Overview
Chemicals

TOAGOSEI CO.,LTD.

Toagosei Co., Ltd. is a diversified Japanese chemical company operating across five business segments: Basic Chemicals (caustic soda, acrylic monomers, industrial gases), Polymers & Oligomers (acrylic polymers, UV-curable resins), Adhesive Materials (instant adhesives and functional adhesives sold under the Aron Alpha brand), High-Performance Materials (high-purity inorganic chemicals), and Resin Processed Products (piping materials, construction products, and nursing care products). The company serves a broad range of end markets including electronics, automotive, healthcare, housing/infrastructure, and consumer goods. Its competitive strengths lie in vertically integrated chemical production, proprietary adhesive technology, and a growing international presence across Asia and North America.

Market Cap
¥194B
US$1.24B
EV
¥152B
US$972M
Stock¥1,832▲+0.22%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
5.6
x
LTM EV/EBIT
10.0
x
LTM PER
14.8
x
LTM PBR
0.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-2.6%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
194BUS$1.24BMarket Cap21.7BUS$139M+ Debt20.0BUS$128M− Cash44.4BUS$283M− Inv. Sec.1.19BUS$7.60M+ NCI152BUS$972MEV
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Performance & Balance
Revenue 5Y (¥B)
156US$997M'21/12161US$1.03B'22/12159US$1.02B'23/12168US$1.07B'24/12162US$1.04B'25/12
EBITDA 5Y (¥B)
28.3US$180M'21/1224.8US$158M'22/1223.2US$148M'23/1225.5US$163M'24/1225.8US$165M'25/12
Net Income 5Y (¥B)
13.8US$87.8M'21/1212.5US$79.7M'22/1212.2US$77.7M'23/1211.9US$75.7M'24/1212.8US$81.4M'25/12
Capital Structure
91%
EquityD/E 0.10xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
81.2US$518M11.5US$73.3M'21/1268.8US$439M12.4US$78.9M'22/1272.0US$459M12.3US$78.7M'23/1264.8US$414M12.3US$78.5M'24/1260.5US$386M21.8US$139M'25/12
Shareholders
Top 10 hold 36.4%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
10.12%
2
Custody Bank of Japan, Ltd. (Trust Account)
5.05%
3
TOAGOSEI CO.,LTD. Business Partners' Stock Ownership Association
4.94%
4
Sumitomo Mitsui Banking Corporation
3.83%
5
TOAGOSEI CO.,LTD. Employee Stock Ownership Association
3.09%
6
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
2.43%
7
MUFG Bank, Ltd.
1.86%
8
STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)
1.74%
9
Taiju Life Insurance Company Limited
1.73%
10
THE BANK OF NEW YORK, TREATY JASDEC ACCOUNT (Standing Proxy: MUFG Bank, Ltd.)
1.65%
Management
11 officers
Mikishi TAKAMURA
Representative Director, Chairman and CEO
Apr 1980 Joined the Company Apr 2002 Group Leader, Finance Group, Administration Division Apr 2005 Group Leader, Personnel and General Affairs Group, Administration Division Apr 2006 Group Leader, Personnel and General Affairs Group, Administration Division; General Manager, IR and Public Relations Office, Administration Division Apr 2008 Deputy General Manager, Nagoya Plant Mar 2010 Director, General Manager of Administration Division Apr 2012 Director, General Manager of Administration Headquarters Mar 2013 Director, General Manager of Corporate Planning Division Mar 2015 Representative Director, Deputy President, General Manager of Management Strategy Headquarters Nov 2015 Representative Director, President, General Manager of Management Strategy Headquarters Jan 2016 Representative Director, President Jan 2025 Representative Director, Chairman and CEO (current)
1956-03-28
Hidenori KOBUCHI
Representative Director, President and COO
Apr 1988 Joined the Company Apr 2010 Group Leader, Adhesives Group, Functional Chemicals Division Apr 2013 Group Leader, Polymer and Photocurable Group, Acrylic Division Jan 2016 Group Leader, Polymer and Photocurable Group, Acrylic Division; Group Leader, New Product Exploration Group, Acrylic Division Jan 2017 General Manager, Polymer Department, Polymer and Oligomer Division Mar 2018 Executive Officer; General Manager, Polymer and Oligomer Division; General Manager, Polymer Department, Polymer and Oligomer Division Jan 2019 Executive Officer; General Manager, Polymer and Oligomer Division Jan 2021 Executive Officer; Representative Director, President, MT Aquapolymer Co., Ltd. Mar 2023 Director; General Manager, Business Division; General Manager, Head Office Sales Department Jan 2024 Representative Director, Deputy President; General Manager, Management Strategy Headquarters Jan 2025 Representative Director, President and COO (current)
1963-12-04
Ken NOMOTO
Director, General Manager of Group Management Division and CFO
Apr 1990 Joined the Company Jan 2021 General Manager, General Affairs and Legal Department, Group Administration Division Jan 2022 General Manager, Sales Planning Department, Business Division Mar 2024 Executive Officer; General Manager, Corporate Planning Department, Management Strategy Headquarters; General Manager, Information Systems Department, same headquarters Jan 2025 Executive Officer; General Manager, Corporate Planning Department, Group Management Division Mar 2026 Director, General Manager of Group Management Division and CFO (current)
