# Mitsubishi Chemical Gloup Corporation: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2025/04/01－2026/03/31) (S100YFSR)
> Page: https://vizora.meequs.com/en/company/mitsubishi-chemical-gloup
> Retrieved: 2026-09-30T21:14:33.705Z

## Company

Mitsubishi Chemical Gloup, founded in 2005, is a company in Chemicals listed on TSE Prime. It has 56,678 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mitsubishi Chemical Group Corporation |
| Ticker | 4188 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4188.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内一丁目1番1号 |
| Representative (per filing) | 執行役社長 筑本学 |
| Founded | Apr 2005 |
| Share capital | ¥50B |
| Employees (consolidated) | 56,678 |
| Average salary (parent only) | ¥11.9M |
| Fiscal year end | March |
| Website | www.mcgc.com (https://www.mcgc.com/) |
| Corporate number | 8010401059206 |
| EDINET | E00808 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100YFSR, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 20.3 | 96 |
| Profitability | 5.5 | 100 |
| Cash conversion | 99.5 | 96 |
| Efficiency | 29.5 | 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 Mitsubishi Chemical Gloup's sales come from Industrial gases, with Specialty Materials and Basic Materials and Polymers making up much of the rest.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed -6.2% from the prior year, operating profit -78.8%.

## Company structure

- Segment revenue mix: Industrial gases 36.5%、Specialty Materials 28.6%、Basic Materials and Polymers 21.3%、MMA and Derivatives 9.5%、Other 4.0%
- Revenue → net income: ¥3703988000000 → ¥78425000000
- Net income → operating cash flow: ¥78425000000 → ¥436287000000（difference ¥357862000000）
- Main uses of operating cash flow: CapEx ¥292133000000 / dividends ¥44508000000 / buybacks —
- Change in cash: ¥203907000000
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 | ¥3.7T |  |
| Operating income | ¥30.1B | Margin 0.8% |
| Net income | ¥11.8B | Margin 0.3% |
| Free cash flow | ¥144.2B |  |
| Largest business | Industrial gases | of segment revenue 36.5% |
| Employees (consolidated) | 56,678 |  |
| EPS | ¥8.63 |  |
| Diluted EPS | ¥8.63 |  |
| Book value per share | ¥521.42 |  |
| Equity ratio | 30.0% | Derived from disclosed figures |
| Shares outstanding | 1,441,467,000 |  |
| Treasury shares | 81,431,900 |  |
| Shareholders | 286,275 |  |
| Average salary (parent only) | ¥11.9M | Filing company only |
| Cash ratio | 9.0% | Cash ÷ revenue 14.2% |
| Vs. industry median margin | -6.7 pp | Chemicals |
| ROE | 0.7% | Derived from disclosed figures |
| ROA | 0.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 36.9× net income
- FY2026, one segment accounts for 81% of positive segment profit
- FY2026, segment profit share differs by 45 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3257535000000 | ¥3703988000000 | +13.7% |
| Operating income | ¥47518000000 | ¥30078000000 | -36.7% |
| Operating margin | 1.5% | 0.8% | -0.6 pp |
| Employees | 69,607 people | 56,678 people | -18.6% |
| Cash and equivalents | ¥349577000000 | ¥527104000000 | +50.8% |

