# KUMIAI CHEMICAL INDUSTRY CO., LTD.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第77期(2024/11/01－2025/10/31) (S100XH23)
> Page: https://vizora.meequs.com/en/company/kumiai-chemical-industry
> Retrieved: 2026-09-30T17:55:20.070Z

## Company

Kumiai Chemical Industry, founded in 1942, is a company in Chemicals listed on TSE Prime. It has 2,153 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KUMIAI CHEMICAL INDUSTRY CO., LTD. |
| Ticker | 4996 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4996.T) |
| Listing | TSE Prime |
| Head office | 東京都台東区池之端一丁目4番26号 |
| Representative (per filing) | 取締役社長 横山優 |
| Founded | May 1942 |
| Share capital | ¥4.53B |
| Employees (consolidated) | 2,153 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | October |
| Website | www.kumiai-chem.co.jp (https://www.kumiai-chem.co.jp/) |
| Corporate number | 1010501016022 |
| EDINET | E00828 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100XH23, filed 2026-01-27). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 88 | 96 |
| Profitability | 38.5 | 100 |
| Cash conversion | 92.2 | 96 |
| Efficiency | 33.5 | 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 80% of Kumiai Chemical Industry's sales come from Agricultual chemicals and agriculture related reportable segments member, with Chemicals and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +5.8% from the prior year, operating profit -6.9%.

## Company structure

- Segment revenue mix: Agricultual chemicals and agriculture related reportable segments member 79.6%、Chemicals 14.7%、Other 5.7%
- Revenue → net income: ¥170462000000 → ¥4216000000
- Net income → operating cash flow: ¥4216000000 → ¥33803000000（difference ¥29587000000）
- Main uses of operating cash flow: CapEx ¥8660000000 / dividends ¥4079000000 / buybacks —
- Change in cash: ¥-5243000000
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 | ¥170.5B |  |
| Operating income | ¥10.6B | Margin 6.2% |
| Net income | ¥4.38B | Margin 2.6% |
| Free cash flow | ¥25.1B |  |
| Largest business | Agricultual chemicals and agriculture related reportable segments member | of segment revenue 79.6% |
| Employees (consolidated) | 2,153 |  |
| EPS | ¥45.44 |  |
| Book value per share | ¥873.24 |  |
| Equity ratio | 58.2% |  |
| Shares outstanding | 133,184,612 |  |
| Treasury shares | 12,761,500 |  |
| Shareholders | 52,394 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 8.8% | Cash ÷ revenue 12.8% |
| Vs. industry median margin | -1.3 pp | Chemicals |
| ROE | 3.1% | Derived from disclosed figures |
| ROA | 1.7% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 7.7× net income
- FY2025, one segment accounts for 82% of positive segment profit

