# NATOCO CO.,LTD.: business model and financials

> Latest period: FY ending Oct 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第79期(2024/11/01－2025/10/31) (S100XH69)
> Page: https://vizora.meequs.com/en/company/natoco
> Retrieved: 2026-09-30T18:23:01.117Z

## Company

Natoco, founded in 1948, is a company in Chemicals listed on TSE Standard. It has 452 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NATOCO CO.,LTD. |
| Ticker | 4627 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4627.T) |
| Listing | TSE Standard |
| Head office | 愛知県みよし市打越町生賀山18番地 |
| Representative (per filing) | 代表取締役社長 粕谷 太一 |
| Founded | Nov 1948 |
| Share capital | ¥1.63B |
| Employees (consolidated) | 452 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | October |
| Website | www.natoco.co.jp (https://www.natoco.co.jp/) |
| Corporate number | 1180301019737 |
| EDINET | E00915 |
| Industries (Vizora) | Chemicals, Waste Management & Recycling, Paints & Inks |

> Profile source: annual securities report (S100XH69, filed 2026-01-26). As of filing

## Five-axis industry profile

Primary industry: Paints & Inks (2025-10-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 58.7 | 23 |
| Profitability | 58.7 | 23 |
| Cash conversion | 56.8 | 22 |
| Efficiency | 41.3 | 23 |

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 Natoco's sales come from Paint business, with Distillation Business and Fine chemical business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +7.3% from the prior year, operating profit +13.4%.

## Company structure

- Segment revenue mix: Paint business 64.2%、Distillation Business 24.7%、Fine chemical business 11.2%
- Revenue → net income: ¥22275001000 → ¥1137061000
- Net income → operating cash flow: ¥1137061000 → ¥1847425000（difference ¥710364000）
- Main uses of operating cash flow: CapEx ¥612415000 / dividends ¥392612000 / buybacks —
- Change in cash: ¥1259791000
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 | ¥22.3B |  |
| Operating income | ¥1.4B | Margin 6.3% |
| Net income | ¥1.14B | Margin 5.1% |
| Free cash flow | ¥1.24B |  |
| Largest business | Paint business | of segment revenue 64.2% |
| Employees (consolidated) | 452 |  |
| EPS | ¥87.68 |  |
| Book value per share | ¥2729.81 |  |
| Equity ratio | 78.7% |  |
| Shares outstanding | 8,144,400 |  |
| Treasury shares | 589,600 |  |
| Shareholders | 2,408 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 25.2% | Cash ÷ revenue 35.1% |
| Vs. industry median margin | +0.3 pp | Paints & Inks |
| ROE | 5.1% | Derived from disclosed figures |
| ROA | 3.7% | Derived from disclosed figures |

## Notable figures

- FY2025, cash is 25% of total assets

## What changed in 5 years

| Metric | FY ending Oct 2020 | FY ending Oct 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥16247002000 | ¥22275001000 | +37.1% |
| Operating income | ¥1441297000 | ¥1398053000 | -3.0% |
| Operating margin | 8.9% | 6.3% | -2.6 pp |
| Employees | 383 people | 452 people | +18.0% |
| Cash and equivalents | ¥7158492000 | ¥7809866000 | +9.1% |

### Change in segment revenue mix

Span: FY ending Oct 2020 → FY ending Oct 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 塗料事業 → 塗料事業 | 59.2% |
| ファインケミカル事業 → ファインケミカル事業 | 11.2% |
| ファインケミカル事業 → 事業再編・廃止 | 5.8% |
| シンナー事業 → 事業再編・廃止 | 23.9% |
| 新設・再編 → 塗料事業 | 5.0% |
| 新設・再編 → 蒸留事業 | 24.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Paint business | 5 years | +8.3% | ¥14295418000 | 8.1% | 2 |
| Distillation Business | 3 years | +3.4% | ¥5494773000 | 8.9% | 2 |
| Fine chemical business | 5 years | -2.0% | ¥2484809000 | 21.6% | 2 |

## Income statement（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 22,275 | 100.0% | S100XH69 |
| Cost of revenue | 17,305 | 77.7% | S100XH69 |
| Gross profit | 4,970 | 22.3% | S100XH69 |
| SG&A | 3,572 | 16.0% | S100XH69 |
| Operating income | 1,398 | 6.3% | S100XH69 |
| Ordinary income | 1,509 | 6.8% | S100XH69 |
| Pretax income | 1,574 | 7.1% | S100XH69 |
| Income tax | 437 | 2.0% | S100XH69 |
| Net income | 1,137 | 5.1% | S100XH69 |
| Net income attributable to owners | 1,138 | 5.1% | S100XH69 |

