# KUNIMINE INDUSTRIES CO.,LTD: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第92期(2025/04/01－2026/03/31) (S100YOPN)
> Page: https://vizora.meequs.com/en/company/kunimine-industries
> Retrieved: 2026-09-30T19:10:18.479Z

## Company

Kunimine Industries, founded in 1943, is a company in Chemicals listed on TSE Standard. It has 277 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KUNIMINE INDUSTRIES CO.,LTD. |
| Ticker | 5388 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5388.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区岩本町一丁目10番5号 |
| Representative (per filing) | 代表取締役社長 友山 貴之 |
| Founded | Jun 1943 |
| Share capital | ¥1.62B |
| Employees (consolidated) | 277 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.kunimine.co.jp (https://www.kunimine.co.jp/) |
| Corporate number | 6010001015098 |
| EDINET | E01195 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100YOPN, filed 2026-07-03). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 28.6 | 96 |
| Profitability | 69.5 | 100 |
| Cash conversion | 83.9 | 96 |
| Efficiency | 30.5 | 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 69% of Kunimine Industries's sales come from Bentonite Division, with Agriculture Division and Clayscience Division making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +8.7% from the prior year, operating profit +25.1%.

## Company structure

- Segment revenue mix: Bentonite Division 69.4%、Agriculture Division 20.2%、Clayscience Division 10.5%
- Revenue → net income: ¥17075489000 → ¥1401055000
- Net income → operating cash flow: ¥1401055000 → ¥4325203000（difference ¥2924148000）
- Main uses of operating cash flow: CapEx ¥1206386000 / dividends ¥486788000 / buybacks ¥177000
- Change in cash: ¥1226190000
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 | ¥17.1B |  |
| Operating income | ¥1.6B | Margin 9.4% |
| Net income | ¥1.34B | Margin 7.9% |
| Free cash flow | ¥3.12B |  |
| Largest business | Bentonite Division | of segment revenue 69.4% |
| Employees (consolidated) | 277 |  |
| EPS | ¥109.24 |  |
| Book value per share | ¥1640.36 |  |
| Equity ratio | 83.0% |  |
| Shares outstanding | 14,450,000 |  |
| Treasury shares | 2,271,600 |  |
| Shareholders | 31,287 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 33.9% | Cash ÷ revenue 53.3% |
| Vs. industry median margin | +1.9 pp | Chemicals |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 5.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.2× net income
- FY2026, employees -7% while operating income rose 25%
- FY2026, cash is 34% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥14593834000 | ¥17075489000 | +17.0% |
| Operating income | ¥2246844000 | ¥1602261000 | -28.7% |
| Operating margin | 15.4% | 9.4% | -6 pp |
| Employees | 286 people | 277 people | -3.1% |
| Cash and equivalents | ¥9603150000 | ¥9107401000 | -5.2% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| ベントナイト事業 → ベントナイト事業 | 69.4% |
| ベントナイト事業 → 事業再編・廃止 | 0.3% |
| アグリ事業 → アグリ事業 | 20.2% |
| アグリ事業 → 事業再編・廃止 | 0.5% |
| 化成品事業 → 事業再編・廃止 | 9.7% |
| 新設・再編 → クレイサイエンス事業 | 10.5% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Bentonite Division | 5 years | +3.1% | ¥11842323000 | 10.9% | 2 |
| Agriculture Division | 5 years | +2.7% | ¥3444977000 | 24.1% | 2 |
| Clayscience Division | 3 years | -25.6% | ¥1788188000 | 9.4% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 17,075 | 100.0% | S100YOPN |
| Cost of revenue | 12,071 | 70.7% | S100YOPN |
| Gross profit | 5,005 | 29.3% | S100YOPN |
| SG&A | 3,403 | 19.9% | S100YOPN |
| Operating income | 1,602 | 9.4% | S100YOPN |
| Ordinary income | 1,955 | 11.4% | S100YOPN |
| Pretax income | 2,048 | 12.0% | S100YOPN |
| Income tax | 647 | 3.8% | S100YOPN |
| Net income | 1,401 | 8.2% | S100YOPN |
| Net income attributable to owners | 1,341 | 7.9% | S100YOPN |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 20 |
| Operating income | 9 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 29.3% → Operating margin 9.4% → Net margin 7.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.7%; Core profit growth: +25.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.88×
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 | 15,708 | 17,075 | 1,368 | +8.7% |
| Gross profit | 4,462 | 5,005 | 543 | +12.2% |
| Operating income | 1,281 | 1,602 | 322 | +25.1% |
| Net income attributable to owners | 1,078 | 1,341 | 263 | +24.4% |
| Operating cash flow | 1,024 | 4,325 | 3,301 | +322.4% |
| Free cash flow | -39 | 3,119 | 3,158 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 15,440 | 1,932 | 12.5% | 1,648 | 2,750 | 1,730 | S100M0JK |
| FY ending Mar 2021 | 14,594 | 2,247 | 15.4% | 1,682 | 3,227 | 2,668 | S100OJ1S |
| FY ending Mar 2022 | 15,257 | 1,666 | 10.9% | 1,302 | 1,178 | 486 | S100R6S0 |
| FY ending Mar 2023 | 15,326 | 829 | 5.4% | 842 | 234 | -523 | S100TT99 |
| FY ending Mar 2024 | 15,675 | 1,231 | 7.9% | 1,044 | 1,922 | 924 | S100W6IN |
| FY ending Mar 2025 | 15,708 | 1,281 | 8.2% | 1,078 | 1,024 | -39 | S100YOPN |
| FY ending Mar 2026 | 17,075 | 1,602 | 9.4% | 1,341 | 4,325 | 3,119 | S100YOPN |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.6M |
| Operating income per employee (consolidated) | ¥5.8M |
| Net income per employee (consolidated) | ¥4.8M |

