Kansai Paint Co.,Ltd. KPTCY

MaterialsChemicalsJapan

Last close 8.02 USD on Nov 1, 2026, +10.5% year to date

Quant rating

Quant rating B Rank 33 of 220 in Materials

Growth B 42 of 220
Valuation C 114 of 220
Quality A 28 of 220
Revisions B 34 of 220
Momentum B 87 of 220

Wall Street consensus Buy (2.12)Average target 20.58 USD +156.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 3.3B
Enterprise value: 4.5B
52-week range: 7.20 – 8.02
3-year range: 6.50 – 9.10
Dividend yield: 4.32%
Beta (5 years): –
Shares outstanding: 178M
Next earnings: Nov 6, 2026

About the company

KANSAI PAINT CO.,LTD. is a Japan-based company which is primarily engaged in the manufacture and sale of paints and related services. Its operations are organized into five regional segments based on production and sales structures: Japan, India, Asia, Africa, and Europe. The Company manufactures and sells products such as automotive paints, automotive refinish paints, industrial paints, architectural paints, and anti-corrosion paints. It also conducts painting-related services and coating-related businesses.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	3,716	3,927	3,716	3,834	3,446	–
Revenue growth	−5.4%	5.7%	−3.1%	11.3%	4.6%	2.4%
EPS (basic, normalized)	1.13	1.36	1.92	0.78	0.79	–
EPS growth	−16.8%	−29.2%	147.1%	−2.1%	–	–
Gross margin	32.4%	31.5%	30.8%	26.9%	29.8%	30.3%
Net margin	5.4%	6.5%	11.9%	4.9%	6.3%	7.0%
ROE	11.1%	13.2%	22.3%	8.2%	8.7%	12.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	824
Current ratio	1.78x
Long-term debt (mil)	986
Net debt (mil)	1,177
Total equity (mil)	1,836
Net debt / equity	0.64x
Net debt / EBITDA	2.39x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	3,716	−5.4%	1.2x	494	−6.9%	9.1x	1.13	−16.8%	7.1x
2027	4,073	+9.6%	1.1x	536	+8.6%	8.4x	0.97	−13.8%	8.2x
2028	4,199	+3.1%	1.1x	602	+12.3%	7.5x	1.40	+43.9%	5.7x
2029	4,351	+3.6%	1.0x	625	+3.8%	7.2x	1.61	+14.5%	5.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	4,073	+0.3%	−0.3%	+4.5%	0.97	+0.9%	+7.9%	−10.4%
2028	4,199	+0.4%	+1.1%	+3.9%	1.40	+0.7%	+6.6%	−2.4%
2029	4,351	0.0%	+0.5%	+7.8%	1.61	0.0%	+5.2%	+0.2%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	139,983	145,397	148,660	150,695	144,073	144,680	144,543	153,195	147,377	157,853
Sales mean (mil)	138,728	144,780	147,775	155,448	137,986	148,500	151,480	152,511	150,715	167,033
Surprise	+0.9%	+0.4%	+0.6%	−3.1%	+4.4%	−2.6%	−4.6%	+0.4%	−2.2%	−5.5%
EPS reported	60.90	57.45	21.23	91.45	31.89	48.13	43.75	78.35	9.42	36.82
EPS mean	79.20	44.33	46.88	91.81	56.89	49.94	41.42	44.83	–	30.67
Surprise	−23.1%	+29.6%	−54.7%	−0.4%	−43.9%	−3.6%	+5.6%	+74.8%	–	+20.1%

Peer comparison Chemicals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
KPTCY Kansai Paint Co.,Ltd.	3.3B	2.39x	5.4%	1.71x	8.2x	5.7x	8.4x	7.5x
SMG Scotts Miracle-Gro Co	3.6B	3.59x	4.3%	−17.36x	14.1x	13.3x	9.8x	9.5x
KURRY KURARAY CO., LTD.	3.5B	1.35x	0.9%	0.74x	42.9x	39.9x	5.1x	4.9x
ASH Ashland Inc.	3.4B	2.33x	−45.1%	1.83x	21.3x	17.4x	11.2x	10.2x
HWKN Hawkins Inc	3.2B	1.28x	7.5%	5.59x	36.8x	32.3x	17.7x	16.4x
HXXPY Hexpol AB (publ)	3.1B	0.85x	10.1%	2.07x	13.2x	11.1x	10.0x	8.7x
Mean		1.96x	−2.8%	−0.90x	22.8x	19.9x	10.3x	9.5x
Median		1.84x	4.8%	1.77x	17.7x	15.3x	9.9x	9.1x

