# JAPAN PURE CHEMICAL 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55期(2025/04/01－2026/03/31) (S100YD8M)
> Page: https://vizora.meequs.com/en/company/japan-pure-chemical
> Retrieved: 2026-09-30T19:58:22.415Z

## Company

Japan Pure Chemical, founded in 1971, is a company in Semiconductor Materials listed on TSE Prime. It has 60 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JAPAN PURE CHEMICAL CO., LTD. |
| Ticker | 4973 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4973.T) |
| Listing | TSE Prime |
| Head office | 東京都練馬区北町三丁目10番18号 |
| Representative (per filing) | 代表取締役社長 小島 智敬 |
| Founded | Jul 1971 |
| Share capital | ¥1.28B |
| Employees (consolidated) | 60 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | March |
| Website | www.netjpc.com (https://www.netjpc.com/) |
| Corporate number | 2011601007777 |
| EDINET | E01060 |
| Industries (Vizora) | Semiconductor Materials |

> Profile source: annual securities report (S100YD8M, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 2.2 | 23 |
| Profitability | 6.3 | 24 |
| Cash conversion | 2.1 | 24 |
| Efficiency | 93.8 | 24 |

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)

- Japan Pure Chemical brought in ¥18.1B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +43.3% from the prior year, operating profit +14.7%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥18.1B |  |
| Operating income | ¥576.4M | Margin 3.2% |
| Net income | ¥1.8B | Margin 10.0% |
| Free cash flow | -¥849.1M |  |
| Employees (consolidated) | 60 |  |
| EPS | ¥311.86 |  |
| Diluted EPS | ¥309.2 |  |
| Book value per share | ¥3098.03 |  |
| Equity ratio | 82.7% |  |
| Shares outstanding | 6,067,200 |  |
| Treasury shares | 264,000 |  |
| Shareholders | 4,574 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 32.0% | Cash ÷ revenue 38.5% |
| Vs. industry median margin | -11.6 pp | Semiconductor Materials |
| ROE | 16.4% | Derived from disclosed figures |
| ROA | 9.6% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16622470000 | ¥18073141000 | +8.7% |
| Operating income | ¥955521000 | ¥576375000 | -39.7% |
| Operating margin | 5.7% | 3.2% | -2.6 pp |
| Employees | 47 people | 60 people | +27.7% |
| Cash and equivalents | ¥4069152000 | ¥6952709000 | +70.9% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 18,073 | 100.0% | S100YD8M |
| Cost of revenue | 16,135 | 89.3% | 算出 |
| Gross profit | 1,938 | 10.7% | S100YD8M |
| SG&A | 1,362 | 7.5% | S100YD8M |
| Operating income | 576 | 3.2% | S100YD8M |
| Ordinary income | 776 | 4.3% | S100YD8M |
| Pretax income | 2,434 | 13.5% | S100YD8M |
| Income tax | 630 | 3.5% | S100YD8M |
| Net income | 1,804 | 10.0% | S100YD8M |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 89 |
| SG&A | 8 |
| Operating income | 3 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 10.7% → Operating margin 3.2% → Net margin 10.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +43.3%; Core profit growth: +14.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.34×
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 | 12,611 | 18,073 | 5,462 | +43.3% |
| Gross profit | 1,629 | 1,938 | 310 | +19.0% |
| Operating income | 503 | 576 | 74 | +14.7% |
| Operating cash flow | 580 | -773 | -1,352 | -233.3% |
| Free cash flow | 430 | -849 | -1,279 | -297.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 12,970 | 1,035 | 8.0% | 858 | 251 | 110 | S100LK6S |
| FY ending Mar 2021 | 16,622 | 956 | 5.7% | 791 | 364 | 333 | S100O9RC |
| FY ending Mar 2022 | 18,714 | 1,202 | 6.4% | 974 | 180 | 95 | S100R034 |
| FY ending Mar 2023 | 16,255 | 568 | 3.5% | 570 | 2,540 | 2,518 | S100TSHT |
| FY ending Mar 2024 | 11,420 | 354 | 3.1% | 548 | 685 | 552 | S100VZZ3 |
| FY ending Mar 2025 | 12,611 | 503 | 4.0% | 1,580 | 580 | 430 | S100YD8M |
| FY ending Mar 2026 | 18,073 | 576 | 3.2% | 1,804 | -773 | -849 | S100YD8M |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥301.2M |
| Operating income per employee (consolidated) | ¥9.6M |
| Net income per employee (consolidated) | ¥30.1M |

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) | 44 | 45 | 49 | 52 | 60 |
| Average salary (parent company) | ¥7.8M | ¥8.3M | ¥7.8M | ¥8.1M | ¥8.6M |
| Average age (parent company) | 38.2 years | 37.8 years | 38.3 years | 39.3 years | 39.5 years |
| Average tenure (parent company) | 11.7 years | 12.2 years | 12.1 years | 12.5 years | 11.8 years |

