# MITSUBISHI GAS CHEMICAL COMPANY,INC.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第99期(2025/04/01－2026/03/31) (S100YOVV)
> Page: https://vizora.meequs.com/en/company/mitsubishi-gas-chemical
> Retrieved: 2026-09-30T17:55:17.336Z

## Company

Mitsubishi GAS Chemical Company, founded in 1951, is a company in Chemicals listed on TSE Prime. It has 8,319 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MITSUBISHI GAS CHEMICAL COMPANY,INC. |
| Ticker | 4182 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4182.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内二丁目5番2号 |
| Representative (per filing) | 代表取締役社長 伊佐早 禎則 |
| Founded | Apr 1951 |
| Share capital | ¥42B |
| Employees (consolidated) | 8,319 |
| Average salary (parent only) | ¥9.1M |
| Fiscal year end | March |
| Website | www.mgc.co.jp (https://www.mgc.co.jp/) |
| Corporate number | 9010001008768 |
| EDINET | E00815 |
| Industries (Vizora) | Chemicals, Semiconductor Materials |

> Profile source: annual securities report (S100YOVV, filed 2026-07-10). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10.9 | 23 |
| Profitability | 22.9 | 24 |
| Cash conversion | 77.1 | 24 |
| Efficiency | 60.4 | 24 |
| Financial strength | 10 | 5 |

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 61% of Mitsubishi GAS Chemical Company's sales come from Specialty Chemicals Business Sector, with Green Energy and Chemicals Business Sector and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed -4.6% from the prior year, operating profit -10.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥738.2B |  |
| Operating income | ¥45.3B | Margin 6.1% |
| Net income | -¥40.3B | Margin -5.5% |
| Free cash flow | -¥2B |  |
| Largest business | Specialty Chemicals Business Sector | of segment revenue 60.7% |
| Employees (consolidated) | 8,319 |  |
| EPS | ¥-241.77 |  |
| Book value per share | ¥1464.56 |  |
| Equity ratio | 58.1% |  |
| Shares outstanding | 211,686,000 |  |
| Treasury shares | 17,018,600 |  |
| Shareholders | 32,369 |  |
| Average salary (parent only) | ¥9.1M | Filing company only |
| Cash ratio | 5.3% | Net cash -¥162.6B · Cash ÷ revenue 8.0% |
| Vs. industry median margin | -1.4 pp | Chemicals |
| ROA | -3.6% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥595718000000 | ¥738243000000 | +23.9% |
| Operating income | ¥44510000000 | ¥45293000000 | +1.8% |
| Operating margin | 7.5% | 6.1% | -1.3 pp |
| Employees | 8,998 people | 8,319 people | -7.5% |
| Cash and equivalents | ¥91075000000 | ¥59096000000 | -35.1% |

### 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 |
| --- | ---: |
| 基礎化学品事業部門 → 事業再編・廃止 | 55.1% |
| 機能化学品事業部門 → 機能化学品事業部門 | 44.9% |
| その他 → その他 | 0.1% |
| 新設・再編 → グリーン・エネルギー＆ケミカル事業部門 | 37.6% |
| 新設・再編 → 機能化学品事業部門 | 15.8% |
| 新設・再編 → その他 | 1.6% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Specialty Chemicals Business Sector | 5 years | +10.9% | ¥447999000000 | 11.0% | 2 |
| Green Energy and Chemicals Business Sector | 2 years | -17.1% | ¥277904000000 | 1.4% | 2 |
| Other | 5 years | +105.1% | ¥12339000000 | 10.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 738,243 | 100.0% | S100YOVV |
| Cost of revenue | 576,881 | 78.1% | S100YOVV |
| Gross profit | 161,362 | 21.9% | S100YOVV |
| SG&A | 116,068 | 15.7% | S100YOVV |
| Operating income | 45,293 | 6.1% | S100YOVV |
| Ordinary income | 51,947 | 7.0% | S100YOVV |
| Pretax income | -16,065 | -2.2% | S100YOVV |
| Income tax | 18,076 | 2.4% | S100YOVV |
| Net income | -34,142 | -4.6% | S100YOVV |
| Net income attributable to owners | -40,318 | -5.5% | S100YOVV |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 16 |
| Operating income | 6 |
| (Ref.) Net income | -5 |

