Tokai Carbon Co., Ltd. (TKCBF)
NEUTRAL基本面
65
价格
$1646.50
市值
$352.50B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
分部营收
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.
需求驱动因素
周期性Carbon 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.
看多理由
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.
看空理由
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
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资产负债表与流动性
营收
$324.33B
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
$18.61B
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
$2.94B
股东权益合计
$339.22B
负债合计
$217.20B
流动比率
2.25
利息覆盖率
-
债务/EBITDA
3.45
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
$1681.48
当前价格
$1646.50
安全边际
+2.1%
公允价值区间
$1092.96 - $2270.00
估算方法
估值指标
市盈率（P/E）
18.94
ROE
6.8%
市净率（P/B）
1.11
P/FCF
119.87
毛利率
24.7%
ROIC
4.6%
盈利能力雷达图
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.
基本面分析标准
通过（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%
未通过（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
不可用（6）
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Share Dilution (missing shares data)
Piotroski F-评分
存在严重财务隐患
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
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 | - |
审计风险
1
董事会风险
8
薪酬风险
1
股东权利风险
1
第二部分 · 价格与买入时机
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Latest News
Recent headlines for TKCBF, sourced from Markets Gazette.