### 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 |
| --- | ---: |
| 機能商品 → 事業再編・廃止 | 30.5% |
| ケミカルズ → 事業再編・廃止 | 27.4% |
| ヘルスケア → 事業再編・廃止 | 12.0% |
| 産業ガス → 産業ガス | 24.9% |
| その他 → その他 | 4.0% |
| その他 → 事業再編・廃止 | 1.2% |
| 新設・再編 → スペシャリティマテリアルズ | 28.6% |
| 新設・再編 → ＭＭＡ＆デリバティブズ | 9.5% |
| 新設・再編 → ベーシックマテリアルズ＆ポリマーズ | 21.3% |
| 新設・再編 → 産業ガス | 11.6% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industrial gases | 5 years | +10.7% | ¥1352498000000 | 14.8% | 2 |
| Specialty Materials | 3 years | -4.9% | ¥1059646000000 | 3.0% | 2 |
| Basic Materials and Polymers | 2 years | -15.5% | ¥790684000000 | -0.5% | 2 |
| MMA and Derivatives | 2 years | +0.6% | ¥351931000000 | -0.4% | 2 |
| Other | 5 years | -2.5% | ¥149229000000 | 9.0% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,703,988 | 100.0% | S100YFSR |
| Cost of revenue | 2,632,886 | 71.1% | S100YFSR |
| Gross profit | 1,071,102 | 28.9% | S100YFSR |
| SG&A | 813,877 | 22.0% | S100YFSR |
| Operating income | 30,078 | 0.8% | S100YFSR |
| Pretax income | 711 | 0.0% | S100YFSR |
| Income tax | 17,066 | 0.5% | S100YFSR |
| Net income | 78,425 | 2.1% | S100YFSR |
| Net income attributable to owners | 11,829 | 0.3% | S100YFSR |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 22 |
| Other operating | 6 |
| Operating income | 1 |
| (Ref.) Net income | 0 |

### Margin funnel

Gross margin 28.9% → Operating margin 0.8% → Net margin 0.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -6.2%; Core profit growth: -78.8%
Operating leverage (core profit growth ÷ revenue growth): 12.76×
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 | 3,947,566 | 3,703,988 | -243,578 | -6.2% |
| Gross profit | 1,039,317 | 1,071,102 | 31,785 | +3.1% |
| Operating income | 141,550 | 30,078 | -111,472 | -78.8% |
| Net income attributable to owners | 45,020 | 11,829 | -33,191 | -73.7% |
| Operating cash flow | 552,847 | 436,287 | -116,560 | -21.1% |
| Free cash flow | 227,875 | 144,154 | -83,721 | -36.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 3,376,057 | — | — | 156,259 | 396,643 | — | S100LP98 |
| FY ending Mar 2018 | 3,724,406 | — | — | 211,788 | 397,940 | — | S100OG52 |
| FY ending Mar 2019 | 3,840,341 | — | — | 169,530 | 415,575 | — | S100SN75 |
| FY ending Mar 2020 | 3,580,510 | 144,285 | 4.0% | 54,077 | 452,003 | 215,924 | S100LP98 |
| FY ending Mar 2021 | 3,257,535 | 47,518 | 1.5% | -7,557 | 467,133 | 210,117 | S100OG52 |
| FY ending Mar 2022 | 3,976,948 | 303,194 | 7.6% | 177,162 | 346,871 | 89,206 | S100SN75 |
| FY ending Mar 2023 | 4,634,532 | 182,718 | 3.9% | 96,461 | 355,189 | 74,194 | S100TRLF |
| FY ending Mar 2024 | 4,387,218 | 261,831 | 6.0% | 119,596 | 465,146 | 190,674 | S100WZVZ |
| FY ending Mar 2025 | 3,947,566 | 141,550 | 3.6% | 45,020 | 552,847 | 227,875 | S100YFSR |
| FY ending Mar 2026 | 3,703,988 | 30,078 | 0.8% | 11,829 | 436,287 | 144,154 | S100YFSR |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥65.4M |
| Operating income per employee (consolidated) | ¥530.7K |
| Net income per employee (consolidated) | ¥208.7K |

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) | 69,784 | 68,639 | 66,358 | 63,258 | 56,678 |
| Average salary (parent company) | ¥9.5M | ¥10.5M | ¥9.7M | ¥10.6M | ¥11.9M |
| Average age (parent company) | 46.3 years | 46.5 years | 46.2 years | 47.6 years | 50.2 years |
| Average tenure (parent company) | 18.5 years | 19.0 years | 18.4 years | 19.3 years | 24.3 years |

