# Lion Corporation: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第165期(2025/01/01－2025/12/31) (S100XU1E)
> Page: https://vizora.meequs.com/en/company/lion
> Retrieved: 2026-09-30T20:58:48.200Z

## Company

Lion, founded in 1980, is a company in Chemicals listed on TSE Prime. It has 8,346 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Lion Corporation |
| Ticker | 4912 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4912.T) |
| Listing | TSE Prime |
| Head office | 東京都台東区蔵前一丁目3番28号 |
| Representative (per filing) | 代表取締役兼社長執行役員 竹森征之 |
| Founded | Jan 1980 |
| Share capital | ¥34.4B |
| Employees (consolidated) | 8,346 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | December |
| Website | lion.co.jp (https://lion.co.jp/) |
| Corporate number | 1010601016863 |
| EDINET | E00991 |
| Industries (Vizora) | Chemicals, Toiletries & Household Products |

> Profile source: annual securities report (S100XU1E, filed 2026-03-26). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45 | 10 |
| Profitability | 72.2 | 9 |
| Cash conversion | 27.8 | 9 |
| Efficiency | 55 | 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 53% of Lion's sales come from General-use consumable products business, with Overseas business and Industrial products business making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +2.2% from the prior year, operating profit +28.1%.

## Company structure

- Segment revenue mix: General-use consumable products business 53.0%、Overseas business 37.5%、Industrial products business 9.3%、Other 0.2%
- Revenue → net income: ¥422092000000 → ¥31049000000
- Net income → operating cash flow: ¥31049000000 → ¥40648000000（difference ¥9599000000）
- Main uses of operating cash flow: CapEx ¥19327000000 / dividends ¥8016000000 / buybacks ¥2000000
- Change in cash: ¥-14148000000
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 | ¥422.1B |  |
| Operating income | ¥36.4B | Margin 8.6% |
| Net income | ¥27.6B | Margin 6.5% |
| Free cash flow | ¥21.3B |  |
| Largest business | General-use consumable products business | of segment revenue 53.0% |
| Employees (consolidated) | 8,346 |  |
| EPS | ¥99.74 |  |
| Diluted EPS | ¥99.64 |  |
| Book value per share | ¥774.89 |  |
| Equity ratio | 61.1% | Derived from disclosed figures |
| Shares outstanding | 279,782,746 |  |
| Treasury shares | 2,466,100 |  |
| Shareholders | 274,440 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 16.7% | Cash ÷ revenue 20.9% |
| Vs. industry median margin | +4.1 pp | Toiletries & Household Products |
| ROE | 9.0% | Derived from disclosed figures |
| ROA | 5.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥355352000000 | ¥422092000000 | +18.8% |
| Operating income | ¥44074000000 | ¥36368000000 | -17.5% |
| Operating margin | 12.4% | 8.6% | -3.8 pp |
| Employees | 7,452 people | 8,346 people | +12.0% |
| Cash and equivalents | ¥121534000000 | ¥88092000000 | -27.5% |

### 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 |
| --- | ---: |
| 一般用消費財事業 → 一般用消費財事業 | 53.0% |
| 一般用消費財事業 → 事業再編・廃止 | 11.6% |
| 産業用品事業 → 産業用品事業 | 8.9% |
| 海外事業 → 海外事業 | 25.7% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.6% |
| 新設・再編 → 産業用品事業 | 0.4% |
| 新設・再編 → 海外事業 | 11.8% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| General-use consumable products business | 5 years | -0.5% | ¥223743000000 | — | 2 |
| Overseas business | 5 years | +11.6% | ¥158125000000 | — | 2 |
| Industrial products business | 5 years | +4.5% | ¥39307000000 | — | 2 |
| Other | 5 years | -20.2% | ¥915000000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 422,092 | 100.0% | S100XU1E |
| Cost of revenue | 228,170 | 54.1% | S100XU1E |
| Gross profit | 193,921 | 45.9% | S100XU1E |
| SG&A | 163,161 | 38.7% | S100XU1E |
| Operating income | 36,368 | 8.6% | S100XU1E |
| Pretax income | 39,433 | 9.3% | S100XU1E |
| Income tax | 8,383 | 2.0% | S100XU1E |
| Net income | 31,049 | 7.4% | S100XU1E |
| Net income attributable to owners | 27,587 | 6.5% | S100XU1E |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 54 |
| SG&A | 39 |
| Other operating | -1 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 45.9% → Operating margin 8.6% → Net margin 6.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +2.2%; Core profit growth: +28.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 12.69×
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 | 412,943 | 422,092 | 9,149 | +2.2% |
| Gross profit | 188,783 | 193,921 | 5,138 | +2.7% |
| Operating income | 28,387 | 36,368 | 7,981 | +28.1% |
| Net income attributable to owners | 21,197 | 27,587 | 6,390 | +30.1% |
| Operating cash flow | 43,660 | 40,648 | -3,012 | -6.9% |
| Free cash flow | 24,660 | 21,321 | -3,339 | -13.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2017 | 342,703 | — | — | 20,883 | 28,559 | — | S100NSS0 |
| FY ending Dec 2018 | 349,403 | — | — | 25,606 | 31,879 | — | S100QIPI |
| FY ending Dec 2019 | 347,519 | 29,832 | 8.6% | 20,559 | 36,762 | 15,868 | S100KXBR |
| FY ending Dec 2020 | 355,352 | 44,074 | 12.4% | 29,870 | 40,729 | 13,797 | S100NSS0 |
| FY ending Dec 2021 | 366,234 | 31,178 | 8.5% | 23,759 | 19,296 | -23,625 | S100QIPI |
| FY ending Dec 2022 | 389,869 | 28,843 | 7.4% | 21,939 | 41,962 | 18,817 | S100T3XS |
| FY ending Dec 2023 | 402,767 | 20,505 | 5.1% | 14,624 | 30,068 | 5,488 | S100VI9U |
| FY ending Dec 2024 | 412,943 | 28,387 | 6.9% | 21,197 | 43,660 | 24,660 | S100XU1E |
| FY ending Dec 2025 | 422,092 | 36,368 | 8.6% | 27,587 | 40,648 | 21,321 | S100XU1E |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.6M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥3.3M |

