Overview
Chemicals

KUREHA CORPORATION

Kureha Corporation is a technology-driven specialty chemicals company engaged in the manufacture and sale of functional products (including PPS resins, PVDF polymers, carbon products, and biodegradable PGA resin), chemical products (agricultural fungicides, pharmaceuticals, and industrial chemicals), and resin products (food packaging films and household wrap). The company serves diverse end markets including advanced electronics, energy (shale oil), food packaging, agriculture, and healthcare, leveraging proprietary materials technologies developed since its founding. Key brands include Fortron KPS (PPS), KF Polymer (PVDF), Kureha Microsphere, Krehalon food packaging films, and the widely recognized consumer household wrap brand 'Kurerap'.

Market Cap
¥120B
US$761M
EV
¥196B
US$1.24B
Stock¥4,195▲+4.48%
US$1 = ¥157.25 (2026-10-30)
LTM EV/EBITDA
NM
LTM EV/EBIT
NM
LTM PER
NM
LTM PBR
0.7
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-6.6%pt
100
Nov 4, 25 – Oct 30, 26StockTOPIX
MC → EV Bridge
120BUS$761MMarket Cap123BUS$785M+ Debt30.1BUS$191M− Cash19.4BUS$123M− Inv. Sec.2.01BUS$12.8M+ NCI196BUS$1.24BEV
AI Briefing
Kureha: vertically integrated specialty chemicals player spanning PPS/PVDF/PGA polymers, carbon, agrochem/pharma, and the iconic Kurerap food-wrap franchise. FY26/3 revenue flat at ¥162B but swung to OP loss of ¥-18.6B, a sharp deterioration from FY25/3's ¥9.4B profit and continuing a multi-year margin slide. Market cap ¥148B vs EV ¥224B reflects meaningful debt load (¥123B) against negative LTM EBITDA; turnaround hinges on forward EBITDA recovery to ¥23.3B.
Performance & Balance
Revenue 5Y (¥B)
168US$1.07B'22/3191US$1.22B'23/3178US$1.13B'24/3162US$1.03B'25/3162US$1.03B'26/3
EBITDA 5Y (¥B)
31.7US$202M'22/334.0US$216M'23/324.5US$156M'24/322.1US$141M'25/3-6.25-US$39.8M'26/3
Net Income 5Y (¥B)
14.2US$90.1M'22/316.9US$107M'23/39.73US$61.9M'24/37.80US$49.6M'25/3-10.7-US$68.0M'26/3
Capital Structure
58%
42%
EquityD/E 0.73xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
30.6US$195M31.6US$201M'22/332.2US$205M22.7US$144M'23/323.1US$147M75.3US$479M'24/321.5US$137M127US$805M'25/329.7US$189M120US$761M'26/3
Shareholders
Top 10 hold 38.7%
1
Meiji Yasuda Life Insurance Company
9.52%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
9.27%
3
Tokio Marine & Nichido Fire Insurance Co., Ltd.
4.32%
4
Mizuho Bank, Ltd.
3.14%
5
STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)
3.03%
6
Mizuho Trust & Banking Co., Ltd.
2.09%
7
Custody Bank of Japan, Ltd. (Trust Account)
2.08%
8
KUREHA CORPORATION Employee Stock Ownership Association
2.00%
9
The Toho Bank,Ltd.
1.67%
10
The Joyo Bank, Ltd.
