Nippon Fine Chemical Co., Ltd.

日本精化株式会社

Basic Materials · Specialty Chemicals

Nippon Fine Chemical Co., Ltd., together with its subsidiaries, manufactures and sells fine chemical, cosmetic, and industrial chemical products in Japan and internationally. It operates through Industrial Products and Household Products segments. The company offers cosmetic ingredients for cosmetics and personal care products; natural oils and fats for pharmaceutical, cosmetic, industrial, and feed additive applications; and phospholipids used in pharmaceutical raw materials, presome, cholesterol, liposome, and other lipids. It also supplies fatty acid derivatives, such as acid chlorides, ß-ketoesters, and acid anhydrides to pharmaceuticals, functional resins, electronic materials, and various other industries; and manufactures and sells thermal and UV curable coating agents, and functional coatings. In addition, the company offers Neutron, a fatty acid amide; and rents real estate properties. The company was formerly known as Nippon Camphor Co., Ltd. and changed its name to Nippon Fine Chemical Co., Ltd. in 1971. Nippon Fine Chemical Co., Ltd. was incorporated in 1918 and is headquartered in Osaka, Japan.

← Companies

Price

¥2,460

Market Cap

¥55.3B

Ent. Value

¥42.2B

Net Cash est

¥13.2B

Shares Out.

22.5M

P / E

12.2×

EV / EBIT

8.6×

P / Book

1.04×

P / NCAV

2.88×

Div. Yield

1.91%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	—	¥35.7B	¥33.5B	¥36.8B	¥33.4B
Cost of Sales	—	¥24.8B	¥23.6B	¥25.9B	¥23.2B
Gross Profit	—	¥10.9B	¥9.9B	¥11.0B	¥10.3B
SG&A	—	¥6.0B	¥5.7B	¥5.9B	¥5.4B
Operating Income	—	¥4.9B	¥4.2B	¥5.1B	¥4.9B
Non-Operating Income	—	¥410M	¥403M	¥374M	¥303M
Dividend Income	—	¥314M	¥308M	¥298M	¥236M
Interest Income	—	¥37M	¥34M	¥34M	¥30M
Non-Operating Expenses	—	¥94M	¥148M	¥41M	¥58M
Interest Expense	—	¥5M	¥1M	¥1M	¥1M
Ordinary Income	—	¥5.2B	¥4.5B	¥5.4B	¥5.1B
Pre-tax Income	—	¥5.4B	¥4.9B	¥5.6B	¥5.0B
Income Taxes	—	¥1.4B	¥1.4B	¥1.5B	¥1.5B
Current Tax	—	¥1.1B	¥2.0B	¥1.4B	¥1.4B
Deferred Tax	—	¥274M	¥-544M	¥94M	¥9M
Net Income (owners)	—	¥3.9B	¥3.3B	¥4.1B	¥3.5B
Minority Interest	—	¥98M	¥91M	¥86M	¥90M
Comprehensive Income	—	¥3.2B	¥3.9B	¥4.8B	¥3.1B
EBITDA	—	¥6.3B	¥5.6B	¥6.0B	¥6.0B
EPS	¥202.38	¥172.06	¥146.40	¥174.42	¥146.32
Shares Outstanding	—	22.5M	22.5M	22.8M	23.6M
Shares Issued (total)	—	25.4M	25.4M	25.4M	25.4M
Treasury Shares	—	2.9M	2.9M	2.6M	1.8M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥65.4B	¥59.8B	¥59.5B	¥56.7B	¥54.8B
Current Assets	¥32.2B	¥32.2B	¥32.0B	¥29.6B	¥30.2B
Cash & Deposits	¥13.2B	¥12.3B	¥12.9B	¥8.9B	¥12.9B
Trade Receivables	—	¥7.0B	¥7.7B	¥7.2B	¥7.0B
Non-Current Assets	¥33.2B	¥27.6B	¥27.4B	¥27.1B	¥24.6B
PP&E	¥18.2B	¥15.6B	¥14.4B	¥14.2B	¥12.8B
Intangible Assets	—	¥656M	¥778M	¥522M	¥307M
Investment Securities	¥13.9B	¥10.9B	¥11.9B	¥12.0B	¥11.2B
Total Liabilities	¥13.0B	¥10.7B	¥11.9B	¥10.6B	¥10.2B
Current Liabilities	¥9.4B	¥7.4B	¥9.4B	¥7.6B	¥7.6B
Accounts Payable	—	¥3.0B	¥4.0B	¥4.3B	¥3.9B
ST Debt	—	¥300M	—	—	—
Taxes Payable	—	¥273M	¥1.4B	¥607M	¥985M
Non-Current Liabilities	¥3.6B	¥3.3B	¥2.5B	¥3.0B	¥2.6B
Total LT Borrowings	—	¥800M	—	—	—
Pension Obligations	—	¥114M	¥128M	¥145M	¥112M
Deferred Tax Liab.	—	¥2.3B	¥2.2B	¥2.7B	¥2.3B
Total Equity	¥52.4B	¥49.1B	¥47.6B	¥46.1B	¥44.6B
Capital Stock	—	¥5.9B	¥5.9B	¥5.9B	¥5.9B
Capital Surplus	—	¥6.9B	¥6.9B	¥6.8B	¥6.8B
Retained Earnings	¥32.7B	¥32.6B	¥30.4B	¥28.5B	¥25.8B
Treasury Stock	—	¥-4.1B	¥-4.1B	¥-3.2B	¥-1.3B
AOCI	—	¥6.8B	¥7.6B	¥7.2B	¥6.5B
Equity (owners)	¥41.9B	¥41.3B	¥39.1B	¥38.1B	¥37.2B
Minority Interests	—	¥909M	¥911M	¥835M	¥828M

