Denka Company Limited (DENKF)
合理估值基本面
65
价格
$3236.00
市值
$289.63B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
分部营收
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.
护城河
未发现护城河 · 无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.
需求驱动因素
周期性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.
主要风险
- 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.
看多理由
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.
看空理由
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.
资产负债表与流动性
营收
$387.15B
截至最近已公布季度的最近12个月 — 根据每股指标估算
净利润
$13.53B
截至最近已公布季度的最近12个月 — 根据每股指标估算
自由现金流
$-31.49B
股东权益合计
$310.71B
负债合计
$342.18B
流动比率
1.41
利息覆盖率
12.46
债务/EBITDA
4.52
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$3016.94
当前价格
$3236.00
安全边际
-7.3%
公允价值区间
$1961.01 - $4072.87
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
20.49
ROE
5.1%
市净率（P/B）
0.90
P/FCF
-
毛利率
26.6%
ROIC
4.2%
盈利能力雷达图
价值创造（经济护城河）
ROIC
4.2%
WACC
6.6%
ROIC − WACC
-2.4 pp
ROIC 低于资本成本：公司每投入一美元都在毁灭价值。
基本面分析标准
通过（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
未通过（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%
不可用（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-评分
财务状况强健
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
机构持股
该公司暂无机构申报数据。
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 | - |
审计风险
1
董事会风险
8
薪酬风险
5
股东权利风险
1
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for DENKF, sourced from Markets Gazette.