# Kawaguchi Chemical Industry Co., Ltd: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第124期(2024/12/01－2025/11/30) (S100XLSD)
> Page: https://vizora.meequs.com/en/company/kawachem
> Retrieved: 2026-09-30T17:49:26.652Z

## Company

Kawaguchi Chemical Industry, founded in 1935, is a company in Chemicals listed on TSE Standard. It has 160 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Kawaguchi Chemical Industry Co., Ltd |
| Ticker | 4361 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4361.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区内神田2丁目8番4号(同所は登記上の本店所在地であり、実際の業務は、下記で行なっております。) |
| Representative (per filing) | 代表取締役社長 山田秀行 |
| Founded | Dec 1935 |
| Share capital | ¥610M |
| Employees (consolidated) | 160 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | November |
| Website | www.kawachem.co.jp (https://www.kawachem.co.jp/) |
| Corporate number | 5010001008672 |
| EDINET | E01006 |
| Industries (Vizora) | Chemicals, Real Estate Development & Leasing |

> Profile source: annual securities report (S100XLSD, filed 2026-02-20). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 49.5 | 96 |
| Profitability | 29.5 | 100 |
| Cash conversion | 65.1 | 96 |
| Efficiency | 91.5 | 100 |

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 100% of Kawaguchi Chemical Industry's sales come from Pharmaceutical products, with Real estate leasing making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -1.2% from the prior year, operating profit +12.8%.

## Company structure

- Segment revenue mix: Pharmaceutical products 99.6%、Real estate leasing 0.4%
- Revenue → net income: ¥8814476000 → ¥298393000
- Net income → operating cash flow: ¥298393000 → ¥829948000（difference ¥531555000）
- Main uses of operating cash flow: CapEx ¥738596000 / dividends ¥72828000 / buybacks ¥42000
- Change in cash: ¥467880000
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 | ¥8.81B |  |
| Operating income | ¥426.6M | Margin 4.8% |
| Net income | ¥298.4M | Margin 3.4% |
| Free cash flow | ¥91.4M |  |
| Largest business | Pharmaceutical products | of segment revenue 99.6% |
| Employees (consolidated) | 160 |  |
| EPS | ¥227.22 |  |
| Book value per share | ¥2378.89 |  |
| Equity ratio | 35.3% |  |
| Shares outstanding | 1,220,000 |  |
| Treasury shares | 2,600 |  |
| Shareholders | 1,410 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 13.7% | Cash ÷ revenue 13.8% |
| Vs. industry median margin | -2.7 pp | Chemicals |
| ROE | 10.2% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.8× net income
- FY2025, one segment accounts for 93% of positive segment profit
- FY2025, employees -6% while operating income rose 13%

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6628207000 | ¥8814476000 | +33.0% |
| Operating income | ¥80880000 | ¥426645000 | +427.5% |
| Operating margin | 1.2% | 4.8% | +3.6 pp |
| Employees | 173 people | 160 people | -7.5% |
| Cash and equivalents | ¥882857000 | ¥1212523000 | +37.3% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 化学工業薬品事業 → 化学工業薬品事業 | 99.4% |
| 不動産賃貸事業 → 不動産賃貸事業 | 0.4% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.1% |
| 新設・再編 → 化学工業薬品事業 | 0.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,814 | 100.0% | S100XLSD |
| Cost of revenue | 7,179 | 81.4% | S100XLSD |
| Gross profit | 1,636 | 18.6% | S100XLSD |
| SG&A | 1,209 | 13.7% | S100XLSD |
| Operating income | 427 | 4.8% | S100XLSD |
| Ordinary income | 405 | 4.6% | S100XLSD |
| Pretax income | 404 | 4.6% | S100XLSD |
| Income tax | 106 | 1.2% | S100XLSD |
| Net income | 298 | 3.4% | S100XLSD |
| Net income attributable to owners | 298 | 3.4% | S100XLSD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 14 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 18.6% → Operating margin 4.8% → Net margin 3.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -1.2%; Core profit growth: +12.8%
Operating leverage (core profit growth ÷ revenue growth): -10.77×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 8,921 | 8,814 | -106 | -1.2% |
| Gross profit | 1,613 | 1,636 | 22 | +1.4% |
| Operating income | 378 | 427 | 49 | +12.8% |
| Net income attributable to owners | 336 | 298 | -38 | -11.3% |
| Operating cash flow | 143 | 830 | 687 | +478.9% |
| Free cash flow | -214 | 91 | 305 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 7,488 | 191 | 2.5% | 147 | 286 | -638 | S100KV87 |
| FY ending Nov 2020 | 6,628 | 81 | 1.2% | 59 | 654 | 297 | S100NJFA |
| FY ending Nov 2021 | 7,939 | 381 | 4.8% | 281 | 785 | 521 | S100Q9LH |
| FY ending Nov 2022 | 8,368 | 294 | 3.5% | 219 | -21 | -271 | S100SXGS |
| FY ending Nov 2023 | 8,610 | 354 | 4.1% | 256 | 470 | 92 | S100V9D5 |
| FY ending Nov 2024 | 8,921 | 378 | 4.2% | 336 | 143 | -214 | S100XLSD |
| FY ending Nov 2025 | 8,814 | 427 | 4.8% | 298 | 830 | 91 | S100XLSD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.1M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | ¥1.9M |

