# C.Uyemura & Co.,Ltd.: 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98期(2025/04/01－2026/03/31) (S100YIOW)
> Page: https://vizora.meequs.com/en/company/c-uyemura-and
> Retrieved: 2026-09-30T19:55:10.467Z

## Company

C.Uyemura &, founded in 1933, is a company in Chemicals listed on TSE Standard. It has 1,528 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | C.Uyemura & Co.,Ltd. |
| Ticker | 4966 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4966.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区道修町三丁目2番6号 |
| Representative (per filing) | 代表取締役社長 上村 寛也 |
| Founded | Dec 1933 |
| Share capital | ¥1.34B |
| Employees (consolidated) | 1,528 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | March |
| Website | www.uyemura.co.jp (https://www.uyemura.co.jp/) |
| Corporate number | 8120001077365 |
| EDINET | E01045 |
| Industries (Vizora) | Chemicals, Real Estate Development & Leasing, Industrial Machinery |

> Profile source: annual securities report (S100YIOW, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.2 | 96 |
| Profitability | 98.5 | 100 |
| Cash conversion | 8.9 | 96 |
| Efficiency | 44.5 | 100 |

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 85% of C.Uyemura &'s sales come from Surface Finishing Materials, with Surface Finishing Machinery and Plating Job making up much of the rest.
- Out of every ¥100 of sales, about ¥23 is left as operating profit.
- Revenue changed +9.5% from the prior year, operating profit +13.3%.

## Company structure

- Segment revenue mix: Surface Finishing Materials 84.6%、Surface Finishing Machinery 9.2%、Plating Job 5.3%、Real Estate Rental 0.9%、Other 0.0%
- Revenue → net income: ¥91784000000 → ¥13946000000
- Net income → operating cash flow: ¥13946000000 → ¥13888000000（difference ¥-58000000）
- Main uses of operating cash flow: CapEx ¥2853000000 / dividends ¥4516000000 / buybacks ¥1096000000
- Change in cash: ¥5813000000
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 | ¥91.8B |  |
| Operating income | ¥21.3B | Margin 23.2% |
| Net income | ¥13.9B | Margin 15.2% |
| Free cash flow | ¥11B |  |
| Largest business | Surface Finishing Materials | of segment revenue 84.6% |
| Employees (consolidated) | 1,528 |  |
| EPS | ¥648.6 |  |
| Book value per share | ¥4824.36 |  |
| Equity ratio | 83.6% |  |
| Shares outstanding | 18,099,000 |  |
| Treasury shares | 2,010,800 |  |
| Shareholders | 1,303 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 37.1% | Cash ÷ revenue 56.5% |
| Vs. industry median margin | +15.7 pp | Chemicals |
| ROE | 14.6% | Derived from disclosed figures |
| ROA | 10.3% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 95% of positive segment profit
- FY2026, cash is 37% of total assets
- FY2026, employees -2% while operating income rose 13%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥55947358000 | ¥91784000000 | +64.1% |
| Operating income | ¥9490873000 | ¥21327000000 | +124.7% |
| Operating margin | 17.0% | 23.2% | +6.3 pp |
| Employees | 1,569 people | 1,528 people | -2.6% |
| Cash and equivalents | ¥26149130000 | ¥51816000000 | +98.2% |

