# Dai Nippon Toryo Company, Limited: 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143期(2025/04/01－2026/03/31) (S100YHL6)
> Page: https://vizora.meequs.com/en/company/dai-nippon-toryo
> Retrieved: 2026-09-30T20:29:58.034Z

## Company

Dai Nippon Toryo, founded in 1966, is a company in Chemicals listed on TSE Prime. It has 2,522 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Dai Nippon Toryo Company,Limited |
| Ticker | 4611 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4611.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区南船場一丁目18番11号 |
| Representative (per filing) | 代表取締役社長 里 隆幸 |
| Founded | Apr 1966 |
| Share capital | ¥8.83B |
| Employees (consolidated) | 2,522 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.dnt.co.jp (https://www.dnt.co.jp/) |
| Corporate number | 1120001026551 |
| EDINET | E00891 |
| Industries (Vizora) | Chemicals, Home Appliances, Paints & Inks |

> Profile source: annual securities report (S100YHL6, filed 2026-06-23). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 71.7 | 23 |
| Profitability | 32.6 | 23 |
| Cash conversion | 11.4 | 22 |
| Efficiency | 28.3 | 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 77% of Dai Nippon Toryo's sales come from Domestic Paint Coatings, with Lighting and Oversea Paint Coatings making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +29.3% from the prior year, operating profit -18.3%.

## Company structure

- Segment revenue mix: Domestic Paint Coatings 76.7%、Lighting 11.1%、Oversea Paint Coatings 9.2%、Other 1.9%、Fluorescence Pigment 1.2%
- Revenue → net income: ¥93759000000 → ¥1786000000
- Net income → operating cash flow: ¥1786000000 → ¥3011000000（difference ¥1225000000）
- Main uses of operating cash flow: CapEx ¥4959000000 / dividends ¥1396000000 / buybacks ¥0
- Change in cash: ¥-556000000
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 | ¥93.8B |  |
| Operating income | ¥3.85B | Margin 4.1% |
| Net income | ¥1.69B | Margin 1.8% |
| Free cash flow | -¥1.95B |  |
| Largest business | Domestic Paint Coatings | of segment revenue 76.7% |
| Employees (consolidated) | 2,522 |  |
| EPS | ¥71.77 |  |
| Diluted EPS | ¥71.4 |  |
| Book value per share | ¥1367.72 |  |
| Equity ratio | 48.6% |  |
| Shares outstanding | 29,710,000 |  |
| Treasury shares | 1,148,100 |  |
| Shareholders | 39,330 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 7.9% | Cash ÷ revenue 11.6% |
| Vs. industry median margin | -1.8 pp | Paints & Inks |
| ROE | 3.1% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by 43 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥63160000000 | ¥93759000000 | +48.4% |
| Operating income | ¥2828000000 | ¥3854000000 | +36.3% |
| Operating margin | 4.5% | 4.1% | -0.4 pp |
| Employees | 2,182 people | 2,522 people | +15.6% |
| Cash and equivalents | ¥6736000000 | ¥10913000000 | +62.0% |

### 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 |
| --- | ---: |
| 国内塗料 → 国内塗料 | 74.8% |
| 海外塗料 → 海外塗料 | 8.7% |
| 照明機器 → 照明機器 | 11.1% |
| 照明機器 → 事業再編・廃止 | 0.3% |
| 蛍光色材 → 蛍光色材 | 1.2% |
| 蛍光色材 → 事業再編・廃止 | 0.6% |
| その他 → その他 | 1.9% |
| その他 → 事業再編・廃止 | 1.4% |
| 新設・再編 → 国内塗料 | 1.9% |
| 新設・再編 → 海外塗料 | 0.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic Paint Coatings | 5 years | +8.8% | ¥71870000000 | 1.7% | 2 |
| Lighting | 5 years | +7.6% | ¥10424000000 | 18.5% | 2 |
| Oversea Paint Coatings | 5 years | +9.4% | ¥8590000000 | 4.3% | 2 |
| Other | 5 years | -3.0% | ¥1785000000 | -2.1% | 2 |
| Fluorescence Pigment | 5 years | -0.5% | ¥1088000000 | 5.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 93,759 | 100.0% | S100YHL6 |
| Cost of revenue | 67,881 | 72.4% | S100YHL6 |
| Gross profit | 25,878 | 27.6% | S100YHL6 |
| SG&A | 22,024 | 23.5% | S100YHL6 |
| Operating income | 3,854 | 4.1% | S100YHL6 |
| Ordinary income | 4,479 | 4.8% | S100YHL6 |
| Pretax income | 3,433 | 3.7% | S100YHL6 |
| Income tax | 1,647 | 1.8% | S100YHL6 |
| Net income | 1,786 | 1.9% | S100YHL6 |
| Net income attributable to owners | 1,688 | 1.8% | S100YHL6 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 24 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 27.6% → Operating margin 4.1% → Net margin 1.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +29.3%; Core profit growth: -18.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.62×
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 | 72,511 | 93,759 | 21,248 | +29.3% |
| Gross profit | 22,463 | 25,878 | 3,415 | +15.2% |
| Operating income | 4,716 | 3,854 | -862 | -18.3% |
| Net income attributable to owners | 9,437 | 1,688 | -7,749 | -82.1% |
| Operating cash flow | 3,570 | 3,011 | -559 | -15.7% |
| Free cash flow | -1,551 | -1,948 | -397 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 72,709 | 5,547 | 7.6% | 3,662 | 4,434 | 120 | S100LU6R |
| FY ending Mar 2021 | 63,160 | 2,828 | 4.5% | 1,968 | 3,641 | 829 | S100OKJW |
| FY ending Mar 2022 | 66,948 | 3,183 | 4.8% | 2,031 | 3,364 | 1,997 | S100R8ZH |
| FY ending Mar 2023 | 72,849 | 3,946 | 5.4% | 3,458 | 1,282 | -1,839 | S100TVOE |
| FY ending Mar 2024 | 71,940 | 4,901 | 6.8% | 4,600 | 3,463 | -668 | S100W3JW |
| FY ending Mar 2025 | 72,511 | 4,716 | 6.5% | 9,437 | 3,570 | -1,551 | S100YHL6 |
| FY ending Mar 2026 | 93,759 | 3,854 | 4.1% | 1,688 | 3,011 | -1,948 | S100YHL6 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.2M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥669.3K |

