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    Basic Materials

  3. •

    Chemicals - Specialty
NOF Corporation

NOF Corporation

NOFCF
NOF CorporationUS flagOther OTC
17.86
USD
- -
- -
4.04BMarket Cap
NOF Corporation
NOFCF
(Other OTC)

Recent

price

17.86

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
- -
- -
456,135

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 (NOFCF), founded in 1937 and headquartered in Yebisu Garden Place Tower, Shibuya-ku, Tokyo, operates as a diversified chemical manufacturer specializing in functional materials across life/healthcare, electronics/IT, and environment/energy sectors; its core products and services encompass oleo and specialty chemicals including fatty acids, surfactants, polyethylene glycol derivatives, and (meth)acrylate derivatives; functional chemicals and polymers such as organic peroxides, anti-fog agents, thermoplastic elastomers, polybutene, and electronics materials like capacitor additives and resist materials; explosives and propulsion systems comprising emulsion explosives, solid propellants, gun ammunitions, detonators, anti-freeze agents, and oceanographic survey devices; functional foods featuring margarine, shortenings, depanning oils, nutritional foods, and solubilized products; life science products including LIPIDURE biocompatible materials for contact lenses, eye/skin/oral care, hand sanitizers, and medical device coatings; DDS development offerings such as single molecular weight PEGs, nucleic acid delivery lipids, PEG lipids, and high-purity polysorbates; and anti-corrosion coatings like GEOMET waterborne chrome-free agents for automotive parts. The company maintains production bases in Japan including Amagasaki, Chidori, Daishi, Kinuura, Oita, and Taketoyo plants, with global operations through subsidiaries in the US (NOF America Corporation, NOF Metal Coatings North America), Europe (NOF Metal Coatings Europe), Asia (Changshu NOF Chemical in China, PT NOF MAS in Indonesia), and others serving automotive, pharmaceuticals, food, defense, and electronics industries. Recent developments include a strategic investment as minority shareholder and partner in Phosphorex in August 2024 to enhance lipid nanoparticle drug delivery capabilities via NOF's COATSOME SS-series; the launch of the NOF CORPORATION Open Innovation Program 2025 calling for proposals in thermal management, next-generation solar cells, displays, secondary batteries, and semiconductors; organizational consolidation in April 2023 forming the Functional Materials and Life Science divisions; acquisition of Hokkaido NOF Corporation by Nippon Koki in April 2024; and establishment of new Oita Works with LS Oita and LS Aichi plants in June 2024.