# Chugai Mining 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134期(2025/04/01－2026/03/31) (S100YKQY)
> Page: https://vizora.meequs.com/en/company/chugai-mining
> Retrieved: 2026-09-30T19:46:38.141Z

## Company

Chugai Mining, founded in 1932, is a company in Non-ferrous Metals & Wires listed on TSE Standard. It has 163 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Chugai Mining Co.,Ltd. |
| Ticker | 1491 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/1491.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区丸の内二丁目4番1号 |
| Representative (per filing) | 代表取締役社長 西元 丈夫 |
| Founded | May 1932 |
| Share capital | ¥100M |
| Employees (consolidated) | 163 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Website | www.chugaikogyo.co.jp (https://www.chugaikogyo.co.jp/) |
| Corporate number | 7010001008720 |
| EDINET | E00027 |
| Industries (Vizora) | Non-ferrous Metals & Wires, Toys & Hobbies, Watches, Jewelry & Eyewear, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YKQY, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Non-ferrous Metals & Wires (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98 | 25 |
| Profitability | 5.8 | 26 |
| Cash conversion | 66 | 25 |
| Efficiency | 98.1 | 27 |

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 99% of Chugai Mining's sales come from Precious metal business, with content business and Machinery business making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +73.5% from the prior year, operating profit +72.5%.

## Company structure

- Segment revenue mix: Precious metal business 98.8%、content business 1.0%、Machinery business 0.3%
- Revenue → net income: ¥281692181000 → ¥1513705000
- Net income → operating cash flow: ¥1513705000 → ¥2600737000（difference ¥1087032000）
- Main uses of operating cash flow: CapEx ¥678187000 / dividends ¥272784000 / buybacks ¥37968000
- Change in cash: ¥2158724000
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 | ¥281.7B |  |
| Operating income | ¥2.45B | Margin 0.9% |
| Net income | ¥1.51B | Margin 0.5% |
| Free cash flow | ¥1.92B |  |
| Largest business | Precious metal business | of segment revenue 98.8% |
| Employees (consolidated) | 163 |  |
| EPS | ¥105.14 |  |
| Book value per share | ¥652.06 |  |
| Equity ratio | 53.3% |  |
| Shares outstanding | 14,487,000 |  |
| Treasury shares | 117,700 |  |
| Shareholders | 10,000 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 35.9% | Cash ÷ revenue 2.2% |
| Vs. industry median margin | -4.7 pp | Non-ferrous Metals & Wires |
| ROE | 17.3% | Derived from disclosed figures |
| ROA | 8.9% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 5.5× its level five years ago
- FY2026, one segment accounts for 92% of positive segment profit
- FY2026, cash is 36% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39452935000 | ¥281692181000 | +614.0% |
| Operating income | ¥273608000 | ¥2445610000 | +793.8% |
| Operating margin | 0.7% | 0.9% | +0.2 pp |
| Employees | 114 people | 163 people | +43.0% |
| Cash and equivalents | ¥3958425000 | ¥6299962000 | +59.2% |

