Overview
Chemicals

MEC COMPANY LTD.

MEC Co., Ltd. develops, manufactures, and sells specialty chemicals for electronic circuit boards and electronic components, primarily metal surface treatment agents including adhesion promoters and etching agents. The company holds high market share in chemicals for semiconductor package substrates and COF (Chip-on-Film) substrates used in displays, with its CZ Series adhesion promoters adopted by semiconductor package substrate manufacturers worldwide. MEC serves growing end-markets including next-generation communications, AI/IoT, automotive electrification, and DX/GX, and distributes its high-value-added products through a global network spanning Japan, Taiwan, China, Europe (Belgium), Thailand, and India.

Market Cap
¥109B
US$696M
EV
¥89.8B
US$572M
Stock¥5,980▲+0.50%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
10.8
x
LTM EV/EBIT
12.1
x
LTM PER
17.7
x
LTM PBR
3.0
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+24.4%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Mar 9, 26Market correction: rate hikes impact (-3.8% TOPIX)
2Aug 12, 26FY operating profit guidance raised to ¥8.3B from ¥7.6B, but sold on 'priced-in' reaction
MC → EV Bridge
109BUS$696MMarket Cap0.00BUS$0.00M+ Debt12.0BUS$76.4M− Cash7.45BUS$47.5M− Inv. Sec.89.8BUS$572MEV
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Performance & Balance
Revenue 5Y (¥B)
15.0US$95.9M'21/1216.3US$104M'22/1214.0US$89.4M'23/1218.2US$116M'24/1220.9US$134M'25/12
EBITDA 5Y (¥B)
4.68US$29.9M'21/124.76US$30.4M'22/123.27US$20.8M'23/125.38US$34.3M'24/126.57US$41.9M'25/12
Net Income 5Y (¥B)
2.95US$18.8M'21/123.06US$19.5M'22/122.30US$14.7M'23/122.29US$14.6M'24/125.03US$32.1M'25/12
Capital Structure
100%
EquityD/E 0.00xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
8.46US$53.9M'21/1210.7US$68.2M'22/1210.6US$67.7M'23/1213.1US$83.6M'24/1212.6US$80.1M'25/12
Shareholders
Top 10 hold 43.8%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
10.71%
2
Custody Bank of Japan, Ltd. (Trust Account)
8.81%
3
Maeda Holdings Co., Ltd.
6.52%
4
Kazuo MAEDA
3.95%
5
MEC COMPANY LTD. Business Partners' Stock Ownership Association
3.08%
6
MORGAN STANLEY & CO. LLC (Standing Proxy: Morgan Stanley MUFG Securities Co., Ltd.)
2.88%
7
BOFAS INC SEGREGATION ACCOUNT (Standing Proxy: BofA Securities Japan Co., Ltd.)
2.34%
8
Nomura Trust and Banking Co., Ltd. (Investment Trust Account)
2.17%
9
Morgan Stanley MUFG Securities Co., Ltd.