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

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 165 | 171 | 166 | 171 | 160 |
| Average salary (parent company) | ¥6.7M | ¥6.8M | ¥6.5M | ¥7M | ¥6.8M |
| Average age (parent company) | 41.8 years | 42.3 years | 42.7 years | 41.8 years | 41.7 years |
| Average tenure (parent company) | 16.0 years | 16.2 years | 16.7 years | 15.9 years | 15.8 years |

Year over year: Employees (consolidated) -6.4% · Revenue (consolidated) -1.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Pharmaceutical products | 8,776 | 99.6% | 396 | 4.5% |
| Real estate leasing | 38 | 0.4% | 31 | 79.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Pharmaceutical products | 99.6% | 92.8% | -6.8 | 4.5% |
| Real estate leasing | 0.4% | 7.2% | 6.8 | 79.8% |

Segment → industry: Pharmaceutical products → Chemicals / Real estate leasing → Real Estate Development & Leasing

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 830 | 9.4% | S100XLSD |
| Capital expenditure | 739 | 8.4% | S100XLSD |
| Free cash flow | 91 | 1.0% | 算出 |
| Investing cash flow | -739 | -8.4% | S100XLSD |
| Financing cash flow | 360 | 4.1% | S100XLSD |
| Dividends paid | 73 | 0.8% | S100XLSD |
| Share buyback | 0 | 0.0% | S100XLSD |
| Change in cash | 468 | 5.3% | S100XLSD |
| Cash and equivalents | 1,213 | 13.8% | S100XLSD |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,320 | 911 | 1,044 | 745 | 1,213 | S100SXGS, S100V9D5, S100XLSD |
| Total assets | 7,894 | 8,322 | 8,341 | 8,532 | 8,868 | S100Q9LH, S100SXGS, S100V9D5, S100XLSD |
| Net assets | 2,253 | 2,411 | 2,638 | 2,882 | 3,134 | S100SXGS, S100V9D5, S100XLSD |
| Share capital | 610 | 610 | 610 | 610 | 610 | S100Q9LH, S100SXGS, S100V9D5, S100XLSD |
| Property, plant and equipment | 2,252 | 2,215 | 2,119 | 2,061 | 2,335 | S100Q9LH, S100SXGS, S100V9D5, S100XLSD |
| Intangible assets excluding goodwill | 14 | 17 | 18 | 13 | 10 | S100Q9LH, S100SXGS, S100V9D5, S100XLSD |
| Investment securities | 99 | 77 | 106 | 55 | 69 | S100Q9LH, S100SXGS, S100V9D5, S100XLSD |
| Current assets | 5,402 | 5,886 | 6,016 | 6,339 | 6,372 | S100Q9LH, S100SXGS, S100V9D5, S100XLSD |
| Current liabilities | 4,535 | 4,422 | 4,762 | 4,887 | 4,276 | S100Q9LH, S100SXGS, S100V9D5, S100XLSD |
| Short-term borrowings | 1,960 | 1,960 | 2,160 | 2,160 | 2,160 | S100Q9LH, S100SXGS, S100V9D5, S100XLSD |
| Long-term borrowings | 580 | 965 | 535 | 453 | 1,256 | S100Q9LH, S100SXGS, S100V9D5, S100XLSD |
| Total liabilities | 5,642 | 5,910 | 5,702 | 5,649 | 5,735 | S100Q9LH, S100SXGS, S100V9D5, S100XLSD |
| Equity attributable to owners of parent | 2,189 | 2,347 | 2,541 | 2,817 | 3,042 | S100Q9LH, S100SXGS, S100V9D5, S100XLSD |
| Retained earnings | 1,528 | 1,686 | 1,881 | 2,156 | 2,382 | S100Q9LH, S100SXGS, S100V9D5, S100XLSD |
| Treasury stock | -8 | -8 | -8 | -8 | -8 | S100Q9LH, S100SXGS, S100V9D5, S100XLSD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100XLSD |
| Property, plant and equipment | 26% | S100XLSD |
| Intangibles and goodwill | 0% | S100XLSD |
| Investment securities | 1% | S100XLSD |
| Other assets | 59% | S100XLSD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 65% | S100XLSD |
| Equity | 35% | S100XLSD |
| Other liabilities | 0% | S100XLSD |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,894 | 8,322 | 8,341 | 8,532 | 8,868 |
| Equity | 2,253 | 2,411 | 2,638 | 2,882 | 3,134 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,320 | 911 | 1,044 | 745 | 1,213 |

