# Central Glass 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112期(2025/04/01－2026/03/31) (S100YGND)
> Page: https://vizora.meequs.com/en/company/central-glass
> Retrieved: 2026-09-30T17:50:01.664Z

## Company

Central Glass, founded in 1936, is a company in Batteries listed on TSE Prime. It has 3,194 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Central Glass Co.,Ltd. |
| Ticker | 4044 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4044.T) |
| Listing | TSE Prime |
| Head office | 山口県宇部市大字沖宇部5253番地 (上記は登記上の本店所在地であります。) |
| Representative (per filing) | 代表取締役 社長執行役員 前田 一彦 |
| Founded | Oct 1936 |
| Share capital | ¥18.2B |
| Employees (consolidated) | 3,194 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.cgco.co.jp (https://www.cgco.co.jp/) |
| Corporate number | 4250001003329 |
| EDINET | E00769 |
| Industries (Vizora) | Batteries, Chemicals, Glass & Ceramics, Livestock, Feed & Fertilizer, Semiconductor Materials |

> Profile source: annual securities report (S100YGND, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Glass & Ceramics (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.9 | 17 |
| Profitability | 20.6 | 17 |
| Cash conversion | 96.9 | 16 |
| Efficiency | 73.5 | 17 |
| Financial strength | 10 | 5 |

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 41% of Central Glass's sales come from Glass segment, with Life and Health care segment and Electronic Materials Sales segment making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +0.2% from the prior year, operating profit -5.6%.

## Company structure

- Segment revenue mix: Glass segment 41.3%、Life and Health care segment 28.4%、Electronic Materials Sales segment 18.1%、Energy Materials Sales segment 8.4%、Others 3.8%
- Revenue → net income: ¥144479000000 → ¥9362000000
- Net income → operating cash flow: ¥9362000000 → ¥26441000000（difference ¥17079000000）
- Main uses of operating cash flow: CapEx ¥9379000000 / dividends ¥4293000000 / buybacks ¥2000000
- Change in cash: ¥-632000000
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 | ¥144.5B |  |
| Operating income | ¥10B | Margin 6.9% |
| Net income | ¥8.36B | Margin 5.8% |
| Free cash flow | ¥17.1B |  |
| Largest business | Glass segment | of segment revenue 41.3% |
| Employees (consolidated) | 3,194 |  |
| EPS | ¥401.94 |  |
| Book value per share | ¥3771.38 |  |
| Equity ratio | 62.5% |  |
| Shares outstanding | 26,000,000 |  |
| Treasury shares | 778,000 |  |
| Shareholders | 10,395 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 11.2% | Net cash -¥2.76B · Cash ÷ revenue 15.3% |
| Vs. industry median margin | -4 pp | Glass & Ceramics |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.2× net income
- FY2026, segment profit share differs by -20 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥190673000000 | ¥144479000000 | -24.2% |
| Operating income | ¥4064000000 | ¥10029000000 | +146.8% |
| Operating margin | 2.1% | 6.9% | +4.8 pp |
| Employees | 6,053 people | 3,194 people | -47.2% |
| Cash and equivalents | ¥26081000000 | ¥22078000000 | -15.3% |

### 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 |
| --- | ---: |
| 化成品事業 → 事業再編・廃止 | 41.1% |
| ガラス事業 → ガラス事業 | 41.3% |
| ガラス事業 → 事業再編・廃止 | 17.7% |
| 新設・再編 → 電子材料事業 | 18.1% |
| 新設・再編 → エネルギー材料事業 | 8.4% |
| 新設・再編 → ライフ＆ヘルスケア事業 | 28.4% |
| 新設・再編 → その他 | 3.8% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Glass segment | 5 years | -11.9% | ¥59640000000 | 4.7% | 2 |
| Life and Health care segment | — | — | ¥41024000000 | 15.0% | 2 |
| Electronic Materials Sales segment | — | — | ¥26202000000 | 15.2% | 2 |
| Energy Materials Sales segment | — | — | ¥12070000000 | -27.0% | 2 |
| Others | — | — | ¥5541000000 | 5.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 144,479 | 100.0% | S100YGND |
| Cost of revenue | 105,896 | 73.3% | S100YGND |
| Gross profit | 38,583 | 26.7% | S100YGND |
| SG&A | 28,553 | 19.8% | S100YGND |
| Operating income | 10,029 | 6.9% | S100YGND |
| Ordinary income | 12,281 | 8.5% | S100YGND |
| Pretax income | 12,179 | 8.4% | S100YGND |
| Income tax | 2,817 | 1.9% | S100YGND |
| Net income | 9,362 | 6.5% | S100YGND |
| Net income attributable to owners | 8,360 | 5.8% | S100YGND |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 73 |
| SG&A | 20 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 26.7% → Operating margin 6.9% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.2%; Core profit growth: -5.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -33.10×
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 | 144,233 | 144,479 | 246 | +0.2% |
| Gross profit | 39,358 | 38,583 | -775 | -2.0% |
| Operating income | 10,629 | 10,029 | -600 | -5.6% |
| Net income attributable to owners | 5,678 | 8,360 | 2,682 | +47.2% |
| Operating cash flow | 23,587 | 26,441 | 2,854 | +12.1% |
| Free cash flow | 17,994 | 17,062 | -932 | -5.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 222,469 | 7,975 | 3.6% | 6,418 | 17,226 | 3,872 | S100LSGI |
| FY ending Mar 2021 | 190,673 | 4,064 | 2.1% | 1,230 | 17,918 | 10,439 | S100OIYH |
| FY ending Mar 2022 | 206,184 | 7,262 | 3.5% | -39,844 | 14,872 | 6,567 | S100R7HX |
| FY ending Mar 2023 | 169,309 | 16,757 | 9.9% | 42,494 | 16,599 | 10,240 | S100TSVP |
| FY ending Mar 2024 | 160,339 | 14,526 | 9.1% | 12,478 | 22,236 | 15,137 | S100W71V |
| FY ending Mar 2025 | 144,233 | 10,629 | 7.4% | 5,678 | 23,587 | 17,994 | S100YGND |
| FY ending Mar 2026 | 144,479 | 10,029 | 6.9% | 8,360 | 26,441 | 17,062 | S100YGND |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.2M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 5,420 | 3,350 | 3,314 | 3,354 | 3,194 |
| Average salary (parent company) | ¥6.4M | ¥6.4M | ¥6.6M | ¥6.8M | ¥7.2M |
| Average age (parent company) | 37.3 years | 37.6 years | 36.4 years | 36.5 years | 37.1 years |
| Average tenure (parent company) | 15.7 years | 15.1 years | 14.5 years | 14.3 years | 15.2 years |

