# Isamu Paint 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80期(2025/04/01－2026/03/31) (S100YJCY)
> Page: https://vizora.meequs.com/en/company/isamu-paint
> Retrieved: 2026-09-30T21:36:30.978Z

## Company

Isamu Paint, founded in 1927, is a company in Real Estate Development & Leasing listed on TSE Standard. It has 213 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Isamu Paint Co., Ltd. |
| Ticker | 4624 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4624.T) |
| Listing | TSE Standard |
| Head office | 大阪市福島区鷺洲2丁目15番24号 |
| Representative (per filing) | 代表取締役社長 北村 倍章 |
| Founded | Apr 1927 |
| Share capital | ¥1.29B |
| Employees (consolidated) | 213 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.isamu.co.jp (https://www.isamu.co.jp/) |
| Corporate number | 8120001034242 |
| EDINET | E00910 |
| Industries (Vizora) | Real Estate Development & Leasing, Paints & Inks |

> Profile source: annual securities report (S100YJCY, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Paints & Inks (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.6 | 23 |
| Profitability | 76.1 | 23 |
| Cash conversion | 34.1 | 22 |
| Efficiency | 2.2 | 23 |

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 99% of Isamu Paint's sales come from Paint business, with Other making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit +45.9%.

## Company structure

- Segment revenue mix: Paint business 98.8%、Other 1.2%
- Revenue → net income: ¥8402798000 → ¥771231000
- Net income → operating cash flow: ¥771231000 → ¥988396000（difference ¥217165000）
- Main uses of operating cash flow: CapEx ¥158979000 / dividends ¥95658000 / buybacks —
- Change in cash: ¥689026000
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 | ¥8.4B |  |
| Operating income | ¥915.3M | Margin 10.9% |
| Net income | ¥755.2M | Margin 9.0% |
| Free cash flow | ¥829.4M |  |
| Largest business | Paint business | of segment revenue 98.8% |
| Employees (consolidated) | 213 |  |
| EPS | ¥338.92 |  |
| Book value per share | ¥8215.18 |  |
| Equity ratio | 82.5% |  |
| Shares outstanding | 2,000,000 |  |
| Treasury shares | 94,500 |  |
| Shareholders | 1,214 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 19.0% | Cash ÷ revenue 49.5% |
| Vs. industry median margin | +5 pp | Paints & Inks |
| ROE | 4.4% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 95% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7158525000 | ¥8402798000 | +17.4% |
| Operating income | ¥527072000 | ¥915345000 | +73.7% |
| Operating margin | 7.4% | 10.9% | +3.5 pp |
| Employees | 196 people | 213 people | +8.7% |
| Cash and equivalents | ¥3183271000 | ¥4161365000 | +30.7% |

### 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 |
| --- | ---: |
| 塗料事業 → 塗料事業 | 98.6% |
| その他 → その他 | 1.2% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 塗料事業 | 0.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,403 | 100.0% | S100YJCY |
| Cost of revenue | 5,599 | 66.6% | S100YJCY |
| Gross profit | 2,804 | 33.4% | S100YJCY |
| SG&A | 1,889 | 22.5% | S100YJCY |
| Operating income | 915 | 10.9% | S100YJCY |
| Ordinary income | 1,077 | 12.8% | S100YJCY |
| Pretax income | 1,077 | 12.8% | S100YJCY |
| Income tax | 306 | 3.6% | S100YJCY |
| Net income | 771 | 9.2% | S100YJCY |
| Net income attributable to owners | 755 | 9.0% | S100YJCY |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 22 |
| Operating income | 11 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 33.4% → Operating margin 10.9% → Net margin 9.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.0%; Core profit growth: +45.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 15.21×
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 | 8,157 | 8,403 | 246 | +3.0% |
| Gross profit | 2,469 | 2,804 | 335 | +13.6% |
| Operating income | 628 | 915 | 288 | +45.9% |
| Net income attributable to owners | 549 | 755 | 206 | +37.6% |
| Operating cash flow | 486 | 988 | 502 | +103.2% |
| Free cash flow | 223 | 829 | 606 | +271.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,486 | 619 | 8.3% | 539 | 610 | 561 | S100LS1Z |
| FY ending Mar 2021 | 7,159 | 527 | 7.4% | 510 | 681 | 541 | S100OI9N |
| FY ending Mar 2022 | 7,069 | 487 | 6.9% | 401 | 511 | 229 | S100R6QX |
| FY ending Mar 2023 | 7,601 | 537 | 7.1% | 437 | 688 | 514 | S100TTZC |
| FY ending Mar 2024 | 7,995 | 645 | 8.1% | 520 | 798 | 604 | S100W7E9 |
| FY ending Mar 2025 | 8,157 | 628 | 7.7% | 549 | 486 | 223 | S100YJCY |
| FY ending Mar 2026 | 8,403 | 915 | 10.9% | 755 | 988 | 829 | S100YJCY |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.4M |
| Operating income per employee (consolidated) | ¥4.3M |
| Net income per employee (consolidated) | ¥3.5M |

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) | 197 | 203 | 204 | 212 | 213 |
| Average salary (parent company) | ¥6.4M | ¥6.5M | ¥6.5M | ¥6.5M | ¥6.7M |
| Average age (parent company) | 43.4 years | 43.4 years | 43.2 years | 43.1 years | 43.4 years |
| Average tenure (parent company) | 16.6 years | 16.8 years | 17.1 years | 16.8 years | 17.2 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +3.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Paint business | 8,300 | 98.8% | 869 | 10.5% |
| Other | 102 | 1.2% | 46 | 45.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Paint business | 98.8% | 94.9% | -3.8 | 10.5% |
| Other | 1.2% | 5.1% | 3.8 | 45.2% |

