# FUJI LATEX 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78期(2025/04/01－2026/03/31) (S100YGMK)
> Page: https://vizora.meequs.com/en/company/fuji-latex
> Retrieved: 2026-09-30T22:33:26.449Z

## Company

Fuji Latex, founded in 1949, is a company in Medical Devices listed on TSE Standard. It has 253 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJI LATEX CO., LTD. |
| Ticker | 5199 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5199.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田錦町三丁目19番地1 |
| Representative (per filing) | 代表取締役社長 近藤 安弘 |
| Founded | Mar 1949 |
| Share capital | ¥643.1M |
| Employees (consolidated) | 253 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.fujilatex.co.jp (https://www.fujilatex.co.jp/) |
| Corporate number | 5010001027937 |
| EDINET | E01109 |
| Industries (Vizora) | Medical Devices, Food Packaging, Toys & Hobbies, Industrial Machinery |

> Profile source: annual securities report (S100YGMK, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.7 | 110 |
| Profitability | 37.3 | 122 |
| Cash conversion | 66.8 | 116 |
| Efficiency | 26.6 | 122 |

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 65% of Fuji Latex's sales come from Precision equipment, with Medical equipment and Food container making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -5.6% from the prior year, operating profit +99.4%.

## Company structure

- Segment revenue mix: Precision equipment 64.7%、Medical equipment 31.3%、Food container 2.7%、SP Division 1.3%
- Revenue → net income: ¥6798180000 → ¥63636000
- Net income → operating cash flow: ¥63636000 → ¥622755000（difference ¥559119000）
- Main uses of operating cash flow: CapEx ¥356291000 / dividends ¥98438000 / buybacks ¥439000
- Change in cash: ¥235670000
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 | ¥6.8B |  |
| Operating income | ¥415.8M | Margin 6.1% |
| Net income | ¥63.6M | Margin 0.9% |
| Free cash flow | ¥266.5M |  |
| Largest business | Precision equipment | of segment revenue 64.7% |
| Employees (consolidated) | 253 |  |
| EPS | ¥55.97 |  |
| Book value per share | ¥3082.89 |  |
| Equity ratio | 39.4% |  |
| Shares outstanding | 1,286,199 |  |
| Treasury shares | 18,700 |  |
| Shareholders | 1,276 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 21.8% | Cash ÷ revenue 32.9% |
| Vs. industry median margin | -1.5 pp | Industrial Machinery |
| ROE | 1.7% | Derived from disclosed figures |
| ROA | 0.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 9.8× net income
- FY2026, one segment accounts for 95% of positive segment profit
- FY2026, segment profit share differs by 30 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6850762000 | ¥6798180000 | -0.8% |
| Operating income | ¥269341000 | ¥415771000 | +54.4% |
| Operating margin | 3.9% | 6.1% | +2.2 pp |
| Employees | 285 people | 253 people | -11.2% |
| Cash and equivalents | ¥1320024000 | ¥2239705000 | +69.7% |

### 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 |
| --- | ---: |
| 医療機器事業 → 医療機器事業 | 31.3% |
| 医療機器事業 → 事業再編・廃止 | 0.0% |
| 精密機器事業 → 精密機器事業 | 61.3% |
| ＳＰ事業 → ＳＰ事業 | 1.3% |
| ＳＰ事業 → 事業再編・廃止 | 3.2% |
| 食品容器事業 → 食品容器事業 | 2.7% |
| 食品容器事業 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 精密機器事業 | 3.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Precision equipment | 5 years | +0.9% | ¥4401135000 | 23.2% | 2 |
| Medical equipment | 5 years | -0.2% | ¥2127861000 | 2.8% | 2 |
| Food container | 5 years | -1.3% | ¥182256000 | -64.9% | 2 |
| SP Division | 5 years | -22.5% | ¥86925000 | -59.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,798 | 100.0% | S100YGMK |
| Cost of revenue | 5,033 | 74.0% | S100YGMK |
| Gross profit | 1,765 | 26.0% | S100YGMK |
| SG&A | 1,349 | 19.8% | S100YGMK |
| Operating income | 416 | 6.1% | S100YGMK |
| Ordinary income | 338 | 5.0% | S100YGMK |
| Pretax income | 107 | 1.6% | S100YGMK |
| Income tax | 43 | 0.6% | S100YGMK |
| Net income | 64 | 0.9% | S100YGMK |
| Net income attributable to owners | 64 | 0.9% | S100YGMK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 20 |
| Operating income | 6 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 26.0% → Operating margin 6.1% → Net margin 0.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -5.6%; Core profit growth: +99.4%
Operating leverage (core profit growth ÷ revenue growth): -17.87×
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 | 7,199 | 6,798 | -400 | -5.6% |
| Gross profit | 1,527 | 1,765 | 237 | +15.5% |
| Operating income | 209 | 416 | 207 | +99.4% |
| Net income attributable to owners | 298 | 64 | -235 | -78.7% |
| Operating cash flow | 634 | 623 | -11 | -1.7% |
| Free cash flow | 459 | 266 | -192 | -41.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,213 | 36 | 0.5% | -27 | 440 | -109 | S100LQ6F |
| FY ending Mar 2021 | 6,851 | 269 | 3.9% | 170 | 706 | 599 | S100OESR |
| FY ending Mar 2022 | 8,147 | 529 | 6.5% | -143 | 1,190 | 1,053 | S100R73J |
| FY ending Mar 2023 | 8,085 | 761 | 9.4% | 517 | 772 | 701 | S100TREZ |
| FY ending Mar 2024 | 7,508 | 440 | 5.9% | 290 | 211 | 95 | S100W2HG |
| FY ending Mar 2025 | 7,199 | 209 | 2.9% | 298 | 634 | 459 | S100YGMK |
| FY ending Mar 2026 | 6,798 | 416 | 6.1% | 64 | 623 | 266 | S100YGMK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.9M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥251.5K |

