# CHUKYOIYAKUHIN CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第48期(2025/04/01－2026/03/31) (S100YJGX)
> Page: https://vizora.meequs.com/en/company/chukyoiyakuhin
> Retrieved: 2026-09-30T19:14:57.059Z

## Company

Chukyoiyakuhin, founded in 1978, is a company in Beverages & Dairy listed on TSE Standard. It has 298 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | CHUKYOIYAKUHIN CO.,LTD. |
| Ticker | 4558 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4558.T) |
| Listing | TSE Standard |
| Head office | 愛知県半田市亀崎北浦町二丁目15番地の1 |
| Representative (per filing) | 代表取締役社長 米津 秀二 |
| Founded | May 1978 |
| Share capital | ¥681M |
| Employees (consolidated) | 298 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | chukyoiyakuhin.co.jp (https://chukyoiyakuhin.co.jp/) |
| Corporate number | 2180001091837 |
| EDINET | E03289 |
| Industries (Vizora) | Beverages & Dairy, Specialty Trading & Wholesale, Drugstores & Pharmacies |

> Profile source: annual securities report (S100YJGX, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Drugstores & Pharmacies (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 9.4 | 16 |
| Profitability | 18.4 | 19 |
| Cash conversion | 25 | 18 |
| Efficiency | 7.9 | 19 |

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 59% of Chukyoiyakuhin's sales come from Retail division, with Wholesaling division and Water operating division making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +4.2% from the prior year, operating profit +20.2%.

## Company structure

- Segment revenue mix: Retail division 59.3%、Wholesaling division 29.1%、Water operating division 11.6%、Other 0.0%
- Revenue → net income: ¥6569307000 → ¥83612000
- Net income → operating cash flow: ¥83612000 → ¥99020000（difference ¥15408000）
- Main uses of operating cash flow: CapEx ¥40671000 / dividends ¥54414000 / buybacks ¥5000
- Change in cash: ¥-120752000
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 | ¥6.57B |  |
| Operating income | ¥127.4M | Margin 1.9% |
| Net income | ¥83.6M | Margin 1.3% |
| Free cash flow | ¥58.3M |  |
| Largest business | Retail division | of segment revenue 59.3% |
| Employees (consolidated) | 298 |  |
| EPS | ¥7.84 |  |
| Book value per share | ¥241.49 |  |
| Equity ratio | 48.8% |  |
| Shares outstanding | 11,660,000 |  |
| Treasury shares | 985,200 |  |
| Shareholders | 8,734 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 18.1% | Cash ÷ revenue 14.6% |
| Vs. industry median margin | -2.4 pp | Drugstores & Pharmacies |
| ROE | 3.3% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -4% while operating income rose 20%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥5827026000 | ¥6569307000 | +12.7% |
| Operating income | ¥225575000 | ¥127424000 | -43.5% |
| Operating margin | 3.9% | 1.9% | -1.9 pp |
| Employees | 364 people | 298 people | -18.1% |
| Cash and equivalents | ¥1242485000 | ¥956713000 | -23.0% |

