Overview
Chemicals

NIPPON PAINT HOLDINGS CO.,LTD.

Nippon Paint Holdings is one of Asia's largest paint and coatings manufacturers, offering a comprehensive portfolio spanning automotive coatings, architectural/decorative paints, industrial coatings, marine antifouling coatings, and fine chemicals. The company serves automotive OEMs, construction, marine, and industrial markets across Japan, Asia-Pacific, Europe, and the Americas through four operating segments: Japan, NIPSEA, DuluxGroup, and Americas. Key competitive strengths include dominant market positions in Asia (particularly China and Southeast Asia via the NIPSEA platform), strong brand equity through DuluxGroup in Australia/New Zealand, and proprietary technologies such as heat-reflective coatings and high-performance marine coatings.

Market Cap
¥2,916B
US$18.6B
EV
¥3,981B
US$25.4B
Stock¥1,257▲+0.64%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
10.7
x
LTM EV/EBIT
13.6
x
LTM PER
14.5
x
LTM PBR
1.5
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+3.0%pt
100
Oct 24, 25 – Oct 23, 26StockTOPIX
MC → EV Bridge
2,916BUS$18.6BMarket Cap1,526BUS$9.74B+ Debt477BUS$3.04B− Cash1.77BUS$11.3M− Inv. Sec.17.5BUS$111M+ NCI3,981BUS$25.4BEV
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Performance & Balance
Revenue 5Y (¥B)
998US$6.37B'21/121,309US$8.35B'22/121,443US$9.20B'23/121,639US$10.5B'24/121,774US$11.3B'25/12
EBITDA 5Y (¥B)
122US$775M'21/12159US$1.01B'22/12221US$1.41B'23/12251US$1.60B'24/12327US$2.09B'25/12
Net Income 5Y (¥B)
67.6US$431M'21/1279.4US$506M'22/12118US$756M'23/12127US$812M'24/12180US$1.15B'25/12
Capital Structure
57%
43%
EquityD/E 0.76xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
139US$885M573US$3.65B'21/12243US$1.55B807US$5.15B'22/12290US$1.85B795US$5.07B'23/12288US$1.84B862US$5.50B'24/12424US$2.71B1,528US$9.74B'25/12
Shareholders
Top 10 hold 78.2%
1
Nipsea International Limited (Standing Proxy: Citibank, N.A., Tokyo Branch)
55.74%
2
The Master Trust Bank of Japan, Ltd. (Trust Account)
5.97%
3
BNYM AS AGT/CLTS NON TREATY JASDEC (Standing Proxy: MUFG Bank, Ltd.)
3.69%
4
Fraser (HK) Limited (Standing Proxy: Citibank, N.A., Tokyo Branch)
3.66%
5
UBS AGLB Seg AC Untradable Shares (Standing Proxy: Citibank, N.A., Tokyo Branch)
3.66%
6
Custody Bank of Japan, Ltd. (Trust Account)
1.74%
7
HSBC - Fund Services Clients A/C 500 (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
1.33%
8
Nippon Life Insurance Company (Standing Proxy: The Master Trust Bank of Japan, Ltd.)
0.90%
9
Meiji Yasuda Life Insurance Company (Standing Proxy: Custody Bank of Japan, Ltd.)
0.76%
10
BBH Co For UMB Bank, National Association- FPA Crescent Fund (Standing Proxy: MUFG Bank, Ltd.)