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) | 287 | 276 | 278 | 250 | 253 |
| Average salary (parent company) | ¥5.1M | ¥5.2M | ¥5.4M | ¥5.4M | ¥5.6M |
| Average age (parent company) | 40.4 years | 40.7 years | 41.4 years | 41.6 years | 42.4 years |
| Average tenure (parent company) | 11.7 years | 12.9 years | 12.9 years | 13.2 years | 13.5 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) -5.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medical equipment | 2,128 | 31.3% | 59 | 2.8% |
| Precision equipment | 4,401 | 64.7% | 1,022 | 23.2% |
| SP Division | 87 | 1.3% | -52 | -59.3% |
| Food container | 182 | 2.7% | -118 | -64.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Medical equipment | 31.3% | 5.5% | -25.8 | 2.8% |
| Precision equipment | 64.7% | 94.5% | 29.8 | 23.2% |
| SP Division | 1.3% | — | — | -59.3% |
| Food container | 2.7% | — | — | -64.9% |

Loss-making segment (excluded from profit shares): SP Division -52 JPY mn

Loss-making segment (excluded from profit shares): Food container -118 JPY mn

Segment → industry: Medical equipment → Medical Devices / Food container → Food Packaging / SP Division → Toys & Hobbies / Precision equipment → Industrial Machinery

## 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 | 623 | 9.2% | S100YGMK |
| Capital expenditure | 356 | 5.2% | S100YGMK |
| Free cash flow | 266 | 3.9% | 算出 |
| Investing cash flow | -57 | -0.8% | S100YGMK |
| Financing cash flow | -333 | -4.9% | S100YGMK |
| Dividends paid | 98 | 1.4% | S100YGMK |
| Share buyback | 0 | 0.0% | S100YGMK |
| Change in cash | 236 | 3.5% | S100YGMK |
| Cash and equivalents | 2,240 | 32.9% | S100YGMK |

