Overview
Chemicals

Tokuyama Corporation

Tokuyama Corporation is a Japanese chemical manufacturer operating across five core segments: electronic advanced materials, life sciences, environmental solutions, chemical products (caustic soda, polysilicon, etc.), and cement/construction materials. The company supplies high-purity polysilicon and specialty chemicals for the semiconductor and electronics industries, alongside industrial chemicals, pharmaceutical ingredients, and cement products. Tokuyama is strategically pivoting toward electronic materials and sustainability-oriented businesses, including hydrogen energy, while divesting its domestic cement and solidification materials sales operations.

Market Cap
¥271B
US$1.73B
EV
¥340B
US$2.17B
Stock¥3,761▼-1.03%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
6.0
x
LTM EV/EBIT
9.2
x
LTM PER
12.0
x
LTM PBR
0.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-21.1%pt
10012
Oct 23, 25 – Oct 23, 26StockTOPIX
1Jul 29, 26Q1 FY2027/03 earnings announced
2Aug 12, 26Oasis Management Company Ltd. filed large shareholding report
MC → EV Bridge
271BUS$1.73BMarket Cap165BUS$1.05B+ Debt49.0BUS$313M− Cash61.0BUS$389M− Inv. Sec.14.9BUS$95.3M+ NCI340BUS$2.17BEV
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Performance & Balance
Revenue 5Y (¥B)
294US$1.87B'22/3352US$2.24B'23/3342US$2.18B'24/3343US$2.19B'25/3349US$2.23B'26/3
EBITDA 5Y (¥B)
44.3US$282M'22/335.1US$224M'23/343.3US$276M'24/349.7US$317M'25/358.0US$370M'26/3
Net Income 5Y (¥B)
28.0US$179M'22/39.36US$59.7M'23/317.4US$111M'24/323.4US$149M'25/322.2US$142M'26/3
Capital Structure
64%
36%
EquityD/E 0.57xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
111US$710M109US$697M'22/397.6US$622M142US$908M'23/384.9US$541M106US$675M'24/3112US$712M111US$706M'25/3106US$676M162US$1.03B'26/3
Shareholders
Top 10 hold 41.1%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
17.05%
2
Custody Bank of Japan, Ltd. (Trust Account)
6.73%
3
Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)
3.01%
4
STATE STREET BANK AND TRUST COMPANY 505223 (Standing Proxy: Mizuho Bank, Ltd.)
2.63%
5
BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC; Standing Proxy: MUFG Bank, Ltd.)
2.44%
6
Meiji Yasuda Life Insurance Company (Standing Proxy: Custody Bank of Japan, Ltd.)
2.06%
7
Tokuyama Corporation Employee Stock Ownership Association
1.98%
8
HSBC-FUND SERVICES HSBC - 006 MF EFM (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
1.80%
9
BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
1.71%
10
The Yamaguchi Bank, Ltd. (Standing Proxy: The Master Trust Bank of Japan, Ltd.)
1.68%
Management
10 officers
Hiroshi YOKOTA
Representative Director, Chairman and Executive Officer
Apr 1985 Joined the Company Apr 2008 General Manager, Fine Chemicals Sales Department Jan 2010 General Manager, Functional Powders Sales Department Apr 2014 Executive Officer; General Manager, Specialty Products Division Mar 2015 President and Executive Officer Jun 2015 Representative Director; in charge of all business divisions, Corporate Planning Office, Internal Audit Office, Secretariat, General Affairs and Human Resources; President and Executive Officer Jun 2017 Representative Director; in charge of all business divisions and Internal Audit Office; President and Executive Officer Jun 2019 Representative Director; in charge of Performance Chemicals, Cement, Life Amenity, R&D and Internal Audit Office; President and Executive Officer Jun 2020 Representative Director; in charge of Performance Chemicals, Cement, Life Amenity and Internal Audit Office; President and Executive Officer Apr 2021 Representative Director; in charge of Performance Chemicals, Cement, Internal Audit Office and Carbon Neutrality Strategy; President and Executive Officer Apr 2022 Representative Director; in charge of Performance Chemicals, Cement and Audit; President and Executive Officer Jun 2023 Representative Director; in charge of Performance Chemicals, Cement, Electronic and Advanced Materials, Advanced Technology Commercialization Center and Audit; President and Executive Officer Apr 2024 Representative Director; in charge of Performance Chemicals, Cement, Electronic and Advanced Materials and Audit; President and Executive Officer Jun 2025 Representative Director; in charge of Performance Chemicals, Electronic and Advanced Materials, Audit and Secretariat; President and Executive Officer Apr 2026 Representative Director; in charge of Performance Chemicals, Electronic and Advanced Materials, Audit and Secretariat; Chairman and Executive Officer (current) Jun 2026 Representative Director; in charge of Performance Chemicals, Audit and Secretariat; Chairman and Executive Officer
