# DIC Corporation: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第128期(2025/01/01－2025/12/31) (S100XS2N)
> Page: https://vizora.meequs.com/en/company/dic
> Retrieved: 2026-09-30T17:49:00.083Z

## Company

DIC, founded in 1937, is a company in Chemicals listed on TSE Prime. It has 20,884 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DIC Corporation |
| Ticker | 4631 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4631.T) |
| Listing | TSE Prime |
| Head office | 東京都板橋区坂下三丁目35番58号 |
| Representative (per filing) | 代表取締役社長執行役員 池田 尚志 |
| Founded | Feb 1937 |
| Share capital | ¥96.6B |
| Employees (consolidated) | 20,884 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | December |
| Website | www.dic-global.com (https://www.dic-global.com/) |
| Corporate number | 7011401003807 |
| EDINET | E00901 |
| Industries (Vizora) | Chemicals, Paints & Inks |

> Profile source: annual securities report (S100XS2N, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Paints & Inks (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 76.1 | 23 |
| Profitability | 41.3 | 23 |
| Cash conversion | 75 | 22 |
| Efficiency | 63 | 23 |
| Financial strength | 12.5 | 4 |

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 52% of DIC's sales come from Packaging and Graphic, with Functional Products and Color and Display making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -1.8% from the prior year, operating profit +17.2%.

## Company structure

- Segment revenue mix: Packaging and Graphic 52.2%、Functional Products 27.3%、Color and Display 20.5%、Other 0.0%
- Revenue → net income: ¥1052194000000 → ¥33212000000
- Net income → operating cash flow: ¥33212000000 → ¥72971000000（difference ¥39759000000）
- Main uses of operating cash flow: CapEx ¥41956000000 / dividends ¥9496000000 / buybacks —
- Change in cash: ¥6370000000
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 | ¥1.05T |  |
| Operating income | ¥52.2B | Margin 5.0% |
| Net income | ¥32.4B | Margin 3.1% |
| Free cash flow | ¥31B |  |
| Largest business | Packaging and Graphic | of segment revenue 52.2% |
| Employees (consolidated) | 20,884 |  |
| EPS | ¥208.18 |  |
| Book value per share | ¥3505.61 |  |
| Equity ratio | 37.0% |  |
| Shares outstanding | 95,157,000 |  |
| Treasury shares | 199,400 |  |
| Shareholders | 50,718 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 5.3% | Net cash -¥233.3B · Cash ÷ revenue 6.4% |
| Vs. industry median margin | -1 pp | Paints & Inks |
| ROE | 8.3% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.3× net income
- FY2025, employees -1% while operating income rose 17%