### Margin funnel

Gross margin 21.9% → Operating margin 6.1% → Net margin -5.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.6%; Core profit growth: -10.9%
Operating leverage (core profit growth ÷ revenue growth): 2.39×
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 | 773,591 | 738,243 | -35,348 | -4.6% |
| Gross profit | 164,293 | 161,362 | -2,931 | -1.8% |
| Operating income | 50,851 | 45,293 | -5,558 | -10.9% |
| Net income attributable to owners | 45,544 | -40,318 | -85,862 | -188.5% |
| Operating cash flow | 75,440 | 74,726 | -714 | -0.9% |
| Free cash flow | -9,926 | -2,005 | 7,921 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 613,344 | 34,260 | 5.6% | 21,158 | 74,234 | 30,781 | S100LOLI |
| FY ending Mar 2021 | 595,718 | 44,510 | 7.5% | 36,070 | 55,464 | 17,230 | S100OJ2C |
| FY ending Mar 2022 | 705,656 | 55,360 | 7.8% | 48,295 | 52,090 | -4,257 | S100RT8B |
| FY ending Mar 2023 | 781,211 | 49,030 | 6.3% | 49,085 | 55,222 | -7,499 | S100TQ00 |
| FY ending Mar 2024 | 813,417 | 47,337 | 5.8% | 38,818 | 73,473 | -7,342 | S100W13H |
| FY ending Mar 2025 | 773,591 | 50,851 | 6.6% | 45,544 | 75,440 | -9,926 | S100YOVV |
| FY ending Mar 2026 | 738,243 | 45,293 | 6.1% | -40,318 | 74,726 | -2,005 | S100YOVV |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥88.7M |
| Operating income per employee (consolidated) | ¥5.4M |
| Net income per employee (consolidated) | -¥4.8M |

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) | 9,888 | 10,050 | 7,918 | 8,146 | 8,319 |
| Average salary (parent company) | ¥8.7M | ¥8.8M | ¥8.8M | ¥8.8M | ¥9.1M |
| Average age (parent company) | 40.9 years | 40.9 years | 40.9 years | 40.1 years | 41.0 years |
| Average tenure (parent company) | 17.8 years | 17.7 years | 17.5 years | 17.4 years | 17.5 years |

Year over year: Employees (consolidated) +2.1% · Revenue (consolidated) -4.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Green Energy and Chemicals Business Sector | 277,904 | 37.6% | 3,857 | 1.4% |
| Specialty Chemicals Business Sector | 447,999 | 60.7% | 49,118 | 11.0% |
| Other | 12,339 | 1.7% | 1,324 | 10.7% |

### 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 |
| --- | ---: |
| Green Energy and Chemicals Business Sector | 37.6% |
| Specialty Chemicals Business Sector | 60.7% |
| Other | 1.7% |

Segment → industry: Specialty Chemicals Business Sector → Chemicals / Green Energy and Chemicals Business Sector → Chemicals / Specialty Chemicals Business Sector → Semiconductor Materials

## 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 | 74,726 | 10.1% | S100YOVV |
| Capital expenditure | 76,731 | 10.4% | S100YOVV |
| Free cash flow | -2,005 | -0.3% | 算出 |
| Investing cash flow | -61,311 | -8.3% | S100YOVV |
| Financing cash flow | -14,364 | -1.9% | S100YOVV |
| Dividends paid | 19,472 | 2.6% | S100YOVV |
| Share buyback | 7 | 0.0% | S100YOVV |
| Change in cash | 2,110 | 0.3% | S100YOVV |
| Cash and equivalents | 59,096 | 8.0% | S100YOVV |

## 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 | 92,257 | 101,185 | 65,397 | 56,985 | 59,096 | S100TQ00, S100W13H, S100YOVV |
| Total assets | 928,651 | 1,029,317 | 1,068,010 | 1,119,688 | 1,113,040 | S100RT8B, S100TQ00, S100W13H, S100YOVV |
| Net assets | 630,887 | 671,249 | 684,832 | 697,375 | 679,550 | S100TQ00, S100W13H, S100YOVV |
| Share capital | 41,970 | 41,970 | 41,970 | 41,970 | 41,970 | S100RT8B, S100TQ00, S100W13H, S100YOVV |
| Property, plant and equipment | 276,384 | 313,767 | 314,624 | 366,560 | 334,344 | S100RT8B, S100TQ00, S100W13H, S100YOVV |
| Intangible assets excluding goodwill | 11,290 | 11,980 | 24,871 | 24,995 | 23,545 | S100RT8B, S100TQ00, S100W13H, S100YOVV |
| Goodwill | 4,811 | 4,425 | 16,868 | 15,310 | 13,751 | S100RT8B, S100TQ00, S100W13H, S100YOVV |
| Investment securities | 171,446 | 200,101 | 236,354 | 233,519 | 254,005 | S100RT8B, S100TQ00, S100W13H, S100YOVV |
| Current assets | 452,210 | 483,249 | 463,148 | 460,268 | 450,491 | S100RT8B, S100TQ00, S100W13H, S100YOVV |
| Current liabilities | 198,969 | 220,442 | 241,480 | 274,929 | 229,824 | S100RT8B, S100TQ00, S100W13H, S100YOVV |
| Trade payables | 92,387 | 88,342 | 109,013 | 103,087 | 91,975 | S100RT8B, S100TQ00, S100W13H, S100YOVV |
| Short-term borrowings | 38,925 | 47,913 | 51,818 | 75,617 | 64,240 | S100RT8B, S100TQ00, S100W13H, S100YOVV |
| Long-term borrowings | 46,621 | 74,680 | 69,671 | 79,441 | 102,439 | S100RT8B, S100TQ00, S100W13H, S100YOVV |
| Bonds | 20,000 | 20,000 | 30,000 | 35,000 | 55,000 | S100RT8B, S100TQ00, S100W13H, S100YOVV |
| Interest-bearing debt | 105,546 | 142,593 | 151,489 | 190,058 | 221,679 | 算出 |
| Total liabilities | 297,763 | 358,068 | 383,177 | 422,312 | 433,490 | S100RT8B, S100TQ00, S100W13H, S100YOVV |
| Non-controlling interests | 62,121 | 63,636 | 27,087 | 29,153 | 33,132 | S100RT8B, S100TQ00, S100W13H, S100YOVV |
| Equity attributable to owners of parent | 547,239 | 573,852 | 587,627 | 600,792 | 541,268 | S100RT8B, S100TQ00, S100W13H, S100YOVV |
| Retained earnings | 492,455 | 521,426 | 536,232 | 554,224 | 494,433 | S100RT8B, S100TQ00, S100W13H, S100YOVV |
| Treasury stock | -21,525 | -23,838 | -26,127 | -30,956 | -30,899 | S100RT8B, S100TQ00, S100W13H, S100YOVV |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YOVV |
| Property, plant and equipment | 30% | S100YOVV |
| Intangibles and goodwill | 3% | S100YOVV |
| Investment securities | 23% | S100YOVV |
| Other assets | 39% | S100YOVV |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YOVV |
| Interest-bearing debt | 20% | 算出 |
| Other liabilities | 11% | S100YOVV |
| Equity | 61% | S100YOVV |

