Overview
Chemicals

ZACROS Corporation

ZACROS Corporation is a Japanese specialty materials manufacturer operating across four segments: Wellness (pharmaceutical/medical packaging, single-use bioprocessing bags), Environmental Solutions (refillable pouches, cosmetics and flexible packaging), Information Electronics (protective and release films for displays and electronic components), and Industrial Infrastructure (building materials such as chimneys, void slabs, and tunnel materials). The company leverages precision coating technology to serve diverse end markets including pharmaceuticals, consumer goods, electronics, and construction. ZACROS holds world-leading market shares exceeding 50% in certain product categories and generates group sales of approximately ¥150.7 billion with an operating margin of 6.7%.

Market Cap
¥88.1B
US$562M
EV
¥92.3B
US$589M
Stock¥1,230▼-0.08%
US$1 = ¥156.80 (2026-10-23)
LTM EV/EBITDA
5.1
x
LTM EV/EBIT
7.6
x
LTM PER
11.3
x
LTM PBR
0.9
x
Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-10.2%pt
10012
Oct 24, 25 – Oct 23, 26StockTOPIX
1Mar 19, 26Adjustment after share buyback update
2Aug 7, 26Q1 FY2027/03 earnings announced
MC → EV Bridge
88.1BUS$562MMarket Cap14.4BUS$91.6M+ Debt16.4BUS$104M− Cash3.04BUS$19.4M− Inv. Sec.9.30BUS$59.3M+ NCI92.3BUS$589MEV
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Performance & Balance
Revenue 5Y (¥B)
128US$815M'22/3129US$825M'23/3136US$868M'24/3151US$961M'25/3159US$1.01B'26/3
EBITDA 5Y (¥B)
15.7US$100M'22/311.1US$71.0M'23/314.2US$90.6M'24/316.1US$103M'25/318.0US$115M'26/3
Net Income 5Y (¥B)
7.69US$49.1M'22/34.85US$31.0M'23/34.53US$28.9M'24/36.53US$41.6M'25/37.71US$49.2M'26/3
Capital Structure
87%
EquityD/E 0.15xDebt
Liquidity vs Debt 5Y (¥B)▲ Net Cash
CashInv. Sec.Debt
15.8US$101M1.97US$12.6M'22/315.3US$97.9M1.99US$12.7M'23/318.0US$115M1.65US$10.5M'24/317.7US$113M6.25US$39.9M'25/317.7US$113M12.6US$80.2M'26/3
Shareholders
Top 10 hold 39.7%
1
The Master Trust Bank of Japan, Ltd. (Trust Account)
11.20%
2
CAD Co., Ltd.
4.00%
3
HN Company Co., Ltd.
4.00%
4
Misako FUJIMORI
3.20%
5
STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)
3.20%
6
Nobuhiko FUJIMORI
3.00%
7
Masahiko FUJIMORI
2.90%
8
Yukihiko FUJIMORI
2.80%
9
Chiyako KATAOKA
2.70%
10
Custody Bank of Japan, Ltd. (Trust Account)
2.70%
Management
8 officers
Akihiko FUJIMORI
Director, Chairman of the Board
Aug 1969 Joined the Company Jul 1974 Left the Company Aug 1974 Representative Director, Executive Vice President, Chuo Soubi Co., Ltd. Jan 1977 Representative Director, Executive Vice President, Fujimori Sangyo Co., Ltd. Jun 1983 Representative Director, President, Kyowa Kogyo Co., Ltd. Jun 1986 Managing Director, the Company; General Manager, Planning Division Jun 1988 Executive Director, the Company; General Manager, Sales Division Jun 1990 Representative Director, Executive Vice President, the Company Jun 1991 Representative Director, President, the Company Jan 1999 General Manager, Functional Materials Business Division, the Company Apr 2002 General Manager, New Business Planning Department, the Company Oct 2013 Representative Director, Chairman, the Company Jun 2024 Director, Chairman of the Board, the Company (current)
1944-01-02
Taku SHIMODA
Representative Director, President
Aug 2010 Joined the Company Aug 2018 General Manager, Business Planning Department, Advanced Medical Business Promotion Division, the Company Jun 2019 Executive Officer; General Manager, Advanced Medical Business Promotion Division, the Company Jun 2021 Director, Senior Executive Officer, the Company Oct 2021 General Manager, Wellness Business Division, the Company Jun 2022 Managing Executive Officer, the Company Apr 2023 General Manager, Office of the President, the Company Jun 2023 Director, Managing Executive Officer, the Company Apr 2024 Representative Director, President, the Company (current)
1972-08-12
Michihiko SATO
Director, Managing Executive Officer; in charge of Administration Division
Apr 1987 Joined The Nippon Kogyo Bank, Ltd. (now Mizuho Bank, Ltd.) Jun 2015 Seconded from Mizuho Bank, Ltd. Jan 2016 Deputy General Manager, Adhesive Solutions Business Division, the Company Jun 2016 Joined the Company; Executive Officer Aug 2016 General Manager, Adhesive Solutions Business Division, the Company Oct 2020 General Manager, Display Materials Business Division, the Company May 2021 General Manager, General Affairs Department, the Company Jun 2021 Senior Executive Officer; in charge of Administration Division, the Company Jun 2022 Director, Senior Executive Officer; in charge of Administration Division, the Company Apr 2024 Director, Senior Executive Officer; General Manager, Administration Division, the Company Jun 2024 Director, Managing Executive Officer; General Manager, Administration Division, the Company (current)
1964-12-10
Norihiro KUGE
Director
Oct 2016 Joined Fujimori Sangyo Co., Ltd. Apr 2019 Acting General Manager, Chemical Products Business Division, Fujimori Sangyo Co., Ltd. Jun 2019 Director, Fujimori Sangyo Co., Ltd. Jun 2021 Managing Director, Fujimori Sangyo Co., Ltd. Jul 2021 General Manager, Business Promotion Department, Fujimori Sangyo Co., Ltd. Jun 2023 Representative Director, President, Fujimori Sangyo Co., Ltd. (current) Jun 2023 Director, the Company (current)
1982-06-02
Satoko TAKEUCHI
Director
Apr 1997 Joined Foresight & Company Inc. May 2006 Joined DeNA Co., Ltd. Dec 2007 Rejoined Foresight & Company Inc. Apr 2016 Full-time Lecturer, Business Breakthrough University Apr 2017 Director, Foresight & Company Inc. (current) Oct 2017 Director, Problem-Solving Ability Certification Association (general incorporated association) (current) Oct 2022 Associate Professor, Business Breakthrough University (current) Jun 2023 – Jun 2026 Appointed Director (Audit and Supervisory Committee Member), the Company Director, the Company (current)
1975-03-17
Nobuhiko FUJIMORI
Director (Full-time Audit and Supervisory Committee Member)
Jan 1987 Joined Nikka Co., Ltd.; Director; General Manager, Corporate Planning Office Jun 1988 Director, the Company Apr 1989 Managing Director, Nikka Co., Ltd. Mar 1991 Representative Director, President, Kyowa Kogyo Co., Ltd. Apr 1992 Representative Director, President, Nikka Co., Ltd. Apr 1994 Representative Director, President, Fujimori Plachemical Co., Ltd. Jun 2002 Chairman, Fujimori Plachemical Co., Ltd. Jun 2002 Representative Director, Executive Vice President, the Company; in charge of overseas operations Apr 2003 General Manager, International Division, the Company Oct 2013 Representative Director, the Company; in charge of overseas divisions Jun 2014 Representative Director, Vice Chairman, the Company Jun 2024 Director (Full-time Audit and Supervisory Committee Member), the Company (current)
1959-07-31
Kumi IZAWA
Director (Audit and Supervisory Committee Member)
Apr 1997 Joined Uchida Yoko Co., Ltd. Jul 2000 Research Fellow, Media Network Center, Waseda University Jan 2005 Industry-Academia Collaboration Researcher, Research Center for Advanced Science and Technology, The University of Tokyo Apr 2007 Senior Researcher, Industry-Academia Collaboration Promotion Organization (NPO) Apr 2015 Visiting Researcher, Institute for Educational Informatics, Waseda University Jul 2017 Chief Researcher, Industry-Academia Collaboration Promotion Organization (NPO) Jul 2023 Representative, ScholeDesign LLC (current) Oct 2023 Fellow, Uchida Yoko Educational Research Institute Jun 2024 – Jun 2026 Appointed Director, the Company Jun 2026 Appointed Director (Audit and Supervisory Committee Member), the Company (current)
1973-10-01
Akishi HATANO
Director (Audit and Supervisory Committee Member)
Apr 1983 Joined Terumo Corporation Jun 2009 Executive Officer; General Manager, Secretariat, Terumo Corporation Jun 2012 Senior Executive Officer; General Manager, Corporate Planning Office, Terumo Corporation Apr 2015 Managing Executive Officer, Terumo Corporation Apr 2016 Director, Managing Executive Officer; President, Medical Care Solutions, Terumo Corporation Apr 2022 Director, Senior Managing Executive Officer, Terumo Corporation Jun 2026 Outside Director, Stanley Electric Co., Ltd. (current) Jun 2026 Appointed Director (Audit and Supervisory Committee Member), the Company (current)
1959-07-27
Large Shareholding Reports
Schroder Investment Management (Japan) Ltd.
2026-05-21
6.05%→6.38%
Disclosures
No disclosures
Primary Source Filings
TDnet
2026-08-06
Q1 Earnings Flash
FY ending Mar 2027
EDINET
2026-06-17
Annual Securities Report
Period: Apr 2025 – Mar 2026
EDINET
2026-05-21
Large Shareholding Report
TDnet
2026-02-05
Q3 Earnings Flash
FY ending Mar 2026
EDINET
2025-11-12
Semi-Annual Securities Report
Period: Apr 2025 – Mar 2026
TDnetAmended
2025-11-06
Q1 Earnings Flash
TDnet
2025-08-07
Q1 Earnings Flash
FY ending Mar 2026
EDINET
2025-06-18
Annual Securities Report
Period: Apr 2024 – Mar 2025
TDnet
2025-02-06
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
2024-06-20
Annual Securities Report
Period: Apr 2023 – Mar 2024
EDINET
2024-02-14
Quarterly Securities Report
Period: Oct 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
2023-06-20
Annual Securities Report
Period: Apr 2022 – Mar 2023
EDINET
2023-02-13
Quarterly Securities Report
Period: Oct 2022 – Dec 2022
EDINET
2022-11-11
Quarterly Securities Report
EDINET
2022-08-12
Quarterly Securities Report
EDINET
2022-06-17
Annual Securities Report
EDINET
2022-02-14
Quarterly Securities Report
EDINET
2021-11-12
Quarterly Securities Report
EDINET
2021-08-13
Quarterly Securities Report
EDINET
2021-06-18
Annual Securities Report
EDINET
2021-02-12
Quarterly Securities Report
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