# FUKUVI CHEMICAL INDUSTRY 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92期(2025/04/01－2026/03/31) (S100YCP7)
> Page: https://vizora.meequs.com/en/company/fukuvi-chemical-industry
> Retrieved: 2026-09-30T21:54:53.177Z

## Company

Fukuvi Chemical Industry, founded in 1940, is a company in Auto Parts listed on TSE Standard. It has 998 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUKUVI CHEMICAL INDUSTRY CO.,LTD. |
| Ticker | 7871 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7871.T) |
| Listing | TSE Standard |
| Head office | 福井市三十八社町33字66番地 |
| Representative (per filing) | 代表取締役社長 森 克則 |
| Founded | Sep 1940 |
| Share capital | ¥2.19B |
| Employees (consolidated) | 998 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.fukuvi.co.jp (https://www.fukuvi.co.jp/) |
| Corporate number | 4210001003266 |
| EDINET | E00829 |
| Industries (Vizora) | Auto Parts, Chemicals, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YCP7, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.8 | 56 |
| Profitability | 47.4 | 58 |
| Cash conversion | 31 | 50 |
| Efficiency | 37.1 | 58 |

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 62% of Fukuvi Chemical Industry's sales come from Building Materials, with CSE and Global business making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +1.6% from the prior year, operating profit +11.8%.

## Company structure

- Segment revenue mix: Building Materials 62.1%、CSE 25.0%、Global business 7.0%、Precision Optical Coatings and Polymerization 5.1%、Other 0.8%
- Revenue → net income: ¥40594000000 → ¥1730000000
- Net income → operating cash flow: ¥1730000000 → ¥1353000000（difference ¥-377000000）
- Main uses of operating cash flow: CapEx ¥1201000000 / dividends ¥573000000 / buybacks ¥2000000
- Change in cash: ¥-685000000
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 | ¥40.6B |  |
| Operating income | ¥1.73B | Margin 4.3% |
| Net income | ¥1.68B | Margin 4.1% |
| Free cash flow | ¥152M |  |
| Largest business | Building Materials | of segment revenue 62.1% |
| Employees (consolidated) | 998 |  |
| EPS | ¥71.63 |  |
| Book value per share | ¥1761.72 |  |
| Equity ratio | 72.6% |  |
| Shares outstanding | 20,688,000 |  |
| Treasury shares | 895,900 |  |
| Shareholders | 3,268 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 24.6% | Cash ÷ revenue 33.3% |
| Vs. industry median margin | -0.2 pp | Housing Equipment & Building Materials |
| ROE | 4.9% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 82% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥35636000000 | ¥40594000000 | +13.9% |
| Operating income | ¥827000000 | ¥1733000000 | +109.6% |
| Operating margin | 2.3% | 4.3% | +1.9 pp |
| Employees | 965 people | 998 people | +3.4% |
| Cash and equivalents | ¥11524000000 | ¥13499000000 | +17.1% |

### 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 |
| --- | ---: |
| 建築資材 → 事業再編・廃止 | 76.4% |
| 産業資材 → 事業再編・廃止 | 23.6% |
| 新設・再編 → 建材事業 | 62.1% |
| 新設・再編 → CSE事業 | 25.0% |
| 新設・再編 → 精密事業 | 5.1% |
| 新設・再編 → グローバル事業 | 7.0% |
| 新設・再編 → その他 | 0.8% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Building Materials | — | — | ¥25226000000 | 14.8% | 2 |
| CSE | — | — | ¥10160000000 | 4.9% | 2 |
| Global business | — | — | ¥2829000000 | -1.0% | 2 |
| Precision Optical Coatings and Polymerization | — | — | ¥2071000000 | 16.8% | 2 |
| Other | — | — | ¥308000000 | -113.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,594 | 100.0% | S100YCP7 |
| Cost of revenue | 28,220 | 69.5% | S100YCP7 |
| Gross profit | 12,374 | 30.5% | S100YCP7 |
| SG&A | 10,642 | 26.2% | S100YCP7 |
| Operating income | 1,733 | 4.3% | S100YCP7 |
| Ordinary income | 2,148 | 5.3% | S100YCP7 |
| Pretax income | 2,344 | 5.8% | S100YCP7 |
| Income tax | 614 | 1.5% | S100YCP7 |
| Net income | 1,730 | 4.3% | S100YCP7 |
| Net income attributable to owners | 1,680 | 4.1% | S100YCP7 |