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) | 285 | 295 | 293 | 299 | 277 |
| Average salary (parent company) | ¥5M | ¥5M | ¥5.4M | ¥5.3M | ¥5.6M |
| Average age (parent company) | 42.4 years | 42.3 years | 41.9 years | 42.2 years | 43.0 years |
| Average tenure (parent company) | 11.9 years | 12.0 years | 11.2 years | 12.0 years | 12.2 years |

Year over year: Employees (consolidated) -7.4% · Revenue (consolidated) +8.7%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Bentonite Division | 11,842 | 69.4% | 1,289 | 10.9% |
| Clayscience Division | 1,788 | 10.5% | 168 | 9.4% |
| Agriculture Division | 3,445 | 20.2% | 829 | 24.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Bentonite Division | 69.4% | 56.4% | -13.0 | 10.9% |
| Clayscience Division | 10.5% | 7.3% | -3.1 | 9.4% |
| Agriculture Division | 20.2% | 36.3% | 16.1 | 24.1% |

Segment → industry: Agriculture Division → Chemicals / Clayscience Division → Chemicals / Bentonite Division → Chemicals

## 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 | 4,325 | 25.3% | S100YOPN |
| Capital expenditure | 1,206 | 7.1% | S100YOPN |
| Free cash flow | 3,119 | 18.3% | 算出 |
| Investing cash flow | -2,577 | -15.1% | S100YOPN |
| Financing cash flow | -504 | -3.0% | S100YOPN |
| Dividends paid | 487 | 2.9% | S100YOPN |
| Share buyback | 0 | 0.0% | S100YOPN |
| Change in cash | 1,226 | 7.2% | S100YOPN |
| Cash and equivalents | 9,107 | 53.3% | S100YOPN |