### 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 |
| --- | ---: |
| 貴金属事業 → 貴金属事業 | 91.9% |
| 機械事業 → 機械事業 | 0.3% |
| 機械事業 → 事業再編・廃止 | 1.8% |
| 不動産事業 → 事業再編・廃止 | 0.4% |
| コンテンツ事業 → コンテンツ事業 | 1.0% |
| コンテンツ事業 → 事業再編・廃止 | 4.7% |
| 新設・再編 → 貴金属事業 | 6.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Precious metal business | 5 years | +50.3% | ¥278150937000 | 1.0% | 2 |
| content business | 5 years | +4.4% | ¥2778593000 | 7.8% | 2 |
| Machinery business | 5 years | -1.7% | ¥737984000 | 2.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 281,692 | 100.0% | S100YKQY |
| Cost of revenue | 276,612 | 98.2% | S100YKQY |
| Gross profit | 5,080 | 1.8% | S100YKQY |
| SG&A | 2,634 | 0.9% | S100YKQY |
| Operating income | 2,446 | 0.9% | S100YKQY |
| Ordinary income | 2,290 | 0.8% | S100YKQY |
| Pretax income | 2,286 | 0.8% | S100YKQY |
| Income tax | 772 | 0.3% | S100YKQY |
| Net income | 1,514 | 0.5% | S100YKQY |
| Net income attributable to owners | 1,514 | 0.5% | S100YKQY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 98 |
| SG&A | 1 |
| Operating income | 1 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 1.8% → Operating margin 0.9% → Net margin 0.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +73.5%; Core profit growth: +72.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.99×
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 | 162,345 | 281,692 | 119,347 | +73.5% |
| Gross profit | 3,925 | 5,080 | 1,155 | +29.4% |
| Operating income | 1,418 | 2,446 | 1,028 | +72.5% |
| Net income attributable to owners | 1,219 | 1,514 | 295 | +24.2% |
| Operating cash flow | 840 | 2,601 | 1,760 | +209.5% |
| Free cash flow | 301 | 1,923 | 1,621 | +538.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 28,518 | -813 | -2.9% | -297 | 926 | 894 | S100LVXS |
| FY ending Mar 2021 | 39,453 | 274 | 0.7% | 176 | 623 | 581 | S100OMWY |
| FY ending Mar 2022 | 51,590 | 587 | 1.1% | 547 | 357 | 279 | S100RAU8 |
| FY ending Mar 2023 | 84,823 | 795 | 0.9% | 398 | -1,122 | -1,243 | S100TXPT |
| FY ending Mar 2024 | 113,759 | 364 | 0.3% | 219 | 491 | -89 | S100W768 |
| FY ending Mar 2025 | 162,345 | 1,418 | 0.9% | 1,219 | 840 | 301 | S100YKQY |
| FY ending Mar 2026 | 281,692 | 2,446 | 0.9% | 1,514 | 2,601 | 1,923 | S100YKQY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥1.73B |
| Operating income per employee (consolidated) | ¥15M |
| Net income per employee (consolidated) | ¥9.3M |

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) | 125 | 139 | 140 | 150 | 163 |
| Average salary (parent company) | ¥5.2M | ¥6.1M | ¥6.1M | ¥5.9M | ¥6.1M |
| Average age (parent company) | 37.0 years | 37.0 years | 38.0 years | 37.0 years | 36.0 years |
| Average tenure (parent company) | 8.0 years | 8.0 years | 8.0 years | 8.0 years | 8.0 years |

Year over year: Employees (consolidated) +8.7% · Revenue (consolidated) +73.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Precious metal business | 278,151 | 98.8% | 2,809 | 1.0% |
| Machinery business | 738 | 0.3% | 21 | 2.8% |
| content business | 2,779 | 1.0% | 217 | 7.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Precious metal business | 98.8% | 92.2% | -6.6 | 1.0% |
| Machinery business | 0.3% | 0.7% | 0.4 | 2.8% |
| content business | 1.0% | 7.1% | 6.1 | 7.8% |

Segment → industry: Precious metal business → Non-ferrous Metals & Wires / content business → Toys & Hobbies / Precious metal business → Watches, Jewelry & Eyewear / Machinery business → 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 | 2,601 | 0.9% | S100YKQY |
| Capital expenditure | 678 | 0.2% | S100YKQY |
| Free cash flow | 1,923 | 0.7% | 算出 |
| Investing cash flow | -1,060 | -0.4% | S100YKQY |
| Financing cash flow | 618 | 0.2% | S100YKQY |
| Dividends paid | 273 | 0.1% | S100YKQY |
| Share buyback | 38 | 0.0% | S100YKQY |
| Change in cash | 2,159 | 0.8% | S100YKQY |
| Cash and equivalents | 6,300 | 2.2% | S100YKQY |

