Tokai Carbon Co Ltd TKCBY

MaterialsChemicalsJapan

Last close 49.95 USD on Nov 1, 2026, +99.0% year to date

Quant rating

Quant rating A Rank 6 of 220 in Materials

Growth B 46 of 220
Valuation A 22 of 220
Quality B 49 of 220
Revisions B 36 of 220
Momentum A 10 of 220

Wall Street consensus Strong Buy (1.25)Average target 15.41 USD −69.1%

Historical valuation

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

Key data

Market cap: 2.6B
Enterprise value: 3.7B
52-week range: 23.50 – 49.95
3-year range: 21.85 – 49.95
Dividend yield: 1.75%
Beta (5 years): –
Shares outstanding: 216M
Next earnings: Nov 5, 2026

About the company

TOKAI CARBON CO.,LTD. is a Japan-based company engaged in the manufacture and sale of graphite electrodes, carbon black, fine carbon, smelting and lining products, industrial furnaces and related products, friction materials and anode materials. The Company has five segments. Carbon Black segment manufactures and sells carbon black for rubber products, black pigments and conductive applications. Fine Carbon segment manufactures and sells specialty carbon products, solid silicon carbide (SiC) and SiC-coated products. Smelting & Lining segment manufactures and sells cathodes for aluminum smelting, blast furnace blocks and carbon electrodes. Graphite Electrodes segment manufactures and sells graphite electrodes for electric arc furnaces used in steelmaking. Industrial Furnaces and Related Products segment manufactures and sells industrial electric furnaces and silicon carbide heating elements.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,062	2,227	2,580	2,596	2,250	–
Revenue growth	−7.4%	−13.7%	−0.6%	15.4%	15.2%	1.1%
EPS (basic, normalized)	0.62	−1.72	0.79	0.80	0.65	–
EPS growth	–	–	−0.9%	22.2%	–	–
Gross margin	24.7%	23.0%	27.1%	27.6%	27.3%	26.0%
Net margin	6.2%	−16.2%	7.0%	6.6%	6.2%	2.0%
ROE	6.6%	−18.5%	8.6%	9.0%	7.5%	2.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	532
Current ratio	2.25x
Long-term debt (mil)	964
Net debt (mil)	1,018
Total equity (mil)	1,978
Net debt / equity	0.51x
Net debt / EBITDA	2.66x

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	2,062	−7.4%	1.8x	383	−2.0%	9.6x	0.62	+135.8%	81.1x
2026	2,439	+18.3%	1.5x	462	+20.8%	8.0x	0.73	+18.6%	68.4x
2027	2,693	+10.4%	1.4x	541	+17.1%	6.8x	0.91	+24.9%	54.8x
2028	2,916	+8.3%	1.3x	565	+4.3%	6.5x	1.08	+18.4%	46.2x

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	2,439	0.0%	+4.3%	+13.7%	0.73	0.0%	+78.9%	+88.1%
2027	2,693	0.0%	+6.6%	+17.8%	0.91	0.0%	+25.6%	+56.6%
2028	2,916	0.0%	+9.9%	+20.1%	1.08	0.0%	+29.0%	+54.1%

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)	82,161	88,761	87,737	91,455	80,346	77,730	79,260	85,624	81,720	92,008
Sales mean (mil)	87,800	90,500	88,778	103,391	83,100	81,674	80,543	83,982	80,412	93,090
Surprise	−6.4%	−1.9%	−1.2%	−11.5%	−3.3%	−4.8%	−1.6%	+2.0%	+1.6%	−1.2%
EPS reported	7.63	9.54	9.01	−291.95	14.18	25.82	36.61	17.44	7.29	27.11
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

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
TKCBY Tokai Carbon Co Ltd	2.6B	2.66x	6.2%	1.21x	68.4x	54.8x	8.0x	6.8x
SLVYY Solvay SA	2.8B	2.13x	0.6%	2.38x	1.0x	0.9x	5.9x	5.6x
FUL H.B. Fuller Company	2.7B	3.15x	4.4%	1.23x	10.2x	9.6x	7.0x	6.4x
KPLUY K+S AG	2.6B	–	–	–	5.7x	6.7x	–	–
KWR Quaker Chemical Corp	2.6B	2.41x	−0.1%	1.89x	19.2x	16.0x	10.5x	9.5x
NGVT Ingevity Corporation	2.6B	2.77x	−12.9%	54.64x	13.9x	12.3x	9.3x	8.8x
Mean		2.63x	−0.4%	12.27x	19.7x	16.7x	8.1x	7.4x
Median		2.66x	0.6%	1.89x	12.1x	11.0x	8.0x	6.8x

