# MATSUMOTO YUSHI-SEIYAKU 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88期(2025/04/01－2026/03/31) (S100YG2G)
> Page: https://vizora.meequs.com/en/company/matsumoto-yushi-seiyaku
> Retrieved: 2026-09-30T18:39:15.769Z

## Company

Matsumoto Yushi-Seiyaku, founded in 1926, is a company in Chemicals listed on TSE Standard. It has 399 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MATSUMOTO YUSHI-SEIYAKU CO.,LTD. |
| Ticker | 4365 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4365.T) |
| Listing | TSE Standard |
| Head office | 大阪府八尾市渋川町2丁目1番3号 |
| Representative (per filing) | 代表取締役社長 木村直樹 |
| Founded | Oct 1926 |
| Share capital | ¥6.09B |
| Employees (consolidated) | 399 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.mtmtys.co.jp (https://www.mtmtys.co.jp/) |
| Corporate number | 7122001020132 |
| EDINET | E00888 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100YG2G, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.9 | 96 |
| Profitability | 96.5 | 100 |
| Cash conversion | 15.1 | 96 |
| Efficiency | 1.5 | 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 94% of Matsumoto Yushi-Seiyaku's sales come from Japan, with Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed -4.8% from the prior year, operating profit -12.1%.

## Company structure

- Segment revenue mix: Japan 94.4%、Asia 5.6%
- Revenue → net income: ¥41069000000 → ¥8109000000
- Net income → operating cash flow: ¥8109000000 → ¥6658000000（difference ¥-1451000000）
- Main uses of operating cash flow: CapEx ¥381000000 / dividends ¥1133000000 / buybacks ¥2000000
- Change in cash: ¥1293000000
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 | ¥41.1B |  |
| Operating income | ¥8.16B | Margin 19.9% |
| Net income | ¥8.04B | Margin 19.6% |
| Free cash flow | ¥6.28B |  |
| Largest business | Japan | of segment revenue 94.4% |
| Employees (consolidated) | 399 |  |
| EPS | ¥2731.31 |  |
| Book value per share | ¥29724.68 |  |
| Equity ratio | 84.2% |  |
| Shares outstanding | 4,512,000 |  |
| Treasury shares | 1,611,500 |  |
| Shareholders | 569 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 32.2% | Cash ÷ revenue 83.1% |
| Vs. industry median margin | +12.3 pp | Chemicals |
| ROE | 10.3% | Derived from disclosed figures |
| ROA | 8.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 98% of positive segment profit
- FY2026, cash is 32% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29605000000 | ¥41069000000 | +38.7% |
| Operating income | ¥3945000000 | ¥8160000000 | +106.8% |
| Operating margin | 13.3% | 19.9% | +6.5 pp |
| Employees | 380 people | 399 people | +5.0% |
| Cash and equivalents | ¥40681000000 | ¥34125000000 | -16.1% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 94.4% |
| 日本 → 事業再編・廃止 | 4.0% |
| インドネシア → 事業再編・廃止 | 1.6% |
| 新設・再編 → アジア | 5.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 41,069 | 100.0% | S100YG2G |
| Cost of revenue | 28,675 | 69.8% | S100YG2G |
| Gross profit | 12,393 | 30.2% | S100YG2G |
| SG&A | 4,232 | 10.3% | S100YG2G |
| Operating income | 8,160 | 19.9% | S100YG2G |
| Ordinary income | 10,815 | 26.3% | S100YG2G |
| Pretax income | 11,442 | 27.9% | S100YG2G |
| Income tax | 3,333 | 8.1% | S100YG2G |
| Net income | 8,109 | 19.7% | S100YG2G |
| Net income attributable to owners | 8,037 | 19.6% | S100YG2G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 10 |
| Operating income | 20 |
| (Ref.) Net income | 20 |

