# MEC COMPANY LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第57期(2025/01/01－2025/12/31) (S100XRJV)
> Page: https://vizora.meequs.com/en/company/mec
> Retrieved: 2026-09-30T17:48:59.758Z

## Company

MEC Company, founded in 1969, is a company in Chemicals listed on TSE Prime. It has 508 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MEC COMPANY LTD. |
| Ticker | 4971 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4971.T) |
| Listing | TSE Prime |
| Head office | 兵庫県尼崎市杭瀬南新町3丁目4番1号 |
| Representative (per filing) | 代表取締役社長 前田 和夫 |
| Founded | May 1969 |
| Share capital | ¥594.1M |
| Employees (consolidated) | 508 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | December |
| Website | www.mec-co.com (https://www.mec-co.com/) |
| Corporate number | 6140001051626 |
| EDINET | E01054 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100XRJV, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 97.4 | 96 |
| Profitability | 99.5 | 100 |
| Cash conversion | 9.9 | 96 |
| Efficiency | 25.5 | 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 37% of MEC Company's sales come from JAPAN, with SUZHOU(CHINA) and TAIWAN making up much of the rest.
- Out of every ¥100 of sales, about ¥27 is left as operating profit.
- Revenue changed +14.9% from the prior year, operating profit +26.0%.

## Company structure

- Segment revenue mix: JAPAN 37.4%、SUZHOU(CHINA) 18.9%、TAIWAN 18.6%、ZHUHAI(CHINA) 13.3%、EUROPE 6.7%
- Revenue → net income: ¥20947752000 → ¥5028609000
- Net income → operating cash flow: ¥5028609000 → ¥3979322000（difference ¥-1049287000）
- Main uses of operating cash flow: CapEx ¥2774173000 / dividends ¥935208000 / buybacks ¥1292474000
- Change in cash: ¥-1504983000
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 | ¥20.9B |  |
| Operating income | ¥5.75B | Margin 27.4% |
| Net income | ¥5.03B | Margin 24.0% |
| Free cash flow | ¥1.21B |  |
| Largest business | JAPAN | of segment revenue 37.4% |
| Employees (consolidated) | 508 |  |
| EPS | ¥312.09 |  |
| Book value per share | ¥1299.71 |  |
| Equity ratio | 83.7% |  |
| Shares outstanding | 19,571,093 |  |
| Treasury shares | 1,182,000 |  |
| Shareholders | 8,524 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 24.0% | Cash ÷ revenue 41.8% |
| Vs. industry median margin | +19.9 pp | Chemicals |
| ROE | 20.4% | Derived from disclosed figures |
| ROA | 14.5% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.4× dividends
- FY2025, one segment accounts for 73% of positive segment profit
- FY2025, segment profit share differs by 35 points

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11956625000 | ¥20947752000 | +75.2% |
| Operating income | ¥2370271000 | ¥5748013000 | +142.5% |
| Operating margin | 19.8% | 27.4% | +7.6 pp |
| Employees | 397 people | 508 people | +28.0% |
| Cash and equivalents | ¥4471026000 | ¥8749852000 | +95.7% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 37.4% |
| 日本 → 事業再編・廃止 | 11.0% |
| 台湾 → 台湾 | 18.6% |
| 台湾 → 事業再編・廃止 | 1.8% |
| 香港 → 事業再編・廃止 | 9.5% |
| 中国 → 事業再編・廃止 | 16.8% |
| タイ → タイ | 0.3% |
| 欧州 → 欧州 | 4.6% |
| 新設・再編 → 珠海（中国） | 13.3% |
| 新設・再編 → 蘇州（中国） | 18.9% |
| 新設・再編 → タイ | 4.9% |
| 新設・再編 → 欧州 | 2.1% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| JAPAN | 5 years | +6.2% | ¥7827186000 | 55.0% | 2 |
| SUZHOU(CHINA) | — | — | ¥3953110000 | 14.3% | 2 |
| TAIWAN | 5 years | +9.8% | ¥3887138000 | 13.0% | 2 |
| ZHUHAI(CHINA) | — | — | ¥2780493000 | 11.7% | 2 |
| EUROPE | 5 years | +20.6% | ¥1393086000 | 1.4% | 2 |
| THAILAND | 5 years | +94.0% | ¥1106736000 | 18.0% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,948 | 100.0% | S100XRJV |
| Cost of revenue | 7,971 | 38.0% | S100XRJV |
| Gross profit | 12,977 | 62.0% | S100XRJV |
| SG&A | 7,229 | 34.5% | S100XRJV |
| Operating income | 5,748 | 27.4% | S100XRJV |
| Ordinary income | 6,052 | 28.9% | S100XRJV |
| Pretax income | 6,473 | 30.9% | S100XRJV |
| Income tax | 1,445 | 6.9% | S100XRJV |
| Net income | 5,029 | 24.0% | S100XRJV |
| Net income attributable to owners | 5,029 | 24.0% | S100XRJV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 38 |
| SG&A | 35 |
| Operating income | 27 |
| (Ref.) Net income | 24 |

