# KEIWA Incorporated: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第79期(2025/01/01－2025/12/31) (S100XS6Z)
> Page: https://vizora.meequs.com/en/company/keiwa
> Retrieved: 2026-09-30T18:31:51.367Z

## Company

Keiwa, founded in 1948, is a company in Chemicals listed on TSE Prime. It has 409 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KEIWA Incorporated |
| Ticker | 4251 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4251.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋茅場町二丁目10番5号 |
| Representative (per filing) | 代表取締役社長 長村 惠弌 |
| Founded | Sep 1948 |
| Share capital | ¥3.89B |
| Employees (consolidated) | 409 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | December |
| Website | www.keiwa.co.jp (https://www.keiwa.co.jp/) |
| Corporate number | 1120001051649 |
| EDINET | E35220 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100XS6Z, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 59.9 | 96 |
| Profitability | 97.5 | 100 |
| Cash conversion | 16.1 | 96 |
| Efficiency | 32.5 | 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 82% of Keiwa's sales come from Optical Products Segment, with Functional Products Segment making up much of the rest.
- Out of every ¥100 of sales, about ¥21 is left as operating profit.
- Revenue changed -3.1% from the prior year, operating profit -9.6%.

## Company structure

- Segment revenue mix: Optical Products Segment 81.9%、Functional Products Segment 18.1%
- Revenue → net income: ¥20473325000 → ¥2268882000
- Net income → operating cash flow: ¥2268882000 → ¥3549179000（difference ¥1280297000）
- Main uses of operating cash flow: CapEx ¥2995535000 / dividends ¥674511000 / buybacks ¥957749000
- Change in cash: ¥-2102140000
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 | ¥20.5B |  |
| Operating income | ¥4.29B | Margin 20.9% |
| Net income | ¥2.27B | Margin 11.1% |
| Free cash flow | ¥553.6M |  |
| Largest business | Optical Products Segment | of segment revenue 81.9% |
| Employees (consolidated) | 409 |  |
| EPS | ¥82.79 |  |
| Book value per share | ¥1101.57 |  |
| Equity ratio | 77.1% |  |
| Shares outstanding | 19,285,152 |  |
| Treasury shares | 789,600 |  |
| Shareholders | 6,195 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 24.4% | Cash ÷ revenue 36.8% |
| Vs. industry median margin | +13.4 pp | Chemicals |
| ROE | 10.1% | Derived from disclosed figures |
| ROA | 7.2% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.4× dividends
- FY2025, one segment accounts for 96% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14735937000 | ¥20473325000 | +38.9% |
| Operating income | ¥1102560000 | ¥4286668000 | +288.8% |
| Operating margin | 7.5% | 20.9% | +13.5 pp |
| Employees | 415 people | 409 people | -1.4% |
| Cash and equivalents | ¥3832806000 | ¥7538333000 | +96.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 光学シート事業 → 事業再編・廃止 | 66.3% |
| 機能製品事業 → 機能製品事業 | 18.1% |
| 機能製品事業 → 事業再編・廃止 | 15.6% |
| 新設・再編 → 光学製品事業 | 81.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,473 | 100.0% | S100XS6Z |
| Cost of revenue | 11,692 | 57.1% | S100XS6Z |
| Gross profit | 8,781 | 42.9% | S100XS6Z |
| SG&A | 4,494 | 22.0% | S100XS6Z |
| Operating income | 4,287 | 20.9% | S100XS6Z |
| Ordinary income | 4,240 | 20.7% | S100XS6Z |
| Pretax income | 3,224 | 15.7% | S100XS6Z |
| Income tax | 955 | 4.7% | S100XS6Z |
| Net income | 2,269 | 11.1% | S100XS6Z |
| Net income attributable to owners | 2,269 | 11.1% | S100XS6Z |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 22 |
| Operating income | 21 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 42.9% → Operating margin 20.9% → Net margin 11.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.1%; Core profit growth: -9.6%
Operating leverage (core profit growth ÷ revenue growth): 3.08×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 21,130 | 20,473 | -657 | -3.1% |
| Gross profit | 9,885 | 8,781 | -1,104 | -11.2% |
| Operating income | 4,740 | 4,287 | -453 | -9.6% |
| Net income attributable to owners | 2,791 | 2,269 | -522 | -18.7% |
| Operating cash flow | 5,916 | 3,549 | -2,367 | -40.0% |
| Free cash flow | 3,706 | 554 | -3,153 | -85.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 15,823 | 935 | 5.9% | 692 | 1,733 | 739 | S100L0IY |
| FY ending Dec 2020 | 14,736 | 1,103 | 7.5% | 741 | 1,225 | -446 | S100NQND |
| FY ending Dec 2021 | 18,131 | 3,135 | 17.3% | 2,570 | 2,176 | -458 | S100QGDP |
| FY ending Dec 2022 | 21,103 | 5,570 | 26.4% | 4,861 | 6,760 | 2,186 | S100T4BT |
| FY ending Dec 2023 | 17,570 | 2,456 | 14.0% | 1,983 | 2,447 | -520 | S100VNQX |
| FY ending Dec 2024 | 21,130 | 4,740 | 22.4% | 2,791 | 5,916 | 3,706 | S100XS6Z |
| FY ending Dec 2025 | 20,473 | 4,287 | 20.9% | 2,269 | 3,549 | 554 | S100XS6Z |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.1M |
| Operating income per employee (consolidated) | ¥10.5M |
| Net income per employee (consolidated) | ¥5.5M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 430 | 436 | 429 | 419 | 409 |
| Average salary (parent company) | ¥5.8M | ¥6.3M | ¥5.4M | ¥6.5M | ¥5.9M |
| Average age (parent company) | 40.7 years | 40.5 years | 41.1 years | 41.5 years | 42.0 years |
| Average tenure (parent company) | 14.1 years | 13.7 years | 14.2 years | 14.5 years | 15.5 years |