### 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 |
| --- | ---: |
| 表面処理用資材事業 → 表面処理用資材事業 | 77.1% |
| 表面処理用機械事業 → 表面処理用機械事業 | 9.2% |
| 表面処理用機械事業 → 事業再編・廃止 | 4.8% |
| めっき加工事業 → めっき加工事業 | 5.3% |
| めっき加工事業 → 事業再編・廃止 | 2.2% |
| 不動産賃貸事業 → 不動産賃貸事業 | 0.9% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.5% |
| その他 → その他 | 0.0% |
| 新設・再編 → 表面処理用資材事業 | 7.6% |
| 新設・再編 → その他 | 0.0% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Surface Finishing Materials | 5 years | +12.5% | ¥77658000000 | 26.3% | 2 |
| Surface Finishing Machinery | 5 years | +1.4% | ¥8406000000 | 10.3% | 2 |
| Plating Job | 5 years | +2.8% | ¥4829000000 | 3.5% | 2 |
| Real Estate Rental | 5 years | +1.3% | ¥860000000 | -18.3% | 2 |
| Other | 5 years | +17.7% | ¥29000000 | 89.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 91,784 | 100.0% | S100YIOW |
| Cost of revenue | 55,801 | 60.8% | S100YIOW |
| Gross profit | 35,982 | 39.2% | S100YIOW |
| SG&A | 14,654 | 16.0% | S100YIOW |
| Operating income | 21,327 | 23.2% | S100YIOW |
| Ordinary income | 22,085 | 24.1% | S100YIOW |
| Pretax income | 20,603 | 22.4% | S100YIOW |
| Income tax | 6,656 | 7.3% | S100YIOW |
| Net income | 13,946 | 15.2% | S100YIOW |
| Net income attributable to owners | 13,946 | 15.2% | S100YIOW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 16 |
| Operating income | 23 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 39.2% → Operating margin 23.2% → Net margin 15.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +9.5%; Core profit growth: +13.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.40×
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 | 83,845 | 91,784 | 7,939 | +9.5% |
| Gross profit | 32,595 | 35,982 | 3,387 | +10.4% |
| Operating income | 18,829 | 21,327 | 2,498 | +13.3% |
| Net income attributable to owners | 14,078 | 13,946 | -132 | -0.9% |
| Operating cash flow | 19,203 | 13,888 | -5,315 | -27.7% |
| Free cash flow | 17,002 | 11,035 | -5,967 | -35.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 52,223 | 7,540 | 14.4% | 5,359 | 4,303 | 2,089 | S100L5HA |
| FY ending Mar 2021 | 55,947 | 9,491 | 17.0% | 7,128 | 8,678 | 7,326 | S100OL70 |
| FY ending Mar 2022 | 72,304 | 13,947 | 19.3% | 9,682 | 7,418 | 4,699 | S100R3W7 |
| FY ending Mar 2023 | 85,749 | 15,046 | 17.5% | 10,546 | 13,462 | 7,372 | S100TUBP |
| FY ending Mar 2024 | 80,256 | 14,995 | 18.7% | 10,921 | 12,444 | 10,129 | S100W0TQ |
| FY ending Mar 2025 | 83,845 | 18,829 | 22.5% | 14,078 | 19,203 | 17,002 | S100YIOW |
| FY ending Mar 2026 | 91,784 | 21,327 | 23.2% | 13,946 | 13,888 | 11,035 | S100YIOW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60.1M |
| Operating income per employee (consolidated) | ¥14M |
| Net income per employee (consolidated) | ¥9.1M |

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) | 1,547 | 1,576 | 1,595 | 1,552 | 1,528 |
| Average salary (parent company) | ¥7.8M | ¥7.7M | ¥7.8M | ¥8.3M | ¥8.7M |
| Average age (parent company) | 40.4 years | 40.7 years | 40.5 years | 40.8 years | 41.3 years |
| Average tenure (parent company) | 14.7 years | 14.5 years | 14.5 years | 14.9 years | 15.3 years |

Year over year: Employees (consolidated) -1.5% · Revenue (consolidated) +9.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Surface Finishing Materials | 77,658 | 84.6% | 20,428 | 26.3% |
| Surface Finishing Machinery | 8,406 | 9.2% | 862 | 10.3% |
| Plating Job | 4,829 | 5.3% | 168 | 3.5% |
| Real Estate Rental | 860 | 0.9% | -157 | -18.3% |
| Other | 29 | 0.0% | 26 | 89.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Surface Finishing Materials | 84.6% | 95.1% | 10.5 | 26.3% |
| Surface Finishing Machinery | 9.2% | 4.0% | -5.1 | 10.3% |
| Plating Job | 5.3% | 0.8% | -4.5 | 3.5% |
| Real Estate Rental | 0.9% | — | — | -18.3% |
| Other | 0.0% | 0.1% | 0.1 | 89.7% |

Loss-making segment (excluded from profit shares): Real Estate Rental -157 JPY mn

Segment → industry: Surface Finishing Materials → Chemicals / Real Estate Rental → Real Estate Development & Leasing / Surface Finishing Machinery → Industrial Machinery

## 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 | 13,888 | 15.1% | S100YIOW |
| Capital expenditure | 2,853 | 3.1% | S100YIOW |
| Free cash flow | 11,035 | 12.0% | 算出 |
| Investing cash flow | -3,086 | -3.4% | S100YIOW |
| Financing cash flow | -5,959 | -6.5% | S100YIOW |
| Dividends paid | 4,516 | 4.9% | S100YIOW |
| Share buyback | 1,096 | 1.2% | S100YIOW |
| Change in cash | 5,813 | 6.3% | S100YIOW |
| Cash and equivalents | 51,816 | 56.5% | S100YIOW |

