# KUREHA CORPORATION: business model and financials

> Latest period: FY ending Mar 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第113期(2025/04/01－2026/03/31) (S100YFHO), 有価証券報告書－第112期(2024/04/01－2025/03/31) (S100W3KR)
> Page: https://vizora.meequs.com/en/company/kureha
> Retrieved: 2026-09-30T18:18:26.702Z

## Company

Kureha, founded in 1934, is a company in Chemicals listed on TSE Prime. It has 4,017 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | KUREHA CORPORATION |
| Ticker | 4023 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4023.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋浜町3-3-2 |
| Representative (per filing) | 代表取締役社長兼CEO 名武 克泰 |
| Founded | Jul 1934 |
| Share capital | ¥18.2B |
| Employees (consolidated) | 4,017 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.kureha.co.jp (https://www.kureha.co.jp/) |
| Corporate number | 7010001034766 |
| EDINET | E00761 |
| Industries (Vizora) | Chemicals, Food Packaging, General Contractors, Waste Management & Recycling |

> Profile source: annual securities report (S100YFHO, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 21.4 | 96 |
| Profitability | 34.5 | 100 |
| Cash conversion | 90.1 | 96 |
| Efficiency | 5.5 | 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 35% of Kureha's sales come from Functional products, with Plastic products and Chemical products making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -9.0% from the prior year, operating profit -26.3%.

## Company structure

- Segment revenue mix: Functional products 35.4%、Plastic products 25.0%、Chemical products 18.9%、Other related 11.5%、Construction related 9.2%
- Revenue → net income: ¥162015000000 → ¥7896000000
- Net income → operating cash flow: ¥7896000000 → ¥29525000000（difference ¥21629000000）
- Main uses of operating cash flow: CapEx ¥43837000000 / dividends ¥4660000000 / buybacks ¥15002000000
- Change in cash: ¥-1630000000
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 | ¥162B |  |
| Operating income | ¥9.43B | Margin 5.8% |
| Net income | ¥7.8B | Margin 4.8% |
| Free cash flow | -¥14.3B |  |
| Largest business | Functional products | of segment revenue 35.4% |
| Employees (consolidated) | 4,017 |  |
| EPS | ¥149.67 |  |
| Diluted EPS | ¥149.48 |  |
| Book value per share | ¥2974.96 |  |
| Equity ratio | 60.6% | Derived from disclosed figures |
| Shares outstanding | 55,433,000 |  |
| Treasury shares | 5,691,000 |  |
| Shareholders | 9,244 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 6.2% | Cash ÷ revenue 13.3% |
| Vs. industry median margin | -1.7 pp | Chemicals |
| ROE | 3.6% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.8× net income
- FY2025, buybacks were 3.2× dividends
- FY2025, segment profit share differs by 34 points

## What changed in 5 years

| Metric | FY ending Mar 2020 | FY ending Mar 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥142398000000 | ¥162015000000 | +13.8% |
| Operating income | ¥18041000000 | ¥9428000000 | -47.7% |
| Operating margin | 12.7% | 5.8% | -6.9 pp |
| Employees | 4,271 people | 4,017 people | -5.9% |
| Cash and equivalents | ¥7268000000 | ¥21500000000 | +195.8% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 機能製品事業 → 機能製品事業 | 29.4% |
| 化学製品事業 → 化学製品事業 | 17.1% |
| 樹脂製品事業 → 樹脂製品事業 | 25.0% |
| 樹脂製品事業 → 事業再編・廃止 | 5.5% |
| 建設関連事業 → 建設関連事業 | 9.2% |
| 建設関連事業 → 事業再編・廃止 | 1.0% |
| その他関連事業 → その他関連事業 | 11.5% |
| その他関連事業 → 事業再編・廃止 | 1.4% |
| 新設・再編 → 機能製品事業 | 6.0% |
| 新設・再編 → 化学製品事業 | 1.8% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Functional products | 5 years | +6.5% | ¥57372000000 | -3.5% | 2 |
| Plastic products | 5 years | -1.4% | ¥40528000000 | 17.5% | 2 |
| Chemical products | 5 years | +4.7% | ¥30677000000 | 1.9% | 2 |
| Other related | 5 years | +0.3% | ¥18593000000 | 15.7% | 2 |
| Construction related | 5 years | +0.5% | ¥14842000000 | 9.4% | 2 |