Technical analysis

1M0.0%
3M0.0%
1Y−10.0%
3Y+5.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Kansai Paint Co.,Ltd., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	3,716	3,927	3,716	3,834	3,446	3,294
Cost of revenue	2,511	2,688	2,570	2,802	2,418	2,204
Gross profit	1,206	1,238	1,146	1,032	1,028	1,090
Selling, general & administrative expenses	752	758	688	678	668	686
Research & development	66.1	66.9	60.1	57.4	55.7	57.8
Depreciation/amortization	74.5	66.5	56.8	54.8	56.5	64.6
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	33.7	13.9	3.6	8.4	−2.1	30.1
Other operating expenses	0	0	0	0	0	0
Operating income	280	333	337	233	250	252
Net interest income (expense)	72.0	44.2	287	83.9	68.7	100
Gain (loss) on sale of assets	28.2	78.6	113	1.4	35.8	14.5
Other non-operating income (expense)	−20.5	−20.8	−20.7	8.8	6.2	2.2
Net income before taxes	359	435	716	327	360	369
Provision for taxes	141	134	212	105	95.3	156
Minority interest	−18.7	−46.2	−61.0	−32.5	−47.0	−32.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	199	255	444	190	218	181
Extraordinary items	–	–	–	–	–	–
Net income	199	255	444	190	218	181
EBIT, normalized	313	347	341	242	247	282
EBITDA, normalized	494	519	490	389	395	443
Basic EPS, normalized	1.13	1.36	1.92	0.78	0.79	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Kansai Paint Co.,Ltd., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	750	728	666	716	560	1,124
Receivables	781	766	716	770	874	920
Total inventory	718	746	689	795	733	593
Prepaid expenses	–	–	–	–	–	–
Other current assets	122	131	101	127	107	76.8
Total current assets	2,371	2,371	2,172	2,409	2,274	2,714
Property, plant & equipment	1,284	1,226	1,051	1,102	1,097	1,149
Goodwill	215	238	225	263	227	270
Intangibles	303	299	212	217	176	194
Long-term investments	579	596	647	671	947	944
Note receivable	18.5	18.3	18.4	–	18.6	20.4
Other long-term assets	281	259	233	399	194	187
Total assets	5,051	5,006	4,558	5,060	4,932	5,479
Liabilities
Accounts payable	524	568	573	610	599	576
Payable/accrued	–	–	–	–	–	–
Accrued expenses	141	136	117	37.1	119	130
Short-term debt	313	293	63.9	892	63.0	55.3
Current portion of long-term debt	35.3	36.4	35.6	–	543	457
Other current liabilities	221	147	220	459	98.5	194
Total current liabilities	1,233	1,181	1,010	1,998	1,423	1,412
Long-term debt	1,057	1,151	734	0	27.8	628
Minority interest	511	537	465	453	453	470
Other liabilities	359	340	301	404	398	378
Total liabilities	3,161	3,210	2,510	2,854	2,302	2,889
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	162	171	170	193	211	232
Additional paid-in capital	116	122	132	159	175	190
Retained earnings (accumulated deficit)	1,294	1,246	1,547	2,252	2,298	2,356
Treasury stock	−16.3	−14.0	−14.1	−602	−215	−233
Other equity	335	271	214	204	162	46.1
Total equity	1,891	1,797	2,048	2,206	2,630	2,591
Total liabilities & shareholders' equity	5,051	5,006	4,558	5,060	4,932	5,479

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Kansai Paint Co.,Ltd., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	359	435	716	327	360	369
Depreciation, depletion & amortization	180	172	149	148	148	161
Deferred taxes	–	–	–	–	–	–
Non-cash items	−56.1	−126	−384	−69.6	−98.6	−94.8
Changes in working capital	−152	−248	−37.7	−27.2	−282	−49.7
Cash from operations	332	233	443	378	128	385
Investing activities
Capital expenditures	−200	−169	−133	−83.7	−130	−102
Other investing cash flows	29.4	−92.5	72.9	3.5	113	97.6
Cash from investing	−170	−261	−59.8	−80.1	−17.2	−4.6
Financing activities
Financing cash flow items	−40.3	−31.4	−51.9	−47.7	−58.8	−38.7
Cash dividends paid	−93.0	−58.3	−50.1	−55.6	−63.7	−70.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−6.5	36.3	−380	−34.5	−404	261
Cash from financing	−140	−53.4	−482	−138	−527	152
Foreign exchange effects	4.3	29.6	16.5	17.0	16.4	−10.7
Net change in cash	25.7	−52.1	−81.4	177	−400	522
Free cash flow	132	64.2	311	295	−2.6	283

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.