Overview
Chemicals

DIC Corporation

DIC Corporation is a global specialty chemicals company operating across three core segments: Packaging & Graphic (printing inks, polystyrene, packaging adhesives, multilayer films), Color & Display (pigments for coatings, plastics, inks, color filters, and cosmetics), and Functional Products (synthetic resins, PPS compounds, hollow fiber membranes, and electronics materials including epoxy resins, UV-curable resins, and photoresist polymers). The company serves diverse end markets including electronics, automotive, packaging, healthcare, and display industries. DIC positions itself as a 'chemtronics materials' innovator, particularly focused on advanced materials supporting semiconductor and AI-related applications.

Market Cap
¥454B
US$2.89B
EV
¥787B
US$5.01B
Stock¥4,795▼-0.25%
US$1 = ¥157.05 (2026-10-22)
LTM EV/EBITDA
5.9
x
LTM EV/EBIT
10.0
x
LTM PER
8.0
x
LTM PBR
0.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+8.5%pt
100123
Oct 23, 25 – Oct 23, 26StockTOPIX
1Mar 9, 26Activist shareholder proposal pressure
2May 13, 26Oasis Management Company Ltd. changed stake (11.53%→11.58%)
3Aug 10, 26Q2 FY2026/12 earnings announced; Board approved share buyback
MC → EV Bridge
454BUS$2.89BMarket Cap452BUS$2.88B+ Debt70.7BUS$450M− Cash67.7BUS$431M− Inv. Sec.19.8BUS$126M+ NCI787BUS$5.01BEV
AI Briefing
DIC: specialty chemicals group (inks, pigments, electronics materials) chasing semiconductor/AI-linked "chemtronics" growth under DIC Vision 2030 FY25/12 revenue ¥1,052B, OP margin improving to 5.0% from 1.7% in FY23/12 Activist Oasis holds ~9% combined; margin recovery story but leverage remains elevated (EV ¥801B vs EBITDA ¥132B)
Performance & Balance
Revenue 5Y (¥B)
855US$5.45B'21/121,054US$6.71B'22/121,039US$6.61B'23/121,071US$6.82B'24/121,052US$6.70B'25/12
EBITDA 5Y (¥B)
80.3US$511M'21/1286.8US$553M'22/1268.8US$438M'23/1297.3US$619M'24/12106US$675M'25/12
Net Income 5Y (¥B)
4.37US$27.8M'21/1217.6US$112M'22/12-39.9-US$254M'23/1221.3US$136M'24/1232.4US$206M'25/12
Capital Structure
53%
47%
EquityD/E 0.89xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
97.5US$621M384US$2.45B'21/12127US$810M509US$3.24B'22/12151US$959M529US$3.37B'23/12122US$777M474US$3.02B'24/12132US$842M458US$2.92B'25/12
Shareholders
Top 10 hold 46.3%
1
Shoei Co., Ltd.
13.37%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
9.89%
3
OASIS JAPAN STRATEGIC FUND LTD. (Standing Proxy: Citibank, N.A., Tokyo Branch)
6.10%
4
OASIS INVESTMENTS II MASTER FUND LTD. (Standing Proxy: Citibank, N.A., Tokyo Branch)
2.93%
5
STATE STREET BANK AND TRUST COMPANY 505223 (Standing Proxy: Mizuho Bank, Ltd.)
2.85%
6
The Dai-ichi Life Insurance Company, Limited (Standing Proxy: Custody Bank of Japan, Ltd.)
