# DAISHIN CHEMICAL 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74期(2025/04/01－2026/03/31) (S100YJ59)
> Page: https://vizora.meequs.com/en/company/daishin-chemical
> Retrieved: 2026-09-30T21:55:24.570Z

## Company

Daishin Chemical, founded in 1952, is a company in Chemicals listed on TSE Standard. It has 235 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DAISHIN CHEMICAL CO.,LTD. |
| Ticker | 4629 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4629.T) |
| Listing | TSE Standard |
| Head office | 東京都港区芝大門一丁目9番9号 |
| Representative (per filing) | 代表取締役社長 堀越 進 |
| Founded | Dec 1952 |
| Share capital | ¥729M |
| Employees (consolidated) | 235 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.daishin-chemical.co.jp (https://www.daishin-chemical.co.jp/) |
| Corporate number | 6010401016497 |
| EDINET | E00917 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100YJ59, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 14.5 | 100 |
| Cash conversion | 80.7 | 96 |
| Efficiency | 98.5 | 100 |

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)

- Daishin Chemical brought in ¥34.6B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -0.3% from the prior year, operating profit +46.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥34606132000 → ¥889363000
- Net income → operating cash flow: ¥889363000 → ¥2850814000（difference ¥1961451000）
- Main uses of operating cash flow: CapEx ¥455693000 / dividends ¥183007000 / buybacks —
- Change in cash: ¥2216129000
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 | ¥34.6B |  |
| Operating income | ¥1.17B | Margin 3.4% |
| Net income | ¥889.4M | Margin 2.6% |
| Free cash flow | ¥2.4B |  |
| Employees (consolidated) | 235 |  |
| EPS | ¥187.67 |  |
| Book value per share | ¥3724.35 |  |
| Equity ratio | 66.7% |  |
| Shares outstanding | 4,592,000 |  |
| Treasury shares | 16,800 |  |
| Shareholders | 861 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 32.9% | Cash ÷ revenue 24.8% |
| Vs. industry median margin | -4.1 pp | Chemicals |
| ROE | 5.4% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.2× net income
- FY2026, cash is 33% of total assets

## What changed in 5 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥25645706000 | ¥34606132000 | — |
| Operating income | ¥1629980000 | ¥1170470000 | — |
| Operating margin | 6.4% | 3.4% | -3 pp |
| Employees | 193 people | 235 people | — |
| Cash and equivalents | ¥4404945000 | ¥8587594000 | — |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 34,606 | 100.0% | S100YJ59 |
| Cost of revenue | 29,809 | 86.1% | S100YJ59 |
| Gross profit | 4,797 | 13.9% | S100YJ59 |
| SG&A | 3,627 | 10.5% | S100YJ59 |
| Operating income | 1,170 | 3.4% | S100YJ59 |
| Ordinary income | 1,236 | 3.6% | S100YJ59 |
| Pretax income | 1,233 | 3.6% | S100YJ59 |
| Income tax | 344 | 1.0% | S100YJ59 |
| Net income | 889 | 2.6% | S100YJ59 |
| Net income attributable to owners | 889 | 2.6% | S100YJ59 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 11 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 13.9% → Operating margin 3.4% → Net margin 2.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.3%; Core profit growth: +46.4%
Operating leverage (core profit growth ÷ revenue growth): -153.44×
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 | 34,711 | 34,606 | -105 | -0.3% |
| Gross profit | 4,308 | 4,797 | 489 | +11.3% |
| Operating income | 799 | 1,170 | 371 | +46.4% |
| Net income attributable to owners | 588 | 889 | 301 | +51.2% |
| Operating cash flow | 2,747 | 2,851 | 104 | +3.8% |
| Free cash flow | 2,451 | 2,395 | -56 | -2.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 28,064 | 1,538 | 5.5% | 1,108 | 2,669 | 2,394 | S100LVKO |
| FY ending Mar 2021 | 25,646 | 1,630 | 6.4% | 1,138 | 1,589 | 1,119 | S100OM3W |
| FY ending Mar 2022 | 31,302 | 994 | 3.2% | 694 | 60 | -203 | S100OM3W |
| FY ending Mar 2023 | 34,392 | 1,254 | 3.6% | 956 | 1,798 | 1,453 | S100TXIF |
| FY ending Mar 2024 | 32,462 | 826 | 2.5% | 627 | -185 | -687 | S100W992 |
| FY ending Mar 2025 | 34,711 | 799 | 2.3% | 588 | 2,747 | 2,451 | S100YJ59 |
| FY ending Mar 2026 | 34,606 | 1,170 | 3.4% | 889 | 2,851 | 2,395 | S100YJ59 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥147.3M |
| Operating income per employee (consolidated) | ¥5M |
| Net income per employee (consolidated) | ¥3.8M |

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) | 195 | 232 | 231 | 231 | 235 |
| Average salary (parent company) | ¥6.2M | ¥7.4M | ¥6.5M | ¥6.4M | ¥7.2M |
| Average age (parent company) | 41.3 years | 41.9 years | 42.5 years | 42.1 years | 42.1 years |
| Average tenure (parent company) | 16.6 years | 17.2 years | 17.8 years | 17.4 years | 17.3 years |

