# FUSO CHEMICAL 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69期(2025/04/01－2026/03/31) (S100YEIS)
> Page: https://vizora.meequs.com/en/company/fuso-chemical
> Retrieved: 2026-09-30T18:30:15.244Z

## Company

Fuso Chemical, founded in 1957, is a company in Chemicals listed on TSE Prime. It has 956 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | FUSO CHEMICAL CO.,LTD. |
| Ticker | 4368 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4368.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区北浜三丁目5番29号 |
| Representative (per filing) | 代表取締役社長 杉田 真一 |
| Founded | Jun 1957 |
| Share capital | ¥4.33B |
| Employees (consolidated) | 956 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | March |
| Website | fusokk.co.jp (https://fusokk.co.jp/) |
| Corporate number | 6120001088372 |
| EDINET | E01056 |
| Industries (Vizora) | Chemicals, Semiconductor Materials, Food Ingredients |

> Profile source: annual securities report (S100YEIS, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 84.8 | 23 |
| Profitability | 85.4 | 24 |
| Cash conversion | 64.6 | 24 |
| Efficiency | 27.1 | 24 |

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 54% of Fuso Chemical's sales come from Electronic Materials Business Unit, with Life Science Business Unit making up much of the rest.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed +10.7% from the prior year, operating profit +16.1%.

## Company structure

- Segment revenue mix: Electronic Materials Business Unit 54.0%、Life Science Business Unit 46.0%
- Revenue → net income: ¥76926023000 → ¥14311582000
- Net income → operating cash flow: ¥14311582000 → ¥24793525000（difference ¥10481943000）
- Main uses of operating cash flow: CapEx ¥10109930000 / dividends ¥2784923000 / buybacks ¥245000
- Change in cash: ¥8659040000
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 | ¥76.9B |  |
| Operating income | ¥18.9B | Margin 24.5% |
| Net income | ¥14.3B | Margin 18.6% |
| Free cash flow | ¥14.7B |  |
| Largest business | Electronic Materials Business Unit | of segment revenue 54.0% |
| Employees (consolidated) | 956 |  |
| EPS | ¥138.4 |  |
| Book value per share | ¥981.95 |  |
| Equity ratio | 77.0% |  |
| Shares outstanding | 35,511,000 |  |
| Treasury shares | 245,500 |  |
| Shareholders | 4,199 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 24.9% | Cash ÷ revenue 49.3% |
| Vs. industry median margin | +9.7 pp | Semiconductor Materials |
| ROE | 13.6% | Derived from disclosed figures |
| ROA | 9.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 75% of positive segment profit
- FY2026, segment profit share differs by 21 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥42209380000 | ¥76926023000 | +82.2% |
| Operating income | ¥9632212000 | ¥18850539000 | +95.7% |
| Operating margin | 22.8% | 24.5% | +1.7 pp |
| Employees | 794 people | 956 people | +20.4% |
| Cash and equivalents | ¥24835971000 | ¥37896430000 | +52.6% |

### 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 |
| --- | ---: |
| ライフサイエンス事業 → ライフサイエンス事業 | 46.0% |
| ライフサイエンス事業 → 事業再編・廃止 | 9.4% |
| 電子材料および機能性化学品事業 → 事業再編・廃止 | 44.5% |
| 新設・再編 → 電子材料事業 | 54.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 76,926 | 100.0% | S100YEIS |
| Cost of revenue | 47,609 | 61.9% | S100YEIS |
| Gross profit | 29,317 | 38.1% | S100YEIS |
| SG&A | 10,467 | 13.6% | S100YEIS |
| Operating income | 18,851 | 24.5% | S100YEIS |
| Ordinary income | 19,573 | 25.4% | S100YEIS |
| Pretax income | 19,528 | 25.4% | S100YEIS |
| Income tax | 5,216 | 6.8% | S100YEIS |
| Net income | 14,312 | 18.6% | S100YEIS |
| Net income attributable to owners | 14,312 | 18.6% | S100YEIS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 14 |
| Operating income | 24 |
| (Ref.) Net income | 19 |