## Per ¥100 of revenue（FY ending Oct 2025）

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

### Margin funnel

Gross margin 22.3% → Operating margin 6.3% → Net margin 5.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.3%; Core profit growth: +13.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.83×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Oct 2024 → FY ending Oct 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 20,753 | 22,275 | 1,522 | +7.3% |
| Gross profit | 4,546 | 4,970 | 424 | +9.3% |
| Operating income | 1,232 | 1,398 | 166 | +13.4% |
| Net income attributable to owners | 956 | 1,138 | 182 | +19.0% |
| Operating cash flow | 1,593 | 1,847 | 255 | +16.0% |
| Free cash flow | 1,165 | 1,235 | 70 | +6.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Oct 2019 | 17,701 | 1,543 | 8.7% | 978 | 1,876 | 1,326 | S100KKTZ |
| FY ending Oct 2020 | 16,247 | 1,441 | 8.9% | 1,028 | 1,435 | 426 | S100NA7M |
| FY ending Oct 2021 | 19,047 | 2,024 | 10.6% | 1,640 | 1,904 | 485 | S100Q0TA |
| FY ending Oct 2022 | 20,446 | 1,715 | 8.4% | 1,514 | 2,027 | 1,123 | S100SO9R |
| FY ending Oct 2023 | 20,164 | 1,253 | 6.2% | 951 | 1,689 | 1,062 | S100V55P |
| FY ending Oct 2024 | 20,753 | 1,232 | 5.9% | 956 | 1,593 | 1,165 | S100XH69 |
| FY ending Oct 2025 | 22,275 | 1,398 | 6.3% | 1,138 | 1,847 | 1,235 | S100XH69 |

## People and productivity（FY ending Oct 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.3M |
| Operating income per employee (consolidated) | ¥3.1M |
| Net income per employee (consolidated) | ¥2.5M |

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

| History | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 400 | 399 | 405 | 415 | 452 |
| Average salary (parent company) | ¥6.6M | ¥6.7M | ¥6.4M | ¥6.4M | ¥6.6M |
| Average age (parent company) | 42.8 years | 42.1 years | 42.3 years | 42.5 years | 42.7 years |
| Average tenure (parent company) | 18.2 years | 17.3 years | 17.4 years | 17.2 years | 16.9 years |

Year over year: Employees (consolidated) +8.9% · Revenue (consolidated) +7.3%

## Segments（FY ending Oct 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Paint business | 14,295 | 64.2% | 1,164 | 8.1% |
| Fine chemical business | 2,485 | 11.2% | 536 | 21.6% |
| Distillation Business | 5,495 | 24.7% | 489 | 8.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Paint business | 64.2% | 53.2% | -11.0 | 8.1% |
| Fine chemical business | 11.2% | 24.5% | 13.3 | 21.6% |
| Distillation Business | 24.7% | 22.3% | -2.3 | 8.9% |

Segment → industry: Distillation Business → Chemicals / Fine chemical business → Chemicals / Distillation Business → Waste Management & Recycling / Paint business → Paints & Inks

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Oct 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,847 | 8.3% | S100XH69 |
| Capital expenditure | 612 | 2.7% | S100XH69 |
| Free cash flow | 1,235 | 5.5% | 算出 |
| Investing cash flow | -212 | -1.0% | S100XH69 |
| Financing cash flow | -398 | -1.8% | S100XH69 |
| Dividends paid | 393 | 1.8% | S100XH69 |
| Change in cash | 1,260 | 5.7% | S100XH69 |
| Cash and equivalents | 7,810 | 35.1% | S100XH69 |

