# Carlit 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13期(2025/04/01－2026/03/31) (S100YIGR)
> Page: https://vizora.meequs.com/en/company/carlit
> Retrieved: 2026-09-30T20:48:30.849Z

## Company

Carlit, founded in 1920, is a company in Chemicals listed on TSE Prime. It has 1,075 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Carlit Co., Ltd. |
| Ticker | 4275 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4275.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区京橋一丁目17番10号 |
| Representative (per filing) | 代表取締役兼社長執行役員 金子 洋文 |
| Founded | Dec 1920 |
| Share capital | ¥2.1B |
| Employees (consolidated) | 1,075 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.carlit.co.jp (https://www.carlit.co.jp/) |
| Corporate number | 6010001156165 |
| EDINET | E27624 |
| Industries (Vizora) | Chemicals, Beverages & Dairy, Plant Engineering & Building Services, Industrial Machinery |

> Profile source: annual securities report (S100YIGR, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.6 | 96 |
| Profitability | 70.5 | 100 |
| Cash conversion | 3.6 | 96 |
| Efficiency | 34.5 | 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 58% of Carlit's sales come from Chemistry, with Metal working and Bottling making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -1.8% from the prior year, operating profit +13.6%.

## Company structure

- Segment revenue mix: Chemistry 57.9%、Metal working 19.7%、Bottling 12.4%、Engineering Services 10.1%
- Revenue → net income: ¥36247000000 → ¥2976000000
- Net income → operating cash flow: ¥2976000000 → ¥1660000000（difference ¥-1316000000）
- Main uses of operating cash flow: CapEx ¥4732000000 / dividends ¥861000000 / buybacks ¥1619000000
- Change in cash: ¥-931000000
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 | ¥36.2B |  |
| Operating income | ¥3.46B | Margin 9.5% |
| Net income | ¥2.98B | Margin 8.2% |
| Free cash flow | -¥3.07B |  |
| Largest business | Chemistry | of segment revenue 57.9% |
| Employees (consolidated) | 1,075 |  |
| EPS | ¥215.82 |  |
| Book value per share | ¥1628.92 |  |
| Equity ratio | 69.0% |  |
| Shares outstanding | 22,940,600 |  |
| Treasury shares | 92,300 |  |
| Shareholders | 25,839 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 6.7% | Cash ÷ revenue 10.6% |
| Vs. industry median margin | +2 pp | Chemicals |
| ROE | 9.2% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.9× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥45537000000 | ¥36247000000 | -20.4% |
| Operating income | ¥1574000000 | ¥3459000000 | +119.8% |
| Operating margin | 3.5% | 9.5% | +6.1 pp |
| Employees | 1,072 people | 1,075 people | +0.3% |
| Cash and equivalents | ¥5496000000 | ¥3837000000 | -30.2% |

