Overview
Chemicals

Dexerials Corporation

Dexerials Corporation is a manufacturer and seller of advanced functional materials and devices, operating through two core segments: Optical Materials & Components (anti-reflection films, optical elastic resins, precision bonding resins) and Electronic Materials & Components (anisotropic conductive films, surface-mount fuses, photonics devices, and functional bonding materials). The company serves customers in consumer electronics, automotive displays, data center/photonics, and semiconductor markets, with products customized to individual client specifications. Dexerials holds a leading global market position in anisotropic conductive films—which it pioneered in 1977—and is expanding into photonics solutions driven by growing demand from AI-related data center infrastructure.

Market Cap
¥485B
US$3.08B
EV
¥490B
US$3.12B
Stock¥2,895.5▼-5.65%
US$1 = ¥157.25 (2026-10-30)
LTM EV/EBITDA
10.5
x
LTM EV/EBIT
12.7
x
LTM PER
16.9
x
LTM PBR
4.4
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-3.0%pt
10012
Nov 4, 25 – Oct 30, 26StockTOPIX
1Feb 13, 26Decline on disappointing Q3 earnings
2Aug 5, 26Q1 FY2027/03 earnings announced
MC → EV Bridge
485BUS$3.08BMarket Cap20.3BUS$129M+ Debt15.2BUS$96.6M− Cash0.30BUS$1.91M− Inv. Sec.490BUS$3.12BEV
AI Briefing
Dexerials: Japan's ACF pioneer, riding OLED, EV and AI data-center photonics demand with sticky global customer base. FY26/3 revenue ¥114B, OP ¥38.1B (33.5% margin), still highly profitable despite margin dip from FY25/3's 36.0% peak. No tender offer in play — trades at ¥536B cap vs ¥46.6B LTM EBITDA, a premium reflecting its niche leadership and structural growth tailwinds.
Performance & Balance
Revenue 5Y (¥B)
95.7US$609M'22/3106US$675M'23/3105US$669M'24/3110US$702M'25/3114US$724M'26/3
EBITDA 5Y (¥B)
30.8US$196M'22/336.9US$235M'23/338.9US$247M'24/346.4US$295M'25/345.7US$291M'26/3
Net Income 5Y (¥B)
16.7US$106M'22/320.7US$132M'23/321.4US$136M'24/327.7US$176M'25/328.0US$178M'26/3
Capital Structure
85%
EquityD/E 0.18xDebt
Liquidity vs Debt 5Y (¥B)▼ Net Debt
CashInv. Sec.Debt
29.4US$187M19.4US$124M'22/329.3US$186M19.7US$125M'23/335.3US$225M21.7US$138M'24/335.0US$222M21.1US$134M'25/316.7US$106M16.5US$105M'26/3
Shareholders
Top 10 hold 49.8%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
17.08%
2
STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)
9.72%
3
Custody Bank of Japan, Ltd. (Trust Account)
7.66%
4
Custody Bank of Japan, Ltd. (Trust Account E)
3.67%
5
Nomura Trust and Banking Co., Ltd. (Investment Trust Account)
3.60%
6
Dai Nippon Printing Co.,Ltd.
2.70%
7
STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)
1.43%
8
JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)
1.35%
9
MISAKI ENGAGEMENT MASTER FUND (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
1.32%
10
BNP PARIBAS PARIS/2S/JASDEC/CDC AVOIRS CLIENTS AIFM (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)
1.22%
Management
8 officers
Yoshihisa SHINKE
Representative Director, President and Executive Officer
Jul 2001 Joined Sony Chemical Corporation (now the Company) Apr 2005 General Manager, Development Department, Optical Materials Business Division, Sony Chemical Corporation Apr 2012 Deputy Division Head, Optical Solutions Products Business Division, Sony Chemical Corporation Sep 2012 Deputy General Manager, Optical Solutions Products Business Division, the Company Apr 2014 Executive Officer, General Manager, Optical Solutions Products Business Division, the Company Apr 2016 Executive Officer, General Manager, Product Development Division; Deputy Head, Business Unit Group; Deputy Head, Corporate R&D, the Company Apr 2017 Senior Executive Officer, General Manager, Product Development Division; Head, Automotive Business Promotion Group, the Company Jan 2019 Senior Executive Officer, General Manager, Automotive Solutions Business Division, the Company Mar 2019 President and Executive Officer, General Manager, Automotive Solutions Business Division, the Company Jun 2019 Representative Director, President, the Company Oct 2020 Representative Director, President; overall management and business operations, the Company (current) Mar 2022 Representative Director, President, Kyoto Semiconductor Co., Ltd. (now Dexerials Photonics Solutions Co., Ltd.)
