# CHORI 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79期(2025/04/01－2026/03/31) (S100YBIN)
> Page: https://vizora.meequs.com/en/company/chori
> Retrieved: 2026-09-30T17:49:08.796Z

## Company

Chori, founded in 1948, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 1,444 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CHORI CO.,LTD. |
| Ticker | 8014 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8014.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区淡路町四丁目2番13号 |
| Representative (per filing) | 代表取締役社長 迫田竜之 |
| Founded | Sep 1948 |
| Share capital | ¥6.8B |
| Employees (consolidated) | 1,444 |
| Average salary (parent only) | ¥10.4M |
| Fiscal year end | March |
| Website | www.chori.co.jp (https://www.chori.co.jp/) |
| Corporate number | 3120001077485 |
| EDINET | E02509 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YBIN, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63.4 | 179 |
| Profitability | 70.5 | 185 |
| Cash conversion | 42.7 | 179 |
| Efficiency | 73.8 | 185 |

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 51% of Chori's sales come from Chemical, with Textile and Machinery making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -3.9% from the prior year, operating profit -9.9%.

## Company structure

- Segment revenue mix: Chemical 51.0%、Textile 48.7%、Machinery 0.3%、Other 0.0%
- Revenue → net income: ¥299293000000 → ¥12037000000
- Net income → operating cash flow: ¥12037000000 → ¥11543000000（difference ¥-494000000）
- Main uses of operating cash flow: CapEx ¥1030000000 / dividends ¥3790000000 / buybacks ¥1000000
- Change in cash: ¥4996000000
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 | ¥299.3B |  |
| Operating income | ¥13.1B | Margin 4.4% |
| Net income | ¥12B | Margin 4.0% |
| Free cash flow | ¥10.5B |  |
| Largest business | Chemical | of segment revenue 51.0% |
| Employees (consolidated) | 1,444 |  |
| EPS | ¥456.59 |  |
| Book value per share | ¥3025.45 |  |
| Equity ratio | 66.7% |  |
| Shares outstanding | 25,303,000 |  |
| Treasury shares | 522,800 |  |
| Shareholders | 4,843 |  |
| Average salary (parent only) | ¥10.4M | Filing company only |
| Cash ratio | 18.4% | Cash ÷ revenue 9.4% |
| Vs. industry median margin | +1.5 pp | Specialty Trading & Wholesale |
| ROE | 13.6% | Derived from disclosed figures |
| ROA | 8.0% | Derived from disclosed figures |

## Notable figures

- FY2026, parent-company salary changed +28% over five years

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥216233000000 | ¥299293000000 | +38.4% |
| Operating income | ¥3663000000 | ¥13056000000 | +256.4% |
| Operating margin | 1.7% | 4.4% | +2.7 pp |
| Employees | 969 people | 1,444 people | +49.0% |
| Cash and equivalents | ¥17601000000 | ¥28198000000 | +60.2% |

### 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 |
| --- | ---: |
| 繊維事業 → 繊維事業 | 41.7% |
| 化学品事業 → 化学品事業 | 51.0% |
| 化学品事業 → 事業再編・廃止 | 6.0% |
| 機械事業 → 機械事業 | 0.3% |
| 機械事業 → 事業再編・廃止 | 1.0% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 繊維事業 | 7.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Chemical | 5 years | +4.4% | ¥152667000000 | — | 2 |
| Textile | 5 years | +10.1% | ¥145775000000 | — | 2 |
| Machinery | 5 years | -22.4% | ¥773000000 | — | 2 |
| Other | 5 years | +3.4% | ¥77000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 299,293 | 100.0% | S100YBIN |
| Cost of revenue | 258,170 | 86.3% | S100YBIN |
| Gross profit | 41,123 | 13.7% | S100YBIN |
| SG&A | 28,067 | 9.4% | S100YBIN |
| Operating income | 13,056 | 4.4% | S100YBIN |
| Ordinary income | 14,193 | 4.7% | S100YBIN |
| Pretax income | 14,187 | 4.7% | S100YBIN |
| Income tax | 2,149 | 0.7% | S100YBIN |
| Net income | 12,037 | 4.0% | S100YBIN |
| Net income attributable to owners | 12,011 | 4.0% | S100YBIN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 10 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 13.7% → Operating margin 4.4% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.9%; Core profit growth: -9.9%
Operating leverage (core profit growth ÷ revenue growth): 2.52×
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 | 311,546 | 299,293 | -12,253 | -3.9% |
| Gross profit | 40,515 | 41,123 | 608 | +1.5% |
| Operating income | 14,492 | 13,056 | -1,436 | -9.9% |
| Net income attributable to owners | 11,658 | 12,011 | 353 | +3.0% |
| Operating cash flow | 7,141 | 11,543 | 4,402 | +61.6% |
| Free cash flow | 4,277 | 10,513 | 6,236 | +145.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 329,360 | 8,219 | 2.5% | 6,101 | 2,857 | 2,276 | S100LKAB |
| FY ending Mar 2021 | 216,233 | 3,663 | 1.7% | 1,247 | 5,889 | 4,702 | S100O7XR |
| FY ending Mar 2022 | 284,096 | 9,328 | 3.3% | 6,811 | -2,330 | -2,560 | S100QW7L |
| FY ending Mar 2023 | 329,389 | 12,656 | 3.8% | 8,124 | 9,596 | 8,574 | S100TK3T |
| FY ending Mar 2024 | 307,699 | 15,039 | 4.9% | 9,624 | 9,693 | 7,348 | S100VWT5 |
| FY ending Mar 2025 | 311,546 | 14,492 | 4.7% | 11,658 | 7,141 | 4,277 | S100YBIN |
| FY ending Mar 2026 | 299,293 | 13,056 | 4.4% | 12,011 | 11,543 | 10,513 | S100YBIN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥207.3M |
| Operating income per employee (consolidated) | ¥9M |
| Net income per employee (consolidated) | ¥8.3M |

