# Fuso Pharmaceutical Industries,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第103期(2025/04/01－2026/03/31) (S100YHSC)
> Page: https://vizora.meequs.com/en/company/fuso-pharmaceutical-industries
> Retrieved: 2026-09-30T19:54:01.037Z

## Company

Fuso Pharmaceutical Industries, founded in 1937, is a company in Pharmaceuticals listed on TSE Prime. It has 1,374 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Fuso Pharmaceutical Industries, Ltd. |
| Ticker | 4538 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4538.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区道修町一丁目7番10号(上記は登記上の本店所在地であり、実際の業務は下記の場所で行っております。)本店事務取扱場所 大阪市城東区森之宮二丁目3番11号 |
| Representative (per filing) | 代表取締役社長 戸田幹雄 |
| Founded | Mar 1937 |
| Share capital | ¥10.8B |
| Employees (consolidated) | 1,374 |
| Average salary (parent only) | ¥6M |
| Fiscal year end | March |
| Website | www.fuso-pharm.co.jp (https://www.fuso-pharm.co.jp/) |
| Corporate number | 5120001077541 |
| EDINET | E00953 |
| Industries (Vizora) | Pharmaceuticals |

> Profile source: annual securities report (S100YHSC, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 36.1 | 18 |
| Profitability | 38.6 | 22 |
| Cash conversion | 2.8 | 18 |
| Efficiency | 95.3 | 32 |

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)

- Fuso Pharmaceutical Industries brought in ¥62.3B in revenue.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +2.9% from the prior year, operating profit -36.1%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥62.3B |  |
| Operating income | ¥2.64B | Margin 4.2% |
| Net income | ¥2.01B | Margin 3.2% |
| Free cash flow | -¥7.88B |  |
| Employees (consolidated) | 1,374 |  |
| EPS | ¥235.63 |  |
| Book value per share | ¥4106.51 |  |
| Equity ratio | 38.8% |  |
| Shares outstanding | 9,451,169 |  |
| Treasury shares | 914,100 |  |
| Shareholders | 6,267 |  |
| Average salary (parent only) | ¥6M | Filing company only |
| Cash ratio | 5.4% | Cash ÷ revenue 7.8% |
| Vs. industry median margin | -2.9 pp | Pharmaceuticals |
| ROE | 5.5% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥49251000000 | ¥62307000000 | +26.5% |
| Operating income | ¥2351000000 | ¥2639000000 | +12.3% |
| Operating margin | 4.8% | 4.2% | -0.5 pp |
| Employees | 1,356 people | 1,374 people | +1.3% |
| Cash and equivalents | ¥7074000000 | ¥4846000000 | -31.5% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 62,307 | 100.0% | S100YHSC |
| Cost of revenue | 46,312 | 74.3% | S100YHSC |
| Gross profit | 15,995 | 25.7% | S100YHSC |
| SG&A | 13,355 | 21.4% | S100YHSC |
| Operating income | 2,639 | 4.2% | S100YHSC |
| Ordinary income | 2,349 | 3.8% | S100YHSC |
| Pretax income | 2,438 | 3.9% | S100YHSC |
| Income tax | 426 | 0.7% | S100YHSC |
| Net income | 2,011 | 3.2% | S100YHSC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 22 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 25.7% → Operating margin 4.2% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.9%; Core profit growth: -36.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -12.54×
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 | 60,563 | 62,307 | 1,744 | +2.9% |
| Gross profit | 16,532 | 15,995 | -537 | -3.2% |
| Operating income | 4,131 | 2,639 | -1,492 | -36.1% |
| Operating cash flow | -3,305 | -6,224 | -2,919 | — |
| Free cash flow | -6,403 | -7,883 | -1,480 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 46,902 | 1,010 | 2.2% | 707 | 5,726 | 3,224 | S100LSH7 |
| FY ending Mar 2021 | 49,251 | 2,351 | 4.8% | 1,607 | 3,230 | 2,020 | S100OL98 |
| FY ending Mar 2022 | 49,632 | 1,924 | 3.9% | 1,483 | 3,498 | 2,011 | S100R6DG |
| FY ending Mar 2023 | 51,015 | 2,206 | 4.3% | 1,605 | 2,853 | 1,279 | S100TRL6 |
| FY ending Mar 2024 | 55,407 | 1,964 | 3.5% | 1,377 | 627 | -2,961 | S100W3Q0 |
| FY ending Mar 2025 | 60,563 | 4,131 | 6.8% | -3,288 | -3,305 | -6,403 | S100YHSC |
| FY ending Mar 2026 | 62,307 | 2,639 | 4.2% | 2,011 | -6,224 | -7,883 | S100YHSC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.3M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 1,344 | 1,314 | 1,307 | 1,340 | 1,374 |
| Average salary (parent company) | ¥5.7M | ¥5.5M | ¥5.7M | ¥5.8M | ¥6M |
| Average age (parent company) | 40.9 years | 41.5 years | 41.7 years | 41.9 years | 41.2 years |
| Average tenure (parent company) | 19.4 years | 19.6 years | 19.6 years | 19.4 years | 18.8 years |