Total Interest-Bearing Debt ⓘ	—	¥1.1B	—	—	—
Net Cash ⓘ	¥13.2B	¥11.2B	¥12.9B	¥8.9B	¥12.9B
NCAV ⓘ	¥19.2B	¥21.5B	¥20.1B	¥19.0B	¥20.0B
NCAV/Share	—	¥955	¥895	¥834	¥846
BV/Share	—	¥1,837	¥1,736	¥1,670	¥1,577

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥6.8B	¥4.1B	¥6.3B	¥1.4B	¥2.3B
Interest Paid	—	¥-5M	¥-1M	¥-1M	¥-1M
Interest Received	—	¥351M	¥342M	¥332M	¥265M
D&A	¥1.6B	¥1.4B	¥1.4B	¥951M	¥1.1B
Investing CF	¥-2.2B	¥-1.8B	¥-634M	¥-1.8B	¥-2.7B
CapEx	¥2.8B	¥2.3B	¥851M	¥2.6B	¥2.8B
Purchase Investments	—	¥-1M	¥-1M	¥-1M	¥-1M
Proceeds from Invest.	—	¥451M	¥1.3B	¥402M	¥40M
Financing CF	¥-4.0B	¥-602M	¥-2.5B	¥-3.3B	¥-1.4B
Dividends Paid	—	¥-1.6B	¥-1.5B	¥-1.3B	¥-1.0B
Share Buybacks	—	¥-1M	¥-987M	¥-1.9B	¥-272M
Free Cash Flow	¥4.0B	¥1.8B	¥5.4B	¥-1.2B	¥-527M
Net Change in Cash	—	¥1.7B	¥3.2B	¥-3.6B	¥-1.8B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	—	8.2%	7.2%	9.2%	8.1%
ROA	—	6.5%	5.7%	7.3%	6.3%
EPS	¥202.38	¥172.06	¥146.40	¥174.42	¥146.32
DPS	¥47.00	¥74.00	¥70.00	¥57.00	¥54.00
BPS	¥2,369.46	¥2,140.58	¥2,074.07	¥1,984.58	¥1,851.84
FCF/Share	—	¥80	¥241	¥-51	¥-22
NCAV/Share	—	¥955	¥895	¥834	¥846
Payout Ratio	23.2%	43.0%	47.8%	32.7%	36.9%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 6

