# KOBAYASHI PHARMACEUTICAL  CO.,LTD.: 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108期(2025/01/01－2025/12/31) (S100XSXS)
> Page: https://vizora.meequs.com/en/company/kobayashi-pharmaceutical
> Retrieved: 2026-09-30T22:07:09.715Z

## Company

Kobayashi Pharmaceutical, founded in 1919, is a company in Pharmaceuticals listed on TSE Prime. It has 3,731 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KOBAYASHI PHARMACEUTICAL CO.,LTD. |
| Ticker | 4967 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4967.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区道修町四丁目4番10号 |
| Representative (per filing) | 代表取締役社長 豊田 賀一 |
| Founded | Aug 1919 |
| Share capital | ¥3.45B |
| Employees (consolidated) | 3,731 |
| Average salary (parent only) | ¥7.6M |
| Fiscal year end | December |
| Website | www.kobayashi.co.jp (https://www.kobayashi.co.jp/) |
| Corporate number | 4120001077402 |
| EDINET | E01047 |
| Industries (Vizora) | Pharmaceuticals, Toiletries & Household Products |

> Profile source: annual securities report (S100XSXS, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Toiletries & Household Products (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35 | 10 |
| Profitability | 83.3 | 9 |
| Cash conversion | 61.1 | 9 |
| Efficiency | 15 | 10 |

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 71% of Kobayashi Pharmaceutical's sales come from Domestic Business, with International Business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +0.1% from the prior year, operating profit -40.0%.

## Company structure

- Segment revenue mix: Domestic Business 71.2%、International Business 28.4%、Other 0.4%
- Revenue → net income: ¥165742000000 → ¥3660000000
- Net income → operating cash flow: ¥3660000000 → ¥25590000000（difference ¥21930000000）
- Main uses of operating cash flow: CapEx ¥14011000000 / dividends ¥7653000000 / buybacks —
- Change in cash: ¥18719000000
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 | ¥165.7B |  |
| Operating income | ¥14.9B | Margin 9.0% |
| Net income | ¥3.66B | Margin 2.2% |
| Free cash flow | ¥11.6B |  |
| Largest business | Domestic Business | of segment revenue 71.2% |
| Employees (consolidated) | 3,731 |  |
| EPS | ¥37.21 |  |
| Book value per share | ¥2254.37 |  |
| Equity ratio | 76.3% |  |
| Shares outstanding | 78,050,000 |  |
| Treasury shares | 3,711,200 |  |
| Shareholders | 68,319 |  |
| Average salary (parent only) | ¥7.6M | Filing company only |
| Cash ratio | 23.5% | Cash ÷ revenue 39.0% |
| Vs. industry median margin | +1.8 pp | Pharmaceuticals |
| ROE | 2.0% | Derived from disclosed figures |
| ROA | 1.4% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 7.0× net income
- FY2025, one segment accounts for 93% of positive segment profit
- FY2025, segment profit share differs by -23 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥150514000000 | ¥165742000000 | +10.1% |
| Operating income | ¥25943000000 | ¥14923000000 | -42.5% |
| Operating margin | 17.2% | 9.0% | -8.2 pp |
| Employees | 3,473 people | 3,731 people | +7.4% |
| Cash and equivalents | ¥61157000000 | ¥64693000000 | +5.8% |