Year over year: Employees (consolidated) -2.4% · Revenue (consolidated) -3.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Optical Products Segment | 16,766 | 81.9% | 7,086 | 42.3% |
| Functional Products Segment | 3,707 | 18.1% | 295 | 8.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Optical Products Segment | 81.9% | 96.0% | 14.1 | 42.3% |
| Functional Products Segment | 18.1% | 4.0% | -14.1 | 8.0% |

Segment → industry: Functional Products Segment → Chemicals / Optical Products Segment → Chemicals

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,549 | 17.3% | S100XS6Z |
| Capital expenditure | 2,996 | 14.6% | S100XS6Z |
| Free cash flow | 554 | 2.7% | 算出 |
| Investing cash flow | -3,032 | -14.8% | S100XS6Z |
| Financing cash flow | -2,720 | -13.3% | S100XS6Z |
| Dividends paid | 675 | 3.3% | S100XS6Z |
| Share buyback | 958 | 4.7% | S100XS6Z |
| Change in cash | -2,102 | -10.3% | S100XS6Z |
| Cash and equivalents | 7,538 | 36.8% | S100XS6Z |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,903 | 9,995 | 7,384 | 9,640 | 7,538 | S100T4BT, S100VNQX, S100XS6Z |
| Total assets | 28,771 | 29,333 | 29,267 | 32,010 | 30,946 | S100QGDP, S100T4BT, S100VNQX, S100XS6Z |
| Net assets | 14,146 | 18,908 | 20,358 | 22,958 | 23,864 | S100T4BT, S100VNQX, S100XS6Z |
| Share capital | 3,864 | 3,872 | 3,881 | 3,890 | 3,890 | S100QGDP, S100T4BT, S100VNQX, S100XS6Z |
| Trade receivables | 5,314 | 4,459 | 4,933 | 4,310 | 5,140 | S100QGDP, S100T4BT, S100VNQX, S100XS6Z |
| Property, plant and equipment | 10,121 | 10,463 | 12,146 | 12,190 | 12,392 | S100QGDP, S100T4BT, S100VNQX, S100XS6Z |
| Intangible assets excluding goodwill | 85 | 526 | 470 | 383 | 314 | S100QGDP, S100T4BT, S100VNQX, S100XS6Z |
| Investment securities | 152 | 123 | 131 | 148 | 176 | S100QGDP, S100T4BT, S100VNQX, S100XS6Z |
| Current assets | 17,999 | 17,924 | 16,338 | 18,903 | 17,755 | S100QGDP, S100T4BT, S100VNQX, S100XS6Z |
| Current liabilities | 9,539 | 6,656 | 5,843 | 7,001 | 4,603 | S100QGDP, S100T4BT, S100VNQX, S100XS6Z |
| Trade payables | 2,012 | 1,181 | 1,410 | 1,373 | 1,226 | S100QGDP, S100T4BT, S100VNQX, S100XS6Z |
| Long-term borrowings | 4,643 | 3,399 | 2,714 | 1,527 | 1,291 | S100QGDP, S100T4BT, S100VNQX, S100XS6Z |
| Total liabilities | 14,625 | 10,425 | 8,910 | 9,052 | 7,082 | S100QGDP, S100T4BT, S100VNQX, S100XS6Z |
| Equity attributable to owners of parent | 13,821 | 18,456 | 19,736 | 22,062 | 22,711 | S100QGDP, S100T4BT, S100VNQX, S100XS6Z |
| Retained earnings | 6,324 | 10,945 | 12,206 | 14,515 | 16,107 | S100QGDP, S100T4BT, S100VNQX, S100XS6Z |
| Treasury stock | -0 | -1 | -1 | -1 | -944 | S100QGDP, S100T4BT, S100VNQX, S100XS6Z |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100XS6Z |
| Receivables | 17% | S100XS6Z |
| Property, plant and equipment | 40% | S100XS6Z |
| Intangibles and goodwill | 1% | S100XS6Z |
| Investment securities | 1% | S100XS6Z |
| Other assets | 17% | S100XS6Z |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100XS6Z |
| Other liabilities | 19% | S100XS6Z |
| Equity | 77% | S100XS6Z |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 28,771 | 29,333 | 29,267 | 32,010 | 30,946 |
| Equity | 14,146 | 18,908 | 20,358 | 22,958 | 23,864 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,903 | 9,995 | 7,384 | 9,640 | 7,538 |

