Tokai Carbon Co Ltd (TKCBY) fair value: what the stock is really worth
As of Sep 18, 2026: fair value of Tokai Carbon Co Ltd $36.14, price $47.28, upside -23.6%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Watch Tokai Carbon Co Ltd ADR for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $19.84 – $64.94 · fair‑value band $22.35 – $52.80 · the $47.28 price screens above the $36.14 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
Follow Tokai Carbon Co Ltd ADR in your weekly email
Every Wednesday you see whether Tokai Carbon Co Ltd ADR is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Tokai Carbon Co., Ltd. engages in the manufacture and sale of carbon-related products and services in Japan.
Show more
Tokai Carbon Co., Ltd. engages in the manufacture and sale of carbon-related products and services in Japan. It offers graphite electrodes for use in electric furnaces, such as direct current, alternating current, and refining furnaces; and carbon black, including SEAST, TOKABLACK, Aqua Black, and Thermax black varieties, which are used to reinforce the rubber in tires, as well as used as a black pigment in various black-colored products. The company provides fine carbon products comprising special graphite products that include isotropic graphite G/HK series, extruded graphite, SiC coated carbon, C/C composite, glassy carbon, solid SiC, carbon brushes, and resin-impregnated graphite products, as well as furnace materials for silicon semiconductor, solar cell manufacturing, and other applications; and industrial furnaces and related products, which comprise silicon carbide heating elements, resistors, recryte SiC structural materials, and industrial furnaces for heat treatment of ceramics, electronic components, metals, glass, and others. In addition, it offers carbon and graphite products and solutions for various smelting applications, consisting of cathodes, furnace linings, and carbon electrodes; and friction materials, including sintered metal friction, paper friction, sliding, resin, woven, and soft mold materials to regulate power transmission in industrial and construction machinery, as well as for use in brake and clutch parts of vehicles, such as motorbikes and trains. Further, the company provides anode materials for secondary lithium-ion batteries that are used in smartphones and electric cars. The company was formerly known as Tokai Electrode Mfg. Co. Ltd. and changed its name to Tokai Carbon Co., Ltd. in 1975. Tokai Carbon Co., Ltd. was incorporated in 1918 and is headquartered in Tokyo, Japan.
Stock analysis
Tokai Carbon Co Ltd ADR (TKCBY) currently trades at $47.28, while our model-based Fair Value estimate is $36.14, implying the stock looks roughly 30.8% overvalued today.
Show more
Valuation
Bull case: the Multiples group reads highest at a median of $42.51 per share, and 4 of the 24 models we run sit above the $47.28 price.
Bear case: the Economic Profit group reads lowest at $19.14, and 20 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: $22.35 (bear) to $52.80 (bull), the price of $47.28 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Tokai Carbon Co Ltd ADR reported revenue of ¥339B in FY2025 versus ¥259B in FY2021, a compound +6.9%/yr. Reported net income was ¥21.1B in FY2025, compounding +6.9%/yr from FY2021.
Key figures
Market cap $2.5B · P/E ratio 20.3 · P/S ratio 1.26 · EPS (TTM) $2.33 · Dividend yield 1.7% · Net margin 6.2% · Return on equity 6.7% · Return on assets (EBIT) 5.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
For context, the median of 10 Basic Materials peers we cover trades at −48% fair-value upside, at −24%, TKCBY screens cheaper than that median.
Fair Value models
Bear $22.35Fair Value $36.14Bull $52.80
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.72/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−3.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.9%
Start year 2020 (pandemic). Over 10 years: +12.4% a year
Revenue growth 24 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.2%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in JPY ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in JPY: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+7.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+5.5%
Dividend (yield on the price)1.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.6% vs 24%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.4% → 8%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+16.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in JPY, Japan: IMF forecast 2.1% a year to 2030, 1.3% from 2016 to 2025) that is about +14.5% a year for the price and +4.7% for the forecasts.
Compare Tokai Carbon Co Ltd ADR with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Chemicals · 706 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside−24% · Above median
Profitability
Return on equity (TTM)7% · Above median
Return on assets2% · Below median
Net margin (TTM)6% · Above median
Operating margin (TTM)8% · Above median
Growth and dividend
Revenue growth2% · Below median
Dividend yield (TTM)1.7% · Above median
Balance sheet
Debt / equity0.41× · Highest 25%
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Tokai Carbon Co Ltd ADR Fair Value". https://www.fairvalue-calculator.com/stock/TKCBY
Frequently asked questions
Is Tokai Carbon Co Ltd (TKCBY) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $36.14 versus a price of $47.28, about −24% upside (overvalued).
What is the fair value of TKCBY?
Our model-based fair value for Tokai Carbon Co Ltd ADR is $36.14 (as of Sep 24, 2026), built from audited fundamentals. The current price: $47.28.
What is the quality score of TKCBY?
Tokai Carbon Co Ltd ADR has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Tokai Carbon Co Ltd (TKCBY)?
Our model-based price target is the fair value of $36.14 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario $22.35, optimistic scenario $52.80. It is a calculation from audited fundamentals, not an analyst target.
What is the Tokai Carbon Co Ltd ADR stock forecast for 2026?
Our models put fair value at $36.14, about −24% upside versus a price of $47.28 (overvalued). Cautious scenario $22.35, optimistic scenario $52.80. The calculation is refreshed regularly with new filings.
What is the revenue of Tokai Carbon Co Ltd (TKCBY)?
Tokai Carbon Co Ltd ADR reported trailing-twelve-month revenue of about ¥324B (latest available figure, as of Sep 24, 2026).