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) | 7,584 | 7,587 | 7,550 | 7,654 | 8,346 |
| Average salary (parent company) | ¥7.3M | ¥6.8M | ¥6.7M | ¥6.7M | ¥7.1M |
| Average age (parent company) | 43.0 years | 44.0 years | 44.0 years | 44.0 years | 44.0 years |
| Average tenure (parent company) | 16.0 years | 17.0 years | 17.0 years | 17.0 years | 17.0 years |

Year over year: Employees (consolidated) +9.0% · Revenue (consolidated) +2.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| General-use consumable products business | 223,743 | 53.0% | — | — |
| Industrial products business | 39,307 | 9.3% | — | — |
| Overseas business | 158,125 | 37.5% | — | — |
| Other | 915 | 0.2% | — | — |

### 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 |
| --- | ---: |
| General-use consumable products business | 53.0% |
| Industrial products business | 9.3% |
| Overseas business | 37.5% |
| Other | 0.2% |

Segment → industry: Industrial products business → Chemicals / Overseas business → Toiletries & Household Products / General-use consumable products business → Toiletries & Household Products

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 40,648 | 9.6% | S100XU1E |
| Capital expenditure | 19,327 | 4.6% | S100XU1E |
| Free cash flow | 21,321 | 5.1% | 算出 |
| Investing cash flow | -43,460 | -10.3% | S100XU1E |
| Financing cash flow | -12,406 | -2.9% | S100XU1E |
| Dividends paid | 8,016 | 1.9% | S100XU1E |
| Share buyback | 2 | 0.0% | S100XU1E |
| Change in cash | -14,148 | -3.4% | S100XU1E |
| Cash and equivalents | 88,092 | 20.9% | S100XU1E |

## 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 | 97,250 | 101,078 | 85,526 | 102,240 | 88,092 | S100T3XS, S100VI9U, S100XU1E |
| Total assets | 428,025 | 469,278 | 486,363 | 497,167 | 528,596 | S100QIPI, S100T3XS, S100VI9U, S100XU1E |
| Net assets | 265,014 | 279,168 | 298,134 | 315,694 | 348,419 | S100T3XS, S100VI9U, S100XU1E |
| Share capital | 34,433 | 34,433 | 34,433 | 34,433 | 34,433 | S100QIPI, S100T3XS, S100VI9U, S100XU1E |
| Property, plant and equipment | 120,673 | 130,137 | 140,671 | 128,143 | 125,239 | S100QIPI, S100T3XS, S100VI9U, S100XU1E |
| Goodwill | 182 | 327 | 327 | 327 | 19,580 | S100QIPI, S100T3XS, S100VI9U, S100XU1E |
| Current assets | 232,150 | 237,691 | 232,274 | 251,424 | 253,964 | S100QIPI, S100T3XS, S100VI9U, S100XU1E |
| Total liabilities | 163,011 | 190,110 | 188,229 | 181,473 | 180,176 | S100QIPI, S100T3XS, S100VI9U, S100XU1E |
| Equity attributable to owners of parent | 251,572 | 264,255 | 280,316 | 293,717 | 322,726 | S100QIPI, S100T3XS, S100VI9U, S100XU1E |
| Retained earnings | 177,370 | 192,842 | 204,255 | 212,938 | 232,190 | S100QIPI, S100T3XS, S100VI9U, S100XU1E |
| Treasury stock | -4,731 | -8,056 | -7,868 | -8,730 | -3,304 | S100QIPI, S100T3XS, S100VI9U, S100XU1E |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100XU1E |
| Property, plant and equipment | 24% | S100XU1E |
| Intangibles and goodwill | 4% | — |
| Other assets | 56% | S100XU1E |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 34% | S100XU1E |
| Equity | 66% | S100XU1E |
| Other liabilities | 0% | S100XU1E |