### Margin funnel

Gross margin 62.0% → Operating margin 27.4% → Net margin 24.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +14.9%; Core profit growth: +26.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.75×
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 | 18,234 | 20,948 | 2,713 | +14.9% |
| Gross profit | 11,102 | 12,977 | 1,875 | +16.9% |
| Operating income | 4,562 | 5,748 | 1,186 | +26.0% |
| Net income attributable to owners | 2,292 | 5,029 | 2,737 | +119.4% |
| Operating cash flow | 4,200 | 3,979 | -221 | -5.3% |
| Free cash flow | 3,441 | 1,205 | -2,236 | -65.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 10,866 | 1,637 | 15.1% | 1,236 | 2,162 | 1,261 | S100KXX3 |
| FY ending Dec 2020 | 11,957 | 2,370 | 19.8% | 1,596 | 2,430 | 1,403 | S100NO3H |
| FY ending Dec 2021 | 15,038 | 3,940 | 26.2% | 2,949 | 3,014 | 2,310 | S100QJGV |
| FY ending Dec 2022 | 16,329 | 4,004 | 24.5% | 3,065 | 3,811 | 3,208 | S100T02W |
| FY ending Dec 2023 | 14,020 | 2,493 | 17.8% | 2,305 | 1,941 | 59 | S100VCYP |
| FY ending Dec 2024 | 18,234 | 4,562 | 25.0% | 2,292 | 4,200 | 3,441 | S100XRJV |
| FY ending Dec 2025 | 20,948 | 5,748 | 27.4% | 5,029 | 3,979 | 1,205 | S100XRJV |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥41.2M |
| Operating income per employee (consolidated) | ¥11.3M |
| Net income per employee (consolidated) | ¥9.9M |

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) | 413 | 438 | 454 | 480 | 508 |
| Average salary (parent company) | ¥7.6M | ¥7.8M | ¥7.5M | ¥7.5M | ¥7.8M |
| Average age (parent company) | 42.4 years | 42.6 years | 42.8 years | 42.6 years | 42.5 years |
| Average tenure (parent company) | 12.8 years | 12.7 years | 12.9 years | 12.6 years | 12.5 years |

Year over year: Employees (consolidated) +5.8% · Revenue (consolidated) +14.9%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 7,827 | 37.4% | 4,302 | 55.0% |
| TAIWAN | 3,887 | 18.6% | 507 | 13.0% |
| ZHUHAI(CHINA) | 2,780 | 13.3% | 324 | 11.7% |
| SUZHOU(CHINA) | 3,953 | 18.9% | 564 | 14.3% |
| THAILAND | 1,107 | 5.3% | 199 | 18.0% |
| EUROPE | 1,393 | 6.7% | 19 | 1.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| JAPAN | 37.4% | 72.7% | 35.4 | 55.0% |
| TAIWAN | 18.6% | 8.6% | -10.0 | 13.0% |
| ZHUHAI(CHINA) | 13.3% | 5.5% | -7.8 | 11.7% |
| SUZHOU(CHINA) | 18.9% | 9.5% | -9.3 | 14.3% |
| THAILAND | 5.3% | 3.4% | -1.9 | 18.0% |
| EUROPE | 6.7% | 0.3% | -6.3 | 1.4% |

Segment → industry: EUROPE → Chemicals / THAILAND → Chemicals / SUZHOU(CHINA) → Chemicals / ZHUHAI(CHINA) → Chemicals / TAIWAN → Chemicals / JAPAN → Chemicals

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,979 | 19.0% | S100XRJV |
| Capital expenditure | 2,774 | 13.2% | S100XRJV |
| Free cash flow | 1,205 | 5.8% | 算出 |
| Investing cash flow | -3,395 | -16.2% | S100XRJV |
| Financing cash flow | -2,253 | -10.8% | S100XRJV |
| Dividends paid | 935 | 4.5% | S100XRJV |
| Share buyback | 1,292 | 6.2% | S100XRJV |
| Change in cash | -1,505 | -7.2% | S100XRJV |
| Cash and equivalents | 8,750 | 41.8% | S100XRJV |

