Denka Company Limited (DENKF)
適正価値ファンダメンタル
65
株価
$3217.00
時価総額
$289.63B
パート1 · 企業の価値
概要
Denka is a Japanese chemicals maker that turns basic feedstocks like acetylene and calcium carbide into a wide range of industrial materials: cement additives, synthetic rubber for hoses and gaskets, packaging film, and specialty ceramics and silica used inside semiconductor chips and their packaging. It runs its own chemical plants and sells mostly to other manufacturers, who use Denka's materials as inputs into their own products rather than to consumers directly.
収益の仕組み
Revenue comes from selling bulk and specialty chemicals to industrial customers, with margins that vary widely by product: commodity items like calcium carbide compete mainly on cost against low-cost Chinese production, while niche materials for semiconductor packaging — benefiting from AI-driven chip demand — carry better margins. The company reports results across four segments, the largest by far being Polymer Solutions.
セグメント別売上高
PVC-related resins and compounds used in construction and industrial applications, the group's single largest business.
Specialty ceramics, spherical silica and alumina used in semiconductor chips and packaging, a segment growing with AI-related chip demand.
Synthetic rubber (chloroprene) and cement-related infrastructure materials, sold mainly to the automotive and construction industries.
Food packaging film, diagnostic reagents and healthcare-related materials, the smallest of the four main segments.
Residual businesses not allocated to the four main reportable segments.
競争優位性（moat）
明確な優位性なし · なしMost of Denka's revenue comes from commodity chemicals — calcium carbide, PVC compounds, synthetic rubber — where Chinese producers with cheaper raw materials and electricity set the price and Denka has little room to charge a premium. The electronic-materials segment has stronger technical differentiation in semiconductor packaging materials, but it is not yet large enough to define a moat for the company as a whole.
需要を左右する要因
景気循環型Most of Denka's chemicals feed into cyclical end markets — automotive, construction and general electronics — so orders slow when those industries pull back on production. Its semiconductor-materials business is a partial exception, currently growing on demand tied to generative AI chip production, but it is not yet large enough to offset weakness in the bigger commodity segments.
主なリスク
- Chloroprene plant litigation and closure — Denka's chloroprene rubber plant in LaPlace, Louisiana faced a U.S. Department of Justice complaint and EPA action over carcinogenic chloroprene emissions, and the company has since been reviewing comprehensive measures for the business, including closing the affected production.
- Structural decline in combustion-vehicle demand — The shift toward electric vehicles is reducing demand for products tied to internal-combustion engines, and Denka has already decided to exit its specialty chloroprene rubber business for automotive hoses as a result.
- Cyclical raw material and end-market exposure — Fluctuations in raw material prices and currency movements, combined with reliance on cyclical customer industries such as automotive and construction, make earnings sensitive to swings the company cannot control.
強気材料
Buyers argue that Denka's semiconductor-materials business is becoming a meaningful, higher-margin growth engine on the back of AI-related chip demand, and that exiting declining, litigation-exposed businesses like combustion-vehicle rubber and the Louisiana chloroprene plant leaves a cleaner, more focused company behind.
弱気材料
Sellers fear that most of Denka's revenue still sits in commodity chemicals facing relentless Chinese cost competition and structurally declining combustion-vehicle demand, and that the unresolved Louisiana litigation could still impose costs and reputational damage beyond what has already been recognised.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users
Tosoh sells chloroprene rubber under the Skyprene brand to the same automotive-parts, belt, cable and adhesive makers Denka supplies, and overlaps again in chlor-alkali chemicals and clinical diagnostic systems.
Resonac has made polychloroprene in Japan since the 1960s for the same glove, adhesive and waterproofing customers, and competes with Denka a second time in materials for semiconductor packaging and electronic components.
ARLANXEO's Baypren range is the main non-Japanese source of high-grade chloroprene rubber and bids for the same European cable, belt and wetsuit accounts Denka targets.
China's largest chloroprene rubber producer competes with Denka on commodity grades, where Chinese capacity has been taking volume in Asian markets.
Kaneka sells functional and foamed resins, films and life-science products into the same packaging, construction and medical-device customers as Denka's polymer and life-innovation businesses.
貸借対照表と流動性
売上高
$387.15B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
純利益
$13.53B
直近の公表四半期までの12か月 — 1株当たり指標からの推計
フリーキャッシュフロー
$-31.49B
自己資本合計
$310.71B
負債合計
$342.18B
流動比率
1.41
利払い倍率
12.46
負債/EBITDA
4.52
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$3016.94
現在株価
$3217.00
安全マージン
-6.6%
適正価値レンジ
$1961.01 - $4072.87
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
20.49
ROE
5.1%
P/B レシオ
0.90
P/FCF
-
粗利益率
26.6%
ROIC
4.2%
収益性レーダー
価値創造（経済的モート）
ROIC
4.2%
WACC
6.6%
ROIC − WACC
-2.4 pp
ROICが資本コストを下回っています。投資した1ドルごとに企業は価値を破壊しています。
ファンダメンタル分析基準
合格（14）
- EPS shows upward trend
- EPS CAGR 7.14%
- P/B Ratio 0.90
- Debt/Equity ratio
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Price below Graham Number
- Analyst Consensus 77% Buy
- Earnings Surprise avg 7.8%
- Earnings Quality (OCF/NI) 2.30
- Share Dilution 0.0%
- Net Margin Trend 4.1% vs -3.1%
- Piotroski F-Score 8/9
不合格（8）
- Price CAGR 1.86%
- ROIC 4.2%
- Gross Margin 26.6%
- Operating Margin 3.5%
- Positive Free Cash Flow
- DCF valuation (Unknown)
- ROE 4.5%
- Revenue Growth 5Y 1.6%
データなし（6）
- P/FCF NaN
- Dividend Payout NaN%
- CapEx intensity
- Return on Tangible Assets
- Low reliance on intangibles
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-スコア
財務健全性が高い
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
この企業について機関投資家の報告はありません。
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Ikuo Ishida | President, CEO & Representative Director | 63 |
| Mr. Rimiru Hayashida | CSCO, CFO and SMEO of Acco, Finance, Pur., Logi. & Corporate Comm. Dept. & Director | 64 |
| Mr. Masanobu Kosaka | Managing Executive Officer, CTO & Director | 62 |
| Mr. Akinori Adachi | Executive Officer of Administrative Dept., Legal Dept., Internal Control Dept. & Secretary Dept. | - |
| Mr. Kei Hara | Managing Executive Officer and Chief Human Resource & Compliance Officer | 58 |
| Hiroyuki Yamamoto | General Manager of Corporate Communications Department | - |
| Mr. Hiroto Horiuchi | Managing Executive Officer | 58 |
| Mr. Masahide Yamada | Executive Officer & Head of New Business Development. | - |
| Masahiro Kawai | Executive Officer & MD of DCHA, DSPL, DAPL | - |
| Mr. Taro Inada | Executive Officer, GM & Head of Life Innovation | - |
監査リスク
1
取締役会リスク
8
報酬リスク
5
株主権利リスク
1
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for DENKF, sourced from Markets Gazette.