0.75%
Management
8 officers
Yuichiro WAKATSUKI
Director, Representative Executive Officer and Co-President
Apr 1989 Joined The Industrial Bank of Japan, Ltd. (now Mizuho Bank, Ltd.) Mar 2000 Joined Merrill Lynch Japan Securities Co., Ltd. (now BofA Securities Japan Co., Ltd.) Jan 2016 Director of BofA Securities Japan Co., Ltd. Jun 2016 Vice Chairman, Investment Banking Division of BofA Securities Japan Co., Ltd. Nov 2019 Senior Managing Executive Officer of the Company Jan 2020 Senior Managing Executive Officer and CFO of the Company Mar 2020 Senior Managing Executive Officer and CFO of the Company Apr 2021 Representative Executive Officer and Co-President of the Company (current) May 2021 Director, Nippon Paint Holdings SG Pte. Ltd. (current) May 2021 Director, DuluxGroup Limited (current) Oct 2021 Representative Director and President, Nippon Paint Corporate Solutions Co., Ltd. (current) Mar 2022 Director of the Company (current) Mar 2025 Director, LSF11 A5 TopCo LLC (current)
1966-08-28
Shoo Kim WEE
Director, Representative Executive Officer and Co-President
May 2002 Deputy CEO, Singapore Technologies Engineering Ltd. Aug 2009 Group CEO, Nipsea Management Company Pte. Ltd. Apr 2013 Independent Director, Mapletree Logistics Trust Management Ltd. May 2017 Independent Director, SIA Engineering Company Limited (current) Aug 2019 Director, DuluxGroup Limited (current) Jan 2020 Vice President Executive Officer of the Company Oct 2020 Independent Director, Singapore Telecommunications Limited (current) Apr 2021 Representative Executive Officer and Co-President of the Company (current) Mar 2022 Director of the Company (current) Apr 2022 Director, Nippon Paint Holdings SG Pte. Ltd. (current) Mar 2025 Director, LSF11 A5 TopCo LLC (current)
1960-08-19
Hisashi HARA
Director
Apr 1975 Registered as attorney-at-law; joined Nagashima & Ohno (now Nagashima Ohno & Tsunematsu) Jan 2000 Managing Partner, Nagashima Ohno & Tsunematsu Jan 2006 Representative Partner, Nagashima Ohno & Tsunematsu Mar 2012 Outside Audit & Supervisory Board Member, Chugai Pharmaceutical Co., Ltd. Jan 2013 Asia Chief Representative, Nagashima Ohno & Tsunematsu Jan 2018 Senior Adviser, Nagashima Ohno & Tsunematsu Mar 2018 Outside Director of the Company (current) Jan 2022 Senior Counsel, T&K Law Offices (current) Jun 2025 Outside Director, Sankei Building Co., Ltd. (current)
1947-07-03
Andrew LARKE
Director
Apr 2006 Executive Global Head of Strategy, Planning and M&A, Orica Limited Oct 2010 Non-Executive Director, DuluxGroup Limited (current) Feb 2013 Executive Global Head, Chemicals, Orica Limited Feb 2015 Managing Director and CEO, Ixom Chemicals Mar 2015 Non-Executive Director, Diversified United Investment Limited (current) Oct 2015 Chairman, Ixom Pty Ltd Jan 2018 Independent Chairman, L1 Long Short Fund Limited (current) Feb 2019 Chairman, Ixom Holdings Pty Ltd (current) Jul 2024 Chairman, Aspire2 Group Limited (current) Mar 2025 Outside Director of the Company (current)
1968-12-03
Fee Hoa LIM
Director
Aug 1989 Joined Swiss Bank Corporation (now UBS Group AG) Dec 1996 Member of Parliament, Singapore Aug 2000 Managing Director, Temasek Holdings (Private) Limited Apr 2002 Deputy Speaker and Chairman, Public Accounts Committee, Parliament of Singapore Aug 2004 Minister of State for Finance and Minister of State for Transport Apr 2008 Senior Minister of State for Finance and Senior Minister of State for Transport Apr 2009 Minister in the Prime Minister's Office, Second Minister for Finance and Second Minister for Transport Jul 2011 Independent Director, Jardine Cycle & Carriage Limited Oct 2011 Senior Adviser, Kohlberg Kravis Roberts & Co. L.P. Jul 2014 Independent Director, United Overseas Bank Limited Mar 2022 Outside Director of the Company (current) Apr 2023 Non-Executive Independent Chairman, Japfa Ltd. Jun 2023 Independent Outside Director, JERA Co., Inc. (current)
