# Hodogaya 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168期(2025/04/01－2026/03/31) (S100YGIX)
> Page: https://vizora.meequs.com/en/company/hodogaya-chemical
> Retrieved: 2026-09-30T20:37:53.774Z

## Company

Hodogaya Chemical, founded in 1915, is a company in Chemicals listed on TSE Prime. It has 946 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Hodogaya Chemical Co., Ltd. |
| Ticker | 4112 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4112.T) |
| Listing | TSE Prime |
| Head office | 東京都港区東新橋一丁目9番2号 |
| Representative (per filing) | 取締役社長 松本 祐人 |
| Founded | Mar 1915 |
| Share capital | ¥11.2B |
| Employees (consolidated) | 946 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.hodogaya.co.jp (https://www.hodogaya.co.jp/) |
| Corporate number | 2010401070762 |
| EDINET | E00809 |
| Industries (Vizora) | Chemicals, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YGIX, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 27.6 | 96 |
| Profitability | 52.5 | 100 |
| Cash conversion | 57.8 | 96 |
| Efficiency | 21.5 | 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 54% of Hodogaya Chemical's sales come from Functional Colorants, with Specialty Polymers and Basic Chemicals making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -1.1% from the prior year, operating profit -23.9%.

## Company structure

- Segment revenue mix: Functional Colorants 54.2%、Specialty Polymers 16.0%、Basic Chemicals 15.1%、Agro-Science 10.6%、logistics 3.7%
- Revenue → net income: ¥48040000000 → ¥4706000000
- Net income → operating cash flow: ¥4706000000 → ¥6092000000（difference ¥1386000000）
- Main uses of operating cash flow: CapEx ¥6329000000 / dividends ¥772000000 / buybacks ¥1000000
- Change in cash: ¥526000000
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 | ¥48B |  |
| Operating income | ¥3.71B | Margin 7.7% |
| Net income | ¥3.05B | Margin 6.4% |
| Free cash flow | -¥237M |  |
| Largest business | Functional Colorants | of segment revenue 54.2% |
| Employees (consolidated) | 946 |  |
| EPS | ¥127.43 |  |
| Book value per share | ¥2766.66 |  |
| Equity ratio | 60.8% |  |
| Shares outstanding | 16,827,000 |  |
| Treasury shares | 551,700 |  |
| Shareholders | 4,439 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 9.4% | Cash ÷ revenue 16.9% |
| Vs. industry median margin | +0.2 pp | Chemicals |
| ROE | 7.3% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 82% of positive segment profit
- FY2026, segment profit share differs by 27 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥41199000000 | ¥48040000000 | +16.6% |
| Operating income | ¥5444000000 | ¥3711000000 | -31.8% |
| Operating margin | 13.2% | 7.7% | -5.5 pp |
| Employees | 789 people | 946 people | +19.9% |
| Cash and equivalents | ¥9331000000 | ¥8129000000 | -12.9% |

