# Mipox Corporation: 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96期(2025/04/01－2026/03/31) (S100YFK2)
> Page: https://vizora.meequs.com/en/company/mipox
> Retrieved: 2026-09-30T17:49:09.354Z

## Company

Mipox, founded in 2003, is a company in Chemicals listed on TSE Standard. It has 497 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mipox Corporation |
| Ticker | 5381 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5381.T) |
| Listing | TSE Standard |
| Head office | 栃木県鹿沼市さつき町18番地 |
| Representative (per filing) | 代表取締役社長 渡邉淳 |
| Founded | Mar 2003 |
| Share capital | ¥3.38B |
| Employees (consolidated) | 497 |
| Average salary (parent only) | ¥5.7M |
| Fiscal year end | March |
| Corporate number | 2012801002444 |
| EDINET | E01218 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100YFK2, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.2 | 96 |
| Profitability | 27.5 | 100 |
| Cash conversion | 7.8 | 96 |
| Efficiency | 52.5 | 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 Mipox's sales come from Products, with Polishing services making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +7.9% from the prior year, operating profit -38.5%.

## Company structure

- Segment revenue mix: Products 94.0%、Polishing services 6.0%
- Revenue → net income: ¥12059379000 → ¥505647000
- Net income → operating cash flow: ¥505647000 → ¥322530000（difference ¥-183117000）
- Main uses of operating cash flow: CapEx ¥605784000 / dividends ¥143635000 / buybacks ¥199989000
- Change in cash: ¥764925000
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 | ¥12.1B |  |
| Operating income | ¥579.4M | Margin 4.8% |
| Net income | ¥505.6M | Margin 4.2% |
| Free cash flow | -¥283.3M |  |
| Largest business | Products | of segment revenue 94.0% |
| Employees (consolidated) | 497 |  |
| EPS | ¥15.69 |  |
| Book value per share | ¥534.52 |  |
| Equity ratio | 49.5% |  |
| Shares outstanding | 14,451,920 |  |
| Treasury shares | 425,300 |  |
| Shareholders | 9,120 |  |
| Average salary (parent only) | ¥5.7M | Filing company only |
| Cash ratio | 17.0% | Cash ÷ revenue 25.5% |
| Vs. industry median margin | -2.7 pp | Chemicals |
| ROE | 6.2% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.4× dividends
- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7361667000 | ¥12059379000 | +63.8% |
| Operating income | ¥359352000 | ¥579407000 | +61.2% |
| Operating margin | 4.9% | 4.8% | -0.1 pp |
| Employees | 416 people | 497 people | +19.5% |
| Cash and equivalents | ¥2862715000 | ¥3079497000 | +7.6% |

### 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 |
| --- | ---: |
| 製品事業 → 製品事業 | 87.2% |
| 受託事業 → 受託事業 | 6.0% |
| 受託事業 → 事業再編・廃止 | 6.9% |
| 新設・再編 → 製品事業 | 6.9% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,059 | 100.0% | S100YFK2 |
| Cost of revenue | 7,378 | 61.2% | S100YFK2 |
| Gross profit | 4,681 | 38.8% | S100YFK2 |
| SG&A | 4,101 | 34.0% | S100YFK2 |
| Operating income | 579 | 4.8% | S100YFK2 |
| Ordinary income | 614 | 5.1% | S100YFK2 |
| Pretax income | 831 | 6.9% | S100YFK2 |
| Income tax | 325 | 2.7% | S100YFK2 |
| Net income | 506 | 4.2% | S100YFK2 |
| Net income attributable to owners | 506 | 4.2% | S100YFK2 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 34 |
| Operating income | 5 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 38.8% → Operating margin 4.8% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +7.9%; Core profit growth: -38.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -4.85×
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 | 11,172 | 12,059 | 887 | +7.9% |
| Gross profit | 4,370 | 4,681 | 311 | +7.1% |
| Operating income | 942 | 579 | -363 | -38.5% |
| Net income attributable to owners | 912 | 506 | -406 | -44.5% |
| Operating cash flow | 1,596 | 323 | -1,274 | -79.8% |
| Free cash flow | 901 | -283 | -1,185 | -131.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,339 | -171 | -2.3% | -79 | 673 | 512 | S100LVLS |
| FY ending Mar 2021 | 7,362 | 359 | 4.9% | 87 | -114 | -373 | S100OIEL |
| FY ending Mar 2022 | 10,449 | 1,467 | 14.0% | 1,550 | 1,656 | -1,672 | S100R4PD |
| FY ending Mar 2023 | 10,029 | 213 | 2.1% | 45 | -423 | -1,424 | S100TUMP |
| FY ending Mar 2024 | 9,354 | -442 | -4.7% | -409 | 452 | -175 | S100W5W0 |
| FY ending Mar 2025 | 11,172 | 942 | 8.4% | 912 | 1,596 | 901 | S100YFK2 |
| FY ending Mar 2026 | 12,059 | 579 | 4.8% | 506 | 323 | -283 | S100YFK2 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥24.3M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥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) | 466 | 438 | 448 | 476 | 497 |
| Average salary (parent company) | ¥5.5M | ¥5.1M | ¥5.2M | ¥5.4M | ¥5.7M |
| Average age (parent company) | 39.5 years | 39.3 years | 39.7 years | 39.9 years | 40.9 years |
| Average tenure (parent company) | 9.7 years | 9.0 years | 9.3 years | 8.8 years | 9.9 years |