Date	Activist	Stake	Event	Flag	Demands
2025-11-14	NIPPON ACTIVE VALUE FUND PLC	3.81% -1.2%	change	Passive	—
2025-04-21	NIPPON ACTIVE VALUE FUND PLC	5.01% +0.46%	initial_5pct	Passive	—
2025-01-10	NIPPON ACTIVE VALUE FUND PLC	4.55% -0.47%	change	Passive	—
2024-08-30	Taiyo Koko Co., Ltd.	16.12%	change	Passive	—
2024-04-30	Taiyo Koko Co., Ltd.	16.12%	change	Passive	—
2023-11-07	NIPPON ACTIVE VALUE FUND PLC	5.02%	initial_5pct	Passive	—

Capital Allocation Signals 1

Date	Type	Amount	Summary
2026-04-28 16:30	Div Increase	¥1.1B ¥51.0/sh +38%	Nippon Seika's board resolved on 2026-04-28 to pay a year-end dividend of ¥51 per share (¥1,106M total) for FY2026 endin…
Summary Nippon Seika's board resolved on 2026-04-28 to pay a year-end dividend of ¥51 per share (¥1,106M total) for FY2026 ending March 31, 2026. This represents a 37.8% increase from the prior year's ¥37 per share, with total annual dividend of ¥98 per share (32.4% YoY increase), targeting a 4.3% consolidated dividend payout ratio. Deadline: 2026-06-25 YoY: +38% Source (JP) 2026年３月期の配当金につきましては、上記の方針に基づき、期末配当につきましては１株当たり51円とし、年間配当金の合計は１株当たり98円とさせていただく予定です。剰余金の配当に関するお知らせ TDnet PDF

#	Shareholder	Shares (thou.)	% of Total
1	太陽鉱工株式会社	3,833	17.04%
2	Stock Ownership Plan 日本精化企業持株会	2,251	10.01%
3	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）	1,604	7.13%
4	日油株式会社	1,039	4.62%
5	NIPPON ACTIVE VALUE FUND PLC NIPPON ACTIVE VALUE FUND PLC （常任代理人香港上海銀行東京支店）	1,000	4.44%
6	NORTHERN TRUST CO.(AVFC)RE IEDP AIF CLIENTS NON TREATY ACCOUNT NORTHERN TRUST CO.(AVFC)RE IEDP AIF CLIENTS NON TREATY ACCOUNT （常任代理人香港上海銀行東京支店）	848	3.77%
7	Employee Stock Ownership Plan 日本精化従業員持株会	597	2.66%
8	双日株式会社	540	2.40%
9	ONO PHARMACEUTICAL CO., LTD. 小野薬品工業株式会社	394	1.75%
10	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行（信託口）	377	1.68%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

8.8%

+2.4% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

3.8%

+0.0% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

42.9%

-1.4% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
太陽鉱工		16.81%	17.05%	17.04% -0.01%
Stock Ownership Plan 日本精化企業持株会		9.96%	9.73%	10.01% +0.28%
Japan Master Trust Bank 日本マスタートラスト信託銀行		6.35%	6.43%	7.13% +0.70%
日油		4.56%	4.62%	4.62%
NIPPON ACTIVE VALUE FUND PLC		3.87%	4.45%	4.44% -0.01%
Northern Trust		3.72%	3.77%	3.77%
Employee Stock Ownership Plan 日本精化従業員持株会		2.56%	2.63%	2.66% +0.03%
双日		2.37%	2.40%	2.40%
ONO PHARMACEUTICAL CO., LTD. 小野薬品工業		1.73%	1.75%	1.75%
日本カストディ銀行 NEW ENTRY		2.54%	—	1.68% NEW
MICHAEL 1925 LLC last seen 2024	Exited Top 10	—	1.64%	—
Concentration (HHI) ⓘ		493	501	515

