TOHO CHEMICAL INDUSTRY COMPANY,LIMITED

東邦化学工業株式会社

Chemicals

Toho Chemical Industry Company, Limited manufactures and sells surfactants, specialty chemicals, resins, and industrial chemicals in Japan and internationally. It provides chemicals for daily consumable industries, such as cosmetics and toiletry, housekeeping and detergents, pulp and paper, textiles, agricultural pesticides, pharmaceutical formulations, and paint and ink agents. The company also offers concrete and asphalt related, building material, and waterproofing agents for civil engineering, construction work, and building materials industries; and anti-static and anti-fogging agents for plastics, emulsion polymerization agents, and plastic modifiers and additives. In addition, it provides brake fluid bases, metal working fluids, and energy-related chemical agents for machines, transportation equipment, and energy industries; and chemical agents for electronic information materials, precision cleaning agents, solvents for electronic materials, and additives for photocopier toners. Toho Chemical Industry Company, Limited was incorporated in 1938 and is headquartered in Tokyo, Japan.

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Price

¥721

Market Cap

¥15.2B

Ent. Value

¥35.2B

Net Debt

−¥20.1B

Shares Out.

21.0M

P / E

9.8×

EV / EBIT

0.7×

P / Book

0.72×

P / NCAV

N/M

Div. Yield

2.77%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥54.0B	¥53.6B	¥50.6B	¥55.4B	¥49.9B
Cost of Sales	—	¥45.4B	¥43.8B	¥48.1B	¥42.7B
Gross Profit	—	¥8.2B	¥6.8B	¥7.3B	¥7.2B
SG&A	—	¥6.4B	¥6.1B	¥5.9B	¥5.9B
Operating Income	¥54.0B	¥1.8B	¥771M	¥1.4B	¥1.3B
Non-Operating Income	—	¥436M	¥366M	¥233M	¥963M
Dividend Income	—	¥127M	¥121M	¥108M	¥87M
Interest Income	—	¥15M	¥12M	¥8M	¥7M
Non-Operating Expenses	—	¥498M	¥394M	¥439M	¥375M
Interest Expense	—	¥386M	¥324M	¥308M	¥276M
Ordinary Income	¥54.0B	¥1.8B	¥743M	¥1.2B	¥1.9B
Pre-tax Income	—	¥2.0B	¥722M	¥1.2B	¥1.8B
Income Taxes	—	¥425M	¥178M	¥222M	¥359M
Current Tax	—	¥567M	¥244M	¥412M	¥457M
Deferred Tax	—	¥-142M	¥-65M	¥-189M	¥-97M
Net Income (owners)	¥54.0B	¥1.5B	¥546M	¥977M	¥1.4B
Minority Interest	—	¥3M	¥-3M	¥-9M	¥11M
Comprehensive Income	—	¥2.3B	¥1.7B	¥1.3B	¥2.1B
EBITDA	—	¥4.7B	¥3.7B	¥4.4B	¥3.9B
EPS	—	¥73.42	¥25.99	¥46.31	¥65.43
Shares Outstanding	—	21.0M	21.0M	21.0M	21.3M
Shares Issued (total)	—	21.4M	21.4M	21.4M	21.4M
Treasury Shares	—	0.3M	0.3M	0.3M	0.0M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	—	¥67.9B	¥69.9B	¥68.0B	¥66.5B
Current Assets	—	¥36.9B	¥38.1B	¥37.0B	¥34.9B
Cash & Deposits	—	¥5.9B	¥6.8B	¥6.1B	¥7.5B
Trade Receivables	—	¥11.4B	¥12.6B	¥12.6B	¥11.9B
Non-Current Assets	—	¥30.9B	¥31.8B	¥31.0B	¥31.6B
PP&E	—	¥24.5B	¥24.3B	¥24.2B	¥24.7B
Intangible Assets	—	¥1.1B	¥1.2B	¥1.2B	¥1.3B
Investment Securities	—	¥3.7B	¥4.8B	¥3.8B	¥4.0B
Deferred Tax Assets	—	¥1.4B	¥1.2B	¥1.5B	¥1.3B
Total Liabilities	—	¥46.8B	¥50.8B	¥50.2B	¥49.6B
Current Liabilities	—	¥23.8B	¥25.3B	¥25.6B	¥25.6B
Accounts Payable	—	¥8.4B	¥9.3B	¥10.0B	¥9.1B
ST Debt	—	¥10.3B	¥10.6B	¥10.6B	¥8.7B
Taxes Payable	—	¥425M	¥85M	¥255M	¥250M
Non-Current Liabilities	—	¥23.0B	¥25.5B	¥24.6B	¥24.0B
Total LT Borrowings	—	¥15.7B	¥17.3B	¥17.3B	¥16.6B
Pension Obligations	—	¥5.7B	¥6.4B	¥6.2B	¥5.9B
Deferred Tax Liab.	—	—	—	¥35M	¥57M
Total Equity	—	¥21.1B	¥19.2B	¥17.8B	¥16.9B
Capital Stock	—	¥1.8B	¥1.8B	¥1.8B	¥1.8B
Capital Surplus	—	¥896M	¥896M	¥896M	¥896M
Retained Earnings	—	¥13.4B	¥12.2B	¥12.0B	¥11.3B
Treasury Stock	—	¥-163M	¥-163M	¥-163M	¥-6M
AOCI	—	¥5.1B	¥4.4B	¥3.2B	¥2.9B
Equity (owners)	—	¥15.9B	¥14.7B	¥14.5B	¥14.0B
Minority Interests	—	¥87M	¥77M	¥77M	¥91M

