# HAGIHARA INDUSTRIES INC.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第63期(2024/11/01－2025/10/31) (S100XHSU)
> Page: https://vizora.meequs.com/en/company/hagihara-industries
> Retrieved: 2026-09-30T21:44:44.867Z

## Company

Hagihara Industries, founded in 1962, is a company in Chemicals listed on TSE Prime. It has 1,292 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HAGIHARA INDUSTRIES INC. |
| Ticker | 7856 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7856.T) |
| Listing | TSE Prime |
| Head office | 岡山県倉敷市水島中通一丁目4番地 |
| Representative (per filing) | 代表取締役社長 浅野 和志 |
| Founded | Nov 1962 |
| Share capital | ¥1.78B |
| Employees (consolidated) | 1,292 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | October |
| Website | www.hagihara.co.jp (https://www.hagihara.co.jp/) |
| Corporate number | 7260001014438 |
| EDINET | E01053 |
| Industries (Vizora) | Chemicals, Industrial Machinery |

> Profile source: annual securities report (S100XHSU, filed 2026-01-28). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 29.7 | 96 |
| Profitability | 26.5 | 100 |
| Cash conversion | 89.1 | 96 |
| Efficiency | 62.5 | 100 |

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 82% of Hagihara Industries's sales come from Plastic products, with Engineering products making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -3.6% from the prior year, operating profit -30.0%.

## Company structure

- Segment revenue mix: Plastic products 82.3%、Engineering products 17.7%
- Revenue → net income: ¥31936485000 → ¥1796443000
- Net income → operating cash flow: ¥1796443000 → ¥4486855000（difference ¥2690412000）
- Main uses of operating cash flow: CapEx ¥2447811000 / dividends ¥910787000 / buybacks —
- Change in cash: ¥1932000
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 | ¥31.9B |  |
| Operating income | ¥1.47B | Margin 4.6% |
| Net income | ¥1.79B | Margin 5.6% |
| Free cash flow | ¥2.04B |  |
| Largest business | Plastic products | of segment revenue 82.3% |
| Employees (consolidated) | 1,292 |  |
| EPS | ¥109.01 |  |
| Diluted EPS | ¥108.14 |  |
| Book value per share | ¥1842.25 |  |
| Equity ratio | 72.3% |  |
| Shares outstanding | 14,897,600 |  |
| Treasury shares | 735,500 |  |
| Shareholders | 38,289 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 11.4% | Cash ÷ revenue 15.2% |
| Vs. industry median margin | -2.9 pp | Chemicals |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 4.2% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.5× net income
- FY2025, one segment accounts for 79% of positive segment profit

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27231096000 | ¥31936485000 | +17.3% |
| Operating income | ¥2515312000 | ¥1467897000 | -41.6% |
| Operating margin | 9.2% | 4.6% | -4.6 pp |
| Employees | 1,474 people | 1,292 people | -12.3% |
| Cash and equivalents | ¥6940336000 | ¥4861533000 | -30.0% |

### Change in segment revenue mix

Span: FY ending Oct 2020 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 合成樹脂加工製品事業 → 合成樹脂加工製品事業 | 82.0% |
| 機械製品事業 → 機械製品事業 | 17.7% |
| 機械製品事業 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 合成樹脂加工製品事業 | 0.3% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 31,936 | 100.0% | S100XHSU |
| Cost of revenue | 23,558 | 73.8% | S100XHSU |
| Gross profit | 8,379 | 26.2% | S100XHSU |
| SG&A | 6,911 | 21.6% | S100XHSU |
| Operating income | 1,468 | 4.6% | S100XHSU |
| Ordinary income | 1,817 | 5.7% | S100XHSU |
| Pretax income | 2,617 | 8.2% | S100XHSU |
| Income tax | 820 | 2.6% | S100XHSU |
| Net income | 1,796 | 5.6% | S100XHSU |
| Net income attributable to owners | 1,794 | 5.6% | S100XHSU |