Year over year: Employees (consolidated) +4.4% · Revenue (consolidated) +7.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Products | 11,339 | 94.0% | 928 | 8.2% |
| Polishing services | 720 | 6.0% | -348 | -48.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Products | 94.0% | 100.0% | 6.0 | 8.2% |
| Polishing services | 6.0% | — | — | -48.4% |

Loss-making segment (excluded from profit shares): Polishing services -348 JPY mn

Segment → industry: Polishing services → Chemicals / Products → 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 | 323 | 2.7% | S100YFK2 |
| Capital expenditure | 606 | 5.0% | S100YFK2 |
| Free cash flow | -283 | -2.3% | 算出 |
| Investing cash flow | -534 | -4.4% | S100YFK2 |
| Financing cash flow | 877 | 7.3% | S100YFK2 |
| Dividends paid | 144 | 1.2% | S100YFK2 |
| Share buyback | 200 | 1.7% | S100YFK2 |
| Change in cash | 765 | 6.3% | S100YFK2 |
| Cash and equivalents | 3,079 | 25.5% | S100YFK2 |

## 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 | 2,235 | 2,453 | 2,494 | 2,315 | 3,079 | S100TUMP, S100W5W0, S100YFK2 |
| Total assets | 14,607 | 16,195 | 15,977 | 15,931 | 18,069 | S100R4PD, S100TUMP, S100W5W0, S100YFK2 |
| Net assets | 8,091 | 7,998 | 7,484 | 8,463 | 8,947 | S100TUMP, S100W5W0, S100YFK2 |
| Share capital | 3,380 | 3,380 | 3,380 | 3,380 | 3,380 | S100R4PD, S100TUMP, S100W5W0, S100YFK2 |
| Property, plant and equipment | 3,350 | 6,664 | 6,596 | 6,737 | 6,841 | S100R4PD, S100TUMP, S100W5W0, S100YFK2 |
| Intangible assets excluding goodwill | 91 | 116 | 91 | 90 | 79 | S100R4PD, S100TUMP, S100W5W0, S100YFK2 |
| Goodwill | 81 | 92 | 53 | 40 | 28 | S100R4PD, S100TUMP, S100W5W0, S100YFK2 |
| Investment securities | 55 | 55 | 55 | 163 | 277 | S100R4PD, S100TUMP, S100W5W0, S100YFK2 |
| Current assets | 10,612 | 9,032 | 8,773 | 8,465 | 10,389 | S100R4PD, S100TUMP, S100W5W0, S100YFK2 |
| Current liabilities | 4,003 | 5,066 | 4,930 | 5,439 | 6,804 | S100R4PD, S100TUMP, S100W5W0, S100YFK2 |
| Trade payables | 757 | 794 | 680 | 946 | — | S100R4PD, S100TUMP, S100W5W0 |
| Short-term borrowings | 400 | 1,869 | 1,650 | 2,067 | 3,579 | S100R4PD, S100TUMP, S100W5W0, S100YFK2 |
| Long-term borrowings | 2,173 | 2,852 | 3,141 | 1,857 | 1,874 | S100R4PD, S100TUMP, S100W5W0, S100YFK2 |
| Bonds | 43 | 15 | — | — | — | S100R4PD, S100TUMP |
| Interest-bearing debt | 2,616 | 4,736 | — | — | — | 算出 |
| Total liabilities | 6,515 | 8,198 | 8,493 | 7,468 | 9,122 | S100R4PD, S100TUMP, S100W5W0, S100YFK2 |
| Equity attributable to owners of parent | 7,907 | 7,738 | 7,187 | 8,098 | 8,304 | S100R4PD, S100TUMP, S100W5W0, S100YFK2 |
| Retained earnings | 1,705 | 1,537 | 985 | 1,897 | 2,259 | S100R4PD, S100TUMP, S100W5W0, S100YFK2 |
| Treasury stock | -104 | -104 | -104 | -106 | -262 | S100R4PD, S100TUMP, S100W5W0, S100YFK2 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YFK2 |
| Property, plant and equipment | 38% | S100YFK2 |
| Intangibles and goodwill | 1% | S100YFK2 |
| Investment securities | 1% | S100YFK2 |
| Other assets | 43% | S100YFK2 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 50% | S100YFK2 |
| Equity | 50% | S100YFK2 |
| Other liabilities | 0% | S100YFK2 |