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥701223000000 | ¥1052194000000 | +50.1% |
| Operating income | ¥39663000000 | ¥52192000000 | +31.6% |
| Operating margin | 5.7% | 5.0% | -0.7 pp |
| Employees | 20,242 people | 20,884 people | +3.2% |
| Cash and equivalents | ¥41354000000 | ¥67310000000 | +62.8% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| パッケージング＆グラフィック → パッケージング＆グラフィック | 52.2% |
| パッケージング＆グラフィック → 事業再編・廃止 | 3.2% |
| カラー＆ディスプレイ → カラー＆ディスプレイ | 11.3% |
| ファンクショナルプロダクツ → ファンクショナルプロダクツ | 27.3% |
| ファンクショナルプロダクツ → 事業再編・廃止 | 6.0% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → カラー＆ディスプレイ | 9.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Packaging and Graphic | 5 years | +7.2% | ¥549677000000 | 5.7% | 2 |
| Functional Products | 5 years | +4.2% | ¥286802000000 | 8.1% | 2 |
| Color and Display | 5 years | +22.1% | ¥215192000000 | 2.3% | 2 |
| Other | 5 years | +4.7% | ¥524000000 | 48.5% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,052,194 | 100.0% | S100XS2N |
| Cost of revenue | 824,227 | 78.3% | S100XS2N |
| Gross profit | 227,967 | 21.7% | S100XS2N |
| SG&A | 175,775 | 16.7% | S100XS2N |
| Operating income | 52,192 | 5.0% | S100XS2N |
| Ordinary income | 44,250 | 4.2% | S100XS2N |
| Pretax income | 51,634 | 4.9% | S100XS2N |
| Income tax | 18,422 | 1.8% | S100XS2N |
| Net income | 33,212 | 3.2% | S100XS2N |
| Net income attributable to owners | 32,353 | 3.1% | S100XS2N |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 17 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 21.7% → Operating margin 5.0% → Net margin 3.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.8%; Core profit growth: +17.2%
Operating leverage (core profit growth ÷ revenue growth): -9.75×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,071,127 | 1,052,194 | -18,933 | -1.8% |
| Gross profit | 222,198 | 227,967 | 5,769 | +2.6% |
| Operating income | 44,521 | 52,192 | 7,671 | +17.2% |
| Net income attributable to owners | 21,313 | 32,353 | 11,040 | +51.8% |
| Operating cash flow | 46,207 | 72,971 | 26,764 | +57.9% |
| Free cash flow | -915 | 31,015 | 31,930 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 768,568 | 41,332 | 5.4% | 23,500 | 50,637 | 15,676 | S100L2OV |
| FY ending Dec 2020 | 701,223 | 39,663 | 5.7% | 13,233 | 54,462 | 20,463 | S100NRJR |
| FY ending Dec 2021 | 855,379 | 42,893 | 5.0% | 4,365 | 44,812 | 6,171 | S100QH6R |
| FY ending Dec 2022 | 1,054,201 | 39,682 | 3.8% | 17,610 | 7,935 | -37,462 | S100T5HO |
| FY ending Dec 2023 | 1,038,736 | 17,943 | 1.7% | -39,857 | 89,095 | 31,022 | S100VH8S |
| FY ending Dec 2024 | 1,071,127 | 44,521 | 4.2% | 21,313 | 46,207 | -915 | S100XS2N |
| FY ending Dec 2025 | 1,052,194 | 52,192 | 5.0% | 32,353 | 72,971 | 31,015 | S100XS2N |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.4M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | ¥1.5M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 22,474 | 22,743 | 22,255 | 21,184 | 20,884 |
| Average salary (parent company) | ¥7.6M | ¥7.6M | ¥7.5M | ¥7.6M | ¥8M |
| Average age (parent company) | 43.9 years | 44.1 years | 44.7 years | 43.8 years | 44.3 years |
| Average tenure (parent company) | 19.1 years | 18.9 years | 19.5 years | 18.0 years | 18.3 years |

Year over year: Employees (consolidated) -1.4% · Revenue (consolidated) -1.8%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Packaging and Graphic | 549,677 | 52.2% | 31,076 | 5.7% |
| Color and Display | 215,192 | 20.5% | 4,991 | 2.3% |
| Functional Products | 286,802 | 27.3% | 23,107 | 8.1% |
| Other | 524 | 0.0% | 254 | 48.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Packaging and Graphic | 52.2% | 52.3% | 0.1 | 5.7% |
| Color and Display | 20.5% | 8.4% | -12.1 | 2.3% |
| Functional Products | 27.3% | 38.9% | 11.6 | 8.1% |
| Other | 0.0% | 0.4% | 0.4 | 48.5% |

Segment → industry: Functional Products → Chemicals / Color and Display → Chemicals / Color and Display → Paints & Inks / Packaging and Graphic → Paints & Inks

