# ISE CHEMICALS CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第105期(2025/01/01－2025/12/31) (S100XT8H)
> Page: https://vizora.meequs.com/en/company/ise-chemicals
> Retrieved: 2026-09-30T23:28:21.972Z

## Company

ISE Chemicals, founded in 1948, is a company in Oil, Gas & Mining listed on TSE Standard. It has 327 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ISE CHEMICALS CORPORATION |
| Ticker | 4107 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4107.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区京橋一丁目3番1号 |
| Representative (per filing) | 代表取締役兼社長執行役員 粕谷俊郎 |
| Founded | Mar 1948 |
| Share capital | ¥3.6B |
| Employees (consolidated) | 327 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | December |
| Website | www.isechem.co.jp (https://www.isechem.co.jp/) |
| Corporate number | 9010001037370 |
| EDINET | E01028 |
| Industries (Vizora) | Oil, Gas & Mining, Chemicals |

> Profile source: annual securities report (S100XT8H, filed 2026-03-27). As of filing

## Five-axis industry profile

Primary industry: Oil, Gas & Mining (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.9 | 7 |
| Profitability | 81.3 | 8 |
| Cash conversion | 43.8 | 8 |
| Efficiency | 93.8 | 8 |

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 88% of ISE Chemicals's sales come from Iodine and naturalgas, with Metallic compounds making up much of the rest.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed +17.9% from the prior year, operating profit +23.8%.

## Company structure

- Segment revenue mix: Iodine and naturalgas 88.3%、Metallic compounds 11.7%
- Revenue → net income: ¥39258000000 → ¥6498000000
- Net income → operating cash flow: ¥6498000000 → ¥7528000000（difference ¥1030000000）
- Main uses of operating cash flow: CapEx ¥2679000000 / dividends ¥1987000000 / buybacks ¥8000000
- Change in cash: ¥-1185000000
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 | ¥39.3B |  |
| Operating income | ¥9.48B | Margin 24.2% |
| Net income | ¥6.5B | Margin 16.6% |
| Free cash flow | ¥4.85B |  |
| Largest business | Iodine and naturalgas | of segment revenue 88.3% |
| Employees (consolidated) | 327 |  |
| EPS | ¥125.44 |  |
| Book value per share | ¥779.27 |  |
| Equity ratio | 78.5% |  |
| Shares outstanding | 5,135,135 |  |
| Treasury shares | 39,300 |  |
| Shareholders | 10,827 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 8.8% | Cash ÷ revenue 11.5% |
| Vs. industry median margin | +12.6 pp | Oil, Gas & Mining |
| ROE | 17.5% | Derived from disclosed figures |
| ROA | 13.5% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, parent-company salary changed +27% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16859000000 | ¥39258000000 | +132.9% |
| Operating income | ¥2185000000 | ¥9484000000 | +334.1% |
| Operating margin | 13.0% | 24.2% | +11.2 pp |
| Employees | 311 people | 327 people | +5.1% |
| Cash and equivalents | ¥9722000000 | ¥4503000000 | -53.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| ヨウ素及び天然ガス事業 → ヨウ素及び天然ガス事業 | 81.3% |
| 金属化合物事業 → 金属化合物事業 | 11.7% |
| 金属化合物事業 → 事業再編・廃止 | 7.0% |
| 新設・再編 → ヨウ素及び天然ガス事業 | 7.0% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 39,258 | 100.0% | S100XT8H |
| Cost of revenue | 26,857 | 68.4% | S100XT8H |
| Gross profit | 12,401 | 31.6% | S100XT8H |
| SG&A | 2,916 | 7.4% | S100XT8H |
| Operating income | 9,484 | 24.2% | S100XT8H |
| Ordinary income | 9,252 | 23.6% | S100XT8H |
| Pretax income | 9,148 | 23.3% | S100XT8H |
| Income tax | 2,650 | 6.8% | S100XT8H |
| Net income | 6,498 | 16.6% | S100XT8H |
| Net income attributable to owners | 6,498 | 16.6% | S100XT8H |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 8 |
| Operating income | 24 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 31.6% → Operating margin 24.2% → Net margin 16.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.9%; Core profit growth: +23.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.33×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 33,287 | 39,258 | 5,971 | +17.9% |
| Gross profit | 10,109 | 12,401 | 2,292 | +22.7% |
| Operating income | 7,659 | 9,484 | 1,825 | +23.8% |
| Net income attributable to owners | 5,071 | 6,498 | 1,427 | +28.1% |
| Operating cash flow | 3,456 | 7,528 | 4,072 | +117.8% |
| Free cash flow | 663 | 4,849 | 4,186 | +631.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 16,854 | 2,057 | 12.2% | 1,191 | 2,621 | 627 | S100L0PE |
| FY ending Dec 2020 | 16,859 | 2,185 | 13.0% | 1,343 | 2,384 | -225 | S100NQRC |
| FY ending Dec 2021 | 20,354 | 2,709 | 13.3% | 1,773 | 3,288 | -9 | S100QG12 |
| FY ending Dec 2022 | 25,564 | 3,756 | 14.7% | 2,562 | 2,144 | 43 | S100T42I |
| FY ending Dec 2023 | 26,413 | 5,296 | 20.1% | 3,672 | 4,369 | 2,463 | S100VGKB |
| FY ending Dec 2024 | 33,287 | 7,659 | 23.0% | 5,071 | 3,456 | 663 | S100XT8H |
| FY ending Dec 2025 | 39,258 | 9,484 | 24.2% | 6,498 | 7,528 | 4,849 | S100XT8H |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥120.1M |
| Operating income per employee (consolidated) | ¥29M |
| Net income per employee (consolidated) | ¥19.9M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 316 | 319 | 325 | 323 | 327 |
| Average salary (parent company) | ¥6.5M | ¥6.6M | ¥6.9M | ¥7.5M | ¥8.2M |
| Average age (parent company) | 38.4 years | 39.2 years | 39.5 years | 40.4 years | 41.2 years |
| Average tenure (parent company) | 14.0 years | 14.7 years | 15.6 years | 15.4 years | 15.9 years |