### Margin funnel

Gross margin 38.1% → Operating margin 24.5% → Net margin 18.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.7%; Core profit growth: +16.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.51×
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 | 69,502 | 76,926 | 7,424 | +10.7% |
| Gross profit | 25,971 | 29,317 | 3,346 | +12.9% |
| Operating income | 16,231 | 18,851 | 2,620 | +16.1% |
| Net income attributable to owners | 11,623 | 14,312 | 2,689 | +23.1% |
| Operating cash flow | 22,702 | 24,794 | 2,092 | +9.2% |
| Free cash flow | 2,563 | 14,684 | 12,121 | +473.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 41,311 | 8,831 | 21.4% | 7,014 | 11,937 | 7,403 | S100M1O7 |
| FY ending Mar 2021 | 42,209 | 9,632 | 22.8% | 6,808 | 12,821 | 10,606 | S100OHQ4 |
| FY ending Mar 2022 | 55,760 | 15,035 | 27.0% | 10,890 | 10,199 | 577 | S100RH5I |
| FY ending Mar 2023 | 68,459 | 18,931 | 27.7% | 14,129 | 13,926 | 291 | S100U1TC |
| FY ending Mar 2024 | 58,970 | 11,084 | 18.8% | 8,343 | 7,061 | -10,526 | S100VZS3 |
| FY ending Mar 2025 | 69,502 | 16,231 | 23.4% | 11,623 | 22,702 | 2,563 | S100YEIS |
| FY ending Mar 2026 | 76,926 | 18,851 | 24.5% | 14,312 | 24,794 | 14,684 | S100YEIS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥80.5M |
| Operating income per employee (consolidated) | ¥19.7M |
| Net income per employee (consolidated) | ¥15M |

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) | 805 | 859 | 892 | 915 | 956 |
| Average salary (parent company) | ¥6.8M | ¥7.2M | ¥7.1M | ¥7.3M | ¥7.6M |
| Average age (parent company) | 42.9 years | 42.3 years | 41.9 years | 41.9 years | 41.6 years |
| Average tenure (parent company) | 13.3 years | 12.8 years | 12.3 years | 12.3 years | 12.0 years |

Year over year: Employees (consolidated) +4.5% · Revenue (consolidated) +10.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Life Science Business Unit | 35,411 | 46.0% | 5,308 | 15.0% |
| Electronic Materials Business Unit | 41,515 | 54.0% | 15,927 | 38.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Life Science Business Unit | 46.0% | 25.0% | -21.0 | 15.0% |
| Electronic Materials Business Unit | 54.0% | 75.0% | 21.0 | 38.4% |

Segment → industry: Life Science Business Unit → Chemicals / Electronic Materials Business Unit → Semiconductor Materials / Life Science Business Unit → Food Ingredients

## 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 | 24,794 | 32.2% | S100YEIS |
| Capital expenditure | 10,110 | 13.1% | S100YEIS |
| Free cash flow | 14,684 | 19.1% | 算出 |
| Investing cash flow | -11,069 | -14.4% | S100YEIS |
| Financing cash flow | -5,905 | -7.7% | S100YEIS |
| Dividends paid | 2,785 | 3.6% | S100YEIS |
| Share buyback | 0 | 0.0% | S100YEIS |
| Change in cash | 8,659 | 11.3% | S100YEIS |
| Cash and equivalents | 37,896 | 49.3% | S100YEIS |

