Overview
Chemicals

ZEON CORPORATION

Zeon Corporation is a Japanese specialty chemicals company operating two core business segments: Elastomer Materials (synthetic rubbers, synthetic latex, C5 petroleum resins, thermoplastic elastomers) and High-Performance Materials (optical films, electronic materials, lithium-ion battery materials, synthetic fragrances, organic synthesis chemicals, high-performance resins, and medical devices). The company serves a broad range of end markets including automotive, electronics, energy storage, and healthcare. Zeon differentiates itself through advanced polymer and chemical technologies, with key branded products such as ZEONEX optical resins and hydrogenated nitrile rubber (HNBR), supported by a global manufacturing and sales network spanning 18 countries and regions.

Market Cap
¥407B
US$2.59B
EV
¥317B
US$2.02B
Stock¥2,127▼-5.34%
US$1 = ¥157.25 (2026-10-30)
LTM EV/EBITDA
5.4
x
LTM EV/EBIT
7.8
x
LTM PER
9.8
x
LTM PBR
1.0
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+12.4%pt
1001
Nov 4, 25 – Oct 30, 26StockTOPIX
1Mar 4, 26Earnings: FY2026 March guidance downgrade
MC → EV Bridge
407BUS$2.59BMarket Cap29.4BUS$187M+ Debt35.1BUS$223M− Cash84.8BUS$539M− Inv. Sec.0.53BUS$3.36M+ NCI317BUS$2.02BEV
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Performance & Balance
Revenue 5Y (¥B)
362US$2.30B'22/3389US$2.47B'23/3382US$2.43B'24/3421US$2.68B'25/3412US$2.62B'26/3
EBITDA 5Y (¥B)
65.9US$419M'22/347.6US$302M'23/340.6US$258M'24/348.8US$310M'25/353.6US$341M'26/3
Net Income 5Y (¥B)
33.4US$212M'22/310.6US$67.2M'23/331.1US$198M'24/326.2US$167M'25/336.2US$230M'26/3
Capital Structure
93%
EquityD/E 0.07xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
128US$814M19.0US$121M'22/3130US$828M28.0US$178M'23/3128US$815M8.96US$57.0M'24/398.6US$627M28.3US$180M'25/3102US$651M18.4US$117M'26/3
Shareholders
Top 10 hold 38.8%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
11.19%
2
Custody Bank of Japan, Ltd. (Trust Account)
6.14%
3
Mizuho Bank, Ltd. (Standing Proxy: Custody Bank of Japan, Ltd.)
4.34%
4
Asahi Mutual Life Insurance Company (Standing Proxy: Custody Bank of Japan, Ltd.)
3.99%
5
National Mutual Insurance Federation of Agricultural Cooperatives (Standing Proxy: The Master Trust Bank of Japan, Ltd.)
2.47%
6
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
2.43%
7
STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)
2.27%
8
ZEON CORPORATION Business Partners' Stock Ownership Association
2.18%
9
The Norinchukin Bank
1.91%
10
ZEON CORPORATION Employee Stock Ownership Association
1.85%
Management
14 officers
Tetsuya TOYOSHIMA
Representative Director, President and CEO
Apr 1989 Joined Zeon Corporation Jan 2013 General Manager, High-Performance Resins and Materials Business Division, Zeon Corporation Jun 2015 Executive Officer, Zeon Corporation Jun 2020 Managing Executive Officer; General Manager, General Development Center, Zeon Corporation Jun 2022 Director, Managing Executive Officer, Zeon Corporation Jun 2023 Representative Director, President, Zeon Corporation (current)
1963-03-13
Kazuyoshi MATSUURA
Director, Senior Managing Executive Officer and CFO
Apr 1993 Joined Zeon Corporation Jul 2013 General Manager, Electronic Materials Business Promotion Department No.2, Zeon Corporation Jul 2014 General Manager, Rubber Sales Department No.2, Rubber Business Division, Zeon Corporation Jun 2017 Executive Officer; General Manager, Rubber Business Division, Zeon Corporation Jun 2019 Director, Executive Officer; General Manager, Human Resources Division; General Manager, Human Resources Department; Head of China Business Management Office, Zeon Corporation Jun 2020 Director, Tohpe Corporation Jun 2022 Director, Managing Executive Officer, Zeon Corporation Jun 2026 Director, Senior Managing Executive Officer, Zeon Corporation
1967-02-21