## 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 | 9,501 | 7,917 | 8,242 | 7,881 | 9,107 | S100TT99, S100W6IN, S100YOPN |
| Total assets | 24,849 | 24,560 | 25,229 | 25,839 | 26,845 | S100R6S0, S100TT99, S100W6IN, S100YOPN |
| Net assets | 20,978 | 21,349 | 21,868 | 22,352 | 23,144 | S100TT99, S100W6IN, S100YOPN |
| Share capital | 1,618 | 1,618 | 1,618 | 1,618 | 1,618 | S100R6S0, S100TT99, S100W6IN, S100YOPN |
| Trade receivables | 4,417 | 4,501 | 4,515 | 4,199 | — | S100R6S0, S100TT99, S100W6IN |
| Property, plant and equipment | 5,856 | 5,849 | 5,759 | 5,470 | 5,837 | S100R6S0, S100TT99, S100W6IN, S100YOPN |
| Intangible assets excluding goodwill | 79 | 80 | 263 | 788 | 633 | S100R6S0, S100TT99, S100W6IN, S100YOPN |
| Investment securities | 1,578 | 1,705 | 1,887 | 1,632 | 779 | S100R6S0, S100TT99, S100W6IN, S100YOPN |
| Current assets | 16,781 | 16,410 | 16,822 | 17,400 | 19,026 | S100R6S0, S100TT99, S100W6IN, S100YOPN |
| Current liabilities | 2,037 | 2,049 | 2,119 | 2,244 | 2,466 | S100R6S0, S100TT99, S100W6IN, S100YOPN |
| Long-term borrowings | 825 | — | — | — | — | S100R6S0 |
| Total liabilities | 3,871 | 3,211 | 3,361 | 3,488 | 3,701 | S100R6S0, S100TT99, S100W6IN, S100YOPN |
| Non-controlling interests | 473 | 591 | 666 | 805 | 873 | S100R6S0, S100TT99, S100W6IN, S100YOPN |
| Equity attributable to owners of parent | 20,094 | 20,173 | 20,524 | 20,774 | 21,628 | S100R6S0, S100TT99, S100W6IN, S100YOPN |
| Retained earnings | 16,180 | 16,635 | 16,993 | 17,576 | 18,430 | S100R6S0, S100TT99, S100W6IN, S100YOPN |
| Treasury stock | -1,376 | -1,752 | -1,759 | -2,092 | -2,092 | S100R6S0, S100TT99, S100W6IN, S100YOPN |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 34% | S100YOPN |
| Property, plant and equipment | 22% | S100YOPN |
| Intangibles and goodwill | 2% | S100YOPN |
| Investment securities | 3% | S100YOPN |
| Other assets | 39% | S100YOPN |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100YOPN |
| Equity | 86% | S100YOPN |
| Other liabilities | 0% | S100YOPN |

### 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 | 24,849 | 24,560 | 25,229 | 25,839 | 26,845 |
| Equity | 20,978 | 21,349 | 21,868 | 22,352 | 23,144 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,501 | 7,917 | 8,242 | 7,881 | 9,107 |

## 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) | 34.2% | S100YOPN |
| Fixed assets ÷ total assets | 21.7% | S100YOPN |
| Goodwill ÷ parent equity | — | —, S100YOPN |

### 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) | 33.9% |
| Cash ÷ revenue | 53.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 269.9% |
| Cash vs. profit gap | 2,984 JPY mn (of net income 222.6%) |
| Shareholder returns / net income | 36.3% |
| Shareholder returns / FCF | 15.6% |
| Shareholder payments — dividends / net income | 36.3% |
| Shareholder payments — dividends / FCF | 15.6% |
| CapEx intensity (capex ÷ revenue) | 7.1% |
| Investing CF relative to operating CF | 59.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 8.5% | 0.61× | 5.2% | 1.24× | 6.5% | S100R6S0 |
| 2023 | 5.5% | 0.62× | 3.4% | 1.23× | 4.2% | S100TT99 |
| 2024 | 6.7% | 0.63× | 4.2% | 1.22× | 5.1% | S100W6IN |
| 2025 | 6.9% | 0.62× | 4.2% | 1.24× | 5.2% | S100YOPN |
| 2026 | 7.9% | 0.65× | 5.1% | 1.24× | 6.3% | S100YOPN |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| クニミネエンタープライズ株式会社 | Major shareholder | 40.3% | 2026-03-31 |
| クニミネ工業取引先持株会 | Major shareholder | 6.4% | 2026-03-31 |
| 日本化薬株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| クミアイ化学工業株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 川上 悟 | Major shareholder | 2.2% | 2026-03-31 |
| BNYM RE BNYMLB RE GPP CLIENT MONEY AND ASSETS AC(常任代理人株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.7% | 2026-03-31 |
| 日昭株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 1.3% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.3% | 2026-03-31 |
| クニミネ社員持株会 | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第92期(2025/04/01－2026/03/31) | S100YOPN | 2026-07-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YOPN,, |
| 有価証券報告書－第91期(2024/04/01－2025/03/31) | S100W6IN | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6IN,, |
| 有価証券報告書－第90期(2023/04/01－2024/03/31) | S100TT99 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TT99,, |
| 有価証券報告書－第89期(2022/04/01－2023/03/31) | S100R6S0 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6S0,, |
| 有価証券報告書－第88期(令和3年4月1日－令和4年3月31日) | S100OJ1S | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ1S,, |
| 訂正有価証券報告書－第87期(令和2年4月1日－令和3年3月31日) | S100M0JK | 2021-07-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M0JK,, |

## 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).