Year over year: Employees (consolidated) -4.8% · Revenue (consolidated) +0.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronic Materials Sales segment | 26,202 | 18.1% | 3,986 | 15.2% |
| Energy Materials Sales segment | 12,070 | 8.4% | -3,264 | -27.0% |
| Life and Health care segment | 41,024 | 28.4% | 6,170 | 15.0% |
| Glass segment | 59,640 | 41.3% | 2,810 | 4.7% |
| Others | 5,541 | 3.8% | 327 | 5.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronic Materials Sales segment | 18.1% | 30.0% | 11.8 | 15.2% |
| Energy Materials Sales segment | 8.4% | — | — | -27.0% |
| Life and Health care segment | 28.4% | 46.4% | 18.0 | 15.0% |
| Glass segment | 41.3% | 21.1% | -20.1 | 4.7% |
| Others | 3.8% | 2.5% | -1.4 | 5.9% |

Loss-making segment (excluded from profit shares): Energy Materials Sales segment -3,264 JPY mn

Segment → industry: Energy Materials Sales segment → Batteries / Life and Health care segment → Chemicals / Glass segment → Glass & Ceramics / Life and Health care segment → Livestock, Feed & Fertilizer / Electronic Materials Sales segment → Semiconductor Materials

## 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 | 26,441 | 18.3% | S100YGND |
| Capital expenditure | 9,379 | 6.5% | S100YGND |
| Free cash flow | 17,062 | 11.8% | 算出 |
| Investing cash flow | -10,027 | -6.9% | S100YGND |
| Financing cash flow | -17,673 | -12.2% | S100YGND |
| Dividends paid | 4,293 | 3.0% | S100YGND |
| Share buyback | 2 | 0.0% | S100YGND |
| Change in cash | -632 | -0.4% | S100YGND |
| Cash and equivalents | 22,078 | 15.3% | S100YGND |

