# KIKUSUI CHEMICAL INDUSTRIES 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69期(2025/04/01－2026/03/31) (S100YKW4)
> Page: https://vizora.meequs.com/en/company/kikusui-chemical-industries
> Retrieved: 2026-09-30T22:30:17.596Z

## Company

Kikusui Chemical Industries, founded in 1959, is a company in Paints & Inks listed on TSE Standard. It has 426 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KIKUSUI CHEMICAL INDUSTRIES CO.,LTD. |
| Ticker | 7953 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7953.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中区栄一丁目3番3号AMMNATビル |
| Representative (per filing) | 代表取締役社長 遠山 眞樹 |
| Founded | Jun 1959 |
| Share capital | ¥1.97B |
| Employees (consolidated) | 426 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | www.kikusui-chem.co.jp (https://www.kikusui-chem.co.jp/) |
| Corporate number | 9180001029938 |
| EDINET | E00912 |
| Industries (Vizora) | Paints & Inks |

> Profile source: annual securities report (S100YKW4, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Paints & Inks (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10.9 | 23 |
| Profitability | 15.2 | 23 |
| Cash conversion | 84.1 | 22 |
| Efficiency | 97.8 | 23 |

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)

- Kikusui Chemical Industries brought in ¥21.6B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +1.0% from the prior year, operating profit +52.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥21602081000 → ¥284552000
- Net income → operating cash flow: ¥284552000 → ¥839747000（difference ¥555195000）
- Main uses of operating cash flow: CapEx ¥303173000 / dividends ¥213841000 / buybacks —
- Change in cash: ¥127578000
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 | ¥21.6B |  |
| Operating income | ¥403.4M | Margin 1.9% |
| Net income | ¥270.5M | Margin 1.3% |
| Free cash flow | ¥536.6M |  |
| Employees (consolidated) | 426 |  |
| EPS | ¥24.19 |  |
| Book value per share | ¥813.23 |  |
| Equity ratio | 60.1% |  |
| Shares outstanding | 12,744,054 |  |
| Treasury shares | 205,700 |  |
| Shareholders | 6,680 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 24.5% | Cash ÷ revenue 19.3% |
| Vs. industry median margin | -4.1 pp | Paints & Inks |
| ROE | 3.0% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.1× net income
- FY2026, employees -4% while operating income rose 52%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20527103000 | ¥21602081000 | +5.2% |
| Operating income | ¥302063000 | ¥403418000 | +33.6% |
| Operating margin | 1.5% | 1.9% | +0.4 pp |
| Employees | 469 people | 426 people | -9.2% |
| Cash and equivalents | ¥3251008000 | ¥4168800000 | +28.2% |

### 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, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,602 | 100.0% | S100YKW4 |
| Cost of revenue | 16,536 | 76.6% | S100YKW4 |
| Gross profit | 5,066 | 23.4% | S100YKW4 |
| SG&A | 4,662 | 21.6% | S100YKW4 |
| Operating income | 403 | 1.9% | S100YKW4 |
| Ordinary income | 495 | 2.3% | S100YKW4 |
| Pretax income | 481 | 2.2% | S100YKW4 |
| Income tax | 197 | 0.9% | S100YKW4 |
| Net income | 285 | 1.3% | S100YKW4 |
| Net income attributable to owners | 270 | 1.3% | S100YKW4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 22 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 23.4% → Operating margin 1.9% → Net margin 1.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.0%; Core profit growth: +52.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 52.89×
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 | 21,391 | 21,602 | 211 | +1.0% |
| Gross profit | 4,930 | 5,066 | 136 | +2.8% |
| Operating income | 265 | 403 | 139 | +52.3% |
| Net income attributable to owners | 166 | 270 | 105 | +63.1% |
| Operating cash flow | 495 | 840 | 344 | +69.5% |
| Free cash flow | 249 | 537 | 287 | +115.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,622 | 328 | 1.5% | 155 | 465 | 235 | S100LORG |
| FY ending Mar 2021 | 20,527 | 302 | 1.5% | 163 | 1,025 | 649 | S100OHVH |
| FY ending Mar 2022 | 22,163 | 439 | 2.0% | 95 | 1,200 | 1,107 | S100RNPD |
| FY ending Mar 2023 | 22,423 | 570 | 2.5% | 246 | 501 | -189 | S100TUN9 |
| FY ending Mar 2024 | 22,392 | 554 | 2.5% | 376 | 1,083 | 518 | S100W76I |
| FY ending Mar 2025 | 21,391 | 265 | 1.2% | 166 | 495 | 249 | S100YKW4 |
| FY ending Mar 2026 | 21,602 | 403 | 1.9% | 270 | 840 | 537 | S100YKW4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.7M |
| Operating income per employee (consolidated) | ¥947K |
| Net income per employee (consolidated) | ¥635K |

