Unicharm Corporation 8113
TokyoHousehold and personal productsFinancials to Sep 30, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| ¥B | Dec '24 | Dec '25 |
|---|---|---|
| Cash | 261.1 | 253.1 |
| Securities | 0.0 | 0.0 |
| Long-term securities | 175.6 | 206.9 |
| Debt | 26.9 | 11.1 |
| Net cash | 409.8 | 448.9 |
| Equity | 773.1 | 794.7 |
- Debt / EBITDA
- 0.07×
- Debt / equity
- 0.01×
- Leases (12/31/25)
- ¥29.6B
- Diluted shares
- 1,726M
- Book value / share
- ¥460.51
- Price / book
- 2.4×
- Net cash / share
- ¥260.14
- Market cap
- ¥1.88T
- Enterprise value
- ¥1.43T
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 5.3% | +7.1 pts | |
| Operating margin | 10.2% | -2.7 pts | |
| FCF margin | 4.9% | -5.0 pts | |
| Capex / revenue | 1.8% | -1.6 pts | |
| Personal Care sales | ¥590.4B | – | |
| Personal Care core operating income | ¥66.4B | – | |
| Japan baby diaper market rank | 1 | – | |
| Japan adult incontinence market rank | 1 | – | |
| Japan baby diaper share · 12/31/23 | ~35.0% | – | – |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About 8113
Unicharm sells baby diapers, feminine hygiene, adult incontinence products, pet food and toiletries. Personal Care supplied 81.9% of FY2025 sales and Pet Care 16.5%; individual hygiene-category sales are not separately disclosed.
- Brand Trust
Moony, MamyPoko, Sofy and Lifree build repeat demand through comfort, fit and reliability.
- Aug 14, 2026
Unicharm and Toyota Tsusho completed incorporation of SOFY UNICHARM EAST AFRICA, preparing local sanitary-product and diaper supply from Kenya and operations scheduled for September.
- Aug 5, 2026
Unicharm cut its 2026 core operating income forecast from JPY136B to JPY113B and parent profit from JPY86.5B to JPY70B as raw material and logistics costs rose, despite raising forecast sales.
- Jul 2026
Unicharm entered Indian pet care with products including Ezi-Lock Odour cat litter, extending its nutrition-and-hygiene business into a growing market without a disclosed revenue contribution.
- Jun 30, 2026
Unicharm acquired control of Brazilian pet-food maker Nutrire for JPY22.583B, adding Monello, production capacity and export reach; provisional goodwill was JPY19.244B.
- Dec 31, 2025 · Gain +¥1.6B
Further insurance compensation for the June 2020 Ahmedabad factory fire; the amount is the annual total of ¥6,871 million less the unchanged nine-month total of ¥5,274 million.
Ownership
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On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share (¥) | |||||||||||||
| Revenue | 327.65 | 351.74 | 378.63 | 397.49 | 405.15 | 436.46 | 502.93 | 530.49 | 560.78 | 540.73 | 568.11 | +5.7%/yr | |
| Cash flow | 56.14 | 53.77 | 60.99 | 47.27 | 83.68 | 58.69 | 51.65 | 91.48 | 77.74 | 75.21 | 69.18 | +3.3%/yr | |
| Earnings | 25.45 | 28.93 | 33.75 | 25.66 | 29.15 | 40.56 | 37.86 | 48.47 | 46.41 | 37.30 | 35.48 | +4.3%/yr | |
| Free cash flow | 35.62 | 35.90 | 37.17 | 22.77 | 63.91 | 39.36 | 33.19 | 69.85 | 55.44 | 58.83 | 56.63 | +5.7%/yr | |
| Capex | 20.52 | 17.87 | 23.82 | 24.50 | 19.77 | 19.33 | 18.45 | 21.64 | 22.30 | 16.38 | 12.55 | -2.5%/yr | |
| Dividends | 4.97 | 5.48 | 7.47 | 8.61 | 9.97 | 11.32 | 12.35 | 13.01 | 14.01 | 16.39 | 20.04 | +14.2%/yr | |
| Book value | 190.79 | 212.46 | 242.85 | 263.28 | 274.57 | 310.95 | 346.60 | 391.88 | 438.35 | 454.60 | 461.29 | +10.1%/yr | |
| Diluted shares (M) | 1,845 | 1,824 | 1,818 | 1,797 | 1,796 | 1,793 | 1,786 | 1,775 | 1,764 | 1,748 | 1,726 | -0.6%/yr | |
