# MORISHITA JINTAN CO.,LTD.: 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89期(2025/04/01－2026/03/31) (S100YE3I)
> Page: https://vizora.meequs.com/en/company/morishita-jintan
> Retrieved: 2026-09-30T20:32:17.117Z

## Company

Morishita Jintan, founded in 1921, is a company in Pharmaceuticals listed on TSE Standard. It has 359 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | MORISHITA JINTAN CO., LTD. |
| Ticker | 4524 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4524.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区玉造一丁目2番40号 |
| Representative (per filing) | 代表取締役社長 森下 雄司 |
| Founded | Sep 1921 |
| Share capital | ¥3.54B |
| Employees (consolidated) | 359 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Corporate number | 8120001077571 |
| EDINET | E00941 |
| Industries (Vizora) | Pharmaceuticals, Processed Foods, CRO & Clinical Testing |

> Profile source: annual securities report (S100YE3I, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: CRO & Clinical Testing (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62.5 | 12 |
| Profitability | 50 | 13 |
| Cash conversion | 50 | 11 |
| Efficiency | 50 | 13 |

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 63% of Morishita Jintan's sales come from Solution business division, with Consumer business division and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed -0.6% from the prior year, operating profit -13.9%.

## Company structure

- Segment revenue mix: Solution business division 62.7%、Consumer business division 37.2%、Other 0.1%
- Revenue → net income: ¥12688000000 → ¥628000000
- Net income → operating cash flow: ¥628000000 → ¥1150000000（difference ¥522000000）
- Main uses of operating cash flow: CapEx ¥1227000000 / dividends ¥224000000 / buybacks —
- Change in cash: ¥-112000000
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 | ¥12.7B |  |
| Operating income | ¥692M | Margin 5.5% |
| Net income | ¥628M | Margin 4.9% |
| Free cash flow | -¥77M |  |
| Largest business | Solution business division | of segment revenue 62.7% |
| Employees (consolidated) | 359 |  |
| EPS | ¥166.21 |  |
| Book value per share | ¥3164.42 |  |
| Equity ratio | 69.7% |  |
| Shares outstanding | 4,150,000 |  |
| Treasury shares | 51,200 |  |
| Shareholders | 6,266 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 9.8% | Cash ÷ revenue 14.4% |
| Vs. industry median margin | 0 pp | CRO & Clinical Testing |
| ROE | 5.9% | Derived from disclosed figures |
| ROA | 3.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit
- FY2026, segment profit share differs by 37 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9429000000 | ¥12688000000 | +34.6% |
| Operating income | ¥223000000 | ¥692000000 | +210.3% |
| Operating margin | 2.4% | 5.5% | +3.1 pp |
| Employees | 331 people | 359 people | +8.5% |
| Cash and equivalents | ¥2703000000 | ¥1828000000 | -32.4% |

