Mitsubishi Chemical Group Corporation MTLHY

MaterialsChemicalsJapan

Last close 35.00 USD on Nov 1, 2026, +21.1% year to date

Quant rating

Quant rating A Rank 23 of 220 in Materials

Growth B 57 of 220
Valuation A 16 of 220
Quality B 85 of 220
Revisions A 24 of 220
Momentum B 56 of 220

Wall Street consensus Hold (2.58)Average target 8.72 USD −75.1%

Historical valuation

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

Key data

Market cap: 10.7B
Enterprise value: 23.3B
52-week range: 26.51 – 39.05
3-year range: 19.95 – 39.05
Dividend yield: 2.89%
Beta (5 years): 0.77
Shares outstanding: 1,441M
Next earnings: Nov 4, 2026

About the company

Mitsubishi Chemical Group Corp is a Japan-based company engaged in specialty materials, methyl methacrylate (MMA) & derivatives, basic materials & polymers, and industrial gas businesses. It operates through four segments. The Specialty Materials segment includes performance polymers, soarnol, gohsenol, packaging and barrier films, industrial and medical films, advanced films & polymers such as acetyl and optical films and polyester films, aqua solutions, life solutions, infrastructure solutions, advanced solutions such as semiconductors, electronics and battery materials, engineering shapes & solutions, and advanced composites & shapes such as carbon fiber and composite materials. The MMA & Derivatives segment includes MMA, Polymethylmethacrylate (PMMA), coating materials, and additives and modifiers. The Basic Materials & Polymers segment includes petrochemical bases, polyolefins, basic chemicals and others. The Industrial Gas segment provides industrial gases.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	23,338	29,392	28,995	34,901	32,689	–
Revenue growth	−20.6%	1.4%	−16.9%	6.8%	11.1%	−4.5%
EPS (basic, normalized)	0.05	0.21	0.54	0.50	0.97	–
EPS growth	−74.5%	−60.5%	9.0%	−48.4%	–	–
Gross margin	28.9%	29.0%	26.1%	26.7%	28.0%	27.8%
Net margin	−2.2%	1.0%	2.7%	2.1%	4.5%	1.6%
ROE	−4.7%	2.6%	7.2%	6.4%	13.2%	4.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	3,347
Current ratio	1.57x
Long-term debt (mil)	9,253
Net debt (mil)	12,185
Total equity (mil)	11,206
Net debt / equity	1.09x
Net debt / EBITDA	3.69x

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	23,338	−20.6%	1.0x	3,298	−8.2%	7.1x	0.05	−74.5%	640.2x
2027	25,666	+10.0%	0.9x	3,971	+20.4%	5.9x	0.72	+1,211.2%	48.8x
2028	26,004	+1.3%	0.9x	4,042	+1.8%	5.8x	0.73	+2.5%	47.6x
2029	26,441	+1.7%	0.9x	4,250	+5.1%	5.5x	0.84	+14.2%	41.7x

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	25,666	0.0%	+2.3%	+4.3%	0.72	0.0%	+35.3%	+65.4%
2028	26,004	0.0%	+2.4%	+4.2%	0.73	0.0%	+19.4%	+32.7%
2029	26,441	0.0%	+2.0%	+3.4%	0.84	0.0%	+9.7%	+19.3%

Earnings surprises EPS beat in 1 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)	1,142,078	1,129,353	1,112,713	1,089,480	1,075,859	880,652	918,472	938,159	966,705	1,004,246
Sales mean (mil)	1,109,853	1,112,200	1,148,287	1,098,717	1,095,538	934,975	918,237	951,859	963,672	962,090
Surprise	+2.9%	+1.5%	−3.1%	−0.8%	−1.8%	−5.8%	0.0%	−1.4%	+0.3%	+4.4%
EPS reported	11.05	27.87	0.89	12.96	−10.08	13.96	65.70	−3.46	−68.89	42.47
EPS mean	13.81	10.46	5.98	22.41	1.99	24.61	72.52	10.69	10.65	17.84
Surprise	−20.0%	+166.4%	−85.1%	−42.2%	−606.5%	−43.3%	−9.4%	−132.4%	−746.9%	+138.1%

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
MTLHY Mitsubishi Chemical Group Corporation	10.7B	3.69x	−2.2%	0.87x	48.8x	47.6x	5.9x	5.8x
TRYIY TORAY INDUSTRIES, INC.	11.2B	–	3.1%	0.95x	–	–	–	–
EVKIY Evonik Industries AG	10.9B	2.04x	1.9%	1.25x	6.2x	7.2x	6.3x	6.7x
YARIY Yara International ASA	10.9B	–	–	–	8.5x	10.2x	3.5x	3.8x
ALB Albemarle Corp	10.7B	2.49x	−13.2%	1.04x	8.1x	8.9x	5.0x	5.1x
BNTGY Brenntag SE	10.2B	2.41x	1.7%	2.06x	3.2x	3.2x	8.5x	8.7x
Mean		2.66x	−1.7%	1.23x	14.9x	15.4x	5.8x	6.0x
Median		2.45x	1.7%	1.04x	8.1x	8.9x	5.9x	5.8x