| Totals (¥B) | |||||||||||||
| Revenue | 604.7 | 641.6 | 688.3 | 714.2 | 727.5 | 782.7 | 898.0 | 941.8 | 989.0 | 945.3 | 980.4 | +5.1%/yr | |
| Operating income | 76.7 | 86.3 | 92.5 | 69.7 | 95.6 | 118.3 | 115.2 | 130.7 | 134.8 | 102.0 | 99.8 | +3.2%/yr | |
| Net income | 47.0 | 52.8 | 61.4 | 46.1 | 52.3 | 72.7 | 67.6 | 86.1 | 81.8 | 65.2 | 61.2 | +3.7%/yr | |
| Free cash flow | 65.7 | 65.5 | 67.6 | 40.9 | 114.7 | 70.6 | 59.3 | 124.0 | 97.8 | 102.8 | 97.7 | +5.1%/yr | |
| Buybacks | 14.0 | 14.0 | 15.5 | 15.0 | 7.2 | 16.0 | 17.0 | 17.0 | 19.0 | 22.0 | 19.0 | +5.2%/yr | |
| Dividends | 9.2 | 10.0 | 13.6 | 15.5 | 17.9 | 20.3 | 22.1 | 23.1 | 24.7 | 28.6 | 34.6 | +13.5%/yr | |
| Net cash | 107.8 | 164.6 | 150.7 | 177.3 | 264.6 | 289.8 | 310.5 | 362.9 | 409.8 | 448.9 | – | +¥341.1B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 37.7 | 38.7 | 38.5 | 37.3 | 40.2 | 40.1 | 36.6 | 37.3 | 39.4 | 39.1 | 39.8 | +1.4 pts | |
| Operating margin | 12.7 | 13.5 | 13.4 | 9.8 | 13.1 | 15.1 | 12.8 | 13.9 | 13.6 | 10.8 | 10.2 | -1.9 pts | |
| Net margin | 7.8 | 8.2 | 8.9 | 6.5 | 7.2 | 9.3 | 7.5 | 9.1 | 8.3 | 6.9 | 6.2 | -0.9 pts | |
| FCF margin | 10.9 | 10.2 | 9.8 | 5.7 | 15.8 | 9.0 | 6.6 | 13.2 | 9.9 | 10.9 | 10.0 | +0.0 pts | |
| ROIC | 19.2 | 21.6 | 18.8 | 12.9 | 20.6 | 20.4 | 19.0 | 19.6 | 17.6 | 13.0 | – | -6.2 pts | |
| Return on equity | 13.3 | 13.6 | 13.9 | 9.7 | 10.6 | 13.0 | 10.9 | 12.4 | 10.6 | 8.2 | 7.7 | -5.1 pts | |
| R&D % of revenue | 1.0 | 1.0 | 1.0 | 1.1 | 1.1 | 1.0 | 0.9 | 1.0 | 1.0 | 1.4 | – | +0.4 pts | |
| Stock pay % of revenue | 0.1 | 0.0 | 0.0 | 0.0 | 0.1 | 0.2 | 0.1 | 0.2 | 0.1 | 0.1 | – | -0.0 pts | |
| Capex % of revenue | 6.3 | 5.1 | 6.3 | 6.2 | 4.9 | 4.4 | 3.7 | 4.1 | 4.0 | 3.0 | 2.2 | -3.2 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- narrowing
- Pricing power
- moderate
- Personal Care81.9%1 claim
- Pet Care Products16.5%No moat
- Industrial Materials and Other Businesses1.6%No moat
Moat claims
- Applies to
- Personal Care
- Confidence
- Durability
- durable
- Trajectory
- narrowingas of Nov 11, 2026
Moony, MamyPoko, Sofy and Lifree build repeat demand through comfort, fit and reliability. Japanese baby and wellness leadership held in H1 2026, and the 2025 surveys rank Sofy first in Japanese sanitary pads. Protection varies by country: Chinese feminine-care trust recovery remained slow, while Indonesian competition limits price increases. These brands share one reported segment; their category revenue is not disclosed.
The November 6 report still describes China trust recovery as slower than expected; nine-month Personal Care core profit was approximately flat at JPY 66.436 billion despite 3.4% sales growth, so Japanese category leadership has not reversed the narrowing regional protection.
- Personal Care sales¥590.4B
- Personal Care core operating income¥66.4B
- Japan baby diaper share~35.0%
- Thailand baby diaper share~84.0%
- Japan sanitary pad share≥50.0%
- Indonesia sanitary pad share~44.0%
- Japan adult diaper retail share~60.0%
- Japan baby diaper market rank1
- Japan adult incontinence market rank1
- China sales¥78.0B-27%
- China core operating income−¥5.4B-144%
- Thailand sanitary pad share~57.0%
- Vietnam sanitary pad share~59.0%
- Saudi Arabia adult diaper retail share~29.0%
- Japan sanitary pad market rank1
- Quality concerns can reduce trust rapidly, as the Chinese feminine-care recovery shows.
