# EIKEN CHEMICAL CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第88期(2025/04/01－2026/03/31) (S100YFP4)
> Page: https://vizora.meequs.com/en/company/eiken-chemical
> Retrieved: 2026-09-30T21:55:33.581Z

## Company

Eiken Chemical, founded in 1939, is a company in Medical Devices listed on TSE Prime. It has 696 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | EIKEN CHEMICAL CO.,LTD. |
| Ticker | 4549 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4549.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区神田駿河台四丁目6番地 |
| Representative (per filing) | 代表執行役社長 瀨川 雄司 |
| Founded | Feb 1939 |
| Share capital | ¥6.9B |
| Employees (consolidated) | 696 |
| Average salary (parent only) | ¥7.9M |
| Fiscal year end | March |
| Website | www.eiken.co.jp (https://www.eiken.co.jp/) |
| Corporate number | 2010501028231 |
| EDINET | E00961 |
| Industries (Vizora) | Medical Devices |

> Profile source: annual securities report (S100YFP4, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 11.8 | 38 |
| Profitability | 26.9 | 39 |
| Cash conversion | 85.5 | 38 |
| Efficiency | 50 | 39 |

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)

- Eiken Chemical brought in ¥41.9B in revenue.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit -2.7%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥41899000000 → ¥3708000000
- Net income → operating cash flow: ¥3708000000 → ¥4045000000（difference ¥337000000）
- Main uses of operating cash flow: CapEx ¥5846000000 / dividends ¥1858000000 / buybacks ¥1675000000
- Change in cash: ¥303000000
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 | ¥41.9B |  |
| Operating income | ¥2.92B | Margin 7.0% |
| Net income | ¥3.71B | Margin 8.8% |
| Free cash flow | -¥1.8B |  |
| Employees (consolidated) | 696 |  |
| EPS | ¥91.77 |  |
| Diluted EPS | ¥91.41 |  |
| Book value per share | ¥1322.29 |  |
| Equity ratio | 70.1% |  |
| Shares outstanding | 34,541,438 |  |
| Treasury shares | 1,575,800 |  |
| Shareholders | 4,231 |  |
| Average salary (parent only) | ¥7.9M | Filing company only |
| Cash ratio | 12.7% | Cash ÷ revenue 19.0% |
| Vs. industry median margin | -4.1 pp | Medical Devices |
| ROE | 8.6% | Derived from disclosed figures |
| ROA | 5.9% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥38667000000 | ¥41899000000 | +8.4% |
| Operating income | ¥6612000000 | ¥2919000000 | -55.9% |
| Operating margin | 17.1% | 7.0% | -10.1 pp |
| Employees | 733 people | 696 people | -5.0% |
| Cash and equivalents | ¥6968000000 | ¥7943000000 | +14.0% |

### 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 | 41,899 | 100.0% | S100YFP4 |
| Cost of revenue | 25,723 | 61.4% | S100YFP4 |
| Gross profit | 16,175 | 38.6% | S100YFP4 |
| SG&A | 13,255 | 31.6% | S100YFP4 |
| Operating income | 2,919 | 7.0% | S100YFP4 |
| Ordinary income | 2,844 | 6.8% | S100YFP4 |
| Pretax income | 4,834 | 11.5% | S100YFP4 |
| Income tax | 1,125 | 2.7% | S100YFP4 |
| Net income | 3,708 | 8.8% | S100YFP4 |
| Net income attributable to owners | 3,708 | 8.8% | S100YFP4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 32 |
| Operating income | 7 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 38.6% → Operating margin 7.0% → Net margin 8.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.4%; Core profit growth: -2.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.80×
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 | 40,539 | 41,899 | 1,360 | +3.4% |
| Gross profit | 16,512 | 16,175 | -337 | -2.0% |
| Operating income | 2,999 | 2,919 | -80 | -2.7% |
| Net income attributable to owners | 2,228 | 3,708 | 1,480 | +66.4% |
| Operating cash flow | 6,033 | 4,045 | -1,988 | -33.0% |
| Free cash flow | 655 | -1,801 | -2,456 | -375.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 36,585 | 4,622 | 12.6% | 3,538 | 5,460 | 2,653 | S100LL41 |
| FY ending Mar 2021 | 38,667 | 6,612 | 17.1% | 5,044 | 5,451 | 3,340 | S100OBHM |
| FY ending Mar 2022 | 42,996 | 8,387 | 19.5% | 6,218 | 7,769 | 2,876 | S100R2X7 |
| FY ending Mar 2023 | 43,271 | 7,457 | 17.2% | 5,736 | 7,575 | 4,297 | S100TPXA |
| FY ending Mar 2024 | 40,052 | 3,377 | 8.4% | 2,634 | 3,806 | 1,716 | S100W4HZ |
| FY ending Mar 2025 | 40,539 | 2,999 | 7.4% | 2,228 | 6,033 | 655 | S100YFP4 |
| FY ending Mar 2026 | 41,899 | 2,919 | 7.0% | 3,708 | 4,045 | -1,801 | S100YFP4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60.2M |
| Operating income per employee (consolidated) | ¥4.2M |
| 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) | 745 | 754 | 757 | 702 | 696 |
| Average salary (parent company) | ¥7.6M | ¥7.7M | ¥7.7M | ¥7.7M | ¥7.9M |
| Average age (parent company) | 42.0 years | 42.0 years | 42.0 years | 41.0 years | 41.0 years |
| Average tenure (parent company) | 16.0 years | 16.0 years | 15.0 years | 14.0 years | 13.0 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) +3.4%

## 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 | 4,045 | 9.7% | S100YFP4 |
| Capital expenditure | 5,846 | 14.0% | S100YFP4 |
| Free cash flow | -1,801 | -4.3% | 算出 |
| Investing cash flow | -3,423 | -8.2% | S100YFP4 |
| Financing cash flow | -322 | -0.8% | S100YFP4 |
| Dividends paid | 1,858 | 4.4% | S100YFP4 |
| Share buyback | 1,675 | 4.0% | S100YFP4 |
| Change in cash | 303 | 0.7% | S100YFP4 |
| Cash and equivalents | 7,943 | 19.0% | S100YFP4 |

## 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 | 10,900 | 16,064 | 10,966 | 7,640 | 7,943 | S100TPXA, S100W4HZ, S100YFP4 |
| Total assets | 62,512 | 66,275 | 61,651 | 62,372 | 62,657 | S100R2X7, S100TPXA, S100W4HZ, S100YFP4 |
| Net assets | 45,803 | 49,535 | 45,971 | 43,598 | 44,034 | S100TPXA, S100W4HZ, S100YFP4 |
| Share capital | 6,897 | 6,897 | 6,897 | 6,897 | 6,897 | S100R2X7, S100TPXA, S100W4HZ, S100YFP4 |
| Property, plant and equipment | 15,275 | 17,202 | 17,005 | 22,121 | 23,338 | S100R2X7, S100TPXA, S100W4HZ, S100YFP4 |
| Intangible assets excluding goodwill | 1,350 | 1,054 | 792 | 670 | 332 | S100R2X7, S100TPXA, S100W4HZ, S100YFP4 |
| Investment securities | 3,614 | 586 | 597 | 408 | 763 | S100R2X7, S100TPXA, S100W4HZ, S100YFP4 |
| Current assets | 37,039 | 39,217 | 37,851 | 31,532 | 32,040 | S100R2X7, S100TPXA, S100W4HZ, S100YFP4 |
| Current liabilities | 12,533 | 12,443 | 11,351 | 14,376 | 14,636 | S100R2X7, S100TPXA, S100W4HZ, S100YFP4 |
| Trade payables | 4,495 | 4,685 | 4,648 | 5,251 | 4,838 | S100R2X7, S100TPXA, S100W4HZ, S100YFP4 |
| Long-term borrowings | — | — | — | — | 2,650 | S100YFP4 |
| Bonds | 3,000 | 3,000 | 3,000 | 3,000 | — | S100R2X7, S100TPXA, S100W4HZ, S100YFP4 |
| Total liabilities | 16,708 | 16,740 | 15,680 | 18,773 | 18,622 | S100R2X7, S100TPXA, S100W4HZ, S100YFP4 |
| Equity attributable to owners of parent | 44,934 | 48,743 | 44,904 | 42,734 | 43,432 | S100R2X7, S100TPXA, S100W4HZ, S100YFP4 |
| Retained earnings | 33,162 | 36,865 | 35,801 | 34,700 | 30,884 | S100R2X7, S100TPXA, S100W4HZ, S100YFP4 |
| Treasury stock | -3,126 | -3,095 | -5,686 | -6,756 | -2,242 | S100R2X7, S100TPXA, S100W4HZ, S100YFP4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YFP4 |
| Property, plant and equipment | 37% | S100YFP4 |
| Intangibles and goodwill | 1% | S100YFP4 |
| Investment securities | 1% | S100YFP4 |
| Other assets | 48% | S100YFP4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YFP4 |
| Other liabilities | 22% | S100YFP4 |
| Equity | 70% | S100YFP4 |
| Other liabilities | 0% | S100YFP4 |