### 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 |
| --- | ---: |
| ヘルスケア事業 → 事業再編・廃止 | 74.4% |
| カプセル受託事業 → 事業再編・廃止 | 25.6% |
| その他 → その他 | 0.1% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → コンシューマー事業 | 37.2% |
| 新設・再編 → ソリューション事業 | 62.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Solution business division | 2 years | +7.0% | ¥7956000000 | 10.0% | 2 |
| Consumer business division | 2 years | -6.9% | ¥4724000000 | -2.1% | 2 |
| Other | 5 years | 0.0% | ¥7000000 | -100.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 12,688 | 100.0% | S100YE3I |
| Cost of revenue | 6,594 | 52.0% | S100YE3I |
| Gross profit | 6,094 | 48.0% | S100YE3I |
| SG&A | 5,402 | 42.6% | S100YE3I |
| Operating income | 692 | 5.5% | S100YE3I |
| Ordinary income | 773 | 6.1% | S100YE3I |
| Pretax income | 773 | 6.1% | S100YE3I |
| Income tax | 144 | 1.1% | S100YE3I |
| Net income | 628 | 4.9% | S100YE3I |
| Net income attributable to owners | 628 | 4.9% | S100YE3I |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 52 |
| SG&A | 43 |
| Operating income | 5 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 48.0% → Operating margin 5.5% → Net margin 4.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -0.6%; Core profit growth: -13.9%
Operating leverage (core profit growth ÷ revenue growth): 22.80×
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 | 12,766 | 12,688 | -78 | -0.6% |
| Gross profit | 5,973 | 6,094 | 121 | +2.0% |
| Operating income | 804 | 692 | -112 | -13.9% |
| Net income attributable to owners | 547 | 628 | 81 | +14.8% |
| Operating cash flow | 669 | 1,150 | 481 | +71.9% |
| Free cash flow | -10 | -77 | -67 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 9,774 | 453 | 4.6% | 322 | 804 | 309 | S100LOVX |
| FY ending Mar 2021 | 9,429 | 223 | 2.4% | 206 | 871 | 284 | S100OJ6V |
| FY ending Mar 2022 | 9,563 | 299 | 3.1% | 283 | 543 | -159 | S100R8RC |
| FY ending Mar 2023 | 11,359 | 569 | 5.0% | 491 | 1,179 | 715 | S100TRZ7 |
| FY ending Mar 2024 | 12,406 | 716 | 5.8% | 697 | 196 | -455 | S100W0BR |
| FY ending Mar 2025 | 12,766 | 804 | 6.3% | 547 | 669 | -10 | S100YE3I |
| FY ending Mar 2026 | 12,688 | 692 | 5.5% | 628 | 1,150 | -77 | S100YE3I |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.3M |
| Operating income per employee (consolidated) | ¥1.9M |
| Net income per employee (consolidated) | ¥1.7M |

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) | 348 | 328 | 354 | 356 | 359 |
| Average salary (parent company) | ¥5.5M | ¥5.7M | ¥6.2M | ¥6.4M | ¥6.3M |
| Average age (parent company) | 42.0 years | 41.9 years | 41.9 years | 41.9 years | 42.1 years |
| Average tenure (parent company) | 12.8 years | 13.2 years | 13.3 years | 12.4 years | 13.3 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) -0.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Consumer business division | 4,724 | 37.2% | -100 | -2.1% |
| Solution business division | 7,956 | 62.7% | 799 | 10.0% |
| Other | 7 | 0.1% | -7 | -100.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Consumer business division | 37.2% | — | — | -2.1% |
| Solution business division | 62.7% | 100.0% | 37.3 | 10.0% |
| Other | 0.1% | — | — | -100.0% |

Loss-making segment (excluded from profit shares): Consumer business division -100 JPY mn

Loss-making segment (excluded from profit shares): Other -7 JPY mn

Segment → industry: Consumer business division → Pharmaceuticals / Consumer business division → Processed Foods / Solution business division → CRO & Clinical Testing

## 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 | 1,150 | 9.1% | S100YE3I |
| Capital expenditure | 1,227 | 9.7% | S100YE3I |
| Free cash flow | -77 | -0.6% | 算出 |
| Investing cash flow | -1,232 | -9.7% | S100YE3I |
| Financing cash flow | -30 | -0.2% | S100YE3I |
| Dividends paid | 224 | 1.8% | S100YE3I |
| Change in cash | -112 | -0.9% | S100YE3I |
| Cash and equivalents | 1,828 | 14.4% | S100YE3I |