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥10,606M -10% since 2023

Holdings 23 +2 new 9 exited

Trend 1 unwinding vs 2023

Held Company	FY2025 ¥10,606M total		FY2023 ¥11,756M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
NOF CORPORATION 日油㈱	3,680	+200.0% ↑ 1,821,525	3,746	607,175	M
NICHIRIN CO., LTD. ㈱ニチリン	1,024	286,000	677	286,000	M
Shiseido Company, Limited ㈱資生堂	1,015	359,995	2,225	359,995
Inabata & Co., Ltd. 稲畑産業㈱	789	249,000	669	249,000	M
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	637	+200.0% ↑ 167,916	296	55,972	M
NAGASE & CO., LTD. 長瀬産業㈱	622	234,342	477	234,342	M
Japan Chemical Industries Co., Ltd. 日本化学産業㈱	464	300,000	319	300,000	M
MATSUMOTO YUSHI-SEIYAKU CO.,LTD. 松本油脂製薬㈱	450	25,000	352	25,000	M
Mitsubishi UFJ Financial Group, Inc. ㈱三菱ＵＦＪフィナンシャル・グループ	374	186,160	158	186,160	M
Fuji Nihon Corporation フジ日本㈱	342	NEW New 330,000	—		M
ONO PHARMACEUTICAL CO., LTD. 小野薬品工業㈱	312	195,000	539	195,000	M
Astellas Pharma Inc. アステラス製薬㈱	268	-21.3% ↓ 184,970	442	234,970
Yushiro Inc. ㈱ユシロ	196	NEW New 101,800	—		M
Daitoh Chemix Co., Ltd. ダイトーケミックス㈱	124	201,200	140	201,200	M
Nissin Shoji Co., Ltd. 日新商事㈱	89	99,000	90	99,000	M
Sojitz Corporation 双日㈱	69	20,966	58	20,966	M
Fuso Pharmaceutical Industries,Ltd. 扶桑薬品工業㈱	64	26,000	52	26,000	M
HISAMITSU PHARMACEUTICAL CO.,INC. 久光製薬㈱	62	15,246	58	15,246
SHOEI YAKUHIN CO.,LTD. 昭栄薬品㈱	25	15,000	15	15,000	M
Milbon Co., Ltd. ミルボン㈱	—		—
HARIMA CHEMICALS GROUP, INC. ハリマ化成グループ㈱	—		—
Tokio Marine Holdings, Inc. 東京海上ホールディングス㈱	—		—
YASUHARA CHEMICAL CO.,LTD. ヤスハラケミカル㈱	—		—		M
Lion Corporation ライオン㈱	—	−100% Exit —	347	242,550	M
OSAKA ORGANIC CHEMICAL INDUSTRY LTD. 大阪有機化学工業㈱	—	−100% Exit —	309	143,500	M
Kobe Steel, Ltd. ㈱神戸製鋼所	—	−100% Exit —	204	194,000	M
フジ日本精糖㈱	—	−100% Exit —	170	330,000	M
TAKASAGO INTERNATIONAL CORPORATION 高砂香料工業㈱	—	−100% Exit —	158	60,300	M
ユシロ化学工業㈱	—	−100% Exit —	87	101,800	M
Milbon Co., Ltd. ㈱ミルボン	—	−100% Exit —	76	13,912
Toho Metal Co. 東邦金属㈱	—	−100% Exit —	46	26,500	M
ARAKAWA CHEMICAL INDUSTRIES, LTD. 荒川化学工業㈱	—	−100% Exit —	44	44,560	M
Portfolio total	10,606		11,756

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding