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NOF
(4403)
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Rating:75Outperform
Price Target:
¥3,071.00
▲(0.72% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by strong financial performance—steady growth, solid margins, and an extremely low-leverage balance sheet—partly offset by weaker and less predictable cash-flow conversion. Technical signals are neutral-to-soft (below key longer-term moving averages and slightly negative MACD), while valuation is supportive with a mid-teens P/E and a ~2.2% dividend yield.
Positive Factors
Steady Revenue Growth
Consistent revenue expansion indicates durable demand across NOF’s industrial chemical and functional-material businesses. The 2026 acceleration could strengthen operating scale and customer penetration, although the sustainability of that step-up remains important to monitor.
Negative Factors
Uneven Cash Conversion
Weak conversion of accounting earnings into operating cash can constrain internally funded investment and dividends, even when reported profits remain healthy. Persistent working-capital swings or reinvestment needs would make financial performance less predictable.
Read all positive and negative factors
Positive Factors
Negative Factors
Steady Revenue Growth
Consistent revenue expansion indicates durable demand across NOF’s industrial chemical and functional-material businesses. The 2026 acceleration could strengthen operating scale and customer penetration, although the sustainability of that step-up remains important to monitor.
Read all positive factors
NOF (4403) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥650.56B
Dividend Yield2.21%
Average Volume (3M)706.87K
Price to Earnings (P/E)15.9
Beta (1Y)0.73
Revenue Growth13.23%
EPS Growth20.02%
CountryJP
Employees4,155
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)172.87
Shares Outstanding236,524,120
10 Day Avg. Volume854,260
30 Day Avg. Volume706,870
Financial Highlights & Ratios
PEG Ratio1.20
Price to Book (P/B)2.41
Price to Sales (P/S)2.76
P/FCF Ratio33.21
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥3,800.00Price Target Upside24.63% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)187.68
Revenue Forecast (FY)¥314.13B
NOF Business Overview & Revenue Model
Company Description
NOF Corporation is a chemical manufacturing company based in Tokyo, Japan, with operations extending across Asia and globally. The firm structures its business into three primary divisions. Its Functional Chemicals segment produces a diverse range...
How the Company Makes Money
NOF makes money primarily by selling chemical and materials products to industrial customers. Revenue is generated through (1) product sales from its chemical and functional materials businesses, where the company manufactures and supplies formula...
NOF Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
94
Very Positive
Cash Flow
70
Positive
| Breakdown | TTM | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 270.91B | 257.97B | 238.31B | 222.25B | 217.71B | 192.64B |
| Gross Profit | 88.42B | 89.09B | 86.05B | 80.41B | 76.82B | 69.86B |
| EBITDA | 86.35B | 79.59B | 58.88B | 55.54B | 54.48B | 43.95B |
| Net Income | 39.51B | 40.55B | 36.50B | 33.99B | 33.97B | 26.69B |
Balance Sheet | ||||||
| Total Assets | 382.31B | 399.17B | 357.20B | 341.45B | 309.44B | 289.63B |
| Cash, Cash Equivalents and Short-Term Investments | 64.85B | 88.36B | 87.06B | 91.74B | 92.52B | 85.43B |
| Total Debt | 4.31B | 5.14B | 5.04B | 5.17B | 4.84B | 5.63B |
| Total Liabilities | 87.96B | 102.70B | 77.64B | 75.54B | 69.43B | 67.92B |
| Stockholders Equity | 293.25B | 295.35B | 278.53B | 265.00B | 239.18B | 220.93B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 21.47B | 12.64B | 12.22B | 17.11B | 19.98B |
| Operating Cash Flow | 0.00 | 35.87B | 28.98B | 29.97B | 23.33B | 27.39B |
| Investing Cash Flow | 0.00 | -4.43B | -13.75B | -14.96B | -709.00M | -8.76B |
| Financing Cash Flow | 0.00 | -31.41B | -22.02B | -17.10B | -16.17B | -15.31B |
NOF Technical Analysis
Negative
3049.00
Price Trends
2740.62
Positive
2847.51
Negative
2931.65
Negative
Market Momentum
6.68
Negative
49.35
Neutral
72.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4403, the sentiment is Negative. The current price of 3049 is above the 20-day moving average (MA) of 2755.80, above the 50-day MA of 2740.62, and above the 200-day MA of 2931.65, indicating a neutral trend. The MACD of 6.68 indicates Negative momentum. The RSI at 49.35 is Neutral, neither overbought nor oversold. The STOCH value of 72.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for JP:4403.
NOF Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | ¥650.56B | 15.94 | 14.24% | 1.58% | 13.23% | 20.02% | |
75 Outperform | ¥468.83B | 8.31 | 10.33% | 4.92% | 6.29% | 101.67% | |
69 Neutral | ¥611.35B | 20.73 | 8.52% | 1.62% | 10.34% | 64.18% | |
66 Neutral | ¥369.45B | 10.52 | 6.43% | 2.74% | 3.53% | 63.85% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | ¥838.84B | 12.03 | 4.01% | 3.40% | -3.47% | 348.74% | |
50 Neutral | ¥758.52B | -25.03 | -6.25% | 2.29% | 2.69% | -173.16% |
* Basic Materials Sector Average
JP:4403
NOF
2,755.50
124.97
4.75%
JP:4631
DIC
4,953.00
1,612.64
48.28%
JP:4118
Kaneka
6,133.00
1,941.11
46.31%
JP:4182
Mitsubishi Gas Chemical Company
3,910.00
1,322.27
51.10%
JP:4183
Mitsui Chemicals
2,145.50
367.92
20.70%
JP:4203
Sumitomo Bakelite Co., Ltd.
7,444.00
2,628.18
54.57%
NOF Corporate Events
NOF Corporation Boosts Sales and Dividend Outlook Despite Profit Decline
Aug 5, 2026
NOF Corporation reported a 23.1% year-on-year increase in net sales to ¥69,007 million for the three months ended June 30, 2026, but profits declined as operating profit fell 9.7% and profit attributable to owners of parent dropped 12.1%. The...
NOF Corporation Launches ¥5 Billion Share Buyback to Boost Shareholder Returns
Aug 5, 2026
NOF Corporation’s board has approved a share repurchase program to enhance shareholder returns and improve capital efficiency, aligning with its Mid-Term Management Plan “NOF VISION 2030 Stage III.” The initiative reflects the co...
NOF to Cancel 10 Million Treasury Shares, Tightening Equity Base
Aug 5, 2026
NOF Corporation’s board has approved the cancellation of 10,000,000 common treasury shares, representing 4.23% of its outstanding shares, with the process scheduled for completion on September 30, 2026. Following the cancellation, the compan...
NOF Completes ¥4.7 Billion Share Buyback on Tokyo Stock Exchange
Jun 24, 2026
NOF Corporation has completed a share buyback program authorized by its board on May 11, 2026, repurchasing a total of 1.7 million common shares for approximately 4.69 billion yen on the Tokyo Stock Exchange. The latest tranche, executed between J...
NOF Advances Share Buyback, Acquires 780,700 Shares for ¥2.22 Billion
Jun 1, 2026
NOF Corporation has disclosed the status of its ongoing share buyback program, reporting that it purchased 780,700 of its own common shares on the Tokyo Stock Exchange between May 12 and May 29, 2026. The total acquisition cost reached approximate...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.