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

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

### Margin funnel

Gross margin 30.5% → Operating margin 4.3% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.6%; Core profit growth: +11.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 7.60×
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 | 39,973 | 40,594 | 621 | +1.6% |
| Gross profit | 11,989 | 12,374 | 385 | +3.2% |
| Operating income | 1,550 | 1,733 | 183 | +11.8% |
| Net income attributable to owners | 1,466 | 1,680 | 214 | +14.6% |
| Operating cash flow | 4,435 | 1,353 | -3,082 | -69.5% |
| Free cash flow | 3,505 | 152 | -3,353 | -95.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 41,265 | 1,168 | 2.8% | 946 | 4,537 | 2,046 | S100LJML |
| FY ending Mar 2021 | 35,636 | 827 | 2.3% | 915 | 2,593 | 1,802 | S100OEH4 |
| FY ending Mar 2022 | 36,741 | 1,270 | 3.5% | 1,136 | 2,055 | 1,302 | S100R13Q |
| FY ending Mar 2023 | 39,567 | 1,554 | 3.9% | 1,482 | 1,783 | 891 | S100U17X |
| FY ending Mar 2024 | 39,735 | 1,753 | 4.4% | 1,704 | 795 | -39 | S100W56Y |
| FY ending Mar 2025 | 39,973 | 1,550 | 3.9% | 1,466 | 4,435 | 3,505 | S100YCP7 |
| FY ending Mar 2026 | 40,594 | 1,733 | 4.3% | 1,680 | 1,353 | 152 | S100YCP7 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.7M |
| Operating income per employee (consolidated) | ¥1.7M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 970 | 968 | 981 | 983 | 998 |
| Average salary (parent company) | ¥5.5M | ¥5.7M | ¥6.1M | ¥6.2M | ¥6.3M |
| Average age (parent company) | 41.9 years | 42.3 years | 42.7 years | 43.0 years | 43.7 years |
| Average tenure (parent company) | 18.9 years | 19.2 years | 19.3 years | 19.4 years | 19.9 years |

Year over year: Employees (consolidated) +1.5% · Revenue (consolidated) +1.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Building Materials | 25,226 | 62.1% | 3,737 | 14.8% |
| CSE | 10,160 | 25.0% | 497 | 4.9% |
| Precision Optical Coatings and Polymerization | 2,071 | 5.1% | 348 | 16.8% |
| Global business | 2,829 | 7.0% | -29 | -1.0% |
| Other | 308 | 0.8% | -348 | -113.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Building Materials | 62.1% | 81.6% | 19.4 | 14.8% |
| CSE | 25.0% | 10.8% | -14.2 | 4.9% |
| Precision Optical Coatings and Polymerization | 5.1% | 7.6% | 2.5 | 16.8% |
| Global business | 7.0% | — | — | -1.0% |
| Other | 0.8% | — | — | -113.0% |

Loss-making segment (excluded from profit shares): Global business -29 JPY mn

Loss-making segment (excluded from profit shares): Other -348 JPY mn

Segment → industry: CSE → Auto Parts / Precision Optical Coatings and Polymerization → Chemicals / Global business → Housing Equipment & Building Materials / CSE → Housing Equipment & Building Materials / Building Materials → Housing Equipment & Building Materials

## 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 | 1,353 | 3.3% | S100YCP7 |
| Capital expenditure | 1,201 | 3.0% | S100YCP7 |
| Free cash flow | 152 | 0.4% | 算出 |
| Investing cash flow | -822 | -2.0% | S100YCP7 |
| Financing cash flow | -1,247 | -3.1% | S100YCP7 |
| Dividends paid | 573 | 1.4% | S100YCP7 |
| Share buyback | 2 | 0.0% | S100YCP7 |
| Change in cash | -685 | -1.7% | S100YCP7 |
| Cash and equivalents | 13,499 | 33.3% | S100YCP7 |

