# FUJIKURA KASEI 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115期(2025/04/01－2026/03/31) (S100YJ15)
> Page: https://vizora.meequs.com/en/company/fujikura-kasei-co
> Retrieved: 2026-09-30T17:59:55.228Z

## Company

Fujikura Kasei CO,., founded in 1938, is a company in Chemicals listed on TSE Standard. It has 1,198 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUJIKURA KASEI CO.,LTD. |
| Ticker | 4620 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4620.T) |
| Listing | TSE Standard |
| Head office | 東京都板橋区蓮根三丁目20番7号 (本店所在の場所は登記上の住所であり、実際上の本社業務は本社事務所で行なっております。) |
| Representative (per filing) | 代表取締役社長 栗原 進 |
| Founded | Sep 1938 |
| Share capital | ¥5.35B |
| Employees (consolidated) | 1,198 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | March |
| Website | www.fkkasei.co.jp (https://www.fkkasei.co.jp/) |
| Corporate number | 1011401007292 |
| EDINET | E00832 |
| Industries (Vizora) | Chemicals, Paints & Inks |

> Profile source: annual securities report (S100YJ15, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Paints & Inks (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23.9 | 23 |
| Profitability | 28.3 | 23 |
| Cash conversion | 61.4 | 22 |
| Efficiency | 71.7 | 23 |

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 50% of Fujikura Kasei CO,.'s sales come from Coatings for Plastics, with Architectural Coatings and Synthetic Resins making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +0.2% from the prior year, operating profit +73.9%.

## Company structure

- Segment revenue mix: Coatings for Plastics 50.0%、Architectural Coatings 24.0%、Synthetic Resins 8.9%、Polymers and Resins 8.8%、Electronic Materials 8.3%
- Revenue → net income: ¥55636075000 → ¥3162502000
- Net income → operating cash flow: ¥3162502000 → ¥3005663000（difference ¥-156839000）
- Main uses of operating cash flow: CapEx ¥4233314000 / dividends ¥530375000 / buybacks ¥618135000
- Change in cash: ¥247296000
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 | ¥55.6B |  |
| Operating income | ¥2.27B | Margin 4.1% |
| Net income | ¥3.13B | Margin 5.6% |
| Free cash flow | -¥1.23B |  |
| Largest business | Coatings for Plastics | of segment revenue 50.0% |
| Employees (consolidated) | 1,198 |  |
| EPS | ¥112.48 |  |
| Book value per share | ¥1124.01 |  |
| Equity ratio | 67.7% |  |
| Shares outstanding | 30,850,000 |  |
| Treasury shares | 1,688,600 |  |
| Shareholders | 5,342 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 17.8% | Cash ÷ revenue 22.8% |
| Vs. industry median margin | -1.9 pp | Paints & Inks |
| ROE | 9.1% | Derived from disclosed figures |
| ROA | 4.8% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.2× dividends
- FY2026, employees -2% while operating income rose 74%
- FY2026, segment profit share differs by -22 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥49498467000 | ¥55636075000 | +12.4% |
| Operating income | ¥1619896000 | ¥2271270000 | +40.2% |
| Operating margin | 3.3% | 4.1% | +0.8 pp |
| Employees | 1,255 people | 1,198 people | -4.5% |
| Cash and equivalents | ¥11782017000 | ¥12688325000 | +7.7% |