1969-07-20
Katsushi KITADOKORO
Representative Director, Senior Managing Executive Officer
Apr 1990 Joined Development Bank of Japan (now Development Bank of Japan Inc.) Jun 2014 CEO, DBJ Singapore Limited Jun 2017 General Manager, Corporate Strategy Department, Development Bank of Japan Inc. Jun 2019 Executive Officer, General Manager, Human Resources Department, Development Bank of Japan Inc. Jun 2021 Managing Executive Officer, Development Bank of Japan Inc.; Outside Director, SOCIONEXT Inc. Jun 2022 Director, Managing Executive Officer, Development Bank of Japan Inc. Jul 2024 Advisor, the Company Jan 2025 Executive Officer, General Manager, Management Strategy Division, the Company Jun 2025 Representative Director, Senior Managing Executive Officer; overall management and administration; General Manager, Management Strategy Division, the Company (current)
1967-08-25
Masato TANIGUCHI
Director, Full-time Audit and Supervisory Committee Member
Apr 1981 Joined Sony Corporation Aug 1997 Transferred to Sony Chemical Corporation (now the Company) Feb 2005 General Manager, Technology Department, Hybrid Board Business Division, Sony Chemical Corporation Oct 2008 Deputy Division Head, Circuit Devices Business Division, Sony Chemical Corporation Oct 2012 Head, Negami Plant, the Company Mar 2015 Director and General Manager, Dexerials (Suzhou) Co., Ltd. Jun 2019 Internal Audit Department, the Company; Supervisor, Dexerials (Suzhou) Co., Ltd.; Supervisor, Dexerials (Shanghai) Corporation Oct 2020 Audit & Supervisory Board Member, Dexerials Precision Components Co., Ltd. (now Dexerials Photonics Solutions Co., Ltd.) Jul 2021 Supervisor, Dexerials Korea Corporation Mar 2022 Audit & Supervisory Board Member, Kyoto Semiconductor Co., Ltd. (now Dexerials Photonics Solutions Co., Ltd.) Jun 2023 Director, Full-time Audit and Supervisory Committee Member, the Company (current)
1958-08-28
Kazuo HOSOYA
Director
Apr 1982 Joined Fuji Heavy Industries Ltd. (now SUBARU Corporation) May 2006 General Manager, Corporate Planning Department, Fuji Heavy Industries Ltd. Jan 2009 Deputy General Manager, Subaru Domestic Sales Headquarters, Fuji Heavy Industries Ltd. Jun 2010 President, Tokyo Subaru Corporation Apr 2012 Executive Officer, General Manager, Human Resources Department, Fuji Heavy Industries Ltd. Apr 2014 Managing Executive Officer, General Manager, Human Resources Department and Human Capital Support Office, Fuji Heavy Industries Ltd.; President, Subaru Bloom Co., Ltd. Apr 2015 Managing Executive Officer, General Manager, Subaru Domestic Sales Headquarters, Fuji Heavy Industries Ltd. Apr 2016 Senior Managing Executive Officer, General Manager, Subaru Domestic Sales Headquarters, Fuji Heavy Industries Ltd. Apr 2018 President, Tokyo Subaru Corporation Jan 2019 Executive Vice President, General Manager, Manufacturing Division and Gunma Plant Manager, SUBARU Corporation Jun 2019 Representative Director, Executive Vice President, General Manager, Manufacturing Division and Gunma Plant Manager, SUBARU Corporation Apr 2020 Representative Director, Executive Vice President, General Manager, Manufacturing Division, SUBARU Corporation Apr 2021 Representative Director, Chairman, SUBARU Corporation Jun 2021 Director, Chairman, SUBARU Corporation Jun 2023 Special Advisor, SUBARU Corporation Jun 2024 Advisor, SUBARU Corporation Jun 2025 Outside Director, Japan Post Insurance Co., Ltd. (current) Jun 2025 Outside Director, the Company (current)