Yuichiro KONISHI
Director, Senior Managing Executive Officer and CTO
Apr 1991 Joined Zeon Corporation Jul 2011 Joined Solvay Advanced Polymers K.K. Jul 2012 Joined Zeon Corporation Jul 2013 General Manager No.1, Electronic Materials Business Promotion Department, Zeon Corporation Jul 2015 General Manager, Electronic Materials Business Promotion Department; Head of Taiwan Representative Office, Zeon Corporation Jun 2020 Executive Officer, Zeon Corporation Aug 2021 General Manager, High-Performance Resins Business Division, Zeon Corporation (current) Aug 2021 Representative Director, President, Zeon Opto Biolab Co., Ltd. Jun 2022 Director, Executive Officer, Zeon Corporation Jun 2023 Director, Managing Executive Officer, Zeon Corporation Jun 2026 Director, Senior Managing Executive Officer, Zeon Corporation
1965-08-30
Yoshiyuki SONE
Director, Managing Executive Officer; Special Assignment, Assistant to the Representative Director and President
Apr 1988 Joined Zeon Corporation Jul 2017 General Manager, High-Function Materials Business Division, Zeon Corporation Jun 2018 Executive Officer, Zeon Corporation Jun 2020 Managing Executive Officer, Zeon Corporation Jun 2022 Director, Managing Executive Officer, Zeon Corporation (current)
1965-06-06
Hiroyuki HIRAKAWA
Full-time Audit & Supervisory Board Member
Apr 1981 Joined Zeon Corporation Apr 2008 General Manager, Corporate Planning Department, Zeon Corporation Jun 2008 Executive Officer, Zeon Corporation Jun 2009 Director and Executive Officer, Zeon Corporation Jun 2015 Director and Managing Executive Officer, Zeon Corporation Jun 2022 Special Executive Engineer; General Manager, Carbon Neutral Promotion Division, Zeon Corporation Apr 2025 Assistant to the Representative Director and President, Zeon Corporation Jun 2025 Full-time Audit & Supervisory Board Member, Zeon Corporation (current)
1958-08-23
Toru NISHIJIMA
Full-time Audit & Supervisory Board Member
Apr 1981 Joined Zeon Corporation Oct 2006 Deputy General Manager, Mizushima Plant, Zeon Corporation Jun 2009 Executive Officer, Zeon Corporation Jun 2014 Managing Executive Officer, Zeon Corporation Jun 2015 Director and Managing Executive Officer, Zeon Corporation Jun 2021 Advisor, Zeon Corporation; Audit & Supervisory Board Member, Jis Info Techno Co., Ltd. Jun 2022 Special Management Engineer, Zeon Corporation Jun 2023 Full-time Audit & Supervisory Board Member, Zeon Corporation (current)
1957-02-08
Masayoshi NAKAMURA
Audit & Supervisory Board Member
Apr 1968 Joined Lion Yushi Co., Ltd. (now Lion Corporation) Mar 1994 Completed doctoral program, Graduate School of Science and Engineering, Saitama University; Doctor of Engineering Apr 2001 Director, Lion Engineering Co., Ltd. Apr 2005 Professor, Graduate School of Technology Management, Tokyo University of Agriculture and Technology Apr 2008 Visiting Professor, Graduate School of Innovation Management, Tokyo Institute of Technology; Part-time Lecturer, Graduate School of Engineering, University of Tokyo (current) Apr 2016 Specially Appointed Professor, School of Environment and Society, Tokyo Institute of Technology Dec 2021 Representative Director and Chairman, Keiyo Human Resources Development Association Jun 2024 Audit & Supervisory Board Member, Zeon Corporation (current) Jun 2025 Honorary Chairman, Keiyo Human Resources Development Association (current)
1945-09-18
Takao KITAHATA
Director
Apr 1972 Joined Ministry of International Trade and Industry Jun 2004 Director-General, Economic and Industrial Policy Bureau, Ministry of Economy, Trade and Industry Jul 2006 Vice-Minister of Economy, Trade and Industry Jul 2008 Retired from Ministry of Economy, Trade and Industry Oct 2008 Special Advisor, Nippon Life Insurance Company Jun 2010 Outside Director, Kobe Steel, Ltd.; Outside Audit & Supervisory Board Member, Marubeni Corporation Jun 2013 Chairman, Mita Gakuen Educational Foundation; Outside Director, Marubeni Corporation Apr 2014 President, Mita Gakuen School Jun 2014 Outside Director, Seiren Co., Ltd. (current); Director, Zeon Corporation (current) Apr 2020 President, Niigata Sogo Gakuin Kaishi Professional University Jun 2022 Outside Director, Miroku Jyoho Service Co., Ltd. (current)