### 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 |
| --- | ---: |
| コーティング → コーティング | 37.9% |
| 塗料 → 塗料 | 23.6% |
| 電子材料 → 電子材料 | 7.5% |
| 化成品 → 化成品 | 6.9% |
| 合成樹脂 → 合成樹脂 | 8.9% |
| 合成樹脂 → 事業再編・廃止 | 15.3% |
| 新設・再編 → コーティング | 12.1% |
| 新設・再編 → 塗料 | 0.5% |
| 新設・再編 → 電子材料 | 0.8% |
| 新設・再編 → 化成品 | 1.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Coatings for Plastics | 5 years | +8.2% | ¥27809246000 | 2.3% | 2 |
| Architectural Coatings | 5 years | +2.8% | ¥13372183000 | 6.3% | 2 |
| Synthetic Resins | 5 years | -16.2% | ¥4932469000 | -0.2% | 2 |
| Polymers and Resins | 5 years | +7.4% | ¥4898602000 | 7.9% | 2 |
| Electronic Materials | 5 years | +4.6% | ¥4623575000 | 8.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 55,636 | 100.0% | S100YJ15 |
| Cost of revenue | 38,680 | 69.5% | S100YJ15 |
| Gross profit | 16,956 | 30.5% | S100YJ15 |
| SG&A | 14,685 | 26.4% | S100YJ15 |
| Operating income | 2,271 | 4.1% | S100YJ15 |
| Ordinary income | 4,210 | 7.6% | S100YJ15 |
| Pretax income | 4,023 | 7.2% | S100YJ15 |
| Income tax | 860 | 1.5% | S100YJ15 |
| Net income | 3,163 | 5.7% | S100YJ15 |
| Net income attributable to owners | 3,134 | 5.6% | S100YJ15 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 26 |
| Operating income | 4 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 30.5% → Operating margin 4.1% → Net margin 5.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.2%; Core profit growth: +73.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 380.94×
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 | 55,528 | 55,636 | 108 | +0.2% |
| Gross profit | 15,985 | 16,956 | 971 | +6.1% |
| Operating income | 1,306 | 2,271 | 965 | +73.9% |
| Net income attributable to owners | 511 | 3,134 | 2,623 | +513.5% |
| Operating cash flow | 3,275 | 3,006 | -269 | -8.2% |
| Free cash flow | 1,893 | -1,228 | -3,121 | -164.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 53,107 | 1,750 | 3.3% | 1,235 | 1,605 | 137 | S100LSV6 |
| FY ending Mar 2021 | 49,498 | 1,620 | 3.3% | 1,220 | 1,594 | 358 | S100OITH |
| FY ending Mar 2022 | 48,214 | 1,229 | 2.5% | 741 | 2,583 | 1,274 | S100R4JV |
| FY ending Mar 2023 | 50,843 | 351 | 0.7% | 10 | 952 | -759 | S100TT2C |
| FY ending Mar 2024 | 52,612 | 1,299 | 2.5% | 1,075 | 3,275 | 1,505 | S100W3IT |
| FY ending Mar 2025 | 55,528 | 1,306 | 2.4% | 511 | 3,275 | 1,893 | S100YJ15 |
| FY ending Mar 2026 | 55,636 | 2,271 | 4.1% | 3,134 | 3,006 | -1,228 | S100YJ15 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥46.4M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 1,269 | 1,251 | 1,236 | 1,222 | 1,198 |
| Average salary (parent company) | ¥6.8M | ¥6.8M | ¥6.8M | ¥6.8M | ¥6.9M |
| Average age (parent company) | 41.2 years | 41.3 years | 41.2 years | 41.9 years | 42.4 years |
| Average tenure (parent company) | 16.4 years | 16.5 years | 16.6 years | 17.3 years | 17.5 years |

Year over year: Employees (consolidated) -2.0% · Revenue (consolidated) +0.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Coatings for Plastics | 27,809 | 50.0% | 640 | 2.3% |
| Architectural Coatings | 13,372 | 24.0% | 848 | 6.3% |
| Electronic Materials | 4,624 | 8.3% | 405 | 8.8% |
| Polymers and Resins | 4,899 | 8.8% | 388 | 7.9% |
| Synthetic Resins | 4,932 | 8.9% | -11 | -0.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Coatings for Plastics | 50.0% | 28.1% | -21.9 | 2.3% |
| Architectural Coatings | 24.0% | 37.2% | 13.1 | 6.3% |
| Electronic Materials | 8.3% | 17.8% | 9.5 | 8.8% |
| Polymers and Resins | 8.8% | 17.0% | 8.2 | 7.9% |
| Synthetic Resins | 8.9% | — | — | -0.2% |

Loss-making segment (excluded from profit shares): Synthetic Resins -11 JPY mn

Segment → industry: Synthetic Resins → Chemicals / Polymers and Resins → Chemicals / Electronic Materials → Chemicals / Architectural Coatings → Paints & Inks / Coatings for Plastics → Paints & Inks

## 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 | 3,006 | 5.4% | S100YJ15 |
| Capital expenditure | 4,233 | 7.6% | S100YJ15 |
| Free cash flow | -1,228 | -2.2% | 算出 |
| Investing cash flow | -3,106 | -5.6% | S100YJ15 |
| Financing cash flow | 345 | 0.6% | S100YJ15 |
| Dividends paid | 530 | 1.0% | S100YJ15 |
| Share buyback | 618 | 1.1% | S100YJ15 |
| Change in cash | 247 | 0.4% | S100YJ15 |
| Cash and equivalents | 12,688 | 22.8% | S100YJ15 |