1957-07-29
Toshihito HAGIWARA
Director
Apr 1996 Joined RECOF Corporation Aug 2004 Joined Cerberus Japan K.K. Apr 2006 Managing Director, Cerberus Japan K.K. Jan 2017 The Asahi Shimbun Company, Strategy Team, Management Planning Office May 2019 Managing Executive Officer (Administration), Technopro Holdings, Inc.; Director and Senior Managing Executive Officer, Technopro, Ltd. Jul 2019 Managing Executive Officer (Administration) and CFO, Technopro Holdings, Inc. Sep 2019 Director (Administration) and CFO, Technopro Holdings, Inc.; Director, Technopro Construction Co., Ltd. Jul 2021 Managing Director and CFO, Technopro Holdings, Inc. Jun 2024 Outside Director, the Company (current)
1971-08-01
Kyoko MATSUBA
Director
Apr 1997 Joined Ministry of Posts and Telecommunications (now Ministry of Internal Affairs and Communications) Aug 2002 Joined Capgemini U.S. LLC Aug 2004 Joined Navigant Consulting, Inc. Mar 2006 Joined Columbia University Medical Center (now Columbia University Irving Medical Center) Sep 2008 Director of Operations, Office of the CEO, Columbia University Medical Center Apr 2010 Joined GE Healthcare Japan Corporation Oct 2015 Head, Healthcare Digital Business Division, GE Healthcare Japan Corporation Apr 2018 Head, Academic Division, GE Healthcare Japan Corporation Jan 2019 Executive Officer, Head, Academic Division, GE Healthcare Japan Corporation Jul 2020 Executive Officer, Head, Academic Division; Head, Edison Solutions Division, GE Healthcare Japan Corporation Jan 2024 Executive Officer, Head, Strategic Business Division, GE Healthcare Japan Corporation Mar 2026 Outside Director, Finedex Inc. (current) Jun 2026 Outside Director, the Company
1974-04-06
Tetsuyuki KAGAYA
Director, Chair of Audit and Supervisory Committee
Apr 2000 Lecturer, Graduate School of Commerce, Hitotsubashi University Apr 2004 Associate Professor, Graduate School of Commerce, Hitotsubashi University Apr 2008 Associate Professor, Graduate School of Commerce, Hitotsubashi University Apr 2017 Associate Professor, Graduate School of Business Administration, Hitotsubashi University Oct 2020 Professor, Graduate School of Business Administration, Hitotsubashi University (current) Jun 2021 Outside Director, Audit and Supervisory Committee Member, the Company Jun 2025 Outside Director, Chair of Audit and Supervisory Committee, the Company (current)
1972-12-26
Yoshiko NAKAYAMA
Director, Audit and Supervisory Committee Member
Apr 1992 Registered as attorney (Tokyo Bar Association) Apr 1992 Joined Anderson Mori Law Office (now Anderson Mori & Tomotsune) Nov 2001 Joined Skadden, Arps, Slate, Meagher & Flom Apr 2004 Associate Professor, Meiji Gakuin University Law School Jun 2010 Joined Atsumi & Sakai Feb 2011 Legal Department, Mitsui & Co., Ltd. Apr 2014 Assistant Professor, Program for Legal Professional Training, Waseda University Graduate School of Law Mar 2017 Joined Matsuda Sogo Law Office Jul 2017 Joined Kanagawa International Law Office Nov 2017 Examiner, National Bar Examination and Preliminary Examination (Commercial Law) Nov 2021 Head of Legal Department, KLA-Tencor Japan Ltd. (current) Jun 2025 Outside Director, Audit and Supervisory Committee Member, the Company (current)
1967-02-23
Large Shareholding Reports
Nomura Asset Management Co., Ltd.