### 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 | 62,512 | 66,275 | 61,651 | 62,372 | 62,657 |
| Equity | 45,803 | 49,535 | 45,971 | 43,598 | 44,034 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,900 | 16,064 | 10,966 | 7,640 | 7,943 |

## 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) | 55.7% | S100YFP4 |
| Fixed assets ÷ total assets | 37.2% | S100YFP4 |
| Goodwill ÷ parent equity | — | —, S100YFP4 |

### 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) | 12.7% |
| Cash ÷ revenue | 19.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 138.6% |
| Cash vs. profit gap | 337 JPY mn (of net income 9.1%) |
| Shareholder returns / net income | 95.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 50.1% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 14.0% |
| Investing CF relative to operating CF | 84.6% |

## 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 | 14.5% | 0.69× | 9.9% | 1.39× | 13.8% | S100R2X7 |
| 2023 | 13.3% | 0.67× | 8.9% | 1.37× | 12.2% | S100TPXA |
| 2024 | 6.6% | 0.63× | 4.1% | 1.37× | 5.6% | S100W4HZ |
| 2025 | 5.5% | 0.65× | 3.6% | 1.42× | 5.1% | S100YFP4 |
| 2026 | 8.8% | 0.67× | 5.9% | 1.45× | 8.6% | S100YFP4 |

## 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 | 12.7% | 2026-03-31 |
| NIPPON ACTIVE VALUE FUND PLC（常任代理人 香港上海銀行東京支店） | Major shareholder | 9.9% | 2026-03-31 |
| AVI JAPAN OPPORTUNITY TRUST PLC（常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 6.8% | 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 | 6.6% | 2026-03-31 |
| THE BANK OF NEW YORK - JASDECTREATY ACCOUNT（常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 4.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.8% | 2026-03-31 |
| NAVF SELECT LLC（常任代理人 香港上海銀行東京支店） | Major shareholder | 3.8% | 2026-03-31 |
| 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 | 3.3% | 2026-03-31 |
| GOLDMAN,SACHS ＆ CO.REG (常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 2.8% | 2026-03-31 |
| CACEIS BANK， LUXEMBOURG BRANCH ／AIF CLIENTS ASSETS（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第88期(2025/04/01－2026/03/31) | S100YFP4 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFP4,, |
| 有価証券報告書－第87期(2024/04/01－2025/03/31) | S100W4HZ | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4HZ,, |
| 有価証券報告書－第86期(2023/04/01－2024/03/31) | S100TPXA | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPXA,, |
| 有価証券報告書－第85期(2022/04/01－2023/03/31) | S100R2X7 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2X7,, |
| 有価証券報告書－第84期(令和3年4月1日－令和4年3月31日) | S100OBHM | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBHM,, |
| 有価証券報告書－第83期(令和2年4月1日－令和3年3月31日) | S100LL41 | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL41,, |

## 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).