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DIC
(4631)
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Rating:69Neutral
Price Target:
¥5,474.00
▲(8.08% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by attractive valuation (low P/E and ~4% dividend yield) and solid technical momentum (price above key moving averages with positive MACD). These positives are tempered by mixed financial performance—especially the sharp 2025 revenue decline and still-elevated leverage—despite improving profitability and a free-cash-flow rebound.
Positive Factors
Profitability Recovery
The return to positive profitability and improved EBITDA margin indicates that DIC has restored operating earnings after a difficult period. Better cost, pricing, and product mix can support reinvestment and strengthen earnings resilience if the company stabilizes demand across its end markets.
Negative Factors
Sharp Revenue Contraction
The steep 2025 revenue decline signals that DIC’s earnings remain exposed to weak or volatile demand across its markets. A smaller revenue base can reduce operating leverage, make margin recovery harder to sustain, and limit the company’s ability to absorb fixed costs if top-line momentum does not normalize.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability Recovery
The return to positive profitability and improved EBITDA margin indicates that DIC has restored operating earnings after a difficult period. Better cost, pricing, and product mix can support reinvestment and strengthen earnings resilience if the company stabilizes demand across its end markets.
Read all positive factors
DIC (4631) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥475.36B
Dividend Yield4.38%
Average Volume (3M)520.25K
Price to Earnings (P/E)8.3
Beta (1Y)1.06
Revenue Growth6.29%
EPS Growth101.67%
CountryJP
Employees20,884
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)596.13
Shares Outstanding95,156,906
10 Day Avg. Volume442,830
30 Day Avg. Volume520,250
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)0.73
Price to Sales (P/S)0.33
P/FCF Ratio11.04
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
¥7,000.00Price Target Upside38.20% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)431.26
Revenue Forecast (FY)¥1.13T
DIC Business Overview & Revenue Model
Company Description
DIC Corporation operates as a global producer and distributor of printing inks, organic pigments, and advanced polyphenylene sulfide (PPS) compounds. Its extensive operations are organized into three principal segments: Packaging & Graphic, Color ...
How the Company Makes Money
DIC makes money primarily by manufacturing and selling chemical and materials products to industrial and commercial customers. Key revenue streams include: (1) Printing inks and associated materials: revenue from supplying inks and related consuma...
DIC Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
55
Neutral
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.12T | 1.05T | 1.07T | 1.04T | 1.05T | 855.38B |
| Gross Profit | 256.40B | 227.97B | 222.20B | 186.38B | 199.22B | 177.32B |
| EBITDA | 144.16B | 112.94B | 100.09B | 37.90B | 88.48B | 72.34B |
| Net Income | 56.45B | 32.35B | 21.31B | -39.86B | 17.61B | 4.37B |
Balance Sheet | ||||||
| Total Assets | 1.33T | 1.27T | 1.23T | 1.24T | 1.26T | 1.07T |
| Cash, Cash Equivalents and Short-Term Investments | 70.69B | 68.91B | 61.87B | 87.53B | 63.38B | 38.25B |
| Total Debt | 433.81B | 458.27B | 484.33B | 528.96B | 509.33B | 384.21B |
| Total Liabilities | 800.91B | 783.25B | 805.82B | 845.62B | 840.55B | 690.47B |
| Stockholders Equity | 510.04B | 470.88B | 401.42B | 363.94B | 387.00B | 345.93B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 31.32B | 3.42B | 37.04B | -32.88B | 8.88B |
| Operating Cash Flow | 0.00 | 72.97B | 46.21B | 89.09B | 7.93B | 44.81B |
| Investing Cash Flow | 0.00 | -20.59B | -17.08B | -66.46B | -73.16B | -147.61B |
| Financing Cash Flow | 0.00 | -45.39B | -62.59B | -2.92B | 83.95B | 99.55B |
DIC Technical Analysis
Positive
5065.00
Price Trends
4915.84
Positive
4836.50
Positive
4309.91
Positive
Market Momentum
37.69
Negative
55.72
Neutral
75.75
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:4631, the sentiment is Positive. The current price of 5065 is above the 20-day moving average (MA) of 4837.45, above the 50-day MA of 4915.84, and above the 200-day MA of 4309.91, indicating a bullish trend. The MACD of 37.69 indicates Negative momentum. The RSI at 55.72 is Neutral, neither overbought nor oversold. The STOCH value of 75.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:4631.