- Promotions, local brands and private labels can attract buyers because switching is easy.
- Lower births reduce baby-diaper demand; aging supports adult care but does not guarantee a premium price.
- Higher pulp, resin and freight costs can exceed price increases, especially where household budgets are weak.
Profile change log
- Oct 9, 2026 · business change
Unicharm entered Indian pet care with products including Ezi-Lock Odour cat litter, extending its nutrition-and-hygiene business into a growing market without a disclosed revenue contribution.
- Oct 9, 2026 · analyst revision
The end-market view now covers pet food and toiletries together, and industrial materials together with the overseas paper business. Country-category leadership KPIs retain historical ranks, while recurring impairments remain in reported profit.
- Oct 9, 2026 · analyst revision
Personal Care now follows the disclosed financial segment, with FY2025 revenue and core-profit weights; its baby, feminine and wellness evidence remains within one brand-trust claim. Japan adult-diaper retail share for 2023 is corrected from 29% to about 60%; the 29% figure belongs to Saudi Arabia. Pet and Other keep their verified-no-moat decisions.
- Oct 9, 2026 · business change
Unicharm and Toyota Tsusho completed incorporation of SOFY UNICHARM EAST AFRICA, preparing local sanitary-product and diaper supply from Kenya and operations scheduled for September.
- Oct 9, 2026 · business change
Unicharm cut its 2026 core operating income forecast from JPY136B to JPY113B and parent profit from JPY86.5B to JPY70B as raw material and logistics costs rose, despite raising forecast sales.
- Oct 9, 2026 · business change
Unicharm acquired control of Brazilian pet-food maker Nutrire for JPY22.583B, adding Monello, production capacity and export reach; provisional goodwill was JPY19.244B.
- Oct 9, 2026 · business change
India changed GST rules, making JPY6.920B of prepaid tax assets unrecoverable and reducing reported operating profit.
- Oct 9, 2026 · business change
Unicharm split each common share into three; older share counts now compare on the current basis.
- Oct 9, 2026 · business change
A fire destroyed assets and inventory at the Ahmedabad factory in India, causing JPY15.929B of damage and later insurance compensation that distorts profit comparisons.
- Oct 9, 2026 · analyst revision
The profile now distinguishes stable Japanese baby and wellness positions from weaker Chinese feminine-care trust, and includes management, the investment debate and full-year Pet Care and Other revenue weights.
- Oct 9, 2026 · analyst revision
Country-specific diaper, sanitary-pad, adult-care and pet shares are now scoped operating KPIs rather than whole-segment market-share ranges. Brand strengths and the two verified-no-moat decisions are unchanged.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Global tissue and hygiene
Worldwide baby diapers and wipes, menstrual and adult-incontinence products, consumer tissue, and related disposable personal and household care such as masks, cotton pads, cleansing and cleaning wipes and kitchen paper. Excludes reusable medical devices, medical dressings and contract cleaning services.
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| 8113 | 64 | 39.8% | 10.2% | |
| Industry median | 11 | 69 | 60.6% | 14.8% |
| Sector median | 85 | 74 | 55.3% | 17.0% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Essential daily use limits cyclicality, but household budgets strongly influence brand choice and pack sizes.
- Birth rates have high influence on diaper volume; ageing populations support adult-incontinence demand in developed countries.
- Safer, more comfortable and more absorbent products can support premium prices and repeat purchases when consumers notice the improvement.
- Urbanisation and income growth expand disposable-product adoption in emerging markets.
- Lower birth rates and pressure to reduce waste limit diaper demand; private labels can compete strongly in tissue and basic hygiene.
- Pulp, energy, resin, freight and packaging costs have high profit influence, and retailers may resist price increases.
- Comfort, ingredient and safety concerns can harm trust; environmental rules can require redesign and investment.
- Currency and tariffs have high influence on multinational supply and reported sales; interest rates mainly affect capital-intensive production and financing.
Bulls & bears
Can Unicharm restore Chinese brand trust and Asian profit while passing higher input and logistics costs through to price-sensitive consumers?
Arguments
What to watch
- 1China sales and core operating profit; Indonesia shipments after the distributor change
- 2Personal Care sales and core operating income, Japanese baby and wellness category shares
- 3Reported operating income and cash flow versus core operating income, after fire insurance and GST write-off
Next check: At FY2026 results, check China trust recovery, the unchanged JPY 113 billion core-profit plan and cash returns from Pet Care expansion. No exact release date is confirmed.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 64/100 by <a href="https://www.findmymoat.com/stocks/XTKS:8113">Find My Moat</a> (as of September 2026)Curation & Accuracy
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