Year over year: Employees (consolidated) +2.5% · Revenue (consolidated) +2.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -6,224 | -10.0% | S100YHSC |
| Capital expenditure | 1,659 | 2.7% | S100YHSC |
| Free cash flow | -7,883 | -12.7% | 算出 |
| Investing cash flow | -1,515 | -2.4% | S100YHSC |
| Financing cash flow | 6,321 | 10.1% | S100YHSC |
| Dividends paid | 734 | 1.2% | S100YHSC |
| Share buyback | 2 | 0.0% | S100YHSC |
| Change in cash | -1,418 | -2.3% | S100YHSC |
| Cash and equivalents | 4,846 | 7.8% | S100YHSC |

## 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 | 7,347 | 8,014 | 5,120 | 6,264 | 4,846 | S100TRL6, S100W3Q0, S100YHSC |
| Total assets | 69,334 | 72,466 | 75,802 | 81,729 | 90,323 | S100R6DG, S100TRL6, S100W3Q0, S100YHSC |
| Net assets | 34,532 | 35,649 | 36,661 | 33,043 | 35,057 | S100TRL6, S100W3Q0, S100YHSC |
| Share capital | 10,758 | 10,758 | 10,758 | 10,758 | 10,758 | S100R6DG, S100TRL6, S100W3Q0, S100YHSC |
| Trade receivables | — | — | — | 26,491 | 26,897 | S100YHSC |
| Property, plant and equipment | 23,792 | 23,763 | 24,427 | 23,111 | 22,186 | S100R6DG, S100TRL6, S100W3Q0, S100YHSC |
| Intangible assets excluding goodwill | 453 | 329 | 600 | 1,514 | 1,352 | S100R6DG, S100TRL6, S100W3Q0, S100YHSC |
| Investment securities | 3,092 | 3,018 | 3,924 | 4,375 | 5,332 | S100R6DG, S100TRL6, S100W3Q0, S100YHSC |
| Current assets | 39,787 | 43,219 | 44,947 | 48,342 | 57,336 | S100R6DG, S100TRL6, S100W3Q0, S100YHSC |
| Current liabilities | 26,375 | 28,474 | 29,650 | 44,131 | 51,684 | S100R6DG, S100TRL6, S100W3Q0, S100YHSC |
| Short-term borrowings | 2,350 | 2,350 | 2,350 | 18,000 | 26,000 | S100R6DG, S100TRL6, S100W3Q0, S100YHSC |
| Long-term borrowings | 5,758 | 5,747 | 7,021 | 2,462 | 1,858 | S100R6DG, S100TRL6, S100W3Q0, S100YHSC |
| Total liabilities | 34,802 | 36,817 | 39,140 | 48,685 | 55,265 | S100R6DG, S100TRL6, S100W3Q0, S100YHSC |
| Equity attributable to owners of parent | 38,329 | 39,405 | 39,662 | 35,728 | 36,995 | S100R6DG, S100TRL6, S100W3Q0, S100YHSC |
| Retained earnings | 14,731 | 15,811 | 16,541 | 12,612 | 13,881 | S100R6DG, S100TRL6, S100W3Q0, S100YHSC |
| Treasury stock | -2,170 | -2,173 | -2,588 | -2,593 | -2,595 | S100R6DG, S100TRL6, S100W3Q0, S100YHSC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YHSC |
| Receivables | 30% | S100YHSC |
| Property, plant and equipment | 25% | S100YHSC |
| Intangibles and goodwill | 1% | S100YHSC |
| Investment securities | 6% | S100YHSC |
| Other assets | 33% | S100YHSC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 61% | S100YHSC |
| Equity | 39% | S100YHSC |
| Other liabilities | 0% | S100YHSC |

### 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 | 69,334 | 72,466 | 75,802 | 81,729 | 90,323 |
| Equity | 34,532 | 35,649 | 36,661 | 33,043 | 35,057 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,347 | 8,014 | 5,120 | 6,264 | 4,846 |

## 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) | 35.6% | S100YHSC |
| Fixed assets ÷ total assets | 24.6% | S100YHSC |
| Goodwill ÷ parent equity | — | —, S100YHSC |

### 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) | 5.4% |
| Cash ÷ revenue | 7.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -235.8% |
| Cash vs. profit gap | -8,235 JPY mn (of net income -409.5%) |
| Shareholder returns / net income | 36.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 36.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | — |

## 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 | 3.0% | 0.72× | 2.1% | 1.81× | 3.9% | S100R6DG |
| 2023 | 3.1% | 0.72× | 2.3% | 1.82× | 4.1% | S100TRL6 |
| 2024 | 2.5% | 0.75× | 1.9% | 1.88× | 3.5% | S100W3Q0 |
| 2025 | — | —× | -4.2% | —× | — | S100YHSC |
| 2026 | 3.2% | 0.72× | 2.3% | 2.37× | 5.5% | S100YHSC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ぶどう協和会 | Major shareholder | 7.0% | 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 | 6.6% | 2026-03-31 |
| 敷島振興株式会社 | Major shareholder | 5.3% | 2026-03-31 |
| 扶桑薬品工業従業員持株会 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.3% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 2.9% | 2026-03-31 |
| 戸 田 幹 雄 | Major shareholder | 2.1% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.9% | 2026-03-31 |
| 中尾薬品株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 内外化成株式会社 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YHSC | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHSC,, |
| 有価証券報告書－第102期(2024/04/01－2025/03/31) | S100W3Q0 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3Q0,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TRL6 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRL6,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100R6DG | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6DG,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100OL98 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OL98,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LSH7 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSH7,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| スリー・ディー・マトリックス | Supply/OEM | 止血材製品の製造委託（扶桑が製造して当社に供給） | S100YR3G |

## 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).