# FUMAKILLALIMITED: 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77期(2025/04/01－2026/03/31) (S100YGPK)
> Page: https://vizora.meequs.com/en/company/fumakillalimited
> Retrieved: 2026-09-30T19:51:38.174Z

## Company

Fumakillalimited, founded in 1924, is a company in Toiletries & Household Products listed on TSE Standard. It has 2,529 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUMAKILLA LIMITED |
| Ticker | 4998 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4998.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区神田美倉町11番地 |
| Representative (per filing) | 代表取締役社長 大下 一明 |
| Founded | Jul 1924 |
| Share capital | ¥3.7B |
| Employees (consolidated) | 2,529 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | fumakilla.co.jp (https://fumakilla.co.jp/) |
| Corporate number | 4010001008797 |
| EDINET | E01007 |
| Industries (Vizora) | Toiletries & Household Products |

> Profile source: annual securities report (S100YGPK, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Toiletries & Household Products (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 95 | 10 |
| Profitability | 16.7 | 9 |
| Cash conversion | 5.6 | 9 |
| Efficiency | 85 | 10 |

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 44% of Fumakillalimited's sales come from Southeast Asia, with Japan and Europe making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +4.8% from the prior year, operating profit -17.2%.

## Company structure

- Segment revenue mix: Southeast Asia 43.5%、Japan 34.8%、Europe 17.7%、Other 3.9%
- Revenue → net income: ¥77366000000 → ¥1409000000
- Net income → operating cash flow: ¥1409000000 → ¥843000000（difference ¥-566000000）
- Main uses of operating cash flow: CapEx ¥2104000000 / dividends ¥362000000 / buybacks ¥0
- Change in cash: ¥-1035000000
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 | ¥77.4B |  |
| Operating income | ¥2.19B | Margin 2.8% |
| Net income | ¥1.21B | Margin 1.6% |
| Free cash flow | -¥1.26B |  |
| Largest business | Southeast Asia | of segment revenue 43.5% |
| Employees (consolidated) | 2,529 |  |
| EPS | ¥53.94 |  |
| Book value per share | ¥1128.27 |  |
| Equity ratio | 39.1% |  |
| Shares outstanding | 16,490,000 |  |
| Treasury shares | 10,800 |  |
| Shareholders | 21,725 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 12.1% | Cash ÷ revenue 10.8% |
| Vs. industry median margin | -1.7 pp | Toiletries & Household Products |
| ROE | 5.9% | Derived from disclosed figures |
| ROA | 1.8% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 69% 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 | ¥48532000000 | ¥77366000000 | +59.4% |
| Operating income | ¥3560000000 | ¥2190000000 | -38.5% |
| Operating margin | 7.3% | 2.8% | -4.5 pp |
| Employees | 2,312 people | 2,529 people | +9.4% |
| Cash and equivalents | ¥5976000000 | ¥8326000000 | +39.3% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 34.8% |
| 日本 → 事業再編・廃止 | 25.5% |
| 東南アジア → 東南アジア | 37.5% |
| その他 → その他 | 2.1% |
| 新設・再編 → 東南アジア | 6.0% |
| 新設・再編 → 欧州 | 17.7% |
| 新設・再編 → その他 | 1.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Southeast Asia | 5 years | +13.1% | ¥33690000000 | 4.3% | 2 |
| Japan | 5 years | -1.6% | ¥26951000000 | -2.0% | 2 |
| Europe | 3 years | +23.7% | ¥13672000000 | 3.9% | 2 |
| Other | 5 years | +24.0% | ¥3052000000 | 4.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 77,366 | 100.0% | S100YGPK |
| Cost of revenue | 53,434 | 69.1% | S100YGPK |
| Gross profit | 23,932 | 30.9% | S100YGPK |
| SG&A | 21,741 | 28.1% | S100YGPK |
| Operating income | 2,190 | 2.8% | S100YGPK |
| Ordinary income | 2,262 | 2.9% | S100YGPK |
| Pretax income | 2,285 | 3.0% | S100YGPK |
| Income tax | 876 | 1.1% | S100YGPK |
| Net income | 1,409 | 1.8% | S100YGPK |
| Net income attributable to owners | 1,206 | 1.6% | S100YGPK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 28 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 30.9% → Operating margin 2.8% → Net margin 1.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +4.8%; Core profit growth: -17.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -3.62×
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 | 73,854 | 77,366 | 3,512 | +4.8% |
| Gross profit | 22,552 | 23,932 | 1,380 | +6.1% |
| Operating income | 2,646 | 2,190 | -456 | -17.2% |
| Net income attributable to owners | 1,462 | 1,206 | -256 | -17.5% |
| Operating cash flow | 1,815 | 843 | -972 | -53.6% |
| Free cash flow | 98 | -1,261 | -1,359 | -1386.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 44,486 | 1,786 | 4.0% | 770 | 5,880 | 5,090 | S100LQZ9 |
| FY ending Mar 2021 | 48,532 | 3,560 | 7.3% | 2,321 | 6,290 | 3,397 | S100OGRQ |
| FY ending Mar 2022 | 52,729 | 2,183 | 4.1% | 1,391 | -1,183 | -2,542 | S100RALU |
| FY ending Mar 2023 | 61,712 | 1,894 | 3.1% | 668 | 66 | -1,043 | S100TXCM |
| FY ending Mar 2024 | 67,672 | 2,403 | 3.6% | 1,377 | 4,327 | 3,103 | S100W4ZT |
| FY ending Mar 2025 | 73,854 | 2,646 | 3.6% | 1,462 | 1,815 | 98 | S100YGPK |
| FY ending Mar 2026 | 77,366 | 2,190 | 2.8% | 1,206 | 843 | -1,261 | S100YGPK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥30.6M |
| Operating income per employee (consolidated) | ¥866K |
| Net income per employee (consolidated) | ¥476.9K |