### 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 |
| --- | ---: |
| 小売部門 → 小売部門 | 59.3% |
| 小売部門 → 事業再編・廃止 | 11.3% |
| 卸売部門 → 卸売部門 | 16.9% |
| 売水事業部門 → 売水事業部門 | 11.6% |
| 売水事業部門 → 事業再編・廃止 | 0.8% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 卸売部門 | 12.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Retail division | 5 years | -1.1% | ¥3898269000 | 1.9% | 2 |
| Wholesaling division | 5 years | +14.1% | ¥1909446000 | -1.2% | 2 |
| Water operating division | 5 years | +1.1% | ¥759751000 | 9.9% | 2 |
| Other | 5 years | -13.8% | ¥1840000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,569 | 100.0% | S100YJGX |
| Cost of revenue | 2,854 | 43.4% | 算出 |
| Gross profit | 3,716 | 56.6% | S100YJGX |
| SG&A | 3,588 | 54.6% | S100YJGX |
| Operating income | 127 | 1.9% | S100YJGX |
| Ordinary income | 140 | 2.1% | S100YJGX |
| Pretax income | 119 | 1.8% | S100YJGX |
| Income tax | 35 | 0.5% | S100YJGX |
| Net income | 84 | 1.3% | S100YJGX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 43 |
| SG&A | 55 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 56.6% → Operating margin 1.9% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.2%; Core profit growth: +20.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 4.84×
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 | 6,307 | 6,569 | 263 | +4.2% |
| Gross profit | 3,645 | 3,716 | 70 | +1.9% |
| Operating income | 106 | 127 | 21 | +20.2% |
| Operating cash flow | 32 | 99 | 67 | +212.3% |
| Free cash flow | 6 | 58 | 52 | +856.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,166 | 71 | 1.4% | 10 | 47 | 26 | S100LSBZ |
| FY ending Mar 2021 | 5,827 | 226 | 3.9% | 95 | 344 | 322 | S100P2R6 |
| FY ending Mar 2022 | 5,356 | 64 | 1.2% | 33 | -223 | -270 | S100R5MX |
| FY ending Mar 2023 | 5,693 | 60 | 1.0% | 14 | 106 | -86 | S100TVRO |
| FY ending Mar 2024 | 6,125 | 128 | 2.1% | -27 | 172 | 135 | S100W8E8 |
| FY ending Mar 2025 | 6,307 | 106 | 1.7% | 45 | 32 | 6 | S100YJGX |
| FY ending Mar 2026 | 6,569 | 127 | 1.9% | 84 | 99 | 58 | S100YJGX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22M |
| Operating income per employee (consolidated) | ¥427.6K |
| Net income per employee (consolidated) | ¥280.6K |

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) | 361 | 339 | 322 | 310 | 298 |
| Average salary (parent company) | ¥4.9M | ¥4.6M | ¥4.8M | ¥5M | ¥5.3M |
| Average age (parent company) | 42.5 years | 42.8 years | 43.7 years | 44.2 years | 43.7 years |
| Average tenure (parent company) | 12.8 years | 13.0 years | 13.9 years | 14.4 years | 14.2 years |

Year over year: Employees (consolidated) -3.9% · Revenue (consolidated) +4.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Retail division | 3,898 | 59.3% | 74 | 1.9% |
| Wholesaling division | 1,909 | 29.1% | -22 | -1.2% |
| Water operating division | 760 | 11.6% | 76 | 9.9% |
| Other | 2 | 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 |
| --- | ---: |
| Retail division | 59.3% |
| Wholesaling division | 29.1% |
| Water operating division | 11.6% |
| Other | 0.0% |

Segment → industry: Water operating division → Beverages & Dairy / Wholesaling division → Specialty Trading & Wholesale / Retail division → Drugstores & Pharmacies

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 99 | 1.5% | S100YJGX |
| Capital expenditure | 41 | 0.6% | S100YJGX |
| Free cash flow | 58 | 0.9% | 算出 |
| Investing cash flow | -301 | -4.6% | S100YJGX |
| Financing cash flow | 81 | 1.2% | S100YJGX |
| Dividends paid | 54 | 0.8% | S100YJGX |
| Share buyback | 0 | 0.0% | S100YJGX |
| Change in cash | -121 | -1.8% | S100YJGX |
| Cash and equivalents | 957 | 14.6% | S100YJGX |