## Income statement（FY ending Mar 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 162,015 | 100.0% | S100YFHO |
| Cost of revenue | 119,521 | 73.8% | S100YFHO |
| Gross profit | 42,493 | 26.2% | S100YFHO |
| SG&A | 32,579 | 20.1% | S100YFHO |
| Operating income | 9,428 | 5.8% | S100YFHO |
| Pretax income | 10,218 | 6.3% | S100YFHO |
| Income tax | 2,321 | 1.4% | S100YFHO |
| Net income | 7,896 | 4.9% | S100YFHO |
| Net income attributable to owners | 7,800 | 4.8% | S100YFHO |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 20 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 26.2% → Operating margin 5.8% → Net margin 4.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -9.0%; Core profit growth: -26.3%
Operating leverage (core profit growth ÷ revenue growth): 2.94×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 177,973 | 162,015 | -15,958 | -9.0% |
| Gross profit | 51,339 | 42,493 | -8,846 | -17.2% |
| Operating income | 12,800 | 9,428 | -3,372 | -26.3% |
| Net income attributable to owners | 9,734 | 7,800 | -1,934 | -19.9% |
| Operating cash flow | 11,601 | 29,525 | 17,924 | +154.5% |
| Free cash flow | -21,099 | -14,312 | 6,787 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 132,294 | — | — | 7,001 | 12,350 | — | S100LOEN |
| FY ending Mar 2018 | 147,329 | — | — | 9,697 | 20,178 | — | S100ODZN |
| FY ending Mar 2019 | 148,265 | — | — | 13,933 | 23,377 | — | S100R3ZV |
| FY ending Mar 2020 | 142,398 | 18,041 | 12.7% | 13,719 | 15,150 | 1,501 | S100LOEN |
| FY ending Mar 2021 | 144,575 | 17,263 | 11.9% | 13,493 | 26,704 | 13,826 | S100ODZN |
| FY ending Mar 2022 | 168,341 | 20,142 | 12.0% | 14,164 | 28,581 | 15,995 | S100R3ZV |
| FY ending Mar 2023 | 191,277 | 22,350 | 11.7% | 16,868 | 22,744 | 8,505 | S100TRYX |
| FY ending Mar 2024 | 177,973 | 12,800 | 7.2% | 9,734 | 11,601 | -21,099 | S100W3KR |
| FY ending Mar 2025 | 162,015 | 9,428 | 5.8% | 7,800 | 29,525 | -14,312 | S100YFHO |

## People and productivity（FY ending Mar 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.3M |
| Operating income per employee (consolidated) | ¥2.3M |
| Net income per employee (consolidated) | ¥1.9M |

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

| History | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 4,293 | 4,259 | 4,271 | 4,217 | 4,017 |
| Average salary (parent company) | ¥6.8M | ¥7.1M | ¥7.5M | ¥7.7M | ¥7.5M |
| Average age (parent company) | 43.6 years | 43.8 years | 43.9 years | 43.7 years | 43.5 years |
| Average tenure (parent company) | 20.1 years | 20.3 years | 20.3 years | 20.2 years | 19.9 years |

Year over year: Employees (consolidated) -4.7% · Revenue (consolidated) -9.0%

## Segments（FY ending Mar 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Functional products | 57,372 | 35.4% | -1,991 | -3.5% |
| Chemical products | 30,677 | 18.9% | 592 | 1.9% |
| Plastic products | 40,528 | 25.0% | 7,097 | 17.5% |
| Construction related | 14,842 | 9.2% | 1,393 | 9.4% |
| Other related | 18,593 | 11.5% | 2,911 | 15.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Functional products | 35.4% | — | — | -3.5% |
| Chemical products | 18.9% | 4.9% | -14.0 | 1.9% |
| Plastic products | 25.0% | 59.2% | 34.2 | 17.5% |
| Construction related | 9.2% | 11.6% | 2.5 | 9.4% |
| Other related | 11.5% | 24.3% | 12.8 | 15.7% |

Loss-making segment (excluded from profit shares): Functional products -1,991 JPY mn

Segment → industry: Chemical products → Chemicals / Functional products → Chemicals / Plastic products → Food Packaging / Construction related → General Contractors / Other related → Waste Management & Recycling

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 29,525 | 18.2% | S100YFHO |
| Capital expenditure | 43,837 | 27.1% | S100YFHO |
| Free cash flow | -14,312 | -8.8% | 算出 |
| Investing cash flow | -39,436 | -24.3% | S100YFHO |
| Financing cash flow | 8,437 | 5.2% | S100YFHO |
| Dividends paid | 4,660 | 2.9% | S100YFHO |
| Share buyback | 15,002 | 9.3% | S100YFHO |
| Change in cash | -1,630 | -1.0% | S100YFHO |
| Cash and equivalents | 21,500 | 13.3% | S100YFHO |

