# Dexerials Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第14期(2025/04/01－2026/03/31) (S100YGAR)
> Page: https://vizora.meequs.com/en/company/dexerials
> Retrieved: 2026-09-30T17:49:00.086Z

## Company

Dexerials, founded in 1962, is a company in Chemicals listed on TSE Prime. It has 1,802 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Dexerials Corporation |
| Ticker | 4980 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4980.T) |
| Listing | TSE Prime |
| Head office | 栃木県下野市下坪山1724 |
| Representative (per filing) | 代表取締役社長 新家 由久 |
| Founded | Mar 1962 |
| Share capital | ¥16.3B |
| Employees (consolidated) | 1,802 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.dexerials.jp (https://www.dexerials.jp/) |
| Corporate number | 4010001147620 |
| EDINET | E31633 |
| Industries (Vizora) | Chemicals, Electronic Components |

> Profile source: annual securities report (S100YGAR, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Electronic Components (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 99.1 | 56 |
| Cash conversion | 17.7 | 48 |
| Efficiency | 43.8 | 56 |
| Financial strength | 70 | 5 |

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 Dexerials's sales come from Electronic Materials, with Optical Materials making up much of the rest.
- Out of every ¥100 of sales, about ¥34 is left as operating profit.
- Revenue changed +3.1% from the prior year, operating profit -4.1%.

## Company structure

- Segment revenue mix: Electronic Materials 58.6%、Optical Materials 41.4%
- Revenue → net income: ¥113832000000 → ¥28009000000
- Net income → operating cash flow: ¥28009000000 → ¥27544000000（difference ¥-465000000）
- Main uses of operating cash flow: CapEx ¥25238000000 / dividends ¥10283000000 / buybacks ¥5992000000
- Change in cash: ¥-18324000000
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 | ¥113.8B |  |
| Operating income | ¥38.1B | Margin 33.5% |
| Net income | ¥28B | Margin 24.6% |
| Free cash flow | ¥2.31B |  |
| Largest business | Electronic Materials | of segment revenue 58.6% |
| Employees (consolidated) | 1,802 |  |
| EPS | ¥166.48 |  |
| Diluted EPS | ¥160.03 |  |
| Book value per share | ¥586.45 |  |
| Equity ratio | 66.2% | Derived from disclosed figures |
| Shares outstanding | 174,741,000 |  |
| Treasury shares | 854,200 |  |
| Shareholders | 39,384 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 10.1% | Net cash ¥149M · Cash ÷ revenue 14.6% |
| Vs. industry median margin | +27.6 pp | Electronic Components |
| ROE | 27.3% | Derived from disclosed figures |
| ROA | 17.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 64% of positive segment profit
- FY2026, operating income keeps 34 per ¥100 of revenue

## What changed in 5 years

Accounting standard changed in FY2023; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥65830000000 | ¥113832000000 | — |
| Operating income | ¥11339000000 | ¥38097000000 | — |
| Operating margin | 17.2% | 33.5% | +16.2 pp |
| Employees | 1,772 people | 1,802 people | — |
| Cash and equivalents | ¥20531000000 | ¥16655000000 | — |

### 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 |
| --- | ---: |
| 光学材料部品 → 事業再編・廃止 | 43.4% |
| 電子材料部品 → 事業再編・廃止 | 56.6% |
| 新設・再編 → 光学材料部品 | 41.4% |
| 新設・再編 → 電子材料部品 | 58.6% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 113,832 | 100.0% | S100YGAR |
| Cost of revenue | 50,071 | 44.0% | S100YGAR |
| Gross profit | 63,760 | 56.0% | S100YGAR |
| SG&A | 24,408 | 21.4% | S100YGAR |
| Operating income | 38,097 | 33.5% | S100YGAR |
| Pretax income | 38,388 | 33.7% | S100YGAR |
| Income tax | 10,379 | 9.1% | S100YGAR |
| Net income | 28,009 | 24.6% | S100YGAR |
| Net income attributable to owners | 28,009 | 24.6% | S100YGAR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 44 |
| SG&A | 21 |
| Other operating | 1 |
| Operating income | 34 |
| (Ref.) Net income | 25 |