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) | 2,194 | 2,193 | 2,113 | 2,496 | 2,522 |
| Average salary (parent company) | ¥5.7M | ¥5.7M | ¥5.8M | ¥6M | ¥6.2M |
| Average age (parent company) | 40.3 years | 40.8 years | 41.0 years | 41.4 years | 41.2 years |
| Average tenure (parent company) | 16.0 years | 16.5 years | 16.7 years | 16.4 years | 16.0 years |

Year over year: Employees (consolidated) +1.0% · Revenue (consolidated) +29.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic Paint Coatings | 71,870 | 76.7% | 1,231 | 1.7% |
| Oversea Paint Coatings | 8,590 | 9.2% | 368 | 4.3% |
| Lighting | 10,424 | 11.1% | 1,928 | 18.5% |
| Fluorescence Pigment | 1,088 | 1.2% | 64 | 5.9% |
| Other | 1,785 | 1.9% | -37 | -2.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic Paint Coatings | 76.7% | 34.3% | -42.4 | 1.7% |
| Oversea Paint Coatings | 9.2% | 10.2% | 1.1 | 4.3% |
| Lighting | 11.1% | 53.7% | 42.6 | 18.5% |
| Fluorescence Pigment | 1.2% | 1.8% | 0.6 | 5.9% |
| Other | 1.9% | — | — | -2.1% |

Loss-making segment (excluded from profit shares): Other -37 JPY mn

Segment → industry: Fluorescence Pigment → Chemicals / Lighting → Home Appliances / Oversea Paint Coatings → Paints & Inks / Domestic Paint Coatings → 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 | 3,011 | 3.2% | S100YHL6 |
| Capital expenditure | 4,959 | 5.3% | S100YHL6 |
| Free cash flow | -1,948 | -2.1% | 算出 |
| Investing cash flow | -3,397 | -3.6% | S100YHL6 |
| Financing cash flow | -189 | -0.2% | S100YHL6 |
| Dividends paid | 1,396 | 1.5% | S100YHL6 |
| Share buyback | 0 | 0.0% | S100YHL6 |
| Change in cash | -556 | -0.6% | S100YHL6 |
| Cash and equivalents | 10,913 | 11.6% | S100YHL6 |

