Nippon Carbon Co., Ltd. (NCRBF)
NEUTRALFundamental
66
Price
$4905.00
Market Cap
$51.81B
Part 1 · What the company is worth
Overview
Nippon Carbon is a small Japanese manufacturer of carbon and silicon carbide materials sold to other industrial companies rather than to consumers. Its main products are artificial graphite electrodes, high-purity graphite used in making crystalline silicon, carbon fibre for aerospace and industrial use, anode material for lithium-ion batteries, and impervious graphite equipment for the chemical industry. A smaller unit leases real estate and repairs industrial machinery.
How it makes money
Revenue comes from selling tonnes or units of specialty carbon material to manufacturers who use it as an input — semiconductor and solar companies needing high-purity graphite, aerospace and industrial customers needing carbon fibre, battery makers needing anode material. Because the company is small relative to global carbon and graphite producers, volume with a handful of large industrial customers, more than broad market share, drives results from year to year.
Revenue by segment
Graphite electrodes, high-purity graphite, carbon fibre and lithium-ion battery anode material — the large majority of revenue.
Silicon carbide materials and continuous fibres, used mainly in aerospace applications.
Real estate leasing and manufacture and repair of industrial machinery, unrelated to the carbon materials business.
What drives demand
CyclicalDemand for high-purity graphite tracks semiconductor and solar wafer production, carbon fibre demand tracks aerospace and industrial capital spending, and both slow when those end industries cut output. As a small supplier serving a handful of large customers in cyclical industries, Nippon Carbon's own volumes can move more sharply than the broader materials market.
The case for
Buyers argue that Nippon Carbon's specialty materials sit inside growing end markets — semiconductors, batteries and aerospace — where technical qualification with a customer is not quickly replaced, giving a small supplier more staying power than its size would suggest.
The case against
Sellers fear that a company this small, selling into cyclical semiconductor and aerospace supply chains dominated by much larger global materials producers, has little pricing power of its own and can see results swing sharply if even one large customer shifts its orders elsewhere.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balance Sheet & Liquidity
Revenue
$37.31B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Net Income
$4.48B
Trailing 12 months to the last reported quarter — estimated from per-share metrics
Free Cash Flow
$2.30B
Total Equity
$53.79B
Total Liabilities
$10.37B
Current Ratio
2.80
Interest Coverage
-
Debt/EBITDA
1.25
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$7624.69
Current Price
$4905.00
Margin of Safety
+35.7%
Fair Value Range
$4956.05 - $10293.33
Estimation Methods
Valuation Metrics
P/E Ratio
11.57
ROE
7.0%
P/B Ratio
1.00
P/FCF
22.50
Gross Margin
26.0%
ROIC
6.6%
Profitability Radar
Value Creation (Economic Moat)
ROIC
6.6%
WACC
7.1%
ROIC − WACC
-0.4 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
Fundamental Analysis Criteria
Passed (16)
- Price CAGR 5.85%
- ROIC 6.6%
- P/FCF 22.50
- P/B Ratio 1.00
- Debt/Equity ratio
- Operating Margin 9.4%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Price below Graham Number
- ROE 8.6%
- Revenue Growth 5Y 7.1%
- Earnings Surprise avg 68.8%
- PEG Ratio 0.55
- Earnings Quality (OCF/NI) 1.50
- Net Margin Trend 12.8% vs 10.7%
Failed (5)
- Gross Margin 26.0%
- CapEx intensity
- DCF valuation (Overvalued)
- Analyst Consensus 0% Buy
- Piotroski F-Score 2/9
Unavailable (6)
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Share Dilution (missing shares data)
Piotroski F-Score
Serious financial concerns
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Takafumi Miyashita | CEO, President & Representative Director | 61 |
| Hiroshi Fujikawa | Executive Officer & Deputy GM of the Business Operations Division | - |
| Takeshi Kawazoe | Senior Managing Executive Officer & GM of Sales Division | - |
| Mr. Akira Urano | Senior Managing Executive Officer & Full time Board Member | 60 |
| Satoshi Yamano | Senior Managing Executive Officer | - |
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Latest News
Recent headlines for NCRBF, sourced from Markets Gazette.