### 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 |
| --- | ---: |
| 機能性色素 → 機能性色素 | 40.1% |
| 機能性樹脂 → 機能性樹脂 | 16.0% |
| 機能性樹脂 → 事業再編・廃止 | 8.9% |
| 基礎化学品 → 基礎化学品 | 15.1% |
| 基礎化学品 → 事業再編・廃止 | 1.6% |
| アグロサイエンス → アグロサイエンス | 10.6% |
| アグロサイエンス → 事業再編・廃止 | 2.8% |
| 物流関連 → 物流関連 | 3.7% |
| 物流関連 → 事業再編・廃止 | 0.8% |
| その他 → その他 | 0.3% |
| その他 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 機能性色素 | 14.2% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Functional Colorants | 5 years | +9.6% | ¥26049000000 | 13.5% | 2 |
| Specialty Polymers | 5 years | -5.6% | ¥7702000000 | -7.6% | 2 |
| Basic Chemicals | 5 years | +1.1% | ¥7258000000 | 4.5% | 2 |
| Agro-Science | 5 years | -1.7% | ¥5108000000 | 1.3% | 2 |
| logistics | 5 years | -0.8% | ¥1775000000 | 20.3% | 2 |
| Other | 5 years | -3.4% | ¥144000000 | 25.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 48,040 | 100.0% | S100YGIX |
| Cost of revenue | 29,278 | 60.9% | S100YGIX |
| Gross profit | 18,762 | 39.1% | S100YGIX |
| SG&A | 15,050 | 31.3% | S100YGIX |
| Operating income | 3,711 | 7.7% | S100YGIX |
| Ordinary income | 4,228 | 8.8% | S100YGIX |
| Pretax income | 4,594 | 9.6% | S100YGIX |
| Income tax | -111 | -0.2% | S100YGIX |
| Net income | 4,706 | 9.8% | S100YGIX |
| Net income attributable to owners | 3,054 | 6.4% | S100YGIX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 31 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 39.1% → Operating margin 7.7% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.1%; Core profit growth: -23.9%
Operating leverage (core profit growth ÷ revenue growth): 21.56×
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 | 48,578 | 48,040 | -538 | -1.1% |
| Gross profit | 19,200 | 18,762 | -438 | -2.3% |
| Operating income | 4,875 | 3,711 | -1,164 | -23.9% |
| Net income attributable to owners | 3,178 | 3,054 | -124 | -3.9% |
| Operating cash flow | 5,669 | 6,092 | 423 | +7.5% |
| Free cash flow | 262 | -237 | -499 | -190.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 37,771 | 2,902 | 7.7% | 1,858 | 3,597 | 1,556 | S100LN5P |
| FY ending Mar 2021 | 41,199 | 5,444 | 13.2% | 3,119 | 5,380 | 3,071 | S100ODTM |
| FY ending Mar 2022 | 41,879 | 6,421 | 15.3% | 3,251 | 6,143 | 4,396 | S100R1S9 |
| FY ending Mar 2023 | 43,324 | 3,701 | 8.5% | 2,223 | 1,058 | -2,041 | S100TQ0E |
| FY ending Mar 2024 | 44,261 | 3,951 | 8.9% | 2,480 | 8,343 | 2,996 | S100W3EU |
| FY ending Mar 2025 | 48,578 | 4,875 | 10.0% | 3,178 | 5,669 | 262 | S100YGIX |
| FY ending Mar 2026 | 48,040 | 3,711 | 7.7% | 3,054 | 6,092 | -237 | S100YGIX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.8M |
| Operating income per employee (consolidated) | ¥3.9M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 834 | 890 | 922 | 942 | 946 |
| Average salary (parent company) | ¥6.2M | ¥6.8M | ¥6.4M | ¥7M | ¥7M |
| Average age (parent company) | 41.2 years | 41.8 years | 41.6 years | 41.6 years | 41.5 years |
| Average tenure (parent company) | 16.7 years | 17.2 years | 16.7 years | 16.9 years | 16.8 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) -1.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Functional Colorants | 26,049 | 54.2% | 3,512 | 13.5% |
| Specialty Polymers | 7,702 | 16.0% | -589 | -7.6% |
| Basic Chemicals | 7,258 | 15.1% | 323 | 4.5% |
| Agro-Science | 5,108 | 10.6% | 65 | 1.3% |
| logistics | 1,775 | 3.7% | 361 | 20.3% |
| Other | 144 | 0.3% | 37 | 25.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Functional Colorants | 54.2% | 81.7% | 27.5 | 13.5% |
| Specialty Polymers | 16.0% | — | — | -7.6% |
| Basic Chemicals | 15.1% | 7.5% | -7.6 | 4.5% |
| Agro-Science | 10.6% | 1.5% | -9.1 | 1.3% |
| logistics | 3.7% | 8.4% | 4.7 | 20.3% |
| Other | 0.3% | 0.9% | 0.6 | 25.7% |

Loss-making segment (excluded from profit shares): Specialty Polymers -589 JPY mn

Segment → industry: Agro-Science → Chemicals / Basic Chemicals → Chemicals / Specialty Polymers → Chemicals / Functional Colorants → Chemicals / logistics → Warehouses & Logistics Facilities

## 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 | 6,092 | 12.7% | S100YGIX |
| Capital expenditure | 6,329 | 13.2% | S100YGIX |
| Free cash flow | -237 | -0.5% | 算出 |
| Investing cash flow | -5,026 | -10.5% | S100YGIX |
| Financing cash flow | -694 | -1.4% | S100YGIX |
| Dividends paid | 772 | 1.6% | S100YGIX |
| Share buyback | 1 | 0.0% | S100YGIX |
| Change in cash | 526 | 1.1% | S100YGIX |
| Cash and equivalents | 8,129 | 16.9% | S100YGIX |

