# LONSEAL CORPORATION: 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83期(2025/04/01－2026/03/31) (S100YUM9)
> Page: https://vizora.meequs.com/en/company/lonseal
> Retrieved: 2026-09-30T17:49:24.979Z

## Company

Lonseal, founded in 1928, is a company in Chemicals listed on TSE Standard. It has 419 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | LONSEAL CORPORATION |
| Ticker | 4224 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4224.T) |
| Listing | TSE Standard |
| Head office | 東京都港区東新橋二丁目3番17号 |
| Representative (per filing) | 代表取締役社長 西岡秀明 |
| Founded | Sep 1928 |
| Share capital | ¥5.01B |
| Employees (consolidated) | 419 |
| Average salary (parent only) | ¥6.5M |
| Fiscal year end | March |
| Website | www.lonseal.co.jp (https://www.lonseal.co.jp/) |
| Corporate number | 5010601018451 |
| EDINET | E01103 |
| Industries (Vizora) | Chemicals, Real Estate Development & Leasing, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YUM9, filed 2026-08-06). As of filing

## Five-axis industry profile

Primary industry: Housing Equipment & Building Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.8 | 56 |
| Profitability | 61.2 | 58 |
| Cash conversion | 41 | 50 |
| Efficiency | 50.9 | 58 |

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 98% of Lonseal's sales come from Plastic processing products, with Leasing making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +3.1% from the prior year, operating profit +54.4%.

## Company structure

- Segment revenue mix: Plastic processing products 98.4%、Leasing 1.6%
- Revenue → net income: ¥22107000000 → ¥1019000000
- Net income → operating cash flow: ¥1019000000 → ¥1337000000（difference ¥318000000）
- Main uses of operating cash flow: CapEx ¥440000000 / dividends ¥322000000 / buybacks ¥0
- Change in cash: ¥-677000000
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 | ¥22.1B |  |
| Operating income | ¥1.34B | Margin 6.1% |
| Net income | ¥1.02B | Margin 4.6% |
| Free cash flow | ¥897M |  |
| Largest business | Plastic processing products | of segment revenue 98.4% |
| Employees (consolidated) | 419 |  |
| EPS | ¥226.51 |  |
| Book value per share | ¥3923.64 |  |
| Equity ratio | 74.5% |  |
| Shares outstanding | 4,625,000 |  |
| Treasury shares | 17,100 |  |
| Shareholders | 3,033 |  |
| Average salary (parent only) | ¥6.5M | Filing company only |
| Cash ratio | 26.0% | Cash ÷ revenue 31.1% |
| Vs. industry median margin | -1.5 pp | Chemicals |
| ROE | 5.6% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 80% of positive segment profit
- FY2026, employees -1% while operating income rose 54%
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17167000000 | ¥22107000000 | +28.8% |
| Operating income | ¥1140000000 | ¥1343000000 | +17.8% |
| Operating margin | 6.6% | 6.1% | -0.6 pp |
| Employees | 442 people | 419 people | -5.2% |
| Cash and equivalents | ¥6999000000 | ¥6877000000 | -1.7% |