2.70%
7
OASIS JAPAN STRATEGIC FUND Y LTD. (Standing Proxy: Citibank, N.A., Tokyo Branch)
2.57%
8
Custody Bank of Japan, Ltd. (Trust Account)
2.36%
9
Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)
2.00%
10
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
1.49%
Management
11 officers
Takashi IKEDA
Representative Director, President and Executive Officer, Group CEO
Apr 1990 Joined the Company Jan 2019 General Manager, Functional Products Business Planning Department Jan 2020 Executive Officer, General Manager, Composite Materials Products Division Jan 2021 Executive Officer, Head of Functional Products Business Division, General Manager, Composite Materials Products Division Jan 2022 Managing Executive Officer, Head of Functional Products Business Division, General Manager, Composite Materials Products Division Jan 2024 President and Executive Officer Mar 2024 Representative Director, President and Executive Officer Jan 2026 Representative Director, President and Executive Officer, Group CEO (current)
1965-05-07
Shuji FURUTA
Representative Director, Executive Vice President and Executive Officer, Assistant to the President
Apr 1987 Joined the Company Jan 2016 General Manager, Finance Department Jan 2019 Executive Officer, Head of Finance and Accounting Division Jan 2020 Executive Officer, Head of Finance and Accounting Division, Chief Financial Officer Mar 2021 Director, Executive Officer, Head of Finance and Accounting Division, Chief Financial Officer Jan 2022 Director, Managing Executive Officer, Head of Finance and Accounting Division, Chief Financial Officer Jan 2024 Representative Director, Executive Vice President and Executive Officer, Assistant to the President, Head of Corporate Strategy Division, in charge of DIC Kawamura Memorial Museum of Art Jan 2025 Representative Director, Executive Vice President and Executive Officer, Assistant to the President (current)
1964-06-11
Ken ASAI
Director, Senior Managing Executive Officer, Group CFO, Head of Finance and Accounting Division, Chief Financial Officer
Apr 1988 Joined the Company May 2008 Director, Sun Chemical Corporation Oct 2010 Managing Director, DIC Europe GmbH Jan 2016 General Manager, Performance Management Department Jan 2018 Executive Officer, General Manager, Corporate Planning Department, in charge of Osaka and Nagoya Branches Jan 2021 Executive Officer, Head of Corporate Strategy Division, in charge of DIC Kawamura Memorial Museum of Art Mar 2021 Director, Executive Officer, Head of Corporate Strategy Division, in charge of DIC Kawamura Memorial Museum of Art Jan 2022 Director, Managing Executive Officer, Head of Corporate Strategy Division, in charge of DIC Kawamura Memorial Museum of Art Jan 2024 Director, Senior Managing Executive Officer, Head of Finance and Accounting Division, Chief Financial Officer Jan 2026 Director, Senior Managing Executive Officer, Group CFO, Head of Finance and Accounting Division, Chief Financial Officer (current)
1964-04-03
Masami FUJITA
Director
Apr 1980 Joined Fujitsu Limited Jun 2012 Representative Director, Executive Vice President, Fujitsu Limited Apr 2016 President and Representative Director, Fujitsu Marketing Limited (currently Fujitsu Japan Limited) Jan 2019 Advisor, Fujitsu Japan Limited Apr 2019 Executive Vice President and Executive Officer, Shinko Electric Industries Co., Ltd. Jun 2019 President and Representative Director, Shinko Electric Industries Co., Ltd. Jun 2021 Chairman and Representative Director, Shinko Electric Industries Co., Ltd. (current) Mar 2023 Outside Director, the Company (current)
1956-09-22
Hiroyuki NINOMIYA
Full-time Audit & Supervisory Board Member
Apr 1984 Joined the Company Apr 2008 General Manager, Accounting Department Jan 2016 Executive Officer, in charge of Finance and Accounting Division Jan 2018 Executive Officer, Head of Finance and Accounting Division Jan 2019 Executive Officer, Assistant to Head of ESG Division Mar 2019 Audit & Supervisory Board Member (current)
1959-07-08
Toshinobu KITAMURA
Full-time Audit & Supervisory Board Member
