# HOKKO CHEMICAL INDUSTRY CO.,LTD.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第76期(2024/12/01－2025/11/30) (S100XVAV)
> Page: https://vizora.meequs.com/en/company/hokko-chemical-industry
> Retrieved: 2026-09-30T17:59:33.054Z

## Company

Hokko Chemical Industry, founded in 1950, is a company in Textiles & Fibers listed on TSE Standard. It has 742 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOKKO CHEMICAL INDUSTRY CO.,LTD. |
| Ticker | 4992 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4992.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋本町一丁目5番4号 |
| Representative (per filing) | 代表取締役社長 佐野 健一 |
| Founded | Feb 1950 |
| Share capital | ¥3.21B |
| Employees (consolidated) | 742 |
| Average salary (parent only) | ¥6.9M |
| Fiscal year end | November |
| Website | www.hokkochem.co.jp (https://www.hokkochem.co.jp/) |
| Corporate number | 5010001034909 |
| EDINET | E01001 |
| Industries (Vizora) | Textiles & Fibers, Chemicals |

> Profile source: annual securities report (S100XVAV, filed 2026-03-30). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 38 | 96 |
| Profitability | 77.5 | 100 |
| Cash conversion | 52.6 | 96 |
| Efficiency | 48.5 | 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 60% of Hokko Chemical Industry's sales come from Agricultural chemicals, with Fine chemical and Textile materials making up much of the rest.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +6.3% from the prior year, operating profit +8.2%.

## Company structure

- Segment revenue mix: Agricultural chemicals 59.8%、Fine chemical 36.2%、Textile materials 3.9%、Other 0.0%
- Revenue → net income: ¥49125000000 → ¥4452000000
- Net income → operating cash flow: ¥4452000000 → ¥7612000000（difference ¥3160000000）
- Main uses of operating cash flow: CapEx ¥2570000000 / dividends ¥950000000 / buybacks ¥0
- Change in cash: ¥3516000000
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 | ¥49.1B |  |
| Operating income | ¥4.91B | Margin 10.0% |
| Net income | ¥4.45B | Margin 9.1% |
| Free cash flow | ¥5.04B |  |
| Largest business | Agricultural chemicals | of segment revenue 59.8% |
| Employees (consolidated) | 742 |  |
| EPS | ¥169.45 |  |
| Book value per share | ¥1859.27 |  |
| Equity ratio | 68.2% |  |
| Shares outstanding | 27,485,000 |  |
| Treasury shares | 1,705,200 |  |
| Shareholders | 5,968 |  |
| Average salary (parent only) | ¥6.9M | Filing company only |
| Cash ratio | 17.0% | Cash ÷ revenue 26.9% |
| Vs. industry median margin | +2.5 pp | Chemicals |
| ROE | 11.6% | Derived from disclosed figures |
| ROA | 6.2% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 81% of positive segment profit
- FY2025, segment profit share differs by 45 points
- FY2025, employees -1% while operating income rose 8%