### 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 |
| --- | ---: |
| 合成樹脂加工品事業 → 合成樹脂加工品事業 | 97.9% |
| 不動産賃貸事業 → 不動産賃貸事業 | 1.6% |
| 不動産賃貸事業 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 合成樹脂加工品事業 | 0.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,107 | 100.0% | S100YUM9 |
| Cost of revenue | 13,743 | 62.2% | S100YUM9 |
| Gross profit | 8,364 | 37.8% | S100YUM9 |
| SG&A | 7,021 | 31.8% | S100YUM9 |
| Operating income | 1,343 | 6.1% | S100YUM9 |
| Ordinary income | 1,441 | 6.5% | S100YUM9 |
| Pretax income | 1,438 | 6.5% | S100YUM9 |
| Income tax | 419 | 1.9% | S100YUM9 |
| Net income | 1,019 | 4.6% | S100YUM9 |
| Net income attributable to owners | 1,019 | 4.6% | S100YUM9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 32 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 37.8% → Operating margin 6.1% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.1%; Core profit growth: +54.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 17.29×
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 | 21,433 | 22,107 | 674 | +3.1% |
| Gross profit | 7,500 | 8,364 | 864 | +11.5% |
| Operating income | 870 | 1,343 | 473 | +54.4% |
| Net income attributable to owners | 13 | 1,019 | 1,006 | +7738.5% |
| Operating cash flow | 1,126 | 1,337 | 211 | +18.7% |
| Free cash flow | 758 | 897 | 139 | +18.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 19,895 | 1,743 | 8.8% | 1,207 | 2,467 | 1,513 | S100LSP1 |
| FY ending Mar 2021 | 17,167 | 1,140 | 6.6% | 872 | 1,661 | 19 | S100OJ9I |
| FY ending Mar 2022 | 18,129 | 1,280 | 7.1% | 965 | 1,734 | 1,085 | S100R8BQ |
| FY ending Mar 2023 | 19,560 | 568 | 2.9% | 448 | 341 | -105 | S100TU6M |
| FY ending Mar 2024 | 21,021 | 1,071 | 5.1% | 835 | 1,487 | 1,036 | S100W70G |
| FY ending Mar 2025 | 21,433 | 870 | 4.1% | 13 | 1,126 | 758 | S100YUM9 |
| FY ending Mar 2026 | 22,107 | 1,343 | 6.1% | 1,019 | 1,337 | 897 | S100YUM9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.8M |
| Operating income per employee (consolidated) | ¥3.2M |
| Net income per employee (consolidated) | ¥2.4M |

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) | 434 | 437 | 423 | 423 | 419 |
| Average salary (parent company) | ¥5.5M | ¥5.8M | ¥5.7M | ¥6.3M | ¥6.5M |
| Average age (parent company) | 41.7 years | 42.6 years | 42.3 years | 42.6 years | 42.5 years |
| Average tenure (parent company) | 16.8 years | 17.2 years | 17.1 years | 17.3 years | 17.3 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) +3.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Plastic processing products | 21,747 | 98.4% | 1,075 | 4.9% |
| Leasing | 360 | 1.6% | 268 | 74.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Plastic processing products | 98.4% | 80.0% | -18.3 | 4.9% |
| Leasing | 1.6% | 20.0% | 18.3 | 74.4% |

Segment → industry: Plastic processing products → Chemicals / Leasing → Real Estate Development & Leasing / Plastic processing products → Housing Equipment & Building Materials

## 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 | 1,337 | 6.0% | S100YUM9 |
| Capital expenditure | 440 | 2.0% | S100YUM9 |
| Free cash flow | 897 | 4.1% | 算出 |
| Investing cash flow | -1,652 | -7.5% | S100YUM9 |
| Financing cash flow | -345 | -1.6% | S100YUM9 |
| Dividends paid | 322 | 1.5% | S100YUM9 |
| Share buyback | 0 | 0.0% | S100YUM9 |
| Change in cash | -677 | -3.1% | S100YUM9 |
| Cash and equivalents | 6,877 | 31.1% | S100YUM9 |