1.66%
10
Kosaku MAEDA
1.66%
Management
7 officers
Kazuo MAEDA
Representative Director, President
Apr 1985 Joined Mitsubishi Heavy Industries, Ltd. Jan 2000 Joined the Company Apr 2000 General Manager, President's Office Jun 2000 Director, General Manager, President's Office Apr 2001 Managing Director Oct 2001 Representative Director, MEC China Specialty Products (Suzhou) Co., Ltd. Feb 2002 Representative Director and Chairman, MEC Europe NV. Mar 2002 Representative Director, MEC Taiwan Company Ltd. Apr 2002 Chief Executive Officer, MEC USA Specialty Products Inc. May 2002 Representative Director, MEC (Hong Kong) Ltd. Jun 2002 Representative Director, President (current) Apr 2011 Representative Director, President and Head of R&D Division Mar 2012 Representative Director, MEC Fine Chemical (Zhuhai) Ltd. Jul 2015 Chief Executive Officer (CEO) (current) Mar 2021 Representative Director, MEC Taiwan Company Ltd. (current) Representative Director, MEC Specialty Chemical (Thailand) Co., Ltd. (current)
1962-04-15
Sadamitsu SUMITOMO
Director, Managing Executive Officer
Apr 1988 Joined Daio Paper Corporation Oct 1988 Joined the Company Apr 2000 Seconded to MEC Europe NV. Oct 2003 Assistant Manager, International Business Center, the Company Jan 2006 Leader, Business Promotion Group, International Business Center, the Company Apr 2008 Seconded to MEC Fine Chemical (Zhuhai) Ltd. as Deputy General Manager Apr 2012 General Manager, MEC (Hong Kong) Ltd. General Manager, MEC Fine Chemical (Zhuhai) Ltd. Mar 2019 Executive Officer, the Company Jan 2021 Executive Officer, Head of Business Division Mar 2021 Director, Managing Executive Officer, Head of Business Division Representative Director, MEC (Hong Kong) Ltd. Representative Director, MEC Fine Chemical (Zhuhai) Ltd. (current) Representative Director, MEC China Specialty Products (Suzhou) Co., Ltd. (current) Jan 2024 Representative Director, MEC Specialty Chemical (Thailand) Co., Ltd. (current) Jul 2024 Director and Managing Executive Officer, in charge of Global Management Control Jan 2026 Director and Managing Executive Officer, in charge of Overseas Subsidiaries and Production Division (current)
1964-07-09
Tetsuya TANIGUCHI
Director, Managing Executive Officer
Apr 1992 Joined Matsushita Electric Works, Ltd. (now Panasonic Holdings Corporation) Jan 2012 President, Panasonic Device Material Europe Apr 2017 Marketing Department Manager, Electronic Materials Business Division, Panasonic Corporation Apr 2021 Head of Planning Center, Electronic Materials Business Division, Panasonic Corporation Dec 2021 Joined the Company, Strategic Planning Office, Corporate Planning Division Jan 2022 Officer, Strategic Planning Office, Corporate Planning Division Jan 2023 Officer, General Manager, President's Office Mar 2023 Executive Officer, General Manager, President's Office Jan 2024 Executive Officer, Head of Corporate Planning Division Jul 2024 Managing Executive Officer, Head of Corporate Planning Division, in charge of Business Division Jan 2025 Managing Executive Officer, Head of Corporate Planning Division, in charge of Sales Division Mar 2025 Director, Managing Executive Officer, Head of Corporate Planning Division Apr 2025 Representative Director, MEC Specialty Chemical (Thailand) Co., Ltd. (current) Jan 2026 Director, Managing Executive Officer, in charge of Sales Division and special assignments for the President (current)
1968-03-30
Lucinda Roman OTA
Director
Oct 1991 Ohara Law & Patent Office Nov 1993 Matsushita Electric Works, Ltd. (now Panasonic Holdings Corporation) Mar 1996 Weil, Gotshal & Manges LLP Jan 1997 Sonnenschein Nath & Rosenthal Jun 1998 Choate, Hall & Stewart LLP Jun 1999 LeBoeuf, Lamb, Greene & MacRae LLP Sep 2001 Ohebashi Law Office, Senior Foreign Lawyer Feb 2010 Senior Foreign Legal Counsel, Dainippon Sumitomo Pharma Co., Ltd. Apr 2014 Representative Director, InScribe Language Consulting (current) Mar 2016 Foreign Attorney, Chuo Sogo Law Office, P.C. (current) Part-time Lecturer, Faculty of Law, Doshisha University Mar 2025 Director, the Company (current)
1958-04-04
Mitsutoshi TAKAO
Director (Audit and Supervisory Committee Member)
Apr 1972 Joined Kawasaki Heavy Industries, Ltd. Jun 2008 Managing Director, General Manager, Finance & Accounting Division, Kawasaki Heavy Industries, Ltd. Apr 2012 Representative Director, Executive Vice President, Assistant to the President, in charge of Corporate Planning, Finance, CSR Promotion, Human Resources and General Affairs, Kawasaki Heavy Industries, Ltd. Apr 2014 Outside Audit & Supervisory Board Member, Techno Pro Holdings, Inc. Mar 2018 Director (Audit and Supervisory Committee Member), the Company (current) Sep 2022 Outside Director (Audit and Supervisory Committee Member), Techno Pro Holdings, Inc. Sep 2023 Outside Director, Techno Pro Holdings, Inc.