## 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 | 5,620 | 7,777 | 6,690 | 10,255 | 8,750 | S100T02W, S100VCYP, S100XRJV |
| Total assets | 25,305 | 27,499 | 28,665 | 33,039 | 36,425 | S100QJGV, S100T02W, S100VCYP, S100XRJV |
| Net assets | 20,929 | 23,326 | 24,777 | 26,897 | 30,472 | S100T02W, S100VCYP, S100XRJV |
| Share capital | 594 | 594 | 594 | 594 | 594 | S100QJGV, S100T02W, S100VCYP, S100XRJV |
| Trade receivables | 4,858 | 4,357 | 4,766 | 5,826 | 7,173 | S100QJGV, S100T02W, S100VCYP, S100XRJV |
| Property, plant and equipment | 8,892 | 8,960 | 9,820 | 9,854 | 11,853 | S100QJGV, S100T02W, S100VCYP, S100XRJV |
| Intangible assets excluding goodwill | 147 | 147 | 160 | 150 | 142 | S100QJGV, S100T02W, S100VCYP, S100XRJV |
| Investment securities | 1,303 | 1,258 | 1,867 | 1,628 | 2,214 | S100QJGV, S100T02W, S100VCYP, S100XRJV |
| Current assets | 13,839 | 15,987 | 15,493 | 19,659 | 20,069 | S100QJGV, S100T02W, S100VCYP, S100XRJV |
| Current liabilities | 3,791 | 3,562 | 2,872 | 4,458 | 4,629 | S100QJGV, S100T02W, S100VCYP, S100XRJV |
| Trade payables | 988 | 817 | 722 | 984 | 1,132 | S100QJGV, S100T02W, S100VCYP, S100XRJV |
| Total liabilities | 4,376 | 4,173 | 3,888 | 6,142 | 5,953 | S100QJGV, S100T02W, S100VCYP, S100XRJV |
| Equity attributable to owners of parent | 18,991 | 21,279 | 21,826 | 23,268 | 26,116 | S100QJGV, S100T02W, S100VCYP, S100XRJV |
| Retained earnings | 18,996 | 21,275 | 22,722 | 24,164 | 27,429 | S100QJGV, S100T02W, S100VCYP, S100XRJV |
| Treasury stock | -1,141 | -1,131 | -2,032 | -2,032 | -2,353 | S100QJGV, S100T02W, S100VCYP, S100XRJV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100XRJV |
| Receivables | 20% | S100XRJV |
| Property, plant and equipment | 33% | S100XRJV |
| Intangibles and goodwill | 0% | S100XRJV |
| Investment securities | 6% | S100XRJV |
| Other assets | 17% | S100XRJV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 3% | S100XRJV |
| Other liabilities | 13% | S100XRJV |
| Equity | 84% | S100XRJV |
| Other liabilities | 0% | S100XRJV |

### 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 | 25,305 | 27,499 | 28,665 | 33,039 | 36,425 |
| Equity | 20,929 | 23,326 | 24,777 | 26,897 | 30,472 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,620 | 7,777 | 6,690 | 10,255 | 8,750 |

## 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) | 56.6% | S100XRJV |
| Fixed assets ÷ total assets | 32.5% | S100XRJV |
| Goodwill ÷ parent equity | — | —, S100XRJV |

### 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) | 24.0% |
| Cash ÷ revenue | 41.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 69.2% |
| Cash vs. profit gap | -1,049 JPY mn (of net income -20.9%) |
| Shareholder returns / net income | 44.3% |
| Shareholder returns / FCF | 184.8% |
| Shareholder payments — dividends / net income | 18.6% |
| Shareholder payments — dividends / FCF | 77.6% |
| CapEx intensity (capex ÷ revenue) | 13.2% |
| Investing CF relative to operating CF | 85.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 19.6% | 0.59× | 11.7% | 1.33× | 15.5% | S100QJGV |
| 2022 | 18.8% | 0.62× | 11.6% | 1.31× | 15.2% | S100T02W |
| 2023 | 16.4% | 0.50× | 8.2% | 1.30× | 10.7% | S100VCYP |
| 2024 | 12.6% | 0.59× | 7.4% | 1.37× | 10.2% | S100XRJV |
| 2025 | 24.0% | 0.60× | 14.5% | 1.41× | 20.4% | S100XRJV |

## 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 | 10.8% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 9.6% | 2025-12-31 |
| 株式会社マエダホールディングス | Major shareholder | 6.5% | 2025-12-31 |
| 前田和夫 | Major shareholder | 4.0% | 2025-12-31 |
| GOLDMAN SACHS INTERNATIONAL (常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 3.8% | 2025-12-31 |
| メック取引先持株会 | Major shareholder | 3.0% | 2025-12-31 |
| 前田耕作 | Major shareholder | 3.0% | 2025-12-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.5% | 2025-12-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS (常任代理人 香港上海銀行東京支店) | Major shareholder | 2.4% | 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 | 1.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第57期(2025/01/01－2025/12/31) | S100XRJV | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRJV,, |
| 有価証券報告書－第56期(2024/01/01－2024/12/31) | S100VCYP | 2025-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VCYP,, |
| 有価証券報告書－第55期(2023/01/01－2023/12/31) | S100T02W | 2024-03-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T02W,, |
| 訂正有価証券報告書－第54期(2022/01/01－2022/12/31) | S100QJGV | 2023-04-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QJGV,, |
| 有価証券報告書－第53期(令和3年1月1日－令和3年12月31日) | S100NO3H | 2022-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NO3H,, |
| 有価証券報告書－第52期(令和2年1月1日－令和2年12月31日) | S100KXX3 | 2021-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KXX3,, |

## 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).