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39641000000 | ¥49125000000 | +23.9% |
| Operating income | ¥2287000000 | ¥4913000000 | +114.8% |
| Operating margin | 5.8% | 10.0% | +4.2 pp |
| Employees | 763 people | 742 people | -2.8% |
| Cash and equivalents | ¥3956000000 | ¥13224000000 | +234.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 農薬事業 → 農薬事業 | 59.8% |
| 農薬事業 → 事業再編・廃止 | 3.0% |
| ファインケミカル事業 → ファインケミカル事業 | 33.3% |
| 繊維資材事業 → 繊維資材事業 | 3.7% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → ファインケミカル事業 | 2.9% |
| 新設・再編 → 繊維資材事業 | 0.2% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Agricultural chemicals | 5 years | +3.4% | ¥29398000000 | 2.9% | 2 |
| Fine chemical | 5 years | +6.1% | ¥17785000000 | 22.5% | 2 |
| Textile materials | 5 years | +5.4% | ¥1936000000 | 4.2% | 2 |
| Other | 5 years | -21.4% | ¥6000000 | 200.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 49,125 | 100.0% | S100XVAV |
| Cost of revenue | 36,412 | 74.1% | S100XVAV |
| Gross profit | 12,713 | 25.9% | S100XVAV |
| SG&A | 7,800 | 15.9% | S100XVAV |
| Operating income | 4,913 | 10.0% | S100XVAV |
| Ordinary income | 6,083 | 12.4% | S100XVAV |
| Pretax income | 6,220 | 12.7% | S100XVAV |
| Income tax | 1,768 | 3.6% | S100XVAV |
| Net income | 4,452 | 9.1% | S100XVAV |
| Net income attributable to owners | 4,452 | 9.1% | S100XVAV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 16 |
| Operating income | 10 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 25.9% → Operating margin 10.0% → Net margin 9.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.3%; Core profit growth: +8.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.30×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 46,195 | 49,125 | 2,930 | +6.3% |
| Gross profit | 12,070 | 12,713 | 643 | +5.3% |
| Operating income | 4,540 | 4,913 | 373 | +8.2% |
| Net income attributable to owners | 4,006 | 4,452 | 446 | +11.1% |
| Operating cash flow | 6,073 | 7,612 | 1,539 | +25.3% |
| Free cash flow | 4,655 | 5,042 | 387 | +8.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 41,986 | 2,902 | 6.9% | 2,818 | 3,923 | 1,922 | S100KUVU |
| FY ending Nov 2020 | 39,641 | 2,287 | 5.8% | 2,400 | 4,590 | 2,673 | S100NKU5 |
| FY ending Nov 2021 | 40,287 | 2,865 | 7.1% | 2,927 | 2,940 | 997 | S100QA1J |
| FY ending Nov 2022 | 44,864 | 4,727 | 10.5% | 4,214 | 3,869 | 1,112 | S100SYEH |
| FY ending Nov 2023 | 45,227 | 4,417 | 9.8% | 3,724 | 4,834 | 2,814 | S100VAKZ |
| FY ending Nov 2024 | 46,195 | 4,540 | 9.8% | 4,006 | 6,073 | 4,655 | S100XVAV |
| FY ending Nov 2025 | 49,125 | 4,913 | 10.0% | 4,452 | 7,612 | 5,042 | S100XVAV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥66.2M |
| Operating income per employee (consolidated) | ¥6.6M |
| Net income per employee (consolidated) | ¥6M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 772 | 760 | 749 | 747 | 742 |
| Average salary (parent company) | ¥6.6M | ¥6.7M | ¥6.7M | ¥6.7M | ¥6.9M |
| Average age (parent company) | 44.3 years | 44.1 years | 45.1 years | 44.6 years | 44.8 years |
| Average tenure (parent company) | 19.5 years | 18.9 years | 19.6 years | 19.0 years | 18.5 years |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) +6.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Agricultural chemicals | 29,398 | 59.8% | 838 | 2.9% |
| Fine chemical | 17,785 | 36.2% | 4,004 | 22.5% |
| Textile materials | 1,936 | 3.9% | 81 | 4.2% |
| Other | 6 | 0.0% | 12 | 200.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Agricultural chemicals | 59.8% | 17.0% | -42.9 | 2.9% |
| Fine chemical | 36.2% | 81.1% | 44.9 | 22.5% |
| Textile materials | 3.9% | 1.6% | -2.3 | 4.2% |
| Other | 0.0% | 0.2% | 0.2 | 200.0% |

Segment → industry: Textile materials → Textiles & Fibers / Fine chemical → Chemicals / Agricultural chemicals → Chemicals

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,612 | 15.5% | S100XVAV |
| Capital expenditure | 2,570 | 5.2% | S100XVAV |
| Free cash flow | 5,042 | 10.3% | 算出 |
| Investing cash flow | -2,405 | -4.9% | S100XVAV |
| Financing cash flow | -1,785 | -3.6% | S100XVAV |
| Dividends paid | 950 | 1.9% | S100XVAV |
| Share buyback | 0 | 0.0% | S100XVAV |
| Change in cash | 3,516 | 7.2% | S100XVAV |
| Cash and equivalents | 13,224 | 26.9% | S100XVAV |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 4,321 | 4,814 | 6,628 | 9,707 | 13,224 | S100SYEH, S100VAKZ, S100XVAV |
| Total assets | 51,987 | 57,566 | 67,479 | 65,322 | 77,600 | S100QA1J, S100SYEH, S100VAKZ, S100XVAV |
| Net assets | 34,220 | 38,240 | 46,770 | 46,198 | 52,900 | S100SYEH, S100VAKZ, S100XVAV |
| Share capital | 3,214 | 3,214 | 3,214 | 3,214 | 3,214 | S100QA1J, S100SYEH, S100VAKZ, S100XVAV |
| Trade receivables | 11,321 | — | — | — | — | S100QA1J |
| Property, plant and equipment | 9,155 | 11,733 | 10,974 | 10,600 | 11,856 | S100QA1J, S100SYEH, S100VAKZ, S100XVAV |
| Intangible assets excluding goodwill | 705 | 615 | 665 | 590 | 488 | S100QA1J, S100SYEH, S100VAKZ, S100XVAV |
| Goodwill | 285 | 246 | 207 | 168 | 129 | S100QA1J, S100SYEH, S100VAKZ, S100XVAV |
| Investment securities | 9,378 | 9,790 | 17,020 | 12,259 | 18,334 | S100QA1J, S100SYEH, S100VAKZ, S100XVAV |
| Current assets | 32,529 | 34,659 | 37,725 | 40,686 | 45,324 | S100QA1J, S100SYEH, S100VAKZ, S100XVAV |
| Current liabilities | 12,088 | 14,552 | 12,566 | 12,491 | 17,148 | S100QA1J, S100SYEH, S100VAKZ, S100XVAV |
| Trade payables | 6,376 | 5,548 | 5,930 | 5,610 | 8,181 | S100QA1J, S100SYEH, S100VAKZ, S100XVAV |
| Short-term borrowings | 225 | 97 | — | — | — | S100QA1J, S100SYEH |
| Long-term borrowings | 1,400 | — | 1,000 | 1,000 | — | S100QA1J, S100VAKZ, S100XVAV |
| Total liabilities | 17,767 | 19,325 | 20,709 | 19,124 | 24,700 | S100QA1J, S100SYEH, S100VAKZ, S100XVAV |
| Equity attributable to owners of parent | 27,819 | 31,488 | 34,589 | 37,235 | 39,489 | S100QA1J, S100SYEH, S100VAKZ, S100XVAV |
| Retained earnings | 23,308 | 26,977 | 30,078 | 33,325 | 35,062 | S100QA1J, S100SYEH, S100VAKZ, S100XVAV |
| Treasury stock | -1,311 | -1,311 | -1,311 | -1,913 | -1,396 | S100QA1J, S100SYEH, S100VAKZ, S100XVAV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100XVAV |
| Property, plant and equipment | 15% | S100XVAV |
| Intangibles and goodwill | 1% | S100XVAV |
| Investment securities | 24% | S100XVAV |
| Other assets | 43% | S100XVAV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100XVAV |
| Other liabilities | 21% | S100XVAV |
| Equity | 68% | S100XVAV |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 51,987 | 57,566 | 67,479 | 65,322 | 77,600 |
| Equity | 34,220 | 38,240 | 46,770 | 46,198 | 52,900 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,321 | 4,814 | 6,628 | 9,707 | 13,224 |

