# HOSOYA PYRO-ENGINEERING CO., 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75期(2025/04/01－2026/03/31) (S100YJCX)
> Page: https://vizora.meequs.com/en/company/hosoya-pyro-engineering
> Retrieved: 2026-09-30T17:49:50.278Z

## Company

Hosoya Pyro-Engineering is a company in Chemicals listed on TSE Standard. It has 94 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | HOSOYA PYRO-ENGINEERING CO., LTD. |
| Ticker | 4274 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4274.T) |
| Listing | TSE Standard |
| Head office | 東京都あきる野市菅生1847番地 |
| Representative (per filing) | 代表取締役社長 細谷 穰志 |
| Share capital | ¥201.6M |
| Employees (consolidated) | 94 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | March |
| Corporate number | 5013101001167 |
| EDINET | E00850 |
| Industries (Vizora) | Chemicals, Real Estate Development & Leasing, Defense |

> Profile source: annual securities report (S100YJCX, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Defense (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 5 |
| Profitability | 90 | 5 |
| Cash conversion | 50 | 5 |
| Efficiency | 10 | 5 |

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 92% of Hosoya Pyro-Engineering's sales come from Pyrotechnic products, with Leasing making up much of the rest.
- Out of every ¥100 of sales, about ¥14 is left as operating profit.
- Revenue changed +4.8% from the prior year, operating profit +4.2%.

## Company structure

- Segment revenue mix: Pyrotechnic products 91.7%、Leasing 8.3%
- Revenue → net income: ¥2137098000 → ¥213346000
- Net income → operating cash flow: ¥213346000 → ¥324856000（difference ¥111510000）
- Main uses of operating cash flow: CapEx ¥67344000 / dividends ¥67850000 / buybacks —
- Change in cash: ¥69900000
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 | ¥2.14B |  |
| Operating income | ¥303M | Margin 14.2% |
| Net income | ¥213.3M | Margin 10.0% |
| Free cash flow | ¥257.5M |  |
| Largest business | Pyrotechnic products | of segment revenue 91.7% |
| Employees (consolidated) | 94 |  |
| EPS | ¥53.3 |  |
| Book value per share | ¥868.33 |  |
| Equity ratio | 72.0% |  |
| Shares outstanding | 4,032,000 |  |
| Treasury shares | 29,500 |  |
| Shareholders | 5,087 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 16.5% | Cash ÷ revenue 37.2% |
| Vs. industry median margin | +6.7 pp | Chemicals |
| ROE | 7.1% | Derived from disclosed figures |
| ROA | 4.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 64% of positive segment profit
- FY2026, segment profit share differs by -28 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1557656000 | ¥2137098000 | +37.2% |
| Operating income | ¥198030000 | ¥303003000 | +53.0% |
| Operating margin | 12.7% | 14.2% | +1.5 pp |
| Employees | 88 people | 94 people | +6.8% |
| Cash and equivalents | ¥818191000 | ¥795252000 | -2.8% |

### 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 |
| --- | ---: |
| 火工品事業 → 火工品事業 | 89.3% |
| 賃貸事業 → 賃貸事業 | 8.3% |
| 賃貸事業 → 事業再編・廃止 | 2.5% |
| 新設・再編 → 火工品事業 | 2.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 2,137 | 100.0% | S100YJCX |
| Cost of revenue | 1,472 | 68.9% | S100YJCX |
| Gross profit | 665 | 31.1% | S100YJCX |
| SG&A | 362 | 16.9% | S100YJCX |
| Operating income | 303 | 14.2% | S100YJCX |
| Ordinary income | 306 | 14.3% | S100YJCX |
| Pretax income | 306 | 14.3% | S100YJCX |
| Income tax | 93 | 4.3% | S100YJCX |
| Net income | 213 | 10.0% | S100YJCX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 17 |
| Operating income | 14 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 31.1% → Operating margin 14.2% → Net margin 10.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.8%; Core profit growth: +4.2%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 0.88×
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 | 2,039 | 2,137 | 98 | +4.8% |
| Gross profit | 661 | 665 | 4 | +0.6% |
| Operating income | 291 | 303 | 12 | +4.2% |
| Operating cash flow | -34 | 325 | 358 | — |
| Free cash flow | -134 | 258 | 391 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,550 | 168 | 10.9% | 114 | 85 | 24 | S100LTAR |
| FY ending Mar 2021 | 1,558 | 198 | 12.7% | 143 | 23 | -29 | S100OCZH |
| FY ending Mar 2022 | 1,794 | 182 | 10.1% | 127 | 441 | 379 | S100R228 |
| FY ending Mar 2023 | 1,761 | 178 | 10.1% | 132 | 133 | 70 | S100TSFF |
| FY ending Mar 2024 | 1,833 | 195 | 10.6% | 139 | 19 | -66 | S100W25N |
| FY ending Mar 2025 | 2,039 | 291 | 14.3% | 220 | -34 | -134 | S100YJCX |
| FY ending Mar 2026 | 2,137 | 303 | 14.2% | 213 | 325 | 258 | S100YJCX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.7M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.3M |

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) | 86 | 87 | 90 | 87 | 94 |
| Average salary (parent company) | ¥5.4M | ¥5.6M | ¥6M | ¥6.5M | ¥6.1M |
| Average age (parent company) | 46.3 years | 46.1 years | 46.6 years | 46.6 years | 46.3 years |
| Average tenure (parent company) | 7.8 years | 8.3 years | 8.7 years | 9.2 years | 9.3 years |

Year over year: Employees (consolidated) +8.0% · Revenue (consolidated) +4.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Pyrotechnic products | 1,960 | 91.7% | 220 | 11.2% |
| Leasing | 177 | 8.3% | 124 | 69.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Pyrotechnic products | 91.7% | 64.0% | -27.7 | 11.2% |
| Leasing | 8.3% | 36.0% | 27.7 | 69.8% |

Segment → industry: Pyrotechnic products → Chemicals / Leasing → Real Estate Development & Leasing / Pyrotechnic products → Defense

## 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 | 325 | 15.2% | S100YJCX |
| Capital expenditure | 67 | 3.2% | S100YJCX |
| Free cash flow | 258 | 12.0% | 算出 |
| Investing cash flow | -69 | -3.2% | S100YJCX |
| Financing cash flow | -186 | -8.7% | S100YJCX |
| Dividends paid | 68 | 3.2% | S100YJCX |
| Change in cash | 70 | 3.3% | S100YJCX |
| Cash and equivalents | 795 | 37.2% | S100YJCX |

## 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 | 1,141 | 1,152 | 920 | 725 | 795 | S100TSFF, S100W25N, S100YJCX |
| Total assets | 4,220 | 4,285 | 4,387 | 4,483 | 4,828 | S100R228, S100TSFF, S100W25N, S100YJCX |
| Net assets | 2,793 | 2,931 | 3,049 | 3,197 | 3,475 | S100TSFF, S100W25N, S100YJCX |
| Share capital | 202 | 202 | 202 | 202 | 202 | S100R228, S100TSFF, S100W25N, S100YJCX |
| Property, plant and equipment | 1,754 | 1,764 | 1,793 | 1,863 | 1,888 | S100R228, S100TSFF, S100W25N, S100YJCX |
| Intangible assets excluding goodwill | 33 | 23 | 12 | 3 | 2 | S100R228, S100TSFF, S100W25N, S100YJCX |
| Investment securities | 391 | 447 | 477 | 487 | 683 | S100R228, S100TSFF, S100W25N, S100YJCX |
| Current assets | 2,038 | 2,047 | 2,101 | 2,126 | 2,252 | S100R228, S100TSFF, S100W25N, S100YJCX |
| Current liabilities | 904 | 929 | 962 | 911 | 924 | S100R228, S100TSFF, S100W25N, S100YJCX |
| Short-term borrowings | 500 | 500 | 500 | 500 | 400 | S100R228, S100TSFF, S100W25N, S100YJCX |
| Long-term borrowings | 248 | 137 | 126 | 115 | 104 | S100R228, S100TSFF, S100W25N, S100YJCX |
| Total liabilities | 1,427 | 1,354 | 1,337 | 1,286 | 1,353 | S100R228, S100TSFF, S100W25N, S100YJCX |
| Equity attributable to owners of parent | 2,560 | 2,660 | 2,759 | 2,939 | 3,084 | S100R228, S100TSFF, S100W25N, S100YJCX |
| Retained earnings | 2,355 | 2,455 | 2,554 | 2,734 | 2,879 | S100R228, S100TSFF, S100W25N, S100YJCX |
| Treasury stock | -15 | -15 | -15 | -15 | -15 | S100R228, S100TSFF, S100W25N, S100YJCX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YJCX |
| Property, plant and equipment | 39% | S100YJCX |
| Intangibles and goodwill | 0% | S100YJCX |
| Investment securities | 14% | S100YJCX |
| Other assets | 30% | S100YJCX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100YJCX |
| Equity | 72% | S100YJCX |
| Other liabilities | 0% | S100YJCX |

### 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 | 4,220 | 4,285 | 4,387 | 4,483 | 4,828 |
| Equity | 2,793 | 2,931 | 3,049 | 3,197 | 3,475 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,141 | 1,152 | 920 | 725 | 795 |

## 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) | 88.3% | S100YJCX |
| Fixed assets ÷ total assets | 39.1% | S100YJCX |
| Goodwill ÷ parent equity | — | —, S100YJCX |

### 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) | 16.5% |
| Cash ÷ revenue | 37.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 107.2% |
| Cash vs. profit gap | 112 JPY mn (of net income 52.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 31.8% |
| Shareholder payments — dividends / FCF | 26.3% |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 21.3% |

## 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 | 7.1% | 0.43× | 3.0% | 1.65× | 4.9% | S100R228 |
| 2023 | 7.5% | 0.41× | 3.1% | 1.63× | 5.1% | S100TSFF |
| 2024 | 7.6% | 0.42× | 3.2% | 1.60× | 5.1% | S100W25N |
| 2025 | 10.8% | 0.46× | 5.0% | 1.56× | 7.7% | S100YJCX |
| 2026 | 10.0% | 0.46× | 4.6% | 1.55× | 7.1% | S100YJCX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 一般社団法人日本文化伝承会館 | Major shareholder | 10.4% | 2026-03-31 |
| 細谷火工共栄会 | Major shareholder | 6.4% | 2026-03-31 |
| 西武信用金庫 | Major shareholder | 5.5% | 2026-03-31 |
| 志村 実 | Major shareholder | 4.4% | 2026-03-31 |
| 細谷 亮旗 | Major shareholder | 4.2% | 2026-03-31 |
| 細谷 穰志 | Major shareholder | 2.6% | 2026-03-31 |
| ナス物産株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 住友重機械工業株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 浅原 住子 | Major shareholder | 1.8% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/04/01－2026/03/31) | S100YJCX | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJCX,, |
| 有価証券報告書－第74期(2024/04/01－2025/03/31) | S100W25N | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W25N,, |
| 有価証券報告書－第73期(2023/04/01－2024/03/31) | S100TSFF | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSFF,, |
| 有価証券報告書－第72期(2022/04/01－2023/03/31) | S100R228 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R228,, |
| 有価証券報告書－第71期(令和3年4月1日－令和4年3月31日) | S100OCZH | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCZH,, |
| 訂正有価証券報告書－第70期(令和2年4月1日－令和3年3月31日) | S100LTAR | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LTAR,, |

## 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).