Year over year: Employees (consolidated) -10.4% · Revenue (consolidated) -6.2%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Specialty Materials | 1,059,646 | 28.6% | 32,309 | 3.0% |
| MMA and Derivatives | 351,931 | 9.5% | -1,538 | -0.4% |
| Basic Materials and Polymers | 790,684 | 21.3% | -4,159 | -0.5% |
| Industrial gases | 1,352,498 | 36.5% | 200,706 | 14.8% |
| Other | 149,229 | 4.0% | 13,505 | 9.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Specialty Materials | 28.6% | 13.1% | -15.5 | 3.0% |
| MMA and Derivatives | 9.5% | — | — | -0.4% |
| Basic Materials and Polymers | 21.3% | — | — | -0.5% |
| Industrial gases | 36.5% | 81.4% | 44.9 | 14.8% |
| Other | 4.0% | 5.5% | 1.4 | 9.0% |

Loss-making segment (excluded from profit shares): MMA and Derivatives -1,538 JPY mn

Loss-making segment (excluded from profit shares): Basic Materials and Polymers -4,159 JPY mn

Segment → industry: Industrial gases → Chemicals / Basic Materials and Polymers → Chemicals / MMA and Derivatives → Chemicals / Specialty Materials → Chemicals

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 436,287 | 11.8% | S100YFSR |
| Capital expenditure | 292,133 | 7.9% | S100YFSR |
| Free cash flow | 144,154 | 3.9% | 算出 |
| Investing cash flow | 124,470 | 3.4% | S100YFSR |
| Financing cash flow | -375,207 | -10.1% | S100YFSR |
| Dividends paid | 44,508 | 1.2% | S100YFSR |
| Change in cash | 203,907 | 5.5% | S100YFSR |
| Cash and equivalents | 527,104 | 14.2% | S100YFSR |

## 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 | 245,789 | 297,224 | 294,924 | 326,144 | 527,104 | S100TRLF, S100WZVZ, S100YFSR |
| Total assets | 5,573,871 | 5,774,348 | 6,104,513 | 5,894,619 | 5,876,609 | S100SN75, S100TRLF, S100WZVZ, S100YFSR |
| Net assets | 1,844,319 | 1,988,469 | 2,275,495 | 2,284,569 | 2,414,680 | S100TRLF, S100WZVZ, S100YFSR |
| Share capital | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | S100SN75, S100TRLF, S100WZVZ, S100YFSR |
| Property, plant and equipment | 1,899,695 | 1,907,898 | 2,043,330 | 2,004,447 | 2,096,630 | S100SN75, S100TRLF, S100WZVZ, S100YFSR |
| Goodwill | 705,412 | 727,655 | 832,899 | 827,604 | 891,032 | S100SN75, S100TRLF, S100WZVZ, S100YFSR |
| Current assets | 1,986,116 | 2,149,618 | 2,191,636 | 2,061,560 | 2,095,247 | S100SN75, S100TRLF, S100WZVZ, S100YFSR |
| Total liabilities | 3,729,552 | 3,785,879 | 3,829,018 | 3,610,050 | 3,461,929 | S100SN75, S100TRLF, S100WZVZ, S100YFSR |
| Equity attributable to owners of parent | 1,458,077 | 1,564,698 | 1,763,447 | 1,740,570 | 1,761,675 | S100SN75, S100TRLF, S100WZVZ, S100YFSR |
| Retained earnings | 1,213,677 | 1,270,577 | 1,355,131 | 1,363,689 | 1,339,150 | S100SN75, S100TRLF, S100WZVZ, S100YFSR |
| Treasury stock | -62,870 | -62,231 | -61,857 | -61,458 | -67,538 | S100SN75, S100TRLF, S100WZVZ, S100YFSR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YFSR |
| Property, plant and equipment | 36% | S100YFSR |
| Intangibles and goodwill | 15% | — |
| Other assets | 40% | S100YFSR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 59% | S100YFSR |
| Equity | 41% | S100YFSR |

