Tokyo Ohka Kogyo
ConvictionContext
B2B specialty chemicals: recurring consumable sales of photoresists and high-purity chemicals to chipmakers (spec-in, qualification-locked). Now a pure materials company - the legacy process-equipment business was transferred in Q1 2025 (booked as an extraordinary gain).
Revenue
237.0B yen~$1.5B at ~162 JPY/USD) FY2025 (Jan-Dec 2025), record highRev growth
+17.9% YoY FY2025+23.6% YoY in Q1 FY2026 (Jan-Mar 2026Gross margin
not disclosed as a headline metricJGAAP presentationOp margin
20.0% FY2025up from 16.5% FY2024); 22.4% in Q1 FY2026Capex intensity
FY2026 capex plan 35.8B yena record (~13.7% of guided sales; FY2025 actual 28.7B yen); 76B yen cumulative three-year investment programMarket cap
~$8.4B1.36T yen, Tokyo Stock Exchange 4186, late Jun 2026The read
Where our coverage leans
Coverage leans bullish
Sign in to read the bull & bear take — Pro unlocks the full dossier.
Members only
Full financial intelligence for Tokyo Ohka Kogyo
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence