# ADEKA CORPORATION: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第164期(2025/04/01－2026/03/31) (S100YBCU)
> Page: https://vizora.meequs.com/en/company/adeka
> Retrieved: 2026-09-30T19:09:21.594Z

## Company

Adeka, founded in 1917, is a company in Chemicals listed on TSE Prime. It has 5,434 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ADEKA CORPORATION |
| Ticker | 4401 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4401.T) |
| Listing | TSE Prime |
| Head office | 東京都荒川区東尾久七丁目2番35号 |
| Representative (per filing) | 代表取締役社長兼社長執行役員 城詰 秀尊 |
| Founded | Jan 1917 |
| Share capital | ¥23B |
| Employees (consolidated) | 5,434 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | adeka.co.jp (https://adeka.co.jp/) |
| Corporate number | 1011501009437 |
| EDINET | E00878 |
| Industries (Vizora) | Chemicals, Food Ingredients |

> Profile source: annual securities report (S100YBCU, filed 2026-06-15). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 42.2 | 96 |
| Profitability | 76.5 | 100 |
| Cash conversion | 19.3 | 96 |
| Efficiency | 64.5 | 100 |
| Financial strength | 92.1 | 19 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 52% of Adeka's sales come from Chemicals, with Lifesciemce and Food products making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +2.3% from the prior year, operating profit +1.5%.

## Company structure

- Segment revenue mix: Chemicals 51.6%、Lifesciemce 26.8%、Food products 19.9%、Other 1.7%
- Revenue → net income: ¥416563000000 → ¥31716000000
- Net income → operating cash flow: ¥31716000000 → ¥40612000000（difference ¥8896000000）
- Main uses of operating cash flow: CapEx ¥22369000000 / dividends ¥10556000000 / buybacks ¥14498000000
- Change in cash: ¥-20772000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥416.6B |  |
| Operating income | ¥41.6B | Margin 10.0% |
| Net income | ¥27.9B | Margin 6.7% |
| Free cash flow | ¥18.2B |  |
| Largest business | Chemicals | of segment revenue 51.6% |
| Employees (consolidated) | 5,434 |  |
| EPS | ¥251.22 |  |
| Book value per share | ¥2180.79 |  |
| Equity ratio | 56.0% |  |
| Shares outstanding | 103,768,142 |  |
| Treasury shares | 5,416,600 |  |
| Shareholders | 11,552 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 15.7% | Net cash ¥32.7B · Cash ÷ revenue 21.1% |
| Vs. industry median margin | +2.5 pp | Chemicals |
| ROE | 10.4% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.4× dividends
- FY2026, one segment accounts for 63% of positive segment profit
- FY2026, employees 0% while operating income rose 1%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥327080000000 | ¥416563000000 | +27.4% |
| Operating income | ¥28979000000 | ¥41614000000 | +43.6% |
| Operating margin | 8.9% | 10.0% | +1.1 pp |
| Employees | 5,378 people | 5,434 people | +1.0% |
| Cash and equivalents | ¥82121000000 | ¥87884000000 | +7.0% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 化学品事業 → 化学品事業 | 51.6% |
| 化学品事業 → 事業再編・廃止 | 2.2% |
| 食品事業 → 食品事業 | 19.9% |
| 食品事業 → 事業再編・廃止 | 1.5% |
| ライフサイエンス事業 → ライフサイエンス事業 | 21.9% |
| その他 → その他 | 1.7% |
| その他 → 事業再編・廃止 | 1.3% |
| 新設・再編 → ライフサイエンス事業 | 5.0% |