### Margin funnel

Gross margin 56.0% → Operating margin 33.5% → Net margin 24.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.1%; Core profit growth: -4.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.32×
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 | 110,390 | 113,832 | 3,442 | +3.1% |
| Gross profit | 62,142 | 63,760 | 1,618 | +2.6% |
| Operating income | 39,735 | 38,097 | -1,638 | -4.1% |
| Net income attributable to owners | 27,737 | 28,009 | 272 | +1.0% |
| Operating cash flow | 40,433 | 27,544 | -12,889 | -31.9% |
| Free cash flow | 24,688 | 2,306 | -22,382 | -90.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 57,710 | 4,617 | 8.0% | 2,734 | 9,656 | 6,611 | S100LK24 |
| FY ending Mar 2021 | 65,830 | 11,339 | 17.2% | 5,329 | 13,187 | 10,451 | S100O9Q6 |
| FY ending Mar 2022 | 95,712 | 26,642 | 27.8% | 16,669 | 25,804 | 20,553 | S100R1PW |
| FY ending Mar 2023 | 106,167 | 32,288 | 30.4% | 20,685 | 21,339 | 9,547 | S100TRJF |
| FY ending Mar 2024 | 105,198 | 31,884 | 30.3% | 22,575 | 28,398 | 17,053 | S100W2SD |
| FY ending Mar 2025 | 110,390 | 39,735 | 36.0% | 27,737 | 40,433 | 24,688 | S100YGAR |
| FY ending Mar 2026 | 113,832 | 38,097 | 33.5% | 28,009 | 27,544 | 2,306 | S100YGAR |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥63.2M |
| Operating income per employee (consolidated) | ¥21.1M |
| Net income per employee (consolidated) | ¥15.5M |

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) | 1,915 | 1,943 | 1,892 | 1,888 | 1,802 |
| Average salary (parent company) | ¥7.8M | ¥8.1M | ¥7.7M | ¥7.6M | ¥7.7M |
| Average age (parent company) | 43.6 years | 43.7 years | 43.9 years | 44.3 years | 44.0 years |
| Average tenure (parent company) | 17.0 years | 16.0 years | 16.0 years | 15.0 years | 15.0 years |

Year over year: Employees (consolidated) -4.6% · Revenue (consolidated) +3.1%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Optical Materials | 47,162 | 41.4% | 14,308 | 30.3% |
| Electronic Materials | 66,669 | 58.6% | 25,043 | 37.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Optical Materials | 41.4% | 36.4% | -5.1 | 30.3% |
| Electronic Materials | 58.6% | 63.6% | 5.1 | 37.6% |

Segment → industry: Optical Materials → Chemicals / Electronic Materials → Electronic Components / Optical Materials → Electronic Components

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 27,544 | 24.2% | S100YGAR |
| Capital expenditure | 25,238 | 22.2% | S100YGAR |
| Free cash flow | 2,306 | 2.0% | 算出 |
| Investing cash flow | -25,061 | -22.0% | S100YGAR |
| Financing cash flow | -21,443 | -18.8% | S100YGAR |
| Dividends paid | 10,283 | 9.0% | S100YGAR |
| Share buyback | 5,992 | 5.3% | S100YGAR |
| Change in cash | -18,324 | -16.1% | S100YGAR |
| Cash and equivalents | 16,655 | 14.6% | S100YGAR |

## 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 | 29,363 | 29,454 | 35,328 | 34,979 | 16,655 | S100TRJF, S100W2SD, S100YGAR |
| Total assets | 128,785 | 126,795 | 140,373 | 151,821 | 165,104 | S100R1PW, S100W2SD, S100YGAR |
| Net assets | 64,576 | 68,608 | 85,122 | 95,915 | 109,363 | S100TRJF, S100W2SD, S100YGAR |
| Share capital | 16,170 | 16,194 | 16,251 | 16,262 | 16,262 | S100R1PW, S100W2SD, S100YGAR |
| Trade receivables | 19,140 | 13,126 | 17,436 | — | — | S100R1PW, S100TRJF |
| Property, plant and equipment | 26,703 | 34,308 | 37,390 | 49,703 | 76,858 | S100R1PW, S100W2SD, S100YGAR |
| Intangible assets excluding goodwill | 29,348 | 27,320 | 24,840 | — | — | S100R1PW, S100TRJF |
| Goodwill | 23,728 | 21,288 | 21,288 | 21,288 | 21,288 | S100R1PW, S100W2SD, S100YGAR |
| Current assets | 65,086 | 59,427 | 69,442 | 63,559 | 49,500 | S100R1PW, S100W2SD, S100YGAR |
| Current liabilities | 49,803 | 35,074 | 30,996 | — | — | S100R1PW, S100TRJF |
| Trade payables | 13,087 | 5,972 | 8,658 | — | — | S100R1PW, S100TRJF |
| Short-term borrowings | 6,500 | 2,000 | 4,000 | — | — | S100R1PW, S100TRJF |
| Long-term borrowings | 8,467 | 11,152 | 15,276 | — | — | S100R1PW, S100TRJF |
| Interest-bearing debt | — | 21,578 | 23,198 | 21,078 | 16,506 | S100W2SD, S100YGAR |
| Total liabilities | 64,209 | 58,187 | 55,251 | 55,905 | 55,740 | S100R1PW, S100W2SD, S100YGAR |
| Non-controlling interests | 840 | 878 | — | — | — | S100R1PW, S100TRJF |
| Equity attributable to owners of parent | 60,629 | 67,737 | 85,122 | 95,915 | 109,363 | S100R1PW, S100W2SD, S100YGAR |
| Retained earnings | 35,733 | 52,895 | 54,777 | 64,442 | 77,667 | S100R1PW, S100W2SD, S100YGAR |
| Treasury stock | -7,444 | -15,908 | -5,085 | -4,727 | -5,110 | S100R1PW, S100W2SD, S100YGAR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YGAR |
| Property, plant and equipment | 47% | S100YGAR |
| Intangibles and goodwill | 13% | — |
| Other assets | 30% | S100YGAR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 10% | S100YGAR |
| Other liabilities | 24% | S100YGAR |
| Equity | 66% | S100YGAR |
| Other liabilities | 0% | S100YGAR |