1961-10-12
Tomohiro INOUE
Representative Director, President and Executive Officer
Apr 1989 Joined the Company Dec 2012 Chief, Business Promotion Project Group Apr 2013 Leader, Business Promotion Project Group May 2013 Chief, Corporate Planning Group Apr 2014 Chief, Business Promotion Center Apr 2015 Leader, Resource Recycling Group Apr 2018 General Manager, Cement Production Department Apr 2021 Executive Officer; Deputy General Manager, Cement Division; General Manager, Cement Production Department Apr 2022 Executive Officer; General Manager, Environment Business Division; Deputy General Manager, Cement Division; President, Tokuyama Chiyoda Gypsum Co., Ltd. Apr 2023 Managing Executive Officer; General Manager, Environment Business Division; Deputy General Manager, Cement Division; President, Tokuyama Chiyoda Gypsum Co., Ltd. Jun 2023 Director; in charge of Environment Business and Tokuyama Plant; Managing Executive Officer; General Manager, Environment Business Division; Deputy General Manager, Cement Division; President, Tokuyama Chiyoda Gypsum Co., Ltd. Apr 2024 Director; in charge of Corporate Planning, CSR, Environment Business, Tokuyama Plant and Carbon Neutrality Strategy; Managing Executive Officer; General Manager, Corporate Planning Division Apr 2025 Director; in charge of Corporate Planning, Sustainability, Environment Business, Tokuyama Plant, Carbon Neutrality Strategy and New Business; Managing Executive Officer; General Manager, Corporate Planning Division Jun 2025 Director; in charge of Corporate Planning, Sustainability, Environment Business, Tokuyama Plant, Carbon Neutrality Strategy, New Business, Advanced Technology Commercialization Center and Digital Division; Managing Executive Officer; General Manager, Corporate Planning Division Apr 2026 Representative Director; in charge of Corporate Planning, Life Sciences, Environment Business, Manufacturing, Digital Division, Carbon Neutrality Strategy and New Business; President and Executive Officer (current)
1964-12-08
Takahide TANIGUCHI
Director, Senior Managing Executive Officer
Apr 1986 Joined the Company Apr 2010 Leader, Malaysia Planning Group Mar 2014 Leader, Malaysia Planning Group; Leader, T&M Business Reform Project Group Apr 2014 Leader, Specialty Products Planning Group; Leader, T&M Business Promotion Planning Group Mar 2015 Leader, Specialty Products Planning Group Oct 2017 Leader, Corporate Planning Group Apr 2018 Executive Officer; General Manager, Cement Division Apr 2021 Managing Executive Officer; General Manager, Cement Division Jun 2025 Director; in charge of Cement, General Affairs and Human Resources, and Procurement and Logistics; Managing Executive Officer; General Manager, Cement Division Apr 2026 Director; in charge of Cement, Sustainability, General Affairs and Human Resources, and Procurement and Logistics; Senior Managing Executive Officer; General Manager, Cement Division (current)
1962-04-16
Katsumi NAGASE
Director, Senior Managing Executive Officer
Apr 1994 Joined the Company Apr 2014 Chief, Specialty Products Planning Group Jan 2015 Deputy General Manager, Si Production Department; Specialty Products Planning Group (Tokuyama) Apr 2017 General Manager, Si Production Department Apr 2019 Chief, Specialty Products Planning Group (Tokuyama) Apr 2020 General Manager, Functional Powders Sales Department; Leader, Functional Powders Development Group Apr 2021 Deputy General Manager, Electronic Materials Division; General Manager, Functional Powders Sales Department; Leader, Functional Powders Development Group; Deputy Director, Tokuyama Research Laboratory Apr 2022 Deputy General Manager, Electronic Materials Division; General Manager, Functional Powders Sales Department; Leader, Functional Powders Development Group; Leader, TBR Project Group Apr 2023 Executive Officer; General