# CHUGOKU MARINE PAINTS,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129期(2025/04/01－2026/03/31) (S100YGSJ)
> Page: https://vizora.meequs.com/en/company/chugoku-marine-paints
> Retrieved: 2026-09-30T22:59:21.536Z

## Company

Chugoku Marine Paints is a company in Paints & Inks listed on TSE Prime. It has 2,198 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CHUGOKU MARINE PAINTS,LTD. |
| Ticker | 4617 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4617.T) |
| Listing | TSE Prime |
| Head office | 広島県大竹市明治新開1番7 |
| Representative (per filing) | 代表取締役社長 伊達健士 |
| Share capital | ¥11.6B |
| Employees (consolidated) | 2,198 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | www.cmp.co.jp (https://www.cmp.co.jp/) |
| Corporate number | 1240001028478 |
| EDINET | E00897 |
| Industries (Vizora) | Paints & Inks |

> Profile source: annual securities report (S100YGSJ, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Paints & Inks (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.5 | 23 |
| Profitability | 89.1 | 23 |
| Cash conversion | 15.9 | 22 |
| Efficiency | 76.1 | 23 |

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 32% of Chugoku Marine Paints's sales come from Japan, with Europe America and China making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +6.3% from the prior year, operating profit +13.4%.

## Company structure

- Segment revenue mix: Japan 32.2%、Europe America 22.9%、China 16.4%、Southeast asia 14.5%、Korea 13.9%
- Revenue → net income: ¥139364000000 → ¥12675000000
- Net income → operating cash flow: ¥12675000000 → ¥14418000000（difference ¥1743000000）
- Main uses of operating cash flow: CapEx ¥2530000000 / dividends ¥5199000000 / buybacks ¥1000000
- Change in cash: ¥5883000000
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 | ¥139.4B |  |
| Operating income | ¥17.4B | Margin 12.5% |
| Net income | ¥11B | Margin 7.9% |
| Free cash flow | ¥11.9B |  |
| Largest business | Japan | of segment revenue 32.2% |
| Employees (consolidated) | 2,198 |  |
| EPS | ¥208 |  |
| Book value per share | ¥1039.01 |  |
| Equity ratio | 60.6% |  |
| Shares outstanding | 55,000,000 |  |
| Treasury shares | 5,386,100 |  |
| Shareholders | 15,357 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 24.2% | Cash ÷ revenue 27.3% |
| Vs. industry median margin | +6.6 pp | Paints & Inks |
| ROE | 15.8% | Derived from disclosed figures |
| ROA | 7.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥82442000000 | ¥139364000000 | +69.0% |
| Operating income | ¥6506000000 | ¥17437000000 | +168.0% |
| Operating margin | 7.9% | 12.5% | +4.6 pp |
| Employees | 2,276 people | 2,198 people | -3.4% |
| Cash and equivalents | ¥21920000000 | ¥38058000000 | +73.6% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 32.2% |
| 日本 → 事業再編・廃止 | 7.5% |
| 中国 → 中国 | 16.4% |
| 中国 → 事業再編・廃止 | 3.1% |
| 韓国 → 韓国 | 8.4% |
| 東南アジア → 東南アジア | 14.1% |
| 欧州・米国 → 欧州・米国 | 18.2% |
| 新設・再編 → 韓国 | 5.5% |
| 新設・再編 → 東南アジア | 0.4% |
| 新設・再編 → 欧州・米国 | 4.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +6.5% | ¥44939000000 | 7.3% | 2 |
| Europe America | 5 years | +16.3% | ¥31946000000 | 3.5% | 2 |
| China | 5 years | +7.2% | ¥22908000000 | 13.0% | 2 |
| Southeast asia | 5 years | +11.7% | ¥20208000000 | 20.4% | 2 |
| Korea | 5 years | +23.0% | ¥19360000000 | 16.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 139,364 | 100.0% | S100YGSJ |
| Cost of revenue | 92,584 | 66.4% | S100YGSJ |
| Gross profit | 46,780 | 33.6% | S100YGSJ |
| SG&A | 29,342 | 21.1% | S100YGSJ |
| Operating income | 17,437 | 12.5% | S100YGSJ |
| Ordinary income | 17,840 | 12.8% | S100YGSJ |
| Pretax income | 17,899 | 12.8% | S100YGSJ |
| Income tax | 5,223 | 3.7% | S100YGSJ |
| Net income | 12,675 | 9.1% | S100YGSJ |
| Net income attributable to owners | 10,995 | 7.9% | S100YGSJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 21 |
| Operating income | 13 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 33.6% → Operating margin 12.5% → Net margin 7.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.3%; Core profit growth: +13.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.13×
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 | 131,152 | 139,364 | 8,212 | +6.3% |
| Gross profit | 42,599 | 46,780 | 4,181 | +9.8% |
| Operating income | 15,381 | 17,437 | 2,056 | +13.4% |
| Net income attributable to owners | 13,721 | 10,995 | -2,726 | -19.9% |
| Operating cash flow | 14,539 | 14,418 | -121 | -0.8% |
| Free cash flow | 12,750 | 11,888 | -862 | -6.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 87,729 | 3,441 | 3.9% | -124 | 4,612 | 3,267 | S100N55H |
| FY ending Mar 2021 | 82,442 | 6,506 | 7.9% | 3,279 | 7,129 | 5,781 | S100OCZZ |
| FY ending Mar 2022 | 84,295 | 687 | 0.8% | 257 | -238 | -1,263 | S100R1BQ |
| FY ending Mar 2023 | 99,481 | 3,887 | 3.9% | 3,848 | 29 | -1,489 | S100TSSK |
| FY ending Mar 2024 | 116,174 | 12,185 | 10.5% | 9,892 | 12,388 | 10,856 | S100W4G3 |
| FY ending Mar 2025 | 131,152 | 15,381 | 11.7% | 13,721 | 14,539 | 12,750 | S100YGSJ |
| FY ending Mar 2026 | 139,364 | 17,437 | 12.5% | 10,995 | 14,418 | 11,888 | S100YGSJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥63.4M |
| Operating income per employee (consolidated) | ¥7.9M |
| Net income per employee (consolidated) | ¥5M |