Does Tokai Carbon Co Ltd ADR pay a dividend?
Tokai Carbon Co Ltd ADR currently shows a dividend yield of about 1.65% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Tokai Carbon Co Ltd (TKCBY)?
For today's price to be fair in a discounted-cash-flow model, Tokai Carbon Co Ltd ADR would have to grow free cash flow by +16.9 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of TKCBY use?
Our models discount Tokai Carbon Co Ltd ADR at 9.1 %: a base by market capitalisation (mid), damped by beta 0.72, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Tokai Carbon Co Ltd ADR that is +16.9 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has Tokai Carbon Co Ltd (TKCBY) delivered so far?
Over the past 5 years revenue at Tokai Carbon Co Ltd ADR grew +10.9 % a year. The price currently implies +16.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Tokai Carbon Co Ltd (TKCBY) growing?
The median revenue growth in the sector is +3.3 % a year. That is the yardstick for the growth priced into Tokai Carbon Co Ltd ADR (+16.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Tokai Carbon Co Ltd (TKCBY)?
The free-cash-flow yield on the price is 3.87 %: that much free cash flow Tokai Carbon Co Ltd ADR produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Tokai Carbon Co Ltd (TKCBY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Tokai Carbon Co Ltd ADR it is $36.14 per share (as of Sep 24, 2026), against a price of $47.28. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Tokai Carbon Co Ltd ADR stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TKCBY trades above its calculated fair value: price $47.28, fair value $36.14, a gap of about −24% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TKCBY?
No. The price is what the market pays today ($47.28); the fair value is what the company's own numbers justify ($36.14). For Tokai Carbon Co Ltd ADR the two are $11.14 per share apart. That gap is exactly why we show both numbers side by side.
How much is Tokai Carbon Co Ltd ADR worth?
The market values Tokai Carbon Co Ltd ADR at about $2.5B (market capitalisation, as of Sep 24, 2026). Per share that is $47.28; our models calculate a fair value of $36.14 per share.
What do the bullish and bearish scenarios say about TKCBY?
Our models span a range for Tokai Carbon Co Ltd ADR: cautious scenario $22.35, base $36.14, optimistic $52.80 per share (as of Sep 24, 2026, price $47.28). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TKCBY?
Tokai Carbon Co Ltd ADR trades at a price-to-earnings ratio of 20.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $36.14 is built from several models across several years. Other multiples: P/B 1.3, P/S 1.2, EV/EBITDA 7.9.
How solid is the balance sheet of Tokai Carbon Co Ltd (TKCBY)?
Balance-sheet figures for Tokai Carbon Co Ltd ADR (as of Sep 24, 2026): return on equity 6.7%, debt of 0.41 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
Which stocks are comparable to Tokai Carbon Co Ltd ADR?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Tokai Carbon Co Ltd ADR stock attractive at the current price?
The data as of Sep 24, 2026: price $47.28, calculated fair value $36.14 (−24%), Quality Score 55/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TKCBY calculated?
We run Tokai Carbon Co Ltd ADR through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $36.14, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Tokai Carbon Co Ltd ADR itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Tokai Carbon Co Ltd (TKCBY)?
The closing price on Sep 18, 2026 was $47.28. Our model-based fair value is $36.14, about −24% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Tokai Carbon Co Ltd ADR right now?
Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($22.35 to $52.80) leaves room in how you read the outcome.
Where does the earnings growth of Tokai Carbon Co Ltd (TKCBY) come from?
Earnings per share at Tokai Carbon Co Ltd ADR grew +26.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +13.0 %, EBIT margin +10.8 %, tax rate +4.5 %, residual (interest, one-offs) −3.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Tokai Carbon Co Ltd ADR
How large is the market capitalisation of Tokai Carbon Co Ltd (TKCBY)?
The market capitalisation of Tokai Carbon Co Ltd ADR is $2.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Tokai Carbon Co Ltd (TKCBY)?
The price-to-sales ratio of Tokai Carbon Co Ltd ADR is 1.26 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Tokai Carbon Co Ltd (TKCBY)?
Earnings per share at Tokai Carbon Co Ltd ADR are $2.33 (price ÷ EPS = P/E 20.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Tokai Carbon Co Ltd (TKCBY)?
The dividend yield of Tokai Carbon Co Ltd ADR is 1.7% (payout 33.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Tokai Carbon Co Ltd (TKCBY)?
The net margin of Tokai Carbon Co Ltd ADR is 6.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Tokai Carbon Co Ltd (TKCBY)?
The return on equity (ROE) of Tokai Carbon Co Ltd ADR is 6.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Tokai Carbon Co Ltd (TKCBY)?
On an EBIT basis the return on assets of Tokai Carbon Co Ltd ADR is 5.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Tokai Carbon Co Ltd (TKCBY)?
The operating margin of Tokai Carbon Co Ltd ADR is 7.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Tokai Carbon Co Ltd (TKCBY)?
Revenue at Tokai Carbon Co Ltd ADR is growing +1.7% versus a year earlier (3y avg −0.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Tokai Carbon Co Ltd (TKCBY)?
Earnings per share at Tokai Carbon Co Ltd ADR are growing −48.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Tokai Carbon Co Ltd (TKCBY) carry?
The net debt of Tokai Carbon Co Ltd ADR is ¥127B (fiscal year 2025, ≈ 8.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Tokai Carbon Co Ltd ADR in the live analysis
One click puts Tokai Carbon Co Ltd ADR on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Broad data
Sep 24, 2026