### 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 | 428,025 | 469,278 | 486,363 | 497,167 | 528,596 |
| Equity | 265,014 | 279,168 | 298,134 | 315,694 | 348,419 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 97,250 | 101,078 | 85,526 | 102,240 | 88,092 |

## 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) | 29.7% | S100XU1E |
| Fixed assets ÷ total assets | 23.7% | S100XU1E |
| Goodwill ÷ parent equity | 6.1% | S100XU1E |

Goodwill over 4 years: 182 → 19,580 JPY; total investing cash flow: -139,621 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) | 16.7% |
| Cash ÷ revenue | 20.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 111.8% |
| Cash vs. profit gap | 13,061 JPY mn (of net income 47.3%) |
| Shareholder returns / net income | 29.1% |
| Shareholder returns / FCF | 37.6% |
| Shareholder payments — dividends / net income | 29.1% |
| Shareholder payments — dividends / FCF | 37.6% |
| CapEx intensity (capex ÷ revenue) | 4.6% |
| Investing CF relative to operating CF | 106.9% |

## 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 | 6.5% | 0.86× | 5.6% | 1.70× | 9.4% | S100QIPI |
| 2022 | 5.6% | 0.87× | 4.9% | 1.74× | 8.5% | S100T3XS |
| 2023 | 3.6% | 0.84× | 3.1% | 1.75× | 5.4% | S100VI9U |
| 2024 | 5.1% | 0.84× | 4.3% | 1.71× | 7.4% | S100XU1E |
| 2025 | 6.5% | 0.82× | 5.4% | 1.66× | 9.0% | S100XU1E |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 13.9% | 2025-12-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 10.2% | 2025-12-31 |
| JAPAN ACTIVATION CAPITAL I L.P.(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 4.5% | 2025-12-31 |
| みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 3.0% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.5% | 2025-12-31 |
| 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 | 1.9% | 2025-12-31 |
| 明治安田生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 1.3% | 2025-12-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.3% | 2025-12-31 |
| ゴールドマン・サックス証券株式会社 BNYM(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.2% | 2025-12-31 |
| 大日本印刷株式会社 | Major shareholder | 1.1% | 2025-12-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Dec 2025 was ¥422.1B, up +2.2% from ¥412.9B.
- Profit grew much faster: operating income rose from ¥28.4B to ¥36.4B (+28.1%), and net income from ¥21.2B to ¥27.6B (+30.1%).
- Cash generation weakened, with operating cash flow at ¥40.6B (-6.9%) and free cash flow at ¥21.3B (-13.5%).

### Drivers

- Higher-priced products such as premium toothpaste, along with price increases, lifted gross profit, and cost restructuring in the domestic business added to the gain.
- Taking full ownership of an equity-method affiliate in Vietnam produced a one-time gain on the step acquisition, boosting operating and net income.
- Overseas, strong sales in Malaysia helped raise profit across Southeast and South Asia.

### Risks

- The company warns that sudden economic or currency swings could push up raw material costs and weaken consumer spending.
- Its own forecast for next year expects operating income to rise but net income to fall below this year's level.
- It has decided to sell two chemical subsidiaries, which will change the makeup of the industrial products business.

Cited: Annual Securities Report, 165th term (Jan–Dec 2025) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第165期(2025/01/01－2025/12/31) | S100XU1E | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU1E,, |
| 有価証券報告書－第164期(2024/01/01－2024/12/31) | S100VI9U | 2025-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VI9U,, |
| 有価証券報告書－第163期(2023/01/01－2023/12/31) | S100T3XS | 2024-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3XS,, |
| 有価証券報告書－第162期(2022/01/01－2022/12/31) | S100QIPI | 2023-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QIPI,, |
| 有価証券報告書－第161期(令和3年1月1日－令和3年12月31日) | S100NSS0 | 2022-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NSS0,, |
| 有価証券報告書－第160期(令和2年1月1日－令和2年12月31日) | S100KXBR | 2021-03-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KXBR,, |

## 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).