### 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 |
| --- | ---: |
| 化学品 → 化学品 | 41.1% |
| ボトリング → ボトリング | 12.4% |
| ボトリング → 事業再編・廃止 | 24.1% |
| 産業用部材 → 事業再編・廃止 | 16.6% |
| エンジニアリングサービス → エンジニアリングサービス | 5.6% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 化学品 | 16.7% |
| 新設・再編 → 金属加工 | 19.7% |
| 新設・再編 → エンジニアリングサービス | 4.5% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Chemistry | 5 years | +2.3% | ¥20969000000 | 8.9% | 2 |
| Metal working | 3 years | -0.7% | ¥7153000000 | 8.4% | 2 |
| Bottling | 5 years | -23.0% | ¥4480000000 | 8.4% | 2 |
| Engineering Services | 5 years | +7.5% | ¥3643000000 | 21.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,247 | 100.0% | S100YIGR |
| Cost of revenue | 26,714 | 73.7% | S100YIGR |
| Gross profit | 9,533 | 26.3% | S100YIGR |
| SG&A | 6,073 | 16.8% | S100YIGR |
| Operating income | 3,459 | 9.5% | S100YIGR |
| Ordinary income | 3,755 | 10.4% | S100YIGR |
| Pretax income | 4,203 | 11.6% | S100YIGR |
| Income tax | 1,226 | 3.4% | S100YIGR |
| Net income | 2,976 | 8.2% | S100YIGR |
| Net income attributable to owners | 2,976 | 8.2% | S100YIGR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 17 |
| Operating income | 9 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 26.3% → Operating margin 9.5% → Net margin 8.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.8%; Core profit growth: +13.6%
Operating leverage (core profit growth ÷ revenue growth): -7.50×
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 | 36,914 | 36,247 | -667 | -1.8% |
| Gross profit | 9,252 | 9,533 | 281 | +3.0% |
| Operating income | 3,046 | 3,459 | 413 | +13.6% |
| Net income attributable to owners | 2,570 | 2,976 | 406 | +15.8% |
| Operating cash flow | 4,696 | 1,660 | -3,036 | -64.7% |
| Free cash flow | 1,510 | -3,072 | -4,582 | -303.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 49,745 | 1,599 | 3.2% | 690 | 2,899 | 1,406 | S100LS79 |
| FY ending Mar 2021 | 45,537 | 1,574 | 3.5% | 1,231 | 4,193 | 2,856 | S100QAF5 |
| FY ending Mar 2022 | 33,894 | 2,506 | 7.4% | 2,336 | 3,063 | 2,019 | S100R9OQ |
| FY ending Mar 2023 | 36,008 | 2,640 | 7.3% | 2,246 | 2,064 | 989 | S100TUZO |
| FY ending Mar 2024 | 36,577 | 3,352 | 9.2% | 2,598 | 2,155 | 377 | S100W4KT |
| FY ending Mar 2025 | 36,914 | 3,046 | 8.3% | 2,570 | 4,696 | 1,510 | S100YIGR |
| FY ending Mar 2026 | 36,247 | 3,459 | 9.5% | 2,976 | 1,660 | -3,072 | S100YIGR |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥33.7M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 1,095 | 1,082 | 1,067 | 1,070 | 1,075 |
| Average salary (parent company) | ¥7M | ¥6.6M | ¥6.7M | ¥6.4M | ¥6.9M |
| Average age (parent company) | 43.4 years | 42.0 years | 41.2 years | 42.3 years | 42.3 years |
| Average tenure (parent company) | 15.7 years | 14.1 years | 13.5 years | 15.8 years | 16.0 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) -1.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Chemistry | 20,969 | 57.9% | 1,858 | 8.9% |
| Bottling | 4,480 | 12.4% | 378 | 8.4% |
| Metal working | 7,153 | 19.7% | 602 | 8.4% |
| Engineering Services | 3,643 | 10.1% | 795 | 21.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Chemistry | 57.9% | 51.1% | -6.7 | 8.9% |
| Bottling | 12.4% | 10.4% | -2.0 | 8.4% |
| Metal working | 19.7% | 16.6% | -3.2 | 8.4% |
| Engineering Services | 10.1% | 21.9% | 11.8 | 21.8% |

Segment → industry: Chemistry → Chemicals / Bottling → Beverages & Dairy / Engineering Services → Plant Engineering & Building Services / Metal working → 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 | 1,660 | 4.6% | S100YIGR |
| Capital expenditure | 4,732 | 13.1% | S100YIGR |
| Free cash flow | -3,072 | -8.5% | 算出 |
| Investing cash flow | -3,476 | -9.6% | S100YIGR |
| Financing cash flow | 886 | 2.4% | S100YIGR |
| Dividends paid | 861 | 2.4% | S100YIGR |
| Share buyback | 1,619 | 4.5% | S100YIGR |
| Change in cash | -931 | -2.6% | S100YIGR |
| Cash and equivalents | 3,837 | 10.6% | S100YIGR |