1967-11-16
Tatsuyuki NONOYAMA
Director, General Manager of Group Operations Division; General Manager of Business Planning Department, Group Operations Division; General Manager of Logistics Department, Group Operations Division; General Manager of Head Office Sales Department
Apr 1989 Joined the Company Apr 2014 General Manager, No. 2 Manufacturing Department, Nagoya Plant Jan 2017 General Manager, Oligomer Department, Polymer and Oligomer Division Jan 2020 General Manager, Operations Department, Nagoya Plant Jan 2021 Plant Manager, Hirono Plant Mar 2024 Executive Officer; Plant Manager, Takaoka Plant; General Manager, Business Support Department, Takaoka Plant Mar 2026 Director, General Manager of Group Operations Division; General Manager of Business Planning Department, Group Operations Division; General Manager of Logistics Department, Group Operations Division; General Manager of Head Office Sales Department (current)
1965-08-26
Takashi KATO
Director
Apr 1989 Research Assistant, Department of Chemistry and Biotechnology, School of Engineering, The University of Tokyo Apr 1991 Lecturer, Institute of Industrial Science, The University of Tokyo Jul 1993 Associate Professor, Institute of Industrial Science, The University of Tokyo Jul 1996 Associate Professor, Department of Chemistry and Biotechnology, Graduate School of Engineering, The University of Tokyo Apr 1999 Associate Professor, Graduate School of Frontier Sciences, The University of Tokyo May 2000 Professor, Department of Chemistry and Biotechnology, Graduate School of Engineering, The University of Tokyo Sep 2016 President, The Liquid Crystal Society of Japan May 2018 President, The Society of Polymer Science, Japan Oct 2019 Deputy Director, Water Environment Engineering Research Center, Graduate School of Engineering, The University of Tokyo Apr 2022 Director, Asahi Glass Foundation Mar 2023 Director of the Company (current) Apr 2025 Specially Appointed Professor, Institute for Aqua Regeneration, Shinshu University (current) Apr 2025 Specially Appointed Professor, Interdisciplinary Basic Science Research Institute, Okayama University (current) Jun 2025 Professor Emeritus, The University of Tokyo (current) Jun 2025 Director, Izumi Science and Technology Foundation (current)
1959-04-22
Reiko ISHIYAMA
Director
Jan 2005 Joined Tokio Marine & Nichido Better Life Service Co., Ltd. Jun 2015 Standing Director, Japan Care Manager Association Apr 2016 Care Support Specialist, Health Care Promotion Division, Health and Welfare Bureau for the Elderly, Ministry of Health, Labour and Welfare Apr 2018 Professor, Graduate School of Medicine and Welfare Management, International University of Health and Welfare (current) Apr 2019 Director, Japan Care Management Society (current) Jun 2022 Director, Francebed Home Care Foundation (current) Jun 2023 Director, Japan Society of Care Management (NPO) (current) Jun 2024 Director, Kanagawa Welfare Service Promotion Association (current) Mar 2025 Director of the Company (current) Apr 2025 Outside Director, Tokio Marine & Nichido Better Life Service Co., Ltd. (current)
1968-09-01
Yoshihito TAKAHASHI
Director (Full-time Audit and Supervisory Committee Member)
Apr 1986 Joined the Company Apr 2011 Group Leader, Finance Department, Administration Division Apr 2012 General Manager, Finance Department, Administration Headquarters Apr 2015 General Manager, Purchasing Department, Business Division Jan 2017 General Manager, Personnel Department, Administration Headquarters Jan 2019 General Manager, Administration Department, Nagoya Plant; General Manager, Administration Department, Nagoya Plant Jan 2020 Deputy General Manager, Nagoya Plant; General Manager, Administration Department, Nagoya Plant Mar 2022 Executive Officer; General Manager, Information Systems Department, Management Strategy Headquarters; Representative Director, President, Toa Business Associe Co., Ltd. Mar 2024 Director (Audit and Supervisory Committee Member) (current)
1962-07-16
Ikuko KOMACHIYA
Director (Audit and Supervisory Committee Member)
Apr 1996 Registered as Attorney-at-Law Apr 1996 Joined Harago Sogo Law Office May 2002 Registered as Attorney in the State of New York Apr 2006 Civil Conciliation Commissioner, Tokyo Summary Court Apr 2011 Civil Defense Instructor, Legal Training and Research Institute of the Supreme Court of Japan Aug 2017 Deputy Secretary General, Japan Federation of Bar Associations Apr 2021 Chair, Broadcasting Ethics Review Committee, Broadcasting Ethics & Program Improvement Organization (current) Jul 2021 Established Legal Office Legal i Plus (current) Jun 2024 Outside Director, Seiki Tokyu Kogyo Co., Ltd. (current) Mar 2025 Director (Audit and Supervisory Committee Member) of the Company (current)