## 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 | 12,975 | 11,990 | 12,033 | 12,441 | 12,688 | S100TT2C, S100W3IT, S100YJ15 |
| Total assets | 52,763 | 54,908 | 57,609 | 59,048 | 71,450 | S100R4JV, S100TT2C, S100W3IT, S100YJ15 |
| Net assets | 38,520 | 39,598 | 41,581 | 43,197 | 50,546 | S100TT2C, S100W3IT, S100YJ15 |
| Share capital | 5,352 | 5,352 | 5,352 | 5,352 | 5,352 | S100R4JV, S100TT2C, S100W3IT, S100YJ15 |
| Property, plant and equipment | 13,993 | 15,290 | 15,578 | 14,474 | 17,936 | S100R4JV, S100TT2C, S100W3IT, S100YJ15 |
| Intangible assets excluding goodwill | 979 | 1,195 | 1,430 | 1,396 | 1,273 | S100R4JV, S100TT2C, S100W3IT, S100YJ15 |
| Investment securities | 3,151 | 3,567 | 4,249 | 5,430 | 11,773 | S100R4JV, S100TT2C, S100W3IT, S100YJ15 |
| Current assets | 31,250 | 31,426 | 33,124 | 33,993 | 36,095 | S100R4JV, S100TT2C, S100W3IT, S100YJ15 |
| Current liabilities | 11,107 | 11,914 | 12,605 | 11,818 | 13,162 | S100R4JV, S100TT2C, S100W3IT, S100YJ15 |
| Trade payables | 5,032 | 5,528 | 6,671 | 5,708 | 5,831 | S100R4JV, S100TT2C, S100W3IT, S100YJ15 |
| Short-term borrowings | 2,911 | 3,067 | 2,817 | 2,435 | 2,741 | S100R4JV, S100TT2C, S100W3IT, S100YJ15 |
| Long-term borrowings | — | — | — | — | 1,504 | S100YJ15 |
| Total liabilities | 14,244 | 15,309 | 16,028 | 15,852 | 20,904 | S100R4JV, S100TT2C, S100W3IT, S100YJ15 |
| Non-controlling interests | 2,731 | 2,938 | 2,322 | 2,302 | 2,161 | S100R4JV, S100TT2C, S100W3IT, S100YJ15 |
| Equity attributable to owners of parent | 34,126 | 33,188 | 33,762 | 33,257 | 35,360 | S100R4JV, S100TT2C, S100W3IT, S100YJ15 |
| Retained earnings | 24,259 | 23,764 | 23,388 | 23,383 | 25,987 | S100R4JV, S100TT2C, S100W3IT, S100YJ15 |
| Treasury stock | -525 | -968 | -11 | -511 | -1,057 | S100R4JV, S100TT2C, S100W3IT, S100YJ15 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YJ15 |
| Property, plant and equipment | 25% | S100YJ15 |
| Intangibles and goodwill | 2% | S100YJ15 |
| Investment securities | 16% | S100YJ15 |
| Other assets | 39% | S100YJ15 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YJ15 |
| Other liabilities | 21% | S100YJ15 |
| Equity | 71% | S100YJ15 |

### 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 | 52,763 | 54,908 | 57,609 | 59,048 | 71,450 |
| Equity | 38,520 | 39,598 | 41,581 | 43,197 | 50,546 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,975 | 11,990 | 12,033 | 12,441 | 12,688 |

## 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) | 32.2% | S100YJ15 |
| Fixed assets ÷ total assets | 25.1% | S100YJ15 |
| Goodwill ÷ parent equity | — | —, S100YJ15 |

### 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) | 17.8% |
| Cash ÷ revenue | 22.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 132.3% |
| Cash vs. profit gap | -128 JPY mn (of net income -4.1%) |
| Shareholder returns / net income | 36.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.6% |
| Investing CF relative to operating CF | 103.3% |

## 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 | 1.5% | 0.91× | 1.4% | 1.55× | 2.2% | S100R4JV |
| 2023 | 0.0% | 0.94× | 0.0% | 1.60× | 0.0% | S100TT2C |
| 2024 | 2.0% | 0.94× | 1.9% | 1.68× | 3.2% | S100W3IT |
| 2025 | 0.9% | 0.95× | 0.9% | 1.74× | 1.5% | S100YJ15 |
| 2026 | 5.6% | 0.85× | 4.8% | 1.90× | 9.1% | S100YJ15 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社フジクラ | Major shareholder | 22.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.8% | 2026-03-31 |
| BNP PARIBAS FRANKFURT 2S/JASDEC/GERMAN RESIDENTS-OTHERS | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.7% | 2026-03-31 |
| DBS BANK LTD 70017 | Major shareholder | 2.5% | 2026-03-31 |
| 植島 幹九郎 | Major shareholder | 2.5% | 2026-03-31 |
| BNYM RE BNYMLB RE GPP CLIENT MONEY AND ASSETS AC | Major shareholder | 2.4% | 2026-03-31 |
| 藤倉コンポジット株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 極東貿易株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 藤倉化成従業員持株会 | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第115期(2025/04/01－2026/03/31) | S100YJ15 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ15,, |
| 有価証券報告書－第114期(2024/04/01－2025/03/31) | S100W3IT | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3IT,, |
| 有価証券報告書－第113期(2023/04/01－2024/03/31) | S100TT2C | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT2C,, |
| 有価証券報告書－第112期(2022/04/01－2023/03/31) | S100R4JV | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4JV,, |
| 有価証券報告書－第111期(令和3年4月1日－令和4年3月31日) | S100OITH | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OITH,, |
| 有価証券報告書－第110期(令和2年4月1日－令和3年3月31日) | S100LSV6 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSV6,, |

## 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).