# JCU CORPORATION: 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66期(2025/04/01－2026/03/31) (S100YIEL)
> Page: https://vizora.meequs.com/en/company/jcu
> Retrieved: 2026-09-30T20:24:19.432Z

## Company

JCU, founded in 1968, is a company in Chemicals listed on TSE Prime. It has 567 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | JCU CORPORATION |
| Ticker | 4975 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4975.T) |
| Listing | TSE Prime |
| Head office | 東京都台東区東上野四丁目8番1号 |
| Representative (per filing) | 代表取締役会長兼CEO 木村 昌志 |
| Founded | Apr 1968 |
| Share capital | ¥1.28B |
| Employees (consolidated) | 567 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.jcu-i.com (https://www.jcu-i.com/) |
| Corporate number | 3010501001864 |
| EDINET | E01065 |
| Industries (Vizora) | Chemicals, Semiconductor Materials, Industrial Machinery |

> Profile source: annual securities report (S100YIEL, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 41.3 | 23 |
| Profitability | 97.9 | 24 |
| Cash conversion | 18.8 | 24 |
| Efficiency | 22.9 | 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)

- About 91% of JCU's sales come from Chemical business, with Equipment business making up much of the rest.
- Out of every ¥100 of sales, about ¥41 is left as operating profit.
- Revenue changed +4.6% from the prior year, operating profit +15.6%.

## Company structure

- Segment revenue mix: Chemical business 90.7%、Equipment business 9.3%
- Revenue → net income: ¥29672000000 → ¥9074000000
- Net income → operating cash flow: ¥9074000000 → ¥9038000000（difference ¥-36000000）
- Main uses of operating cash flow: CapEx ¥7515000000 / dividends ¥1989000000 / buybacks ¥1500000000
- Change in cash: ¥-2804000000
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 | ¥29.7B |  |
| Operating income | ¥12.2B | Margin 41.0% |
| Net income | ¥9.07B | Margin 30.6% |
| Free cash flow | ¥1.52B |  |
| Largest business | Chemical business | of segment revenue 90.7% |
| Employees (consolidated) | 567 |  |
| EPS | ¥367.16 |  |
| Book value per share | ¥1739.94 |  |
| Equity ratio | 87.1% |  |
| Shares outstanding | 26,219,000 |  |
| Treasury shares | 1,599,300 |  |
| Shareholders | 3,782 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 35.1% | Cash ÷ revenue 74.2% |
| Vs. industry median margin | +33.4 pp | Chemicals |
| ROE | 20.4% | Derived from disclosed figures |
| ROA | 15.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 97% of positive segment profit
- FY2026, operating income keeps 41 per ¥100 of revenue
- FY2026, cash is 35% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥21192063000 | ¥29672000000 | +40.0% |
| Operating income | ¥6799952000 | ¥12156000000 | +78.8% |
| Operating margin | 32.1% | 41.0% | +8.9 pp |
| Employees | 561 people | 567 people | +1.1% |
| Cash and equivalents | ¥12685175000 | ¥22009000000 | +73.5% |

### 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 |
| --- | ---: |
| 薬品事業 → 薬品事業 | 90.4% |
| 装置事業 → 装置事業 | 9.3% |
| 装置事業 → 事業再編・廃止 | 0.4% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 薬品事業 | 0.4% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 29,672 | 100.0% | S100YIEL |
| Cost of revenue | 9,062 | 30.5% | S100YIEL |
| Gross profit | 20,610 | 69.5% | S100YIEL |
| SG&A | 8,454 | 28.5% | S100YIEL |
| Operating income | 12,156 | 41.0% | S100YIEL |
| Ordinary income | 12,447 | 41.9% | S100YIEL |
| Pretax income | 12,569 | 42.4% | S100YIEL |
| Income tax | 3,494 | 11.8% | S100YIEL |
| Net income | 9,074 | 30.6% | S100YIEL |
| Net income attributable to owners | 9,074 | 30.6% | S100YIEL |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 31 |
| SG&A | 28 |
| Operating income | 41 |
| (Ref.) Net income | 31 |