DIC Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | ¥120.41B | 10.70 | ― | 3.81% | 8.94% | 22.70% | |
74 Outperform | ¥2.89T | 14.71 | 10.80% | 1.29% | 16.22% | 34.06% | |
74 Outperform | ¥153.57B | 9.30 | 8.48% | 0.38% | 8.62% | 68.78% | |
73 Outperform | ¥553.77B | 19.80 | ― | 3.23% | 18.43% | 149.34% | |
69 Neutral | ¥475.36B | 8.35 | 12.05% | 4.38% | 6.29% | 101.67% | |
67 Neutral | ¥485.42B | 17.13 | 10.26% | 3.93% | 2.53% | -14.17% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
JP:4631
DIC
5,022.00
1,626.71
47.91%
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DIC Corporate Events
DIC Delays Taiyo Holdings Tender Offer Start Amid Pending Regulatory Approvals
Oct 9, 2026
DIC Corporation said that the planned tender offer for Taiyo Holdings by KJ005 Co., Ltd., a KKR-affiliated vehicle, will commence later than originally expected due to outstanding regulatory clearances. While competition and investment law procedu...
DIC Advances Share Buyback, Repurchases Over 900,000 Shares
Oct 2, 2026
DIC Corporation has moved ahead with a planned share buyback, acquiring 499,200 of its own common shares on the Tokyo Stock Exchange between September 1 and September 30, 2026, at a total cost of about ¥2.39 billion. The purchases form part o...
DIC Launches ¥10 Billion Share Buyback, Acquires Initial Tranche on TSE
Sep 2, 2026
DIC Corporation has begun executing a share buyback program approved by its board on August 10, 2026, acquiring 425,600 common shares via market purchases on the Tokyo Stock Exchange between August 12 and August 31. The transactions cost approxima...
DIC to Repurchase Up to ¥10 Billion in Shares Under Expanded Shareholder Return Policy
Aug 10, 2026
DIC Corporation has approved a share buyback program under Japan’s Companies Act, authorizing the repurchase of up to 2.8 million common shares, or about 2.96% of its outstanding stock, via market purchases on the Tokyo Stock Exchange betwee...
DIC Raises 2026 Year-End Dividend and Launches ¥10 Billion Share Buyback
Aug 10, 2026
DIC Corporation has revised its fiscal 2026 year-end dividend forecast, lifting the planned payout from ¥70 to ¥80 per share and bringing the total annual dividend to ¥150, up from the prior year’s ¥140. The move aligns w...
DIC Lifts 2026 Earnings Outlook After Strong First-Half Beat
Aug 10, 2026
DIC Corporation reported that its consolidated results for the six months ended June 30, 2026 significantly exceeded prior forecasts, with net sales and all key profit metrics rising on stronger demand. The upside was driven by increased shipments...
DIC Corporation Lifts Profit Outlook and Shareholder Returns on Strong Chemitronics Demand
Aug 10, 2026
DIC Corporation reported a 13.3% year-on-year increase in net sales to ¥593.0 billion for the six months ended June 30, 2026, driven notably by a 25.5% surge in chemitronics sales on strong semiconductor demand and higher sales of high-value-...
DIC lifts earnings, dividend and guidance on strong first-half results
Aug 10, 2026
DIC Corporation is a Tokyo-listed manufacturer operating under Japan GAAP, with diversified businesses reflected in substantial consolidated net sales. The company serves global industrial customers and maintains a significant asset base and share...
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.