# Inabata&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165期(2025/04/01－2026/03/31) (S100YB2W)
> Page: https://vizora.meequs.com/en/company/inabata-and
> Retrieved: 2026-09-30T21:38:49.905Z

## Company

Inabata&, founded in 1978, is a company in Specialty Trading & Wholesale listed on TSE Prime. It has 4,719 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Inabata & Co.,Ltd. |
| Ticker | 8098 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8098.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区南船場一丁目15番14号 (同所は登記上の本店所在地であり、実際の経理業務は主に下記記載の当社東京本社で行っております。) |
| Representative (per filing) | 代表取締役 社長執行役員 稲畑 勝太郎 |
| Founded | Jun 1978 |
| Share capital | ¥9.36B |
| Employees (consolidated) | 4,719 |
| Average salary (parent only) | ¥10.1M |
| Fiscal year end | March |
| Website | www.inabata.co.jp (https://www.inabata.co.jp/) |
| Corporate number | 4120001077360 |
| EDINET | E02517 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YB2W, filed 2026-06-15). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 70.1 | 179 |
| Profitability | 56.5 | 185 |
| Cash conversion | 36.6 | 179 |
| Efficiency | 62.4 | 185 |
| Financial strength | 62.5 | 20 |

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 49% of Inabata&'s sales come from Plastics, with Information Technology and Chemicals making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed -0.6% from the prior year, operating profit +1.3%.

## Company structure

- Segment revenue mix: Plastics 49.0%、Information Technology 28.7%、Chemicals 15.0%、Life Industry 7.2%、Other 0.0%
- Revenue → net income: ¥832745000000 → ¥21620000000
- Net income → operating cash flow: ¥21620000000 → ¥21075000000（difference ¥-545000000）
- Main uses of operating cash flow: CapEx ¥14721000000 / dividends ¥6930000000 / buybacks ¥3221000000
- Change in cash: ¥16924000000
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 | ¥832.7B |  |
| Operating income | ¥26.2B | Margin 3.1% |
| Net income | ¥20.6B | Margin 2.5% |
| Free cash flow | ¥6.35B |  |
| Largest business | Plastics | of segment revenue 49.0% |
| Employees (consolidated) | 4,719 |  |
| EPS | ¥226 |  |
| Book value per share | ¥1851.58 |  |
| Equity ratio | 47.3% |  |
| Shares outstanding | 53,714,127 |  |
| Treasury shares | 77,700 |  |
| Shareholders | 60,815 |  |
| Average salary (parent only) | ¥10.1M | Filing company only |
| Cash ratio | 14.6% | Net cash -¥17.1B · Cash ÷ revenue 8.7% |
| Vs. industry median margin | +0.3 pp | Specialty Trading & Wholesale |
| ROE | 11.8% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥577583000000 | ¥832745000000 | +44.2% |
| Operating income | ¥14973000000 | ¥26164000000 | +74.7% |
| Operating margin | 2.6% | 3.1% | +0.5 pp |
| Employees | 4,203 people | 4,719 people | +12.3% |
| Cash and equivalents | ¥25983000000 | ¥72698000000 | +179.8% |