Total Interest-Bearing Debt ⓘ	—	¥26.0B	¥27.9B	¥27.9B	¥25.3B
Net Cash ⓘ	—	¥-20.1B	¥-21.1B	¥-21.8B	¥-17.8B
NCAV ⓘ	—	¥-9.8B	¥-12.7B	¥-13.2B	¥-14.7B
NCAV/Share	—	¥-468	¥-602	¥-629	¥-688
BV/Share	—	¥755	¥699	¥688	¥654

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	—	¥3.3B	¥3.4B	¥1.7B	¥-572M
Taxes Paid	—	¥-246M	¥-396M	¥-372M	¥-474M
Interest Paid	—	¥-392M	¥-332M	¥-314M	¥-284M
Interest Received	—	¥142M	¥133M	¥117M	¥95M
D&A	—	¥2.8B	¥3.0B	¥3.0B	¥2.5B
Investing CF	—	¥-2.5B	¥-1.9B	¥-4.6B	¥-4.5B
CapEx	—	¥2.8B	¥1.9B	¥4.8B	¥4.3B
Purchase Investments	—	¥-1M	¥-6M	¥-8M	¥-11M
Proceeds from Invest.	—	¥421M	¥108M	¥154M	—
Financing CF	—	¥-1.9B	¥-900M	¥1.4B	¥3.1B
Dividends Paid	—	¥-357M	¥-315M	¥-319M	¥-319M
Share Buybacks	—	¥0M	¥0M	¥-156M	—
LT Debt Repaid	—	¥-5.4B	¥-5.4B	¥-5.4B	¥-4.1B
Free Cash Flow	—	¥450M	¥1.5B	¥-3.1B	¥-4.9B
Net Change in Cash	—	¥-854M	¥675M	¥-1.4B	¥-1.8B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	—	7.7%	3.0%	5.7%	8.8%
ROA	—	2.2%	0.8%	1.5%	2.1%
EPS	—	¥73.42	¥25.99	¥46.31	¥65.43
DPS	—	¥20.00	¥17.00	¥15.00	¥15.00
BPS	—	¥998.18	¥907.50	¥841.15	¥788.43
FCF/Share	—	¥21	¥71	¥-147	¥-228
NCAV/Share	—	¥-468	¥-602	¥-629	¥-688
Payout Ratio	—	27.2%	65.4%	32.4%	22.9%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 2

Date	Activist	Stake	Event	Flag	Demands	Source
2025-12-23	Mitsui Chemicals, Inc.	3.7% -2.81%	change	Passive	—
2024-01-12	Mitsui Chemicals, Inc.	6.51%	change	Passive	—

#	Shareholder	Shares (thou.)	% of Total
1	Stock Ownership Plan 東邦化学工業取引会社持株会	3,500	16.64%
2	中崎龍雄	2,528	12.02%
3	Custody Bank of Japan, Ltd. (Trust Account) 株式会社日本カストディ銀行(三井住友信託銀行再信託分・三井化学株式会社退職給付信託口)	1,240	5.89%
4	Mitsui & Co., Ltd. 三井物産株式会社(常任代理人株式会社日本カストディ銀行)	1,233	5.86%
5	Sumitomo Mitsui Banking Corporation 株式会社三井住友銀行	1,051	4.99%
6	Employee Stock Ownership Plan 東邦化学工業従業員持株会	959	4.56%
7	Sumitomo Mitsui Trust Bank 三井住友信託銀行株式会社(常任代理人株式会社日本カストディ銀行)	675	3.21%
8	Mitsui Sumitomo Insurance Company, Limited 三井住友海上火災保険株式会社	430	2.04%
9	TOKYO OHKA KOGYO CO., LTD. 東京応化工業株式会社	428	2.03%
10	阪和興業株式会社	320	1.52%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