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥107280000000 | ¥170462000000 | +58.9% |
| Operating income | ¥8283000000 | ¥10567000000 | +27.6% |
| Operating margin | 7.7% | 6.2% | -1.5 pp |
| Employees | 1,716 people | 2,153 people | +25.5% |
| Cash and equivalents | ¥18706000000 | ¥21845000000 | +16.8% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 農薬及び農業関連 → 農薬及び農業関連 | 74.0% |
| 化成品 → 化成品 | 14.7% |
| 化成品 → 事業再編・廃止 | 2.9% |
| その他 → その他 | 5.7% |
| その他 → 事業再編・廃止 | 2.7% |
| 新設・再編 → 農薬及び農業関連 | 5.6% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Agricultual chemicals and agriculture related reportable segments member | 5 years | +11.3% | ¥135697000000 | 7.8% | 2 |
| Chemicals | 5 years | +5.8% | ¥25100000000 | 6.1% | 2 |
| Other | 5 years | +1.5% | ¥9664000000 | 9.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 170,462 | 100.0% | S100XH23 |
| Cost of revenue | 136,096 | 79.8% | S100XH23 |
| Gross profit | 34,366 | 20.2% | S100XH23 |
| SG&A | 23,799 | 14.0% | S100XH23 |
| Operating income | 10,567 | 6.2% | S100XH23 |
| Ordinary income | 13,363 | 7.8% | S100XH23 |
| Pretax income | 9,087 | 5.3% | S100XH23 |
| Income tax | 4,870 | 2.9% | S100XH23 |
| Net income | 4,216 | 2.5% | S100XH23 |
| Net income attributable to owners | 4,381 | 2.6% | S100XH23 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 14 |
| Operating income | 6 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 20.2% → Operating margin 6.2% → Net margin 2.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.8%; Core profit growth: -6.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.18×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 161,049 | 170,462 | 9,413 | +5.8% |
| Gross profit | 35,379 | 34,366 | -1,013 | -2.9% |
| Operating income | 11,350 | 10,567 | -783 | -6.9% |
| Net income attributable to owners | 13,590 | 4,381 | -9,209 | -67.8% |
| Operating cash flow | -16,725 | 33,803 | 50,528 | — |
| Free cash flow | -25,914 | 25,143 | 51,057 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 103,400 | 7,639 | 7.4% | 6,789 | -1,221 | -10,389 | S100KKG0 |
| FY ending Oct 2020 | 107,280 | 8,283 | 7.7% | 6,618 | 4,532 | -1,157 | S100N9S1 |
| FY ending Oct 2021 | 118,176 | 8,456 | 7.2% | 9,023 | 4,478 | -2,463 | S100Q0EI |
| FY ending Oct 2022 | 145,302 | 12,673 | 8.7% | 16,329 | -1,159 | -9,140 | S100SNSO |
| FY ending Oct 2023 | 161,002 | 14,089 | 8.8% | 18,024 | 4,762 | -4,056 | S100V5BU |
| FY ending Oct 2024 | 161,049 | 11,350 | 7.0% | 13,590 | -16,725 | -25,914 | S100XH23 |
| FY ending Oct 2025 | 170,462 | 10,567 | 6.2% | 4,381 | 33,803 | 25,143 | S100XH23 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥79.2M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥2M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,818 | 1,832 | 2,124 | 2,134 | 2,153 |
| Average salary (parent company) | ¥7.1M | ¥7.2M | ¥7.8M | ¥8M | ¥7.7M |
| Average age (parent company) | 39.1 years | 39.8 years | 39.9 years | 40.0 years | 40.3 years |
| Average tenure (parent company) | 13.9 years | 14.7 years | 14.3 years | 14.0 years | 14.7 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +5.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Agricultual chemicals and agriculture related reportable segments member | 135,697 | 79.6% | 10,581 | 7.8% |
| Chemicals | 25,100 | 14.7% | 1,528 | 6.1% |
| Other | 9,664 | 5.7% | 865 | 9.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Agricultual chemicals and agriculture related reportable segments member | 79.6% | 81.6% | 1.9 | 7.8% |
| Chemicals | 14.7% | 11.8% | -2.9 | 6.1% |
| Other | 5.7% | 6.7% | 1.0 | 9.0% |

Segment → industry: Chemicals → Chemicals / Agricultual chemicals and agriculture related reportable segments member → Chemicals

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 33,803 | 19.8% | S100XH23 |
| Capital expenditure | 8,660 | 5.1% | S100XH23 |
| Free cash flow | 25,143 | 14.7% | 算出 |
| Investing cash flow | -8,929 | -5.2% | S100XH23 |
| Financing cash flow | -27,850 | -16.3% | S100XH23 |
| Dividends paid | 4,079 | 2.4% | S100XH23 |
| Change in cash | -5,243 | -3.1% | S100XH23 |
| Cash and equivalents | 21,845 | 12.8% | S100XH23 |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 19,424 | 22,071 | 26,572 | 27,088 | 21,845 | S100SNSO, S100V5BU, S100XH23 |
| Total assets | 169,172 | 204,604 | 226,939 | 275,474 | 248,205 | S100Q0EI, S100SNSO, S100V5BU, S100XH23 |
| Net assets | 109,954 | 121,995 | 139,845 | 152,941 | 151,107 | S100SNSO, S100V5BU, S100XH23 |
| Share capital | 4,534 | 4,534 | 4,534 | 4,534 | 4,534 | S100Q0EI, S100SNSO, S100V5BU, S100XH23 |
| Trade receivables | 33,902 | — | — | — | — | S100Q0EI |
| Property, plant and equipment | 37,281 | 43,145 | 47,587 | 52,205 | 49,903 | S100Q0EI, S100SNSO, S100V5BU, S100XH23 |
| Intangible assets excluding goodwill | 5,639 | 4,831 | 3,989 | 3,241 | 2,502 | S100Q0EI, S100SNSO, S100V5BU, S100XH23 |
| Goodwill | 4,081 | 3,419 | 2,757 | 2,095 | 1,432 | S100Q0EI, S100SNSO, S100V5BU, S100XH23 |
| Investment securities | 18,441 | 21,038 | 30,453 | 38,691 | 38,640 | S100Q0EI, S100SNSO, S100V5BU, S100XH23 |
| Current assets | 105,203 | 132,836 | 141,995 | 178,355 | 154,176 | S100Q0EI, S100SNSO, S100V5BU, S100XH23 |
| Current liabilities | 35,630 | 62,868 | 71,688 | 96,021 | 74,017 | S100Q0EI, S100SNSO, S100V5BU, S100XH23 |
| Trade payables | 16,710 | 20,985 | 19,067 | 25,610 | 23,039 | S100Q0EI, S100SNSO, S100V5BU, S100XH23 |
| Short-term borrowings | 6,089 | 22,653 | 37,404 | 55,010 | 36,782 | S100Q0EI, S100SNSO, S100V5BU, S100XH23 |
| Long-term borrowings | 16,303 | 12,280 | 8,355 | 19,252 | 14,324 | S100Q0EI, S100SNSO, S100V5BU, S100XH23 |
| Total liabilities | 59,218 | 82,609 | 87,094 | 122,532 | 97,098 | S100Q0EI, S100SNSO, S100V5BU, S100XH23 |
| Non-controlling interests | 6,065 | 6,527 | 6,819 | 7,024 | 6,622 | S100Q0EI, S100SNSO, S100V5BU, S100XH23 |
| Equity attributable to owners of parent | 109,281 | 119,216 | 133,731 | 142,912 | 143,247 | S100Q0EI, S100SNSO, S100V5BU, S100XH23 |
| Retained earnings | 72,710 | 86,649 | 100,969 | 110,107 | 110,394 | S100Q0EI, S100SNSO, S100V5BU, S100XH23 |
| Treasury stock | -5,334 | -9,370 | -9,240 | -9,221 | -9,184 | S100Q0EI, S100SNSO, S100V5BU, S100XH23 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100XH23 |
| Property, plant and equipment | 20% | S100XH23 |
| Intangibles and goodwill | 2% | S100XH23 |
| Investment securities | 15% | S100XH23 |
| Other assets | 54% | S100XH23 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100XH23 |
| Other liabilities | 30% | S100XH23 |
| Equity | 61% | S100XH23 |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 169,172 | 204,604 | 226,939 | 275,474 | 248,205 |
| Equity | 109,954 | 121,995 | 139,845 | 152,941 | 151,107 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 19,424 | 22,071 | 26,572 | 27,088 | 21,845 |