### 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 |
| --- | ---: |
| 国内事業 → 国内事業 | 71.2% |
| 国内事業 → 事業再編・廃止 | 8.1% |
| 国際事業 → 国際事業 | 14.3% |
| その他 → その他 | 0.4% |
| その他 → 事業再編・廃止 | 0.0% |
| 通販事業 → 事業再編・廃止 | 6.0% |
| 新設・再編 → 国際事業 | 14.1% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic Business | 5 years | -0.2% | ¥118064000000 | 11.8% | 2 |
| International Business | 5 years | +17.0% | ¥46994000000 | 1.7% | 2 |
| Other | 5 years | +1.4% | ¥683000000 | 31.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 165,742 | 100.0% | S100XSXS |
| Cost of revenue | 81,030 | 48.9% | S100XSXS |
| Gross profit | 84,711 | 51.1% | S100XSXS |
| SG&A | 69,788 | 42.1% | S100XSXS |
| Operating income | 14,923 | 9.0% | S100XSXS |
| Ordinary income | 16,995 | 10.3% | S100XSXS |
| Pretax income | 3,744 | 2.3% | S100XSXS |
| Income tax | 83 | 0.1% | S100XSXS |
| Net income | 3,660 | 2.2% | S100XSXS |
| Net income attributable to owners | 3,656 | 2.2% | S100XSXS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 49 |
| SG&A | 42 |
| Operating income | 9 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 51.1% → Operating margin 9.0% → Net margin 2.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.1%; Core profit growth: -40.0%
Growth quality: revenue-led
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 | 165,600 | 165,742 | 142 | +0.1% |
| Gross profit | 87,603 | 84,711 | -2,892 | -3.3% |
| Operating income | 24,860 | 14,923 | -9,937 | -40.0% |
| Net income attributable to owners | 10,067 | 3,656 | -6,411 | -63.7% |
| Operating cash flow | 11,246 | 25,590 | 14,344 | +127.5% |
| Free cash flow | -15,383 | 11,579 | 26,962 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 158,340 | 25,658 | 16.2% | 19,139 | 20,089 | 15,285 | S100L0OB |
| FY ending Dec 2020 | 150,514 | 25,943 | 17.2% | 19,205 | 23,986 | 19,837 | S100NR6F |
| FY ending Dec 2021 | 155,252 | 26,065 | 16.8% | 19,715 | 22,419 | 18,234 | S100QGIS |
| FY ending Dec 2022 | 166,258 | 26,669 | 16.0% | 20,022 | 31,914 | 15,685 | S100T3KX |
| FY ending Dec 2023 | 173,455 | 25,780 | 14.9% | 20,338 | 18,360 | 4,791 | S100VIKQ |
| FY ending Dec 2024 | 165,600 | 24,860 | 15.0% | 10,067 | 11,246 | -15,383 | S100XSXS |
| FY ending Dec 2025 | 165,742 | 14,923 | 9.0% | 3,656 | 25,590 | 11,579 | S100XSXS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.4M |
| Operating income per employee (consolidated) | ¥4M |
| Net income per employee (consolidated) | ¥979.9K |

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) | 3,451 | 3,495 | 3,534 | 3,615 | 3,731 |
| Average salary (parent company) | ¥7M | ¥7.3M | ¥7.3M | ¥7.6M | ¥7.6M |
| Average age (parent company) | 40.7 years | 40.9 years | 41.0 years | 41.0 years | 41.2 years |
| Average tenure (parent company) | 12.8 years | 12.9 years | 12.8 years | 12.8 years | 12.8 years |

Year over year: Employees (consolidated) +3.2% · Revenue (consolidated) +0.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic Business | 118,064 | 71.2% | 13,963 | 11.8% |
| International Business | 46,994 | 28.4% | 810 | 1.7% |
| Other | 683 | 0.4% | 215 | 31.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic Business | 71.2% | 93.2% | 21.9 | 11.8% |
| International Business | 28.4% | 5.4% | -22.9 | 1.7% |
| Other | 0.4% | 1.4% | 1.0 | 31.5% |

Segment → industry: International Business → Pharmaceuticals / Domestic Business → Pharmaceuticals / International Business → Toiletries & Household Products / Domestic Business → Toiletries & Household Products

## 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 | 25,590 | 15.4% | S100XSXS |
| Capital expenditure | 14,011 | 8.5% | S100XSXS |
| Free cash flow | 11,579 | 7.0% | 算出 |
| Investing cash flow | -154 | -0.1% | S100XSXS |
| Financing cash flow | -7,921 | -4.8% | S100XSXS |
| Dividends paid | 7,653 | 4.6% | S100XSXS |
| Change in cash | 18,719 | 11.3% | S100XSXS |
| Cash and equivalents | 64,693 | 39.0% | S100XSXS |