### 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 |
| --- | ---: |
| 情報電子 → 情報電子 | 28.7% |
| 情報電子 → 事業再編・廃止 | 10.1% |
| 化学品 → 化学品 | 11.5% |
| 生活産業 → 生活産業 | 6.5% |
| 合成樹脂 → 合成樹脂 | 43.1% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 化学品 | 3.5% |
| 新設・再編 → 生活産業 | 0.8% |
| 新設・再編 → 合成樹脂 | 5.9% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Plastics | 5 years | +10.4% | ¥407974000000 | 3.2% | 2 |
| Information Technology | 5 years | +1.3% | ¥239336000000 | 2.9% | 2 |
| Chemicals | 5 years | +13.4% | ¥125137000000 | 2.8% | 2 |
| Life Industry | 5 years | +10.0% | ¥60115000000 | 3.7% | 2 |
| Other | 5 years | +1.0% | ¥181000000 | 75.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 832,745 | 100.0% | S100YB2W |
| Cost of revenue | 748,943 | 89.9% | S100YB2W |
| Gross profit | 83,801 | 10.1% | S100YB2W |
| SG&A | 57,637 | 6.9% | S100YB2W |
| Operating income | 26,164 | 3.1% | S100YB2W |
| Ordinary income | 27,748 | 3.3% | S100YB2W |
| Pretax income | 29,220 | 3.5% | S100YB2W |
| Income tax | 7,599 | 0.9% | S100YB2W |
| Net income | 21,620 | 2.6% | S100YB2W |
| Net income attributable to owners | 20,632 | 2.5% | S100YB2W |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 7 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 10.1% → Operating margin 3.1% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -0.6%; Core profit growth: +1.3%
Operating leverage (core profit growth ÷ revenue growth): -2.17×
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 | 837,838 | 832,745 | -5,093 | -0.6% |
| Gross profit | 78,923 | 83,801 | 4,878 | +6.2% |
| Operating income | 25,824 | 26,164 | 340 | +1.3% |
| Net income attributable to owners | 19,833 | 20,632 | 799 | +4.0% |
| Operating cash flow | 19,903 | 21,075 | 1,172 | +5.9% |
| Free cash flow | 13,749 | 6,354 | -7,395 | -53.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 600,312 | 13,229 | 2.2% | 11,415 | 10,690 | 8,492 | S100LN2M |
| FY ending Mar 2021 | 577,583 | 14,973 | 2.6% | 13,792 | 17,613 | 15,101 | S100OCIH |
| FY ending Mar 2022 | 680,962 | 20,052 | 2.9% | 22,351 | -11,448 | -13,434 | S100R0IU |
| FY ending Mar 2023 | 735,620 | 20,314 | 2.8% | 19,478 | 9,915 | 6,965 | S100TPGT |
| FY ending Mar 2024 | 766,022 | 21,190 | 2.8% | 20,000 | 30,187 | 25,728 | S100VXMQ |
| FY ending Mar 2025 | 837,838 | 25,824 | 3.1% | 19,833 | 19,903 | 13,749 | S100YB2W |
| FY ending Mar 2026 | 832,745 | 26,164 | 3.1% | 20,632 | 21,075 | 6,354 | S100YB2W |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥176.5M |
| Operating income per employee (consolidated) | ¥5.5M |
| Net income per employee (consolidated) | ¥4.4M |

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) | 4,207 | 4,316 | 4,631 | 4,677 | 4,719 |
| Average salary (parent company) | ¥8.6M | ¥9.1M | ¥9.3M | ¥9.8M | ¥10.1M |
| Average age (parent company) | 41.4 years | 41.6 years | 41.5 years | 41.0 years | 40.1 years |
| Average tenure (parent company) | 13.1 years | 13.8 years | 13.7 years | 13.4 years | 13.0 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) -0.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Information Technology | 239,336 | 28.7% | 7,042 | 2.9% |
| Chemicals | 125,137 | 15.0% | 3,548 | 2.8% |
| Life Industry | 60,115 | 7.2% | 2,215 | 3.7% |
| Plastics | 407,974 | 49.0% | 13,221 | 3.2% |
| Other | 181 | 0.0% | 136 | 75.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Information Technology | 28.7% | 26.9% | -1.8 | 2.9% |
| Chemicals | 15.0% | 13.6% | -1.5 | 2.8% |
| Life Industry | 7.2% | 8.5% | 1.2 | 3.7% |
| Plastics | 49.0% | 50.5% | 1.5 | 3.2% |
| Other | 0.0% | 0.5% | 0.5 | 75.1% |

Segment → industry: Plastics → Specialty Trading & Wholesale / Life Industry → Specialty Trading & Wholesale / Chemicals → Specialty Trading & Wholesale / Information Technology → Specialty Trading & Wholesale