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) | 1,322 | 1,285 | 1,304 | 1,354 | 1,444 |
| Average salary (parent company) | ¥8.1M | ¥9.3M | ¥9.6M | ¥9.9M | ¥10.4M |
| Average age (parent company) | 39.8 years | 40.3 years | 40.2 years | 39.7 years | 39.7 years |
| Average tenure (parent company) | 13.7 years | 14.1 years | 13.6 years | 12.8 years | 12.6 years |

Year over year: Employees (consolidated) +6.6% · Revenue (consolidated) -3.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Textile | 145,775 | 48.7% | — | — |
| Chemical | 152,667 | 51.0% | — | — |
| Machinery | 773 | 0.3% | — | — |
| Other | 77 | 0.0% | — | — |

### 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 |
| --- | ---: |
| Textile | 48.7% |
| Chemical | 51.0% |
| Machinery | 0.3% |
| Other | 0.0% |

Segment → industry: Machinery → Specialty Trading & Wholesale / Chemical → Specialty Trading & Wholesale / Textile → Specialty Trading & Wholesale

## 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 | 11,543 | 3.9% | S100YBIN |
| Capital expenditure | 1,030 | 0.3% | S100YBIN |
| Free cash flow | 10,513 | 3.5% | 算出 |
| Investing cash flow | -1,824 | -0.6% | S100YBIN |
| Financing cash flow | -5,010 | -1.7% | S100YBIN |
| Dividends paid | 3,790 | 1.3% | S100YBIN |
| Share buyback | 1 | 0.0% | S100YBIN |
| Change in cash | 4,996 | 1.7% | S100YBIN |
| Cash and equivalents | 28,198 | 9.4% | S100YBIN |

## 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 | 12,024 | 18,860 | 21,088 | 23,203 | 28,198 | S100TK3T, S100VWT5, S100YBIN |
| Total assets | 134,121 | 143,200 | 143,350 | 146,076 | 153,373 | S100QW7L, S100TK3T, S100VWT5, S100YBIN |
| Net assets | 65,096 | 72,158 | 82,097 | 92,101 | 102,444 | S100TK3T, S100VWT5, S100YBIN |
| Share capital | 6,800 | 6,800 | 6,800 | 6,800 | 6,800 | S100QW7L, S100TK3T, S100VWT5, S100YBIN |
| Trade receivables | 74,272 | 77,130 | 70,337 | 72,161 | 70,199 | S100QW7L, S100TK3T, S100VWT5, S100YBIN |
| Property, plant and equipment | 1,964 | 1,919 | 1,847 | 1,791 | 2,145 | S100QW7L, S100TK3T, S100VWT5, S100YBIN |
| Intangible assets excluding goodwill | 2,449 | 2,855 | 4,538 | 6,197 | 5,205 | S100QW7L, S100TK3T, S100VWT5, S100YBIN |
| Goodwill | 1,053 | 645 | 444 | 243 | 48 | S100QW7L, S100TK3T, S100VWT5, S100YBIN |
| Investment securities | 10,616 | 10,766 | 12,707 | 10,382 | 11,995 | S100QW7L, S100TK3T, S100VWT5, S100YBIN |
| Current assets | 113,871 | 122,081 | 118,423 | 121,566 | 126,931 | S100QW7L, S100TK3T, S100VWT5, S100YBIN |
| Current liabilities | 65,461 | 67,663 | 57,627 | 50,556 | 46,978 | S100QW7L, S100TK3T, S100VWT5, S100YBIN |
| Trade payables | 52,213 | 52,919 | 45,538 | 40,597 | 38,484 | S100QW7L, S100TK3T, S100VWT5, S100YBIN |
| Short-term borrowings | 4,944 | 4,816 | 2,623 | 1,384 | 469 | S100QW7L, S100TK3T, S100VWT5, S100YBIN |
| Long-term borrowings | 245 | 132 | 19 | — | — | S100QW7L, S100TK3T, S100VWT5 |
| Total liabilities | 69,024 | 71,041 | 61,253 | 53,974 | 50,928 | S100QW7L, S100TK3T, S100VWT5, S100YBIN |
| Non-controlling interests | 41 | — | 41 | 92 | 116 | S100QW7L, S100VWT5, S100YBIN |
| Equity attributable to owners of parent | 62,714 | 68,549 | 75,446 | 84,101 | 92,295 | S100QW7L, S100TK3T, S100VWT5, S100YBIN |
| Retained earnings | 54,804 | 60,634 | 67,429 | 76,071 | 84,276 | S100QW7L, S100TK3T, S100VWT5, S100YBIN |
| Treasury stock | -689 | -689 | -935 | -921 | -923 | S100QW7L, S100TK3T, S100VWT5, S100YBIN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YBIN |
| Receivables | 46% | S100YBIN |
| Property, plant and equipment | 1% | S100YBIN |
| Intangibles and goodwill | 4% | S100YBIN |
| Investment securities | 8% | S100YBIN |
| Other assets | 23% | S100YBIN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 25% | S100YBIN |
| Other liabilities | 8% | S100YBIN |
| Equity | 67% | S100YBIN |
| Other liabilities | 0% | S100YBIN |