## 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 | 23,460 | 22,351 | 29,484 | 29,237 | 37,896 | S100U1TC, S100VZS3, S100YEIS |
| Total assets | 92,010 | 113,529 | 133,740 | 141,502 | 152,256 | S100RH5I, S100U1TC, S100VZS3, S100YEIS |
| Net assets | 75,303 | 87,503 | 95,025 | 104,049 | 117,217 | S100U1TC, S100VZS3, S100YEIS |
| Share capital | 4,334 | 4,334 | 4,334 | 4,334 | 4,334 | S100RH5I, S100U1TC, S100VZS3, S100YEIS |
| Trade receivables | 14,887 | 14,969 | 16,458 | 16,046 | 16,626 | S100RH5I, S100U1TC, S100VZS3, S100YEIS |
| Property, plant and equipment | 35,291 | 54,302 | 59,027 | 66,983 | 64,540 | S100RH5I, S100U1TC, S100VZS3, S100YEIS |
| Intangible assets excluding goodwill | 1,905 | 1,346 | 3,130 | 4,006 | 5,491 | S100RH5I, S100U1TC, S100VZS3, S100YEIS |
| Investment securities | 1,030 | 691 | 885 | 714 | 680 | S100RH5I, S100U1TC, S100VZS3, S100YEIS |
| Current assets | 52,078 | 55,344 | 68,134 | 67,052 | 78,476 | S100RH5I, S100U1TC, S100VZS3, S100YEIS |
| Current liabilities | 14,667 | 23,909 | 16,457 | 18,490 | 19,844 | S100RH5I, S100U1TC, S100VZS3, S100YEIS |
| Trade payables | 3,039 | 3,295 | 2,359 | 3,073 | — | S100RH5I, S100U1TC, S100VZS3 |
| Long-term borrowings | — | — | 20,000 | 16,900 | 12,900 | S100VZS3, S100YEIS |
| Total liabilities | 16,706 | 26,026 | 38,715 | 37,453 | 35,039 | S100RH5I, S100U1TC, S100VZS3, S100YEIS |
| Equity attributable to owners of parent | 72,225 | 84,226 | 90,256 | 99,503 | 111,051 | S100RH5I, S100U1TC, S100VZS3, S100YEIS |
| Retained earnings | 64,183 | 76,184 | 82,188 | 91,406 | 102,918 | S100RH5I, S100U1TC, S100VZS3, S100YEIS |
| Treasury stock | -1,113 | -1,113 | -1,087 | -1,057 | -1,022 | S100RH5I, S100U1TC, S100VZS3, S100YEIS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YEIS |
| Receivables | 11% | S100YEIS |
| Property, plant and equipment | 42% | S100YEIS |
| Intangibles and goodwill | 4% | S100YEIS |
| Investment securities | 0% | S100YEIS |
| Other assets | 18% | S100YEIS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 23% | S100YEIS |
| Equity | 77% | S100YEIS |
| Other liabilities | 0% | S100YEIS |

### 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 | 92,010 | 113,529 | 133,740 | 141,502 | 152,256 |
| Equity | 75,303 | 87,503 | 95,025 | 104,049 | 117,217 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 23,460 | 22,351 | 29,484 | 29,237 | 37,896 |

## 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) | 83.9% | S100YEIS |
| Fixed assets ÷ total assets | 42.4% | S100YEIS |
| Goodwill ÷ parent equity | — | —, S100YEIS |

### 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) | 24.9% |
| Cash ÷ revenue | 49.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 131.5% |
| Cash vs. profit gap | 10,482 JPY mn (of net income 73.2%) |
| Shareholder returns / net income | 19.5% |
| Shareholder returns / FCF | 19.0% |
| Shareholder payments — dividends / net income | 19.5% |
| Shareholder payments — dividends / FCF | 19.0% |
| CapEx intensity (capex ÷ revenue) | 13.1% |
| Investing CF relative to operating CF | 44.6% |

## 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 | 19.5% | 0.61× | 11.8% | 1.27× | 15.1% | S100RH5I |
| 2023 | 20.6% | 0.67× | 13.7% | 1.31× | 18.1% | S100U1TC |
| 2024 | 14.1% | 0.48× | 6.7% | 1.42× | 9.6% | S100VZS3 |
| 2025 | 16.7% | 0.51× | 8.4% | 1.45× | 12.3% | S100YEIS |
| 2026 | 18.6% | 0.52× | 9.7% | 1.40× | 13.6% | S100YEIS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社壽世堂 | Major shareholder | 15.9% | 2026-03-31 |
| 帝國製薬株式会社 | Major shareholder | 9.4% | 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 | 9.2% | 2026-03-31 |
| 株式会社薫風舎 | Major shareholder | 7.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.5% | 2026-03-31 |
| 大阪中小企業投資育成株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 有限会社帝産 | Major shareholder | 3.9% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140042 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.9% | 2026-03-31 |
| 公益財団法人赤澤記念財団 | Major shareholder | 2.8% | 2026-03-31 |
| US BANK NATIONAL ASSOCIATION JP ACCTS TS （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 2.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/04/01－2026/03/31) | S100YEIS | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEIS,, |
| 有価証券報告書－第68期(2024/04/01－2025/03/31) | S100VZS3 | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZS3,, |
| 訂正有価証券報告書－第67期(2023/04/01－2024/03/31) | S100U1TC | 2024-07-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U1TC,, |
| 訂正有価証券報告書－第66期(2022/04/01－2023/03/31) | S100RH5I | 2023-07-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RH5I,, |
| 有価証券報告書－第65期(令和3年4月1日－令和4年3月31日) | S100OHQ4 | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHQ4,, |
| 訂正有価証券報告書－第64期(令和2年4月1日－令和3年3月31日) | S100M1O7 | 2021-07-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M1O7,, |

## 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).