# MORESCO Corporation: business model and financials

> Latest period: FY ending Feb 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第68期(2025/03/01－2026/02/28) (S100Y64F)
> Page: https://vizora.meequs.com/en/company/moresco
> Retrieved: 2026-09-30T18:31:44.941Z

## Company

Moresco, founded in 1958, is a company in Chemicals listed on TSE Standard. It has 797 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MORESCO Corporation |
| Ticker | 5018 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5018.T) |
| Listing | TSE Standard |
| Head office | 神戸市中央区港島南町五丁目5番3号 |
| Representative (per filing) | 代表取締役社長 両角 元寿 |
| Founded | Oct 1958 |
| Share capital | ¥2.12B |
| Employees (consolidated) | 797 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | February |
| Website | www.moresco.co.jp (https://www.moresco.co.jp/) |
| Corporate number | 7140001021198 |
| EDINET | E01083 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100Y64F, filed 2026-05-26). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-02-28)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 68.2 | 96 |
| Profitability | 43.5 | 100 |
| Cash conversion | 34.9 | 96 |
| Efficiency | 81.5 | 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 64% of Moresco's sales come from Japan, with Southeast/South Asia and China making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +1.4% from the prior year, operating profit +70.2%.

## Company structure

- Segment revenue mix: Japan 63.8%、Southeast/South Asia 19.4%、China 10.9%、North America 5.9%
- Revenue → net income: ¥34871000000 → ¥1735000000
- Net income → operating cash flow: ¥1735000000 → ¥2982000000（difference ¥1247000000）
- Main uses of operating cash flow: CapEx ¥725000000 / dividends ¥413000000 / buybacks ¥0
- Change in cash: ¥1406000000
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 | ¥34.9B |  |
| Operating income | ¥2.37B | Margin 6.8% |
| Net income | ¥1.52B | Margin 4.4% |
| Free cash flow | ¥2.26B |  |
| Largest business | Japan | of segment revenue 63.8% |
| Employees (consolidated) | 797 |  |
| EPS | ¥132.31 |  |
| Book value per share | ¥1513.26 |  |
| Equity ratio | 57.7% |  |
| Shares outstanding | 9,697,000 |  |
| Treasury shares | 519,300 |  |
| Shareholders | 13,161 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 17.0% | Cash ÷ revenue 19.8% |
| Vs. industry median margin | -0.7 pp | Chemicals |
| ROE | 7.9% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 65% of positive segment profit

## What changed in 5 years

| Metric | FY ending Feb 2021 | FY ending Feb 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24479000000 | ¥34871000000 | +42.5% |
| Operating income | ¥842000000 | ¥2367000000 | +181.1% |
| Operating margin | 3.4% | 6.8% | +3.3 pp |
| Employees | 791 people | 797 people | +0.8% |
| Cash and equivalents | ¥3675000000 | ¥6914000000 | +88.1% |

### Change in segment revenue mix

Span: FY ending Feb 2021 → FY ending Feb 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 事業再編・廃止 | 70.3% |
| 中国 → 事業再編・廃止 | 12.1% |
| 東南／南アジア → 事業再編・廃止 | 15.0% |
| 北米 → 事業再編・廃止 | 2.6% |
| 新設・再編 → 日本 | 63.8% |
| 新設・再編 → 中国 | 10.9% |
| 新設・再編 → 東南／南アジア | 19.4% |
| 新設・再編 → 北米 | 5.9% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 4 years | +4.9% | ¥22249000000 | 6.9% | 2 |
| Southeast/South Asia | 4 years | +10.7% | ¥6762000000 | 5.1% | 2 |
| China | 4 years | +1.3% | ¥3811000000 | 8.8% | 2 |
| North America | 4 years | +27.0% | ¥2050000000 | 7.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 34,871 | 100.0% | S100Y64F |
| Cost of revenue | 23,914 | 68.6% | S100Y64F |
| Gross profit | 10,957 | 31.4% | S100Y64F |
| SG&A | 8,590 | 24.6% | S100Y64F |
| Operating income | 2,367 | 6.8% | S100Y64F |
| Ordinary income | 2,704 | 7.8% | S100Y64F |
| Pretax income | 2,612 | 7.5% | S100Y64F |
| Income tax | 877 | 2.5% | S100Y64F |
| Net income | 1,735 | 5.0% | S100Y64F |
| Net income attributable to owners | 1,525 | 4.4% | S100Y64F |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 25 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 31.4% → Operating margin 6.8% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.4%; Core profit growth: +70.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 48.53×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Feb 2025 → FY ending Feb 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 34,374 | 34,871 | 497 | +1.4% |
| Gross profit | 9,960 | 10,957 | 997 | +10.0% |
| Operating income | 1,391 | 2,367 | 976 | +70.2% |
| Net income attributable to owners | 1,013 | 1,525 | 512 | +50.5% |
| Operating cash flow | 2,751 | 2,982 | 231 | +8.4% |
| Free cash flow | 1,607 | 2,257 | 650 | +40.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Feb 2020 | 27,064 | 1,279 | 4.7% | 776 | 1,771 | 152 | S100LFMF |
| FY ending Feb 2021 | 24,479 | 842 | 3.4% | 518 | 2,088 | 1,598 | S100O4GM |
| FY ending Feb 2022 | 27,300 | 1,434 | 5.3% | 1,808 | 2,333 | 1,368 | S100QUHK |
| FY ending Feb 2023 | 30,333 | 523 | 1.7% | 615 | 515 | -828 | S100TISC |
| FY ending Feb 2024 | 31,886 | 1,225 | 3.8% | 1,283 | 2,934 | 217 | S100VTZK |
| FY ending Feb 2025 | 34,374 | 1,391 | 4.0% | 1,013 | 2,751 | 1,607 | S100Y64F |
| FY ending Feb 2026 | 34,871 | 2,367 | 6.8% | 1,525 | 2,982 | 2,257 | S100Y64F |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.8M |
| Operating income per employee (consolidated) | ¥3M |
| Net income per employee (consolidated) | ¥1.9M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 787 | 784 | 821 | 795 | 797 |
| Average salary (parent company) | ¥6.7M | ¥7M | ¥6.7M | ¥6.9M | ¥7.1M |
| Average age (parent company) | 43.0 years | 43.5 years | 43.9 years | 44.3 years | 44.7 years |
| Average tenure (parent company) | 13.9 years | 14.0 years | 14.3 years | 14.5 years | 15.0 years |