## 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 | 1,286 | 945 | 949 | 1,077 | 957 | S100TVRO, S100W8E8, S100YJGX |
| Total assets | 5,339 | 5,243 | 5,083 | 5,065 | 5,285 | S100R5MX, S100TVRO, S100W8E8, S100YJGX |
| Net assets | 2,619 | 2,583 | 2,523 | 2,526 | 2,578 | S100TVRO, S100W8E8, S100YJGX |
| Share capital | 681 | 681 | 681 | 681 | 681 | S100R5MX, S100TVRO, S100W8E8, S100YJGX |
| Property, plant and equipment | 1,696 | 1,669 | 1,657 | 1,639 | 1,641 | S100R5MX, S100TVRO, S100W8E8, S100YJGX |
| Intangible assets excluding goodwill | 81 | 213 | 169 | 112 | 48 | S100R5MX, S100TVRO, S100W8E8, S100YJGX |
| Goodwill | 34 | 171 | 129 | 77 | 19 | S100R5MX, S100TVRO, S100W8E8, S100YJGX |
| Investment securities | 34 | 37 | 62 | 76 | 104 | S100R5MX, S100TVRO, S100W8E8, S100YJGX |
| Current assets | 3,157 | 2,947 | 2,812 | 2,925 | 3,114 | S100R5MX, S100TVRO, S100W8E8, S100YJGX |
| Current liabilities | 2,019 | 2,073 | 2,126 | 1,751 | 1,844 | S100R5MX, S100TVRO, S100W8E8, S100YJGX |
| Short-term borrowings | 910 | 830 | 970 | 750 | 760 | S100R5MX, S100TVRO, S100W8E8, S100YJGX |
| Long-term borrowings | 302 | 188 | 34 | 380 | 471 | S100R5MX, S100TVRO, S100W8E8, S100YJGX |
| Total liabilities | 2,721 | 2,659 | 2,560 | 2,539 | 2,707 | S100R5MX, S100TVRO, S100W8E8, S100YJGX |
| Equity attributable to owners of parent | 2,612 | 2,575 | 2,496 | 2,489 | 2,523 | S100R5MX, S100TVRO, S100W8E8, S100YJGX |
| Retained earnings | 1,708 | 1,668 | 1,587 | 1,577 | 1,607 | S100R5MX, S100TVRO, S100W8E8, S100YJGX |
| Treasury stock | -306 | -304 | -300 | -297 | -292 | S100R5MX, S100TVRO, S100W8E8, S100YJGX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YJGX |
| Property, plant and equipment | 31% | S100YJGX |
| Intangibles and goodwill | 1% | S100YJGX |
| Investment securities | 2% | S100YJGX |
| Other assets | 48% | S100YJGX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 51% | S100YJGX |
| Equity | 49% | S100YJGX |

### 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 | 5,339 | 5,243 | 5,083 | 5,065 | 5,285 |
| Equity | 2,619 | 2,583 | 2,523 | 2,526 | 2,578 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,286 | 945 | 949 | 1,077 | 957 |

## 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) | 25.0% | S100YJGX |
| Fixed assets ÷ total assets | 31.0% | S100YJGX |
| Goodwill ÷ parent equity | 0.8% | S100YJGX |

Goodwill over 4 years: 34 → 19 JPY; total investing cash flow: -473 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) | 18.1% |
| Cash ÷ revenue | 14.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 77.7% |
| Cash vs. profit gap | 15 JPY mn (of net income 18.4%) |
| Shareholder returns / net income | 65.1% |
| Shareholder returns / FCF | 93.3% |
| Shareholder payments — dividends / net income | 65.1% |
| Shareholder payments — dividends / FCF | 93.3% |
| CapEx intensity (capex ÷ revenue) | 0.6% |
| Investing CF relative to operating CF | 303.9% |

## 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 | 0.6% | 1.00× | 0.6% | 2.04× | 1.3% | S100R5MX |
| 2023 | 0.3% | 1.08× | 0.3% | 2.04× | 0.6% | S100TVRO |
| 2024 | — | —× | -0.5% | —× | — | S100W8E8 |
| 2025 | 0.7% | 1.24× | 0.9% | 2.04× | 1.8% | S100YJGX |
| 2026 | 1.3% | 1.27× | 1.6% | 2.07× | 3.3% | S100YJGX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社マサユキコーポレーション | Major shareholder | 14.9% | 2026-03-31 |
| 山田 正行 | Major shareholder | 3.1% | 2026-03-31 |
| 早乙女 修司 | Major shareholder | 2.7% | 2026-03-31 |
| 知多信用金庫 | Major shareholder | 1.8% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.8% | 2026-03-31 |
| 中京医薬品従業員持株会（きずな会） | Major shareholder | 1.5% | 2026-03-31 |
| 杉浦 直幸 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.4% | 2026-03-31 |
| 山田 正人 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2025/04/01－2026/03/31) | S100YJGX | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJGX,, |
| 有価証券報告書－第47期(2024/04/01－2025/03/31) | S100W8E8 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8E8,, |
| 有価証券報告書－第46期(2023/04/01－2024/03/31) | S100TVRO | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVRO,, |
| 有価証券報告書－第45期(2022/04/01－2023/03/31) | S100R5MX | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R5MX,, |
| 訂正有価証券報告書－第44期(令和3年4月1日－令和4年3月31日) | S100P2R6 | 2022-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P2R6,, |
| 有価証券報告書－第43期(令和2年4月1日－令和3年3月31日) | S100LSBZ | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSBZ,, |

## 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).