## 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 | 21,075 | 2.5% | S100YB2W |
| Capital expenditure | 14,721 | 1.8% | S100YB2W |
| Free cash flow | 6,354 | 0.8% | 算出 |
| Investing cash flow | -13,012 | -1.6% | S100YB2W |
| Financing cash flow | 3,922 | 0.5% | S100YB2W |
| Dividends paid | 6,930 | 0.8% | S100YB2W |
| Share buyback | 3,221 | 0.4% | S100YB2W |
| Change in cash | 16,924 | 2.0% | S100YB2W |
| Cash and equivalents | 72,698 | 8.7% | S100YB2W |

## 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 | 28,251 | 29,790 | 46,301 | 55,357 | 72,698 | S100TPGT, S100VXMQ, S100YB2W |
| Total assets | 389,059 | 380,443 | 427,320 | 441,972 | 498,138 | S100R0IU, S100TPGT, S100VXMQ, S100YB2W |
| Net assets | 176,914 | 181,507 | 206,754 | 216,555 | 245,938 | S100TPGT, S100VXMQ, S100YB2W |
| Share capital | 9,364 | 9,364 | 9,364 | 9,364 | 9,364 | S100R0IU, S100TPGT, S100VXMQ, S100YB2W |
| Property, plant and equipment | 15,312 | 16,606 | 18,625 | 19,713 | 28,422 | S100R0IU, S100TPGT, S100VXMQ, S100YB2W |
| Intangible assets excluding goodwill | 2,647 | 2,403 | 3,855 | 9,325 | 13,723 | S100R0IU, S100TPGT, S100VXMQ, S100YB2W |
| Goodwill | — | — | 18 | 2,977 | 2,701 | S100VXMQ, S100YB2W |
| Investment securities | 48,303 | 32,840 | 34,872 | 36,230 | 42,620 | S100R0IU, S100TPGT, S100VXMQ, S100YB2W |
| Current assets | 311,505 | 315,373 | 354,006 | 359,977 | 394,072 | S100R0IU, S100TPGT, S100VXMQ, S100YB2W |
| Current liabilities | 193,185 | 173,534 | 189,238 | 168,469 | 184,487 | S100R0IU, S100TPGT, S100VXMQ, S100YB2W |
| Trade payables | 115,959 | 105,730 | 127,702 | 121,191 | 124,967 | S100R0IU, S100TPGT, S100VXMQ, S100YB2W |
| Short-term borrowings | 58,657 | 49,474 | 42,946 | 28,338 | 37,102 | S100R0IU, S100TPGT, S100VXMQ, S100YB2W |
| Long-term borrowings | 5,880 | 7,795 | 12,389 | 20,294 | 27,741 | S100R0IU, S100TPGT, S100VXMQ, S100YB2W |
| Bonds | — | 7,500 | 7,500 | 25,000 | 25,000 | S100TPGT, S100VXMQ, S100YB2W |
| Interest-bearing debt | — | 64,769 | 62,835 | 73,632 | 89,843 | 算出 |
| Total liabilities | 212,144 | 198,936 | 220,565 | 225,416 | 252,200 | S100R0IU, S100TPGT, S100VXMQ, S100YB2W |
| Non-controlling interests | 1,996 | 2,046 | 6,588 | 8,400 | 10,159 | S100R0IU, S100TPGT, S100VXMQ, S100YB2W |
| Equity attributable to owners of parent | 139,550 | 148,546 | 160,327 | 169,427 | 180,424 | S100R0IU, S100TPGT, S100VXMQ, S100YB2W |
| Retained earnings | 130,540 | 134,684 | 144,689 | 153,617 | 164,582 | S100R0IU, S100TPGT, S100VXMQ, S100YB2W |
| Treasury stock | -7,398 | -2,220 | -904 | -785 | -783 | S100R0IU, S100TPGT, S100VXMQ, S100YB2W |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YB2W |
| Property, plant and equipment | 6% | S100YB2W |
| Intangibles and goodwill | 3% | S100YB2W |
| Investment securities | 8% | S100YB2W |
| Other assets | 68% | S100YB2W |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 25% | S100YB2W |
| Interest-bearing debt | 18% | 算出 |
| Other liabilities | 8% | S100YB2W |
| Equity | 49% | S100YB2W |