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) | 470 | 457 | 439 | 442 | 426 |
| Average salary (parent company) | ¥4.9M | ¥5.1M | ¥5.1M | ¥5.1M | ¥5.3M |
| Average age (parent company) | 40.0 years | 41.2 years | 42.8 years | 41.8 years | 42.8 years |
| Average tenure (parent company) | 13.6 years | 13.5 years | 13.3 years | 13.7 years | 14.4 years |

Year over year: Employees (consolidated) -3.6% · Revenue (consolidated) +1.0%

## 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 | 840 | 3.9% | S100YKW4 |
| Capital expenditure | 303 | 1.4% | S100YKW4 |
| Free cash flow | 537 | 2.5% | 算出 |
| Investing cash flow | -330 | -1.5% | S100YKW4 |
| Financing cash flow | -398 | -1.8% | S100YKW4 |
| Dividends paid | 214 | 1.0% | S100YKW4 |
| Change in cash | 128 | 0.6% | S100YKW4 |
| Cash and equivalents | 4,169 | 19.3% | S100YKW4 |

## 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 | 4,026 | 3,933 | 4,042 | 4,041 | 4,169 | S100TUN9, S100W76I, S100YKW4 |
| Total assets | 16,511 | 16,954 | 18,072 | 16,206 | 17,030 | S100RNPD, S100TUN9, S100W76I, S100YKW4 |
| Net assets | 9,094 | 9,172 | 9,715 | 9,667 | 10,407 | S100TUN9, S100W76I, S100YKW4 |
| Share capital | 1,973 | 1,973 | 1,973 | 1,973 | 1,973 | S100RNPD, S100TUN9, S100W76I, S100YKW4 |
| Property, plant and equipment | 3,073 | 3,518 | 3,429 | 3,374 | 3,348 | S100RNPD, S100TUN9, S100W76I, S100YKW4 |
| Intangible assets excluding goodwill | 254 | 213 | 509 | 439 | 377 | S100RNPD, S100TUN9, S100W76I, S100YKW4 |
| Goodwill | 56 | 37 | 19 | — | — | S100RNPD, S100TUN9, S100W76I |
| Investment securities | 1,919 | 1,865 | 2,288 | 1,750 | 2,649 | S100RNPD, S100TUN9, S100W76I, S100YKW4 |
| Current assets | 10,751 | 10,950 | 11,579 | 10,348 | 10,465 | S100RNPD, S100TUN9, S100W76I, S100YKW4 |
| Current liabilities | 6,234 | 6,329 | 6,777 | 4,961 | 5,051 | S100RNPD, S100TUN9, S100W76I, S100YKW4 |
| Trade payables | 3,235 | 3,502 | 4,181 | 3,098 | 2,934 | S100RNPD, S100TUN9, S100W76I, S100YKW4 |
| Short-term borrowings | 1,500 | 1,500 | 1,100 | 700 | 700 | S100RNPD, S100TUN9, S100W76I, S100YKW4 |
| Long-term borrowings | 43 | 535 | 736 | 781 | 627 | S100RNPD, S100TUN9, S100W76I, S100YKW4 |
| Bonds | 332 | 160 | 58 | 13 | — | S100RNPD, S100TUN9, S100W76I, S100YKW4 |
| Interest-bearing debt | 1,875 | 2,195 | 1,894 | 1,494 | — | 算出 |
| Total liabilities | 7,417 | 7,783 | 8,357 | 6,539 | 6,623 | S100RNPD, S100TUN9, S100W76I, S100YKW4 |
| Non-controlling interests | 99 | 110 | 131 | 149 | 180 | S100RNPD, S100TUN9, S100W76I, S100YKW4 |
| Equity attributable to owners of parent | 8,876 | 8,932 | 9,118 | 9,098 | 9,130 | S100RNPD, S100TUN9, S100W76I, S100YKW4 |
| Retained earnings | 5,351 | 5,393 | 5,566 | 5,527 | 5,580 | S100RNPD, S100TUN9, S100W76I, S100YKW4 |
| Treasury stock | -118 | -105 | -92 | -72 | -93 | S100RNPD, S100TUN9, S100W76I, S100YKW4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100YKW4 |
| Property, plant and equipment | 20% | S100YKW4 |
| Intangibles and goodwill | 2% | S100YKW4 |
| Investment securities | 16% | S100YKW4 |
| Other assets | 38% | S100YKW4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 17% | S100YKW4 |
| Other liabilities | 22% | S100YKW4 |
| Equity | 61% | S100YKW4 |

