# DKS 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162期(2025/04/01－2026/03/31) (S100YCSC)
> Page: https://vizora.meequs.com/en/company/dks
> Retrieved: 2026-09-30T20:24:02.527Z

## Company

DKS, founded in 1909, is a company in Batteries listed on TSE Prime. It has 1,155 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | DKS Co. Ltd. |
| Ticker | 4461 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4461.T) |
| Listing | TSE Prime |
| Head office | 京都市下京区西七条東久保町55番地 |
| Representative (per filing) | 代表取締役社長 山路 直貴 |
| Founded | Apr 1909 |
| Share capital | ¥8.89B |
| Employees (consolidated) | 1,155 |
| Average salary (parent only) | ¥8.1M |
| Fiscal year end | March |
| Website | www.dks-web.co.jp (https://www.dks-web.co.jp/) |
| Corporate number | 7130001017809 |
| EDINET | E00885 |
| Industries (Vizora) | Batteries, Chemicals |

> Profile source: annual securities report (S100YCSC, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 64.1 | 96 |
| Profitability | 85.5 | 100 |
| Cash conversion | 20.3 | 96 |
| Efficiency | 68.5 | 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)

- About 37% of DKS's sales come from Electronics and IT, with Environment and Energy and Core Materials making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +13.1% from the prior year, operating profit +88.9%.

## Company structure

- Segment revenue mix: Electronics and IT 36.8%、Environment and Energy 28.1%、Core Materials 18.3%、Life and Wellness 16.8%
- Revenue → net income: ¥82886000000 → ¥7299000000
- Net income → operating cash flow: ¥7299000000 → ¥9962000000（difference ¥2663000000）
- Main uses of operating cash flow: CapEx ¥3622000000 / dividends ¥1161000000 / buybacks ¥1000000
- Change in cash: ¥7273000000
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 | ¥82.9B |  |
| Operating income | ¥10.1B | Margin 12.2% |
| Net income | ¥6.17B | Margin 7.4% |
| Free cash flow | ¥6.34B |  |
| Largest business | Electronics and IT | of segment revenue 36.8% |
| Employees (consolidated) | 1,155 |  |
| EPS | ¥614.28 |  |
| Book value per share | ¥3738.12 |  |
| Equity ratio | 45.2% |  |
| Shares outstanding | 10,684,321 |  |
| Treasury shares | 73,200 |  |
| Shareholders | 4,031 |  |
| Average salary (parent only) | ¥8.1M | Filing company only |
| Cash ratio | 20.7% | Cash ÷ revenue 28.8% |
| Vs. industry median margin | +4.7 pp | Chemicals |
| ROE | 15.2% | Derived from disclosed figures |
| ROA | 5.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 61% of positive segment profit
- FY2026, segment profit share differs by 25 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥59140000000 | ¥82886000000 | +40.2% |
| Operating income | ¥4485000000 | ¥10107000000 | +125.4% |
| Operating margin | 7.6% | 12.2% | +4.6 pp |
| Employees | 1,061 people | 1,155 people | +8.9% |
| Cash and equivalents | ¥11531000000 | ¥23830000000 | +106.7% |

### 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 |
| --- | ---: |
| 界面活性剤 → 事業再編・廃止 | 29.3% |
| アメニティ材料 → 事業再編・廃止 | 12.0% |
| ウレタン材料 → 事業再編・廃止 | 12.7% |
| 機能材料 → 事業再編・廃止 | 35.6% |
| 電子デバイス材料 → 事業再編・廃止 | 9.7% |
| ライフサイエンス → 事業再編・廃止 | 0.7% |
| 新設・再編 → 電子・情報 | 36.8% |
| 新設・再編 → 環境・エネルギー | 28.1% |
| 新設・再編 → ライフ・ウェルネス | 16.8% |
| 新設・再編 → コア・マテリアル | 18.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electronics and IT | — | — | ¥30507000000 | 20.3% | 2 |
| Environment and Energy | — | — | ¥23304000000 | 13.5% | 2 |
| Core Materials | — | — | ¥15182000000 | 1.1% | 2 |
| Life and Wellness | — | — | ¥13892000000 | 4.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 82,886 | 100.0% | S100YCSC |
| Cost of revenue | 58,098 | 70.1% | S100YCSC |
| Gross profit | 24,787 | 29.9% | S100YCSC |
| SG&A | 14,680 | 17.7% | S100YCSC |
| Operating income | 10,107 | 12.2% | S100YCSC |
| Ordinary income | 10,372 | 12.5% | S100YCSC |
| Pretax income | 9,892 | 11.9% | S100YCSC |
| Income tax | 2,592 | 3.1% | S100YCSC |
| Net income | 7,299 | 8.8% | S100YCSC |
| Net income attributable to owners | 6,169 | 7.4% | S100YCSC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 18 |
| Operating income | 12 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 29.9% → Operating margin 12.2% → Net margin 7.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +13.1%; Core profit growth: +88.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.76×
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 | 73,255 | 82,886 | 9,631 | +13.1% |
| Gross profit | 18,238 | 24,787 | 6,549 | +35.9% |
| Operating income | 5,351 | 10,107 | 4,756 | +88.9% |
| Net income attributable to owners | 2,585 | 6,169 | 3,584 | +138.6% |
| Operating cash flow | 7,528 | 9,962 | 2,434 | +32.3% |
| Free cash flow | 5,388 | 6,340 | 952 | +17.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 61,456 | 4,154 | 6.8% | 2,014 | 3,766 | -1,772 | S100LPCU |
| FY ending Mar 2021 | 59,140 | 4,485 | 7.6% | 2,563 | 4,955 | 557 | S100OCAU |
| FY ending Mar 2022 | 62,672 | 4,626 | 7.4% | 2,492 | 5,520 | 2,859 | S100R1DU |
| FY ending Mar 2023 | 65,081 | 1,186 | 1.8% | -407 | 724 | -2,110 | S100TQF1 |
| FY ending Mar 2024 | 63,118 | 2,077 | 3.3% | 1,174 | 7,091 | 4,589 | S100WKM0 |
| FY ending Mar 2025 | 73,255 | 5,351 | 7.3% | 2,585 | 7,528 | 5,388 | S100YCSC |
| FY ending Mar 2026 | 82,886 | 10,107 | 12.2% | 6,169 | 9,962 | 6,340 | S100YCSC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥71.8M |
| Operating income per employee (consolidated) | ¥8.8M |
| Net income per employee (consolidated) | ¥5.3M |

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) | 1,096 | 1,104 | 1,111 | 1,138 | 1,155 |
| Average salary (parent company) | ¥7.3M | ¥7.5M | ¥7M | ¥7.3M | ¥8.1M |
| Average age (parent company) | 40.5 years | 40.9 years | 41.1 years | 41.5 years | 41.4 years |
| Average tenure (parent company) | 14.9 years | 15.3 years | 15.9 years | 15.9 years | 15.6 years |

Year over year: Employees (consolidated) +1.5% · Revenue (consolidated) +13.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronics and IT | 30,507 | 36.8% | 6,203 | 20.3% |
| Environment and Energy | 23,304 | 28.1% | 3,142 | 13.5% |
| Life and Wellness | 13,892 | 16.8% | 599 | 4.3% |
| Core Materials | 15,182 | 18.3% | 162 | 1.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronics and IT | 36.8% | 61.4% | 24.6 | 20.3% |
| Environment and Energy | 28.1% | 31.1% | 3.0 | 13.5% |
| Life and Wellness | 16.8% | 5.9% | -10.8 | 4.3% |
| Core Materials | 18.3% | 1.6% | -16.7 | 1.1% |

Segment → industry: Environment and Energy → Batteries / Core Materials → Chemicals / Life and Wellness → Chemicals / Environment and Energy → Chemicals / Electronics and IT → Chemicals

## 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 | 9,962 | 12.0% | S100YCSC |
| Capital expenditure | 3,622 | 4.4% | S100YCSC |
| Free cash flow | 6,340 | 7.6% | 算出 |
| Investing cash flow | -3,536 | -4.3% | S100YCSC |
| Financing cash flow | 854 | 1.0% | S100YCSC |
| Dividends paid | 1,161 | 1.4% | S100YCSC |
| Share buyback | 1 | 0.0% | S100YCSC |
| Change in cash | 7,273 | 8.8% | S100YCSC |
| Cash and equivalents | 23,830 | 28.8% | S100YCSC |