Manager, Electronic and Advanced Materials Division; General Manager, Advanced Materials Division Apr 2024 Managing Executive Officer; General Manager, Electronic and Advanced Materials Division; General Manager, Advanced Materials Division; General Manager, New Business Division Apr 2025 Managing Executive Officer; General Manager, Electronic and Advanced Materials Division; General Manager, Advanced Materials Division Apr 2026 Senior Managing Executive Officer; General Manager, Electronic and Advanced Materials Division; General Manager, R&D Division; General Manager, Advanced Materials Division (current) Jun 2026 Director; in charge of R&D and Electronic and Advanced Materials; Senior Managing Executive Officer; General Manager, Electronic and Advanced Materials Division; General Manager, R&D Division; General Manager, Advanced Materials Division
1965-08-31
Kazumasa SUEOKA
Director (Audit and Supervisory Committee Member, Chair)
Apr 1990 Joined the Company Apr 2015 Director, Management Support Center Apr 2019 Leader, Finance and Accounting Group Oct 2019 Leader, Management Control Group Jul 2024 General Manager, Internal Audit Office Jun 2025 Director (Audit and Supervisory Committee Member) (current) Jun 2026 Director (Audit and Supervisory Committee Member, Chair)
1967-01-05
Nobuko MIZUMOTO
Director (Audit and Supervisory Committee Member)
Apr 1982 Joined Ishikawajima-Harima Heavy Industries Co., Ltd. (now IHI Corporation) Jul 2004 Manager, TX Preparation Office, IHI Apr 2006 General Manager, New Business Planning Group, Corporate Planning Department, IHI Oct 2008 General Manager, Recruitment Group, Human Resources Department, IHI Apr 2012 Executive Officer, General Manager, CSR Promotion Department, IHI Apr 2014 Executive Officer, General Manager, Group Administration Office, IHI Apr 2016 Executive Officer, General Manager, Procurement Planning Division, IHI Apr 2017 Managing Executive Officer, General Manager, Procurement Planning Division, IHI Apr 2018 Managing Executive Officer, General Manager, Advanced Information Management Division, IHI Jun 2018 Director, Managing Executive Officer, General Manager, Advanced Information Management Division, IHI Apr 2020 Director, IHI Jul 2020 Executive Fellow, Advisor, IHI Apr 2021 Advisor, IHI Jun 2021 Director (Audit and Supervisory Committee Member) of the Company (current)
1957-03-31
Naoki KONDO
Director (Audit and Supervisory Committee Member)
Oct 2000 Registered as attorney-at-law; joined Tokiwa Sogo Law Office Mar 2004 Joined Oh-Ebashi LPC & Partners Mar 2009 Registered as attorney in the State of New York Jul 2009 Assistant Counsel, Trade Organization Division, Trade Policy Bureau, Ministry of Economy, Trade and Industry Dec 2012 Joined Oh-Ebashi LPC & Partners Jan 2016 Partner, Oh-Ebashi LPC & Partners (current) Jun 2023 Director (Audit and Supervisory Committee Member) of the Company (current)
1973-12-04
Kei ISHIZUKA
Director
Apr 1984 Joined Sanwa Bank, Ltd. (now MUFG Bank, Ltd.) Jun 2011 Executive Officer, The Bank of Tokyo-Mitsubishi UFJ, Ltd. (now MUFG Bank, Ltd.) Jun 2012 Executive Officer, MUFG Bank, Ltd.; Executive Officer, Mitsubishi UFJ Financial Group, Inc. May 2014 Managing Executive Officer, MUFG Bank, Ltd. Jun 2018 Representative Director, Executive Vice President and Executive Officer, Mitsubishi UFJ NICOS Co., Ltd. Jan 2019 Representative Director, Executive Vice President and Executive Officer, Mitsubishi UFJ NICOS Co., Ltd.; Executive Officer, Mitsubishi UFJ Financial Group, Inc. Jun 2019 Representative Director, President and Executive Officer, Mitsubishi UFJ NICOS Co., Ltd. Jun 2023 Representative Director, Chairman, Mitsubishi UFJ NICOS Co., Ltd. (current) Jun 2023 Director (Audit and Supervisory Committee Member) of the Company (current) (scheduled to resign Jun 2026) Jun 2026 Director of the Company
1960-12-29
Shiro SAITO
Director
