# MANAC Chemical Partners Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第5期(2025/04/01－2026/03/31) (S100YGOW)
> Page: https://vizora.meequs.com/en/company/manac-chemical-partners
> Retrieved: 2026-09-30T19:15:33.111Z

## Company

MANAC Chemical Partners, founded in 2021, is a company in Chemicals listed on TSE Standard. It has 246 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MANAC Chemical Partners Co.,Ltd. |
| Ticker | 4360 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4360.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋三丁目8番4号 |
| Representative (per filing) | 代表取締役会長兼社長 杉之原 祥二 |
| Founded | May 2021 |
| Share capital | ¥300M |
| Employees (consolidated) | 246 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | March |
| Website | www.mcps.co.jp (https://www.mcps.co.jp/) |
| Corporate number | 9010001221577 |
| EDINET | E36769 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100YGOW, filed 2026-06-26). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 12 | 96 |
| Profitability | 42.5 | 100 |
| Cash conversion | 87 | 96 |
| Efficiency | 69.5 | 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 46% of MANAC Chemical Partners's sales come from Fine chemical business, with Flame retardants business and Health support business making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +18.2% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Fine chemical business 45.8%、Flame retardants business 41.3%、Health support business 12.9%
- Revenue → net income: ¥10993000000 → ¥781000000
- Net income → operating cash flow: ¥781000000 → ¥2147000000（difference ¥1366000000）
- Main uses of operating cash flow: CapEx ¥1624000000 / dividends ¥81000000 / buybacks ¥0
- Change in cash: ¥1240000000
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 | ¥11B |  |
| Operating income | ¥739M | Margin 6.7% |
| Net income | ¥781M | Margin 7.1% |
| Free cash flow | ¥523M |  |
| Largest business | Fine chemical business | of segment revenue 45.8% |
| Employees (consolidated) | 246 |  |
| EPS | ¥27.45 |  |
| Book value per share | ¥1497.53 |  |
| Equity ratio | 73.9% |  |
| Shares outstanding | 8,625,000 |  |
| Treasury shares | 450,800 |  |
| Shareholders | 3,167 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 26.2% | Cash ÷ revenue 36.5% |
| Vs. industry median margin | -0.8 pp | Chemicals |
| ROE | 7.6% | Derived from disclosed figures |
| ROA | 5.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.7× net income
- FY2026, one segment accounts for 66% of positive segment profit
- FY2026, parent-company salary changed -30% over five years

## What changed in 4 years

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10703000000 | ¥10993000000 | +2.7% |
| Operating income | ¥740000000 | ¥739000000 | -0.1% |
| Operating margin | 6.9% | 6.7% | -0.2 pp |
| Employees | 241 people | 246 people | +2.1% |
| Cash and equivalents | ¥2039000000 | ¥4008000000 | +96.6% |