### 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 | 928,651 | 1,029,317 | 1,068,010 | 1,119,688 | 1,113,040 |
| Equity | 630,887 | 671,249 | 684,832 | 697,375 | 679,550 |
| Interest-bearing debt | 105,546 | 142,593 | 151,489 | 190,058 | 221,679 |
| Cash | 92,257 | 101,185 | 65,397 | 56,985 | 59,096 |

## 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) | 45.3% | S100YOVV |
| Fixed assets ÷ total assets | 30.0% | S100YOVV |
| Goodwill ÷ parent equity | 2.5% | S100YOVV |

Goodwill over 4 years: 4,811 → 13,751 JPY; total investing cash flow: -357,502 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) | 5.3% |
| Cash ÷ revenue | 8.0% |
| Net cash (cash − interest-bearing debt) | -¥162.6B |
| Net debt ÷ operating cash flow | 2.18× |
| Cash conversion (operating CF ÷ operating income) | 165.0% |
| Cash vs. profit gap | 115,044 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.4% |
| Investing CF relative to operating CF | 82.0% |

## 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 | 6.8% | 0.76× | 5.2% | 1.70× | 8.8% | S100RT8B |
| 2023 | 6.3% | 0.80× | 5.0% | 1.75× | 8.8% | S100TQ00 |
| 2024 | 4.8% | 0.78× | 3.7% | 1.81× | 6.7% | S100W13H |
| 2025 | 5.9% | 0.71× | 4.2% | 1.84× | 7.7% | S100YOVV |
| 2026 | — | —× | -3.6% | —× | — | S100YOVV |

## 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 | 11.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.6% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 4.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行） | Major shareholder | 3.4% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 3.0% | 2026-03-31 |
| 全国共済農業協同組合連合会 | Major shareholder | 3.0% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 2.6% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.8% | 2026-03-31 |
| モルガン・スタンレーMUFG証券株式会社 | Major shareholder | 1.6% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥738.2B, down -4.6% from ¥773.6B the year before.
- Operating income fell -10.9% to ¥45.3B.
- Net income attributable to owners went from ¥45.5B to a loss of -¥40.3B.
- Operating cash flow held at ¥74.7B, close to the prior year.

### Drivers

- Electronic materials sold well, but lower market prices for engineering plastics and methanol, plus the exit from the ortho-xylene chain, pulled sales down
- Tougher competition in metaxylenediamine and higher fixed costs from added capacity at the Taiwan chip-chemical plant cut operating income
- Impairment losses on plants, including the metaxylenediamine unit in the Netherlands and the chemical maker in Taiwan, led to the net loss

### Risks

- The company notes that commodity products tend to see lower volumes and prices when the economy weakens
- Products for advanced chips face fast technology change, so older products can lose sales
- Tension in the Middle East and US tariff measures make the economic outlook hard to read

Cited: Amended Annual Securities Report (99th term) (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); Amended Annual Securities Report (99th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第99期(2025/04/01－2026/03/31) | S100YOVV | 2026-07-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YOVV,, |
| 有価証券報告書－第98期(2024/04/01－2025/03/31) | S100W13H | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W13H,, |
| 有価証券報告書－第97期(2023/04/01－2024/03/31) | S100TQ00 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ00,, |
| 訂正有価証券報告書－第96期(2022/04/01－2023/03/31) | S100RT8B | 2023-09-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RT8B,, |
| 有価証券報告書－第95期(令和3年4月1日－令和4年3月31日) | S100OJ2C | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ2C,, |
| 有価証券報告書－第94期(令和2年4月1日－令和3年3月31日) | S100LOLI | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOLI,, |

## 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).