# Daito Pharmaceutical Co., Ltd.: business model and financials

> Latest period: FY ending May 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第84期(2025/06/01－2026/05/31) (S100YYNI)
> Page: https://vizora.meequs.com/en/company/daito-pharmaceutical
> Retrieved: 2026-09-30T21:38:37.495Z

## Company

Daito Pharmaceutical, founded in 1942, is a company in Pharmaceuticals listed on TSE Prime. It has 1,085 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Daito Pharmaceutical Co.,Ltd. |
| Ticker | 4577 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4577.T) |
| Listing | TSE Prime |
| Head office | 富山県富山市八日町326番地 |
| Representative (per filing) | 代表取締役社長兼CEO 松森 浩士 |
| Founded | Jun 1942 |
| Share capital | ¥7.19B |
| Employees (consolidated) | 1,085 |
| Average salary (parent only) | ¥5.2M |
| Fiscal year end | May |
| Website | www.daitonet.co.jp (https://www.daitonet.co.jp/) |
| Corporate number | 4230001001499 |
| EDINET | E24187 |
| Industries (Vizora) | Pharmaceuticals |

> Profile source: annual securities report (S100YYNI, filed 2026-08-26). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2026-05-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 8.3 | 18 |
| Profitability | 52.3 | 22 |
| Cash conversion | 91.7 | 18 |
| Efficiency | 85.9 | 32 |

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)

- Daito Pharmaceutical brought in ¥50.6B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +0.0% from the prior year, operating profit +38.9%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥50650000000 → ¥3136000000
- Net income → operating cash flow: ¥3136000000 → ¥9377000000（difference ¥6241000000）
- Main uses of operating cash flow: CapEx ¥5186000000 / dividends ¥1119000000 / buybacks ¥1631000000
- Change in cash: ¥-1253000000
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 | ¥50.6B |  |
| Operating income | ¥3.64B | Margin 7.2% |
| Net income | ¥3.16B | Margin 6.2% |
| Free cash flow | ¥4.19B |  |
| Employees (consolidated) | 1,085 |  |
| EPS | ¥265.65 |  |
| Book value per share | ¥1819.52 |  |
| Equity ratio | 72.2% |  |
| Shares outstanding | 28,854,000 |  |
| Treasury shares | 16,700 |  |
| Shareholders | 3,230 |  |
| Average salary (parent only) | ¥5.2M | Filing company only |
| Cash ratio | 1.3% | Cash ÷ revenue 1.9% |
| Vs. industry median margin | 0 pp | Pharmaceuticals |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.0× net income
- FY2026, buybacks were 1.5× dividends
- FY2026, cash is 1% of total assets

## What changed in 5 years

| Metric | FY ending May 2021 | FY ending May 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥48714000000 | ¥50650000000 | +4.0% |
| Operating income | ¥5908000000 | ¥3637000000 | -38.4% |
| Operating margin | 12.1% | 7.2% | -4.9 pp |
| Employees | 846 people | 1,085 people | +28.3% |
| Cash and equivalents | ¥3372000000 | ¥954000000 | -71.7% |

### Change in segment revenue mix

Span: FY ending May 2021 → FY ending May 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 50,650 | 100.0% | S100YYNI |
| Cost of revenue | 40,753 | 80.5% | S100YYNI |
| Gross profit | 9,897 | 19.5% | S100YYNI |
| SG&A | 6,260 | 12.4% | S100YYNI |
| Operating income | 3,637 | 7.2% | S100YYNI |
| Ordinary income | 3,812 | 7.5% | S100YYNI |
| Pretax income | 4,065 | 8.0% | S100YYNI |
| Income tax | 928 | 1.8% | S100YYNI |
| Net income | 3,136 | 6.2% | S100YYNI |
| Net income attributable to owners | 3,161 | 6.2% | S100YYNI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 12 |
| Operating income | 7 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 19.5% → Operating margin 7.2% → Net margin 6.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.0%; Core profit growth: +38.9%
Growth quality: margin-expansion
Calculated from comparable annual consolidated filings.

