Nippon Kayaku Co., Ltd. (NPKYF)
割高ファンダメンタル
66
株価
$2103.00
時価総額
$307.91B
パート1 · 企業の価値
概要
Nippon Kayaku was founded in 1916 as Japan's first industrial explosives maker and has since turned its chemistry expertise into three unrelated businesses: specialty chemicals such as epoxy resins and dyes, pharmaceuticals including anti-cancer and cardiovascular drugs, and automotive safety components — airbag inflators and micro gas generators sold to seatbelt and airbag makers worldwide. It no longer sells explosives as a core line; that heritage lives on mainly in its name.
収益の仕組み
Each business earns money in a different way. Fine chemicals sell to electronics, textile and agrochemical manufacturers as industrial inputs priced on volume and specification. Life sciences revenue comes from drug sales, largely covered by national health insurance systems, with pricing set through negotiation and regulatory approval cycles rather than open competition. Mobility and imaging revenue comes from supplying safety components under long-term contracts with automakers and their tier-one suppliers.
セグメント別売上高
Airbag inflators and micro gas generators for automotive safety systems, plus imaging-related chemical products — the largest business domain.
Epoxy resins, UV-curable resins, dyes and electronic materials sold to industrial manufacturers.
Prescription pharmaceuticals, including anti-cancer, cardiovascular and anti-inflammatory drugs.
競争優位性（moat）
スイッチングコスト · 狭いAutomakers qualify safety components like airbag inflators through lengthy testing before they go into a vehicle program, so once Nippon Kayaku is designed into a platform it tends to stay there for the life of that model. The same is not true across its other two businesses, where chemicals and drugs face more open competition, which is why the advantage is narrow rather than covering the whole company.
需要を左右する要因
中程度の景気循環性The three businesses pull in different directions: pharmaceutical demand is largely defensive, since patients keep needing medication regardless of the economy, while fine chemicals and automotive safety components track industrial and vehicle production, which slow in downturns. The blend leaves the group somewhere between the two extremes rather than firmly cyclical or firmly defensive.
強気材料
Buyers argue that spreading revenue across defensive pharmaceuticals, industrial chemicals and automotive safety components gives Nippon Kayaku more balance than a single-industry supplier, and that its long history as a qualified airbag-inflator supplier makes that business hard for a new entrant to displace.
弱気材料
Sellers fear that running three unrelated businesses under one roof dilutes management focus and makes it harder for investors to value the company against single-industry peers, and that two of the three segments remain exposed to the same automotive and industrial production cycle at the same time.
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19日 with claude-haiku-4-5 — shared with all users
Another Japanese chemical group that, like Nippon Kayaku, turns pyrotechnic know-how into airbag inflators and micro gas generators sold to the same global car makers and safety-system integrators.
The largest maker of automotive passive safety systems, it produces its own inflators and seatbelt pretensioner gas generators and bids for the same carmaker programmes as Nippon Kayaku's Safety Systems segment.
A major supplier of airbag modules and inflators (the former Takata business, now under Ningbo Joyson) competing for the same airbag and seatbelt contracts with car makers in Asia, Europe and North America.
Competes head-on in epoxy materials for semiconductor encapsulation, selling molding compounds and resins to the same chip packaging and assembly customers.
Supplies epoxy encapsulation materials for semiconductor packages and power modules, addressing the same electronic-materials customers as Nippon Kayaku's functional chemicals business.
貸借対照表と流動性
売上高
$247.90B
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
$25.30B
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
-
自己資本合計
$276.68B
負債合計
$68.18B
流動比率
2.71
利払い倍率
-
負債/EBITDA
1.66
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
$1558.08
現在株価
$2103.00
安全マージン
-35.0%
適正価値レンジ
$1293.68 - $1822.48
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
11.98
ROE
8.9%
P/B レシオ
1.10
P/FCF
-
粗利益率
30.3%
ROIC
5.8%
収益性レーダー
価値創造（経済的モート）
ROIC
5.8%
WACC
7.6%
ROIC − WACC
-1.8 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）
- ROIC 5.8%
- Gross Margin 30.3%
- P/B Ratio 1.10
- Debt/Equity ratio
- Operating Margin 9.5%
- Current Ratio
- Debt/EBITDA
- Price below Graham Number
- ROE 9.6%
- Revenue Growth 5Y 6.9%
- Analyst Consensus 80% Buy
- Earnings Surprise avg 37.3%
- PEG Ratio 0.68
- Net Margin Trend 17.0% vs 5.1%
不合格（3）
- Price CAGR 3.66%
- DCF valuation (Unknown)
- Piotroski F-Score 0/9
データなし（10）
- EPS data insufficient
- P/FCF NaN
- Dividend Payout NaN%
- Positive Free Cash Flow
- CapEx intensity
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Earnings Quality (OCF/Net Income)
- Share Dilution (missing shares data)
Piotroski F-スコア
重大な財務上の懸念
利益の質
低品質：会計処理を調査してください
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. Shigeyuki Kawamura | President, CEO & Representative Director | 62 |
| Mr. Tsutomu Kawamura | General Manager of Finance & Accounting Division | - |
| Yasuhito Kato | MD of Technology & Director | 60 |
| Ichio Kohinata | General Manager of Legal Affairs Division | - |
| Shinji Inoue | Senior Executive Officer of planning, Corp. Communication & Accounting and Director | 59 |
| Makoto Takeda | MD of Human Resource & Director | 61 |
| Hiroshi Shimada | Senior MD, Head of Pharmaceuticals Group & Director | 60 |
| Hideyuki Yuya | MD & Head of Polatechno Group | - |
| Shigehide Kagaya | Head of Catalysts Group, Fine Chemicals Business Unit | - |
| Yoshiki Akatani | Managing Director of Fine Chemicals Business Area | - |
監査リスク
1
取締役会リスク
9
報酬リスク
1
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 NPKYF, sourced from Markets Gazette.