Segment revenue source references: 8 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Chemicals | 5 years | +4.1% | ¥214810000000 | 12.3% | 2 |
| Lifesciemce | 5 years | +9.4% | ¥111797000000 | 8.8% | 2 |
| Food products | 5 years | +3.5% | ¥83003000000 | 5.3% | 2 |
| Other | 5 years | -6.5% | ¥6951000000 | 15.0% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 416,563 | 100.0% | S100YBCU |
| Cost of revenue | 297,860 | 71.5% | S100YBCU |
| Gross profit | 118,703 | 28.5% | S100YBCU |
| SG&A | 77,088 | 18.5% | S100YBCU |
| Operating income | 41,614 | 10.0% | S100YBCU |
| Ordinary income | 42,772 | 10.3% | S100YBCU |
| Pretax income | 42,878 | 10.3% | S100YBCU |
| Income tax | 11,161 | 2.7% | S100YBCU |
| Net income | 31,716 | 7.6% | S100YBCU |
| Net income attributable to owners | 27,866 | 6.7% | S100YBCU |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 19 |
| Operating income | 10 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 28.5% → Operating margin 10.0% → Net margin 6.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.3%; Core profit growth: +1.5%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.64×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 407,145 | 416,563 | 9,418 | +2.3% |
| Gross profit | 114,865 | 118,703 | 3,838 | +3.3% |
| Operating income | 41,010 | 41,614 | 604 | +1.5% |
| Net income attributable to owners | 25,019 | 27,866 | 2,847 | +11.4% |
| Operating cash flow | 46,235 | 40,612 | -5,623 | -12.2% |
| Free cash flow | 30,008 | 18,243 | -11,765 | -39.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 304,131 | 22,517 | 7.4% | 15,216 | 27,398 | 9,375 | S100LKI5 |
| FY ending Mar 2021 | 327,080 | 28,979 | 8.9% | 16,419 | 36,872 | 22,420 | S100ODZJ |
| FY ending Mar 2022 | 361,234 | 34,032 | 9.4% | 23,687 | 21,072 | 7,500 | S100R1VD |
| FY ending Mar 2023 | 403,343 | 32,369 | 8.0% | 16,778 | 17,253 | -603 | S100TOJC |
| FY ending Mar 2024 | 399,770 | 35,428 | 8.9% | 22,977 | 41,954 | 20,203 | S100VYM0 |
| FY ending Mar 2025 | 407,145 | 41,010 | 10.1% | 25,019 | 46,235 | 30,008 | S100YBCU |
| FY ending Mar 2026 | 416,563 | 41,614 | 10.0% | 27,866 | 40,612 | 18,243 | S100YBCU |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥76.7M |
| Operating income per employee (consolidated) | ¥7.7M |
| Net income per employee (consolidated) | ¥5.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,466 | 5,494 | 5,512 | 5,453 | 5,434 |
| Average salary (parent company) | ¥7.2M | ¥7.2M | ¥7.2M | ¥7.8M | ¥8M |
| Average age (parent company) | 38.9 years | 39.6 years | 39.9 years | 40.2 years | 40.2 years |
| Average tenure (parent company) | 16.0 years | 16.5 years | 16.8 years | 17.1 years | 17.1 years |

Year over year: Employees (consolidated) -0.3% · Revenue (consolidated) +2.3%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Chemicals | 214,810 | 51.6% | 26,353 | 12.3% |
| Food products | 83,003 | 19.9% | 4,363 | 5.3% |
| Lifesciemce | 111,797 | 26.8% | 9,823 | 8.8% |
| Other | 6,951 | 1.7% | 1,046 | 15.0% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Chemicals | 51.6% | 63.4% | 11.8 | 12.3% |
| Food products | 19.9% | 10.5% | -9.4 | 5.3% |
| Lifesciemce | 26.8% | 23.6% | -3.2 | 8.8% |
| Other | 1.7% | 2.5% | 0.8 | 15.0% |

Segment → industry: Lifesciemce → Chemicals / Chemicals → Chemicals / Food products → Food Ingredients