## 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 | 1,575 | 1,608 | 1,365 | 2,004 | 2,240 | S100TREZ, S100W2HG, S100YGMK |
| Total assets | 11,808 | 11,475 | 11,327 | 11,056 | 10,270 | S100R73J, S100TREZ, S100W2HG, S100YGMK |
| Net assets | 3,098 | 3,577 | 3,858 | 4,068 | 4,047 | S100TREZ, S100W2HG, S100YGMK |
| Share capital | 643 | 643 | 643 | 643 | 643 | S100R73J, S100TREZ, S100W2HG, S100YGMK |
| Trade receivables | 1,905 | 1,628 | 1,515 | 1,497 | 1,054 | S100R73J, S100TREZ, S100W2HG, S100YGMK |
| Property, plant and equipment | 4,907 | 4,623 | 4,390 | 4,223 | 4,074 | S100R73J, S100TREZ, S100W2HG, S100YGMK |
| Intangible assets excluding goodwill | 46 | 35 | 44 | 38 | 55 | S100R73J, S100TREZ, S100W2HG, S100YGMK |
| Investment securities | 292 | 343 | 402 | 194 | 221 | S100R73J, S100TREZ, S100W2HG, S100YGMK |
| Current assets | 6,307 | 6,253 | 6,319 | 6,458 | 5,750 | S100R73J, S100TREZ, S100W2HG, S100YGMK |
| Current liabilities | 5,674 | 5,052 | 4,819 | 4,812 | 4,576 | S100R73J, S100TREZ, S100W2HG, S100YGMK |
| Trade payables | 302 | 329 | 274 | 240 | 233 | S100R73J, S100TREZ, S100W2HG, S100YGMK |
| Short-term borrowings | 2,893 | 2,683 | 2,578 | 2,888 | 2,678 | S100R73J, S100TREZ, S100W2HG, S100YGMK |
| Long-term borrowings | 1,930 | 1,874 | 1,793 | 1,466 | 1,420 | S100R73J, S100TREZ, S100W2HG, S100YGMK |
| Bonds | 400 | 400 | 400 | 400 | — | S100R73J, S100TREZ, S100W2HG, S100YGMK |
| Interest-bearing debt | 5,223 | 4,957 | 4,771 | 4,754 | — | 算出 |
| Total liabilities | 8,709 | 7,898 | 7,469 | 6,988 | 6,223 | S100R73J, S100TREZ, S100W2HG, S100YGMK |
| Equity attributable to owners of parent | 2,704 | 3,157 | 3,383 | 3,618 | 3,663 | S100R73J, S100TREZ, S100W2HG, S100YGMK |
| Retained earnings | 1,853 | 2,307 | 2,533 | 2,768 | 2,814 | S100R73J, S100TREZ, S100W2HG, S100YGMK |
| Treasury stock | -40 | -41 | -41 | -41 | -42 | S100R73J, S100TREZ, S100W2HG, S100YGMK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YGMK |
| Receivables | 10% | S100YGMK |
| Property, plant and equipment | 40% | S100YGMK |
| Intangibles and goodwill | 0% | S100YGMK |
| Investment securities | 2% | S100YGMK |
| Other assets | 26% | S100YGMK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 2% | S100YGMK |
| Other liabilities | 58% | S100YGMK |
| Equity | 40% | S100YGMK |

### 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 | 11,808 | 11,475 | 11,327 | 11,056 | 10,270 |
| Equity | 3,098 | 3,577 | 3,858 | 4,068 | 4,047 |
| Interest-bearing debt | 5,223 | 4,957 | 4,771 | 4,754 | — |
| Cash | 1,575 | 1,608 | 1,365 | 2,004 | 2,240 |

## 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) | 59.9% | S100YGMK |
| Fixed assets ÷ total assets | 39.7% | S100YGMK |
| Goodwill ÷ parent equity | — | —, S100YGMK |

### 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) | 21.8% |
| Cash ÷ revenue | 32.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 149.8% |
| Cash vs. profit gap | 559 JPY mn (of net income 878.6%) |
| Shareholder returns / net income | 155.4% |
| Shareholder returns / FCF | 37.1% |
| Shareholder payments — dividends / net income | 154.7% |
| Shareholder payments — dividends / FCF | 36.9% |
| CapEx intensity (capex ÷ revenue) | 5.2% |
| Investing CF relative to operating CF | 9.2% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | — | —× | -1.2% | —× | — | S100R73J |
| 2023 | 6.4% | 0.69× | 4.4% | 3.97× | 17.7% | S100TREZ |
| 2024 | 3.9% | 0.66× | 2.5% | 3.49× | 8.9% | S100W2HG |
| 2025 | 4.1% | 0.64× | 2.7% | 3.20× | 8.5% | S100YGMK |
| 2026 | 0.9% | 0.64× | 0.6% | 2.93× | 1.7% | S100YGMK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 岡本 昌大 | Major shareholder | 12.2% | 2026-03-31 |
| 岡本 和大 | Major shareholder | 10.8% | 2026-03-31 |
| 岡本 明大 | Major shareholder | 9.2% | 2026-03-31 |
| 岡本 和子 | Major shareholder | 8.3% | 2026-03-31 |
| 不二ラテックス共栄会 | Major shareholder | 6.1% | 2026-03-31 |
| 岡本 正敏 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社大木 | Major shareholder | 2.2% | 2026-03-31 |
| オカモト株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 赤松 元子 | Major shareholder | 1.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第78期(2025/04/01－2026/03/31) | S100YGMK | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGMK,, |
| 有価証券報告書－第77期(2024/04/01－2025/03/31) | S100W2HG | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2HG,, |
| 有価証券報告書－第76期(2023/04/01－2024/03/31) | S100TREZ | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TREZ,, |
| 有価証券報告書－第75期(2022/04/01－2023/03/31) | S100R73J | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R73J,, |
| 有価証券報告書－第74期(令和3年4月1日－令和4年3月31日) | S100OESR | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OESR,, |
| 有価証券報告書－第73期(令和2年4月1日－令和3年3月31日) | S100LQ6F | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ6F,, |

## 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).