### Margin funnel

Gross margin 69.5% → Operating margin 41.0% → Net margin 30.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.6%; Core profit growth: +15.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.37×
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 | 28,356 | 29,672 | 1,316 | +4.6% |
| Gross profit | 18,602 | 20,610 | 2,008 | +10.8% |
| Operating income | 10,513 | 12,156 | 1,643 | +15.6% |
| Net income attributable to owners | 7,497 | 9,074 | 1,577 | +21.0% |
| Operating cash flow | 8,426 | 9,038 | 612 | +7.3% |
| Free cash flow | 1,878 | 1,523 | -355 | -18.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 22,320 | 6,297 | 28.2% | 4,416 | 2,987 | 1,368 | S100LIC2 |
| FY ending Mar 2021 | 21,192 | 6,800 | 32.1% | 4,709 | 6,780 | 6,108 | S100P6Z6 |
| FY ending Mar 2022 | 24,256 | 8,991 | 37.1% | 6,371 | 5,091 | 4,654 | S100R625 |
| FY ending Mar 2023 | 27,138 | 9,286 | 34.2% | 6,014 | 7,840 | 6,825 | S100TSVN |
| FY ending Mar 2024 | 24,860 | 8,041 | 32.3% | 5,530 | 6,030 | 5,400 | S100W7B3 |
| FY ending Mar 2025 | 28,356 | 10,513 | 37.1% | 7,497 | 8,426 | 1,878 | S100YIEL |
| FY ending Mar 2026 | 29,672 | 12,156 | 41.0% | 9,074 | 9,038 | 1,523 | S100YIEL |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.3M |
| Operating income per employee (consolidated) | ¥21.4M |
| Net income per employee (consolidated) | ¥16M |

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) | 548 | 544 | 538 | 550 | 567 |
| Average salary (parent company) | ¥8.4M | ¥8M | ¥8.4M | ¥8.2M | ¥8.2M |
| Average age (parent company) | 44.3 years | 44.9 years | 45.1 years | 44.8 years | 44.7 years |
| Average tenure (parent company) | 15.0 years | 15.8 years | 16.2 years | 16.3 years | 16.6 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +4.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Chemical business | 26,926 | 90.7% | 12,716 | 47.2% |
| Equipment business | 2,746 | 9.3% | 413 | 15.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Chemical business | 90.7% | 96.9% | 6.1 | 47.2% |
| Equipment business | 9.3% | 3.1% | -6.1 | 15.0% |

Segment → industry: Chemical business → Chemicals / Chemical business → Semiconductor Materials / Equipment business → Industrial Machinery

## 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 | 9,038 | 30.5% | S100YIEL |
| Capital expenditure | 7,515 | 25.3% | S100YIEL |
| Free cash flow | 1,523 | 5.1% | 算出 |
| Investing cash flow | -8,350 | -28.1% | S100YIEL |
| Financing cash flow | -3,596 | -12.1% | S100YIEL |
| Dividends paid | 1,989 | 6.7% | S100YIEL |
| Share buyback | 1,500 | 5.1% | S100YIEL |
| Change in cash | -2,804 | -9.4% | S100YIEL |
| Cash and equivalents | 22,009 | 74.2% | S100YIEL |