1950-01-10
Miki AKIYAMA
Director
Apr 1991 Joined News Division, Sendai Broadcasting Co., Ltd. Nov 2001 Completed master's program, London School of Economics and Political Science, University of London Apr 2005 Special Research Lecturer, Graduate School of Media and Governance, Keio University Sep 2005 Withdrew after completing required coursework, Graduate School of Media and Governance, Keio University Dec 2006 Doctor of Policy and Media Apr 2007 Full-time Lecturer, Faculty of Policy Management, Keio University Apr 2010 Associate Professor, Faculty of Policy Management, Keio University Apr 2011 Concurrent Associate Professor, School of Medicine, Keio University Apr 2012 Associate Professor, Faculty of Environment and Information Studies, Keio University; Member, Graduate School of Media and Governance (current) Apr 2015 Member, Graduate School of Health Management, Keio University (current) Dec 2015 Doctor of Medicine Mar 2016 Visiting Scholar, University of California, Berkeley Apr 2017 Professor, Faculty of Environment and Information Studies, Keio University (current); Concurrent Professor, School of Medicine, Keio University (current); Concurrent Professor, Tsuruoka Collaborative Research and Education Square, Institute for Advanced Biosciences, Keio University (current) Jun 2019 Public Member, Central Social Insurance Medical Council Apr 2020 Member, Medical Council (current) Jan 2021 Expert Member, Technology Strategy Committee, Information and Communications Council (current) Jun 2023 Director, Zeon Corporation (current) Sep 2023 Director, Institute of Medical Science Foundation (current) Jun 2025 Trustee, International Medical Information Center (current)
1968-02-13
Saeko MASUMI
Director
Apr 1986 Registered as attorney-at-law, Daini Tokyo Bar Association; joined Harago Law Office; Representative Director, Japan Civil Liberties Union Mar 1992 Opened Sensakuyama Law Office Apr 1996 Director, Hattatsu Kyokai (Japan Developmental Disabilities Association) (current) Apr 2009 Criminal Defense Instructor, Legal Training and Research Institute of the Supreme Court Jul 2013 Member, Broadcast Ethics Review Committee, Broadcast Ethics and Program Improvement Organization; Deputy Chairperson from Apr 2015 Aug 2015 Audit & Supervisory Board Member, Weathernews Inc. Mar 2017 Delegate, Japan Federation of Bar Associations Apr 2017 Vice President, Daini Tokyo Bar Association; Managing Director, Japan Federation of Bar Associations May 2017 Member, Disaster Compensation Review Committee, Supreme Court May 2021 Chairperson, Disaster Compensation Review Committee, Supreme Court (current) Jun 2023 Director, Zeon Corporation (current)
1956-04-25
Kyoko YOSHIKAWA
Director
Jan 1996 Joined J.P. Morgan Securities Co., Ltd. Aug 2003 Joined Hermes Japon K.K., Finance Department, Financial Analyst Jul 2007 Transferred to Leica Camera Japan K.K. Mar 2018 Director, General Manager of Administration Division, Leica Camera Japan K.K. Dec 2019 Director, General Manager of Business Management Division, Saki Corporation Mar 2024 Director, DMG Mori Co., Ltd. (current) Jun 2025 Director, Zeon Corporation (current)
1972-11-23
Toshiya IMAI
Director