### 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 | 5,573,871 | 5,774,348 | 6,104,513 | 5,894,619 | 5,876,609 |
| Equity | 1,844,319 | 1,988,469 | 2,275,495 | 2,284,569 | 2,414,680 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 245,789 | 297,224 | 294,924 | 326,144 | 527,104 |

## 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% | S100YFSR |
| Fixed assets ÷ total assets | 35.7% | S100YFSR |
| Goodwill ÷ parent equity | 50.6% | S100YFSR |

Goodwill over 4 years: 705,412 → 891,032 JPY; total investing cash flow: -773,464 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) | 9.0% |
| Cash ÷ revenue | 14.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 1450.5% |
| Cash vs. profit gap | 424,458 JPY mn (of net income 3588.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 376.3% |
| Shareholder payments — dividends / FCF | 30.9% |
| CapEx intensity (capex ÷ revenue) | 7.9% |
| Investing CF relative to operating CF | 28.5% |

## 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 | 4.5% | 0.71× | 3.2% | 3.82× | 12.2% | S100SN75 |
| 2023 | 2.1% | 0.82× | 1.7% | 3.75× | 6.4% | S100TRLF |
| 2024 | 2.7% | 0.74× | 2.0% | 3.57× | 7.2% | S100WZVZ |
| 2025 | 1.1% | 0.66× | 0.8% | 3.42× | 2.6% | S100YFSR |
| 2026 | 0.3% | 0.63× | 0.2% | 3.36× | 0.7% | S100YFSR |

## 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 | 15.6% | 2026-03-31 |
| 株式会社日本カストディ銀行信託口 | Major shareholder | 5.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人）株式会社みずほ銀行決済営業部 | Major shareholder | 5.0% | 2026-03-31 |
| 明治安田生命保険相互会社（常任代理人）株式会社日本カストディ銀行 | Major shareholder | 4.7% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人）日本マスタートラスト信託銀行株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| THE CHASE MANHATTAN BANK, N. A. LONDONSECS LENDING OMINIBUS ACCOUNT(常任代理人）株式会社みずほ銀行決済営業部 | Major shareholder | 2.5% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| JP MORGAN CHASE BANK 385642（常任代理人）株式会社みずほ銀行決済営業部 | Major shareholder | 1.9% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781（常任代理人）株式会社みずほ銀行決済営業部 | Major shareholder | 1.5% | 2026-03-31 |
| 野村信託銀行株式会社投信口 | Major shareholder | 1.5% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 fell -6.2%, from ¥3.95T to ¥3.7T.
- Gross profit rose +3.1%, yet operating income dropped -78.8% to ¥30.1B and net income attributable to owners fell -73.7% to ¥11.8B.
- The main hit was not weaker day-to-day business but write-downs on plant assets, which were booked in operating costs.
- Operating cash flow also declined -21.1% to ¥436.3B.

### Drivers

- Lower market prices for MMA monomer pushed the MMA and Derivatives segment into a loss
- The company wrote down Soarnol-related assets in the UK and its ethylene oxide and ethylene glycol plants
- Industrial gases grew profit through pricing and cost cuts, and Specialty Materials gained from higher semiconductor-related prices and volumes

### Risks

- Some raw material and fuel prices have spiked amid Middle East tensions, clouding the outlook
- If naphtha or fuel prices move sharply and product prices lag behind, margins could shrink
- Weak demand or new capacity from competitors could leave plants earning less than their investment requires

Cited: Annual securities report (FY ending Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YFSR | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFSR,, |
| 訂正有価証券報告書－第20期(2024/04/01－2025/03/31) | S100WZVZ | 2025-11-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WZVZ,, |
| 有価証券報告書－第19期(2023/04/01－2024/03/31) | S100TRLF | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRLF,, |
| 訂正有価証券報告書－第18期(2022/04/01－2023/03/31) | S100SN75 | 2024-01-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SN75,, |
| 有価証券報告書－第17期(令和3年4月1日－令和4年3月31日) | S100OG52 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG52,, |
| 有価証券報告書－第16期(令和2年4月1日－令和3年3月31日) | S100LP98 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP98,, |

## 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).