Year over year: Employees (consolidated) +0.3% · Revenue (consolidated) +1.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 22,249 | 63.8% | 1,526 | 6.9% |
| China | 3,811 | 10.9% | 336 | 8.8% |
| Southeast/South Asia | 6,762 | 19.4% | 343 | 5.1% |
| North America | 2,050 | 5.9% | 156 | 7.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 63.8% | 64.6% | 0.8 | 6.9% |
| China | 10.9% | 14.2% | 3.3 | 8.8% |
| Southeast/South Asia | 19.4% | 14.5% | -4.9 | 5.1% |
| North America | 5.9% | 6.6% | 0.7 | 7.6% |

Segment → industry: North America → Chemicals / Southeast/South Asia → Chemicals / China → Chemicals / Japan → Chemicals

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Feb 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,982 | 8.6% | S100Y64F |
| Capital expenditure | 725 | 2.1% | S100Y64F |
| Free cash flow | 2,257 | 6.5% | 算出 |
| Investing cash flow | -729 | -2.1% | S100Y64F |
| Financing cash flow | -1,027 | -2.9% | S100Y64F |
| Dividends paid | 413 | 1.2% | S100Y64F |
| Share buyback | 0 | 0.0% | S100Y64F |
| Change in cash | 1,406 | 4.0% | S100Y64F |
| Cash and equivalents | 6,914 | 19.8% | S100Y64F |

## 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 Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,654 | 4,186 | 5,566 | 5,508 | 6,914 | S100TISC, S100VTZK, S100Y64F |
| Total assets | 29,008 | 32,017 | 37,053 | 38,297 | 40,683 | S100QUHK, S100TISC, S100VTZK, S100Y64F |
| Net assets | 20,551 | 21,240 | 23,122 | 25,009 | 26,883 | S100TISC, S100VTZK, S100Y64F |
| Share capital | 2,118 | 2,118 | 2,118 | 2,118 | 2,118 | S100QUHK, S100TISC, S100VTZK, S100Y64F |
| Trade receivables | 6,844 | — | — | — | — | S100QUHK |
| Property, plant and equipment | 8,304 | 8,610 | 10,140 | 10,414 | 9,932 | S100QUHK, S100TISC, S100VTZK, S100Y64F |
| Intangible assets excluding goodwill | 633 | 589 | 1,228 | 1,372 | 1,283 | S100QUHK, S100TISC, S100VTZK, S100Y64F |
| Goodwill | 219 | 92 | 543 | 543 | 488 | S100QUHK, S100TISC, S100VTZK, S100Y64F |
| Investment securities | 367 | 520 | 611 | 654 | 894 | S100QUHK, S100TISC, S100VTZK, S100Y64F |
| Current assets | 16,607 | 18,810 | 20,989 | 21,260 | 23,129 | S100QUHK, S100TISC, S100VTZK, S100Y64F |
| Current liabilities | 7,260 | 9,599 | 9,860 | 10,362 | 11,213 | S100QUHK, S100TISC, S100VTZK, S100Y64F |
| Trade payables | 4,308 | 5,144 | 4,469 | 4,544 | 4,567 | S100QUHK, S100TISC, S100VTZK, S100Y64F |
| Short-term borrowings | 560 | 2,381 | 3,040 | 3,177 | 3,452 | S100QUHK, S100TISC, S100VTZK, S100Y64F |
| Long-term borrowings | 350 | 472 | 3,065 | 1,940 | 1,108 | S100QUHK, S100TISC, S100VTZK, S100Y64F |
| Total liabilities | 8,457 | 10,778 | 13,931 | 13,288 | 13,799 | S100QUHK, S100TISC, S100VTZK, S100Y64F |
| Non-controlling interests | 2,589 | 2,706 | 2,996 | 3,324 | 3,406 | S100QUHK, S100TISC, S100VTZK, S100Y64F |
| Equity attributable to owners of parent | 17,227 | 17,287 | 18,202 | 18,714 | 19,841 | S100QUHK, S100TISC, S100VTZK, S100Y64F |
| Retained earnings | 13,517 | 13,760 | 14,674 | 15,273 | 16,385 | S100QUHK, S100TISC, S100VTZK, S100Y64F |
| Treasury stock | -384 | -567 | -561 | -649 | -641 | S100QUHK, S100TISC, S100VTZK, S100Y64F |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100Y64F |
| Property, plant and equipment | 25% | S100Y64F |
| Intangibles and goodwill | 4% | S100Y64F |
| Investment securities | 2% | S100Y64F |
| Other assets | 52% | S100Y64F |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100Y64F |
| Other liabilities | 23% | S100Y64F |
| Equity | 66% | S100Y64F |
| Other liabilities | 0% | S100Y64F |