1.61%
Management
10 officers
Yutaka KOBAYASHI
Representative Director, Chairman
Apr 1974 Joined the Company Jan 1998 General Manager, Labor Department, Nishiki Plant Jun 2000 President, Kureha Chemicals (Singapore) Pte. Ltd. Jan 2003 General Manager, Business Coordination Division Apr 2004 General Manager, Corporate Planning Department Apr 2005 General Manager, Chemicals Division Jun 2005 Director, General Manager, Chemicals Division Jun 2007 Managing Executive Officer, General Manager, Chemicals Division Apr 2008 Managing Executive Officer, General Manager, New Business Promotion Headquarters and Chemicals Division Jun 2009 Director, Managing Executive Officer, General Manager, New Business Promotion Headquarters and Chemicals Division Apr 2010 Director, Managing Executive Officer, General Manager, PGA Business Division and Chemicals Division; in charge of New Business Promotion Headquarters Jun 2010 Director, Managing Executive Officer, General Manager, PGA Business Division and Chemicals Division Apr 2012 Representative Director, Executive Vice President; in charge of Sales; General Manager, PGA Business Division Sep 2012 Representative Director, President; General Manager, PGA Business Division Apr 2013 Representative Director, President Apr 2026 Representative Director, Chairman (current)
1951-12-25
Katsuyasu NATAKE
Representative Director, President and CEO
Apr 1985 Joined the Company Jan 2002 Vice President, Kureha Europe B.V. Apr 2006 General Manager, Packaging Materials Department III Apr 2008 General Manager, Functional Materials Department I Apr 2010 General Manager, Functional Materials Department Apr 2012 Deputy General Manager, High-Performance Materials Division Apr 2014 Executive Officer, General Manager, High-Performance Materials Division Apr 2016 Vice President, Kureha Environment Co., Ltd. Jun 2016 Representative Director, President, Kureha Environment Co., Ltd. Apr 2019 Executive Officer, General Manager, High-Performance Products Division Apr 2023 Managing Executive Officer, General Manager, High-Performance Products Division Jun 2023 Director, Managing Executive Officer, General Manager, High-Performance Products Division Oct 2023 Director, Managing Executive Officer; in charge of Business Divisions; General Manager, High-Performance Products Division Apr 2025 Director, Executive Vice President; General Manager, Corporate Planning and Accounting Headquarters; General Manager, Administration Headquarters; Chief Manager, Production Innovation Project; Chief Manager, Carbon Neutrality Project May 2025 Director, Executive Vice President; General Manager, Corporate Planning and Accounting Headquarters; General Manager, Administration Headquarters; General Manager, High-Performance Products Division; Chief Manager, Production Innovation Project; Chief Manager, Carbon Neutrality Project Oct 2025 Director, Executive Vice President; General Manager, Corporate Planning and Accounting Headquarters; General Manager, Administration Headquarters; Chief Manager, Production Innovation Project; Chief Manager, Carbon Neutrality Project Apr 2026 Representative Director, President and CEO (current)
1962-04-03
Naomitsu NISHIHATA
Director, Senior Managing Executive Officer; in charge of PGA Business; General Manager, High-Performance Products Division, Life Science Business Division and New Business Promotion Headquarters
Apr 1987 Joined the Company Oct 2008 Representative Director, President, Clefine Co., Ltd. Apr 2010 General Manager, PGA Sales Department Apr 2011 General Manager, PGA Department Sep 2012 Deputy General Manager, PGA Business Division Apr 2014 Executive Officer, General Manager, PGA Business Division Apr 2016 Executive Officer, General Manager, Fluorine Products Division and PGA Business Division; Chief Manager, New Business Creation Project Apr 2018 Managing Executive Officer, General Manager, Corporate Planning Headquarters and High-Performance Products Division; Chief Manager, New Business Creation Project Apr 2019 Managing Executive Officer, Director and President, Kureha America, Inc.; in charge of PGA Business; Chief Manager, New Business Creation Project Apr 