## Year over year（FY ending May 2025 → FY ending May 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 50,643 | 50,650 | 7 | +0.0% |
| Gross profit | 8,637 | 9,897 | 1,260 | +14.6% |
| Operating income | 2,619 | 3,637 | 1,018 | +38.9% |
| Net income attributable to owners | 1,908 | 3,161 | 1,253 | +65.7% |
| Operating cash flow | 5,897 | 9,377 | 3,480 | +59.0% |
| Free cash flow | -1,133 | 4,191 | 5,324 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending May 2020 | 44,991 | 5,357 | 11.9% | 3,945 | 4,306 | 1,533 | S100MCBH |
| FY ending May 2021 | 48,714 | 5,908 | 12.1% | 4,246 | 5,182 | -1,167 | S100P2X3 |
| FY ending May 2022 | 43,464 | 6,553 | 15.1% | 4,668 | 4,370 | -363 | S100RS13 |
| FY ending May 2023 | 45,101 | 5,207 | 11.5% | 3,600 | 4,155 | -1,401 | S100UAWW |
| FY ending May 2024 | 46,895 | 3,894 | 8.3% | 3,295 | 5,182 | -1,094 | S100WLMY |
| FY ending May 2025 | 50,643 | 2,619 | 5.2% | 1,908 | 5,897 | -1,133 | S100YYNI |
| FY ending May 2026 | 50,650 | 3,637 | 7.2% | 3,161 | 9,377 | 4,191 | S100YYNI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.7M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥2.9M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 915 | 1,011 | 1,070 | 1,073 | 1,085 |
| Average salary (parent company) | ¥4.9M | ¥5M | ¥5M | ¥4.9M | ¥5.2M |
| Average age (parent company) | 38.2 years | 38.1 years | 38.3 years | 39.0 years | 39.2 years |
| Average tenure (parent company) | 10.4 years | 10.1 years | 10.3 years | 10.8 years | 11.1 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +0.0%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 9,377 | 18.5% | S100YYNI |
| Capital expenditure | 5,186 | 10.2% | S100YYNI |
| Free cash flow | 4,191 | 8.3% | 算出 |
| Investing cash flow | -4,388 | -8.7% | S100YYNI |
| Financing cash flow | -6,289 | -12.4% | S100YYNI |
| Dividends paid | 1,119 | 2.2% | S100YYNI |
| Share buyback | 1,631 | 3.2% | S100YYNI |
| Change in cash | -1,253 | -2.5% | S100YYNI |
| Cash and equivalents | 954 | 1.9% | S100YYNI |

## 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 May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,381 | 3,607 | 2,727 | 2,207 | 954 | S100UAWW, S100WLMY, S100YYNI |
| Total assets | 64,939 | 70,552 | 77,708 | 78,004 | 73,291 | S100RS13, S100UAWW, S100WLMY, S100YYNI |
| Net assets | 47,674 | 50,971 | 52,265 | 52,067 | 52,938 | S100UAWW, S100WLMY, S100YYNI |
| Share capital | 7,031 | 7,186 | 7,186 | 7,186 | 7,186 | S100RS13, S100UAWW, S100WLMY, S100YYNI |
| Property, plant and equipment | 23,116 | 25,837 | 31,972 | 31,826 | 30,676 | S100RS13, S100UAWW, S100WLMY, S100YYNI |
| Intangible assets excluding goodwill | 386 | 377 | 490 | 531 | 1,712 | S100RS13, S100UAWW, S100WLMY, S100YYNI |
| Investment securities | 2,752 | 2,964 | 3,188 | 2,091 | 2,193 | S100RS13, S100UAWW, S100WLMY, S100YYNI |
| Current assets | 37,909 | 40,663 | 41,460 | 41,708 | 36,629 | S100RS13, S100UAWW, S100WLMY, S100YYNI |
| Current liabilities | 14,069 | 15,428 | 18,505 | 17,049 | 13,998 | S100RS13, S100UAWW, S100WLMY, S100YYNI |
| Trade payables | 4,493 | 4,435 | 5,262 | 4,681 | 5,230 | S100RS13, S100UAWW, S100WLMY, S100YYNI |
| Long-term borrowings | 2,247 | 3,368 | 4,669 | 6,569 | 3,753 | S100RS13, S100UAWW, S100WLMY, S100YYNI |
| Total liabilities | 17,265 | 19,580 | 25,443 | 25,936 | 20,352 | S100RS13, S100UAWW, S100WLMY, S100YYNI |
| Non-controlling interests | 367 | 299 | 196 | 64 | 46 | S100RS13, S100UAWW, S100WLMY, S100YYNI |
| Equity attributable to owners of parent | 46,273 | 49,140 | 50,355 | 50,688 | 51,101 | S100RS13, S100UAWW, S100WLMY, S100YYNI |
| Retained earnings | 32,338 | 35,006 | 37,087 | 37,179 | 36,970 | S100RS13, S100UAWW, S100WLMY, S100YYNI |
| Treasury stock | -13 | -124 | -990 | -749 | -128 | S100RS13, S100UAWW, S100WLMY, S100YYNI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 1% | S100YYNI |
| Property, plant and equipment | 42% | S100YYNI |
| Intangibles and goodwill | 2% | S100YYNI |
| Investment securities | 3% | S100YYNI |
| Other assets | 52% | S100YYNI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YYNI |
| Other liabilities | 21% | S100YYNI |
| Equity | 72% | S100YYNI |
| Other liabilities | 0% | S100YYNI |

