267.14 | ¥173.03 | ¥864.30 | ¥725.73 |
| DPS | ¥214.00 | ¥109.50 | ¥173.34 | ¥270.00 | ¥210.00 |
| BPS | ¥3,027.08 | ¥4,323.33 | — | — | — |
| FCF/Share | — | ¥563 | ¥211 | ¥1,165 | ¥1,464 |
| NCAV/Share | — | ¥-1,214 | ¥226 | ¥2,119 | ¥1,563 |
| Payout Ratio | 71.1% | — | 100.2% | 31.2% | 28.9% |
Event Timeline
S Shareholder
A Capital Signal
Large Shareholder Reports 27
Capital Allocation Signals 2
| Date | Type | Amount | Summary | |
|---|---|---|---|---|
|
2026-05-12
15:30
|
Cancellation | — | 9,700,000 treasury shares to be cancelled. | |
|
Summary
9,700,000 treasury shares to be cancelled.
Shares: 9,700,000
Source (JP)
当社普通株式
2.消却する株式の総数 9,700,000 株
3.消却後の発行済株式総数 40,242,221 株
4.消却予定日 2026 年 6 月 30 日
(ご参考)
1.自己株式保
自己株式の消却に関するお知らせ
TDnet PDF
|
||||
|
2026-05-12
15:30
|
Div Increase | ¥4.0B ¥104.5/sh +141% | Kureha Corporation announced a dividend increase of ¥104.50 per share (vs. ¥43.35 in prior year), representing a 141% ye… | |
|
Summary
Kureha Corporation announced a dividend increase of ¥104.50 per share (vs. ¥43.35 in prior year), representing a 141% year-over-year increase with total dividend amount of ¥3,993 million. The company has adopted a DOE (consolidated dividend payout ratio) of ~5% as its new dividend policy framework. The dividend will be effective on June 5, 2026, with a record date of March 31, 2026.
Deadline: 2026-06-05
YoY: +141%
Source (JP)
当社は、利益の配分については、将来の事業展開に向けた積極投資に資する内部留保を充実させつつ安定的な配当を基本方針とし、2025年度から配当基準としてDOE(連結株主資本配当率)を導入しております。
剰余金の配当に関するお知らせ
TDnet PDF
|
||||
| # | Shareholder | Shares (thou.) | % of Total |
|---|---|---|---|
| 1 |
Japan Master Trust Bank
日本マスタートラスト信託銀行株式会社(信託口)
|
5,457 | 10.97% |
| 2 | 株式会社レノ | 4,919 | 9.89% |
| 3 |
Meiji Yasuda Life Insurance
明治安田生命保険相互会社
|
4,123 | 8.29% |
| 4 | 株式会社エスグラントコーポレーション | 4,036 | 8.11% |
| 5 |
Japan Custody Bank
株式会社日本カストディ銀行 (信託口)
|
3,151 | 6.34% |
| 6 |
Tokio Marine & Nichido Fire Insurance Co., Ltd.
