Tokai Carbon Co., Ltd. (TKCBF)
NEUTRALFundamental
65
Kurs
$1646.50
Marktkapitalisierung
$352.50B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Tokai Carbon makes carbon-based industrial materials that other manufacturers need but consumers never see: carbon black used to strengthen rubber in tires, graphite electrodes that conduct the electricity in steel-recycling furnaces, and specialty fine-carbon products used in semiconductor and industrial equipment. It also builds and lines the furnaces some of its own customers use. The company sells worldwide to tire makers, steelmakers and electronics manufacturers rather than to end consumers.
Wie das Geld verdient wird
Revenue comes from selling tonnes of industrial material under multi-year supply agreements with large manufacturers, so volume and price both move with how much steel, tires and electronics its customers are producing. Carbon black is the largest business by far, tied closely to global tire output. Because production requires large, capital-intensive plants, profitability depends on keeping those plants running near capacity and on passing through swings in raw material and energy costs.
Umsatz nach Segment
A reinforcing filler for rubber products, mainly tires, plus black pigments and conductive materials — the group's largest business by far.
Construction and lining of industrial furnaces, mainly for steelmaking and non-ferrous metal smelting customers.
Specialty carbon products, including silicon carbide materials and coatings, used in semiconductor and industrial equipment.
Graphite electrodes that conduct electricity in electric arc furnaces, used mainly to recycle scrap steel.
Equipment and related products for industrial furnace customers, a smaller line adjacent to the smelting and lining business.
Smaller product lines that do not belong to the five main segments.
Was die Nachfrage antreibt
ZyklischCarbon black volumes track global tire and automobile production, and graphite electrode volumes track how much scrap steel is recycled through electric furnaces — both of which slow sharply in industrial downturns. The company's 2025 results, in which net sales fell but operating income rose after cost cuts and structural reforms, illustrate how far profitability can swing even without a change in the top line.
Die Argumente dafür
Buyers argue that Tokai Carbon's structural reforms and cost cuts have already turned around profitability in its weaker segments, that carbon black demand is tied to a tire market that keeps replacing itself regardless of new vehicle sales, and that its diversification across six product lines cushions any single end market's downturn.
Die Argumente dagegen
Sellers fear that a business this tied to global steel and tire production will keep swinging with the industrial cycle, that capital-intensive plants leave little room to cut costs further once volumes fall, and that the graphite electrode and smelting segments have already shown how quickly profitability can turn negative.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
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Bilanz & Liquidität
Umsatz
$324.33B
Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie
Nettogewinn
$18.61B
Letzte 12 Monate bis zum zuletzt gemeldeten Quartal — Schätzung aus Kennzahlen je Aktie
Freier Cashflow
$2.94B
Gesamtes Eigenkapital
$339.22B
Gesamtverbindlichkeiten
$217.20B
Current Ratio
2.25
Zinsdeckungsgrad
-
Schulden/EBITDA
3.45
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$1681.48
Aktueller Kurs
$1646.50
Sicherheitsmarge
+2.1%
Innerer-Wert-Spanne
$1092.96 - $2270.00
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
18.94
ROE
6.8%
P/B-Verhältnis
1.11
P/FCF
119.87
Bruttomarge
24.7%
ROIC
4.6%
Rentabilitäts-Radar
Value Creation (Economic Moat)
ROIC
4.6%
WACC
7.3%
ROIC − WACC
-2.7 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamentalanalyse-Kriterien
Bestanden (14)
- Price CAGR 15.06%
- P/B Ratio 1.11
- Debt/Equity ratio
- Operating Margin 7.9%
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Price below Graham Number
- Revenue Growth 5Y 9.9%
- Analyst Consensus 75% Buy
- Earnings Surprise avg 64.7%
- PEG Ratio 0.26
- Earnings Quality (OCF/NI) 2.74
- Net Margin Trend 6.2% vs -39.2%
Nicht bestanden (7)
- ROIC 4.6%
- Gross Margin 24.7%
- P/FCF 119.87
- CapEx intensity
- DCF valuation (Overvalued)
- ROE 6.2%
- Piotroski F-Score 2/9
Nicht verfügbar (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
Ernsthafte finanzielle Bedenken
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Hajime Nagasaka | President, CEO & Chairman | 75 |
| Hirai Naoki | Executive Officer, Finance and Accounting Dept Manager and Head of Finance & Accounting Dept | - |
| Mr. Toshiaki Fukuda | Advisor | - |
| Mr. Masafumi Tsuji | Managing Executive Officer, GM of Graphite Electrode Division & Director | 62 |
| Kazuhiko Matsubara | Advisor | - |
| Mr. Katsuyuki Yamaguchi | Executive Officer, GM of R&D Strategy Department & Director | 61 |
| Kazuhito Kataoka | Executive Officer & GM of Business Incubation Department | - |
| Kouji Miura | Executive Officer & GM of Chita Laboratory | - |
| Mr. Akihiko Sato | Executive Officer & Director | 60 |
| Kazuyoshi Haino | Executive Officer & Special Technical Advisor of Tokai COBEX | - |
Prüfungsrisiko
1
Vorstandsrisiko
8
Vergütungsrisiko
1
Aktionärsrechterisiko
1
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Latest News
Recent headlines for TKCBF, sourced from Markets Gazette.