Nikkei 225 · nickel smelting & NCA cathode
Sumitomo Metal Mining
Sumitomo Metal Mining owns the vertical chain from mine to smelter to cathode — mining nickel/copper/gold (Resources), smelting it (Smelting), and making NCA cathode (Materials), sitting upstream of the Panasonic Energy/Tesla battery value chain. But the real driver of the +969% net-profit surge (JPY 176.3bn) in FY2026 was not batteries — it was record copper/gold prices at its equity-method mines and the absence of prior-year impairments; EV battery-material demand actually slowed. Its medium-term growth axis is NCA expansion for Panasonic (60kt->180kt/yr) and joint development of solid-state cathode for Toyota, and it is tightening its resource portfolio by taking Coral Bay to 100% and divesting Ambatovy.
5713.T Updated Jul 12, 2026 2 AI consumers· 1 recurring
Per the valuechain.wiki graph, Sumitomo Metal Mining is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 4 companies within two hops; the links are backed by 9 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · Revenue JPY 1,741.6bn (FY2026 ended Mar 2026, +9.3%); pretax profit JPY 255.7bn (+714.7%); net profit to owners JPY 176.3bn (+969%); ROE 9.0%. The profit surge was driven by record copper/gold prices and the absence of prior-year impairments, not batteries.
- Customer concentration · The amplitude of earnings is made by Resources (equity-method copper/gold) and Smelting, not by Materials (cathode). Medium-term growth is NCA expansion for Panasonic and Toyota solid-state, but short-term results — as in FY2026 — are wholly tied to the metals-price cycle. It is tidying its nickel portfolio by taking Coral Bay to 100% and divesting Ambatovy.
- Segments · Mineral Resources · Smelting & Refining · Materials (cathode)
Revenue from
- Panasonic Energy High confidence· capacity 60,000 tonnes · →120k(2028)→180k(2031) · NCA cathode capacity expansion
Key cathode (NCA) materials supplier to Panasonic Energy.Mentions EN MarketScreener Published Jun 1, 2026: Sumitomo Metal Mining analyst consensus and price target (5713)Confirms EN Sumitomo Metal Mining Published May 11, 2026: Sumitomo Metal Mining Consolidated Financial Results for the Year Ended March 31, 2026 [IFRS]Mentions KO KOTRA Published Nov 1, 2025: Japan's supply-chain trends in key battery minerals (incl. Sumitomo Metal Mining)Confirms EN MINING.COM Published Nov 17, 2022: Sumitomo Metal aims to boost battery materials outputConfirms JA Toyo Keizai Published Jun 1, 2022: How Sumitomo Metal Mining stays competitive in battery cathodesConfirms EN Sumitomo Metal Mining Published Jul 6, 2021: SMM expands cathode材 production capacity for EVs - Toyota High confidence
Joint development agreement for mass production of all-solid-state battery cathode materials (Oct 2025, collaboration since 2021); Toyota targets 2027-28 ASSB launch.Mentions EN Sumitomo Metal Mining Published May 11, 2026: Sumitomo Metal Mining Consolidated Financial Results for the Year Ended March 31, 2026 [IFRS]Confirms EN Sumitomo Metal Mining Published Oct 8, 2025: SMM and Toyota collaborate on mass production of ASSB cathode materials
Pays to
- 코랄베이 니켈 (필리핀 HPAL) High confidence
Upstream nickel/cobalt feed (24kt Ni, 2.5kt Co per year) from the Palawan HPAL plant; became a wholly owned subsidiary in Feb 2025.Confirms EN Sumitomo Metal Mining Published May 11, 2026: Sumitomo Metal Mining Consolidated Financial Results for the Year Ended March 31, 2026 [IFRS]Confirms EN Argus Media Published Feb 4, 2025: SMM to wholly own Philippine Coral Bay nickel smelter - 암바토비 JV (마다가스카르) High confidence
Upstream nickel mining/refining JV (54% stake); divestment announced May 2026, exit targeted for H1 of FY ending Mar 2027.
Investments
- Overseas mine equity stakes (Morenci, Cerro Verde, Quebrada Blanca, Côté Gold) High confidence
SMM's Resources segment is really a portfolio of equity-method mine stakes — copper/gold interests in Morenci (US, 25%), Cerro Verde (Peru, 16.8%), Quebrada Blanca (Chile, 25%) and Côté Gold (Canada, 30%) drove FY2026 equity-method income to JPY 40.6bn (from JPY 8.7bn), the real engine behind net profit +969%. It is these copper/gold stakes and the price cycle, not nickel cathode, that govern the amplitude of earnings. In 2026 it also newly acquired an interest in the Winu copper-gold project (Australia).Mentions EN MarketScreener Published Jun 1, 2026: Sumitomo Metal Mining analyst consensus and price target (5713)Confirms EN Sumitomo Metal Mining Published May 11, 2026: Sumitomo Metal Mining Consolidated Financial Results for the Year Ended March 31, 2026 [IFRS]
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Mazda Motor | lead2 | +18.8 | +22.8 | +81.1 | -39 | +17.3 | -3.2 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -9.3 |
| Panasonic Energy | lead1 | -5.7 | -1.6 | +20.1 | +16.6 | +36.2 | +113.2 |
| Toyota Motor Corporation | lead1 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -18.2 |
| Sumitomo Metal Mining | node | +20.5 | +5.4 | -19.4 | -10.2 | +168.7 | -20.9 |
YTD as of 2026-07-10 · source: Yahoo Finance
Sumitomo Metal Mining's thesis is 'a vertically integrated resources-and-battery-materials company whose earnings are dominated by the metals-price cycle.' Housing mine, smelter and cathode in one company puts it upstream of Panasonic NCA and Toyota solid-state, but the real engine of the +969% net-profit surge in FY2026 was not batteries — it was record copper/gold prices at its equity-method mines (Morenci, Cerro Verde, Côté Gold), with equity-method income alone at JPY 40.6bn (from JPY 8.7bn). EV battery-material demand actually slowed, so Materials revenue fell -4%, offset by electronic-parts materials for data centers/semis. In other words, the medium-term EV story (Panasonic expansion, Toyota solid-state) and short-term results (copper/gold/nickel prices) move apart. What to watch is the metals-price cycle, EV-demand recovery, solid-state commercialization (Toyota 2027-28), and the portfolio effect of in-sourcing Coral Bay and divesting Ambatovy.
Analysis generated from returns as of 2026-07-12