## 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 | 12,151 | 9,051 | 15,947 | 16,556 | 23,830 | S100TQF1, S100WKM0, S100YCSC |
| Total assets | 86,469 | 85,025 | 94,537 | 97,113 | 115,003 | S100R1DU, S100TQF1, S100WKM0, S100YCSC |
| Net assets | 40,383 | 38,296 | 41,297 | 44,504 | 58,257 | S100TQF1, S100WKM0, S100YCSC |
| Share capital | 8,895 | 8,895 | 8,895 | 8,895 | 8,895 | S100R1DU, S100TQF1, S100WKM0, S100YCSC |
| Property, plant and equipment | 33,358 | 32,743 | 32,467 | 31,398 | 33,328 | S100R1DU, S100TQF1, S100WKM0, S100YCSC |
| Intangible assets excluding goodwill | 618 | 341 | 290 | 250 | 268 | S100R1DU, S100TQF1, S100WKM0, S100YCSC |
| Goodwill | 213 | — | — | — | — | S100R1DU |
| Investment securities | 4,004 | 4,274 | 5,641 | 5,694 | 8,598 | S100R1DU, S100TQF1, S100WKM0, S100YCSC |
| Current assets | 46,534 | 45,411 | 53,614 | 57,247 | 69,382 | S100R1DU, S100TQF1, S100WKM0, S100YCSC |
| Current liabilities | 21,726 | 20,639 | 25,159 | 26,532 | 39,562 | S100R1DU, S100TQF1, S100WKM0, S100YCSC |
| Trade payables | 10,204 | 9,972 | 11,979 | 13,484 | 15,358 | S100R1DU, S100TQF1, S100WKM0, S100YCSC |
| Short-term borrowings | 6,711 | 6,516 | 7,847 | 6,300 | 7,230 | S100R1DU, S100TQF1, S100WKM0, S100YCSC |
| Long-term borrowings | 15,051 | 17,348 | 18,950 | 17,114 | 14,431 | S100R1DU, S100TQF1, S100WKM0, S100YCSC |
| Bonds | 6,000 | 6,000 | 6,000 | 6,000 | — | S100R1DU, S100TQF1, S100WKM0, S100YCSC |
| Interest-bearing debt | 27,762 | 29,864 | 32,797 | 29,414 | — | 算出 |
| Total liabilities | 46,086 | 46,729 | 53,240 | 52,608 | 56,746 | S100R1DU, S100TQF1, S100WKM0, S100YCSC |
| Non-controlling interests | 3,616 | 3,949 | 4,549 | 5,775 | 6,218 | S100R1DU, S100TQF1, S100WKM0, S100YCSC |
| Equity attributable to owners of parent | 35,650 | 32,933 | 33,551 | 35,296 | 45,631 | S100R1DU, S100TQF1, S100WKM0, S100YCSC |
| Retained earnings | 20,498 | 19,250 | 19,851 | 21,575 | 26,583 | S100R1DU, S100TQF1, S100WKM0, S100YCSC |
| Treasury stock | -1,021 | -2,488 | -2,462 | -2,449 | -162 | S100R1DU, S100TQF1, S100WKM0, S100YCSC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YCSC |
| Property, plant and equipment | 29% | S100YCSC |
| Intangibles and goodwill | 0% | S100YCSC |
| Investment securities | 7% | S100YCSC |
| Other assets | 43% | S100YCSC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YCSC |
| Other liabilities | 36% | S100YCSC |
| Equity | 51% | S100YCSC |

### 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 | 86,469 | 85,025 | 94,537 | 97,113 | 115,003 |
| Equity | 40,383 | 38,296 | 41,297 | 44,504 | 58,257 |
| Interest-bearing debt | 27,762 | 29,864 | 32,797 | 29,414 | — |
| Cash | 12,151 | 9,051 | 15,947 | 16,556 | 23,830 |

## 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) | 40.2% | S100YCSC |
| Fixed assets ÷ total assets | 29.0% | S100YCSC |
| Goodwill ÷ parent equity | — | —, S100YCSC |

### 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) | 20.7% |
| Cash ÷ revenue | 28.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 98.6% |
| Cash vs. profit gap | 3,793 JPY mn (of net income 61.5%) |
| Shareholder returns / net income | 18.8% |
| Shareholder returns / FCF | 18.3% |
| Shareholder payments — dividends / net income | 18.8% |
| Shareholder payments — dividends / FCF | 18.3% |
| CapEx intensity (capex ÷ revenue) | 4.4% |
| Investing CF relative to operating CF | 35.5% |

## 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 | 4.0% | 0.72× | 2.9% | 2.43× | 7.0% | S100R1DU |
| 2023 | — | —× | -0.5% | —× | — | S100TQF1 |
| 2024 | 1.9% | 0.70× | 1.3% | 2.70× | 3.5% | S100WKM0 |
| 2025 | 3.5% | 0.76× | 2.7% | 2.78× | 7.5% | S100YCSC |
| 2026 | 7.4% | 0.78× | 5.8% | 2.62× | 15.2% | S100YCSC |

## 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 | 10.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 8.5% | 2026-03-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ （ＦＥ－ＡＣ） （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 4.3% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 4.0% | 2026-03-31 |
| 片山 晃 | Major shareholder | 4.0% | 2026-03-31 |
| ＤＫＳ取引先持株会 | Major shareholder | 3.6% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社京都銀行 | Major shareholder | 2.7% | 2026-03-31 |
| 第一工業製薬従業員持株会 | Major shareholder | 2.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第162期(2025/04/01－2026/03/31) | S100YCSC | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCSC,, |
| 訂正有価証券報告書－第161期(2024/04/01－2025/03/31) | S100WKM0 | 2025-08-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKM0,, |
| 有価証券報告書－第160期(2023/04/01－2024/03/31) | S100TQF1 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQF1,, |
| 有価証券報告書－第159期(2022/04/01－2023/03/31) | S100R1DU | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1DU,, |
| 有価証券報告書－第158期(令和3年4月1日－令和4年3月31日) | S100OCAU | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCAU,, |
| 有価証券報告書－第157期(令和2年4月1日－令和3年3月31日) | S100LPCU | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPCU,, |

## 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).