## 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) | 26.5% | S100XLSD |
| Fixed assets ÷ total assets | 26.3% | S100XLSD |
| Goodwill ÷ parent equity | — | —, S100XLSD |

### 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) | 13.7% |
| Cash ÷ revenue | 13.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 194.5% |
| Cash vs. profit gap | 532 JPY mn (of net income 178.1%) |
| Shareholder returns / net income | 24.4% |
| Shareholder returns / FCF | 79.8% |
| Shareholder payments — dividends / net income | 24.4% |
| Shareholder payments — dividends / FCF | 79.7% |
| CapEx intensity (capex ÷ revenue) | 8.4% |
| Investing CF relative to operating CF | 89.0% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 3.5% | 1.01× | 3.6% | 3.61× | 12.9% | S100Q9LH |
| 2022 | 2.6% | 1.03× | 2.7% | 3.58× | 9.7% | S100SXGS |
| 2023 | 3.0% | 1.03× | 3.1% | 3.41× | 10.5% | S100V9D5 |
| 2024 | 3.8% | 1.06× | 4.0% | 3.15× | 12.6% | S100XLSD |
| 2025 | 3.4% | 1.01× | 3.4% | 2.97× | 10.2% | S100XLSD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 山田化成株式会社 | Major shareholder | 16.6% | 2025-11-30 |
| 正喜商事株式会社 | Major shareholder | 9.9% | 2025-11-30 |
| いずも産業株式会社 | Major shareholder | 3.6% | 2025-11-30 |
| 山田史郎 | Major shareholder | 2.3% | 2025-11-30 |
| 今川和明 | Major shareholder | 2.1% | 2025-11-30 |
| 三井化学株式会社 | Major shareholder | 2.1% | 2025-11-30 |
| 山田善大 | Major shareholder | 1.7% | 2025-11-30 |
| 久枝進二 | Major shareholder | 1.6% | 2025-11-30 |
| 両角義信 | Major shareholder | 1.6% | 2025-11-30 |
| 平峯 直 | Major shareholder | 1.4% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第124期(2024/12/01－2025/11/30) | S100XLSD | 2026-02-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XLSD,, |
| 有価証券報告書－第123期(2023/12/01－2024/11/30) | S100V9D5 | 2025-02-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V9D5,, |
| 有価証券報告書－第122期(2022/12/01－2023/11/30) | S100SXGS | 2024-02-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SXGS,, |
| 有価証券報告書－第121期(2021/12/01－2022/11/30) | S100Q9LH | 2023-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q9LH,, |
| 有価証券報告書－第120期(令和2年12月1日－令和3年11月30日) | S100NJFA | 2022-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NJFA,, |
| 有価証券報告書－第119期(令和1年12月1日－令和2年11月30日) | S100KV87 | 2021-02-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KV87,, |

## 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).