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) | 2,492 | 2,410 | 2,596 | 2,498 | 2,529 |
| Average salary (parent company) | ¥6.8M | ¥6.9M | ¥6.6M | ¥6.3M | ¥6.5M |
| Average age (parent company) | 41.6 years | 42.1 years | 41.5 years | 41.4 years | 41.8 years |
| Average tenure (parent company) | 15.4 years | 15.8 years | 14.3 years | 14.0 years | 14.3 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) +4.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 26,951 | 34.8% | -529 | -2.0% |
| Southeast Asia | 33,690 | 43.5% | 1,452 | 4.3% |
| Europe | 13,672 | 17.7% | 529 | 3.9% |
| Other | 3,052 | 3.9% | 128 | 4.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 34.8% | — | — | -2.0% |
| Southeast Asia | 43.5% | 68.8% | 25.3 | 4.3% |
| Europe | 17.7% | 25.1% | 7.4 | 3.9% |
| Other | 3.9% | 6.1% | 2.1 | 4.2% |

Loss-making segment (excluded from profit shares): Japan -529 JPY mn

Segment → industry: Other → Toiletries & Household Products / Europe → Toiletries & Household Products / Southeast Asia → Toiletries & Household Products / Japan → Toiletries & Household Products

## 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 | 843 | 1.1% | S100YGPK |
| Capital expenditure | 2,104 | 2.7% | S100YGPK |
| Free cash flow | -1,261 | -1.6% | 算出 |
| Investing cash flow | -2,876 | -3.7% | S100YGPK |
| Financing cash flow | 985 | 1.3% | S100YGPK |
| Dividends paid | 362 | 0.5% | S100YGPK |
| Share buyback | 0 | 0.0% | S100YGPK |
| Change in cash | -1,035 | -1.3% | S100YGPK |
| Cash and equivalents | 8,326 | 10.8% | S100YGPK |