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 40,612 | 9.7% | S100YBCU |
| Capital expenditure | 22,369 | 5.4% | S100YBCU |
| Free cash flow | 18,243 | 4.4% | 算出 |
| Investing cash flow | -30,078 | -7.2% | S100YBCU |
| Financing cash flow | -35,301 | -8.5% | S100YBCU |
| Dividends paid | 10,556 | 2.5% | S100YBCU |
| Share buyback | 14,498 | 3.5% | S100YBCU |
| Change in cash | -20,772 | -5.0% | S100YBCU |
| Cash and equivalents | 87,884 | 21.1% | S100YBCU |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 82,799 | 79,537 | 96,901 | 107,768 | 87,884 | S100TOJC, S100VYM0, S100YBCU |
| Total assets | 475,304 | 500,068 | 543,057 | 543,118 | 559,987 | S100R1VD, S100TOJC, S100VYM0, S100YBCU |
| Net assets | 296,871 | 311,709 | 339,682 | 351,776 | 371,572 | S100TOJC, S100VYM0, S100YBCU |
| Share capital | 23,048 | 23,048 | 23,048 | 23,048 | 23,048 | S100R1VD, S100TOJC, S100VYM0, S100YBCU |
| Property, plant and equipment | 119,318 | 119,488 | 126,840 | 125,866 | 131,748 | S100R1VD, S100TOJC, S100VYM0, S100YBCU |
| Intangible assets excluding goodwill | 16,843 | 18,044 | 16,497 | 14,645 | 15,352 | S100R1VD, S100TOJC, S100VYM0, S100YBCU |
| Goodwill | — | — | — | — | 757 | S100YBCU |
| Investment securities | 33,586 | 33,609 | 42,013 | 42,803 | 49,745 | S100R1VD, S100TOJC, S100VYM0, S100YBCU |
| Current assets | 293,867 | 315,401 | 346,598 | 349,889 | 354,352 | S100R1VD, S100TOJC, S100VYM0, S100YBCU |
| Current liabilities | 114,852 | 129,488 | 134,427 | 122,244 | 115,429 | S100R1VD, S100TOJC, S100VYM0, S100YBCU |
| Trade payables | 63,233 | 62,235 | 64,903 | 60,212 | 64,349 | S100R1VD, S100TOJC, S100VYM0, S100YBCU |
| Short-term borrowings | 23,802 | 22,295 | 26,780 | 18,549 | 15,600 | S100R1VD, S100TOJC, S100VYM0, S100YBCU |
| Long-term borrowings | 18,131 | 20,777 | 22,283 | 26,142 | 23,703 | S100R1VD, S100TOJC, S100VYM0, S100YBCU |
| Bonds | 11,326 | 5,315 | 14,381 | 11,505 | 15,924 | S100R1VD, S100TOJC, S100VYM0, S100YBCU |
| Interest-bearing debt | 53,259 | 48,387 | 63,444 | 56,196 | 55,227 | 算出 |
| Total liabilities | 178,433 | 188,358 | 203,374 | 191,341 | 188,414 | S100R1VD, S100TOJC, S100VYM0, S100YBCU |
| Non-controlling interests | 46,902 | 50,759 | 54,539 | 55,085 | 58,134 | S100R1VD, S100TOJC, S100VYM0, S100YBCU |
| Equity attributable to owners of parent | 230,012 | 238,713 | 252,979 | 266,838 | 270,060 | S100R1VD, S100TOJC, S100VYM0, S100YBCU |
| Retained earnings | 188,091 | 197,843 | 213,125 | 228,109 | 245,544 | S100R1VD, S100TOJC, S100VYM0, S100YBCU |
| Treasury stock | -1,273 | -2,304 | -3,375 | -4,667 | -18,995 | S100R1VD, S100TOJC, S100VYM0, S100YBCU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YBCU |
| Property, plant and equipment | 23% | S100YBCU |
| Intangibles and goodwill | 3% | S100YBCU |
| Investment securities | 9% | S100YBCU |
| Other assets | 49% | S100YBCU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YBCU |
| Interest-bearing debt | 10% | 算出 |
| Other liabilities | 12% | S100YBCU |
| Equity | 66% | S100YBCU |
| Other liabilities | 0% | S100YBCU |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 475,304 | 500,068 | 543,057 | 543,118 | 559,987 |
| Equity | 296,871 | 311,709 | 339,682 | 351,776 | 371,572 |
| Interest-bearing debt | 53,259 | 48,387 | 63,444 | 56,196 | 55,227 |
| Cash | 82,799 | 79,537 | 96,901 | 107,768 | 87,884 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 31.6% | S100YBCU |
| Fixed assets ÷ total assets | 23.5% | S100YBCU |
| Goodwill ÷ parent equity | 0.3% | S100YBCU |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 15.7% |
| Cash ÷ revenue | 21.1% |
| Net cash (cash − interest-bearing debt) | ¥32.7B |
| Net debt ÷ operating cash flow | -0.80× |
| Cash conversion (operating CF ÷ operating income) | 97.6% |
| Cash vs. profit gap | 12,746 JPY mn (of net income 45.7%) |
| Shareholder returns / net income | 89.9% |
| Shareholder returns / FCF | 137.3% |
| Shareholder payments — dividends / net income | 37.9% |
| Shareholder payments — dividends / FCF | 57.9% |
| CapEx intensity (capex ÷ revenue) | 5.4% |
| Investing CF relative to operating CF | 74.1% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 6.6% | 0.76× | 5.0% | 2.07× | 10.3% | S100R1VD |
| 2023 | 4.2% | 0.83× | 3.4% | 2.08× | 7.2% | S100TOJC |
| 2024 | 5.7% | 0.77× | 4.4% | 2.12× | 9.3% | S100VYM0 |
| 2025 | 6.1% | 0.75× | 4.6% | 2.09× | 9.6% | S100YBCU |
| 2026 | 6.7% | 0.76× | 5.1% | 2.05× | 10.4% | S100YBCU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 11.4% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 7.1% | 2026-03-31 |
| 朝日生命保険相互会社(常任代理人)株式会社日本カストディ銀行 | Major shareholder | 4.1% | 2026-03-31 |
| みずほ信託銀行株式会社退職給付信託みずほ銀行口再信託受託者株式会社日本カストディ銀行 | Major shareholder | 3.8% | 2026-03-31 |
| ADEKA取引先持株会 | Major shareholder | 3.2% | 2026-03-31 |
| 全国共済農業協同組合連合会(常任代理人)日本マスタートラスト信託銀行株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人)株式会社みずほ銀行決済営業部 | Major shareholder | 2.3% | 2026-03-31 |
| 日本ゼオン株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140042(常任代理人)株式会社みずほ銀行決済営業部 | Major shareholder | 1.9% | 2026-03-31 |
| 昭和興産株式会社 | Major shareholder | 1.9% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥416.6B, up +2.3% from ¥407.1B.
- Operating income barely moved at ¥41.6B (+1.5%), while net income grew faster to ¥27.9B (+11.4%).
- Cash generation weakened: operating cash flow fell to ¥40.6B (-12.2%) and free cash flow to ¥18.2B (-39.2%).