東京海上日動火災保険株式会社
|
1,650 | 3.32% |
| 7 |
Mizuho Bank
株式会社みずほ銀行
|
1,200 | 2.41% |
| 8 |
State Street Bank and Trust Company
STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部)
|
1,070 | 2.15% |
| 9 |
STATE STREET BANK AND TRUST COMPANY
STATE STREET BANK AND TRUST COMPANY 505103(常任代理人 株式会社みずほ銀行決済営業部)
|
986 | 1.98% |
| 10 |
Custody Bank of Japan, Ltd. (Trust Account)
株式会社日本カストディ銀行(信託口4)
|
953 | 1.92% |
as of 2025-03-31
Source: EDINET ↗
Ownership by year — hover bars for detail
Domestic Nominees
19.2%
+0.4% vs 2024
Trust bank custodians — GPIF, pensions, investment trusts
Foreign Custodians
4.1%
+0.5% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
32.0%
+5.9% vs 2024
Named entities with disclosed investment intent
Bar = % of shares outstanding · top-10 covers 55.4% · grey = other shareholders · 2025
| Shareholder | Trend | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Japan Master Trust Bank 日本マスタートラスト信託銀行 | 16.14% | 11.72% | 10.97% -0.75% | |
| 式会社レノ NEW ENTRY | — | — | — | 9.89% NEW |
| Meiji Yasuda Life Insurance 明治安田生命保険 | 7.04% | 7.49% | 8.29% +0.80% | |
| Japan Custody Bank 日本カストディ銀行 | 9.22% | 7.08% | 8.26% +1.18% | |
| 式会社エスグラントコーポレーション NEW ENTRY | — | — | — | 8.11% NEW |
| State Street | 1.81% | 2.01% | 4.13% +2.12% | |
| Tokio Marine & Nichido Fire Insurance Co., Ltd. 東京海上日動火災保険 | 2.82% | 3.00% | 3.32% +0.32% | |
| Mizuho Bank みずほ銀行 | 2.05% | 2.18% | 2.41% +0.23% | |
| 野村 絢 last seen 2024 | Exited Top 10 | — | 9.56% | — |
| Japan Post Insurance 式会社かんぽ生命保険 last seen 2024 | Exited Top 10 | 2.20% | 1.93% | — |
| GOVERNMENT OF NORWAY last seen 2024 | Exited Top 10 | — | 1.93% | — |
| BNY Mellon last seen 2024 | Exited Top 10 | 1.41% | 1.59% | — |
| JP Morgan last seen 2023 | Exited Top 10 | 3.42% | — | — |
| Concentration (HHI) ⓘ | 429 | 363 | 455 |
3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved
Portfolio Book Value
¥17,925M
+7% since 2023
Holdings
23
+2 new
15 exited
Trend
1 unwinding
vs 2023
| Held Company | FY2025 ¥17,925M total | FY2023 ¥16,737M total | |||
|---|---|---|---|---|---|
| Book Val ¥M | Shares | Book Val ¥M | Shares | ||
|
NOF CORPORATION
日油㈱
|
3,864 |
+110.0%
↑
1,913,100
|
5,620 | 911,000 | M |
|
NIPPON SANSO HOLDINGS CORPORATION
日本酸素ホールディングス㈱
|
2,929 |
-30.0%
↓
648,900
|
2,208 | 927,000 | M |
|
TOSOH CORPORATION
東ソー㈱
|
2,420 |
1,178,500
|
2,117 | 1,178,500 | M |
|
Mizuho Financial Group, Inc.
㈱みずほフィナンシャルグループ
|
1,458 |
360,000
|
676 | 360,000 | |
|
Tokio Marine Holdings, Inc.
東京海上ホールディングス㈱
|
1,269 |
221,340
|
563 | 221,340 | |
|
Nippon Soda Co., Ltd.
日本曹達㈱
|
1,023 |
+100.0%
↑
352,400
|
813 | 176,200 | M |
|
Sompo Holdings, Inc.
SOMPOホールディングス㈱
|
928 |
+110.1%
↑
205,350
|
513 | 97,750 | |
|
The Toho Bank, Ltd.
㈱東邦銀行
|
577 |
1,622,754
|
352 | 1,622,754 | M |
|
Nissan Chemical Corporation
日産化学㈱
|
567 |
127,800
|
765 | 127,800 | M |
|
Sumitomo Mitsui Financial Group, Inc.
㈱三井住友フィナンシャルグループ
|
528 |
+200.0%
↑
139,305
|
246 | 46,435 | |
|
ARATA CORPORATION
㈱あらた
|
425 |
+100.0%
↑
135,670
|
275 | 67,835 | M |
|
譬ェ蠑丈シ夂、セ繧√�カ縺阪ヵ繧」繝翫Φ繧キ繝」繝ォ繧ー繝ォ繝シ繝�
㈱めぶきフィナンシャルグループ
|
417 |
575,128
|
186 | 575,128 | |
|
SODA NIKKA CO., LTD.
