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Thesis: Yokohama Rubber: the story is balanced — Raw material cost trends: Natural rubber prices (Thailand/Indonesia supply), synthetic rubber linked to crude oil…
★ Analysts see FY2026 revenue reaching $1.32T — +7.1% growth in a single year.
What Moves the Stock
1Raw material cost trends: Natural rubber prices (Thailand/Indonesia supply), synthetic rubber linked to crude oil, carbon black prices affecting gross margins with 1-2 quarter lag before pricing adjustments flow through
2Global automotive production volumes: New vehicle sales drive OEM tire demand, particularly in China, North America, and Japan where Yokohama has supply relationships with Toyota, Nissan, Honda, and GM
3Replacement tire demand cycles: Vehicle miles traveled, tire replacement rates (typically 3-5 year cycles), and consumer discretionary spending on premium vs budget tire segments
4Currency fluctuations: Yen weakness benefits export competitiveness and translates overseas earnings higher; yen strength compresses margins on imported raw materials and overseas revenue
5Capacity utilization rates: New plant ramp-ups (recent investments in India, Thailand) and ability to shift production to meet regional demand without excess inventory
6Tire Business (~75-80% of revenue): Passenger car tires, light truck tires, truck/bus tires, off-highway tires for construction and mining equipment
7Multiple Business (~20-25% of revenue): Industrial products including conveyor belts for mining/logistics, marine hoses and fenders, aerospace sealing systems, adhesives and sealants
8Geographic mix: Japan domestic (~30%), North America (~25%), Asia ex-Japan (~25%), Europe (~15%), Other (~5%)
value - The stock trades at 0.9x P/S and 1.2x P/B with 9.1% ROE, attracting value investors seeking cyclical recovery plays…
Rising interest rates negatively impact Yokohama through multiple channels: (1) higher borrowing costs on ¥170B+ net debt position…
Watch on earnings: Natural rubber spot prices (TSR20 Thailand benchmark) and synthetic rubber contract prices as leading indicators for gross margin pressure 1-2 quarters forward, Global automotive production data by region (China, North America, Europe, Japan) from industry associations as proxy for OEM tire demand, Vehicle miles traveled (VMT) statistics in key markets indicating replacement tire demand strength.
One Sentence Summary:
Yokohama Rubber: the story is balanced — raw material cost trends: natural rubber prices (thailand/indonesia supply), synthetic rubber linked to crude oil.
Auto-composed from Stock Alarm intelligence, financial statements, and analyst estimates. Not investment advice.