### Change in segment revenue mix

Span: FY ending Mar 2022 → 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 |
| --- | ---: |
| ファインケミカル事業 → ファインケミカル事業 | 42.4% |
| 難燃剤事業 → 難燃剤事業 | 41.3% |
| 難燃剤事業 → 事業再編・廃止 | 5.3% |
| ヘルスサポート事業 → ヘルスサポート事業 | 11.0% |
| 新設・再編 → ファインケミカル事業 | 3.4% |
| 新設・再編 → ヘルスサポート事業 | 1.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Fine chemical business | 4 years | +2.6% | ¥5032000000 | 24.1% | 2 |
| Flame retardants business | 4 years | -2.3% | ¥4545000000 | 11.5% | 2 |
| Health support business | 4 years | +4.8% | ¥1415000000 | 7.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 10,993 | 100.0% | S100YGOW |
| Cost of revenue | 8,491 | 77.2% | S100YGOW |
| Gross profit | 2,501 | 22.8% | S100YGOW |
| SG&A | 1,762 | 16.0% | S100YGOW |
| Operating income | 739 | 6.7% | S100YGOW |
| Ordinary income | 825 | 7.5% | S100YGOW |
| Pretax income | 910 | 8.3% | S100YGOW |
| Income tax | 128 | 1.2% | S100YGOW |
| Net income | 781 | 7.1% | S100YGOW |
| Net income attributable to owners | 781 | 7.1% | S100YGOW |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 16 |
| Operating income | 7 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 22.8% → Operating margin 6.7% → Net margin 7.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 9,304 | 10,993 | 1,689 | +18.2% |
| Gross profit | 1,472 | 2,501 | 1,029 | +69.9% |
| Operating income | -342 | 739 | 1,081 | — |
| Net income attributable to owners | -895 | 781 | 1,676 | — |
| Operating cash flow | 108 | 2,147 | 2,039 | +1888.0% |
| Free cash flow | -411 | 523 | 934 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 10,703 | 740 | 6.9% | 712 | 714 | 30 | S100R3ZN |
| FY ending Mar 2023 | 11,853 | 991 | 8.4% | 821 | 1,647 | 1,397 | S100TJRW |
| FY ending Mar 2024 | 9,686 | -105 | -1.1% | 82 | -118 | -593 | S100VYLQ |
| FY ending Mar 2025 | 9,304 | -342 | -3.7% | -895 | 108 | -411 | S100YGOW |
| FY ending Mar 2026 | 10,993 | 739 | 6.7% | 781 | 2,147 | 523 | S100YGOW |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥44.7M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 241 | 236 | 220 | 211 | 246 |
| Average salary (parent company) | ¥7.2M | ¥7.3M | ¥6.4M | ¥6.9M | ¥5.1M |
| Average age (parent company) | 43.2 years | 41.5 years | 38.1 years | 38.2 years | 43.2 years |
| Average tenure (parent company) | 12.7 years | 10.2 years | 8.4 years | 8.4 years | 9.2 years |

Year over year: Employees (consolidated) +16.6% · Revenue (consolidated) +18.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fine chemical business | 5,032 | 45.8% | 1,211 | 24.1% |
| Flame retardants business | 4,545 | 41.3% | 523 | 11.5% |
| Health support business | 1,415 | 12.9% | 107 | 7.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Fine chemical business | 45.8% | 65.8% | 20.0 | 24.1% |
| Flame retardants business | 41.3% | 28.4% | -12.9 | 11.5% |
| Health support business | 12.9% | 5.8% | -7.1 | 7.6% |

Segment → industry: Health support business → Chemicals / Flame retardants business → Chemicals / Fine chemical business → 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 | 2,147 | 19.5% | S100YGOW |
| Capital expenditure | 1,624 | 14.8% | S100YGOW |
| Free cash flow | 523 | 4.8% | 算出 |
| Investing cash flow | -1,659 | -15.1% | S100YGOW |
| Financing cash flow | 727 | 6.6% | S100YGOW |
| Dividends paid | 81 | 0.7% | S100YGOW |
| Share buyback | 0 | 0.0% | S100YGOW |
| Change in cash | 1,240 | 11.3% | S100YGOW |
| Cash and equivalents | 4,008 | 36.5% | S100YGOW |