Technical analysis

1M+5.6%
3M+5.6%
1Y+117.6%
3Y+40.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Tokai Carbon Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	2,062	2,227	2,580	2,596	2,250	1,952
Cost of revenue	1,553	1,714	1,880	1,879	1,635	1,472
Gross profit	509	513	700	717	615	480
Selling, general & administrative expenses	284	272	303	287	273	245
Research & development	–	–	–	–	–	25.8
Depreciation/amortization	60.4	117	122	121	128	133
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−2.5	447	1.0	6.7	4.7	8.9
Other operating expenses	0	0	0	0	0	0
Operating income	168	−324	274	303	210	67.3
Net interest income (expense)	33.3	24.3	25.6	24.3	−4.3	−3.7
Gain (loss) on sale of assets	0.1	0.4	1.2	0.7	1.8	7.4
Other non-operating income (expense)	−3.6	−3.7	−2.6	−6.6	−4.2	−11.7
Net income before taxes	197	−303	298	321	203	59.2
Provision for taxes	48.8	33.7	93.9	113	28.2	22.1
Minority interest	−20.4	−24.1	−23.3	−37.4	−34.8	−27.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	128	−361	181	171	140	9.9
Extraordinary items	–	–	–	–	–	–
Net income	128	−361	181	171	140	9.9
EBIT, normalized	165	123	275	310	214	76.1
EBITDA, normalized	373	389	538	576	474	342
Basic EPS, normalized	0.62	−1.72	0.79	0.80	0.65	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Tokai Carbon Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	576	587	549	541	685	651
Receivables	415	431	458	495	490	399
Total inventory	596	641	775	773	630	618
Prepaid expenses	–	–	–	–	–	–
Other current assets	65.8	61.6	81.3	72.7	64.1	53.2
Total current assets	1,652	1,720	1,864	1,882	1,870	1,721
Property, plant & equipment	1,854	1,683	1,587	1,388	1,253	1,211
Goodwill	170	239	349	403	483	584
Intangibles	222	183	481	503	589	707
Long-term investments	257	212	220	172	189	169
Note receivable	24.8	–	–	–	–	–
Other long-term assets	58.2	39.2	37.4	49.1	69.8	59.9
Total assets	4,239	4,077	4,537	4,397	4,453	4,453
Liabilities
Accounts payable	149	169	209	246	228	181
Payable/accrued	–	–	–	–	–	–
Accrued expenses	26.5	21.0	31.4	29.6	24.1	47.7
Short-term debt	350	418	475	541	452	417
Current portion of long-term debt	97.9	60.8	30.8	82.2	203	92.6
Other current liabilities	185	271	225	220	226	159
Total current liabilities	809	940	971	1,119	1,133	897
Long-term debt	893	801	713	724	844	1,071
Minority interest	220	226	252	244	238	228
Other liabilities	284	267	300	259	247	307
Total liabilities	2,207	2,234	2,237	2,346	2,462	2,503
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	130	130	145	156	178	198
Additional paid-in capital	59.9	68.0	98.0	105	151	168
Retained earnings (accumulated deficit)	1,024	931	1,490	1,463	1,527	1,608
Treasury stock	−45.0	−45.0	−51.2	−55.2	−62.9	−70.2
Other equity	863	758	619	382	199	45.8
Total equity	2,032	1,842	2,300	2,050	1,992	1,950
Total liabilities & shareholders' equity	4,239	4,077	4,537	4,397	4,453	4,453

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Tokai Carbon Co Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	197	−303	298	321	203	59.2
Depreciation, depletion & amortization	208	266	264	267	260	265
Deferred taxes	–	–	–	–	–	–
Non-cash items	−32.0	430	−17.5	−15.0	14.7	3.1
Changes in working capital	−16.8	18.2	−104	−259	−146	205
Cash from operations	357	410	440	314	331	533
Investing activities
Capital expenditures	−274	−351	−352	−345	−257	−264
Other investing cash flows	−52.0	−99.7	14.1	−35.8	−50.0	−165
Cash from investing	−326	−450	−338	−381	−307	−429
Financing activities
Financing cash flow items	−5.2	−50.0	−16.7	−54.8	−15.6	−5.7
Cash dividends paid	−40.9	−44.8	−49.9	−48.8	−55.6	−80.5
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−3.0	155	−36.3	22.5	81.7	95.2
Cash from financing	−49.1	59.9	−103	−81.1	10.5	9.0
Foreign exchange effects	13.2	35.4	50.7	32.5	23.5	−3.5
Net change in cash	−5.2	55.2	50.2	−115	58.3	109
Free cash flow	82.8	59.6	88.3	−30.5	74.2	269

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.