ソーダニッカ㈱
|
301 |
292,760
|
237 | 292,760 | M |
|
HOKKO CHEMICAL INDUSTRY CO.,LTD.
北興化学工業㈱
|
300 |
234,148
|
197 | 234,148 | M |
|
Dainichiseika Color & Chemicals Mfg. Co., Ltd.
大日精化工業㈱
|
291 |
97,000
|
172 | 97,000 | |
|
Sumitomo Mitsui Trust Group, Inc.
三井住友トラストグループ㈱
|
274 |
NEW
New
73,724
|
— | ||
|
Hodogaya Chemical Co., Ltd.
保土谷化学工業㈱
|
204 |
+100.0%
↑
131,000
|
197 | 65,500 | M |
|
YUKI GOSEI KOGYO CO.,LTD.
有機合成薬品工業㈱
|
60 |
227,000
|
67 | 227,000 | M |
|
Hayashikane Sangyo Co., Ltd.
林兼産業㈱
|
51 |
104,455
|
49 | 104,455 | M |
|
Nippon Pigment Holdings Company Limited
㈱日本ピグメントホールディングス
|
33 |
NEW
New
10,800
|
— | M | |
|
譌・譛ャ陬ス邏呎ェ蠑丈シ夂、セ
日本製紙㈱
|
6 |
6,217
|
6 | 6,217 | |
|
KAGOME CO.,LTD.
カゴメ㈱
|
— | — | |||
|
Kenko Mayonnaise Co., Ltd.
ケンコーマヨネーズ㈱
|
— | — | |||
|
KURARAY CO.,LTD.
㈱クラレ
|
— |
−100%
Exit
—
|
736 | 605,000 | M |
|
ROKKO BUTTER CO., LTD.
六甲バター㈱
|
— |
−100%
Exit
—
|
124 | 92,532 | |
|
Miraial Co.,Ltd
ミライアル㈱
|
— |
−100%
Exit
—
|
99 | 61,100 | M |
|
Harima-Kyowa Co.,LTD.
ハリマ共和物産㈱
|
— |
−100%
Exit
—
|
32 | 19,800 | |
|
Prima Meat Packers, Ltd.
プリマハム㈱
|
— |
−100%
Exit
—
|
17 | 7,785 | |
|
MARUDAI FOOD CO.,LTD.
丸大食品㈱
|
— |
−100%
Exit
—
|
16 | 11,025 | |
|
CB GROUP MANAGEMENT Co., Ltd
CBグループマネジメント㈱
|
— |
−100%
Exit
—
|
11 | 3,200 | M |
|
Niitaka Co., Ltd.
㈱ニイタカ
|
— |
−100%
Exit
—
|
15 | 7,150 | |
|
United Super Markets Holdings Inc.
ユナイテッド・スーパーマーケット・ホールディングス㈱
|
— |
−100%
Exit
—
|
12 | 11,078 | |
|
OKUWA CO., LTD.
㈱オークワ
|
— |
−100%
Exit
—
|
6 | 7,729 | |
|
inageya co.,ltd.
㈱いなげや
|
— |
−100%
Exit
—
|
2 | 2,000 | |
| 三井住友トラスト・ホールディングス㈱ | — |
−100%
Exit
—
|
334 | 73,762 | |
|
AEON Co.,Ltd.
イオン㈱
|
— |
−100%
Exit
—
|
38 | 14,874 | |
| 日本ピグメント㈱ | — |
−100%
Exit
—
|
24 | 10,800 | M |
|
FUJI CO., LTD.
㈱フジ
|
— |
−100%
Exit
—
|
12 | 6,972 | |
| Portfolio total | 17,925 | 16,737 | |||
Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding