# Mitsui Chemicals, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第29期(2025/04/01－2026/03/31) (S100YGUI)
> Page: https://vizora.meequs.com/en/company/mitsui-chemicals
> Retrieved: 2026-09-30T19:51:25.624Z

## Company

Mitsui Chemicals, founded in 1955, is a company in Chemicals listed on TSE Prime. It has 16,967 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Mitsui Chemicals, Inc. |
| Ticker | 4183 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4183.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区八重洲二丁目2番1号 |
| Representative (per filing) | 代表取締役社長 市村 聡 |
| Founded | Jul 1955 |
| Share capital | ¥125.7B |
| Employees (consolidated) | 16,967 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | March |
| Website | jp.mitsuichemicals.com (https://jp.mitsuichemicals.com/) |
| Corporate number | 4010401052081 |
| EDINET | E00840 |
| Industries (Vizora) | Chemicals, Medical Devices, Semiconductor Materials |

> Profile source: annual securities report (S100YGUI, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 56.8 | 96 |
| Profitability | 23.5 | 100 |
| Cash conversion | 85.9 | 96 |
| Efficiency | 67.5 | 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 36% of Mitsui Chemicals's sales come from Basic Green Materials, with Mobility Solutions and ICT Solutions making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -7.8% from the prior year, operating profit -5.8%.

## Company structure

- Segment revenue mix: Basic Green Materials 36.0%、Mobility Solutions 30.9%、ICT Solutions 16.7%、Life Healthcare Solutions 15.5%、Other 0.9%
- Revenue → net income: ¥1668754000000 → ¥46910000000
- Net income → operating cash flow: ¥46910000000 → ¥212988000000（difference ¥166078000000）
- Main uses of operating cash flow: CapEx ¥137759000000 / dividends ¥28171000000 / buybacks ¥17295000000
- Change in cash: ¥12498000000
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 | ¥1.67T |  |
| Operating income | ¥73.8B | Margin 4.4% |
| Net income | ¥34.4B | Margin 2.1% |
| Free cash flow | ¥75.2B |  |
| Largest business | Basic Green Materials | of segment revenue 36.0% |
| Employees (consolidated) | 16,967 |  |
| EPS | ¥91.62 |  |
| Book value per share | ¥1021.77 |  |
| Equity ratio | 40.2% | Derived from disclosed figures |
| Shares outstanding | 401,687,630 |  |
| Treasury shares | 33,588,300 |  |
| Shareholders | 74,549 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 8.5% | Cash ÷ revenue 11.0% |
| Vs. industry median margin | -3.1 pp | Chemicals |
| ROE | 4.0% | Derived from disclosed figures |
| ROA | 1.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 6.2× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1211725000000 | ¥1668754000000 | +37.7% |
| Operating income | ¥78074000000 | ¥73809000000 | -5.5% |
| Operating margin | 6.4% | 4.4% | -2 pp |
| Employees | 18,051 people | 16,967 people | -6.0% |
| Cash and equivalents | ¥195987000000 | ¥183113000000 | -6.6% |

### 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 |
| --- | ---: |
| モビリティ → 事業再編・廃止 | 26.0% |
| ヘルスケア → 事業再編・廃止 | 11.9% |
| フード＆パッケージング → 事業再編・廃止 | 16.3% |
| 基盤素材 → 事業再編・廃止 | 44.7% |
| その他 → その他 | 0.9% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → ライフ＆ヘルスケア・ソリューション | 15.5% |
| 新設・再編 → モビリティソリューション | 30.9% |
| 新設・再編 → ICTソリューション | 16.7% |
| 新設・再編 → ベーシック＆グリーン・マテリアルズ | 36.0% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Basic Green Materials | 4 years | -5.0% | ¥599922000000 | -3.1% | 2 |
| Mobility Solutions | 4 years | +4.5% | ¥515406000000 | 9.9% | 2 |
| ICT Solutions | 4 years | +7.8% | ¥279436000000 | 13.2% | 2 |
| Life Healthcare Solutions | 4 years | +3.6% | ¥259076000000 | 13.2% | 2 |
| Other | 5 years | +2.4% | ¥14914000000 | -0.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,668,754 | 100.0% | S100YGUI |
| Cost of revenue | 1,288,244 | 77.2% | S100YGUI |
| Gross profit | 380,510 | 22.8% | S100YGUI |
| SG&A | 294,540 | 17.7% | S100YGUI |
| Operating income | 73,809 | 4.4% | S100YGUI |
| Pretax income | 68,608 | 4.1% | S100YGUI |
| Income tax | 21,698 | 1.3% | S100YGUI |
| Net income | 46,910 | 2.8% | S100YGUI |
| Net income attributable to owners | 34,378 | 2.1% | S100YGUI |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 18 |
| Other operating | 1 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 22.8% → Operating margin 4.4% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -7.8%; Core profit growth: -5.8%
Operating leverage (core profit growth ÷ revenue growth): 0.74×
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 | 1,809,164 | 1,668,754 | -140,410 | -7.8% |
| Gross profit | 388,292 | 380,510 | -7,782 | -2.0% |
| Operating income | 78,336 | 73,809 | -4,527 | -5.8% |
| Net income attributable to owners | 32,242 | 34,378 | 2,136 | +6.6% |
| Operating cash flow | 200,501 | 212,988 | 12,487 | +6.2% |
| Free cash flow | 62,095 | 75,229 | 13,134 | +21.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 1,349,522 | 64,569 | 4.8% | 33,970 | 142,232 | 42,461 | S100M0VI |
| FY ending Mar 2021 | 1,211,725 | 78,074 | 6.4% | 57,873 | 174,323 | 97,742 | S100OFZ7 |
| FY ending Mar 2022 | 1,612,688 | 147,310 | 9.1% | 109,990 | 92,584 | -23,632 | S100R6GQ |
| FY ending Mar 2023 | 1,879,547 | 128,998 | 6.9% | 82,936 | 101,241 | -36,620 | S100TSNO |
| FY ending Mar 2024 | 1,749,743 | 74,124 | 4.2% | 49,999 | 161,339 | 7,348 | S100W2O4 |
| FY ending Mar 2025 | 1,809,164 | 78,336 | 4.3% | 32,242 | 200,501 | 62,095 | S100YGUI |
| FY ending Mar 2026 | 1,668,754 | 73,809 | 4.4% | 34,378 | 212,988 | 75,229 | S100YGUI |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥98.4M |
| Operating income per employee (consolidated) | ¥4.4M |
| Net income per employee (consolidated) | ¥2M |

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) | 18,780 | 18,933 | 19,861 | 17,320 | 16,967 |
| Average salary (parent company) | ¥8.4M | ¥8.9M | ¥8.6M | ¥8.5M | ¥8.7M |
| Average age (parent company) | 40.0 years | 40.0 years | 40.0 years | 40.0 years | 40.0 years |
| Average tenure (parent company) | 16.0 years | 16.0 years | 16.0 years | 16.0 years | 15.0 years |

Year over year: Employees (consolidated) -2.0% · Revenue (consolidated) -7.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Life Healthcare Solutions | 259,076 | 15.5% | 34,188 | 13.2% |
| Mobility Solutions | 515,406 | 30.9% | 50,982 | 9.9% |
| ICT Solutions | 279,436 | 16.7% | 36,896 | 13.2% |
| Basic Green Materials | 599,922 | 36.0% | -18,356 | -3.1% |
| Other | 14,914 | 0.9% | -107 | -0.7% |

### 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 | Profit share | Difference (pt) | Margin |
| --- | ---: | ---: | ---: | ---: |
| Life Healthcare Solutions | 15.5% | 28.0% | 12.5 | 13.2% |
| Mobility Solutions | 30.9% | 41.8% | 10.9 | 9.9% |
| ICT Solutions | 16.7% | 30.2% | 13.5 | 13.2% |
| Basic Green Materials | 36.0% | — | — | -3.1% |
| Other | 0.9% | — | — | -0.7% |

Loss-making segment (excluded from profit shares): Basic Green Materials -18,356 JPY mn

Loss-making segment (excluded from profit shares): Other -107 JPY mn

Segment → industry: Life Healthcare Solutions → Chemicals / Life Healthcare Solutions → Medical Devices / Mobility Solutions → Chemicals / ICT Solutions → Semiconductor Materials / ICT Solutions → Chemicals / Basic Green 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 | 212,988 | 12.8% | S100YGUI |
| Capital expenditure | 137,759 | 8.3% | S100YGUI |
| Free cash flow | 75,229 | 4.5% | 算出 |
| Investing cash flow | -134,771 | -8.1% | S100YGUI |
| Financing cash flow | -75,931 | -4.6% | S100YGUI |
| Dividends paid | 28,171 | 1.7% | S100YGUI |
| Share buyback | 17,295 | 1.0% | S100YGUI |
| Change in cash | 12,498 | 0.7% | S100YGUI |
| Cash and equivalents | 183,113 | 11.0% | S100YGUI |

## 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 | 181,152 | 186,310 | 210,292 | 170,615 | 183,113 | S100TSNO, S100W2O4, S100YGUI |
| Total assets | 1,934,965 | 2,068,203 | 2,215,819 | 2,153,953 | 2,151,652 | S100R6GQ, S100TSNO, S100W2O4, S100YGUI |
| Net assets | 807,122 | 883,303 | 984,806 | 970,604 | 988,784 | S100TSNO, S100W2O4, S100YGUI |
| Share capital | 125,414 | 125,572 | 125,738 | 125,738 | 125,738 | S100R6GQ, S100TSNO, S100W2O4, S100YGUI |
| Property, plant and equipment | 513,950 | 553,332 | 605,789 | 623,097 | 672,745 | S100R6GQ, S100TSNO, S100W2O4, S100YGUI |
| Goodwill | 17,981 | 19,338 | 21,169 | 21,122 | 24,782 | S100R6GQ, S100TSNO, S100W2O4, S100YGUI |
| Current assets | 1,033,445 | 1,094,286 | 1,150,579 | 1,041,171 | 993,159 | S100R6GQ, S100TSNO, S100W2O4, S100YGUI |
| Total liabilities | 1,127,843 | 1,184,900 | 1,231,013 | 1,183,349 | 1,162,868 | S100R6GQ, S100TSNO, S100W2O4, S100YGUI |
| Equity attributable to owners of parent | 712,654 | 786,827 | 862,851 | 848,284 | 864,727 | S100R6GQ, S100TSNO, S100W2O4, S100YGUI |
| Retained earnings | 516,098 | 575,125 | 617,400 | 618,307 | 626,617 | S100R6GQ, S100TSNO, S100W2O4, S100YGUI |
| Treasury stock | -34,932 | -32,704 | -32,751 | -42,652 | -56,991 | S100R6GQ, S100TSNO, S100W2O4, S100YGUI |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YGUI |
| Property, plant and equipment | 31% | S100YGUI |
| Intangibles and goodwill | 1% | — |
| Other assets | 59% | S100YGUI |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 54% | S100YGUI |
| Equity | 46% | S100YGUI |

### 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 | 1,934,965 | 2,068,203 | 2,215,819 | 2,153,953 | 2,151,652 |
| Equity | 807,122 | 883,303 | 984,806 | 970,604 | 988,784 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 181,152 | 186,310 | 210,292 | 170,615 | 183,113 |

## 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) | 40.3% | S100YGUI |
| Fixed assets ÷ total assets | 31.3% | S100YGUI |
| Goodwill ÷ parent equity | 2.9% | S100YGUI |

Goodwill over 4 years: 17,981 → 24,782 JPY; total investing cash flow: -735,296 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) | 8.5% |
| Cash ÷ revenue | 11.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 288.6% |
| Cash vs. profit gap | 178,610 JPY mn (of net income 519.5%) |
| Shareholder returns / net income | 132.3% |
| Shareholder returns / FCF | 60.4% |
| Shareholder payments — dividends / net income | 81.9% |
| Shareholder payments — dividends / FCF | 37.4% |
| CapEx intensity (capex ÷ revenue) | 8.3% |
| Investing CF relative to operating CF | 63.3% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 6.8% | 0.83× | 5.7% | 2.72× | 15.4% | S100R6GQ |
| 2023 | 4.4% | 0.94× | 4.1% | 2.67× | 11.1% | S100TSNO |
| 2024 | 2.9% | 0.82× | 2.3% | 2.60× | 6.1% | S100W2O4 |
| 2025 | 1.8% | 0.83× | 1.5% | 2.55× | 3.8% | S100YGUI |
| 2026 | 2.1% | 0.78× | 1.6% | 2.51× | 4.0% | S100YGUI |

## 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 | 17.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 11.8% | 2026-03-31 |
| 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 | 2.8% | 2026-03-31 |
| 野村信託銀行株式会社（投信口） | Major shareholder | 2.2% | 2026-03-31 |
| 三井化学従業員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 510312 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.8% | 2026-03-31 |
| 三井化学取引先持株会 | Major shareholder | 1.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 510311 （常任代理人 株式会社みずほ銀行） | Major shareholder | 1.6% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 1.5% | 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 | 1.5% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥1.67T, down from ¥1.81T (-7.8%).
- Operating income fell to ¥73.8B (-5.8%), yet net income rose to ¥34.4B (+6.6%).
- Cash generation improved: operating cash flow reached ¥213B (+6.2%) and free cash flow ¥75.2B (+21.2%).

### Drivers

- Lower naphtha and other feedstock prices pushed selling prices down, and sales volumes fell, mainly in Basic Green Materials
- Inventory valuation worsened as feedstock prices dropped, and the company booked an impairment on its stake in a Chinese phenol affiliate, which cut operating income
- ICT Solutions sold more semiconductor and optical materials as chip demand recovered

### Risks

- Swings in naphtha and fuel prices, and how much of them can be passed on to customers, move both sales and profit
- Instability in the Middle East has made energy supply and feedstock sourcing harder to predict
- Weak demand for downstream products has kept Japanese naphtha crackers running at low rates

Cited: Annual securities report (FY29) (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)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第29期(2025/04/01－2026/03/31) | S100YGUI | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGUI,, |
| 有価証券報告書－第28期(2024/04/01－2025/03/31) | S100W2O4 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2O4,, |
| 有価証券報告書－第27期(2023/04/01－2024/03/31) | S100TSNO | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSNO,, |
| 有価証券報告書－第26期(2022/04/01－2023/03/31) | S100R6GQ | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6GQ,, |
| 有価証券報告書－第25期(令和3年4月1日－令和4年3月31日) | S100OFZ7 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFZ7,, |
| 訂正有価証券報告書－第24期(令和2年4月1日－令和3年3月31日) | S100M0VI | 2021-07-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M0VI,, |

## 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).