# KANTO DENKA KOGYO 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119期(2025/04/01－2026/03/31) (S100YJCK)
> Page: https://vizora.meequs.com/en/company/kanto-denka-kogyo
> Retrieved: 2026-09-30T22:56:35.810Z

## Company

Kanto Denka Kogyo, founded in 1938, is a company in Batteries listed on TSE Prime. It has 1,169 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KANTO DENKA KOGYO CO., LTD. |
| Ticker | 4047 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4047.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内二丁目3番2号 |
| Representative (per filing) | 代表取締役社長 長谷川 淳一 |
| Founded | Sep 1938 |
| Share capital | ¥2.88B |
| Employees (consolidated) | 1,169 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | March |
| Website | www.kantodenka.co.jp (https://www.kantodenka.co.jp/) |
| Corporate number | 8010001013769 |
| EDINET | E00772 |
| Industries (Vizora) | Batteries, Chemicals, Semiconductor Materials, Plant Engineering & Building Services, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YJCK, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Batteries (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.3 | 8 |
| Profitability | 56.3 | 8 |
| Cash conversion | 58.3 | 6 |
| Efficiency | 18.8 | 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 80% of Kanto Denka Kogyo's sales come from Fine Chemicals Division, with Fundamental Chemicals Division and Facilities Division making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +4.9% from the prior year, operating profit +28.2%.

## Company structure

- Segment revenue mix: Fine Chemicals Division 80.3%、Fundamental Chemicals Division 12.2%、Facilities Division 3.3%、Ferro-Chemicals Division 2.9%、Trading Division 1.2%
- Revenue → net income: ¥65400000000 → ¥3831000000
- Net income → operating cash flow: ¥3831000000 → ¥7280000000（difference ¥3449000000）
- Main uses of operating cash flow: CapEx ¥8548000000 / dividends ¥1035000000 / buybacks ¥112000000
- Change in cash: ¥-736000000
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 | ¥65.4B |  |
| Operating income | ¥5.48B | Margin 8.4% |
| Net income | ¥3.79B | Margin 5.8% |
| Free cash flow | -¥1.27B |  |
| Largest business | Fine Chemicals Division | of segment revenue 80.3% |
| Employees (consolidated) | 1,169 |  |
| EPS | ¥39.84 |  |
| Book value per share | ¥1017.44 |  |
| Equity ratio | 55.1% |  |
| Shares outstanding | 57,546,050 |  |
| Treasury shares | 22,600 |  |
| Shareholders | 6,396 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 14.7% | Cash ÷ revenue 29.6% |
| Vs. industry median margin | +1.1 pp | Batteries |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 87% of positive segment profit
- FY2026, employees -1% while operating income rose 28%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥51927000000 | ¥65400000000 | +25.9% |
| Operating income | ¥5668000000 | ¥5478000000 | -3.4% |
| Operating margin | 10.9% | 8.4% | -2.5 pp |
| Employees | 927 people | 1,169 people | +26.1% |
| Cash and equivalents | ¥23339000000 | ¥19362000000 | -17.0% |

### 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 |
| --- | ---: |
| 基礎化学品事業 → 基礎化学品事業 | 11.1% |
| 精密化学品事業 → 精密化学品事業 | 77.7% |
| 鉄系事業 → 鉄系事業 | 2.9% |
| 鉄系事業 → 事業再編・廃止 | 0.6% |
| 商事事業 → 商事事業 | 1.2% |
| 商事事業 → 事業再編・廃止 | 3.5% |
| 設備事業 → 設備事業 | 3.0% |
| 新設・再編 → 基礎化学品事業 | 1.1% |
| 新設・再編 → 精密化学品事業 | 2.7% |
| 新設・再編 → 設備事業 | 0.3% |