## 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 | 16,845 | 21,998 | 24,587 | 24,813 | 22,009 | S100TSVN, S100W7B3, S100YIEL |
| Total assets | 40,892 | 44,901 | 49,642 | 54,841 | 62,679 | S100R625, S100TSVN, S100W7B3, S100YIEL |
| Net assets | 33,166 | 37,862 | 42,250 | 47,812 | 54,567 | S100TSVN, S100W7B3, S100YIEL |
| Share capital | 1,245 | 1,255 | 1,267 | 1,281 | 1,281 | S100R625, S100TSVN, S100W7B3, S100YIEL |
| Property, plant and equipment | 5,459 | 6,081 | 6,166 | 11,830 | 19,682 | S100R625, S100TSVN, S100W7B3, S100YIEL |
| Intangible assets excluding goodwill | 55 | 47 | 42 | 135 | 300 | S100R625, S100TSVN, S100W7B3, S100YIEL |
| Investment securities | 1,673 | 1,393 | 1,751 | 1,402 | 2,008 | S100R625, S100TSVN, S100W7B3, S100YIEL |
| Current assets | 32,507 | 36,646 | 40,832 | 40,223 | 39,191 | S100R625, S100TSVN, S100W7B3, S100YIEL |
| Current liabilities | 6,712 | 6,164 | 6,664 | 6,347 | 7,569 | S100R625, S100TSVN, S100W7B3, S100YIEL |
| Trade payables | 1,817 | 1,497 | 2,086 | 1,934 | 2,027 | S100R625, S100TSVN, S100W7B3, S100YIEL |
| Short-term borrowings | 369 | 503 | 450 | 300 | 300 | S100R625, S100TSVN, S100W7B3, S100YIEL |
| Long-term borrowings | 541 | 288 | 122 | 30 | — | S100R625, S100TSVN, S100W7B3, S100YIEL |
| Total liabilities | 7,726 | 7,040 | 7,391 | 7,028 | 8,111 | S100R625, S100TSVN, S100W7B3, S100YIEL |
| Equity attributable to owners of parent | 31,167 | 34,568 | 37,383 | 41,589 | 47,206 | S100R625, S100TSVN, S100W7B3, S100YIEL |
| Retained earnings | 33,303 | 36,778 | 39,678 | 44,060 | 50,099 | S100R625, S100TSVN, S100W7B3, S100YIEL |
| Treasury stock | -4,567 | -4,663 | -4,771 | -4,975 | -5,397 | S100R625, S100TSVN, S100W7B3, S100YIEL |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 35% | S100YIEL |
| Property, plant and equipment | 31% | S100YIEL |
| Intangibles and goodwill | 1% | S100YIEL |
| Investment securities | 3% | S100YIEL |
| Other assets | 30% | S100YIEL |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100YIEL |
| Other liabilities | 10% | S100YIEL |
| Equity | 87% | S100YIEL |
| Other liabilities | 0% | S100YIEL |

### 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 | 40,892 | 44,901 | 49,642 | 54,841 | 62,679 |
| Equity | 33,166 | 37,862 | 42,250 | 47,812 | 54,567 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,845 | 21,998 | 24,587 | 24,813 | 22,009 |

## 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) | 66.3% | S100YIEL |
| Fixed assets ÷ total assets | 31.4% | S100YIEL |
| Goodwill ÷ parent equity | — | —, S100YIEL |

### 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) | 35.1% |
| Cash ÷ revenue | 74.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 74.4% |
| Cash vs. profit gap | -36 JPY mn (of net income -0.4%) |
| Shareholder returns / net income | 38.5% |
| Shareholder returns / FCF | 229.1% |
| Shareholder payments — dividends / net income | 21.9% |
| Shareholder payments — dividends / FCF | 130.6% |
| CapEx intensity (capex ÷ revenue) | 25.3% |
| Investing CF relative to operating CF | 92.4% |

## 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 | 26.3% | 0.59× | 15.6% | 1.31× | 20.4% | S100R625 |
| 2023 | 22.2% | 0.63× | 14.0% | 1.31× | 18.3% | S100TSVN |
| 2024 | 22.2% | 0.53× | 11.7% | 1.31× | 15.4% | S100W7B3 |
| 2025 | 26.4% | 0.54× | 14.4% | 1.32× | 19.0% | S100YIEL |
| 2026 | 30.6% | 0.50× | 15.4% | 1.32× | 20.4% | S100YIEL |

## 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 | 12.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口) | Major shareholder | 4.5% | 2026-03-31 |
| 日本パーカライジング株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社S・D・PA | Major shareholder | 3.2% | 2026-03-31 |
| 荏原実業株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 日本化学産業株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 神谷理研株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 栄電子工業株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| TPR株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N. A. LONDONSECS LENDING OMNIBUS ACCOUNT（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2025/04/01－2026/03/31) | S100YIEL | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIEL,, |
| 有価証券報告書－第65期(2024/04/01－2025/03/31) | S100W7B3 | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7B3,, |
| 有価証券報告書－第64期(2023/04/01－2024/03/31) | S100TSVN | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSVN,, |
| 有価証券報告書－第63期(2022/04/01－2023/03/31) | S100R625 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R625,, |
| 訂正有価証券報告書－第62期(令和3年4月1日－令和4年3月31日) | S100P6Z6 | 2022-09-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100P6Z6,, |
| 有価証券報告書－第61期(令和2年4月1日－令和3年3月31日) | S100LIC2 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LIC2,, |

## 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).