2020 Managing Executive Officer, Director and President, Kureha America, Inc.; Deputy in charge of PGA Business; Chief Manager, New Business Creation Project Apr 2021 Managing Executive Officer, Director and President, Kureha America, Inc.; Deputy in charge of PGA Business; Deputy Chief Manager, New Business Creation Project Apr 2022 Managing Executive Officer, Director and President, Kureha America, Inc.; Deputy in charge of PGA Business Apr 2023 Managing Executive Officer; in charge of PGA Business; General Manager, New Business Promotion Headquarters Jun 2023 Director, Managing Executive Officer; in charge of PGA Business; General Manager, New Business Promotion Headquarters Oct 2023 Director, Managing Executive Officer; in charge of PGA Business, R&D Headquarters and Production & Technology Headquarters; General Manager, New Business Promotion Headquarters May 2025 Director, Managing Executive Officer; in charge of R&D Headquarters and Production & Technology Headquarters; General Manager, New Business Promotion Headquarters May 2025 Director, Managing Executive Officer; in charge of PGA Business, R&D Headquarters and Production & Technology Headquarters; General Manager, New Business Promotion Headquarters Oct 2025 Director, Managing Executive Officer; in charge of PGA Business, R&D Headquarters and Production & Technology Headquarters; General Manager, High-Performance Products Division; General Manager, New Business Promotion Headquarters Apr 2026 Director, Senior Managing Executive Officer; in charge of PGA Business; General Manager, High-Performance Products Division, Life Science Business Division and New Business Promotion Headquarters (current)
1965-02-14
Takahisa KAMIYAMA
Director, Managing Executive Officer; General Manager, Production & Technology Headquarters; Chief Manager, Production Innovation Project, Production & Technology Headquarters
Apr 1990 Joined the Company Apr 2011 General Manager, Processing Technology Center, R&D Headquarters Apr 2014 General Manager, PGA Department Apr 2016 Deputy General Manager, PGA Business Division Oct 2016 Deputy General Manager, PGA Business Division; Director and President, Kureha Energy Solutions LLC Feb 2017 Director and President, Kureha Energy Solutions LLC Apr 2019 Deputy General Manager, High-Performance Products Division Apr 2022 Deputy General Manager, Iwaki Plant, Production & Technology Headquarters Nov 2023 Deputy General Manager, Iwaki Plant, Production & Technology Headquarters; Sub-Manager, KF Plant Expansion Project, Iwaki Plant; Leader, KF Technology Project Apr 2024 Executive Officer, General Manager, Production & Technology Headquarters; Leader, KF Technology Project Apr 2025 Executive Officer, General Manager, Production & Technology Headquarters; General Manager, Production Technology Innovation Center; Chief Manager, KF Technology Project Apr 2026 Managing Executive Officer, General Manager, Production & Technology Headquarters; Chief Manager, Production Innovation Project, Production & Technology Headquarters Jun 2026 Director, Managing Executive Officer, General Manager, Production & Technology Headquarters; Chief Manager, Production Innovation Project, Production & Technology Headquarters (current)
1966-05-24
Michihiko HAYASHI
Full-time Outside Audit & Supervisory Board Member
Apr 1985 Joined Yasuda Life Insurance Company (now Meiji Yasuda Life Insurance Company) Apr 1998 General Manager, Nihonbashi Branch Sales Planning Department, Meiji Yasuda Life Insurance Company Apr 2002 Branch Manager, Akasaka Sales Branch, Ginza Branch, Meiji Yasuda Life Insurance Company Jan 2004 Group Manager, Business Promotion Group, Nagoya Headquarters, Meiji Yasuda Life Insurance Company Apr 2006 Inspector, Business Audit Group, Inspection Department, Meiji Yasuda Life Insurance Company Apr 2008 Branch Manager, Hachioji Branch, Meiji Yasuda Life Insurance Company Apr 2010 Branch Manager, Matsumoto Branch, Meiji Yasuda Life Insurance Company Apr 2012 General Manager, Sales Personnel Department, Meiji Yasuda Life Insurance Company Apr 2014 Branch Manager, Sapporo Branch, Meiji Yasuda Life Insurance Company Apr 2015 Executive