Year over year: Employees (consolidated) +1.2% · Revenue (consolidated) +17.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Iodine and naturalgas | 34,656 | 88.3% | 9,465 | 27.3% |
| Metallic compounds | 4,601 | 11.7% | 18 | 0.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Iodine and naturalgas | 88.3% | 99.8% | 11.5 | 27.3% |
| Metallic compounds | 11.7% | 0.2% | -11.5 | 0.4% |

Segment → industry: Iodine and naturalgas → Oil, Gas & Mining / Metallic compounds → Chemicals / Iodine and naturalgas → Chemicals

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,528 | 19.2% | S100XT8H |
| Capital expenditure | 2,679 | 6.8% | S100XT8H |
| Free cash flow | 4,849 | 12.4% | 算出 |
| Investing cash flow | -6,692 | -17.0% | S100XT8H |
| Financing cash flow | -2,023 | -5.2% | S100XT8H |
| Dividends paid | 1,987 | 5.1% | S100XT8H |
| Share buyback | 8 | 0.0% | S100XT8H |
| Change in cash | -1,185 | -3.0% | S100XT8H |
| Cash and equivalents | 4,503 | 11.5% | S100XT8H |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 5,070 | 4,387 | 5,720 | 5,688 | 4,503 | S100T42I, S100VGKB, S100XT8H |
| Total assets | 33,415 | 36,146 | 40,082 | 45,251 | 51,015 | S100QG12, S100T42I, S100VGKB, S100XT8H |
| Net assets | 27,130 | 29,220 | 31,892 | 35,569 | 40,070 | S100T42I, S100VGKB, S100XT8H |
| Share capital | 3,599 | 3,599 | 3,599 | 3,599 | 3,599 | S100QG12, S100T42I, S100VGKB, S100XT8H |
| Trade receivables | 5,255 | — | — | — | — | S100NQRC |
| Property, plant and equipment | 13,910 | 14,485 | 14,702 | 15,853 | 16,705 | S100QG12, S100T42I, S100VGKB, S100XT8H |
| Intangible assets excluding goodwill | 519 | 575 | 596 | 643 | 976 | S100QG12, S100T42I, S100VGKB, S100XT8H |
| Current assets | 18,360 | 20,413 | 24,141 | 28,085 | 32,614 | S100QG12, S100T42I, S100VGKB, S100XT8H |
| Current liabilities | 4,615 | 5,215 | 6,806 | 8,189 | 9,310 | S100QG12, S100T42I, S100VGKB, S100XT8H |
| Short-term borrowings | 600 | 600 | 600 | 500 | 500 | S100QG12, S100T42I, S100VGKB, S100XT8H |
| Total liabilities | 6,284 | 6,926 | 8,189 | 9,681 | 10,945 | S100QG12, S100T42I, S100VGKB, S100XT8H |
| Equity attributable to owners of parent | 27,177 | 28,999 | 31,542 | 34,971 | 39,473 | S100QG12, S100T42I, S100VGKB, S100XT8H |
| Retained earnings | 19,769 | 21,593 | 24,144 | 27,585 | 32,096 | S100QG12, S100T42I, S100VGKB, S100XT8H |
| Treasury stock | -123 | -125 | -133 | -146 | -155 | S100QG12, S100T42I, S100VGKB, S100XT8H |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100XT8H |
| Property, plant and equipment | 33% | S100XT8H |
| Intangibles and goodwill | 2% | S100XT8H |
| Other assets | 56% | S100XT8H |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100XT8H |
| Equity | 79% | S100XT8H |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 33,415 | 36,146 | 40,082 | 45,251 | 51,015 |
| Equity | 27,130 | 29,220 | 31,892 | 35,569 | 40,070 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,070 | 4,387 | 5,720 | 5,688 | 4,503 |