### Balance sheet history

| Metric | FY ending Feb 2022 | FY ending Feb 2023 | FY ending Feb 2024 | FY ending Feb 2025 | FY ending Feb 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 29,008 | 32,017 | 37,053 | 38,297 | 40,683 |
| Equity | 20,551 | 21,240 | 23,122 | 25,009 | 26,883 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,654 | 4,186 | 5,566 | 5,508 | 6,914 |

## 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) | 28.5% | S100Y64F |
| Fixed assets ÷ total assets | 24.4% | S100Y64F |
| Goodwill ÷ parent equity | 2.5% | S100Y64F |

Goodwill over 4 years: 219 → 488 JPY; total investing cash flow: -6,762 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 | 19.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 126.0% |
| Cash vs. profit gap | 1,457 JPY mn (of net income 95.5%) |
| Shareholder returns / net income | 27.1% |
| Shareholder returns / FCF | 18.3% |
| Shareholder payments — dividends / net income | 27.1% |
| Shareholder payments — dividends / FCF | 18.3% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 24.4% |

## 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 | 6.6% | 0.94× | 6.2% | 1.68× | 10.5% | S100QUHK |
| 2023 | 2.0% | 0.99× | 2.0% | 1.77× | 3.6% | S100TISC |
| 2024 | 4.0% | 0.92× | 3.7% | 1.95× | 7.2% | S100VTZK |
| 2025 | 2.9% | 0.91× | 2.7% | 2.04× | 5.5% | S100Y64F |
| 2026 | 4.4% | 0.88× | 3.9% | 2.05× | 7.9% | S100Y64F |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 松村石油株式会社 | Major shareholder | 11.6% | 2026-02-28 |
| コスモ石油ルブリカンツ株式会社 | Major shareholder | 5.5% | 2026-02-28 |
| ＭＯＲＥＳＣＯ従業員持株会 | Major shareholder | 4.2% | 2026-02-28 |
| 日本曹達株式会社 | Major shareholder | 4.0% | 2026-02-28 |
| スターライト工業株式会社 | Major shareholder | 3.6% | 2026-02-28 |
| 株式会社みずほ銀行 | Major shareholder | 2.7% | 2026-02-28 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.7% | 2026-02-28 |
| 大阪中小企業投資育成株式会社 | Major shareholder | 2.3% | 2026-02-28 |
| 島貿易株式会社 | Major shareholder | 1.8% | 2026-02-28 |
| 協同油脂株式会社 | Major shareholder | 1.8% | 2026-02-28 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第68期(2025/03/01－2026/02/28) | S100Y64F | 2026-05-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y64F,, |
| 有価証券報告書－第67期(2024/03/01－2025/02/28) | S100VTZK | 2025-05-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VTZK,, |
| 有価証券報告書－第66期(2023/03/01－2024/02/29) | S100TISC | 2024-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TISC,, |
| 有価証券報告書－第65期(2022/03/01－2023/02/28) | S100QUHK | 2023-05-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QUHK,, |
| 有価証券報告書－第64期(令和3年3月1日－令和4年2月28日) | S100O4GM | 2022-05-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O4GM,, |
| 有価証券報告書－第63期(令和2年3月1日－令和3年2月28日) | S100LFMF | 2021-05-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFMF,, |

## 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).