Segment revenue source references: 10 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Fine Chemicals Division | 5 years | +5.4% | ¥52536000000 | 9.3% | 2 |
| Fundamental Chemicals Division | 5 years | +6.8% | ¥8010000000 | 1.4% | 2 |
| Facilities Division | 5 years | +6.6% | ¥2169000000 | 15.5% | 2 |
| Ferro-Chemicals Division | 5 years | +0.9% | ¥1915000000 | 8.4% | 2 |
| Trading Division | 5 years | -20.5% | ¥767000000 | 14.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 65,400 | 100.0% | S100YJCK |
| Cost of revenue | 49,567 | 75.8% | S100YJCK |
| Gross profit | 15,832 | 24.2% | S100YJCK |
| SG&A | 10,353 | 15.8% | S100YJCK |
| Operating income | 5,478 | 8.4% | S100YJCK |
| Ordinary income | 6,629 | 10.1% | S100YJCK |
| Pretax income | 5,803 | 8.9% | S100YJCK |
| Income tax | 1,971 | 3.0% | S100YJCK |
| Net income | 3,831 | 5.9% | S100YJCK |
| Net income attributable to owners | 3,785 | 5.8% | S100YJCK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 16 |
| Operating income | 8 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 24.2% → Operating margin 8.4% → Net margin 5.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.9%; Core profit growth: +28.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.77×
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 | 62,351 | 65,400 | 3,049 | +4.9% |
| Gross profit | 13,995 | 15,832 | 1,837 | +13.1% |
| Operating income | 4,272 | 5,478 | 1,206 | +28.2% |
| Net income attributable to owners | 3,248 | 3,785 | 537 | +16.5% |
| Operating cash flow | 13,085 | 7,280 | -5,805 | -44.4% |
| Free cash flow | -2,448 | -1,268 | 1,180 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 53,679 | 7,729 | 14.4% | 5,021 | 9,102 | -264 | S100LRHF |
| FY ending Mar 2021 | 51,927 | 5,668 | 10.9% | 3,605 | 11,984 | 2,380 | S100OI20 |
| FY ending Mar 2022 | 62,286 | 11,164 | 17.9% | 7,762 | 11,176 | 270 | S100R63C |
| FY ending Mar 2023 | 78,675 | 12,947 | 16.5% | 9,382 | 7,291 | -8,508 | S100TSWT |
| FY ending Mar 2024 | 64,768 | -1,968 | -3.0% | -4,610 | 11,208 | 242 | S100W72W |
| FY ending Mar 2025 | 62,351 | 4,272 | 6.9% | 3,248 | 13,085 | -2,448 | S100YJCK |
| FY ending Mar 2026 | 65,400 | 5,478 | 8.4% | 3,785 | 7,280 | -1,268 | S100YJCK |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.9M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 982 | 1,059 | 1,145 | 1,177 | 1,169 |
| Average salary (parent company) | ¥7.3M | ¥7.5M | ¥7.5M | ¥6.9M | ¥7.4M |
| Average age (parent company) | 40.0 years | 39.6 years | 39.7 years | 40.3 years | 40.8 years |
| Average tenure (parent company) | 16.6 years | 16.1 years | 15.6 years | 16.0 years | 16.7 years |

Year over year: Employees (consolidated) -0.7% · Revenue (consolidated) +4.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fundamental Chemicals Division | 8,010 | 12.2% | 109 | 1.4% |
| Fine Chemicals Division | 52,536 | 80.3% | 4,903 | 9.3% |
| Ferro-Chemicals Division | 1,915 | 2.9% | 161 | 8.4% |
| Trading Division | 767 | 1.2% | 114 | 14.9% |
| Facilities Division | 2,169 | 3.3% | 336 | 15.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Fundamental Chemicals Division | 12.2% | 1.9% | -10.3 | 1.4% |
| Fine Chemicals Division | 80.3% | 87.2% | 6.9 | 9.3% |
| Ferro-Chemicals Division | 2.9% | 2.9% | -0.1 | 8.4% |
| Trading Division | 1.2% | 2.0% | 0.9 | 14.9% |
| Facilities Division | 3.3% | 6.0% | 2.7 | 15.5% |

Segment → industry: Fine Chemicals Division → Batteries / Ferro-Chemicals Division → Chemicals / Fundamental Chemicals Division → Chemicals / Fine Chemicals Division → Semiconductor Materials / Facilities Division → Plant Engineering & Building Services / Trading Division → Specialty Trading & Wholesale

## 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 | 7,280 | 11.1% | S100YJCK |
| Capital expenditure | 8,548 | 13.1% | S100YJCK |
| Free cash flow | -1,268 | -1.9% | 算出 |
| Investing cash flow | -9,219 | -14.1% | S100YJCK |
| Financing cash flow | 676 | 1.0% | S100YJCK |
| Dividends paid | 1,035 | 1.6% | S100YJCK |
| Share buyback | 112 | 0.2% | S100YJCK |
| Change in cash | -736 | -1.1% | S100YJCK |
| Cash and equivalents | 19,362 | 29.6% | S100YJCK |