### Drivers

- Crop protection led the growth. Herbicides and insecticides for orchards sold well in Europe and North America, and higher rice prices in Japan pushed farmers to plant more rice.
- Chip materials for advanced photoresists sold well, but profit fell because of more R&D staff and the fixed costs of new production lines.
- Plastic additives shrank as weak appliance and EV markets and price competition hurt flame retardant sales.

### Risks

- Tension in the Middle East could raise the cost of naphtha-based raw materials and packaging, or disrupt supply.
- The company has several plants and sales offices in Taiwan, so a conflict there could cut off parts of its supply chain.
- Tighter chemical rules such as PFAS restrictions in Europe, and tit-for-tat trade controls between the US and China, could limit sales or raise costs.

Cited: Annual Securities Report, 164th fiscal term (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 164th fiscal term (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第164期(2025/04/01－2026/03/31) | S100YBCU | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBCU,, |
| 有価証券報告書－第163期(2024/04/01－2025/03/31) | S100VYM0 | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYM0,, |
| 有価証券報告書－第162期(2023/04/01－2024/03/31) | S100TOJC | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOJC,, |
| 有価証券報告書－第161期(2022/04/01－2023/03/31) | S100R1VD | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1VD,, |
| 有価証券報告書－第160期(令和3年4月1日－令和4年3月31日) | S100ODZJ | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODZJ,, |
| 有価証券報告書－第159期(令和2年4月1日－令和3年3月31日) | S100LKI5 | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKI5,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).