9.1%

-0.7% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

0.0%

+0.0% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

49.7%

-0.4% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
Stock Ownership Plan 東邦化学工業取引会社持株会		16.20%	16.48%	16.64% +0.16%
中崎龍雄		12.02%	12.02%	12.02%
日本カストディ銀行		6.61%	6.61%	5.89% -0.72%
Mitsui & Co., Ltd. 三井物産		5.86%	5.86%	5.86%
Sumitomo Mitsui Banking Corporation 三井住友銀行		4.99%	4.99%	4.99%
Employee Stock Ownership Plan 東邦化学工業従業員持株会		4.63%	4.62%	4.56% -0.06%
Sumitomo Mitsui Trust Bank 三井住友信託銀行		3.21%	3.21%	3.21%
Mitsui Sumitomo Insurance Company, Limited 三井住友海上火災保険		2.61%	2.61%	2.04% -0.57%
TOKYO OHKA KOGYO CO., LTD. 東京応化工業		—	2.03%	2.03%
阪和興業 NEW ENTRY	—	—	—	1.52% NEW
式会社菅野商事 last seen 2024	Exited Top 10	1.43%	1.43%	—
吉野石膏 last seen 2023	Exited Top 10	1.42%	—	—
Concentration (HHI) ⓘ		552	564	557

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

Portfolio Book Value ¥3,690M -1% since 2023

Holdings 23 +2 new 9 exited

Trend 1 unwinding vs 2023

Held Company	FY2025 ¥3,690M total		FY2023 ¥3,716M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
Mitsui & Co., Ltd. 三井物産㈱	1,304	+100.0% ↑ 466,000	959	233,000	M
Nissan Chemical Corporation 日産化学㈱	1,066	240,000	1,437	240,000	M
Sumitomo Mitsui Financial Group, Inc. ㈱三井住友フィナンシャルグループ	353	+200.0% ↑ 93,054	164	31,018	M
TOKYO OHKA KOGYO CO., LTD. 東京応化工業㈱	234	+200.0% ↑ 75,612	193	25,204	M
Mitsui Chemicals, Inc. 三井化学㈱	105	31,610	107	31,610	M
Mizuho Financial Group, Inc. ㈱みずほフィナンシャルグループ	85	21,118	39	21,118	M
MS&AD Insurance Group Holdings, Inc. ＭＳ＆ＡＤインシュアランスグループホールディングス㈱	85	+200.0% ↑ 26,460	36	8,820	M
KUMIAI CHEMICAL INDUSTRY CO., LTD. クミアイ化学工業㈱	76	92,400	78	92,400	M
Sumitomo Mitsui Trust Group, Inc. 三井住友トラストグループ㈱	74	NEW New 20,038	—		M
第一生命ホールディングス㈱	60	13,300	32	13,300	M
TOAGOSEI CO., LTD. 東亞合成㈱	54	38,516	47	38,516	M
TAYCA CORPORATION テイカ㈱	33	25,000	29	25,000	M
NIPPON SHOKUBAI CO., LTD. ㈱日本触媒	32	+300.0% ↑ 18,800	24	4,700	M
Mitsubishi Chemical Gloup Corporation 三菱ケミカルグループ㈱	31	43,329	34	43,329	M
The Bank of Nagoya, Ltd. ㈱名古屋銀行	29	3,800	11	3,800	M
SHOEI YAKUHIN CO.,LTD. 昭栄薬品㈱	24	15,000	14	15,000	M
New Japan Chemical Co., Ltd. 新日本理化㈱	22	115,000	24	115,000	M
ISHIHARA SANGYO KAISHA, LTD. 石原産業㈱	11	6,420	7	6,420
Senshu Ikeda Holdings,Inc. ㈱池田泉州ホールディングス	6	14,060	3	14,060	M
SANKEI CHEMICAL CO.,LTD. サンケイ化学㈱	5	-67.7% ↓ 4,300	16	13,294
HANWA CO.,LTD. 阪和興業㈱	1	NEW New 245	—		M
Marubeni Corporation 丸紅㈱	—		—
NIHON NOHYAKU CO., LTD. 日本農薬㈱	—		—
JSR Corporation ＪＳＲ㈱	—	−100% Exit —	194	62,555
Daishowa Paper Manufacturing Co., Ltd. 大王製紙㈱	—	−100% Exit —	100	96,853
アグロカネショウ㈱	—	−100% Exit —	34	20,100
ZEON CORPORATION 日本ゼオン㈱	—	−100% Exit —	18	13,338
MiyoshiOil&FatCo.,Ltd. ミヨシ油脂㈱	—	−100% Exit —	9	10,000	M
三井住友トラスト・ホールディングス㈱	—	−100% Exit —	45	10,019	M
TOSOH CORPORATION 東ソー㈱	—	−100% Exit —	40	22,310
大建工業㈱	—	−100% Exit —	18	8,285
Chuetsu Pulp & Paper Co., Ltd. 中越パルプ工業㈱	—	−100% Exit —	4	4,700
Portfolio total	3,690		3,716

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