## 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 | 26,280 | 26,538 | 32,865 | 46,003 | 51,816 | S100TUBP, S100W0TQ, S100YIOW |
| Total assets | 101,189 | 107,268 | 118,175 | 130,589 | 139,570 | S100R3W7, S100TUBP, S100W0TQ, S100YIOW |
| Net assets | 78,712 | 84,364 | 92,713 | 106,119 | 116,665 | S100TUBP, S100W0TQ, S100YIOW |
| Share capital | 1,337 | 1,337 | 1,337 | 1,336 | 1,336 | S100R3W7, S100TUBP, S100W0TQ, S100YIOW |
| Property, plant and equipment | 18,682 | 21,953 | 23,414 | 24,626 | 23,839 | S100R3W7, S100TUBP, S100W0TQ, S100YIOW |
| Intangible assets excluding goodwill | 333 | 349 | 316 | 322 | 396 | S100R3W7, S100TUBP, S100W0TQ, S100YIOW |
| Investment securities | 14,787 | 15,212 | 16,130 | 16,971 | 17,587 | S100R3W7, S100TUBP, S100W0TQ, S100YIOW |
| Current assets | 65,997 | 68,165 | 76,302 | 86,652 | 95,899 | S100R3W7, S100TUBP, S100W0TQ, S100YIOW |
| Current liabilities | 17,469 | 17,647 | 19,841 | 18,450 | 16,249 | S100R3W7, S100TUBP, S100W0TQ, S100YIOW |
| Trade payables | 4,113 | 3,765 | 3,601 | 3,641 | 3,399 | S100R3W7, S100TUBP, S100W0TQ, S100YIOW |
| Short-term borrowings | 458 | 400 | 400 | 400 | 350 | S100R3W7, S100TUBP, S100W0TQ, S100YIOW |
| Total liabilities | 22,477 | 22,903 | 25,461 | 24,469 | 22,904 | S100R3W7, S100TUBP, S100W0TQ, S100YIOW |
| Equity attributable to owners of parent | 72,343 | 75,676 | 80,688 | 91,607 | 100,021 | S100R3W7, S100TUBP, S100W0TQ, S100YIOW |
| Retained earnings | 76,245 | 84,550 | 85,949 | 96,802 | 106,232 | S100R3W7, S100TUBP, S100W0TQ, S100YIOW |
| Treasury stock | -6,515 | -11,497 | -7,868 | -7,843 | -8,909 | S100R3W7, S100TUBP, S100W0TQ, S100YIOW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 37% | S100YIOW |
| Property, plant and equipment | 17% | S100YIOW |
| Intangibles and goodwill | 0% | S100YIOW |
| Investment securities | 13% | S100YIOW |
| Other assets | 33% | S100YIOW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YIOW |
| Other liabilities | 14% | S100YIOW |
| Equity | 84% | S100YIOW |
| Other liabilities | 0% | S100YIOW |

### 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 | 101,189 | 107,268 | 118,175 | 130,589 | 139,570 |
| Equity | 78,712 | 84,364 | 92,713 | 106,119 | 116,665 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 26,280 | 26,538 | 32,865 | 46,003 | 51,816 |

## 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) | 26.0% | S100YIOW |
| Fixed assets ÷ total assets | 17.1% | S100YIOW |
| Goodwill ÷ parent equity | — | —, S100YIOW |

### 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) | 37.1% |
| Cash ÷ revenue | 56.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 65.1% |
| Cash vs. profit gap | -58 JPY mn (of net income -0.4%) |
| Shareholder returns / net income | 40.2% |
| Shareholder returns / FCF | 50.9% |
| Shareholder payments — dividends / net income | 32.4% |
| Shareholder payments — dividends / FCF | 40.9% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 22.2% |

## 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 | 13.4% | 0.71× | 9.6% | 1.40× | 13.4% | S100R3W7 |
| 2023 | 12.3% | 0.82× | 10.1% | 1.41× | 14.2% | S100TUBP |
| 2024 | 13.6% | 0.71× | 9.7% | 1.44× | 14.0% | S100W0TQ |
| 2025 | 16.8% | 0.67× | 11.3% | 1.44× | 16.3% | S100YIOW |
| 2026 | 15.2% | 0.68× | 10.3% | 1.41× | 14.6% | S100YIOW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 浪花殖産株式会社 | Major shareholder | 28.3% | 2026-03-31 |
| BBH FOR FIDELITY LOW-PRICED STOCK FUND （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.2% | 2026-03-31 |
| 上村共栄会 | Major shareholder | 3.1% | 2026-03-31 |
| 上村 茉一子 | Major shareholder | 2.3% | 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 | 1.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.7% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第98期(2025/04/01－2026/03/31) | S100YIOW | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIOW,, |
| 有価証券報告書－第97期(2024/04/01－2025/03/31) | S100W0TQ | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0TQ,, |
| 有価証券報告書－第96期(2023/04/01－2024/03/31) | S100TUBP | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUBP,, |
| 有価証券報告書－第95期(2022/04/01－2023/03/31) | S100R3W7 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3W7,, |
| 有価証券報告書－第94期(令和3年4月1日－令和4年3月31日) | S100OL70 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL70,, |
| 有価証券報告書－第93期(令和2年4月1日－令和3年3月31日) | S100L5HA | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L5HA,, |

## 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).