### 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 | 16,511 | 16,954 | 18,072 | 16,206 | 17,030 |
| Equity | 9,094 | 9,172 | 9,715 | 9,667 | 10,407 |
| Interest-bearing debt | 1,875 | 2,195 | 1,894 | 1,494 | — |
| Cash | 4,026 | 3,933 | 4,042 | 4,041 | 4,169 |

## 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) | 15.5% | S100YKW4 |
| Fixed assets ÷ total assets | 19.7% | S100YKW4 |
| Goodwill ÷ parent equity | — | —, S100YKW4 |

### 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) | 24.5% |
| Cash ÷ revenue | 19.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 208.2% |
| Cash vs. profit gap | 569 JPY mn (of net income 210.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 79.1% |
| Shareholder payments — dividends / FCF | 39.9% |
| CapEx intensity (capex ÷ revenue) | 1.4% |
| Investing CF relative to operating CF | 39.3% |

## 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 | 0.4% | 1.34× | 0.6% | 1.86× | 1.1% | S100RNPD |
| 2023 | 1.1% | 1.34× | 1.5% | 1.88× | 2.8% | S100TUN9 |
| 2024 | 1.7% | 1.28× | 2.1% | 1.94× | 4.2% | S100W76I |
| 2025 | 0.8% | 1.25× | 1.0% | 1.88× | 1.8% | S100YKW4 |
| 2026 | 1.3% | 1.30× | 1.6% | 1.82× | 3.0% | S100YKW4 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 菊水化学工業取引先持株会 | Major shareholder | 8.3% | 2026-03-31 |
| 株式会社 ティー・サポート | Major shareholder | 7.3% | 2026-03-31 |
| 菊水化学工業社員持株会 | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社 名古屋銀行 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社 あいち銀行 | Major shareholder | 3.2% | 2026-03-31 |
| 株式会社 大垣共立銀行 | Major shareholder | 1.4% | 2026-03-31 |
| 長瀬産業 株式会社 | Major shareholder | 1.3% | 2026-03-31 |
| 加藤 丈博 | Major shareholder | 1.3% | 2026-03-31 |
| 浅海 正義 | Major shareholder | 1.2% | 2026-03-31 |
| いずも産業 株式会社 | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第69期(2025/04/01－2026/03/31) | S100YKW4 | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKW4,, |
| 有価証券報告書－第68期(2024/04/01－2025/03/31) | S100W76I | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W76I,, |
| 有価証券報告書－第67期(2023/04/01－2024/03/31) | S100TUN9 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUN9,, |
| 訂正有価証券報告書－第66期(2022/04/01－2023/03/31) | S100RNPD | 2023-08-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RNPD,, |
| 有価証券報告書－第65期(令和3年4月1日－令和4年3月31日) | S100OHVH | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHVH,, |
| 有価証券報告書－第64期(令和2年4月1日－令和3年3月31日) | S100LORG | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LORG,, |

## 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).