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 72,971 | 6.9% | S100XS2N |
| Capital expenditure | 41,956 | 4.0% | S100XS2N |
| Free cash flow | 31,015 | 2.9% | 算出 |
| Investing cash flow | -20,588 | -2.0% | S100XS2N |
| Financing cash flow | -45,389 | -4.3% | S100XS2N |
| Dividends paid | 9,496 | 0.9% | S100XS2N |
| Change in cash | 6,370 | 0.6% | S100XS2N |
| Cash and equivalents | 67,310 | 6.4% | S100XS2N |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 37,572 | 62,560 | 84,642 | 60,940 | 67,310 | S100T5HO, S100VH8S, S100XS2N |
| Total assets | 1,071,481 | 1,261,637 | 1,244,889 | 1,226,433 | 1,274,091 | S100QH6R, S100T5HO, S100VH8S, S100XS2N |
| Net assets | 381,008 | 421,088 | 399,267 | 420,615 | 490,844 | S100T5HO, S100VH8S, S100XS2N |
| Share capital | 96,557 | 96,557 | 96,557 | 96,557 | 96,557 | S100QH6R, S100T5HO, S100VH8S, S100XS2N |
| Trade receivables | 237,916 | 247,520 | 225,148 | 229,744 | 231,445 | S100QH6R, S100T5HO, S100VH8S, S100XS2N |
| Property, plant and equipment | 307,684 | 353,536 | 373,892 | 364,141 | 371,094 | S100QH6R, S100T5HO, S100VH8S, S100XS2N |
| Intangible assets excluding goodwill | 52,313 | 78,764 | 68,916 | 67,494 | 62,140 | S100QH6R, S100T5HO, S100VH8S, S100XS2N |
| Goodwill | 20,182 | 33,641 | 17,782 | 17,394 | 17,140 | S100QH6R, S100T5HO, S100VH8S, S100XS2N |
| Investment securities | 59,289 | 63,819 | 63,071 | 60,085 | 63,320 | S100QH6R, S100T5HO, S100VH8S, S100XS2N |
| Current assets | 542,114 | 659,967 | 620,188 | 607,506 | 627,550 | S100QH6R, S100T5HO, S100VH8S, S100XS2N |
| Current liabilities | 305,575 | 389,892 | 348,749 | 333,071 | 386,545 | S100QH6R, S100T5HO, S100VH8S, S100XS2N |
| Trade payables | 145,816 | 154,964 | 140,089 | 138,448 | 127,763 | S100QH6R, S100T5HO, S100VH8S, S100XS2N |
| Short-term borrowings | 10,437 | 26,056 | 12,405 | 26,732 | 6,663 | S100QH6R, S100T5HO, S100VH8S, S100XS2N |
| Long-term borrowings | 171,443 | 260,259 | 308,231 | 277,617 | 198,909 | S100QH6R, S100T5HO, S100VH8S, S100XS2N |
| Bonds | 140,000 | 110,000 | 95,000 | 100,000 | 95,000 | S100QH6R, S100T5HO, S100VH8S, S100XS2N |
| Interest-bearing debt | 321,880 | 396,315 | 415,636 | 404,349 | 300,572 | 算出 |
| Total liabilities | 690,473 | 840,549 | 845,622 | 805,819 | 783,247 | S100QH6R, S100T5HO, S100VH8S, S100XS2N |
| Non-controlling interests | 35,081 | 34,091 | 35,330 | 19,194 | 19,963 | S100QH6R, S100T5HO, S100VH8S, S100XS2N |
| Equity attributable to owners of parent | 403,910 | 411,802 | 362,497 | 376,301 | 399,151 | S100QH6R, S100T5HO, S100VH8S, S100XS2N |
| Retained earnings | 214,665 | 222,796 | 173,292 | 187,008 | 209,865 | S100QH6R, S100T5HO, S100VH8S, S100XS2N |
| Treasury stock | -1,780 | -1,785 | -1,586 | -1,498 | -1,505 | S100QH6R, S100T5HO, S100VH8S, S100XS2N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100XS2N |
| Receivables | 18% | S100XS2N |
| Property, plant and equipment | 29% | S100XS2N |
| Intangibles and goodwill | 6% | S100XS2N |
| Investment securities | 5% | S100XS2N |
| Other assets | 36% | S100XS2N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100XS2N |
| Interest-bearing debt | 24% | 算出 |
| Other liabilities | 28% | S100XS2N |
| Equity | 38% | S100XS2N |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 1,071,481 | 1,261,637 | 1,244,889 | 1,226,433 | 1,274,091 |
| Equity | 381,008 | 421,088 | 399,267 | 420,615 | 490,844 |
| Interest-bearing debt | 321,880 | 396,315 | 415,636 | 404,349 | 300,572 |
| Cash | 37,572 | 62,560 | 84,642 | 60,940 | 67,310 |