## 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 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 17,834 | 30,639 | 32,205 | 23,131 | 21,500 | S100R3ZV, S100TRYX, S100W3KR, S100YFHO |
| Total assets | 256,923 | 282,639 | 296,404 | 330,630 | 345,298 | S100ODZN, S100R3ZV, S100TRYX, S100W3KR, S100YFHO |
| Net assets | 185,521 | 200,724 | 216,774 | 223,148 | 211,139 | S100R3ZV, S100TRYX, S100W3KR, S100YFHO |
| Share capital | 18,169 | 18,169 | 18,169 | 18,169 | 18,169 | S100ODZN, S100R3ZV, S100TRYX, S100W3KR, S100YFHO |
| Property, plant and equipment | 120,171 | 114,435 | 117,438 | 140,548 | 173,472 | S100ODZN, S100R3ZV, S100TRYX, S100W3KR, S100YFHO |
| Current assets | 86,237 | 112,418 | 120,994 | 119,900 | 104,774 | S100ODZN, S100R3ZV, S100TRYX, S100W3KR, S100YFHO |
| Total liabilities | 71,402 | 81,914 | 79,629 | 107,481 | 134,159 | S100ODZN, S100R3ZV, S100TRYX, S100W3KR, S100YFHO |
| Equity attributable to owners of parent | 183,830 | 199,219 | 215,199 | 221,377 | 209,372 | S100ODZN, S100R3ZV, S100TRYX, S100W3KR, S100YFHO |
| Retained earnings | 154,166 | 166,005 | 178,956 | 177,300 | 174,432 | S100ODZN, S100R3ZV, S100TRYX, S100W3KR, S100YFHO |
| Treasury stock | -8,697 | -8,701 | -8,701 | -9,616 | -15,842 | S100ODZN, S100R3ZV, S100TRYX, S100W3KR, S100YFHO |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YFHO |
| Property, plant and equipment | 50% | S100YFHO |
| Other assets | 44% | S100YFHO |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 39% | S100YFHO |
| Equity | 61% | S100YFHO |

### Balance sheet history

| Metric | FY ending Mar 2021 | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 256,923 | 282,639 | 296,404 | 330,630 | 345,298 |
| Equity | 185,521 | 200,724 | 216,774 | 223,148 | 211,139 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 17,834 | 30,639 | 32,205 | 23,131 | 21,500 |

## 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) | 107.1% | S100YFHO |
| Fixed assets ÷ total assets | 50.2% | S100YFHO |
| Goodwill ÷ parent equity | — | —, S100YFHO |

### 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) | 6.2% |
| Cash ÷ revenue | 13.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 313.2% |
| Cash vs. profit gap | 21,725 JPY mn (of net income 278.5%) |
| Shareholder returns / net income | 252.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 59.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 27.1% |
| Investing CF relative to operating CF | 133.6% |

## 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 | 9.3% | 0.56× | 5.3% | 1.40× | 7.3% | S100ODZN |
| 2022 | 8.4% | 0.62× | 5.3% | 1.41× | 7.4% | S100R3ZV |
| 2023 | 8.8% | 0.66× | 5.8% | 1.40× | 8.1% | S100TRYX |
| 2024 | 5.5% | 0.57× | 3.1% | 1.44× | 4.5% | S100W3KR |
| 2025 | 4.8% | 0.48× | 2.3% | 1.57× | 3.6% | S100YFHO |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 明治安田生命保険相互会社 | Major shareholder | 9.5% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.3% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.0% | 2026-03-31 |
| みずほ信託銀行株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.1% | 2026-03-31 |
| クレハグループ従業員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社東邦銀行 | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社常陽銀行 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第113期(2025/04/01－2026/03/31) | S100YFHO | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFHO,, |
| 有価証券報告書－第112期(2024/04/01－2025/03/31) | S100W3KR | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3KR,, |
| 有価証券報告書－第111期(2023/04/01－2024/03/31) | S100TRYX | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRYX,, |
| 有価証券報告書－第110期(2022/04/01－2023/03/31) | S100R3ZV | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3ZV,, |
| 有価証券報告書－第109期(令和3年4月1日－令和4年3月31日) | S100ODZN | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODZN,, |
| 有価証券報告書－第108期(令和2年4月1日－令和3年3月31日) | S100LOEN | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOEN,, |

## 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).