### 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 | 14,607 | 16,195 | 15,977 | 15,931 | 18,069 |
| Equity | 8,091 | 7,998 | 7,484 | 8,463 | 8,947 |
| Interest-bearing debt | 2,616 | 4,736 | — | — | — |
| Cash | 2,235 | 2,453 | 2,494 | 2,315 | 3,079 |

## 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) | 56.7% | S100YFK2 |
| Fixed assets ÷ total assets | 37.9% | S100YFK2 |
| Goodwill ÷ parent equity | 0.3% | S100YFK2 |

Goodwill over 4 years: 81 → 28 JPY; total investing cash flow: -6,268 JPY. This does not imply causation.

### 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) | 17.0% |
| Cash ÷ revenue | 25.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 55.7% |
| Cash vs. profit gap | -183 JPY mn (of net income -36.2%) |
| Shareholder returns / net income | 68.0% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 28.4% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 5.0% |
| Investing CF relative to operating CF | 165.4% |

## 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 | 14.8% | 0.72× | 10.6% | 1.85× | 19.6% | S100R4PD |
| 2023 | 0.5% | 0.65× | 0.3% | 1.97× | 0.6% | S100TUMP |
| 2024 | — | —× | -2.5% | —× | — | S100W5W0 |
| 2025 | 8.2% | 0.70× | 5.7% | 2.09× | 11.9% | S100YFK2 |
| 2026 | 4.2% | 0.71× | 3.0% | 2.07× | 6.2% | S100YFK2 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| モルガン・スタンレーＭＵＦＧ証券株式会社 | Major shareholder | 6.0% | 2026-03-31 |
| INTESA SANPAOLO SPA(EX BANCA INTESA)CLIENTS OMNIBUS ACCOUNT（常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 4.8% | 2026-03-31 |
| 渡邉 淳 | Major shareholder | 4.7% | 2026-03-31 |
| ＧＯＬＤＭＡＮ，ＳＡＣＨＳ ＆ ＣＯ．ＲＥＧ （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 4.6% | 2026-03-31 |
| ＰＥＲＳＨＩＮＧ－ＤＩＶ．ＯＦ ＤＬＪ ＳＥＣＳ．ＣＯＲＰ．（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社みずほ銀行（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 3.3% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.4% | 2026-03-31 |
| 岩崎 泰次 | Major shareholder | 2.4% | 2026-03-31 |
| ジェイマネジメント株式会社 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第96期(2025/04/01－2026/03/31) | S100YFK2 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFK2,, |
| 有価証券報告書－第95期(2024/04/01－2025/03/31) | S100W5W0 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5W0,, |
| 有価証券報告書－第94期(2023/04/01－2024/03/31) | S100TUMP | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUMP,, |
| 有価証券報告書－第93期(2022/04/01－2023/03/31) | S100R4PD | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4PD,, |
| 有価証券報告書－第92期(令和3年4月1日－令和4年3月31日) | S100OIEL | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIEL,, |
| 有価証券報告書－第91期(令和2年4月1日－令和3年3月31日) | S100LVLS | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVLS,, |

## 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).