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) | 2,207 | 2,199 | 2,104 | 2,137 | 2,198 |
| Average salary (parent company) | ¥6.9M | ¥6.8M | ¥7.2M | ¥7.5M | ¥7.6M |
| Average age (parent company) | 44.8 years | 45.6 years | 45.4 years | 44.9 years | 44.5 years |
| Average tenure (parent company) | 16.4 years | 16.9 years | 16.6 years | 15.9 years | 15.5 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +6.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 44,939 | 32.2% | 3,287 | 7.3% |
| China | 22,908 | 16.4% | 2,968 | 13.0% |
| Korea | 19,360 | 13.9% | 3,276 | 16.9% |
| Southeast asia | 20,208 | 14.5% | 4,120 | 20.4% |
| Europe America | 31,946 | 22.9% | 1,109 | 3.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 32.2% | 22.3% | -10.0 | 7.3% |
| China | 16.4% | 20.1% | 3.7 | 13.0% |
| Korea | 13.9% | 22.2% | 8.3 | 16.9% |
| Southeast asia | 14.5% | 27.9% | 13.4 | 20.4% |
| Europe America | 22.9% | 7.5% | -15.4 | 3.5% |

Segment → industry: Europe America → Paints & Inks / Southeast asia → Paints & Inks / Korea → Paints & Inks / China → Paints & Inks / Japan → Paints & Inks

## 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 | 14,418 | 10.3% | S100YGSJ |
| Capital expenditure | 2,530 | 1.8% | S100YGSJ |
| Free cash flow | 11,888 | 8.5% | 算出 |
| Investing cash flow | 1,562 | 1.1% | S100YGSJ |
| Financing cash flow | -10,337 | -7.4% | S100YGSJ |
| Dividends paid | 5,199 | 3.7% | S100YGSJ |
| Share buyback | 1 | 0.0% | S100YGSJ |
| Change in cash | 5,883 | 4.2% | S100YGSJ |
| Cash and equivalents | 38,058 | 27.3% | S100YGSJ |