## 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 | 6,479 | 6,340 | 7,867 | 11,469 | 10,913 | S100TVOE, S100W3JW, S100YHL6 |
| Total assets | 87,705 | 92,805 | 101,618 | 133,344 | 137,490 | S100R8ZH, S100TVOE, S100W3JW, S100YHL6 |
| Net assets | 51,991 | 55,210 | 62,490 | 76,170 | 76,676 | S100TVOE, S100W3JW, S100YHL6 |
| Share capital | 8,827 | 8,827 | 8,827 | 8,827 | 8,827 | S100R8ZH, S100TVOE, S100W3JW, S100YHL6 |
| Property, plant and equipment | 25,591 | 25,545 | 26,321 | 46,040 | 48,270 | S100R8ZH, S100TVOE, S100W3JW, S100YHL6 |
| Intangible assets excluding goodwill | 374 | 445 | 898 | 1,410 | 1,492 | S100R8ZH, S100TVOE, S100W3JW, S100YHL6 |
| Goodwill | — | — | — | — | 333 | S100YHL6 |
| Investment securities | 7,324 | 7,728 | 10,216 | 9,447 | 8,822 | S100R8ZH, S100TVOE, S100W3JW, S100YHL6 |
| Current assets | 34,773 | 38,604 | 40,198 | 53,066 | 51,258 | S100R8ZH, S100TVOE, S100W3JW, S100YHL6 |
| Current liabilities | 25,790 | 28,240 | 28,693 | 39,641 | 37,498 | S100R8ZH, S100TVOE, S100W3JW, S100YHL6 |
| Trade payables | 16,340 | 17,270 | 16,651 | 16,686 | 15,491 | S100R8ZH, S100TVOE, S100W3JW, S100YHL6 |
| Short-term borrowings | 3,050 | 4,300 | 5,100 | 10,536 | 8,668 | S100R8ZH, S100TVOE, S100W3JW, S100YHL6 |
| Long-term borrowings | 1,200 | 700 | — | 1,040 | 5,831 | S100R8ZH, S100TVOE, S100YHL6 |
| Total liabilities | 35,713 | 37,594 | 39,128 | 57,173 | 60,813 | S100R8ZH, S100TVOE, S100W3JW, S100YHL6 |
| Non-controlling interests | 2,732 | 3,012 | 2,784 | 11,003 | 9,782 | S100R8ZH, S100TVOE, S100W3JW, S100YHL6 |
| Equity attributable to owners of parent | 39,101 | 42,112 | 46,026 | 54,515 | 54,883 | S100R8ZH, S100TVOE, S100W3JW, S100YHL6 |
| Retained earnings | 29,417 | 32,307 | 36,191 | 44,642 | 44,934 | S100R8ZH, S100TVOE, S100W3JW, S100YHL6 |
| Treasury stock | -1,582 | -1,462 | -1,431 | -1,394 | -1,318 | S100R8ZH, S100TVOE, S100W3JW, S100YHL6 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YHL6 |
| Property, plant and equipment | 35% | S100YHL6 |
| Intangibles and goodwill | 1% | S100YHL6 |
| Investment securities | 7% | S100YHL6 |
| Other assets | 49% | S100YHL6 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YHL6 |
| Other liabilities | 33% | S100YHL6 |
| Equity | 56% | S100YHL6 |
| Other liabilities | 0% | S100YHL6 |

### 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 | 87,705 | 92,805 | 101,618 | 133,344 | 137,490 |
| Equity | 51,991 | 55,210 | 62,490 | 76,170 | 76,676 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,479 | 6,340 | 7,867 | 11,469 | 10,913 |

## 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) | 51.5% | S100YHL6 |
| Fixed assets ÷ total assets | 35.1% | S100YHL6 |
| Goodwill ÷ parent equity | 0.6% | S100YHL6 |

### 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) | 7.9% |
| Cash ÷ revenue | 11.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 78.1% |
| Cash vs. profit gap | 1,323 JPY mn (of net income 78.4%) |
| Shareholder returns / net income | 82.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 82.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.3% |
| Investing CF relative to operating CF | 112.8% |

## 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 | 3.0% | 0.76× | 2.3% | 2.24× | 5.2% | S100R8ZH |
| 2023 | 4.7% | 0.81× | 3.8% | 2.22× | 8.5% | S100TVOE |
| 2024 | 6.4% | 0.74× | 4.7% | 2.21× | 10.4% | S100W3JW |
| 2025 | 13.0% | 0.62× | 8.0% | 2.34× | 18.8% | S100YHL6 |
| 2026 | 1.8% | 0.69× | 1.2% | 2.48× | 3.1% | S100YHL6 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（その他信託口） | Major shareholder | 5.0% | 2026-03-31 |
| ダイニッカ株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（投資信託口） | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社島津製作所 | Major shareholder | 3.5% | 2026-03-31 |
| 田邊 康秀 | Major shareholder | 2.9% | 2026-03-31 |
| 明治安田生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.8% | 2026-03-31 |
| 富国生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.8% | 2026-03-31 |
| DNT取引関係持株会 | Major shareholder | 2.4% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 2.4% | 2026-03-31 |
| 三菱UFJ信託銀行株式会社 | Major shareholder | 2.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第143期(2025/04/01－2026/03/31) | S100YHL6 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHL6,, |
| 有価証券報告書－第142期(2024/04/01－2025/03/31) | S100W3JW | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3JW,, |
| 有価証券報告書－第141期(2023/04/01－2024/03/31) | S100TVOE | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVOE,, |
| 有価証券報告書－第140期(2022/04/01－2023/03/31) | S100R8ZH | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8ZH,, |
| 有価証券報告書－第139期(令和3年4月1日－令和4年3月31日) | S100OKJW | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKJW,, |
| 有価証券報告書－第138期(令和2年4月1日－令和3年3月31日) | S100LU6R | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LU6R,, |

## 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).