1963-07-07
Yoshiyuki KOBAYASHI
Director
Apr 1988 Joined Sankyo Co., Ltd. (now Daiichi Sankyo Co., Ltd.) Apr 2015 General Manager, Medicinal Chemistry Research Laboratories, Research and Development Division, Daiichi Sankyo Co., Ltd. Apr 2016 CEO & President, Daiichi Sankyo India Pharma Private Limited Jan 2021 Chief Scientific Officer, Curaias Inc. Aug 2021 Executive Officer and Chief Scientific Officer, Curaias Inc. Sep 2023 General Manager, Research and Development Department, Cellseed Therapeutics Co., Ltd. May 2024 Established YK BioPharma (current) Mar 2026 Director of the Company (current)
1964-02-14
Toshiyuki TERAMOTO
Director (Audit and Supervisory Committee Member)
Apr 1981 Joined The Mitsui Bank, Limited (now Sumitomo Mitsui Banking Corporation) Apr 2008 Executive Officer, Sumitomo Mitsui Banking Corporation Apr 2011 Managing Executive Officer, Sumitomo Mitsui Banking Corporation Apr 2014 Director and Senior Managing Executive Officer, Sumitomo Mitsui Banking Corporation Jun 2015 Director, Sumitomo Mitsui Financial Group, Inc. Jun 2016 Senior Audit & Supervisory Board Member, Sumitomo Mitsui Financial Group, Inc.; Audit & Supervisory Board Member, Sumitomo Mitsui Banking Corporation Jun 2017 Director, Sumitomo Mitsui Financial Group, Inc. Jun 2019 Deputy President and Executive Officer, Horai Co., Ltd. Dec 2019 Representative Director, President and Executive Officer, Horai Co., Ltd. Mar 2024 Director (Audit and Supervisory Committee Member) of the Company (current) Oct 2024 Representative Director, Chairman and Executive Officer, CEO, Horai Co., Ltd. Jun 2025 Outside Director (Audit and Supervisory Committee Member), Asax Co., Ltd. (current) Oct 2025 Representative Director, Chairman and Executive Officer, Horai Co., Ltd. Dec 2025 Representative Director, Chairman, Horai Co., Ltd. (current)
1958-09-15
Masahiko ENOMOTO
Director (Audit and Supervisory Committee Member)
Jul 2014 Head, Higashi-Matsuyama Tax Office Jul 2015 Head, Ebara Tax Office Jul 2016 Chief National Tax Examiner, Investigation Department, Tokyo Regional Taxation Bureau Jul 2017 Head Examiner, Tokyo Dispatch, Secretariat of the Commissioner, National Tax Agency Jul 2019 Chief Examiner, Audit Division, General Affairs Department, Tokyo Regional Taxation Bureau Jul 2020 Chief National Tax Examiner, Osaka Dispatch, Secretariat of the Commissioner, National Tax Agency Jul 2021 Director, Collection Department, Sendai Regional Taxation Bureau Jul 2022 Chief National Tax Examiner, Secretariat of the Commissioner, National Tax Agency Jul 2024 Commissioner, Sapporo Regional Taxation Bureau Oct 2025 Certified Tax Accountant, Masahiko Enomoto Tax Accountant Office (current) Jan 2026 Outside Director, Biz Up Soken Co., Ltd. (current) Mar 2026 Director (Audit and Supervisory Committee Member) of the Company (current)
1964-11-09
Large Shareholding Reports
Sumitomo Mitsui Banking Corporation
2026-03-23
4.65%→3.77%
Annual report (as of 2026-06-30): 3.83%
Morant Wright Management Limited
2026-03-04
—
MUFG Bank, Ltd.
2025-09-30
2.00%→2.00%
Annual report (as of 2026-06-30): 1.86%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2025-08-06
2.73%→2.00%
MUFG Bank, Ltd.
2025-08-04
2.00%
Annual report (as of 2026-06-30): 1.86%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-07
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-07-31
Q2 Earnings Flash
FY ending Dec 2026
TDnet
2026-04-28
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-25
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINETAmended
2026-03-25
Amended Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2026-03-23
Large Shareholding Report
EDINETAmended
2026-03-04
Change Report
EDINETAmended
2026-02-13
Amended Securities Registration Statement
EDINET
2026-02-12
Securities Registration Statement
TDnet
2025-10-31
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-09-30
Large Shareholding Report
EDINET
2025-08-08
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2025-08-06
Large Shareholding Report
EDINET
2025-08-04
Large Shareholding Report
TDnet
2025-04-28
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-28
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-09
Semi-Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-05-14
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-28
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-12
Quarterly Securities Report
Period: Jan 2023 – Mar 2023
EDINET
2023-03-30
Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2022-11-14
Quarterly Securities Report
EDINET
2022-08-09
Quarterly Securities Report
EDINET
2022-05-13
Quarterly Securities Report
EDINET
2022-03-30
Annual Securities Report
EDINET
2021-11-11
Quarterly Securities Report
EDINET
2021-08-06
Quarterly Securities Report
EDINET
2021-05-13
Quarterly Securities Report
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