## 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 | 2,138 | 2,409 | 1,092 | 1,940 | 1,828 | S100TRZ7, S100W0BR, S100YE3I |
| Total assets | 14,479 | 16,103 | 17,183 | 17,896 | 18,623 | S100R8RC, S100TRZ7, S100W0BR, S100YE3I |
| Net assets | 10,455 | 11,392 | 12,144 | 12,152 | 12,977 | S100TRZ7, S100W0BR, S100YE3I |
| Share capital | 3,537 | 3,537 | 3,537 | 3,537 | 3,537 | S100R8RC, S100TRZ7, S100W0BR, S100YE3I |
| Property, plant and equipment | 4,474 | 4,461 | 5,394 | 5,509 | 6,164 | S100R8RC, S100TRZ7, S100W0BR, S100YE3I |
| Intangible assets excluding goodwill | 458 | 353 | 278 | 265 | 295 | S100R8RC, S100TRZ7, S100W0BR, S100YE3I |
| Investment securities | 3,224 | 4,077 | 4,387 | 3,856 | 4,314 | S100R8RC, S100TRZ7, S100W0BR, S100YE3I |
| Current assets | 6,258 | 7,145 | 7,053 | 8,187 | 7,773 | S100R8RC, S100TRZ7, S100W0BR, S100YE3I |
| Current liabilities | 2,130 | 2,818 | 3,226 | 2,836 | 2,577 | S100R8RC, S100TRZ7, S100W0BR, S100YE3I |
| Trade payables | 983 | 1,375 | 1,336 | 1,290 | 814 | S100R8RC, S100TRZ7, S100W0BR, S100YE3I |
| Short-term borrowings | — | — | — | — | 300 | S100YE3I |
| Long-term borrowings | 469 | 242 | 106 | 1,262 | 1,206 | S100R8RC, S100TRZ7, S100W0BR, S100YE3I |
| Total liabilities | 4,024 | 4,711 | 5,039 | 5,743 | 5,646 | S100R8RC, S100TRZ7, S100W0BR, S100YE3I |
| Equity attributable to owners of parent | 9,218 | 9,563 | 10,104 | 10,458 | 10,879 | S100R8RC, S100TRZ7, S100W0BR, S100YE3I |
| Retained earnings | 4,833 | 5,172 | 5,706 | 6,049 | 6,453 | S100R8RC, S100TRZ7, S100W0BR, S100YE3I |
| Treasury stock | -120 | -114 | -108 | -99 | -86 | S100R8RC, S100TRZ7, S100W0BR, S100YE3I |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YE3I |
| Property, plant and equipment | 33% | S100YE3I |
| Intangibles and goodwill | 2% | S100YE3I |
| Investment securities | 23% | S100YE3I |
| Other assets | 32% | S100YE3I |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YE3I |
| Other liabilities | 26% | S100YE3I |
| Equity | 70% | S100YE3I |

### 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 | 14,479 | 16,103 | 17,183 | 17,896 | 18,623 |
| Equity | 10,455 | 11,392 | 12,144 | 12,152 | 12,977 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,138 | 2,409 | 1,092 | 1,940 | 1,828 |

## 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) | 48.6% | S100YE3I |
| Fixed assets ÷ total assets | 33.1% | S100YE3I |
| Goodwill ÷ parent equity | — | —, S100YE3I |

### 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) | 9.8% |
| Cash ÷ revenue | 14.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 166.2% |
| Cash vs. profit gap | 522 JPY mn (of net income 83.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 35.7% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.7% |
| Investing CF relative to operating CF | 107.1% |

## 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 | 3.0% | 0.66× | 2.0% | 1.57× | 3.1% | S100R8RC |
| 2023 | 4.3% | 0.74× | 3.2% | 1.63× | 5.2% | S100TRZ7 |
| 2024 | 5.6% | 0.75× | 4.2% | 1.69× | 7.1% | S100W0BR |
| 2025 | 4.3% | 0.73× | 3.1% | 1.71× | 5.3% | S100YE3I |
| 2026 | 4.9% | 0.69× | 3.4% | 1.71× | 5.9% | S100YE3I |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社森下泰山 | Major shareholder | 26.8% | 2026-03-31 |
| ロート製薬株式会社 | Major shareholder | 8.6% | 2026-03-31 |
| 公益財団法人森下仁丹奨学会 | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.2% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社ラクサン | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社徳島大正銀行 | Major shareholder | 2.1% | 2026-03-31 |
| 森下仁丹取引先持株会 | Major shareholder | 1.5% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 1.2% | 2026-03-31 |
| ピップ株式会社 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第89期(2025/04/01－2026/03/31) | S100YE3I | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE3I,, |
| 有価証券報告書－第88期(2024/04/01－2025/03/31) | S100W0BR | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0BR,, |
| 有価証券報告書－第87期(2023/04/01－2024/03/31) | S100TRZ7 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TRZ7,, |
| 有価証券報告書－第86期(2022/04/01－2023/03/31) | S100R8RC | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8RC,, |
| 有価証券報告書－第85期(令和3年4月1日－令和4年3月31日) | S100OJ6V | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ6V,, |
| 有価証券報告書－第84期(令和2年4月1日－令和3年3月31日) | S100LOVX | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOVX,, |

## 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).