Resonac Holdings Corporation SHWDY

MaterialsChemicalsJapan

Last close 86.39 USD on Nov 2, 2026, +128.7% year to date

Quant rating

Quant rating A Rank 11 of 220 in Materials

Growth A 31 of 220
Valuation B 59 of 220
Quality B 58 of 220
Revisions A 17 of 220
Momentum A 18 of 220

Wall Street consensus Buy (1.87)Average target 135.90 USD +57.3%

Historical valuation

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

Key data

Market cap: 16.1B
Enterprise value: 19.9B
52-week range: 34.72 – 124.61
3-year range: 15.43 – 126.17
Dividend yield: 0.49%
Beta (5 years): –
Shares outstanding: 192M
Next earnings: Nov 11, 2026

About the company

Resonac Holdings Corporation is a Japan-based comprehensive chemical company. The Company operates through five segments. The Semiconductor & Electronic Materials segment manufactures and sells semiconductor front-end materials, semiconductor back-end materials, and device solutions. The Mobility segment manufactures and sells resin-molded products, friction materials, powder metallurgy products, and functional aluminum components. The Innovation Materials segment manufactures and sells resin materials, functional chemicals, coating materials, and ceramics. The Chemicals segment manufactures and sells chemical products, industrial gases, and graphite. The Crasus Chemical segment manufactures and sells olefins, organic chemicals, and synthetic resins. In addition, the Company is also engaged in other manufacturing and sales activities not included in these segments.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	8,600	8,853	9,183	10,622	12,336	–
Revenue growth	−2.9%	−3.6%	−13.5%	−13.9%	30.8%	−1.8%
EPS (basic, normalized)	1.05	2.01	−0.70	1.28	−0.67	–
EPS growth	−47.6%	–	–	–	–	–
Gross margin	24.0%	22.4%	17.6%	21.9%	23.8%	21.9%
Net margin	2.2%	5.3%	−0.5%	2.3%	−0.9%	1.7%
ROE	4.3%	12.0%	−1.2%	6.1%	−2.6%	3.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,242
Current ratio	1.54x
Long-term debt (mil)	4,234
Net debt (mil)	3,748
Total equity (mil)	4,849
Net debt / equity	0.77x
Net debt / EBITDA	3.38x

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
2025 actual	8,600	−2.9%	2.3x	1,109	−7.1%	18.0x	1.05	−47.6%	82.2x
2026	8,006	−6.9%	2.5x	1,657	+49.4%	12.0x	3.69	+251.3%	23.4x
2027	8,541	+6.7%	2.3x	2,072	+25.1%	9.6x	5.33	+44.4%	16.2x
2028	9,227	+8.0%	2.2x	2,480	+19.7%	8.0x	6.89	+29.2%	12.5x

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
2026	8,006	−1.4%	−11.3%	−7.0%	3.69	+1.1%	+10.3%	+27.7%
2027	8,541	−0.1%	−3.3%	+2.1%	5.33	+2.0%	+13.9%	+37.1%
2028	9,227	0.0%	−0.5%	+6.2%	6.89	+3.9%	+19.5%	+46.8%

Earnings surprises

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)	321,374	347,173	359,002	361,728	321,122	320,932	344,209	360,862	307,892	368,960
Sales mean (mil)	–	351,100	352,750	359,667	322,800	352,050	346,967	369,290	315,825	353,686
Surprise	–	−1.1%	+1.8%	+0.6%	−0.5%	−8.8%	−0.8%	−2.3%	−2.5%	+4.3%
EPS reported	149.53	63.00	68.21	25.74	48.44	60.27	−75.25	127.06	84.44	182.50
EPS mean	–	–	–	–	–	–	–	152.30	–	–
Surprise	–	–	–	–	–	–	–	−16.6%	–	–

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
SHWDY Resonac Holdings Corporation	16.1B	3.38x	2.2%	3.18x	23.4x	16.2x	12.0x	9.6x
CF CF Industries Holdings Inc	18.2B	1.35x	20.5%	3.17x	8.2x	10.8x	5.6x	6.9x
NPXYY NIPPON SANSO HOLDINGS CORPORATION	15.2B	2.15x	9.1%	1.88x	8.3x	8.1x	8.6x	8.3x
SQM Sociedad Quimica y Minera de Chile SA	15.1B	2.29x	12.9%	2.47x	7.4x	7.6x	4.5x	4.7x
SYIEY Symrise AG	14.8B	–	5.1%	3.48x	22.9x	19.8x	13.5x	12.6x
COVTY Covestro AG	14.1B	–	–	–	–	–	–	–
Mean		2.29x	9.9%	2.84x	14.0x	12.5x	8.8x	8.4x
Median		2.22x	9.1%	3.17x	8.3x	10.8x	8.6x	8.3x