1950-04-01
Kaoru HASHIMOTO
Director (Audit and Supervisory Committee Member)
Oct 1997 Joined Century Audit Corporation (now EY ShinNihon LLC) Apr 2001 Registered Certified Public Accountant Dec 2011 Registered Attorney; joined Osaka Senba Law Office (now Osaka Senba Law Office, P.C.) Jun 2016 Outside Audit & Supervisory Board Member, Oie Sangyo Co., Ltd. (current) Sep 2016 Partner, Osaka Senba Law Office, P.C. Mar 2019 Director, the Company Mar 2020 Director (Audit and Supervisory Committee Member), the Company (current) Mar 2021 Representative Attorney and Certified Public Accountant, Rui Law & Accounting Office (current) Jun 2024 Director, JEO (Equal Opportunity for Children) Public Interest Incorporated Association (current)
1975-10-16
Eiji MIYASHITA
Director (Audit and Supervisory Committee Member)
Apr 1980 Joined Matsushita Electric Works, Ltd. (now Panasonic Holdings Corporation) Apr 2009 General Manager, Business Administration Division, and General Manager, Procurement & Production Control, Control Devices Business Division, Matsushita Electric Works, Ltd. Jun 2009 Part-time Audit & Supervisory Board Member, Honda Tsushin Kogyo Co., Ltd. Jun 2010 Part-time Audit & Supervisory Board Member, Panasonic Device SUNX Co., Ltd. Jun 2013 Managing Director, in charge of Management Administration, Panasonic Device SUNX Co., Ltd. Jun 2014 Senior Managing Director, in charge of Management Administration, Human Resources & General Affairs, and Legal, Panasonic Device SUNX Co., Ltd. Dec 2017 Director (full-time Audit and Supervisory Committee Member), Nitto FC Co., Ltd. Sep 2019 Audit & Supervisory Board Member, Nitto FC Co., Ltd. Mar 2024 Director (Audit and Supervisory Committee Member), the Company (current)
1956-08-08
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2026-01-22
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Sumitomo Mitsui DS Asset Management Company, Limited
2025-12-05
4.12%
Wellington Management Hong Kong Ltd
2025-12-03
5.22%→3.23%
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2025-10-07
5.22%
Disclosures
No disclosures
Primary Source Filings
EDINET
2026-08-12
Semi-Annual Securities Report
Period: Jan 2026 – Dec 2026
TDnet
2026-08-10
Q2 Earnings Flash
FY ending Dec 2026
TDnet
2026-05-12
Q1 Earnings Flash
FY ending Dec 2026
EDINET
2026-03-23
Annual Securities Report
Period: Jan 2025 – Dec 2025
EDINET
2026-01-22
Large Shareholding Report
EDINET
2025-12-05
Large Shareholding Report
EDINET
2025-12-03
Large Shareholding Report
TDnet
2025-11-11
Q3 Earnings Flash
FY ending Dec 2025
EDINET
2025-10-07
Large Shareholding Report
EDINET
2025-08-12
Semi-Annual Securities Report
Period: Jan 2025 – Dec 2025
TDnet
2025-05-12
Q1 Earnings Flash
FY ending Dec 2025
EDINET
2025-03-25
Annual Securities Report
Period: Jan 2024 – Dec 2024
EDINET
2024-08-09
Semi-Annual Securities Report
Period: Jan 2024 – Jun 2024
EDINET
2024-05-13
Quarterly Securities Report
Period: Jan 2024 – Mar 2024
EDINET
2024-03-21
Annual Securities Report
Period: Jan 2023 – Dec 2023
EDINET
2023-11-13
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
EDINETAmended
2023-04-05
Amended Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2023-03-24
Annual Securities Report
Period: Jan 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-15
Quarterly Securities Report
EDINET
2022-05-12
Quarterly Securities Report
EDINET
2022-03-24
Annual Securities Report
EDINET
2021-11-11
Quarterly Securities Report
EDINET
2021-08-11
Quarterly Securities Report
EDINET
2021-05-13
Quarterly Securities Report
EDINET
2021-03-25
Annual Securities Report
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