## 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 | 26,906 | 16,672 | 19,858 | 22,040 | 22,078 | S100TSVP, S100W71V, S100YGND |
| Total assets | 290,696 | 221,090 | 214,404 | 204,834 | 197,825 | S100R7HX, S100TSVP, S100W71V, S100YGND |
| Net assets | 130,063 | 107,861 | 120,050 | 121,063 | 128,212 | S100TSVP, S100W71V, S100YGND |
| Share capital | 18,168 | 18,168 | 18,168 | 18,168 | 18,168 | S100R7HX, S100TSVP, S100W71V, S100YGND |
| Property, plant and equipment | 101,052 | 69,898 | 64,206 | 60,852 | 61,125 | S100R7HX, S100TSVP, S100W71V, S100YGND |
| Intangible assets excluding goodwill | 1,317 | 980 | 835 | 1,055 | 1,623 | S100R7HX, S100TSVP, S100W71V, S100YGND |
| Investment securities | 38,617 | 23,696 | 22,345 | 17,835 | 18,765 | S100R7HX, S100TSVP, S100W71V, S100YGND |
| Current assets | 140,903 | 115,101 | 115,795 | 114,889 | 107,395 | S100R7HX, S100TSVP, S100W71V, S100YGND |
| Current liabilities | 113,395 | 61,073 | 45,004 | 49,100 | 42,198 | S100R7HX, S100TSVP, S100W71V, S100YGND |
| Trade payables | 22,105 | 21,681 | 15,903 | 14,970 | 13,733 | S100R7HX, S100TSVP, S100W71V, S100YGND |
| Short-term borrowings | 7,649 | 10,759 | 11,285 | 7,711 | 6,838 | S100R7HX, S100TSVP, S100W71V, S100YGND |
| Long-term borrowings | 17,198 | 26,334 | 18,720 | 11,610 | 7,998 | S100R7HX, S100TSVP, S100W71V, S100YGND |
| Bonds | 20,000 | 18,000 | 23,000 | 15,000 | 10,000 | S100R7HX, S100TSVP, S100W71V, S100YGND |
| Interest-bearing debt | 44,847 | 55,093 | 53,005 | 34,321 | 24,836 | 算出 |
| Total liabilities | 160,632 | 113,228 | 94,353 | 83,770 | 69,612 | S100R7HX, S100TSVP, S100W71V, S100YGND |
| Non-controlling interests | 3,977 | 4,378 | 5,134 | 4,335 | 4,586 | S100R7HX, S100TSVP, S100W71V, S100YGND |
| Equity attributable to owners of parent | 108,340 | 93,474 | 102,891 | 103,872 | 108,101 | S100R7HX, S100TSVP, S100W71V, S100YGND |
| Retained earnings | 88,465 | 127,977 | 80,443 | 81,411 | 85,616 | S100R7HX, S100TSVP, S100W71V, S100YGND |
| Treasury stock | -6,402 | -60,781 | -3,829 | -3,817 | -3,792 | S100R7HX, S100TSVP, S100W71V, S100YGND |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YGND |
| Property, plant and equipment | 31% | S100YGND |
| Intangibles and goodwill | 1% | S100YGND |
| Investment securities | 9% | S100YGND |
| Other assets | 48% | S100YGND |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YGND |
| Interest-bearing debt | 12% | 算出 |
| Other liabilities | 16% | S100YGND |
| Equity | 65% | S100YGND |
| Other liabilities | 0% | S100YGND |

### 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 | 290,696 | 221,090 | 214,404 | 204,834 | 197,825 |
| Equity | 130,063 | 107,861 | 120,050 | 121,063 | 128,212 |
| Interest-bearing debt | 44,847 | 55,093 | 53,005 | 34,321 | 24,836 |
| Cash | 26,906 | 16,672 | 19,858 | 22,040 | 22,078 |

## 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) | 42.3% | S100YGND |
| Fixed assets ÷ total assets | 30.9% | S100YGND |
| Goodwill ÷ parent equity | — | —, S100YGND |

### 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) | 11.2% |
| Cash ÷ revenue | 15.3% |
| Net cash (cash − interest-bearing debt) | -¥2.76B |
| Net debt ÷ operating cash flow | 0.10× |
| Cash conversion (operating CF ÷ operating income) | 263.6% |
| Cash vs. profit gap | 18,081 JPY mn (of net income 216.3%) |
| Shareholder returns / net income | 51.4% |
| Shareholder returns / FCF | 25.2% |
| Shareholder payments — dividends / net income | 51.4% |
| Shareholder payments — dividends / FCF | 25.2% |
| CapEx intensity (capex ÷ revenue) | 6.5% |
| Investing CF relative to operating CF | 37.9% |

## 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 | — | —× | -13.7% | —× | — | S100R7HX |
| 2023 | 25.1% | 0.66× | 16.6% | 2.54× | 42.1% | S100TSVP |
| 2024 | 7.8% | 0.74× | 5.7% | 2.22× | 12.7% | S100W71V |
| 2025 | 3.9% | 0.69× | 2.7% | 2.03× | 5.5% | S100YGND |
| 2026 | 5.8% | 0.72× | 4.2% | 1.90× | 7.9% | S100YGND |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 13.6% | 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 | 12.3% | 2026-03-31 |
| 株式会社山口銀行 | Major shareholder | 2.5% | 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 |
| CG取引先持株会 | Major shareholder | 2.2% | 2026-03-31 |
| CG協力会社持株会 | Major shareholder | 2.2% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.1% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（退職給付信託口・山口銀行口） | Major shareholder | 1.8% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044（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 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第112期(2025/04/01－2026/03/31) | S100YGND | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGND,, |
| 有価証券報告書－第111期(2024/04/01－2025/03/31) | S100W71V | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W71V,, |
| 有価証券報告書－第110期(2023/04/01－2024/03/31) | S100TSVP | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSVP,, |
| 有価証券報告書－第109期(2022/04/01－2023/03/31) | S100R7HX | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7HX,, |
| 有価証券報告書－第108期(令和3年4月1日－令和4年3月31日) | S100OIYH | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIYH,, |
| 有価証券報告書－第107期(令和2年4月1日－令和3年3月31日) | S100LSGI | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSGI,, |

## 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).