Apr 1982 Joined Tokyo Shibaura Electric Co., Ltd. (now Toshiba Corporation) Jun 2001 General Manager, New Functional Materials and Devices Laboratory, Research and Development Center, Toshiba Apr 2007 Group Leader, Technology Planning Office (Planning and Administration), Toshiba Apr 2009 Chief Engineer, Toshiba Medical Systems Corporation Jun 2011 Director of Research and Development Center, Toshiba Jun 2014 Executive Officer, Director of Research and Development Center, Toshiba Sep 2015 Senior Executive Officer, General Manager, Research and Development Division, Toshiba Nov 2017 Senior Executive Officer, Toshiba (in charge of Technology and Production Division, R&D Division, Yokohama Operations, Himeji Plant, Component and Materials, and R&D Division General Manager) Jun 2018 Executive Vice President, Toshiba (in charge of Technology and Production Division, R&D Division, Yokohama Operations, Himeji Plant, and Component and Materials) Apr 2019 Executive Vice President, Toshiba (in charge of Technology Planning Department, R&D Division and Digital Innovation Technology Center) Apr 2020 Special Adviser, Toshiba (current) Jun 2025 Director (Audit and Supervisory Committee Member) of the Company (current) (scheduled to resign Jun 2026) Jun 2026 Director of the Company
1957-05-01
Yumiko KAJIWARA
Director
Apr 1984 Joined Fujitsu Limited Sep 2006 General Manager, Intellectual Property Strategy Promotion Department, Mobile Phone Business Unit, Fujitsu Dec 2007 General Manager, New Market Development Strategy Division, Mobile Phone Business Unit, Fujitsu Feb 2013 General Manager, Legal Division, Fujitsu Apr 2015 Managing Director, Deputy General Manager, Legal, Compliance and Intellectual Property Division, Fujitsu Apr 2017 Managing Director, Deputy General Manager, Human Resources Division (Human Resource Development); Head, Diversity Promotion Office, Fujitsu Mar 2018 Non-Staff Member (part-time), Council for Science, Technology and Innovation (CSTI), Cabinet Office (current) Apr 2018 Managing Director, Deputy General Manager, Human Resources Division (Human Resource Development), Assistant to CTO and General Manager, Diversity Promotion Office, Fujitsu Apr 2021 Executive Officer, Executive Managing Director, CSO and General Manager, Sustainability Promotion Division, Fujitsu May 2023 Executive Officer, EVP and CSuO, Fujitsu Jun 2025 Director (Audit and Supervisory Committee Member) of the Company (current) (scheduled to resign Jun 2026) Jun 2026 Director of the Company
1961-09-09
Large Shareholding Reports
Oasis Management Company Ltd.
2026-08-12
5.01%
Sumitomo Mitsui DS Asset Management Company, Limited
2026-04-07
5.66%→3.36%
Sumitomo Mitsui DS Asset Management Company, Limited
2025-12-22
4.54%→5.66%
Sumitomo Mitsui DS Asset Management Company, Limited
2025-10-22
4.54%
Amova Asset Management Co., Ltd.
2025-09-19
2.76%→2.67%
Disclosures
No disclosures
Primary Source Filings
EDINETAmended
2026-08-26
Amended Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-08-12
Large Shareholding Report
TDnet
2026-07-29
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-19
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-04-07
Large Shareholding Report
TDnet
2026-01-30
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-12-22
Large Shareholding Report
EDINET
2025-11-07
Semi-Annual Securities Report
Period: Apr 2025 – Sep 2025
EDINET
2025-10-22
Large Shareholding Report
EDINET
2025-09-19
Large Shareholding Report
EDINETAmended
2025-08-26
Amended Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-07-29
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-25
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-01-31
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-08
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-07-26
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-26
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-09
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-08
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-07
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINETAmended
2023-07-12
Amended Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-06-26
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-09
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-09
Quarterly Securities Report
EDINET
2022-08-05
Quarterly Securities Report
EDINETAmended
2022-06-28
Amended Annual Securities Report
EDINET
2022-06-27
Annual Securities Report
EDINET
2022-02-09
Quarterly Securities Report
EDINET
2021-11-09
Quarterly Securities Report
EDINET
2021-08-06
Quarterly Securities Report
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