## 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 | 4,096 | 3,418 | 3,280 | 4,141 | 6,300 | S100TXPT, S100W768, S100YKQY |
| Total assets | 9,833 | 10,757 | 12,135 | 16,526 | 17,571 | S100RAU8, S100TXPT, S100W768, S100YKQY |
| Net assets | 7,067 | 7,177 | 7,108 | 8,182 | 9,367 | S100TXPT, S100W768, S100YKQY |
| Share capital | 6,249 | 100 | 100 | 100 | 100 | S100RAU8, S100TXPT, S100W768, S100YKQY |
| Property, plant and equipment | 2,036 | 1,852 | 2,360 | 2,806 | 3,381 | S100RAU8, S100TXPT, S100W768, S100YKQY |
| Intangible assets excluding goodwill | 19 | 24 | 33 | 19 | 15 | S100RAU8, S100TXPT, S100W768, S100YKQY |
| Investment securities | 100 | 110 | 110 | 110 | 110 | S100RAU8, S100TXPT, S100W768, S100YKQY |
| Current assets | 7,331 | 8,331 | 9,115 | 13,127 | 13,259 | S100RAU8, S100TXPT, S100W768, S100YKQY |
| Current liabilities | 2,423 | 3,203 | 4,066 | 6,940 | 6,005 | S100RAU8, S100TXPT, S100W768, S100YKQY |
| Short-term borrowings | 700 | 1,546 | 1,226 | 1,500 | 1,650 | S100RAU8, S100TXPT, S100W768, S100YKQY |
| Long-term borrowings | 106 | 152 | 730 | 1,178 | 1,917 | S100RAU8, S100TXPT, S100W768, S100YKQY |
| Total liabilities | 2,766 | 3,580 | 5,028 | 8,344 | 8,204 | S100RAU8, S100TXPT, S100W768, S100YKQY |
| Equity attributable to owners of parent | 7,067 | 7,177 | 7,108 | 8,182 | 9,367 | S100RAU8, S100TXPT, S100W768, S100YKQY |
| Retained earnings | 900 | 1,010 | 940 | 2,015 | 3,240 | S100RAU8, S100TXPT, S100W768, S100YKQY |
| Treasury stock | -81 | -81 | -82 | -82 | -121 | S100RAU8, S100TXPT, S100W768, S100YKQY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 36% | S100YKQY |
| Property, plant and equipment | 19% | S100YKQY |
| Intangibles and goodwill | 0% | S100YKQY |
| Investment securities | 1% | S100YKQY |
| Other assets | 44% | S100YKQY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100YKQY |
| Equity | 53% | S100YKQY |
| Other liabilities | 0% | S100YKQY |

### 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 | 9,833 | 10,757 | 12,135 | 16,526 | 17,571 |
| Equity | 7,067 | 7,177 | 7,108 | 8,182 | 9,367 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,096 | 3,418 | 3,280 | 4,141 | 6,300 |

## 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) | 1.2% | S100YKQY |
| Fixed assets ÷ total assets | 19.2% | S100YKQY |
| Goodwill ÷ parent equity | — | —, S100YKQY |

### 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) | 35.9% |
| Cash ÷ revenue | 2.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.3% |
| Cash vs. profit gap | 1,087 JPY mn (of net income 71.8%) |
| Shareholder returns / net income | 20.5% |
| Shareholder returns / FCF | 16.2% |
| Shareholder payments — dividends / net income | 18.0% |
| Shareholder payments — dividends / FCF | 14.2% |
| CapEx intensity (capex ÷ revenue) | 0.2% |
| Investing CF relative to operating CF | 40.8% |

## 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 | 1.1% | 5.25× | 5.6% | 1.39× | 7.7% | S100RAU8 |
| 2023 | 0.5% | 8.24× | 3.9% | 1.45× | 5.6% | S100TXPT |
| 2024 | 0.2% | 9.94× | 1.9% | 1.60× | 3.1% | S100W768 |
| 2025 | 0.8% | 11.33× | 8.5% | 1.87× | 15.9% | S100YKQY |
| 2026 | 0.5% | 16.52× | 8.9% | 1.94× | 17.3% | S100YKQY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 有限会社マイネン | Major shareholder | 6.3% | 2026-03-31 |
| 株式会社フェンテ | Major shareholder | 5.1% | 2026-03-31 |
| 有限会社メティス | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社プレサージュ | Major shareholder | 4.2% | 2026-03-31 |
| 有限会社ライデンシャフト | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社Ｃｏｌｌｃｏ | Major shareholder | 3.8% | 2026-03-31 |
| 東京産業株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| ＢＯＯＣＳダイエット株式会社 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社ムーンズティア | Major shareholder | 3.4% | 2026-03-31 |
| 有限会社プラフィット | Major shareholder | 3.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第134期(2025/04/01－2026/03/31) | S100YKQY | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKQY,, |
| 有価証券報告書－第133期(2024/04/01－2025/03/31) | S100W768 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W768,, |
| 有価証券報告書－第132期(2023/04/01－2024/03/31) | S100TXPT | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXPT,, |
| 有価証券報告書－第131期(2022/04/01－2023/03/31) | S100RAU8 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAU8,, |
| 有価証券報告書－第130期(令和3年4月1日－令和4年3月31日) | S100OMWY | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMWY,, |
| 有価証券報告書－第129期(令和2年4月1日－令和3年3月31日) | S100LVXS | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVXS,, |

## 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).