## Per ¥100 of revenue（FY ending Oct 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 22 |
| Operating income | 4 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 26.2% → Operating margin 4.6% → Net margin 5.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.6%; Core profit growth: -30.0%
Operating leverage (core profit growth ÷ revenue growth): 8.41×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Oct 2024 → FY ending Oct 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 33,118 | 31,936 | -1,182 | -3.6% |
| Gross profit | 8,860 | 8,379 | -482 | -5.4% |
| Operating income | 2,098 | 1,468 | -630 | -30.0% |
| Net income attributable to owners | 1,518 | 1,794 | 276 | +18.2% |
| Operating cash flow | 4,416 | 4,487 | 71 | +1.6% |
| Free cash flow | 1,081 | 2,039 | 958 | +88.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 29,647 | 2,724 | 9.2% | 2,014 | 3,604 | 1,343 | S100KL6M |
| FY ending Oct 2020 | 27,231 | 2,515 | 9.2% | 1,892 | 3,316 | 2,015 | S100N9WO |
| FY ending Oct 2021 | 27,706 | 2,255 | 8.1% | 1,619 | 1,585 | 149 | S100QDOO |
| FY ending Oct 2022 | 29,953 | 1,377 | 4.6% | 943 | 1,053 | -3,659 | S100SOA7 |
| FY ending Oct 2023 | 31,245 | 1,979 | 6.3% | 3,118 | 4,580 | 170 | S100V4KH |
| FY ending Oct 2024 | 33,118 | 2,098 | 6.3% | 1,518 | 4,416 | 1,081 | S100XHSU |
| FY ending Oct 2025 | 31,936 | 1,468 | 4.6% | 1,794 | 4,487 | 2,039 | S100XHSU |

## People and productivity（FY ending Oct 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.7M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥1.4M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,370 | 1,299 | 1,297 | 1,299 | 1,292 |
| Average salary (parent company) | ¥5.9M | ¥5.8M | ¥5.8M | ¥6M | ¥6.2M |
| Average age (parent company) | 39.4 years | 39.5 years | 40.3 years | 40.7 years | 41.5 years |
| Average tenure (parent company) | 16.3 years | 16.5 years | 17.0 years | 16.9 years | 17.4 years |

Year over year: Employees (consolidated) -0.5% · Revenue (consolidated) -3.6%

## Segments（FY ending Oct 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Plastic products | 26,294 | 82.3% | 1,164 | 4.4% |
| Engineering products | 5,643 | 17.7% | 304 | 5.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Plastic products | 82.3% | 79.3% | -3.1 | 4.4% |
| Engineering products | 17.7% | 20.7% | 3.1 | 5.4% |

Segment → industry: Plastic products → Chemicals / Engineering products → Industrial Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 4,487 | 14.0% | S100XHSU |
| Capital expenditure | 2,448 | 7.7% | S100XHSU |
| Free cash flow | 2,039 | 6.4% | 算出 |
| Investing cash flow | -2,774 | -8.7% | S100XHSU |
| Financing cash flow | -1,685 | -5.3% | S100XHSU |
| Dividends paid | 911 | 2.9% | S100XHSU |
| Change in cash | 2 | 0.0% | S100XHSU |
| Cash and equivalents | 4,862 | 15.2% | S100XHSU |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,696 | 4,673 | 5,398 | 4,860 | 4,862 | S100SOA7, S100V4KH, S100XHSU |
| Total assets | 34,793 | 38,447 | 42,652 | 42,583 | 42,735 | S100QDOO, S100SOA7, S100V4KH, S100XHSU |
| Net assets | 25,243 | 25,951 | 28,122 | 29,099 | 30,965 | S100SOA7, S100V4KH, S100XHSU |
| Share capital | 1,778 | 1,778 | 1,778 | 1,778 | 1,778 | S100QDOO, S100SOA7, S100V4KH, S100XHSU |
| Trade receivables | 8,298 | 8,574 | 7,387 | 6,303 | 5,072 | S100QDOO, S100SOA7, S100V4KH, S100XHSU |
| Property, plant and equipment | 10,085 | 13,719 | 16,807 | 18,176 | 18,431 | S100QDOO, S100SOA7, S100V4KH, S100XHSU |
| Intangible assets excluding goodwill | 693 | 518 | 497 | 466 | 511 | S100QDOO, S100SOA7, S100V4KH, S100XHSU |
| Goodwill | 144 | 47 | 108 | 83 | 58 | S100QDOO, S100SOA7, S100V4KH, S100XHSU |
| Investment securities | 132 | 122 | 157 | 157 | 192 | S100QDOO, S100SOA7, S100V4KH, S100XHSU |
| Current assets | 21,766 | 22,206 | 23,475 | 21,949 | 21,137 | S100QDOO, S100SOA7, S100V4KH, S100XHSU |
| Current liabilities | 8,141 | 8,951 | 9,171 | 8,798 | 7,828 | S100QDOO, S100SOA7, S100V4KH, S100XHSU |
| Trade payables | 1,463 | 1,541 | 1,733 | 1,933 | 1,712 | S100QDOO, S100SOA7, S100V4KH, S100XHSU |
| Short-term borrowings | 2,291 | 2,252 | 2,315 | 1,826 | 1,710 | S100QDOO, S100SOA7, S100V4KH, S100XHSU |
| Long-term borrowings | 108 | 2,236 | 4,375 | 3,621 | 2,813 | S100QDOO, S100SOA7, S100V4KH, S100XHSU |
| Total liabilities | 9,550 | 12,496 | 14,529 | 13,484 | 11,769 | S100QDOO, S100SOA7, S100V4KH, S100XHSU |
| Non-controlling interests | 3 | 14 | 24 | 24 | 24 | S100QDOO, S100SOA7, S100V4KH, S100XHSU |
| Equity attributable to owners of parent | 24,766 | 24,621 | 26,680 | 27,711 | 28,809 | S100QDOO, S100SOA7, S100V4KH, S100XHSU |
| Retained earnings | 21,979 | 22,398 | 24,913 | 25,740 | 26,622 | S100QDOO, S100SOA7, S100V4KH, S100XHSU |
| Treasury stock | -465 | -1,029 | -1,501 | -1,288 | -1,064 | S100QDOO, S100SOA7, S100V4KH, S100XHSU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100XHSU |
| Receivables | 12% | S100XHSU |
| Property, plant and equipment | 43% | S100XHSU |
| Intangibles and goodwill | 1% | S100XHSU |
| Investment securities | 1% | S100XHSU |
| Other assets | 32% | S100XHSU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100XHSU |
| Other liabilities | 24% | S100XHSU |
| Equity | 72% | S100XHSU |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 34,793 | 38,447 | 42,652 | 42,583 | 42,735 |
| Equity | 25,243 | 25,951 | 28,122 | 29,099 | 30,965 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,696 | 4,673 | 5,398 | 4,860 | 4,862 |

## 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) | 57.7% | S100XHSU |
| Fixed assets ÷ total assets | 43.1% | S100XHSU |
| Goodwill ÷ parent equity | 0.2% | S100XHSU |

Goodwill over 4 years: 144 → 58 JPY; total investing cash flow: -16,360 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) | 11.4% |
| Cash ÷ revenue | 15.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 305.7% |
| Cash vs. profit gap | 2,692 JPY mn (of net income 150.0%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 50.8% |
| Shareholder payments — dividends / FCF | 44.7% |
| CapEx intensity (capex ÷ revenue) | 7.7% |
| Investing CF relative to operating CF | 61.8% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.8% | 0.80× | 4.7% | 1.40× | 6.5% | S100QDOO |
| 2022 | 3.1% | 0.82× | 2.6% | 1.48× | 3.8% | S100SOA7 |
| 2023 | 10.0% | 0.77× | 7.7% | 1.58× | 12.2% | S100V4KH |
| 2024 | 4.6% | 0.78× | 3.6% | 1.57× | 5.6% | S100XHSU |
| 2025 | 5.6% | 0.75× | 4.2% | 1.51× | 6.3% | S100XHSU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 萩原株式会社 | Major shareholder | 10.1% | 2025-10-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.1% | 2025-10-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.6% | 2025-10-31 |
| 萩原工業従業員持株会 | Major shareholder | 3.2% | 2025-10-31 |
| 萩原 邦章 | Major shareholder | 3.0% | 2025-10-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 1.4% | 2025-10-31 |
| 萩原 賦一 | Major shareholder | 1.4% | 2025-10-31 |
| 株式会社広島銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 1.4% | 2025-10-31 |
| 株式会社商工組合中央金庫 | Major shareholder | 0.7% | 2025-10-31 |
| 福山通運株式会社 | Major shareholder | 0.7% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第63期(2024/11/01－2025/10/31) | S100XHSU | 2026-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XHSU,, |
| 有価証券報告書－第62期(2023/11/01－2024/10/31) | S100V4KH | 2025-01-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V4KH,, |
| 有価証券報告書－第61期(2022/11/01－2023/10/31) | S100SOA7 | 2024-01-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SOA7,, |
| 訂正有価証券報告書－第60期(2021/11/01－2022/10/31) | S100QDOO | 2023-03-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QDOO,, |
| 有価証券報告書－第59期(令和2年11月1日－令和3年10月31日) | S100N9WO | 2022-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N9WO,, |
| 有価証券報告書－第58期(令和1年11月1日－令和2年10月31日) | S100KL6M | 2021-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KL6M,, |

## 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).