# Microwave Chemical Co., Ltd.: business model and financials

> Latest period: FY ending Mar 2025, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第19期(2025/04/01－2026/06/30) (S100Z32B)
> Page: https://vizora.meequs.com/en/company/microwave-chemical
> Retrieved: 2026-09-30T21:40:42.028Z

## Company

Microwave Chemical, founded in 2007, is a company in Plant Engineering & Building Services listed on TSE Growth. It has 49 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Microwave Chemical Co., Ltd. |
| Ticker | 9227 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/9227.T) |
| Listing | TSE Growth |
| Head office | 大阪市住之江区平林南一丁目6番1号 (同所は登記上の本店所在地であり、実際の管理業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長CEO 吉野 巌 |
| Founded | Aug 2007 |
| Share capital | ¥2.87B |
| Employees (consolidated) | 49 |
| Fiscal year end | June |
| Website | mwcc.jp (https://mwcc.jp/) |
| Corporate number | 2120901017335 |
| EDINET | E37740 |
| Industries (Vizora) | Plant Engineering & Building Services |

> Profile source: annual securities report (S100Z32B, filed 2026-09-17). As of filing

## Five-axis industry profile

Primary industry: Plant Engineering & Building Services (2025-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 74.3 | 76 |
| Cash conversion | 6.1 | 74 |
| Efficiency | 17.8 | 76 |

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)

- Microwave Chemical brought in ¥1.61B in revenue.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.61B |  |
| Operating income | ¥187.4M | Margin 11.7% |
| Net income | ¥161.5M | Margin 10.0% |
| Free cash flow | -¥195M |  |
| Employees (consolidated) | 49 |  |
| EPS | ¥10.24 |  |
| Diluted EPS | ¥9.9 |  |
| Book value per share | ¥67.12 |  |
| Equity ratio | 50.1% |  |
| Shares outstanding | 15,852,700 |  |
| Cash ratio | 23.9% | Cash ÷ revenue 31.5% |
| Vs. industry median margin | +2.6 pp | Plant Engineering & Building Services |
| ROE | 15.2% | Derived from disclosed figures |
| ROA | 7.6% | Derived from disclosed figures |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,608 | 100.0% | S100Z32B |
| Cost of revenue | 533 | 33.2% | S100Z32B |
| Gross profit | 1,075 | 66.8% | S100Z32B |
| SG&A | 888 | 55.2% | S100Z32B |
| Operating income | 187 | 11.7% | S100Z32B |
| Ordinary income | 182 | 11.3% | S100Z32B |
| Pretax income | 164 | 10.2% | S100Z32B |
| Income tax | 3 | 0.2% | S100Z32B |
| Net income | 161 | 10.0% | S100Z32B |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 33 |
| SG&A | 55 |
| Operating income | 12 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 66.8% → Operating margin 11.7% → Net margin 10.0%
Derived from reported figures (DERIVED).

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥32.8M |
| Operating income per employee (consolidated) | ¥3.8M |
| 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 Mar 2025 |
| --- | ---: |
| Employees (consolidated) | 49 |
| Average salary (parent company) | — |
| Average age (parent company) | — |
| Average tenure (parent company) | — |

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | -74 | -4.6% | S100Z32B |
| Capital expenditure | 121 | 7.6% | S100Z32B |
| Free cash flow | -195 | -12.1% | 算出 |
| Investing cash flow | -147 | -9.2% | S100Z32B |
| Financing cash flow | 198 | 12.3% | S100Z32B |
| Change in cash | -22 | -1.4% | S100Z32B |
| Cash and equivalents | 507 | 31.5% | S100Z32B |

## 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 2025 | Source |
| --- | ---: | ---: |
| Cash and equivalents | 507 | S100Z32B |
| Total assets | 2,125 | S100Z32B |
| Net assets | 1,064 | S100Z32B |
| Share capital | 2,872 | S100Z32B |
| Property, plant and equipment | 810 | S100Z32B |
| Intangible assets excluding goodwill | 22 | S100Z32B |
| Investment securities | 0 | S100Z32B |
| Current assets | 1,214 | S100Z32B |
| Current liabilities | 427 | S100Z32B |
| Long-term borrowings | 354 | S100Z32B |
| Total liabilities | 1,061 | S100Z32B |
| Equity attributable to owners of parent | 1,064 | S100Z32B |
| Retained earnings | -2,381 | S100Z32B |
| Treasury stock | -0 | S100Z32B |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100Z32B |
| Property, plant and equipment | 38% | S100Z32B |
| Intangibles and goodwill | 1% | S100Z32B |
| Other assets | 37% | S100Z32B |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100Z32B |
| Equity | 50% | S100Z32B |
| Other liabilities | 0% | S100Z32B |

## 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) | 50.4% | S100Z32B |
| Fixed assets ÷ total assets | 38.1% | S100Z32B |
| Goodwill ÷ parent equity | — | —, S100Z32B |

### 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) | 23.9% |
| Cash ÷ revenue | 31.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | -39.2% |
| Cash vs. profit gap | -235 JPY mn (of net income -145.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 7.6% |
| Investing CF relative to operating CF | — |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2025 | 10.0% | 0.76× | 7.6% | 2.00× | 15.2% | S100Z32B |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 吉野 巌 | Major shareholder | 7.9% | 2026-06-30 |
| 塚原 保徳 | Major shareholder | 6.9% | 2026-06-30 |
| 三井化学㈱ | Major shareholder | 4.9% | 2026-06-30 |
| モルガン・スタンレーMUFG証券㈱ | Major shareholder | 1.9% | 2026-06-30 |
| 大和証券㈱ | Major shareholder | 1.5% | 2026-06-30 |
| Mitsui Kinzoku－SBI Material Innovation Fund | Major shareholder | 1.3% | 2026-06-30 |
| 千島土地㈱ | Major shareholder | 1.3% | 2026-06-30 |
| 富永 道男 | Major shareholder | 0.7% | 2026-06-30 |
| 下條 智也 | Major shareholder | 0.6% | 2026-06-30 |
| 佐伯 裕昭 | Major shareholder | 0.6% | 2026-06-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第19期(2025/04/01－2026/06/30) | S100Z32B | 2026-09-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Z32B,, |

## 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).