## 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 Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 7,441 | 7,131 | 6,103 | 6,550 | 7,810 | S100SO9R, S100V55P, S100XH69 |
| Total assets | 26,281 | 28,224 | 28,841 | 29,829 | 31,027 | S100Q0TA, S100SO9R, S100V55P, S100XH69 |
| Net assets | 20,596 | 22,085 | 22,753 | 23,573 | 24,585 | S100SO9R, S100V55P, S100XH69 |
| Share capital | 1,626 | 1,626 | 1,626 | 1,626 | 1,626 | S100Q0TA, S100SO9R, S100V55P, S100XH69 |
| Trade receivables | 5,651 | 5,823 | 5,558 | 5,549 | 5,423 | S100Q0TA, S100SO9R, S100V55P, S100XH69 |
| Property, plant and equipment | 6,893 | 7,084 | 6,918 | 6,599 | 6,851 | S100Q0TA, S100SO9R, S100V55P, S100XH69 |
| Intangible assets excluding goodwill | 321 | 395 | 360 | 372 | 338 | S100Q0TA, S100SO9R, S100V55P, S100XH69 |
| Investment securities | 446 | 405 | 472 | 523 | 709 | S100Q0TA, S100SO9R, S100V55P, S100XH69 |
| Current assets | 18,346 | 19,380 | 20,126 | 21,491 | 21,112 | S100Q0TA, S100SO9R, S100V55P, S100XH69 |
| Current liabilities | 4,983 | 5,549 | 5,508 | 5,823 | 5,771 | S100Q0TA, S100SO9R, S100V55P, S100XH69 |
| Trade payables | 3,303 | 3,926 | 3,885 | 3,969 | 3,994 | S100Q0TA, S100SO9R, S100V55P, S100XH69 |
| Total liabilities | 5,685 | 6,138 | 6,088 | 6,257 | 6,442 | S100Q0TA, S100SO9R, S100V55P, S100XH69 |
| Non-controlling interests | — | — | — | — | 167 | S100XH69 |
| Equity attributable to owners of parent | 19,776 | 20,879 | 21,450 | 21,994 | 22,744 | S100Q0TA, S100SO9R, S100V55P, S100XH69 |
| Retained earnings | 15,350 | 16,449 | 17,015 | 17,556 | 18,301 | S100Q0TA, S100SO9R, S100V55P, S100XH69 |
| Treasury stock | -516 | -514 | -511 | -509 | -507 | S100Q0TA, S100SO9R, S100V55P, S100XH69 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100XH69 |
| Receivables | 18% | S100XH69 |
| Property, plant and equipment | 22% | S100XH69 |
| Intangibles and goodwill | 1% | S100XH69 |
| Investment securities | 2% | S100XH69 |
| Other assets | 32% | S100XH69 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100XH69 |
| Other liabilities | 8% | S100XH69 |
| Equity | 79% | S100XH69 |

### Balance sheet history

| Metric | FY ending Oct 2021 | FY ending Oct 2022 | FY ending Oct 2023 | FY ending Oct 2024 | FY ending Oct 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 26,281 | 28,224 | 28,841 | 29,829 | 31,027 |
| Equity | 20,596 | 22,085 | 22,753 | 23,573 | 24,585 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,441 | 7,131 | 6,103 | 6,550 | 7,810 |

## 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) | 30.8% | S100XH69 |
| Fixed assets ÷ total assets | 22.1% | S100XH69 |
| Goodwill ÷ parent equity | — | —, S100XH69 |

### 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) | 25.2% |
| Cash ÷ revenue | 35.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 132.1% |
| Cash vs. profit gap | 710 JPY mn (of net income 62.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 34.5% |
| Shareholder payments — dividends / FCF | 31.8% |
| CapEx intensity (capex ÷ revenue) | 2.7% |
| Investing CF relative to operating CF | 11.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 8.6% | 0.72× | 6.2% | 1.33× | 8.3% | S100Q0TA |
| 2022 | 7.4% | 0.75× | 5.6% | 1.34× | 7.4% | S100SO9R |
| 2023 | 4.7% | 0.71× | 3.3% | 1.35× | 4.5% | S100V55P |
| 2024 | 4.6% | 0.71× | 3.3% | 1.35× | 4.4% | S100XH69 |
| 2025 | 5.1% | 0.73× | 3.7% | 1.36× | 5.1% | S100XH69 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 粕谷 忠晴 | Major shareholder | 15.4% | 2025-10-31 |
| ナトコ共栄会 | Major shareholder | 9.6% | 2025-10-31 |
| 粕谷 太一 | Major shareholder | 6.7% | 2025-10-31 |
| 有限会社巴ホールディングス | Major shareholder | 3.6% | 2025-10-31 |
| 粕谷 英史 | Major shareholder | 3.2% | 2025-10-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.2% | 2025-10-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.0% | 2025-10-31 |
| ＮＴＣホールディングス合同会社 | Major shareholder | 2.9% | 2025-10-31 |
| 株式会社あいち銀行 | Major shareholder | 2.8% | 2025-10-31 |
| 粕谷 健次 | Major shareholder | 2.1% | 2025-10-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2024/11/01－2025/10/31) | S100XH69 | 2026-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XH69,, |
| 有価証券報告書－第78期(2023/11/01－2024/10/31) | S100V55P | 2025-01-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100V55P,, |
| 有価証券報告書－第77期(2022/11/01－2023/10/31) | S100SO9R | 2024-01-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SO9R,, |
| 有価証券報告書－第76期(2021/11/01－2022/10/31) | S100Q0TA | 2023-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q0TA,, |
| 有価証券報告書－第75期(令和2年11月1日－令和3年10月31日) | S100NA7M | 2022-01-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NA7M,, |
| 有価証券報告書－第74期(令和1年11月1日－令和2年10月31日) | S100KKTZ | 2021-01-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KKTZ,, |

## 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).