### 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 | 389,059 | 380,443 | 427,320 | 441,972 | 498,138 |
| Equity | 176,914 | 181,507 | 206,754 | 216,555 | 245,938 |
| Interest-bearing debt | — | 64,769 | 62,835 | 73,632 | 89,843 |
| Cash | 28,251 | 29,790 | 46,301 | 55,357 | 72,698 |

## 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) | 3.4% | S100YB2W |
| Fixed assets ÷ total assets | 5.7% | S100YB2W |
| Goodwill ÷ parent equity | 1.5% | S100YB2W |

### 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) | 14.6% |
| Cash ÷ revenue | 8.7% |
| Net cash (cash − interest-bearing debt) | -¥17.1B |
| Net debt ÷ operating cash flow | 0.81× |
| Cash conversion (operating CF ÷ operating income) | 80.5% |
| Cash vs. profit gap | 443 JPY mn (of net income 2.1%) |
| Shareholder returns / net income | 49.2% |
| Shareholder returns / FCF | 159.8% |
| Shareholder payments — dividends / net income | 33.6% |
| Shareholder payments — dividends / FCF | 109.1% |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 61.7% |

## 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 | 3.3% | 1.75× | 5.7% | 2.79× | 16.0% | S100R0IU |
| 2023 | 2.6% | 1.91× | 5.1% | 2.67× | 13.5% | S100TPGT |
| 2024 | 2.6% | 1.90× | 5.0% | 2.62× | 13.0% | S100VXMQ |
| 2025 | 2.4% | 1.93× | 4.6% | 2.64× | 12.0% | S100YB2W |
| 2026 | 2.5% | 1.77× | 4.4% | 2.69× | 11.8% | S100YB2W |

## 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 | 13.0% | 2026-03-31 |
| 住友化学株式会社 | Major shareholder | 10.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.4% | 2026-03-31 |
| THE BANK OF NEW YORK, TREATY JASDEC ACCOUNT （常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 1.6% | 2026-03-31 |
| RE FUND 107-CLIENT AC （常任代理人 シティバンク、エヌ・エイ東京支店 | Major shareholder | 1.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| 稲畑産業従業員持株会 | Major shareholder | 1.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.3% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行）） | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口4） | Major shareholder | 1.2% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue edged down -0.6% to ¥832.7B in the FY ending Mar 2026, from ¥837.8B a year earlier.
- Profits still went up: gross profit rose +6.2% to ¥83.8B, operating income +1.3% to ¥26.2B, and net income +4.0% to ¥20.6B.
- Operating cash flow grew +5.9% to ¥21.1B, but free cash flow fell -53.8% to ¥6.35B.

### Drivers

- Information Technology sales and profit fell because last year's large semiconductor equipment sale did not repeat and solar materials faced price wars, though materials for advanced AI chips grew strongly.
- Life Industry grew on steady demand for pharmaceutical and household ingredients and food, plus a newly consolidated tea maker; better food margins lifted its profit sharply.
- Chemicals gained from coatings, adhesives, building materials and heat-dissipation parts for cars, and Plastics grew on auto demand in India and more imported resin.

### Risks

- Much of its production and sales is overseas, with Asia the largest region, so changes in local laws, politics or economies can hit results.
- Many of its goods, from electronics materials and chemicals to food and plastics, move with commodity prices; this year solar-related sales were hurt by falling market prices.
- Receivables and inventory make up most of its assets, so customer bankruptcies could lead to bad-debt losses.

Cited: Annual securities report (FY ending Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第165期(2025/04/01－2026/03/31) | S100YB2W | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YB2W,, |
| 有価証券報告書－第164期(2024/04/01－2025/03/31) | S100VXMQ | 2025-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXMQ,, |
| 有価証券報告書－第163期(2023/04/01－2024/03/31) | S100TPGT | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPGT,, |
| 有価証券報告書－第162期(2022/04/01－2023/03/31) | S100R0IU | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0IU,, |
| 有価証券報告書－第161期(令和3年4月1日－令和4年3月31日) | S100OCIH | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCIH,, |
| 有価証券報告書－第160期(令和2年4月1日－令和3年3月31日) | S100LN2M | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN2M,, |

## 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).