## 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) | 24.1% | S100XVAV |
| Fixed assets ÷ total assets | 15.3% | S100XVAV |
| Goodwill ÷ parent equity | 0.3% | S100XVAV |

Goodwill over 4 years: 285 → 129 JPY; total investing cash flow: -10,193 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) | 17.0% |
| Cash ÷ revenue | 26.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 154.9% |
| Cash vs. profit gap | 3,160 JPY mn (of net income 71.0%) |
| Shareholder returns / net income | 21.3% |
| Shareholder returns / FCF | 18.8% |
| Shareholder payments — dividends / net income | 21.3% |
| Shareholder payments — dividends / FCF | 18.8% |
| CapEx intensity (capex ÷ revenue) | 5.2% |
| Investing CF relative to operating CF | 31.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 7.3% | 0.77× | 5.6% | 1.87× | 10.5% | S100QA1J |
| 2022 | 9.4% | 0.82× | 7.7% | 1.85× | 14.2% | S100SYEH |
| 2023 | 8.2% | 0.72× | 6.0% | 1.89× | 11.3% | S100VAKZ |
| 2024 | 8.7% | 0.70× | 6.0% | 1.85× | 11.2% | S100XVAV |
| 2025 | 9.1% | 0.69× | 6.2% | 1.86× | 11.6% | S100XVAV |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.9% | 2025-11-30 |
| 野村殖産株式会社 | Major shareholder | 8.2% | 2025-11-30 |
| 住友化学株式会社 | Major shareholder | 7.6% | 2025-11-30 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ (常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社) | Major shareholder | 6.8% | 2025-11-30 |
| 株式会社りそな銀行 | Major shareholder | 5.1% | 2025-11-30 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.7% | 2025-11-30 |
| 北興化学工業従業員持株会 | Major shareholder | 3.5% | 2025-11-30 |
| 野村ホールディングス株式会社 | Major shareholder | 3.2% | 2025-11-30 |
| 全国農業協同組合連合会 | Major shareholder | 3.1% | 2025-11-30 |
| 農林中央金庫 | Major shareholder | 2.8% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第76期(2024/12/01－2025/11/30) | S100XVAV | 2026-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XVAV,, |
| 有価証券報告書－第75期(2023/12/01－2024/11/30) | S100VAKZ | 2025-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VAKZ,, |
| 訂正有価証券報告書－第74期(2022/12/01－2023/11/30) | S100SYEH | 2024-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SYEH,, |
| 有価証券報告書－第73期(2021/12/01－2022/11/30) | S100QA1J | 2023-02-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QA1J,, |
| 有価証券報告書－第72期(令和2年12月1日－令和3年11月30日) | S100NKU5 | 2022-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKU5,, |
| 有価証券報告書－第71期(令和1年12月1日－令和2年11月30日) | S100KUVU | 2021-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KUVU,, |

## 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).