Segment → industry: Other → Real Estate Development & Leasing / Paint business → Paints & Inks

## 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 | 988 | 11.8% | S100YJCY |
| Capital expenditure | 159 | 1.9% | S100YJCY |
| Free cash flow | 829 | 9.9% | 算出 |
| Investing cash flow | -188 | -2.2% | S100YJCY |
| Financing cash flow | -112 | -1.3% | S100YJCY |
| Dividends paid | 96 | 1.1% | S100YJCY |
| Change in cash | 689 | 8.2% | S100YJCY |
| Cash and equivalents | 4,161 | 49.5% | S100YJCY |

## 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 | 3,333 | 3,441 | 3,426 | 3,472 | 4,161 | S100TTZC, S100W7E9, S100YJCY |
| Total assets | 19,143 | 19,860 | 20,763 | 20,887 | 21,886 | S100R6QX, S100TTZC, S100W7E9, S100YJCY |
| Net assets | 16,111 | 16,531 | 17,179 | 17,640 | 18,479 | S100TTZC, S100W7E9, S100YJCY |
| Share capital | 1,290 | 1,290 | 1,290 | 1,290 | 1,290 | S100R6QX, S100TTZC, S100W7E9, S100YJCY |
| Property, plant and equipment | 2,721 | 2,721 | 2,719 | 2,709 | 2,749 | S100R6QX, S100TTZC, S100W7E9, S100YJCY |
| Intangible assets excluding goodwill | 33 | 27 | 32 | 68 | 47 | S100R6QX, S100TTZC, S100W7E9, S100YJCY |
| Investment securities | 4,098 | 5,296 | 6,512 | 7,219 | 6,794 | S100R6QX, S100TTZC, S100W7E9, S100YJCY |
| Current assets | 10,377 | 9,806 | 8,978 | 8,392 | 9,876 | S100R6QX, S100TTZC, S100W7E9, S100YJCY |
| Current liabilities | 2,026 | 2,263 | 2,509 | 2,170 | 2,275 | S100R6QX, S100TTZC, S100W7E9, S100YJCY |
| Trade payables | 362 | 373 | 337 | — | — | S100R6QX, S100TTZC |
| Total liabilities | 3,032 | 3,329 | 3,583 | 3,247 | 3,406 | S100R6QX, S100TTZC, S100W7E9, S100YJCY |
| Non-controlling interests | 387 | 398 | 408 | 418 | 425 | S100R6QX, S100TTZC, S100W7E9, S100YJCY |
| Equity attributable to owners of parent | 15,482 | 15,823 | 16,247 | 16,702 | 17,363 | S100R6QX, S100TTZC, S100W7E9, S100YJCY |
| Retained earnings | 13,160 | 13,501 | 13,926 | 14,379 | 15,039 | S100R6QX, S100TTZC, S100W7E9, S100YJCY |
| Treasury stock | -179 | -179 | -180 | -181 | -181 | S100R6QX, S100TTZC, S100W7E9, S100YJCY |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 19% | S100YJCY |
| Property, plant and equipment | 13% | S100YJCY |
| Intangibles and goodwill | 0% | S100YJCY |
| Investment securities | 31% | S100YJCY |
| Other assets | 37% | S100YJCY |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 16% | S100YJCY |
| Equity | 84% | S100YJCY |

### 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 | 19,143 | 19,860 | 20,763 | 20,887 | 21,886 |
| Equity | 16,111 | 16,531 | 17,179 | 17,640 | 18,479 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,333 | 3,441 | 3,426 | 3,472 | 4,161 |

## 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) | 32.7% | S100YJCY |
| Fixed assets ÷ total assets | 12.6% | S100YJCY |
| Goodwill ÷ parent equity | — | —, S100YJCY |

### 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) | 19.0% |
| Cash ÷ revenue | 49.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 108.0% |
| Cash vs. profit gap | 233 JPY mn (of net income 30.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 12.7% |
| Shareholder payments — dividends / FCF | 11.5% |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 19.0% |

## 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 | 5.7% | 0.37× | 2.1% | 1.24× | 2.6% | S100R6QX |
| 2023 | 5.7% | 0.39× | 2.2% | 1.25× | 2.8% | S100TTZC |
| 2024 | 6.5% | 0.39× | 2.6% | 1.27× | 3.2% | S100W7E9 |
| 2025 | 6.7% | 0.39× | 2.6% | 1.26× | 3.3% | S100YJCY |
| 2026 | 9.0% | 0.39× | 3.5% | 1.26× | 4.4% | S100YJCY |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 北村 初美 | Major shareholder | 23.3% | 2026-03-31 |
| 北村 健 | Major shareholder | 23.2% | 2026-03-31 |
| イサム塗料栄勇会 | Major shareholder | 7.7% | 2026-03-31 |
| 日本証券金融株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＣＣ （常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.5% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 2.1% | 2026-03-31 |
| 長瀬産業株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| イサム塗料従業員持株会 | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.3% | 2026-03-31 |
| ＤＥＵＴＳＣＨＥ ＢＡＮＫ ＡＧ， ＳＩＮＧＡＰＯＲＥ Ａ／Ｃ ＣＬＩＥＮＴＳ（ＴＲＥＡＴＹ） （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YJCY | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJCY,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100W7E9 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7E9,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TTZC | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTZC,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100R6QX | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6QX,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100OI9N | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI9N,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LS1Z | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS1Z,, |

## 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).