## 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) | 60.5% | S100XS6Z |
| Fixed assets ÷ total assets | 40.0% | S100XS6Z |
| Goodwill ÷ parent equity | — | —, S100XS6Z |

### 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) | 24.4% |
| Cash ÷ revenue | 36.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 82.8% |
| Cash vs. profit gap | 1,280 JPY mn (of net income 56.4%) |
| Shareholder returns / net income | 71.9% |
| Shareholder returns / FCF | 294.8% |
| Shareholder payments — dividends / net income | 29.7% |
| Shareholder payments — dividends / FCF | 121.8% |
| CapEx intensity (capex ÷ revenue) | 14.6% |
| Investing CF relative to operating CF | 85.4% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 14.2% | 0.63× | 8.9% | 2.08× | 18.6% | S100QGDP |
| 2022 | 23.0% | 0.73× | 16.7% | 1.80× | 30.1% | S100T4BT |
| 2023 | 11.3% | 0.60× | 6.8% | 1.53× | 10.4% | S100VNQX |
| 2024 | 13.2% | 0.69× | 9.1% | 1.47× | 13.4% | S100XS6Z |
| 2025 | 11.1% | 0.65× | 7.2% | 1.41× | 10.1% | S100XS6Z |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 長村 惠弌 | Major shareholder | 38.0% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.9% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2025-12-31 |
| 中島 由起 | Major shareholder | 1.1% | 2025-12-31 |
| 日本証券金融株式会社 | Major shareholder | 1.0% | 2025-12-31 |
| 小鶴 友博 | Major shareholder | 0.9% | 2025-12-31 |
| 合同会社宮北キャピタル | Major shareholder | 0.9% | 2025-12-31 |
| 恵和従業員持株会 | Major shareholder | 0.9% | 2025-12-31 |
| 東亞合成株式会社 | Major shareholder | 0.8% | 2025-12-31 |
| 野口 順次郎 | Major shareholder | 0.7% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2025/01/01－2025/12/31) | S100XS6Z | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS6Z,, |
| 訂正有価証券報告書－第78期(2024/01/01－2024/12/31) | S100VNQX | 2025-04-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VNQX,, |
| 有価証券報告書－第77期(2023/01/01－2023/12/31) | S100T4BT | 2024-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4BT,, |
| 有価証券報告書－第76期(2022/01/01－2022/12/31) | S100QGDP | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGDP,, |
| 有価証券報告書－第75期(令和3年1月1日－令和3年12月31日) | S100NQND | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQND,, |
| 有価証券報告書－第74期(令和2年1月1日－令和2年12月31日) | S100L0IY | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0IY,, |

## 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).