# ISHIHARA SANGYO KAISHA, 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103期(2025/04/01－2026/03/31) (S100YIFO)
> Page: https://vizora.meequs.com/en/company/ishihara-sangyo-kaisha
> Retrieved: 2026-09-30T18:32:24.943Z

## Company

Ishihara Sangyo Kaisha, founded in 1920, is a company in Chemicals listed on TSE Prime. It has 1,813 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ISHIHARA SANGYO KAISHA,LTD. |
| Ticker | 4028 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4028.T) |
| Listing | TSE Prime |
| Head office | 大阪市西区江戸堀1丁目3番15号 |
| Representative (per filing) | 代表取締役社長 大久保浩 |
| Founded | Sep 1920 |
| Share capital | ¥43.4B |
| Employees (consolidated) | 1,813 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.iskweb.co.jp (https://www.iskweb.co.jp/) |
| Corporate number | 9120001048976 |
| EDINET | E00765 |
| Industries (Vizora) | Chemicals, Paints & Inks |

> Profile source: annual securities report (S100YIFO, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 83.9 | 96 |
| Profitability | 86.5 | 100 |
| Cash conversion | 18.2 | 96 |
| Efficiency | 37.5 | 100 |
| Financial strength | 65.8 | 19 |

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 55% of Ishihara Sangyo Kaisha's sales come from Organic chemistry, with Inorganic chemistry making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +6.7% from the prior year, operating profit +82.0%.

## Company structure

- Segment revenue mix: Organic chemistry 54.8%、Inorganic chemistry 45.2%
- Revenue → net income: ¥154897000000 → ¥16648000000
- Net income → operating cash flow: ¥16648000000 → ¥17259000000（difference ¥611000000）
- Main uses of operating cash flow: CapEx ¥11769000000 / dividends ¥4412000000 / buybacks —
- Change in cash: ¥3970000000
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 | ¥154.9B |  |
| Operating income | ¥19.1B | Margin 12.3% |
| Net income | ¥16.6B | Margin 10.7% |
| Free cash flow | ¥5.49B |  |
| Largest business | Organic chemistry | of segment revenue 54.8% |
| Employees (consolidated) | 1,813 |  |
| EPS | ¥377.65 |  |
| Book value per share | ¥2588.84 |  |
| Equity ratio | 53.7% |  |
| Shares outstanding | 40,383,000 |  |
| Treasury shares | 1,673,300 |  |
| Shareholders | 20,929 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 12.2% | Net cash -¥24.6B · Cash ÷ revenue 19.0% |
| Vs. industry median margin | +4.8 pp | Chemicals |
| ROE | 14.6% | Derived from disclosed figures |
| ROA | 7.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 79% of positive segment profit
- FY2026, segment profit share differs by 24 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥101774000000 | ¥154897000000 | +52.2% |
| Operating income | ¥5173000000 | ¥19077000000 | +268.8% |
| Operating margin | 5.1% | 12.3% | +7.2 pp |
| Employees | 1,743 people | 1,813 people | +4.0% |
| Cash and equivalents | ¥25941000000 | ¥29424000000 | +13.4% |

### 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 |
| --- | ---: |
| 有機化学事業 → 有機化学事業 | 49.2% |
| 無機化学事業 → 無機化学事業 | 45.2% |
| 無機化学事業 → 事業再編・廃止 | 5.5% |
| 新設・再編 → 有機化学事業 | 5.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 154,897 | 100.0% | S100YIFO |
| Cost of revenue | 105,231 | 67.9% | S100YIFO |
| Gross profit | 49,666 | 32.1% | S100YIFO |
| SG&A | 30,588 | 19.7% | S100YIFO |
| Operating income | 19,077 | 12.3% | S100YIFO |
| Ordinary income | 21,737 | 14.0% | S100YIFO |
| Pretax income | 20,229 | 13.1% | S100YIFO |
| Income tax | 3,581 | 2.3% | S100YIFO |
| Net income | 16,648 | 10.7% | S100YIFO |
| Net income attributable to owners | 16,636 | 10.7% | S100YIFO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 20 |
| Operating income | 12 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 32.1% → Operating margin 12.3% → Net margin 10.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.7%; Core profit growth: +82.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 12.27×
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 | 145,196 | 154,897 | 9,701 | +6.7% |
| Gross profit | 39,531 | 49,666 | 10,135 | +25.6% |
| Operating income | 10,482 | 19,077 | 8,595 | +82.0% |
| Net income attributable to owners | 8,410 | 16,636 | 8,226 | +97.8% |
| Operating cash flow | 18,332 | 17,259 | -1,073 | -5.9% |
| Free cash flow | 8,528 | 5,490 | -3,038 | -35.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 101,066 | 6,188 | 6.1% | 2,359 | 3,317 | -3,399 | S100LSE8 |
| FY ending Mar 2021 | 101,774 | 5,173 | 5.1% | 3,373 | 4,749 | -1,401 | S100OKT2 |
| FY ending Mar 2022 | 110,955 | 11,557 | 10.4% | 11,690 | 16,501 | 12,017 | S100R8H2 |
| FY ending Mar 2023 | 131,238 | 8,631 | 6.6% | 6,947 | -6,022 | -10,637 | S100TUK7 |
| FY ending Mar 2024 | 138,456 | 11,491 | 8.3% | 7,988 | -2,811 | -10,349 | S100WKV8 |
| FY ending Mar 2025 | 145,196 | 10,482 | 7.2% | 8,410 | 18,332 | 8,528 | S100YIFO |
| FY ending Mar 2026 | 154,897 | 19,077 | 12.3% | 16,636 | 17,259 | 5,490 | S100YIFO |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥85.4M |
| Operating income per employee (consolidated) | ¥10.5M |
| Net income per employee (consolidated) | ¥9.2M |