## 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 | 6,007 | 6,215 | 8,172 | 9,361 | 8,326 | S100TXCM, S100W4ZT, S100YGPK |
| Total assets | 54,520 | 57,370 | 62,366 | 64,970 | 68,556 | S100RALU, S100TXCM, S100W4ZT, S100YGPK |
| Net assets | 21,167 | 22,890 | 25,602 | 27,723 | 29,327 | S100TXCM, S100W4ZT, S100YGPK |
| Share capital | 3,698 | 3,698 | 3,698 | 3,698 | 3,698 | S100RALU, S100TXCM, S100W4ZT, S100YGPK |
| Property, plant and equipment | 10,123 | 10,225 | 10,275 | 10,657 | 12,271 | S100RALU, S100TXCM, S100W4ZT, S100YGPK |
| Intangible assets excluding goodwill | 3,685 | 3,155 | 3,123 | 2,966 | 2,679 | S100RALU, S100TXCM, S100W4ZT, S100YGPK |
| Goodwill | 1,420 | 1,064 | 1,000 | 952 | 865 | S100RALU, S100TXCM, S100W4ZT, S100YGPK |
| Investment securities | 4,937 | 4,867 | 5,241 | 5,177 | 6,071 | S100RALU, S100TXCM, S100W4ZT, S100YGPK |
| Current assets | 34,926 | 38,193 | 42,387 | 44,502 | 45,596 | S100RALU, S100TXCM, S100W4ZT, S100YGPK |
| Current liabilities | 30,475 | 31,512 | 33,105 | 33,238 | 33,826 | S100RALU, S100TXCM, S100W4ZT, S100YGPK |
| Trade payables | 6,486 | 6,299 | 7,771 | 7,371 | 7,556 | S100RALU, S100TXCM, S100W4ZT, S100YGPK |
| Short-term borrowings | 13,535 | 15,162 | 14,191 | 15,514 | 16,084 | S100RALU, S100TXCM, S100W4ZT, S100YGPK |
| Long-term borrowings | 548 | 395 | 521 | 560 | 1,545 | S100RALU, S100TXCM, S100W4ZT, S100YGPK |
| Total liabilities | 33,352 | 34,480 | 36,763 | 37,246 | 39,228 | S100RALU, S100TXCM, S100W4ZT, S100YGPK |
| Non-controlling interests | 1,944 | 2,186 | 2,425 | 2,467 | 2,510 | S100RALU, S100TXCM, S100W4ZT, S100YGPK |
| Equity attributable to owners of parent | 17,637 | 17,930 | 18,944 | 19,906 | 20,749 | S100RALU, S100TXCM, S100W4ZT, S100YGPK |
| Retained earnings | 9,149 | 9,442 | 10,457 | 11,558 | 12,402 | S100RALU, S100TXCM, S100W4ZT, S100YGPK |
| Treasury stock | -7 | -7 | -8 | -9 | -10 | S100RALU, S100TXCM, S100W4ZT, S100YGPK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YGPK |
| Property, plant and equipment | 18% | S100YGPK |
| Intangibles and goodwill | 5% | S100YGPK |
| Investment securities | 9% | S100YGPK |
| Other assets | 56% | S100YGPK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YGPK |
| Other liabilities | 46% | S100YGPK |
| Equity | 43% | S100YGPK |
| Other liabilities | 0% | S100YGPK |

### 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 | 54,520 | 57,370 | 62,366 | 64,970 | 68,556 |
| Equity | 21,167 | 22,890 | 25,602 | 27,723 | 29,327 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,007 | 6,215 | 8,172 | 9,361 | 8,326 |

## 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) | 15.9% | S100YGPK |
| Fixed assets ÷ total assets | 17.9% | S100YGPK |
| Goodwill ÷ parent equity | 4.2% | S100YGPK |

Goodwill over 4 years: 1,420 → 865 JPY; total investing cash flow: -11,343 JPY. This does not imply causation.

### 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) | 12.1% |
| Cash ÷ revenue | 10.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 38.5% |
| Cash vs. profit gap | -363 JPY mn (of net income -30.1%) |
| Shareholder returns / net income | 30.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 30.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 341.2% |

## 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 | 2.6% | 0.97× | 2.6% | 3.09× | 7.9% | S100RALU |
| 2023 | 1.1% | 1.10× | 1.2% | 3.15× | 3.8% | S100TXCM |
| 2024 | 2.0% | 1.13× | 2.3% | 3.25× | 7.5% | S100W4ZT |
| 2025 | 2.0% | 1.16× | 2.3% | 3.28× | 7.5% | S100YGPK |
| 2026 | 1.6% | 1.16× | 1.8% | 3.28× | 5.9% | S100YGPK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エステー株式会社 | Major shareholder | 10.5% | 2026-03-31 |
| 公益財団法人 大下財団 | Major shareholder | 8.1% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社広島銀行 | Major shareholder | 3.5% | 2026-03-31 |
| 大下産業株式会社 | Major shareholder | 3.4% | 2026-03-31 |
| 住友化学株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 福山通運株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 大下 一明 | Major shareholder | 1.7% | 2026-03-31 |
| 大下 俊明 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2025/04/01－2026/03/31) | S100YGPK | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGPK,, |
| 有価証券報告書－第76期(2024/04/01－2025/03/31) | S100W4ZT | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4ZT,, |
| 有価証券報告書－第75期(2023/04/01－2024/03/31) | S100TXCM | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXCM,, |
| 有価証券報告書－第74期(2022/04/01－2023/03/31) | S100RALU | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RALU,, |
| 有価証券報告書－第73期(令和3年4月1日－令和4年3月31日) | S100OGRQ | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGRQ,, |
| 有価証券報告書－第72期(令和2年4月1日－令和3年3月31日) | S100LQZ9 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQZ9,, |

## 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).