Apr 1982 Joined Fujitsu Limited Jun 1988 Completed master's program, Kellogg School of Management, Northwestern University Jul 1988 Joined Booz Allen Hamilton Japan Inc. Nov 1997 Director and Vice President, Booz Allen Hamilton Japan Inc. Jul 2002 Vice President (Corporate Strategy and New Business Development), SAP Japan Co., Ltd. Oct 2005 Partner, Bain & Company Japan, Inc. Nov 2010 Senior Executive Advisor, Booz & Company Japan Inc. Jan 2012 Representative Director and Partner, Booz & Company Japan Inc. Jul 2015 Deputy Chief Executive Partner, PwC Consulting LLC, following the integration of PwC and Booz & Company Apr 2020 Representative Director, President, Ridgelinez Limited Apr 2025 Chairman of the Board, Ridgelinez Limited; Executive Advisor, Fujitsu Limited Apr 2026 Senior Advisor, Fujitsu Limited (current) Jun 2026 Director, Zeon Corporation
1960-02-16
Hiroki KIMURA
Audit & Supervisory Board Member
Apr 1984 Joined Asahi Mutual Life Insurance Company Apr 2012 Executive Officer, Asahi Mutual Life Insurance Company Jul 2013 Director and Executive Officer, Asahi Mutual Life Insurance Company Apr 2015 Director and Managing Executive Officer, Asahi Mutual Life Insurance Company Apr 2017 Representative Director, President, Asahi Mutual Life Insurance Company Jun 2020 Audit & Supervisory Board Member, Zeon Corporation (current) Apr 2024 Representative Director, Chairman, Asahi Mutual Life Insurance Company Apr 2025 Director, Chairman, Asahi Mutual Life Insurance Company (current)
1962-01-19
Miyuki TANABU
Audit & Supervisory Board Member
Oct 1984 Joined Eiwa Audit Corporation (member firm of Arthur Andersen SC, audit division; now Azusa Audit LLC) Oct 1987 Transferred to Arthur Andersen Tokyo, Tax Department (Uno Tax Accountant Office) Aug 1988 Registered as Certified Public Accountant Jul 1989 Finance & Administration Director, The Walt Disney Company (Japan) Ltd.; Finance & Administration Director, DHV Japan, Ltd. Aug 1990 Moved to the UK; joined Arthur Andersen London, Personal Tax Department Feb 2002 Opened Tanabu CPA Office Sep 2006 Returned to Japan; engaged in activities supporting nonprofit organizations and non-profit general incorporated associations (to present) Jun 2024 Audit & Supervisory Board Member, Zeon Corporation (current)
1960-01-28
Large Shareholding Reports
Nomura Asset Management Co., Ltd.
2026-10-22
4.43%
Oasis Management Company Ltd.
2024-09-06
6.29%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-10-29
Q2 Earnings Flash
FY ending Mar 2027
EDINET
2026-10-22
Large Shareholding Report
TDnet
2026-07-29
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-25
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-06-10
中期経営計画
TDnet
2026-01-30
業績予想の修正
TDnet
2026-01-30
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-10
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnet
2025-10-30
特別損益
TDnet
2025-07-30
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-26
Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINET
2025-06-11
中期経営計画
TDnet
2025-01-31
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-08
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
EDINETAmended
2024-11-08
Amended Securities Registration Statement
EDINETAmended
2024-10-28
Amended Securities Registration Statement
EDINETAmended
2024-10-11
Amended Securities Registration Statement
EDINET
2024-09-06
Large Shareholding Report
EDINETAmended
2024-09-02
Amended Securities Registration Statement
EDINET
2024-08-30
Securities Registration Statement
TDnet
2024-07-29
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-27
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-05
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-09
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-04
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINETAmended
2023-07-26
Amended Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-06-29
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-06-07
中期経営計画
EDINET
2023-02-09
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-10
Quarterly Securities Report
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