1959-02-26
Masataka MITSUHASHI
Director
Nov 1979 Joined Price Waterhouse & Co. Mar 1983 Registered as Certified Public Accountant Jul 2004 Representative Director, Chuo Aoyama PwC Transaction Services Co., Ltd. (now PwC Advisory LLC) Apr 2008 Partner, Aarata & Co. (now PwC Japan LLC) Jul 2012 Representative Executive Officer, Aarata Sustainability Certification Organization Co., Ltd. (now PwC Sustainability LLC) Jul 2018 Executive Adviser, PwC Aarata LLC (now PwC Japan LLC) May 2019 Representative, Masataka Mitsuhashi CPA Office (current) May 2019 Representative Director, Sustainable Value Advisory Co., Ltd. (current) Jun 2019 Outside Audit & Supervisory Board Member, FUJIFILM Holdings Corporation (current); Advisor to the Governance Advisory Committee of the Company Feb 2020 Outside Director, Skymark Airlines Inc. Mar 2020 Outside Director of the Company (current) Sep 2021 Outside Audit & Supervisory Board Member, Integral Corporation Mar 2024 Outside Director (Audit and Supervisory Committee Member), Integral Corporation (current)
1957-09-30
Masayoshi NAKAMURA
Director
Apr 1977 Joined The Mitsubishi Bank, Limited (now MUFG Bank, Ltd.) Sep 1996 Managing Director, Lehman Brothers Inc. Mar 1999 Managing Director, Morgan Stanley Limited Jun 2006 Director and Managing Executive Officer, Mitsubishi UFJ Securities Co., Ltd. (now Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.); Executive Officer, Mitsubishi UFJ Financial Group, Inc. Feb 2011 Representative Director, Nakamura Arai Partners Co., Ltd. (now OCTAHEDRON Inc.) (current) Mar 2018 Outside Director of the Company (current)
1954-11-10
Hup Jin GOH
Director, Chairman of the Board
Jun 1984 Managing Director, Wuthelam Holdings Ltd. (current) Sep 1987 Director, Nipsea Holdings International Ltd. (current) Dec 1993 Director, Nipsea Pte. Ltd. (now Nippon Paint Holdings SG Pte. Ltd.) (current) Jan 2011 Director, Epimetheus Limited Aug 2012 Director, Nipsea International Limited (current) Dec 2013 Director, Rainbow Light Limited (current) Dec 2014 Director of the Company Mar 2018 Chairman of the Board of the Company Mar 2019 Director of the Company Apr 2021 Chairman of the Board of the Company (current) May 2021 Director, DuluxGroup Limited (current) Mar 2025 Director, LSF11 A5 TopCo LLC (current)
1953-04-06
Large Shareholding Reports
EdgePoint Investment Group Inc.
2025-12-19
5.15%
Nipsea International Limited
2025-08-06
54.55%→54.55%
Nipsea International Limited
2025-08-06
54.55%→54.55%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-07
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-08-07
Q2 Earnings Flash
FY ending Dec 2026
TDnet
2026-05-15
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-26
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2026-02-13
中期経営計画
EDINET
2025-12-19
Large Shareholding Report
TDnet
2025-11-14
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-08-08
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2025-08-06
Large Shareholding Report
EDINET
2025-08-06
Large Shareholding Report
TDnet
2025-05-14
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-28
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-08
Semi-Annual Securities Report
Period: Jan 2024 – Dec 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
2023-11-14
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-10
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-05-15
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
2022-05-13
Quarterly Securities Report
EDINET
2022-03-30
Annual Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-10
Quarterly Securities Report
EDINET
2021-05-14
Quarterly Securities Report
EDINETAmended
2021-04-09
Amended Annual Securities Report
EDINET
2021-03-29
Annual Securities Report
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