Branch Manager, Sapporo Branch, Meiji Yasuda Life Insurance Company Apr 2016 Executive Officer, General Manager, Osaka Headquarters, Meiji Yasuda Life Insurance Company Apr 2018 Managing Executive Officer, General Manager, Osaka Headquarters, Meiji Yasuda Life Insurance Company Apr 2019 Managing Executive Officer, General Manager, Tokyo Central Headquarters, Meiji Yasuda Life Insurance Company Apr 2020 Managing Executive Officer, General Manager, Tokyo Headquarters, Meiji Yasuda Life Insurance Company Mar 2022 Managing Executive Officer, General Manager, Tokyo Headquarters, Meiji Yasuda Life Insurance Company; retired Apr 2022 Representative Director, Chairman, Meiji Yasuda Collection Business Service Co., Ltd. Apr 2023 Advisor, Meiji Yasuda Collection Business Service Co., Ltd. Jun 2023 Left Meiji Yasuda Collection Business Service Co., Ltd. Jun 2023 Full-time Outside Audit & Supervisory Board Member, the Company (current)
1961-05-11
Tsukasa SAKANE
Full-time Audit & Supervisory Board Member
Apr 1985 Joined the Company Jul 2003 Director and Deputy General Manager, Shanghai Kureha Chemical Co., Ltd. (now Kureha (Shanghai) Carbon Fiber Materials Co., Ltd.) Apr 2007 General Manager, Finance Department Apr 2015 General Manager, Purchasing and Logistics Department Apr 2016 Deputy General Manager, Kureha (China) Investment Co., Ltd. Apr 2019 Director, Kureha Service Co., Ltd. Apr 2020 Representative Director, President, Kureha Service Co., Ltd. Apr 2024 Internal Audit Officer, the Company Jun 2024 Full-time Audit & Supervisory Board Member, the Company (current)
1963-03-26
Osamu IIDA
Outside Director
Apr 1980 Joined Mitsubishi Metals Corporation (now Mitsubishi Materials Corporation) Jan 2004 General Manager, Smelting Department, Copper Business Company, Mitsubishi Metals Corporation Jul 2010 General Manager, Naoshima Smelting Plant, Mitsubishi Metals Corporation Jul 2011 Executive Officer, Vice President, Copper Business Company; General Manager, Naoshima Smelting Plant, Mitsubishi Metals Corporation Apr 2013 Managing Executive Officer, President, Copper Business Company, Mitsubishi Metals Corporation Jun 2013 Representative Director, Managing Director, Assistant to the President, President, Copper Business Company, Mitsubishi Metals Corporation Apr 2016 Representative Director, Executive Vice President, Assistant to the President; in charge of Metals Business, Production Technology, Safety and Environment, Mitsubishi Metals Corporation Apr 2017 Representative Director, Executive Vice President, Assistant to the President; General Manager, Technology Division, Mitsubishi Metals Corporation Apr 2019 Representative Executive Vice President; General Manager, Technology Division, Mitsubishi Metals Corporation Apr 2020 Senior Advisor; Special Assistant to the President, Mitsubishi Metals Corporation Apr 2021 Senior Advisor (part-time), Mitsubishi Metals Corporation; Outside Audit & Supervisory Board Member, M&A DX Co., Ltd. Jul 2021 Outside Director, IA Partners Co., Ltd. (current) Mar 2022 Left Mitsubishi Materials Corporation Jun 2022 Outside Director, the Company (current) Mar 2025 Retired as Outside Audit & Supervisory Board Member, M&A DX Co., Ltd. Significant concurrent positions: Outside Director, IA Partners Co., Ltd.
1957-05-20
Yumiko OKAFUJI
Outside Director
Apr 1988 Joined Hitachi Chemical Co., Ltd. (now Resonac Corporation) Apr 2013 Director, Executive Officer (Treasurer), Hitachi Powdered Metals (USA), Inc. (now Resonac Powdered Metals America, Inc.) Oct 2016 Joined Calbee, Inc.; General Manager, Investor Relations Department, Corporate Planning and Investor Relations Headquarters Apr 2019 Executive Officer; General Manager, Investor Relations Headquarters and General Manager, ESG Promotion Office Apr 2021 Executive Officer; General Manager, Procurement Headquarters and General Manager, Sustainability Promotion Office Apr 2022 Assigned to Strategic Risk Management Headquarters, Calbee, Inc. Jun 2022 Audit & Supervisory Board Member, Calbee, Inc. (current) Jun 2023 Outside Director, the Company (current) Significant concurrent positions: Audit & Supervisory Board Member, Calbee, Inc.