## 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) | 29.3% | S100XH23 |
| Fixed assets ÷ total assets | 20.1% | S100XH23 |
| Goodwill ÷ parent equity | 1.0% | S100XH23 |

Goodwill over 4 years: 4,081 → 1,432 JPY; total investing cash flow: -40,918 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) | 8.8% |
| Cash ÷ revenue | 12.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 319.9% |
| Cash vs. profit gap | 29,422 JPY mn (of net income 671.6%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 93.1% |
| Shareholder payments — dividends / FCF | 16.2% |
| CapEx intensity (capex ÷ revenue) | 5.1% |
| Investing CF relative to operating CF | 26.4% |

## 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 | 7.6% | 0.70× | 5.3% | 1.55× | 8.3% | S100Q0EI |
| 2022 | 11.2% | 0.78× | 8.7% | 1.64× | 14.3% | S100SNSO |
| 2023 | 11.2% | 0.75× | 8.4% | 1.71× | 14.3% | S100V5BU |
| 2024 | 8.4% | 0.64× | 5.4% | 1.82× | 9.8% | S100XH23 |
| 2025 | 2.6% | 0.65× | 1.7% | 1.83× | 3.1% | S100XH23 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 全国農業協同組合連合会 | Major shareholder | 22.0% | 2025-10-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.6% | 2025-10-31 |
| 共栄火災海上保険株式会社 | Major shareholder | 3.7% | 2025-10-31 |
| 農林中央金庫 | Major shareholder | 3.7% | 2025-10-31 |
| 静岡県経済農業協同組合連合会 | Major shareholder | 2.3% | 2025-10-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.8% | 2025-10-31 |
| 日本曹達株式会社 | Major shareholder | 1.6% | 2025-10-31 |
| クミアイ化学工業従業員持株会 | Major shareholder | 1.5% | 2025-10-31 |
| 第一生命保険株式会社 | Major shareholder | 1.4% | 2025-10-31 |
| 日本生命保険相互会社 | Major shareholder | 1.3% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第77期(2024/11/01－2025/10/31) | S100XH23 | 2026-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XH23,, |
| 有価証券報告書－第76期(2023/11/01－2024/10/31) | S100V5BU | 2025-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V5BU,, |
| 有価証券報告書－第75期(2022/11/01－2023/10/31) | S100SNSO | 2024-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SNSO,, |
| 有価証券報告書－第74期(2021/11/01－2022/10/31) | S100Q0EI | 2023-01-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q0EI,, |
| 有価証券報告書－第73期(令和2年11月1日－令和3年10月31日) | S100N9S1 | 2022-01-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N9S1,, |
| 有価証券報告書－第72期(令和1年11月1日－令和2年10月31日) | S100KKG0 | 2021-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KKG0,, |

## 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).