## 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 | 3,589 | 3,809 | 2,753 | 4,768 | 3,837 | S100TUZO, S100W4KT, S100YIGR |
| Total assets | 50,078 | 51,230 | 55,146 | 53,012 | 57,674 | S100R9OQ, S100TUZO, S100W4KT, S100YIGR |
| Net assets | 30,903 | 33,179 | 36,775 | 37,479 | 39,793 | S100TUZO, S100W4KT, S100YIGR |
| Share capital | 2,099 | 2,099 | 2,099 | 2,099 | 2,099 | S100R9OQ, S100TUZO, S100W4KT, S100YIGR |
| Property, plant and equipment | 19,361 | 18,898 | 19,116 | 19,482 | 22,635 | S100R9OQ, S100TUZO, S100W4KT, S100YIGR |
| Intangible assets excluding goodwill | 96 | 85 | 187 | 480 | 910 | S100R9OQ, S100TUZO, S100W4KT, S100YIGR |
| Investment securities | 8,583 | 9,066 | 11,029 | 8,631 | 11,095 | S100R9OQ, S100TUZO, S100W4KT, S100YIGR |
| Current assets | 20,785 | 22,027 | 23,518 | 22,906 | 21,524 | S100R9OQ, S100TUZO, S100W4KT, S100YIGR |
| Current liabilities | 11,100 | 10,029 | 11,149 | 9,935 | 11,509 | S100R9OQ, S100TUZO, S100W4KT, S100YIGR |
| Trade payables | 6,217 | 5,584 | 6,867 | 5,164 | 4,332 | S100R9OQ, S100TUZO, S100W4KT, S100YIGR |
| Short-term borrowings | 302 | 157 | 89 | — | 3,500 | S100R9OQ, S100TUZO, S100W4KT, S100YIGR |
| Long-term borrowings | 1,788 | 941 | 470 | 235 | 348 | S100R9OQ, S100TUZO, S100W4KT, S100YIGR |
| Total liabilities | 19,174 | 18,051 | 18,370 | 15,533 | 17,881 | S100R9OQ, S100TUZO, S100W4KT, S100YIGR |
| Equity attributable to owners of parent | 26,634 | 28,420 | 30,448 | 32,228 | 32,722 | S100R9OQ, S100TUZO, S100W4KT, S100YIGR |
| Retained earnings | 23,509 | 25,371 | 27,491 | 29,271 | 31,148 | S100R9OQ, S100TUZO, S100W4KT, S100YIGR |
| Treasury stock | -166 | -241 | -333 | -333 | -525 | S100R9OQ, S100TUZO, S100W4KT, S100YIGR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YIGR |
| Property, plant and equipment | 39% | S100YIGR |
| Intangibles and goodwill | 2% | S100YIGR |
| Investment securities | 19% | S100YIGR |
| Other assets | 33% | S100YIGR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YIGR |
| Other liabilities | 23% | S100YIGR |
| Equity | 69% | S100YIGR |

### 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 | 50,078 | 51,230 | 55,146 | 53,012 | 57,674 |
| Equity | 30,903 | 33,179 | 36,775 | 37,479 | 39,793 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,589 | 3,809 | 2,753 | 4,768 | 3,837 |

## 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) | 62.4% | S100YIGR |
| Fixed assets ÷ total assets | 39.2% | S100YIGR |
| Goodwill ÷ parent equity | — | —, S100YIGR |

### 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) | 6.7% |
| Cash ÷ revenue | 10.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 48.0% |
| Cash vs. profit gap | -1,316 JPY mn (of net income -44.2%) |
| Shareholder returns / net income | 83.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.1% |
| Investing CF relative to operating CF | 209.4% |

## 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 | 6.9% | 0.68× | 4.7% | 1.88× | 8.8% | S100R9OQ |
| 2023 | 6.2% | 0.71× | 4.4% | 1.84× | 8.2% | S100TUZO |
| 2024 | 7.1% | 0.69× | 4.9% | 1.81× | 8.8% | S100W4KT |
| 2025 | 7.0% | 0.68× | 4.8% | 1.73× | 8.2% | S100YIGR |
| 2026 | 8.2% | 0.65× | 5.4% | 1.70× | 9.2% | S100YIGR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| みずほ信託銀行株式会社 退職給付信託 丸紅口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 8.7% | 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 | 7.8% | 2026-03-31 |
| 日油株式会社 | Major shareholder | 4.0% | 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 | 4.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.7% | 2026-03-31 |
| 長瀬産業株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 3.1% | 2026-03-31 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ （常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 3.0% | 2026-03-31 |
| 鈴木 祐人 | Major shareholder | 2.4% | 2026-03-31 |
| 芙蓉総合リース株式会社 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第13期(2025/04/01－2026/03/31) | S100YIGR | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIGR,, |
| 有価証券報告書－第12期(2024/04/01－2025/03/31) | S100W4KT | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4KT,, |
| 有価証券報告書－第11期(2023/04/01－2024/03/31) | S100TUZO | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUZO,, |
| 有価証券報告書－第10期(2022/04/01－2023/03/31) | S100R9OQ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R9OQ,, |
| 訂正有価証券報告書－第9期(2021/04/01－2022/03/31) | S100QAF5 | 2023-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QAF5,, |
| 有価証券報告書－第8期(令和2年4月1日－令和3年3月31日) | S100LS79 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS79,, |

## 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).