## 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 | 17,148 | 18,214 | 27,705 | 32,174 | 38,058 | S100TSSK, S100W4G3, S100YGSJ |
| Total assets | 104,618 | 112,747 | 132,404 | 144,777 | 157,560 | S100R1BQ, S100TSSK, S100W4G3, S100YGSJ |
| Net assets | 60,039 | 63,130 | 76,175 | 89,435 | 101,780 | S100TSSK, S100W4G3, S100YGSJ |
| Share capital | 11,626 | 11,626 | 11,626 | 11,626 | 11,626 | S100R1BQ, S100TSSK, S100W4G3, S100YGSJ |
| Trade receivables | 27,104 | 31,667 | 36,828 | — | — | S100R1BQ, S100TSSK |
| Property, plant and equipment | 24,054 | 24,788 | 25,000 | 24,599 | 22,625 | S100R1BQ, S100TSSK, S100W4G3, S100YGSJ |
| Intangible assets excluding goodwill | 359 | 332 | 331 | 440 | 413 | S100R1BQ, S100TSSK, S100W4G3, S100YGSJ |
| Investment securities | 7,731 | 5,324 | 8,040 | 8,229 | 12,939 | S100R1BQ, S100TSSK, S100W4G3, S100YGSJ |
| Current assets | 71,495 | 81,089 | 97,379 | 108,373 | 117,716 | S100R1BQ, S100TSSK, S100W4G3, S100YGSJ |
| Current liabilities | 34,694 | 42,216 | 47,520 | 46,268 | 43,475 | S100R1BQ, S100TSSK, S100W4G3, S100YGSJ |
| Trade payables | 10,333 | 11,428 | 12,432 | 14,630 | 15,419 | S100R1BQ, S100TSSK, S100W4G3, S100YGSJ |
| Short-term borrowings | 16,995 | 20,437 | 22,017 | 17,086 | 13,666 | S100R1BQ, S100TSSK, S100W4G3, S100YGSJ |
| Long-term borrowings | 2,734 | 1,000 | 1,700 | 1,000 | 2,738 | S100R1BQ, S100TSSK, S100W4G3, S100YGSJ |
| Total liabilities | 44,578 | 49,617 | 56,229 | 55,342 | 55,780 | S100R1BQ, S100TSSK, S100W4G3, S100YGSJ |
| Non-controlling interests | 4,748 | 4,953 | 5,659 | 5,903 | 6,306 | S100R1BQ, S100TSSK, S100W4G3, S100YGSJ |
| Equity attributable to owners of parent | 47,367 | 48,244 | 55,582 | 65,522 | 73,475 | S100R1BQ, S100TSSK, S100W4G3, S100YGSJ |
| Retained earnings | 44,244 | 41,536 | 48,852 | 58,787 | 66,708 | S100R1BQ, S100TSSK, S100W4G3, S100YGSJ |
| Treasury stock | -10,006 | -4,918 | -4,902 | -4,891 | -4,859 | S100R1BQ, S100TSSK, S100W4G3, S100YGSJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YGSJ |
| Property, plant and equipment | 15% | S100YGSJ |
| Intangibles and goodwill | 0% | S100YGSJ |
| Investment securities | 8% | S100YGSJ |
| Other assets | 53% | S100YGSJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YGSJ |
| Other liabilities | 26% | S100YGSJ |
| Equity | 64% | S100YGSJ |

### 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 | 104,618 | 112,747 | 132,404 | 144,777 | 157,560 |
| Equity | 60,039 | 63,130 | 76,175 | 89,435 | 101,780 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 17,148 | 18,214 | 27,705 | 32,174 | 38,058 |