2026-07-09
11.42%→12.46%
FMR LLC
2026-06-22
—
Nomura Asset Management Co., Ltd.
2026-06-22
10.63%→11.42%
Fidelity Management & Research Company LLC
2026-06-22
2.75%→1.39%
Fidelity Management & Research Company LLC
2026-06-11
3.48%→2.75%
FMR LLC
2026-06-11
—
Fidelity Management & Research Company LLC
2026-06-10
3.10%→3.48%
FMR LLC
2026-06-10
—
Fidelity Management & Research Company LLC
2026-06-09
3.10%
FMR LLC
2026-06-09
—
Capital Research and Management Company
2026-05-27
8.57%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2026-04-06
2.79%→2.44%
FMR LLC
2026-03-06
5.26%→3.08%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2026-01-08
4.07%→2.79%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2025-09-19
4.10%→4.07%
Sumitomo Mitsui Trust Asset Management Co., Ltd.
2025-08-06
3.06%→4.10%
Effissimo Capital Management Pte. Ltd.
2022-04-21
5.20%→4.38%
Effissimo Capital Management Pte. Ltd.
2022-03-22
5.51%→5.20%
Effissimo Capital Management Pte. Ltd.
2022-03-04
5.52%→5.51%
Effissimo Capital Management Pte. Ltd.
2022-02-21
6.33%→5.52%
Effissimo Capital Management Pte. Ltd.
2022-02-04
7.45%→6.33%
Effissimo Capital Management Pte. Ltd.
2022-01-07
9.16%→7.45%
Effissimo Capital Management Pte. Ltd.
2021-12-06
9.16%→9.16%
Effissimo Capital Management Pte. Ltd.
2021-11-05
9.16%→9.16%
Effissimo Capital Management Pte. Ltd.
2021-10-21
9.16%→9.16%
Effissimo Capital Management Pte. Ltd.
2021-10-05
9.16%→9.16%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-04
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-07-09
Large Shareholding Report
EDINET
2026-06-22
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINETAmended
2026-06-22
Change Report
EDINET
2026-06-22
Large Shareholding Report
EDINET
2026-06-22
Large Shareholding Report
EDINET
2026-06-11
Large Shareholding Report
EDINETAmended
2026-06-11
Change Report
EDINETAmended
2026-06-10
Change Report
EDINET
2026-06-10
Large Shareholding Report
EDINET
2026-06-09
Large Shareholding Report
EDINETAmended
2026-06-09
Change Report
EDINET
2026-05-27
Large Shareholding Report
EDINET
2026-04-06
Large Shareholding Report
EDINET
2026-03-06
Large Shareholding Report
TDnet
2026-02-09
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2026-01-08
Large Shareholding Report
EDINET
2025-11-12
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2025-09-19
Large Shareholding Report
EDINET
2025-08-06
Large Shareholding Report
TDnet
2025-08-05
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-23
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-12
Q3 Earnings Flash
FY ending Mar 2025
EDINET
2024-11-13
Semi-Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2024-08-07
Q1 Earnings Flash
FY ending Mar 2025
EDINET
2024-06-25
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 2023 – Dec 2023
EDINET
2023-11-10
Quarterly Securities Report
Period: Jul 2023 – Sep 2023
EDINET
2023-08-08
Quarterly Securities Report
Period: Apr 2023 – Jun 2023
EDINET
2023-06-23
Annual Securities Report
Period: Apr 2022 – Mar 2023
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