### 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 | 128,785 | 126,795 | 140,373 | 151,821 | 165,104 |
| Equity | 64,576 | 68,608 | 85,122 | 95,915 | 109,363 |
| Interest-bearing debt | — | 21,578 | 23,198 | 21,078 | 16,506 |
| Cash | 29,363 | 29,454 | 35,328 | 34,979 | 16,655 |

## 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) | 67.5% | S100YGAR |
| Fixed assets ÷ total assets | 46.6% | S100YGAR |
| Goodwill ÷ parent equity | 19.5% | S100YGAR |

Goodwill over 4 years: 23,728 → 21,288 JPY; total investing cash flow: -80,527 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) | 10.1% |
| Cash ÷ revenue | 14.6% |
| Net cash (cash − interest-bearing debt) | ¥149M |
| Net debt ÷ operating cash flow | -0.01× |
| Cash conversion (operating CF ÷ operating income) | 72.3% |
| Cash vs. profit gap | -465 JPY mn (of net income -1.7%) |
| Shareholder returns / net income | 58.1% |
| Shareholder returns / FCF | 705.8% |
| Shareholder payments — dividends / net income | 36.7% |
| Shareholder payments — dividends / FCF | 445.9% |
| CapEx intensity (capex ÷ revenue) | 22.2% |
| Investing CF relative to operating CF | 91.0% |

## 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 | 17.4% | 0.74× | 12.9% | 2.12× | 27.5% | S100R1PW |
| 2023 | 19.5% | 0.83× | 16.2% | 1.99× | 32.2% | S100TRJF, S100W2SD |
| 2024 | 21.5% | 0.79× | 16.9% | 1.75× | 29.5% | S100W2SD |
| 2025 | 25.1% | 0.76× | 19.0% | 1.61× | 30.6% | S100YGAR |
| 2026 | 24.6% | 0.72× | 17.7% | 1.54× | 27.3% | S100YGAR |

## 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 | 17.1% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 9.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託Ｅ口） | Major shareholder | 3.7% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 3.6% | 2026-03-31 |
| 大日本印刷株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| ＭＩＳＡＫＩ ＥＮＧＡＧＥＭＥＮＴ ＭＡＳＴＥＲ ＦＵＮＤ （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 | 1.3% | 2026-03-31 |
| ＢＮＰ ＰＡＲＩＢＡＳ ＰＡＲＩＳ／２Ｓ／ＪＡＳＤＥＣ／ＣＤＣ ＡＶＯＩＲＳ ＣＬＩＥＮＴＳ ＡＩＦＭ （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 | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第14期(2025/04/01－2026/03/31) | S100YGAR | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGAR,, |
| 有価証券報告書－第13期(2024/04/01－2025/03/31) | S100W2SD | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2SD,, |
| 有価証券報告書－第12期(2023/04/01－2024/03/31) | S100TRJF | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRJF,, |
| 有価証券報告書－第11期(2022/04/01－2023/03/31) | S100R1PW | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1PW,, |
| 有価証券報告書－第10期(令和3年4月1日－令和4年3月31日) | S100O9Q6 | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9Q6,, |
| 有価証券報告書－第9期(令和2年4月1日－令和3年3月31日) | S100LK24 | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LK24,, |

## 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).