1. Japan Stocks

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    Basic Materials

  3. •

    Chemicals - Specialty
NOF Corporation

NOF Corporation

4403.T
NOF CorporationJP flagTokyo Stock Exchange
2,826.50
JPY
-15.50
- -
640.02BMarket Cap
NOF Corporation
4403.T
(Tokyo Stock Exchange)

Recent

price

2,826.50

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
540.38
547
540.92
585.15
618.44
638.96
667.3
695.65
741.93
718.09
692.71
778.95
890.78
923.07
1,004.77
1,121.84
504.82
Revenue per Share
24.14
26.28
31.92
35.4
43.16
50.94
67.42
76.99
86.43
83.91
93.5
107.92
139
141.17
153.88
176.34
74.02
Basic EPS, GAAP
33.1
22.04
25.81
32.3
22.85
43.42
71.73
54.13
54.58
79.88
99.28
80.78
70.02
50.76
53.29
93.39
- -
Free Cash Flow per Basic Share
6.03
6.03
7.33
7.98
8.7
10.69
13.4
16.67
25.31
28.3
25.94
27.98
32.39
38.04
40.45
50.21
- -
Dividend per Share
251.99
271.25
299.19
326.71
365.27
402.87
443.36
507.36
550.7
612.78
692.27
743.21
858.56
930.55
1,003.2
1,160.69
988.16
Book Value per Share
308.69
331.89
374.56
406.36
481.38
505.74
582.61
651.64
694.77
705.18
812.6
892.63
977.29
1,095.39
1,170.42
1,280.91
1,155.56
Tangible Book Value per Share
285
279
275
275
271
267
261
259
255
252
249
247
244
241
237
230
239
Basic Weighted Avg Shares
154,121
152,364
148,859
160,963
167,697
170,460
174,057
179,935
189,152
180,917
172,645
192,642
217,709
222,252
238,310
257,967
120,448
Sales/Revenue/Turnover
6.86
7.33
8.29
9.54
10.19
11.36
13.98
14.35
15.04
14.85
15.41
18.48
18.66
18.96
19.01
18.38
18.34
Operating Margin (%)
7,302
6,445
5,867
5,696
4,679
4,998
4,767
4,911
5,038
5,304
5,553
5,909
6,359
6,939
7,965
22,116
- -
Depreciation Expense
6,886
7,319
8,784
9,737
11,703
13,589
17,586
19,913
22,034
21,140
23,302
26,690
33,973
33,990
36,497
40,550
17,660
Net Income, GAAP
34.2
32.43
32.16
33.95
33.57
30.51
28.81
30.23
28.1
29.98
31.65
29.64
29.19
29.72
27.91
29.08
29.2
Effective Tax Rate (%)
4.47
4.8
5.9
6.05
6.98
7.97
10.1
11.07
11.65
11.68
13.5
13.85
15.6
15.29
15.31
15.72
14.66
Profit Margin (%)
22,409
19,486
34,900
39,606
41,762
54,984
61,236
69,306
85,060
94,001
106,816
122,854
142,152
150,734
153,653
150,584
157,328
Working Capital
8,234
946
8,330
8,341
3,206
8,211
5,357
3,210
8,299
8,348
3,217
702
2,510
3,305
2,481
2,516
2,333
LT Debt
89,172
93,207
103,674
112,621
131,312
135,635
152,564
169,571
178,284
178,715
203,514
221,704
240,000
265,906
279,549
296,464
277,768
Total Equity
6.17
6.76
7.26
8.25
8.31
9.1
10.95
10.26
10.85
9.77
8.82
11.06
11.82
11.14
11.45
11.05
5.64
Return on Invested Capital (%)
7.5
8.03
9.4
9.98
11.08
11.91
14.42
14.93
15.07
13.4
13.4
14.3
16.75
15.26
15.39
15.68
7.54
Return on Capital (%)
9.77
9.93
11.13
11.31
12.39
13.16
15.76
16.13
16.22
14.34
14.26
14.98
17.26
15.67
15.8
16.06
7.72
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Mar'24
Jun'25
Sep'25
ST Debt
1,860
- -
2,005
LT Borrowings
2,775
- -
2,333
LT Finance Leases
530
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
239
- -
238
Market Capitalization
504,092
524,196
586,946

Working Capital

FRC

•

in mil. unless spec.
Mar'24
Jun'25
Sep'25
Total Current Assets
204,863
- -
212,269
Cash, Cash Equivalents & STI
91,744
- -
94,941
Accounts Receivable, Net
54,603
- -
46,401
Inventories
51,006
- -
62,632
Total Current Liabilities
54,129
- -
54,941
Payables & Accruals
- -
- -
- -
ST Debt
1,860
- -
2,005
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.21%
7.83%
6.05%
Free Cash Flow
11.45%
2.23%
69.9%
Net Income, GAAP
11.98%
12.07%
11.11%
Sales/Revenue/Turnover
4.38%
8.43%
8.25%
Total Cash Common Dividend
15.9%
12.45%
20.36%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
49,255
52,549
58,295
62,153
222,252
2025
- -
- -
- -
- -
238,310
2026
- -
- -
- -
- -
257,967

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
37.29
- -
- -
- -
141.17
2025
- -
- -
- -
- -
153.88
2026
- -
- -
- -
- -
176.34

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
38.04
2025
- -
- -
- -
- -
40.45
2026
- -
- -
- -
- -
50.21
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Business
NOF Corporation, a diversified chemical manufacturer founded in 1937 and headquartered at Yebisu Garden Place Tower in Tokyo, Japan, engages in the development and production of functional materials, life science products, explosives and propulsion systems, and functional foods across Japan, North America, Europe, Southeast Asia, and China. The company operates through three primary segments offering fatty acids and derivatives, surfactants, ethylene oxide and propylene oxide derivatives, organic peroxides, functional polymers, functional films, petrochemical products, electronic materials, special corrosion prevention agents, edible oils, functional foods, activated PEG, functional lipids, surfactants for drugs, biocompatible materials, plant-derived ingredients, MPC polymers and monomers, industrial explosives, solid propellants, pyrotechnic devices, gun propellants, rocket propellants, guided missile assemblies, anti-freezing agents, and temperature and sterilization indicators; it also provides drug delivery solutions including linear and branched hetero-activated PEGs, single molecule PEG linkers for antibody drug conjugates, phospholipids nanoparticle formulations, SS-cleavable lipids such as the proprietary COATSOME SS-Series for nucleic acid and gene delivery, and ultra-purity Polysorbates 80 for antibody derivatives. Geographically, NOF maintains key production sites including the Daishi Plant, Oita Works, Aichi Works, and Tsukuba research facilities in Japan, alongside subsidiaries like NOF Metal Coatings North America Inc., NOF Europe GmbH, PT. NOF MAS Chemical Industries in Indonesia, and Changshu NOF Chemical Co., Ltd. in China. Recent developments include the 2024 strategic investment as a minority shareholder in Phosphorex LLC to enhance cGMP capabilities in nanoparticle-based drug delivery and strengthen its position in lipid nanoparticle technologies; the April 2024 acquisition of Hokkaido NOF Corporation by subsidiary Nippon Koki Co., Ltd.; the June 2024 establishment of new Oita Works with LS Oita Plant and LS Aichi Plant; and the April 2023 reorganization consolidating the Oleo & Specialty Chemicals and Functional Chemicals & Polymers divisions into Functional Materials, alongside merging Life Science Products and DDS Development into the Life Science Division.