### Balance sheet history

| Metric | FY ending May 2022 | FY ending May 2023 | FY ending May 2024 | FY ending May 2025 | FY ending May 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 64,939 | 70,552 | 77,708 | 78,004 | 73,291 |
| Equity | 47,674 | 50,971 | 52,265 | 52,067 | 52,938 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,381 | 3,607 | 2,727 | 2,207 | 954 |

## 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) | 60.6% | S100YYNI |
| Fixed assets ÷ total assets | 41.9% | S100YYNI |
| Goodwill ÷ parent equity | — | —, S100YYNI |

### 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) | 1.3% |
| Cash ÷ revenue | 1.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 257.8% |
| Cash vs. profit gap | 6,216 JPY mn (of net income 196.6%) |
| Shareholder returns / net income | 87.0% |
| Shareholder returns / FCF | 65.6% |
| Shareholder payments — dividends / net income | 35.4% |
| Shareholder payments — dividends / FCF | 26.7% |
| CapEx intensity (capex ÷ revenue) | 10.2% |
| Investing CF relative to operating CF | 46.8% |

## 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 | 10.7% | 0.67× | 7.2% | 1.40× | 10.1% | S100RS13 |
| 2023 | 8.0% | 0.67× | 5.3% | 1.42× | 7.5% | S100UAWW |
| 2024 | 7.0% | 0.63× | 4.4% | 1.49× | 6.6% | S100WLMY |
| 2025 | 3.8% | 0.65× | 2.5% | 1.54× | 3.8% | S100YYNI |
| 2026 | 6.2% | 0.67× | 4.2% | 1.49× | 6.2% | S100YYNI |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社日本カストディ銀行(投資信託口) | Major shareholder | 10.2% | 2026-05-31 |
| JAPAN ABSOLUTE VALUE FUND(常任代理人 立花証券株式会社) | Major shareholder | 9.3% | 2026-05-31 |
| 日本マスタートラスト信託銀行株式会社(管理有価証券信託口) | Major shareholder | 6.1% | 2026-05-31 |
| 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 | 4.4% | 2026-05-31 |
| WANG ZHAO | Major shareholder | 3.5% | 2026-05-31 |
| 株式会社オオツガ | Major shareholder | 2.8% | 2026-05-31 |
| 笹山 眞治郎 | Major shareholder | 2.4% | 2026-05-31 |
| 二幸商事株式会社 | Major shareholder | 2.2% | 2026-05-31 |
| BNP PARIBAS SYDNEY/2S/JASDEC/AUSTRALIAN RESIDENTS(常任代理人 香港上海銀行東京支店セキュリティーズ・サービシズ・オペレーションズ) | Major shareholder | 2.1% | 2026-05-31 |
| ダイト従業員持株会 | Major shareholder | 1.7% | 2026-05-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第84期(2025/06/01－2026/05/31) | S100YYNI | 2026-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YYNI,, |
| 有価証券報告書－第83期(2024/06/01－2025/05/31) | S100WLMY | 2025-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WLMY,, |
| 有価証券報告書－第82期(2023/06/01－2024/05/31) | S100UAWW | 2024-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UAWW,, |
| 有価証券報告書－第81期(2022/06/01－2023/05/31) | S100RS13 | 2023-08-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RS13,, |
| 有価証券報告書－第80期(令和3年6月1日－令和4年5月31日) | S100P2X3 | 2022-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P2X3,, |
| 有価証券報告書－第79期(令和2年6月1日－令和3年5月31日) | S100MCBH | 2021-08-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MCBH,, |

## 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).