## 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 | 12,335 | 12,119 | 11,203 | 14,184 | 13,499 | S100U17X, S100W56Y, S100YCP7 |
| Total assets | 49,378 | 50,760 | 54,076 | 53,237 | 54,954 | S100R13Q, S100U17X, S100W56Y, S100YCP7 |
| Net assets | 33,254 | 34,254 | 37,162 | 37,520 | 40,590 | S100U17X, S100W56Y, S100YCP7 |
| Share capital | 2,194 | 2,194 | 2,194 | 2,194 | 2,194 | S100R13Q, S100U17X, S100W56Y, S100YCP7 |
| Property, plant and equipment | 8,771 | 8,514 | 8,361 | 8,256 | 8,430 | S100R13Q, S100U17X, S100W56Y, S100YCP7 |
| Intangible assets excluding goodwill | — | 432 | 800 | 794 | 750 | S100U17X, S100W56Y, S100YCP7 |
| Investment securities | 3,487 | 4,239 | 6,791 | 5,845 | 7,667 | S100R13Q, S100U17X, S100W56Y, S100YCP7 |
| Current assets | 33,597 | 34,777 | 35,303 | 35,454 | 33,989 | S100R13Q, S100U17X, S100W56Y, S100YCP7 |
| Current liabilities | 14,543 | 14,804 | 14,229 | 13,394 | 11,075 | S100R13Q, S100U17X, S100W56Y, S100YCP7 |
| Trade payables | 10,878 | 11,186 | 10,299 | 5,568 | 3,719 | S100R13Q, S100U17X, S100W56Y, S100YCP7 |
| Short-term borrowings | 215 | 116 | 93 | 82 | 31 | S100R13Q, S100U17X, S100W56Y, S100YCP7 |
| Long-term borrowings | 66 | 33 | — | 33 | 66 | S100R13Q, S100U17X, S100YCP7 |
| Total liabilities | 16,124 | 16,505 | 16,914 | 15,717 | 14,364 | S100R13Q, S100U17X, S100W56Y, S100YCP7 |
| Non-controlling interests | 653 | 733 | 831 | 924 | 685 | S100R13Q, S100U17X, S100W56Y, S100YCP7 |
| Equity attributable to owners of parent | 30,875 | 31,648 | 32,826 | 33,572 | 34,750 | S100R13Q, S100U17X, S100W56Y, S100YCP7 |
| Retained earnings | 27,316 | 28,409 | 29,547 | 30,465 | 31,572 | S100R13Q, S100U17X, S100W56Y, S100YCP7 |
| Treasury stock | -146 | -467 | -431 | -598 | -555 | S100R13Q, S100U17X, S100W56Y, S100YCP7 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YCP7 |
| Property, plant and equipment | 15% | S100YCP7 |
| Intangibles and goodwill | 1% | S100YCP7 |
| Investment securities | 14% | S100YCP7 |
| Other assets | 45% | S100YCP7 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YCP7 |
| Other liabilities | 19% | S100YCP7 |
| Equity | 74% | S100YCP7 |

### 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 | 49,378 | 50,760 | 54,076 | 53,237 | 54,954 |
| Equity | 33,254 | 34,254 | 37,162 | 37,520 | 40,590 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,335 | 12,119 | 11,203 | 14,184 | 13,499 |

## 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) | 20.8% | S100YCP7 |
| Fixed assets ÷ total assets | 15.3% | S100YCP7 |
| Goodwill ÷ parent equity | — | —, S100YCP7 |

### 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) | 24.6% |
| Cash ÷ revenue | 33.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 78.1% |
| Cash vs. profit gap | -327 JPY mn (of net income -19.5%) |
| Shareholder returns / net income | 34.2% |
| Shareholder returns / FCF | 378.3% |
| Shareholder payments — dividends / net income | 34.1% |
| Shareholder payments — dividends / FCF | 377.0% |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 60.8% |

## 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 | 3.1% | 0.74× | 2.3% | 1.60× | 3.7% | S100R13Q |
| 2023 | 3.7% | 0.79× | 3.0% | 1.60× | 4.7% | S100U17X |
| 2024 | 4.3% | 0.76× | 3.3% | 1.63× | 5.3% | S100W56Y |
| 2025 | 3.7% | 0.74× | 2.7% | 1.62× | 4.4% | S100YCP7 |
| 2026 | 4.1% | 0.75× | 3.1% | 1.58× | 4.9% | S100YCP7 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社八木熊 | Major shareholder | 13.0% | 2026-03-31 |
| 長瀬産業株式会社 | Major shareholder | 12.4% | 2026-03-31 |
| 株式会社日本カストディ銀行 (三井住友信託銀行再信託分・三井化学株式会社退職給付信託口) | Major shareholder | 9.4% | 2026-03-31 |
| 三井物産プラスチック株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| 八 木 誠一郎 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社福井銀行 | Major shareholder | 3.6% | 2026-03-31 |
| 昭和興産株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社北陸銀行 | Major shareholder | 3.2% | 2026-03-31 |
| フクビ化学工業従業員持株会 | Major shareholder | 3.0% | 2026-03-31 |
| 蝶理株式会社 | Major shareholder | 3.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第92期(2025/04/01－2026/03/31) | S100YCP7 | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCP7,, |
| 有価証券報告書－第91期(2024/04/01－2025/03/31) | S100W56Y | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W56Y,, |
| 訂正有価証券報告書－第90期(2023/04/01－2024/03/31) | S100U17X | 2024-07-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U17X,, |
| 有価証券報告書－第89期(2022/04/01－2023/03/31) | S100R13Q | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R13Q,, |
| 有価証券報告書－第88期(令和3年4月1日－令和4年3月31日) | S100OEH4 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEH4,, |
| 有価証券報告書－第87期(令和2年4月1日－令和3年3月31日) | S100LJML | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJML,, |

## 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).