## 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 | 26,372 | 21,987 | 25,225 | 20,098 | 19,362 | S100TSWT, S100W72W, S100YJCK |
| Total assets | 109,902 | 130,762 | 125,302 | 123,617 | 131,314 | S100R63C, S100TSWT, S100W72W, S100YJCK |
| Net assets | 59,908 | 68,774 | 65,578 | 67,622 | 74,249 | S100TSWT, S100W72W, S100YJCK |
| Share capital | 2,877 | 2,877 | 2,877 | 2,877 | 2,877 | S100R63C, S100TSWT, S100W72W, S100YJCK |
| Property, plant and equipment | 38,221 | 47,404 | 49,042 | 55,210 | 52,760 | S100R63C, S100TSWT, S100W72W, S100YJCK |
| Intangible assets excluding goodwill | 728 | 676 | 752 | 632 | 693 | S100R63C, S100TSWT, S100W72W, S100YJCK |
| Investment securities | 7,464 | 7,399 | 9,224 | 8,181 | 12,184 | S100R63C, S100TSWT, S100W72W, S100YJCK |
| Current assets | 61,705 | 72,919 | 63,268 | 57,426 | 64,442 | S100R63C, S100TSWT, S100W72W, S100YJCK |
| Current liabilities | 27,265 | 33,680 | 30,891 | 29,180 | 27,734 | S100R63C, S100TSWT, S100W72W, S100YJCK |
| Trade payables | 8,068 | 9,620 | 7,287 | 6,434 | 7,740 | S100R63C, S100TSWT, S100W72W, S100YJCK |
| Short-term borrowings | 4,200 | 4,516 | 5,028 | 3,151 | 2,569 | S100R63C, S100TSWT, S100W72W, S100YJCK |
| Long-term borrowings | 20,166 | 25,591 | 26,872 | 24,686 | 27,314 | S100R63C, S100TSWT, S100W72W, S100YJCK |
| Total liabilities | 49,993 | 61,988 | 59,724 | 55,995 | 57,064 | S100R63C, S100TSWT, S100W72W, S100YJCK |
| Non-controlling interests | 1,654 | 1,293 | 1,572 | 1,663 | 1,852 | S100R63C, S100TSWT, S100W72W, S100YJCK |
| Equity attributable to owners of parent | 55,122 | 63,157 | 56,821 | 59,210 | 61,863 | S100R63C, S100TSWT, S100W72W, S100YJCK |
| Retained earnings | 50,483 | 58,486 | 52,149 | 54,535 | 57,285 | S100R63C, S100TSWT, S100W72W, S100YJCK |
| Treasury stock | -68 | -65 | -66 | -62 | -159 | S100R63C, S100TSWT, S100W72W, S100YJCK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YJCK |
| Property, plant and equipment | 40% | S100YJCK |
| Intangibles and goodwill | 1% | S100YJCK |
| Investment securities | 9% | S100YJCK |
| Other assets | 35% | S100YJCK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YJCK |
| Other liabilities | 38% | S100YJCK |
| Equity | 56% | S100YJCK |
| Other liabilities | 0% | S100YJCK |

### 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 | 109,902 | 130,762 | 125,302 | 123,617 | 131,314 |
| Equity | 59,908 | 68,774 | 65,578 | 67,622 | 74,249 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 26,372 | 21,987 | 25,225 | 20,098 | 19,362 |

## 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) | 80.7% | S100YJCK |
| Fixed assets ÷ total assets | 40.2% | S100YJCK |
| Goodwill ÷ parent equity | — | —, S100YJCK |

### 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) | 14.7% |
| Cash ÷ revenue | 29.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 132.9% |
| Cash vs. profit gap | 3,495 JPY mn (of net income 92.3%) |
| Shareholder returns / net income | 30.3% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.3% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 13.1% |
| Investing CF relative to operating CF | 126.6% |

## 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 | 12.5% | 0.57× | 7.1% | 1.99× | 14.1% | S100R63C |
| 2023 | 11.9% | 0.65× | 7.8% | 2.03× | 15.9% | S100TSWT |
| 2024 | — | —× | -3.6% | —× | — | S100W72W |
| 2025 | 5.2% | 0.50× | 2.6% | 2.15× | 5.6% | S100YJCK |
| 2026 | 5.8% | 0.51× | 3.0% | 2.11× | 6.3% | S100YJCK |

## 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 | 7.5% | 2026-03-31 |
| 朝日生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 6.2% | 2026-03-31 |
| 日本ゼオン株式会社 | Major shareholder | 6.2% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL(常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 5.6% | 2026-03-31 |
| ECM MF (常任代理人 立花証券株式会社) | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.8% | 2026-03-31 |
| MLI FOR SEGREGATED PB CLIENT(常任代理人 BOFA証券株式会社) | Major shareholder | 3.5% | 2026-03-31 |
| JPMSPLC CLIENT ASSETS SK JPY (常任代理人 シティバンク、エヌ・エイ東京支店) | Major shareholder | 3.2% | 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 | 2.8% | 2026-03-31 |
| 株式会社中国銀行(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第119期(2025/04/01－2026/03/31) | S100YJCK | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJCK,, |
| 有価証券報告書－第118期(2024/04/01－2025/03/31) | S100W72W | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W72W,, |
| 有価証券報告書－第117期(2023/04/01－2024/03/31) | S100TSWT | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSWT,, |
| 有価証券報告書－第116期(2022/04/01－2023/03/31) | S100R63C | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R63C,, |
| 有価証券報告書－第115期(令和3年4月1日－令和4年3月31日) | S100OI20 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OI20,, |
| 有価証券報告書－第114期(令和2年4月1日－令和3年3月31日) | S100LRHF | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRHF,, |

## 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).