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) | 1,750 | 1,768 | 1,813 | 1,807 | 1,813 |
| Average salary (parent company) | ¥6.4M | ¥7M | ¥7M | ¥7.2M | ¥7.7M |
| Average age (parent company) | 44.1 years | 43.8 years | 43.8 years | 43.5 years | 43.5 years |
| Average tenure (parent company) | 19.4 years | 19.6 years | 18.5 years | 18.0 years | 17.7 years |

Year over year: Employees (consolidated) +0.3% · Revenue (consolidated) +6.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Organic chemistry | 82,619 | 54.8% | 18,330 | 22.2% |
| Inorganic chemistry | 68,247 | 45.2% | 4,972 | 7.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Organic chemistry | 54.8% | 78.7% | 23.9 | 22.2% |
| Inorganic chemistry | 45.2% | 21.3% | -23.9 | 7.3% |

Segment → industry: Inorganic chemistry → Chemicals / Organic chemistry → Chemicals / Inorganic chemistry → 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 | 17,259 | 11.1% | S100YIFO |
| Capital expenditure | 11,769 | 7.6% | S100YIFO |
| Free cash flow | 5,490 | 3.5% | 算出 |
| Investing cash flow | -10,009 | -6.5% | S100YIFO |
| Financing cash flow | -3,816 | -2.5% | S100YIFO |
| Dividends paid | 4,412 | 2.8% | S100YIFO |
| Change in cash | 3,970 | 2.6% | S100YIFO |
| Cash and equivalents | 29,424 | 19.0% | S100YIFO |

## 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 | 27,073 | 17,662 | 19,982 | 24,948 | 29,424 | S100TUK7, S100WKV8, S100YIFO |
| Total assets | 185,758 | 201,913 | 224,324 | 225,097 | 240,408 | S100R8H2, S100TUK7, S100WKV8, S100YIFO |
| Net assets | 91,869 | 97,431 | 106,116 | 114,448 | 129,178 | S100TUK7, S100WKV8, S100YIFO |
| Share capital | 43,420 | 43,420 | 43,420 | 43,420 | 43,420 | S100R8H2, S100TUK7, S100WKV8, S100YIFO |
| Property, plant and equipment | 46,535 | 46,728 | 41,560 | 46,579 | 53,502 | S100R8H2, S100TUK7, S100WKV8, S100YIFO |
| Intangible assets excluding goodwill | 1,018 | 1,396 | 2,052 | 1,881 | 2,314 | S100R8H2, S100TUK7, S100WKV8, S100YIFO |
| Investment securities | 7,456 | 8,106 | 9,648 | 11,488 | 13,625 | S100R8H2, S100TUK7, S100WKV8, S100YIFO |
| Current assets | 121,389 | 137,499 | 161,173 | 154,830 | 161,808 | S100R8H2, S100TUK7, S100WKV8, S100YIFO |
| Current liabilities | 46,731 | 59,192 | 53,056 | 46,667 | 52,021 | S100R8H2, S100TUK7, S100WKV8, S100YIFO |
| Trade payables | 16,680 | 22,682 | 20,974 | 14,809 | 11,434 | S100R8H2, S100TUK7, S100WKV8, S100YIFO |
| Short-term borrowings | 7,770 | 13,470 | 7,680 | 7,680 | 7,680 | S100R8H2, S100TUK7, S100WKV8, S100YIFO |
| Long-term borrowings | 24,831 | 25,647 | 47,839 | 49,013 | 45,440 | S100R8H2, S100TUK7, S100WKV8, S100YIFO |
| Bonds | 3,898 | 2,960 | 1,991 | 1,779 | 924 | S100R8H2, S100TUK7, S100WKV8, S100YIFO |
| Interest-bearing debt | 36,499 | 42,077 | 57,510 | 58,472 | 54,044 | 算出 |
| Total liabilities | 93,889 | 104,481 | 118,207 | 110,648 | 111,229 | S100R8H2, S100TUK7, S100WKV8, S100YIFO |
| Non-controlling interests | — | — | 48 | 175 | 187 | S100WKV8, S100YIFO |
| Equity attributable to owners of parent | 91,905 | 95,466 | 101,928 | 107,699 | 120,162 | S100R8H2, S100TUK7, S100WKV8, S100YIFO |
| Retained earnings | 38,592 | 44,102 | 50,489 | 56,226 | 68,658 | S100R8H2, S100TUK7, S100WKV8, S100YIFO |
| Treasury stock | -734 | -2,710 | -2,653 | -2,591 | -3,143 | S100R8H2, S100TUK7, S100WKV8, S100YIFO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YIFO |
| Property, plant and equipment | 22% | S100YIFO |
| Intangibles and goodwill | 1% | S100YIFO |
| Investment securities | 6% | S100YIFO |
| Other assets | 59% | S100YIFO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YIFO |
| Interest-bearing debt | 22% | 算出 |
| Other liabilities | 19% | S100YIFO |
| Equity | 54% | S100YIFO |
| Other liabilities | 0% | S100YIFO |