## 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) | 16.2% | S100YGSJ |
| Fixed assets ÷ total assets | 14.4% | S100YGSJ |
| Goodwill ÷ parent equity | — | —, S100YGSJ |

### 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) | 24.2% |
| Cash ÷ revenue | 27.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 82.7% |
| Cash vs. profit gap | 3,423 JPY mn (of net income 31.1%) |
| Shareholder returns / net income | 47.3% |
| Shareholder returns / FCF | 43.7% |
| Shareholder payments — dividends / net income | 47.3% |
| Shareholder payments — dividends / FCF | 43.7% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 10.8% |

## 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 | 0.3% | 0.81× | 0.2% | 2.21× | 0.5% | S100R1BQ |
| 2023 | 3.9% | 0.92× | 3.5% | 2.27× | 8.0% | S100TSSK |
| 2024 | 8.5% | 0.95× | 8.1% | 2.36× | 19.1% | S100W4G3 |
| 2025 | 10.5% | 0.95× | 9.9% | 2.29× | 22.7% | S100YGSJ |
| 2026 | 7.9% | 0.92× | 7.3% | 2.18× | 15.8% | S100YGSJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 12.6% | 2026-03-31 |
| 株式会社日本カストディ銀行 （信託口） | Major shareholder | 5.7% | 2026-03-31 |
| 株式会社広島銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 今治造船株式会社 | Major shareholder | 4.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 4.5% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 4.0% | 2026-03-31 |
| 正栄汽船株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| 中国塗料取引先持株会 | Major shareholder | 2.5% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE FIDELITY FUNDS （常任代理人 香港上海銀行東京支店） | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第129期(2025/04/01－2026/03/31) | S100YGSJ | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGSJ,, |
| 有価証券報告書－第128期(2024/04/01－2025/03/31) | S100W4G3 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4G3,, |
| 有価証券報告書－第127期(2023/04/01－2024/03/31) | S100TSSK | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSSK,, |
| 有価証券報告書－第126期(2022/04/01－2023/03/31) | S100R1BQ | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1BQ,, |
| 有価証券報告書－第125期(令和3年4月1日－令和4年3月31日) | S100OCZZ | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCZZ,, |
| 訂正有価証券報告書－第124期(令和2年4月1日－令和3年3月31日) | S100N55H | 2021-12-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N55H,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| SP SAMHWA Co.,Ltd. | Capital alliance | 船舶用・工業用塗料の業務提携と株式の相互取得 | S100YGSJ |
| PROPSPEED INTERNATIONAL LIMITED | Co-development | 中国塗料が塗料の製造技術を供与 | S100YGSJ |
| SWARCO ROAD MARKING SYSTEMS PTY. LTD. | Co-development | 中国塗料が塗料の製造技術を供与 | S100YGSJ |
| DAVIES PAINTS PHILIPPINES, INC. | Co-development | 中国塗料が塗料の製造技術を供与 | S100YGSJ |
| DEKRO PAINTS (PTY) LTD. | Co-development | 中国塗料が塗料の製造技術を供与 | S100YGSJ |
| HAIPHONG PAINT JOINT STOCK COMPANY | Co-development | 中国塗料が塗料の製造技術を供与 | S100YGSJ |
| PETRO VIETNAM PAINT JOINT STOCK COMPANY | Co-development | 中国塗料が塗料の製造技術を供与 | S100YGSJ |
| SUEZ CANAL ADVANCED PAINTS & CHEMICALS CO. | Co-development | 中国塗料が塗料の製造技術を供与 | S100YGSJ |
| RENNER HERRMANN S.A. | Co-development | 中国塗料が塗料の製造技術を供与 | S100YGSJ |
| BERGER PAINTS INDIA LIMITED | Co-development | 中国塗料が塗料の製造技術を供与 | S100YGSJ |
| BERGER PAINTS BANGLADESH LIMITED | Co-development | 中国塗料が塗料の製造技術を供与 | S100YGSJ |

## 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).