Technical analysis

1M−16.3%
3M+10.2%
1Y+112.8%
3Y+434.0%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Resonac Holdings Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	8,600	8,853	9,183	10,622	12,336	9,431
Cost of revenue	6,533	6,874	7,563	8,297	9,399	7,888
Gross profit	2,067	1,979	1,620	2,325	2,937	1,543
Selling, general & administrative expenses	1,240	1,238	1,400	1,662	1,691	1,457
Research & development	112	110	122	–	249	274
Depreciation/amortization	194	199	225	192	240	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	191	−137	−116	114	591	283
Other operating expenses	31.4	4.2	56.2	0	0	0
Operating income	299	567	−66.7	357	167	−472
Net interest income (expense)	10.5	−19.1	−25.9	2.5	67.4	15.7
Gain (loss) on sale of assets	–	–	–	31.8	−16.9	0.2
Other non-operating income (expense)	−21.7	−9.0	−8.2	−2.7	−18.5	−205
Net income before taxes	288	539	−101	388	199	−661
Provision for taxes	89.3	62.8	−54.6	85.7	176	−30.6
Minority interest	−12.9	−8.1	0.1	−55.4	−128	−109
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	185	468	−46.1	247	−105	−739
Extraordinary items	–	–	–	–	–	–
Net income	185	468	−46.1	247	−105	−739
EBIT, normalized	489	429	−183	471	758	−188
EBITDA, normalized	1,091	1,053	500	1,301	1,761	567
Basic EPS, normalized	1.05	2.01	−0.70	1.28	−0.67	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Resonac Holdings Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,877	2,057	1,547	1,422	2,053	1,927
Receivables	1,923	1,889	2,055	2,020	2,409	2,620
Total inventory	1,315	1,405	1,592	1,910	1,772	1,842
Prepaid expenses	43.7	45.6	51.7	–	–	–
Other current assets	286	243	180	650	706	609
Total current assets	5,445	5,640	5,426	6,003	6,939	7,000
Property, plant & equipment	4,232	4,268	4,740	5,172	5,731	7,043
Goodwill	1,759	1,826	2,034	2,253	2,709	3,479
Intangibles	863	989	1,237	1,513	1,831	2,317
Long-term investments	717	707	786	642	908	1,040
Note receivable	–	–	–	–	–	–
Other long-term assets	433	393	342	387	498	466
Total assets	13,449	13,823	14,565	15,969	18,617	21,344
Liabilities
Accounts payable	1,039	1,091	1,260	1,480	1,805	1,592
Payable/accrued	–	–	–	–	–	–
Accrued expenses	265	243	268	72.7	77.2	85.4
Short-term debt	468	345	423	552	647	704
Current portion of long-term debt	643	563	488	653	729	652
Other current liabilities	605	909	850	742	988	959
Total current liabilities	3,020	3,150	3,289	3,500	4,246	3,991
Long-term debt	5,078	5,605	6,391	7,206	6,077	8,969
Minority interest	184	174	187	186	2,646	3,023
Other liabilities	706	664	727	880	1,181	1,429
Total liabilities	8,987	9,594	10,595	11,772	14,150	17,412
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,163	1,159	1,291	1,389	1,583	1,362
Additional paid-in capital	694	693	742	825	1,041	757
Retained earnings (accumulated deficit)	2,193	2,027	1,771	1,265	1,246	1,604
Treasury stock	−79.2	−83.8	−82.2	−88.6	−101	−113
Other equity	491	433	248	806	699	322
Total equity	4,461	4,228	3,971	4,197	4,466	3,932
Total liabilities & shareholders' equity	13,449	13,823	14,565	15,969	18,617	21,344

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Resonac Holdings Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	198	476	−46.2	388	199	−661
Depreciation, depletion & amortization	602	624	684	830	1,003	755
Deferred taxes	–	–	–	–	–	–
Non-cash items	419	245	182	130	369	314
Changes in working capital	−487	−313	22.0	−591	−567	651
Cash from operations	731	1,032	842	758	1,004	1,059
Investing activities
Capital expenditures	−681	−562	−607	−670	−589	−625
Other investing cash flows	125	229	216	253	837	−8,384
Cash from investing	−556	−333	−391	−417	249	−9,009
Financing activities
Financing cash flow items	−7.0	−11.7	−41.2	−2,325	20.8	−88.4
Cash dividends paid	−75.1	−74.8	−83.6	−89.7	−82.4	−113
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−364	−43.7	−393	1,627	−996	8,885
Cash from financing	−446	−130	−518	−788	−1,058	8,684
Foreign exchange effects	62.3	92.8	81.3	76.5	127	4.2
Net change in cash	−209	662	13.8	−370	322	738
Free cash flow	50.1	470	235	87.9	415	434

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 2, 2026 after market close.