Year over year: Employees (consolidated) +1.7% · Revenue (consolidated) -0.3%

## 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 | 2,851 | 8.2% | S100YJ59 |
| Capital expenditure | 456 | 1.3% | S100YJ59 |
| Free cash flow | 2,395 | 6.9% | 算出 |
| Investing cash flow | -445 | -1.3% | S100YJ59 |
| Financing cash flow | -190 | -0.5% | S100YJ59 |
| Dividends paid | 183 | 0.5% | S100YJ59 |
| Change in cash | 2,216 | 6.4% | S100YJ59 |
| Cash and equivalents | 8,588 | 24.8% | S100YJ59 |

## 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 | 3,831 | 4,952 | 4,107 | 6,371 | 8,588 | S100OM3W, S100W992, S100YJ59 |
| Total assets | 23,256 | 24,393 | 24,133 | 25,196 | 26,092 | S100OM3W, S100TXIF, S100W992, S100YJ59 |
| Net assets | 14,512 | 15,442 | 16,022 | 16,520 | 17,400 | S100OM3W, S100W992, S100YJ59 |
| Share capital | 729 | 729 | 729 | 729 | 729 | S100OM3W, S100TXIF, S100W992, S100YJ59 |
| Property, plant and equipment | 3,987 | 4,090 | 4,142 | 3,990 | 3,817 | S100OM3W, S100TXIF, S100W992, S100YJ59 |
| Intangible assets excluding goodwill | 90 | 82 | 66 | 61 | 358 | S100OM3W, S100TXIF, S100W992, S100YJ59 |
| Investment securities | 356 | 366 | 491 | 544 | 774 | S100OM3W, S100TXIF, S100W992, S100YJ59 |
| Current assets | 17,877 | 18,854 | 18,431 | 19,440 | 19,930 | S100OM3W, S100TXIF, S100W992, S100YJ59 |
| Current liabilities | 8,379 | 8,714 | 7,916 | 8,466 | 8,441 | S100OM3W, S100TXIF, S100W992, S100YJ59 |
| Long-term borrowings | 20 | — | — | — | — | S100OM3W |
| Total liabilities | 8,744 | 8,951 | 8,110 | 8,676 | 8,692 | S100OM3W, S100TXIF, S100W992, S100YJ59 |
| Equity attributable to owners of parent | 14,450 | 15,260 | 15,704 | 16,110 | 16,816 | S100OM3W, S100TXIF, S100W992, S100YJ59 |
| Retained earnings | 13,058 | 13,868 | 14,312 | 14,717 | 15,424 | S100OM3W, S100TXIF, S100W992, S100YJ59 |
| Treasury stock | -13 | -13 | -13 | -13 | -13 | S100OM3W, S100TXIF, S100W992, S100YJ59 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 33% | S100YJ59 |
| Property, plant and equipment | 15% | S100YJ59 |
| Intangibles and goodwill | 1% | S100YJ59 |
| Investment securities | 3% | S100YJ59 |
| Other assets | 48% | S100YJ59 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 33% | S100YJ59 |
| Equity | 67% | S100YJ59 |

### 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 | 23,256 | 24,393 | 24,133 | 25,196 | 26,092 |
| Equity | 14,512 | 15,442 | 16,022 | 16,520 | 17,400 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,831 | 4,952 | 4,107 | 6,371 | 8,588 |

## 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) | 11.0% | S100YJ59 |
| Fixed assets ÷ total assets | 14.6% | S100YJ59 |
| Goodwill ÷ parent equity | — | —, S100YJ59 |

### 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) | 32.9% |
| Cash ÷ revenue | 24.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 243.6% |
| Cash vs. profit gap | 1,961 JPY mn (of net income 220.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.6% |
| Shareholder payments — dividends / FCF | 7.6% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 15.6% |

## 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 | 2.2% | 1.35× | 3.0% | 1.61× | 4.8% | S100OM3W |
| 2023 | 2.8% | 1.41× | 3.9% | 1.60× | 6.3% | S100TXIF |
| 2024 | 1.9% | 1.34× | 2.6% | 1.57× | 4.1% | S100W992 |
| 2025 | 1.7% | 1.41× | 2.4% | 1.55× | 3.7% | S100YJ59 |
| 2026 | 2.6% | 1.35× | 3.5% | 1.56× | 5.4% | S100YJ59 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 坪井 典明 | Major shareholder | 13.2% | 2026-03-31 |
| 有限会社坪井 | Major shareholder | 12.2% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合無限責任組合員光通信株式会社 | Major shareholder | 6.5% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.7% | 2026-03-31 |
| 大伸化学従業員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| 丸善石油化学株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥＢＲＯＫＥＲＳ ＬＬＣ（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.0% | 2026-03-31 |
| ＤＥＵＴＳＣＨＥ ＢＡＮＫ ＡＧ，ＳＩＮＧＡＰＯＲＥ Ａ／Ｃ ＣＬＩＥＮＴＳ （ＴＲＥＡＴＹ） | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2025/04/01－2026/03/31) | S100YJ59 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ59,, |
| 有価証券報告書－第73期(2024/04/01－2025/03/31) | S100W992 | 2025-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W992,, |
| 有価証券報告書－第72期(2023/04/01－2024/03/31) | S100TXIF | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXIF,, |
| 訂正有価証券報告書－第71期(2022/04/01－2023/03/31) | S100RTTI | 2023-09-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RTTI,, |
| 有価証券報告書－第70期(令和3年4月1日－令和4年3月31日) | S100OM3W | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OM3W,, |
| 有価証券報告書－第69期(令和2年4月1日－令和3年3月31日) | S100LVKO | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVKO,, |

## 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).