Year over year: Employees (consolidated) +15.4% · Revenue (consolidated) +43.3%

## 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 | -773 | -4.3% | S100YD8M |
| Capital expenditure | 77 | 0.4% | S100YD8M |
| Free cash flow | -849 | -4.7% | 算出 |
| Investing cash flow | 1,114 | 6.2% | S100YD8M |
| Financing cash flow | -673 | -3.7% | S100YD8M |
| Dividends paid | 728 | 4.0% | S100YD8M |
| Share buyback | 0 | 0.0% | S100YD8M |
| Change in cash | -332 | -1.8% | S100YD8M |
| Cash and equivalents | 6,953 | 38.5% | S100YD8M |

## 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 | 3,730 | 5,465 | 5,859 | 7,284 | 6,953 | S100TSHT, S100VZZ3, S100YD8M |
| Total assets | 16,868 | 15,612 | 17,141 | 15,857 | 21,738 | S100R034, S100TSHT, S100VZZ3, S100YD8M |
| Net assets | 14,244 | 13,505 | 14,538 | 13,595 | 18,065 | S100TSHT, S100VZZ3, S100YD8M |
| Share capital | 1,283 | 1,283 | 1,283 | 1,283 | 1,283 | S100R034, S100TSHT, S100VZZ3, S100YD8M |
| Property, plant and equipment | 123 | 87 | 160 | 114 | 147 | S100R034, S100TSHT, S100VZZ3, S100YD8M |
| Intangible assets excluding goodwill | 49 | 14 | 89 | 132 | 111 | S100R034, S100TSHT, S100VZZ3, S100YD8M |
| Investment securities | 8,342 | 7,582 | 8,796 | 5,975 | 10,744 | S100R034, S100TSHT, S100VZZ3, S100YD8M |
| Current assets | 8,307 | 7,833 | 8,004 | 9,544 | 10,638 | S100R034, S100TSHT, S100VZZ3, S100YD8M |
| Current liabilities | 551 | 238 | 334 | 785 | 679 | S100R034, S100TSHT, S100VZZ3, S100YD8M |
| Total liabilities | 2,625 | 2,106 | 2,603 | 2,262 | 3,673 | S100R034, S100TSHT, S100VZZ3, S100YD8M |
| Equity attributable to owners of parent | 9,606 | 9,386 | 9,491 | 10,411 | 11,566 | S100R034, S100TSHT, S100VZZ3, S100YD8M |
| Retained earnings | 8,375 | 7,829 | 7,917 | 8,781 | 9,857 | S100R034, S100TSHT, S100VZZ3, S100YD8M |
| Treasury stock | -1,079 | -753 | -738 | -692 | -628 | S100R034, S100TSHT, S100VZZ3, S100YD8M |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100YD8M |
| Property, plant and equipment | 1% | S100YD8M |
| Intangibles and goodwill | 1% | S100YD8M |
| Investment securities | 49% | S100YD8M |
| Other assets | 17% | S100YD8M |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 17% | S100YD8M |
| Equity | 83% | S100YD8M |

### 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 | 16,868 | 15,612 | 17,141 | 15,857 | 21,738 |
| Equity | 14,244 | 13,505 | 14,538 | 13,595 | 18,065 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,730 | 5,465 | 5,859 | 7,284 | 6,953 |

## 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) | 0.8% | S100YD8M |
| Fixed assets ÷ total assets | 0.7% | S100YD8M |
| Goodwill ÷ parent equity | — | —, S100YD8M |

### 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) | 32.0% |
| Cash ÷ revenue | 38.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -134.0% |
| Cash vs. profit gap | -2,577 JPY mn (of net income -142.8%) |
| Shareholder returns / net income | 40.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 40.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 0.4% |
| Investing CF relative to operating CF | — |

## 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 | 5.2% | 1.11× | 5.8% | 1.76× | 10.1% | S100R034 |
| 2023 | 3.5% | 1.00× | 3.5% | 1.71× | 6.0% | S100TSHT |
| 2024 | 4.8% | 0.70× | 3.3% | 1.74× | 5.8% | S100VZZ3 |
| 2025 | 12.5% | 0.76× | 9.6% | 1.66× | 15.9% | S100YD8M |
| 2026 | 10.0% | 0.96× | 9.6% | 1.71× | 16.4% | S100YD8M |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN(CASHPB) | Major shareholder | 19.9% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.2% | 2026-03-31 |
| RBC IST 15 PCT NON LENDING ACCOUNT - CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 4.2% | 2026-03-31 |
| 公益財団法人ＪＰＣ奨学財団 | Major shareholder | 2.6% | 2026-03-31 |
| 下田 賢一 | Major shareholder | 2.4% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.3% | 2026-03-31 |
| ワタナベホールディングス株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| シチズン時計株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| MK CHEM & TECH. CO., LTD. | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第55期(2025/04/01－2026/03/31) | S100YD8M | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD8M,, |
| 有価証券報告書－第54期(2024/04/01－2025/03/31) | S100VZZ3 | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZZ3,, |
| 有価証券報告書－第53期(2023/04/01－2024/03/31) | S100TSHT | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSHT,, |
| 有価証券報告書－第52期(2022/04/01－2023/03/31) | S100R034 | 2023-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R034,, |
| 有価証券報告書－第51期(令和3年4月1日－令和4年3月31日) | S100O9RC | 2022-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9RC,, |
| 有価証券報告書－第50期(令和2年4月1日－令和3年3月31日) | S100LK6S | 2021-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LK6S,, |

## 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).