1964-12-10
Keiji NISHIO
Outside Director
Apr 1981 Joined Snow Brand Milk Products Co., Ltd. (now Snow Brand Megmilk Co., Ltd.) Apr 2002 General Manager, Dairy Food Business Division, Snow Brand Milk Products Co., Ltd. Oct 2002 General Manager, Dairy Food Sales Department, Snow Brand Milk Products Co., Ltd. Jun 2003 Executive Officer, General Manager, Dairy Food Sales Department, Snow Brand Milk Products Co., Ltd. Jan 2004 Executive Officer, Deputy General Manager, Cheese Business Division, Snow Brand Milk Products Co., Ltd. Jun 2004 Managing Executive Officer, General Manager, Kanto Sales Headquarters, Snow Brand Milk Products Co., Ltd. Jun 2009 Managing Executive Officer, General Manager, Wide-Area Sales Department and Kanto Sales Headquarters, Snow Brand Milk Products Co., Ltd. Oct 2009 Director, Executive Officer, General Manager, Wide-Area Sales Department and Kanto Sales Headquarters, Snow Brand Milk Products Co., Ltd. Apr 2011 Executive Officer, General Manager, Sales Management Division, Snow Brand Megmilk Co., Ltd. Jun 2013 Director, Executive Officer, Snow Brand Megmilk Co., Ltd. Mar 2014 Director, Executive Officer, General Manager, Fresh Milk Business Division, Snow Brand Megmilk Co., Ltd. Apr 2015 Representative Director, President, Snow Brand Megmilk Co., Ltd. Apr 2022 Director, Advisor, Snow Brand Megmilk Co., Ltd. Jun 2022 Advisor, Snow Brand Megmilk Co., Ltd. May 2023 Outside Director (Audit and Supervisory Committee Member), Yaskawa Electric Corporation (current) Jun 2023 Left Snow Brand Megmilk Co., Ltd. Jun 2025 Outside Director, the Company (current) Significant concurrent positions: Outside Director (Audit and Supervisory Committee Member), Yaskawa Electric Corporation
1959-02-19
Reiko YOSHIDA
Outside Audit & Supervisory Board Member
Oct 2001 Joined Asahi Law Offices (now Nishimura & Asahi) Sep 2006 Joined New York Office, Pillsbury Winthrop Shaw Pittman LLP Dec 2006 Left Asahi Law Offices Jan 2007 Joined TMI Associates Jul 2007 Left New York Office, Pillsbury Winthrop Shaw Pittman LLP Oct 2010 Left TMI Associates Nov 2010 Joined Atsumi & Sakai Dec 2020 Left Atsumi & Sakai Jan 2021 Partner Attorney, City-Yuwa Partners (current) Jun 2025 Outside Audit & Supervisory Board Member, the Company (current)
1974-10-28
Large Shareholding Reports
Mizuho Bank, Ltd.
2026-07-07
2.05%→2.98%
Annual report (as of 2026-03-31): 3.14%
Morant Wright Management Limited
2026-03-04
—
Morant Wright Management Limited
2026-03-04
—
Meiji Yasuda Life Insurance Company
2026-01-06
6.62%→7.93%
Annual report (as of 2026-03-31): 9.52%
―
2025-06-11
8.40%→1.56%
―
2025-05-09
7.24%→8.40%
―
2025-03-06
8.87%
―
2025-02-12
9.66%→9.66%
―
2024-11-22
9.66%→9.66%
―
2024-07-05
9.26%→9.66%
―
2024-05-02
9.26%→9.26%
―
2024-04-23
9.02%→9.26%
―
2024-04-01
7.99%→9.02%
―
2024-03-13
6.90%→7.99%
―
2024-03-01
5.84%→6.90%
―
2023-10-18
5.18%→5.84%
―
2023-10-12
5.18%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-10-29
Forecast Revision
FY ending Mar 2027
TDnet
2026-08-07
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-07-07
Large Shareholding Report
EDINET
2026-06-22
Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2026-05-12
Full-Year Earnings Flash
FY ending Mar 2026
TDnet
2026-04-30
業績予想の修正
FY ending Mar 2026
EDINETAmended
2026-03-04
Change Report
EDINETAmended
2026-03-04
Change Report
TDnet
2026-02-09
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2026-01-06
Large Shareholding Report
EDINET
2025-11-13
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-08-08
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-25
Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2025-06-11
Large Shareholding Report
EDINET
2025-05-09
Large Shareholding Report
EDINET
2025-03-06
Large Shareholding Report
EDINET
2025-02-12
Large Shareholding Report
TDnet
2025-02-10
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-22
Large Shareholding Report
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-08
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-07-05
Large Shareholding Report
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-05-02
Large Shareholding Report
EDINET
2024-04-23
Large Shareholding Report
EDINET
2024-04-01
Large Shareholding Report
EDINET
2024-03-13
Large Shareholding Report
EDINET
2024-03-01
Large Shareholding Report
EDINET
2024-02-09
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-13
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
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