### Margin funnel

Gross margin 30.2% → Operating margin 19.9% → Net margin 19.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.8%; Core profit growth: -12.1%
Operating leverage (core profit growth ÷ revenue growth): 2.53×
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 | 43,131 | 41,069 | -2,062 | -4.8% |
| Gross profit | 13,690 | 12,393 | -1,297 | -9.5% |
| Operating income | 9,281 | 8,160 | -1,121 | -12.1% |
| Net income attributable to owners | 6,830 | 8,037 | 1,207 | +17.7% |
| Operating cash flow | 7,767 | 6,658 | -1,109 | -14.3% |
| Free cash flow | 6,585 | 6,277 | -308 | -4.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 31,393 | 4,751 | 15.1% | 3,888 | 3,923 | 1,189 | S100LQH6 |
| FY ending Mar 2021 | 29,605 | 3,945 | 13.3% | 3,433 | 5,043 | 4,227 | S100OH46 |
| FY ending Mar 2022 | 37,248 | 5,758 | 15.5% | 5,491 | 4,335 | 3,873 | S100R62L |
| FY ending Mar 2023 | 39,627 | 7,777 | 19.6% | 7,247 | 5,419 | 4,982 | S100TRH0 |
| FY ending Mar 2024 | 41,526 | 8,758 | 21.1% | 7,504 | 7,374 | 6,310 | S100W2AK |
| FY ending Mar 2025 | 43,131 | 9,281 | 21.5% | 6,830 | 7,767 | 6,585 | S100YG2G |
| FY ending Mar 2026 | 41,069 | 8,160 | 19.9% | 8,037 | 6,658 | 6,277 | S100YG2G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥102.9M |
| Operating income per employee (consolidated) | ¥20.5M |
| Net income per employee (consolidated) | ¥20.1M |

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) | 379 | 409 | 403 | 398 | 399 |
| Average salary (parent company) | ¥6.8M | ¥6.9M | ¥7.1M | ¥7.3M | ¥7.5M |
| Average age (parent company) | 39.8 years | 40.0 years | 40.5 years | 40.7 years | 41.4 years |
| Average tenure (parent company) | 14.1 years | 13.9 years | 14.5 years | 14.8 years | 15.5 years |

Year over year: Employees (consolidated) +0.3% · Revenue (consolidated) -4.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 38,761 | 94.4% | 7,970 | 20.6% |
| Asia | 2,307 | 5.6% | 196 | 8.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 94.4% | 97.6% | 3.2 | 20.6% |
| Asia | 5.6% | 2.4% | -3.2 | 8.5% |

Segment → industry: Asia → Chemicals / Japan → 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 | 6,658 | 16.2% | S100YG2G |
| Capital expenditure | 381 | 0.9% | S100YG2G |
| Free cash flow | 6,277 | 15.3% | 算出 |
| Investing cash flow | -5,350 | -13.0% | S100YG2G |
| Financing cash flow | -1,168 | -2.8% | S100YG2G |
| Dividends paid | 1,133 | 2.8% | S100YG2G |
| Share buyback | 2 | 0.0% | S100YG2G |
| Change in cash | 1,293 | 3.1% | S100YG2G |
| Cash and equivalents | 34,125 | 83.1% | S100YG2G |

## 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 | 44,873 | 45,877 | 35,549 | 32,832 | 34,125 | S100TRH0, S100W2AK, S100YG2G |
| Total assets | 76,207 | 79,190 | 89,512 | 95,189 | 105,916 | S100R62L, S100TRH0, S100W2AK, S100YG2G |
| Net assets | 63,392 | 66,470 | 75,337 | 81,367 | 91,267 | S100TRH0, S100W2AK, S100YG2G |
| Share capital | 6,090 | 6,090 | 6,090 | 6,090 | 6,090 | S100R62L, S100TRH0, S100W2AK, S100YG2G |
| Trade receivables | 9,989 | 9,069 | 9,434 | 9,187 | 9,698 | S100R62L, S100TRH0, S100W2AK, S100YG2G |
| Property, plant and equipment | 6,153 | 7,160 | 7,852 | 7,388 | 6,710 | S100R62L, S100TRH0, S100W2AK, S100YG2G |
| Intangible assets excluding goodwill | 31 | 24 | 16 | 11 | 10 | S100R62L, S100TRH0, S100W2AK, S100YG2G |
| Investment securities | 8,838 | 9,279 | 14,233 | 20,707 | 25,464 | S100R62L, S100TRH0, S100W2AK, S100YG2G |
| Current assets | 60,276 | 61,787 | 66,438 | 66,121 | 72,714 | S100R62L, S100TRH0, S100W2AK, S100YG2G |
| Current liabilities | 11,404 | 10,922 | 11,497 | 11,018 | 10,899 | S100R62L, S100TRH0, S100W2AK, S100YG2G |
| Total liabilities | 12,814 | 12,719 | 14,175 | 13,822 | 14,649 | S100R62L, S100TRH0, S100W2AK, S100YG2G |
| Non-controlling interests | 155 | 1,776 | 1,979 | 1,963 | 2,035 | S100R62L, S100TRH0, S100W2AK, S100YG2G |
| Equity attributable to owners of parent | 61,332 | 62,646 | 69,131 | 74,892 | 81,767 | S100R62L, S100TRH0, S100W2AK, S100YG2G |
| Retained earnings | 56,049 | 62,164 | 68,653 | 74,323 | 81,200 | S100R62L, S100TRH0, S100W2AK, S100YG2G |
| Treasury stock | -7,326 | -12,126 | -12,130 | -12,133 | -12,136 | S100R62L, S100TRH0, S100W2AK, S100YG2G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 32% | S100YG2G |
| Receivables | 9% | S100YG2G |
| Property, plant and equipment | 7% | S100YG2G |
| Intangibles and goodwill | 0% | S100YG2G |
| Investment securities | 24% | S100YG2G |
| Other assets | 28% | S100YG2G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 14% | S100YG2G |
| Equity | 86% | S100YG2G |