Apr 1989 Joined the Company Apr 2009 General Manager, Information Systems Department Jan 2020 Deputy General Manager and CFO, Diaisheng Investment Co., Ltd. Jan 2023 General Manager, Packaging & Graphics Business Planning Department Jan 2024 Manager in charge of Internal Control Department Mar 2024 Audit & Supervisory Board Member (current)
1964-10-24
Shiro SAITO
Director
Apr 1982 Joined Tokyo Shibaura Electric Co., Ltd. (currently Toshiba Corporation) Jun 2014 Executive Officer and Managing Director, Toshiba Corporation Sep 2015 Senior Managing Executive Officer, Toshiba Corporation Jun 2018 Executive Vice President, Toshiba Corporation Apr 2020 Special Advisor, Toshiba Corporation Mar 2024 Outside Director, the Company (current)
1957-05-01
Donna COSTA
Director
Aug 1987 Joined Cleary Gottlieb Steen & Hamilton LLP Feb 1996 General Counsel, Mitsubishi Chemical America, Inc. Apr 2015 President, Mitsubishi Chemical Holdings America, Inc. (currently Mitsubishi Chemical America, Inc.) Apr 2017 President, Mitsubishi Chemical Holdings Europe GmbH (currently Mitsubishi Chemical Europe GmbH) Apr 2017 Executive Officer, Mitsubishi Chemical Holdings Corporation (currently Mitsubishi Chemical Group Corporation) Oct 2020 Director, Gelest, Inc. Mar 2024 Outside Director, the Company (current)
1960-08-15
Fumie LANDBERG
Director
Apr 1996 Joined Booz Allen Hamilton K.K. (currently PwC Consulting LLC) Sep 2001 Joined Merrill Lynch Japan Securities Co., Ltd. (currently BofA Securities Japan Co., Ltd.) Feb 2005 Director, VIZ Media, LLC Jan 2008 Senior Director, VIZ Media, LLC Feb 2012 Senior Director, Nextag, Inc. Jun 2016 Director, Google Inc. (currently Google LLC) (current) Jun 2022 Outside Director, Resona Bank, Limited (current) Mar 2025 Outside Director, the Company (current)
1973-10-11
Keita NAKURA
Audit & Supervisory Board Member
Apr 1998 Registered as attorney-at-law (Osaka Bar Association) Apr 1998 Joined Yodoyabashi Godo Law Office (currently Yodoyabashi Yamagami Partners) (current) Feb 2002 Transferred registration to Daiichi Tokyo Bar Association (current) Mar 2021 Outside Audit & Supervisory Board Member, the Company (current)
1971-01-11
Keiko KISHIGAMI
Audit & Supervisory Board Member
Oct 1985 Joined Minato Audit Corporation (currently Ernst & Young ShinNihon LLC) Aug 1989 Registered as Certified Public Accountant Dec 1997 Partner, Century Audit Corporation (currently Ernst & Young ShinNihon LLC) May 2004 Representative Partner, ShinNihon Audit Corporation (currently Ernst & Young ShinNihon LLC); Senior Partner (current) Sep 2018 Director, WWF Japan (World Wide Fund for Nature Japan) (current) Mar 2023 Outside Audit & Supervisory Board Member, the Company (current)
1957-01-28
Large Shareholding Reports
Oasis Management Company Ltd.
2026-05-13
11.53%→11.58%
Oasis Management Company Ltd.
2024-10-18
8.56%→11.53%
Oasis Management Company Ltd.
2024-03-28
6.90%→8.56%
Oasis Management Company Ltd.
2023-12-28
6.90%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-10
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-08-10
Q2 Earnings Flash
FY ending Dec 2026
TDnet
2026-05-15
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-05-13
Large Shareholding Report
EDINET
2026-03-23
Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-11-13
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-08-08
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-05-15
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-27
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-10-18
Large Shareholding Report
EDINET
2024-08-09
Semi-Annual Securities Report
Period: Jan 2024 – Jun 2024
EDINET
2024-05-15
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-28
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2024-03-28
Large Shareholding Report
EDINET
2023-12-28
Large Shareholding Report
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-09
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-15
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-03-29
Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-10
Quarterly Securities Report
EDINET
2022-05-16
Quarterly Securities Report
EDINET
2022-03-29
Annual Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-10
Quarterly Securities Report
EDINET
2021-05-14
Quarterly Securities Report
EDINET
2021-03-30
Annual Securities Report
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