## 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 | 81,987 | 79,480 | 59,690 | 45,973 | 64,693 | S100T3KX, S100VIKQ, S100XSXS |
| Total assets | 252,554 | 255,827 | 267,473 | 265,368 | 275,329 | S100QGIS, S100T3KX, S100VIKQ, S100XSXS |
| Net assets | 195,600 | 197,900 | 204,816 | 213,471 | 211,008 | S100T3KX, S100VIKQ, S100XSXS |
| Share capital | 3,450 | 3,450 | 3,450 | 3,450 | 3,450 | S100QGIS, S100T3KX, S100VIKQ, S100XSXS |
| Trade receivables | 55,169 | 47,881 | 53,028 | 49,442 | 52,180 | S100QGIS, S100T3KX, S100VIKQ, S100XSXS |
| Property, plant and equipment | 22,524 | 34,778 | 47,665 | 67,448 | 67,367 | S100QGIS, S100T3KX, S100VIKQ, S100XSXS |
| Intangible assets excluding goodwill | 12,658 | 13,307 | 21,614 | 20,674 | 17,414 | S100QGIS, S100T3KX, S100VIKQ, S100XSXS |
| Goodwill | 7,189 | 7,147 | 9,655 | 9,260 | 7,711 | S100QGIS, S100T3KX, S100VIKQ, S100XSXS |
| Investment securities | 29,466 | 28,509 | 32,124 | 24,617 | 31,840 | S100QGIS, S100T3KX, S100VIKQ, S100XSXS |
| Current assets | 181,889 | 172,892 | 158,331 | 144,468 | 148,820 | S100QGIS, S100T3KX, S100VIKQ, S100XSXS |
| Current liabilities | 50,703 | 51,809 | 56,111 | 46,423 | 60,137 | S100QGIS, S100T3KX, S100VIKQ, S100XSXS |
| Trade payables | 9,293 | 9,051 | 8,745 | 8,264 | 8,458 | S100QGIS, S100T3KX, S100VIKQ, S100XSXS |
| Short-term borrowings | 1 | — | — | — | — | S100QGIS |
| Total liabilities | 56,954 | 57,927 | 62,656 | 51,896 | 64,320 | S100QGIS, S100T3KX, S100VIKQ, S100XSXS |
| Non-controlling interests | — | — | — | 4 | 9 | S100XSXS |
| Equity attributable to owners of parent | 184,461 | 183,775 | 184,887 | 187,445 | 183,444 | S100QGIS, S100T3KX, S100VIKQ, S100XSXS |
| Retained earnings | 200,534 | 194,285 | 205,681 | 208,240 | 204,240 | S100QGIS, S100T3KX, S100VIKQ, S100XSXS |
| Treasury stock | -23,706 | -14,482 | -24,766 | -24,767 | -24,767 | S100QGIS, S100T3KX, S100VIKQ, S100XSXS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100XSXS |
| Receivables | 19% | S100XSXS |
| Property, plant and equipment | 24% | S100XSXS |
| Intangibles and goodwill | 9% | S100XSXS |
| Investment securities | 12% | S100XSXS |
| Other assets | 12% | S100XSXS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100XSXS |
| Other liabilities | 20% | S100XSXS |
| Equity | 77% | S100XSXS |
| Other liabilities | 0% | S100XSXS |

### 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 | 252,554 | 255,827 | 267,473 | 265,368 | 275,329 |
| Equity | 195,600 | 197,900 | 204,816 | 213,471 | 211,008 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 81,987 | 79,480 | 59,690 | 45,973 | 64,693 |

## 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) | 40.6% | S100XSXS |
| Fixed assets ÷ total assets | 24.5% | S100XSXS |
| Goodwill ÷ parent equity | 4.2% | S100XSXS |

Goodwill over 4 years: 7,189 → 7,711 JPY; total investing cash flow: -44,466 JPY. This does not imply causation.

### 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) | 23.5% |
| Cash ÷ revenue | 39.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 171.5% |
| Cash vs. profit gap | 21,934 JPY mn (of net income 599.9%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 209.3% |
| Shareholder payments — dividends / FCF | 66.1% |
| CapEx intensity (capex ÷ revenue) | 8.5% |
| Investing CF relative to operating CF | 0.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 12.7% | 0.61× | 7.8% | 1.37× | 10.7% | S100QGIS |
| 2022 | 12.0% | 0.65× | 7.9% | 1.38× | 10.9% | S100T3KX |
| 2023 | 11.7% | 0.66× | 7.8% | 1.42× | 11.0% | S100VIKQ |
| 2024 | 6.1% | 0.62× | 3.8% | 1.43× | 5.4% | S100XSXS |
| 2025 | 2.2% | 0.61× | 1.4% | 1.46× | 2.0% | S100XSXS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 小林 章浩 | Major shareholder | 12.5% | 2025-12-31 |
| (公財)小林財団 | Major shareholder | 8.1% | 2025-12-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 7.1% | 2025-12-31 |
| オアシスジャパンストラテジックファンド （常任代理人ゴールドマン・サックス証券㈱） | Major shareholder | 5.2% | 2025-12-31 |
| 渡部 育子 | Major shareholder | 3.1% | 2025-12-31 |
| ㈱フォーラム | Major shareholder | 2.8% | 2025-12-31 |
| オアシスジャパンストラテジックファンドＹ （常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.7% | 2025-12-31 |
| オアシスインベストメントⅡマスターファンド （常任代理人ゴールドマン・サックス証券㈱） | Major shareholder | 2.6% | 2025-12-31 |
| 井植 由佳子 | Major shareholder | 2.5% | 2025-12-31 |
| ㈱慧光 | Major shareholder | 2.3% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第108期(2025/01/01－2025/12/31) | S100XSXS | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSXS,, |
| 有価証券報告書－第107期(2024/01/01－2024/12/31) | S100VIKQ | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIKQ,, |
| 有価証券報告書－第106期(2023/01/01－2023/12/31) | S100T3KX | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3KX,, |
| 有価証券報告書－第105期(2022/01/01－2022/12/31) | S100QGIS | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGIS,, |
| 有価証券報告書－第104期(令和3年1月1日－令和3年12月31日) | S100NR6F | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NR6F,, |
| 有価証券報告書－第103期(令和2年1月1日－令和2年12月31日) | S100L0OB | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0OB,, |

## 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).