### 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 | 134,121 | 143,200 | 143,350 | 146,076 | 153,373 |
| Equity | 65,096 | 72,158 | 82,097 | 92,101 | 102,444 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,024 | 18,860 | 21,088 | 23,203 | 28,198 |

## 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) | 0.7% | S100YBIN |
| Fixed assets ÷ total assets | 1.4% | S100YBIN |
| Goodwill ÷ parent equity | 0.1% | S100YBIN |

Goodwill over 4 years: 1,053 → 48 JPY; total investing cash flow: -5,621 JPY. This does not imply causation.

### 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) | 18.4% |
| Cash ÷ revenue | 9.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 88.4% |
| Cash vs. profit gap | -468 JPY mn (of net income -3.9%) |
| Shareholder returns / net income | 31.6% |
| Shareholder returns / FCF | 36.1% |
| Shareholder payments — dividends / net income | 31.6% |
| Shareholder payments — dividends / FCF | 36.1% |
| CapEx intensity (capex ÷ revenue) | 0.3% |
| Investing CF relative to operating CF | 15.8% |

## 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 | 2.4% | 2.12× | 5.1% | 2.14× | 10.9% | S100QW7L |
| 2023 | 2.5% | 2.38× | 5.9% | 2.11× | 12.4% | S100TK3T |
| 2024 | 3.1% | 2.15× | 6.7% | 1.99× | 13.4% | S100VWT5 |
| 2025 | 3.7% | 2.15× | 8.1% | 1.81× | 14.6% | S100YBIN |
| 2026 | 4.0% | 2.00× | 8.0% | 1.70× | 13.6% | S100YBIN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東レ株式会社 | Major shareholder | 52.3% | 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 | 6.3% | 2026-03-31 |
| ビービーエイチ フオー フイデリテイー ロープライス ストツク フアンド（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 3.8% | 2026-03-31 |
| エムエスアイピ－クライアントセキユリテイ－ズ (常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口) | Major shareholder | 2.7% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.3% | 2026-03-31 |
| ステート ストリート バンク アンド トラスト クライアント オムニバス アカウント オーエムゼロツー ５０５００２（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 |
| 株式会社ヒューレックス | Major shareholder | 1.3% | 2026-03-31 |
| ビーエヌワイエムエスエーエヌブイ ビーエヌワイエムアイエル ダブリユーエス ゼノア ジヤパン エクイテイ インカム フアンド（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.3% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC)RE IEDP AIF CLIENTS NON TREATY ACCOUNT（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/04/01－2026/03/31) | S100YBIN | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBIN,, |
| 有価証券報告書－第78期(2024/04/01－2025/03/31) | S100VWT5 | 2025-06-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VWT5,, |
| 有価証券報告書－第77期(2023/04/01－2024/03/31) | S100TK3T | 2024-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TK3T,, |
| 有価証券報告書－第76期(2022/04/01－2023/03/31) | S100QW7L | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QW7L,, |
| 有価証券報告書－第75期(令和3年4月1日－令和4年3月31日) | S100O7XR | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O7XR,, |
| 有価証券報告書－第74期(令和2年4月1日－令和3年3月31日) | S100LKAB | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKAB,, |

## 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).