### 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 | 76,207 | 79,190 | 89,512 | 95,189 | 105,916 |
| Equity | 63,392 | 66,470 | 75,337 | 81,367 | 91,267 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 44,873 | 45,877 | 35,549 | 32,832 | 34,125 |

## 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) | 16.3% | S100YG2G |
| Fixed assets ÷ total assets | 6.3% | S100YG2G |
| Goodwill ÷ parent equity | — | —, S100YG2G |

### 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) | 32.2% |
| Cash ÷ revenue | 83.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 81.6% |
| Cash vs. profit gap | -1,379 JPY mn (of net income -17.2%) |
| Shareholder returns / net income | 14.1% |
| Shareholder returns / FCF | 18.1% |
| Shareholder payments — dividends / net income | 14.1% |
| Shareholder payments — dividends / FCF | 18.1% |
| CapEx intensity (capex ÷ revenue) | 0.9% |
| Investing CF relative to operating CF | 80.4% |

## 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 | 14.7% | 0.49× | 7.2% | 1.24× | 9.0% | S100R62L |
| 2023 | 18.3% | 0.51× | 9.3% | 1.25× | 11.7% | S100TRH0 |
| 2024 | 18.1% | 0.49× | 8.9% | 1.28× | 11.4% | S100W2AK |
| 2025 | 15.8% | 0.47× | 7.4% | 1.28× | 9.5% | S100YG2G |
| 2026 | 19.6% | 0.41× | 8.0% | 1.28× | 10.3% | S100YG2G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 松本興産株式会社 | Major shareholder | 23.5% | 2026-03-31 |
| THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD - SINGAPORE BRANCH PRIVATE BANKING DIVISION CLIENT A/C 8221-623793（常任代理人 香港上海銀行東京支店） | Major shareholder | 11.3% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 木 村 直 樹 | Major shareholder | 4.6% | 2026-03-31 |
| 鰐 洲 みよ子 | Major shareholder | 4.3% | 2026-03-31 |
| 有限会社木村 | Major shareholder | 3.7% | 2026-03-31 |
| 株式会社ＮＫ | Major shareholder | 3.5% | 2026-03-31 |
| 木 村 芳 樹 | Major shareholder | 3.2% | 2026-03-31 |
| アイエフシー株式会社 | Major shareholder | 2.8% | 2026-03-31 |
| 株式会社日本触媒 | Major shareholder | 2.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第88期(2025/04/01－2026/03/31) | S100YG2G | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YG2G,, |
| 有価証券報告書－第87期(2024/04/01－2025/03/31) | S100W2AK | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2AK,, |
| 有価証券報告書－第86期(2023/04/01－2024/03/31) | S100TRH0 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRH0,, |
| 有価証券報告書－第85期(2022/04/01－2023/03/31) | S100R62L | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R62L,, |
| 有価証券報告書－第84期(令和3年4月1日－令和4年3月31日) | S100OH46 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH46,, |
| 有価証券報告書－第83期(令和2年4月1日－令和3年3月31日) | S100LQH6 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQH6,, |

## 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).