## 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 | 10,365 | 6,708 | 10,664 | 7,602 | 8,129 | S100TQ0E, S100W3EU, S100YGIX |
| Total assets | 66,448 | 72,051 | 81,157 | 79,858 | 86,413 | S100R1S9, S100TQ0E, S100W3EU, S100YGIX |
| Net assets | 47,912 | 49,897 | 57,443 | 58,530 | 63,613 | S100TQ0E, S100W3EU, S100YGIX |
| Share capital | 11,196 | 11,196 | 11,196 | 11,196 | 11,196 | S100R1S9, S100TQ0E, S100W3EU, S100YGIX |
| Property, plant and equipment | 22,449 | 23,729 | 28,665 | 29,511 | 32,387 | S100R1S9, S100TQ0E, S100W3EU, S100YGIX |
| Intangible assets excluding goodwill | 243 | 241 | 558 | 967 | 811 | S100R1S9, S100TQ0E, S100W3EU, S100YGIX |
| Goodwill | 43 | 32 | 22 | 7 | — | S100R1S9, S100TQ0E, S100W3EU, S100YGIX |
| Investment securities | 7,987 | 8,524 | 10,885 | 10,223 | 11,908 | S100R1S9, S100TQ0E, S100W3EU, S100YGIX |
| Current assets | 34,013 | 36,596 | 38,675 | 36,381 | 37,198 | S100R1S9, S100TQ0E, S100W3EU, S100YGIX |
| Current liabilities | 11,487 | 12,972 | 14,770 | 13,880 | 13,617 | S100R1S9, S100TQ0E, S100W3EU, S100YGIX |
| Trade payables | 4,738 | 4,600 | 5,130 | 4,761 | — | S100R1S9, S100TQ0E, S100W3EU |
| Short-term borrowings | 1,995 | 4,155 | 4,155 | 4,155 | 4,155 | S100R1S9, S100TQ0E, S100W3EU, S100YGIX |
| Long-term borrowings | 3,366 | 5,232 | 4,346 | 3,089 | 4,213 | S100R1S9, S100TQ0E, S100W3EU, S100YGIX |
| Total liabilities | 18,535 | 22,153 | 23,714 | 21,328 | 22,799 | S100R1S9, S100TQ0E, S100W3EU, S100YGIX |
| Non-controlling interests | 6,496 | 7,061 | 9,708 | 9,929 | 11,032 | S100R1S9, S100TQ0E, S100W3EU, S100YGIX |
| Equity attributable to owners of parent | 35,131 | 36,111 | 38,197 | 40,737 | 43,303 | S100R1S9, S100TQ0E, S100W3EU, S100YGIX |
| Retained earnings | 16,883 | 18,612 | 20,660 | 23,167 | 25,449 | S100R1S9, S100TQ0E, S100W3EU, S100YGIX |
| Treasury stock | -1,666 | -1,640 | -1,593 | -1,560 | -1,539 | S100R1S9, S100TQ0E, S100W3EU, S100YGIX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YGIX |
| Property, plant and equipment | 38% | S100YGIX |
| Intangibles and goodwill | 1% | S100YGIX |
| Investment securities | 14% | S100YGIX |
| Other assets | 38% | S100YGIX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100YGIX |
| Equity | 74% | S100YGIX |
| Other liabilities | 0% | S100YGIX |

### 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 | 66,448 | 72,051 | 81,157 | 79,858 | 86,413 |
| Equity | 47,912 | 49,897 | 57,443 | 58,530 | 63,613 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 10,365 | 6,708 | 10,664 | 7,602 | 8,129 |

## 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) | 67.4% | S100YGIX |
| Fixed assets ÷ total assets | 37.5% | S100YGIX |
| Goodwill ÷ parent equity | — | —, S100YGIX |

### 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) | 9.4% |
| Cash ÷ revenue | 16.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 164.2% |
| Cash vs. profit gap | 3,038 JPY mn (of net income 99.5%) |
| Shareholder returns / net income | 25.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 25.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.2% |
| Investing CF relative to operating CF | 82.5% |

## 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 | 7.8% | 0.63× | 4.9% | 1.89× | 9.3% | S100R1S9 |
| 2023 | 5.1% | 0.63× | 3.2% | 1.94× | 6.2% | S100TQ0E |
| 2024 | 5.6% | 0.58× | 3.2% | 2.06× | 6.7% | S100W3EU |
| 2025 | 6.5% | 0.60× | 3.9% | 2.04× | 8.1% | S100YGIX |
| 2026 | 6.4% | 0.58× | 3.7% | 1.98× | 7.3% | S100YGIX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 9.7% | 2026-03-31 |
| 東ソー㈱ | Major shareholder | 8.6% | 2026-03-31 |
| 松井証券㈱ | Major shareholder | 5.5% | 2026-03-31 |
| 日本証券金融㈱ | Major shareholder | 4.4% | 2026-03-31 |
| ㈱みずほ銀行 | Major shareholder | 3.7% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 2.8% | 2026-03-31 |
| ㈱日本カストディ銀行（信託Ｅ口） | Major shareholder | 2.3% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2026-03-31 |
| 明治安田生命保険(相) | Major shareholder | 2.0% | 2026-03-31 |
| ㈱東邦銀行 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第168期(2025/04/01－2026/03/31) | S100YGIX | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGIX,, |
| 有価証券報告書－第167期(2024/04/01－2025/03/31) | S100W3EU | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3EU,, |
| 有価証券報告書－第166期(2023/04/01－2024/03/31) | S100TQ0E | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ0E,, |
| 有価証券報告書－第165期(2022/04/01－2023/03/31) | S100R1S9 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1S9,, |
| 有価証券報告書－第164期(令和3年4月1日－令和4年3月31日) | S100ODTM | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODTM,, |
| 有価証券報告書－第163期(令和2年4月1日－令和3年3月31日) | S100LN5P | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN5P,, |

## 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).