## 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) | 35.3% | S100XS2N |
| Fixed assets ÷ total assets | 29.1% | S100XS2N |
| Goodwill ÷ parent equity | 4.3% | S100XS2N |

Goodwill over 4 years: 20,182 → 17,140 JPY; total investing cash flow: -324,899 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) | 5.3% |
| Cash ÷ revenue | 6.4% |
| Net cash (cash − interest-bearing debt) | -¥233.3B |
| Net debt ÷ operating cash flow | 3.20× |
| Cash conversion (operating CF ÷ operating income) | 139.8% |
| Cash vs. profit gap | 40,618 JPY mn (of net income 125.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 29.4% |
| Shareholder payments — dividends / FCF | 30.6% |
| CapEx intensity (capex ÷ revenue) | 4.0% |
| Investing CF relative to operating CF | 28.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 0.5% | 0.80× | 0.4% | 2.65× | 1.1% | S100QH6R |
| 2022 | 1.7% | 0.90× | 1.5% | 2.86× | 4.3% | S100T5HO |
| 2023 | — | —× | -3.2% | —× | — | S100VH8S |
| 2024 | 2.0% | 0.87× | 1.7% | 3.35× | 5.8% | S100XS2N |
| 2025 | 3.1% | 0.84× | 2.6% | 3.22× | 8.3% | S100XS2N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社昌栄 | Major shareholder | 13.4% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.3% | 2025-12-31 |
| OASIS JAPAN STRATEGIC FUND LTD. （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 6.1% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.5% | 2025-12-31 |
| 第一生命保険株式会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.2% | 2025-12-31 |
| OASIS INVESTMENTS II MASTER FUND LTD. （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.9% | 2025-12-31 |
| OASIS JAPAN STRATEGIC FUND Y LTD. （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.6% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行） | Major shareholder | 2.2% | 2025-12-31 |
| あいおいニッセイ同和損害保険株式会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.1% | 2025-12-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 2.0% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Dec 2025 came in at ¥1.05T, down -1.8% from ¥1.07T.
- Profits moved the other way: operating income climbed +17.2% from ¥44.5B to ¥52.2B, and net income rose +51.8% from ¥21.3B to ¥32.4B.
- Operating cash flow grew to ¥73B, and free cash flow turned positive at ¥31B after a negative prior year.

### Drivers

- Higher-value products such as jet inks, epoxy resins and industrial tapes kept shipping well.
- Price increases (including tariff pass-through), tight cost control and pigment restructuring in Europe and the US turned the overseas pigment business profitable.
- Net income also got a lift from one-off gains, including the sale of stakes tied to its exit from liquid crystal materials and the sale of artworks.

### Risks

- A prolonged slump in Europe or China could cut demand sharply.
- US-China tensions could bring higher tariffs or trade restrictions that raise costs quickly.
- A sudden stronger yen would shrink overseas earnings in yen terms, and higher interest rates would raise interest costs.

Cited: Annual Securities Report (FY ending Dec 2025) (Management's analysis of financial position, results and cash flows); Annual Securities Report (FY ending Dec 2025) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第128期(2025/01/01－2025/12/31) | S100XS2N | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS2N,, |
| 有価証券報告書－第127期(2024/01/01－2024/12/31) | S100VH8S | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VH8S,, |
| 有価証券報告書－第126期(2023/01/01－2023/12/31) | S100T5HO | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5HO,, |
| 有価証券報告書－第125期(2022/01/01－2022/12/31) | S100QH6R | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH6R,, |
| 有価証券報告書－第124期(令和3年1月1日－令和3年12月31日) | S100NRJR | 2022-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRJR,, |
| 有価証券報告書－第123期(令和2年1月1日－令和2年12月31日) | S100L2OV | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2OV,, |

## 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).