## 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 | 6,799 | 6,437 | 7,180 | 7,555 | 6,877 | S100TU6M, S100W70G, S100YUM9 |
| Total assets | 24,751 | 25,343 | 26,426 | 25,903 | 26,472 | S100R8BQ, S100TU6M, S100W70G, S100YUM9 |
| Net assets | 17,957 | 18,252 | 19,147 | 19,015 | 19,720 | S100TU6M, S100W70G, S100YUM9 |
| Share capital | 5,007 | 5,007 | 5,007 | 5,007 | 5,007 | S100R8BQ, S100TU6M, S100W70G, S100YUM9 |
| Property, plant and equipment | 7,418 | 7,198 | 6,962 | 6,075 | 5,913 | S100R8BQ, S100TU6M, S100W70G, S100YUM9 |
| Intangible assets excluding goodwill | 139 | 175 | 220 | 165 | 140 | S100R8BQ, S100TU6M, S100W70G, S100YUM9 |
| Investment securities | 819 | 851 | 1,246 | 1,329 | 1,379 | S100R8BQ, S100TU6M, S100W70G, S100YUM9 |
| Current assets | 16,145 | 16,906 | 17,864 | 18,051 | 18,729 | S100R8BQ, S100TU6M, S100W70G, S100YUM9 |
| Current liabilities | 5,054 | 5,351 | 5,592 | 5,286 | 5,098 | S100R8BQ, S100TU6M, S100W70G, S100YUM9 |
| Trade payables | 2,290 | 2,727 | 2,758 | 2,488 | 2,268 | S100R8BQ, S100TU6M, S100W70G, S100YUM9 |
| Short-term borrowings | 180 | 180 | 170 | 170 | 170 | S100R8BQ, S100TU6M, S100W70G, S100YUM9 |
| Total liabilities | 6,794 | 7,090 | 7,279 | 6,888 | 6,752 | S100R8BQ, S100TU6M, S100W70G, S100YUM9 |
| Equity attributable to owners of parent | 17,579 | 17,727 | 18,286 | 17,976 | 18,672 | S100R8BQ, S100TU6M, S100W70G, S100YUM9 |
| Retained earnings | 8,477 | 8,626 | 9,185 | 8,875 | 9,571 | S100R8BQ, S100TU6M, S100W70G, S100YUM9 |
| Treasury stock | -27 | -27 | -27 | -28 | -28 | S100R8BQ, S100TU6M, S100W70G, S100YUM9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YUM9 |
| Property, plant and equipment | 22% | S100YUM9 |
| Intangibles and goodwill | 1% | S100YUM9 |
| Investment securities | 5% | S100YUM9 |
| Other assets | 46% | S100YUM9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YUM9 |
| Other liabilities | 17% | S100YUM9 |
| Equity | 74% | S100YUM9 |

### 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 | 24,751 | 25,343 | 26,426 | 25,903 | 26,472 |
| Equity | 17,957 | 18,252 | 19,147 | 19,015 | 19,720 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,799 | 6,437 | 7,180 | 7,555 | 6,877 |

## 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) | 26.7% | S100YUM9 |
| Fixed assets ÷ total assets | 22.3% | S100YUM9 |
| Goodwill ÷ parent equity | — | —, S100YUM9 |

### 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) | 26.0% |
| Cash ÷ revenue | 31.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 99.6% |
| Cash vs. profit gap | 318 JPY mn (of net income 31.2%) |
| Shareholder returns / net income | 31.6% |
| Shareholder returns / FCF | 35.9% |
| Shareholder payments — dividends / net income | 31.6% |
| Shareholder payments — dividends / FCF | 35.9% |
| CapEx intensity (capex ÷ revenue) | 2.0% |
| Investing CF relative to operating CF | 123.6% |

## 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 | 5.3% | 0.73× | 3.9% | 1.41× | 5.5% | S100R8BQ |
| 2023 | 2.3% | 0.78× | 1.8% | 1.42× | 2.5% | S100TU6M |
| 2024 | 4.0% | 0.81× | 3.2% | 1.44× | 4.6% | S100W70G |
| 2025 | 0.1% | 0.82× | 0.0% | 1.44× | 0.1% | S100YUM9 |
| 2026 | 4.6% | 0.84× | 3.9% | 1.43× | 5.6% | S100YUM9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東ソー株式会社 | Major shareholder | 38.1% | 2026-03-31 |
| INTERACTIVE BROKERS LLC（常任代理人インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 6.5% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 4.6% | 2026-03-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| SCBHK AC LIECHTENSTEINISCHE LANDESBANK AG（常任代理人株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.3% | 2026-03-31 |
| ロンプ持株会 | Major shareholder | 1.2% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 1.1% | 2026-03-31 |
| 勝見 憲一郎 | Major shareholder | 1.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第83期(2025/04/01－2026/03/31) | S100YUM9 | 2026-08-06 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YUM9,, |
| 有価証券報告書－第82期(2024/04/01－2025/03/31) | S100W70G | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W70G,, |
| 有価証券報告書－第81期(2023/04/01－2024/03/31) | S100TU6M | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TU6M,, |
| 有価証券報告書－第80期(2022/04/01－2023/03/31) | S100R8BQ | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8BQ,, |
| 有価証券報告書－第79期(令和3年4月1日－令和4年3月31日) | S100OJ9I | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ9I,, |
| 有価証券報告書－第78期(令和2年4月1日－令和3年3月31日) | S100LSP1 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSP1,, |

## 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).