## 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 | 2,039 | 3,721 | 3,286 | 2,767 | 4,008 | S100TJRW, S100VYLQ, S100YGOW |
| Total assets | 13,585 | 15,012 | 14,098 | 12,646 | 15,303 | S100R3ZN, S100TJRW, S100VYLQ, S100YGOW |
| Net assets | 10,293 | 11,039 | 11,249 | 10,305 | 11,301 | S100TJRW, S100VYLQ, S100YGOW |
| Share capital | 300 | 300 | 300 | 300 | 300 | S100R3ZN, S100TJRW, S100VYLQ, S100YGOW |
| Trade receivables | — | 3,032 | 2,410 | 2,100 | 1,804 | S100TJRW, S100VYLQ, S100YGOW |
| Property, plant and equipment | 2,963 | 2,488 | 2,275 | 1,748 | 3,366 | S100R3ZN, S100TJRW, S100VYLQ, S100YGOW |
| Intangible assets excluding goodwill | 231 | 205 | 178 | 143 | 116 | S100R3ZN, S100TJRW, S100VYLQ, S100YGOW |
| Investment securities | 1,657 | 1,519 | 1,465 | 1,520 | 1,809 | S100R3ZN, S100TJRW, S100VYLQ, S100YGOW |
| Current assets | 8,432 | 10,527 | 9,889 | 9,045 | 9,721 | S100R3ZN, S100TJRW, S100VYLQ, S100YGOW |
| Current liabilities | 3,199 | 3,891 | 2,697 | 2,190 | 2,891 | S100R3ZN, S100TJRW, S100VYLQ, S100YGOW |
| Short-term borrowings | 291 | 290 | — | — | — | S100R3ZN, S100TJRW |
| Long-term borrowings | — | — | — | — | 716 | S100YGOW |
| Total liabilities | 3,291 | 3,972 | 2,848 | 2,340 | 4,001 | S100R3ZN, S100TJRW, S100VYLQ, S100YGOW |
| Non-controlling interests | — | — | — | — | 0 | S100YGOW |
| Equity attributable to owners of parent | 10,113 | 10,852 | 10,863 | 9,888 | 10,624 | S100R3ZN, S100TJRW, S100VYLQ, S100YGOW |
| Retained earnings | 6,865 | 7,566 | 7,529 | 6,513 | 7,213 | S100R3ZN, S100TJRW, S100VYLQ, S100YGOW |
| Treasury stock | -517 | -474 | -426 | -377 | -327 | S100R3ZN, S100TJRW, S100VYLQ, S100YGOW |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YGOW |
| Receivables | 12% | S100YGOW |
| Property, plant and equipment | 22% | S100YGOW |
| Intangibles and goodwill | 1% | S100YGOW |
| Investment securities | 12% | S100YGOW |
| Other assets | 27% | S100YGOW |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 26% | S100YGOW |
| Equity | 74% | S100YGOW |
| Other liabilities | 0% | S100YGOW |

### 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 | 13,585 | 15,012 | 14,098 | 12,646 | 15,303 |
| Equity | 10,293 | 11,039 | 11,249 | 10,305 | 11,301 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,039 | 3,721 | 3,286 | 2,767 | 4,008 |

## 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) | 30.6% | S100YGOW |
| Fixed assets ÷ total assets | 22.0% | S100YGOW |
| Goodwill ÷ parent equity | — | —, S100YGOW |

### 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) | 26.2% |
| Cash ÷ revenue | 36.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 290.5% |
| Cash vs. profit gap | 1,366 JPY mn (of net income 174.9%) |
| Shareholder returns / net income | 10.4% |
| Shareholder returns / FCF | 15.5% |
| Shareholder payments — dividends / net income | 10.4% |
| Shareholder payments — dividends / FCF | 15.5% |
| CapEx intensity (capex ÷ revenue) | 14.8% |
| Investing CF relative to operating CF | 77.3% |

## 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 | 6.7% | 0.79× | 5.2% | 1.34× | 7.0% | S100R3ZN |
| 2023 | 6.9% | 0.83× | 5.7% | 1.36× | 7.8% | S100TJRW |
| 2024 | 0.8% | 0.67× | 0.6% | 1.34× | 0.8% | S100VYLQ |
| 2025 | — | —× | -6.7% | —× | — | S100YGOW |
| 2026 | 7.1% | 0.79× | 5.6% | 1.36× | 7.6% | S100YGOW |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東ソー株式会社 | Major shareholder | 19.7% | 2026-03-31 |
| 一般財団法人松永財団 | Major shareholder | 16.4% | 2026-03-31 |
| 杉之原 祥二 | Major shareholder | 5.7% | 2026-03-31 |
| 株式会社広島銀行 | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社合同資源 | Major shareholder | 2.5% | 2026-03-31 |
| マナック社員持株会 | Major shareholder | 1.9% | 2026-03-31 |
| 光和物産株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| スガイ化学工業株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 村田 耕也 | Major shareholder | 1.4% | 2026-03-31 |
| 中尾薬品株式会社 | Major shareholder | 1.2% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第5期(2025/04/01－2026/03/31) | S100YGOW | 2026-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGOW,, |
| 有価証券報告書－第4期(2024/04/01－2025/03/31) | S100VYLQ | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYLQ,, |
| 有価証券報告書－第3期(2023/04/01－2024/03/31) | S100TJRW | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TJRW,, |
| 有価証券報告書－第2期(2022/04/01－2023/03/31) | S100R3ZN | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3ZN,, |
| 有価証券報告書－第1期(令和3年4月1日－令和4年3月31日) | S100O90G | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O90G,, |

## 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).