### 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 | 185,758 | 201,913 | 224,324 | 225,097 | 240,408 |
| Equity | 91,869 | 97,431 | 106,116 | 114,448 | 129,178 |
| Interest-bearing debt | 36,499 | 42,077 | 57,510 | 58,472 | 54,044 |
| Cash | 27,073 | 17,662 | 19,982 | 24,948 | 29,424 |

## 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) | 34.5% | S100YIFO |
| Fixed assets ÷ total assets | 22.3% | S100YIFO |
| Goodwill ÷ parent equity | — | —, S100YIFO |

### 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) | 12.2% |
| Cash ÷ revenue | 19.0% |
| Net cash (cash − interest-bearing debt) | -¥24.6B |
| Net debt ÷ operating cash flow | 1.43× |
| Cash conversion (operating CF ÷ operating income) | 90.5% |
| Cash vs. profit gap | 623 JPY mn (of net income 3.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 26.5% |
| Shareholder payments — dividends / FCF | 80.4% |
| CapEx intensity (capex ÷ revenue) | 7.6% |
| Investing CF relative to operating CF | 58.0% |

## 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 | 10.5% | 0.60× | 6.3% | 2.02× | 12.7% | S100R8H2 |
| 2023 | 5.3% | 0.68× | 3.6% | 2.07× | 7.4% | S100TUK7 |
| 2024 | 5.8% | 0.65× | 3.7% | 2.16× | 8.1% | S100WKV8 |
| 2025 | 5.8% | 0.65× | 3.7% | 2.14× | 8.0% | S100YIFO |
| 2026 | 10.7% | 0.67× | 7.1% | 2.04× | 14.6% | S100YIFO |

## 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 | 12.7% | 2026-03-31 |
| 三井物産株式会社 | Major shareholder | 5.2% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.7% | 2026-03-31 |
| 東亞合成株式会社 | Major shareholder | 4.5% | 2026-03-31 |
| ＩＳＫ交友会 | Major shareholder | 3.0% | 2026-03-31 |
| ユーピーエルジャパン合同会社 | Major shareholder | 3.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 (常任代理人)株式会社みずほ銀行決済営業部 | Major shareholder | 2.3% | 2026-03-31 |
| 石原産業従業員持株会 | Major shareholder | 2.1% | 2026-03-31 |
| DFA INTL SMALL CAP VALUE PORTFOLIO (常任代理人)シティバンク、エヌ・エイ東京支店 | Major shareholder | 2.0% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第103期(2025/04/01－2026/03/31) | S100YIFO | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIFO,, |
| 訂正有価証券報告書－第102期(2024/04/01－2025/03/31) | S100WKV8 | 2025-08-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WKV8,, |
| 有価証券報告書－第101期(2023/04/01－2024/03/31) | S100TUK7 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUK7,, |
| 有価証券報告書－第100期(2022/04/01－2023/03/31) | S100R8H2 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8H2,, |
| 有価証券報告書－第99期(令和3年4月1日－令和4年3月31日) | S100OKT2 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKT2,, |
| 有価証券報告書－第98期(令和2年4月1日－令和3年3月31日) | S100LSE8 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSE8,, |

## 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).