## 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) | 42.6% | S100XT8H |
| Fixed assets ÷ total assets | 32.7% | S100XT8H |
| Goodwill ÷ parent equity | — | —, S100XT8H |

### 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) | 8.8% |
| Cash ÷ revenue | 11.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 79.4% |
| Cash vs. profit gap | 1,030 JPY mn (of net income 15.9%) |
| Shareholder returns / net income | 30.7% |
| Shareholder returns / FCF | 41.1% |
| Shareholder payments — dividends / net income | 30.6% |
| Shareholder payments — dividends / FCF | 41.0% |
| CapEx intensity (capex ÷ revenue) | 6.8% |
| Investing CF relative to operating CF | 88.9% |

## 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 | 8.7% | 0.61× | 5.3% | 1.23× | 6.5% | S100QG12 |
| 2022 | 10.0% | 0.74× | 7.4% | 1.24× | 9.1% | S100T42I |
| 2023 | 13.9% | 0.69× | 9.6% | 1.26× | 12.1% | S100VGKB |
| 2024 | 15.2% | 0.78× | 11.9% | 1.28× | 15.2% | S100XT8H |
| 2025 | 16.6% | 0.82× | 13.5% | 1.29× | 17.5% | S100XT8H |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＡＧＣ株式会社 | Major shareholder | 52.8% | 2025-12-31 |
| 三菱商事株式会社 | Major shareholder | 7.3% | 2025-12-31 |
| 株式会社萬富 | Major shareholder | 2.8% | 2025-12-31 |
| 楽天証券株式会社共有口 | Major shareholder | 0.8% | 2025-12-31 |
| 株式会社合同資源 | Major shareholder | 0.8% | 2025-12-31 |
| ＵＢＳ ＡＧ ＬＯＮＤＯＮ ＡＳＩＡ ＥＱＵＩＴＩＥＳ | Major shareholder | 0.7% | 2025-12-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 0.7% | 2025-12-31 |
| ＢＡＲＣＬＡＹＳ ＣＡＰＩＴＡＬ ＳＥＣＵＲＩＴＩＥＳ ＬＩＭＩＴＥＤ | Major shareholder | 0.5% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.5% | 2025-12-31 |
| ＢＮＹ ＧＣＭ ＣＬＩＥＮＴ ＡＣＣＯＵＮＴ ＪＰＲＤ ＡＣ ＩＳＧ（ＦＥ－ＡＣ） | Major shareholder | 0.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第105期(2025/01/01－2025/12/31) | S100XT8H | 2026-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT8H,, |
| 有価証券報告書－第104期(2024/01/01－2024/12/31) | S100VGKB | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGKB,, |
| 有価証券報告書－第103期(2023/01/01－2023/12/31) | S100T42I | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T42I,, |
| 有価証券報告書－第102期(2022/01/01－2022/12/31) | S100QG12 | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG12,, |
| 有価証券報告書－第101期(令和3年1月1日－令和3年12月31日) | S100NQRC | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQRC,, |
| 有価証券報告書－第100期(令和2年1月1日－令和2年12月31日) | S100L0PE | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0PE,, |

## 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).