Technical analysis

1M−5.5%
3M−3.4%
1Y+27.1%
3Y+32.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Mitsubishi Chemical Group Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	23,338	29,392	28,995	34,901	32,689	29,427
Cost of revenue	16,589	20,859	21,416	25,567	23,526	21,059
Gross profit	6,749	8,533	7,579	9,334	9,163	8,367
Selling, general & administrative expenses	5,128	6,469	6,162	6,948	7,023	6,799
Research & development	–	–	–	–	–	–
Interest expense (income), operating	14.2	−53.8	−53.5	−88.4	−174	−141
Unusual expense (income)	1,382	769	−165	1,084	−210	1,249
Other operating expenses	35.2	37.4	−94.4	14.7	31.3	31.0
Operating income	190	1,312	1,730	1,376	2,492	429
Net interest income (expense)	−173	−261	−157	−115	−100	−122
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−12.2	−45.8	16.8	4.2	−5.1	−10.4
Net income before taxes	4.5	1,005	1,590	1,265	2,387	297
Provision for taxes	108	300	410	244	666	92.0
Minority interest	−420	−404	−389	−294	−265	−274
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−523	300	790	726	1,456	−68.3
Extraordinary items	597	–	–	–	–	–
Net income	74.5	300	790	726	1,456	−68.3
EBIT, normalized	1,586	2,027	1,512	2,371	2,108	1,537
EBITDA, normalized	3,294	3,867	3,332	4,402	4,175	3,739
Basic EPS, normalized	0.05	0.21	0.54	0.50	0.97	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Mitsubishi Chemical Group Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	3,917	2,616	2,496	2,799	2,440	3,590
Receivables	4,234	5,100	5,633	6,091	6,789	6,471
Total inventory	4,216	5,065	5,282	6,009	6,126	5,208
Prepaid expenses	–	–	–	–	–	–
Other current assets	835	967	1,073	1,290	970	969
Total current assets	13,202	13,748	14,484	16,188	16,325	16,238
Property, plant & equipment	13,210	13,367	13,504	14,368	15,615	16,385
Goodwill	5,614	5,519	5,505	5,480	5,798	6,069
Intangibles	2,380	2,948	3,179	3,458	3,689	4,113
Long-term investments	1,910	2,470	2,548	2,817	3,356	3,733
Note receivable	–	–	–	–	–	–
Other long-term assets	711	1,258	1,124	1,174	1,032	1,223
Total assets	37,027	39,311	40,344	43,485	45,815	47,762
Liabilities
Accounts payable	2,417	2,832	3,315	3,587	4,002	3,453
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Short-term debt	979	1,745	2,532	2,467	2,196	3,645
Current portion of long-term debt	1,460	1,110	1,468	2,062	1,184	2,258
Other current liabilities	3,971	4,318	4,085	4,414	4,284	4,126
Total current liabilities	8,827	10,004	11,400	12,530	11,666	13,482
Long-term debt	9,473	10,756	10,546	12,368	14,374	15,321
Minority interest	4,114	3,628	3,384	3,191	3,175	3,024
Other liabilities	3,513	3,314	3,360	3,613	4,615	4,766
Total liabilities	25,927	27,703	28,690	31,702	33,830	36,593
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	315	333	330	377	411	452
Additional paid-in capital	736	1,068	1,055	1,265	1,402	1,623
Retained earnings (accumulated deficit)	8,438	9,094	8,956	9,568	9,976	9,576
Treasury stock	−426	−410	−409	−469	−517	−571
Other equity	2,037	1,522	1,722	1,043	712	88.5
Total equity	11,100	11,608	11,655	11,783	11,985	11,168
Total liabilities & shareholders' equity	37,027	39,311	40,344	43,485	45,815	47,762

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Mitsubishi Chemical Group Corporation, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	4.5	1,005	1,590	1,265	2,387	297
Depreciation, depletion & amortization	1,709	1,840	1,820	2,030	2,067	2,202
Deferred taxes	–	–	–	–	–	–
Non-cash items	1,184	831	−60.4	993	−306	1,232
Changes in working capital	−166	32.2	−281	−1,627	−1,296	497
Cash from operations	2,730	3,708	3,068	2,662	2,852	4,228
Investing activities
Capital expenditures	−1,841	−2,167	−1,814	−2,116	−2,118	−2,322
Other investing cash flows	2,625	330	188	251	1,059	361
Cash from investing	784	−1,837	−1,626	−1,865	−1,059	−1,960
Financing activities
Financing cash flow items	−189	−122	−205	−159	−181	−942
Cash dividends paid	−280	−304	−291	−321	−315	−308
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,895	−1,220	−1,101	22.8	−2,268	−40.1
Cash from financing	−2,364	−1,645	−1,598	−458	−2,764	−1,290
Foreign exchange effects	116	−18.0	140	48.4	117	118
Net change in cash	1,266	208	−15.2	387	−853	1,096
Free cash flow	890	1,541	1,254	545	734	1,906

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.