# New Japan Chemical 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154期(2025/04/01－2026/03/31) (S100YGXD)
> Page: https://vizora.meequs.com/en/company/new-japan-chemical
> Retrieved: 2026-09-30T17:59:38.591Z

## Company

New Japan Chemical, founded in 1919, is a company in Chemicals listed on TSE Standard. It has 394 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | New Japan Chemical Co., Ltd. |
| Ticker | 4406 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4406.T) |
| Listing | TSE Standard |
| Head office | 京都市伏見区葭島矢倉町13番地 (同所は登記上の本店所在地であり、実際の本店業務は下記で行っております。) 大阪市中央区備後町二丁目1番8号(備後町野村ビル) |
| Representative (per filing) | 代表取締役社長執行役員 盛田 賀容子 |
| Founded | Nov 1919 |
| Share capital | ¥5.66B |
| Employees (consolidated) | 394 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.nj-chem.co.jp (https://www.nj-chem.co.jp/) |
| Corporate number | 5130001014766 |
| EDINET | E00882 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100YGXD, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45.3 | 96 |
| Profitability | 7.5 | 100 |
| Cash conversion | 84.9 | 96 |
| Efficiency | 75.5 | 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)

- New Japan Chemical brought in ¥32.1B in revenue.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed -1.8% from the prior year, operating profit -30.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥32105000000 → ¥646000000
- Net income → operating cash flow: ¥646000000 → ¥1643000000（difference ¥997000000）
- Main uses of operating cash flow: CapEx ¥407000000 / dividends ¥149000000 / buybacks ¥0
- Change in cash: ¥2120000000
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 | ¥32.1B |  |
| Operating income | ¥576M | Margin 1.8% |
| Net income | ¥597M | Margin 1.9% |
| Free cash flow | ¥1.24B |  |
| Employees (consolidated) | 394 |  |
| EPS | ¥18.27 |  |
| Book value per share | ¥407.59 |  |
| Equity ratio | 48.9% |  |
| Shares outstanding | 37,286,000 |  |
| Treasury shares | 4,600 |  |
| Shareholders | 12,318 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 13.7% | Cash ÷ revenue 17.2% |
| Vs. industry median margin | -5.7 pp | Chemicals |
| ROE | 4.1% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥24437000000 | ¥32105000000 | +31.4% |
| Operating income | ¥287000000 | ¥576000000 | +100.7% |
| Operating margin | 1.2% | 1.8% | +0.6 pp |
| Employees | 429 people | 394 people | -8.2% |
| Cash and equivalents | ¥2988000000 | ¥5532000000 | +85.1% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 32,105 | 100.0% | S100YGXD |
| Cost of revenue | 26,779 | 83.4% | S100YGXD |
| Gross profit | 5,325 | 16.6% | S100YGXD |
| SG&A | 4,749 | 14.8% | S100YGXD |
| Operating income | 576 | 1.8% | S100YGXD |
| Ordinary income | 547 | 1.7% | S100YGXD |
| Pretax income | 679 | 2.1% | S100YGXD |
| Income tax | 32 | 0.1% | S100YGXD |
| Net income | 646 | 2.0% | S100YGXD |
| Net income attributable to owners | 597 | 1.9% | S100YGXD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 15 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 16.6% → Operating margin 1.8% → Net margin 1.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.8%; Core profit growth: -30.5%
Operating leverage (core profit growth ÷ revenue growth): 16.69×
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 | 32,703 | 32,105 | -598 | -1.8% |
| Gross profit | 5,453 | 5,325 | -128 | -2.3% |
| Operating income | 829 | 576 | -253 | -30.5% |
| Net income attributable to owners | 522 | 597 | 75 | +14.4% |
| Operating cash flow | -224 | 1,643 | 1,867 | — |
| Free cash flow | -893 | 1,236 | 2,129 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 26,839 | 428 | 1.6% | 460 | 1,821 | 1,111 | S100LUZ5 |
| FY ending Mar 2021 | 24,437 | 287 | 1.2% | 501 | 1,253 | -680 | S100OK43 |
| FY ending Mar 2022 | 32,358 | 1,202 | 3.7% | 811 | 1,078 | -705 | S100R83V |
| FY ending Mar 2023 | 33,105 | -439 | -1.3% | -444 | 104 | -593 | S100TUAP |
| FY ending Mar 2024 | 32,863 | 361 | 1.1% | 220 | 3,578 | 2,799 | S100W17N |
| FY ending Mar 2025 | 32,703 | 829 | 2.5% | 522 | -224 | -893 | S100YGXD |
| FY ending Mar 2026 | 32,105 | 576 | 1.8% | 597 | 1,643 | 1,236 | S100YGXD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥81.5M |
| Operating income per employee (consolidated) | ¥1.5M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 433 | 434 | 410 | 413 | 394 |
| Average salary (parent company) | ¥7M | ¥7.2M | ¥6.8M | ¥7M | ¥7.3M |
| Average age (parent company) | 42.6 years | 43.1 years | 43.5 years | 44.8 years | 45.3 years |
| Average tenure (parent company) | 17.3 years | 16.9 years | 17.3 years | 15.5 years | 16.4 years |

Year over year: Employees (consolidated) -4.6% · Revenue (consolidated) -1.8%

## 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 | 1,643 | 5.1% | S100YGXD |
| Capital expenditure | 407 | 1.3% | S100YGXD |
| Free cash flow | 1,236 | 3.8% | 算出 |
| Investing cash flow | 501 | 1.6% | S100YGXD |
| Financing cash flow | -64 | -0.2% | S100YGXD |
| Dividends paid | 149 | 0.5% | S100YGXD |
| Share buyback | 0 | 0.0% | S100YGXD |
| Change in cash | 2,120 | 6.6% | S100YGXD |
| Cash and equivalents | 5,532 | 17.2% | S100YGXD |

## 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 | 3,329 | 2,771 | 3,695 | 2,780 | 5,532 | S100TUAP, S100W17N, S100YGXD |
| Total assets | 40,086 | 38,553 | 40,114 | 37,519 | 40,345 | S100R83V, S100TUAP, S100W17N, S100YGXD |
| Net assets | 16,999 | 16,954 | 18,476 | 18,995 | 20,987 | S100TUAP, S100W17N, S100YGXD |
| Share capital | 5,660 | 5,660 | 5,660 | 5,660 | 5,660 | S100R83V, S100TUAP, S100W17N, S100YGXD |
| Trade receivables | 11,062 | 7,938 | 9,777 | 7,570 | 7,453 | S100R83V, S100TUAP, S100W17N, S100YGXD |
| Property, plant and equipment | 9,933 | 9,813 | 9,478 | 9,334 | 9,018 | S100R83V, S100TUAP, S100W17N, S100YGXD |
| Intangible assets excluding goodwill | 33 | 25 | 33 | 28 | 111 | S100R83V, S100TUAP, S100W17N, S100YGXD |
| Investment securities | 8,096 | 9,147 | 10,134 | 9,950 | 10,503 | S100R83V, S100TUAP, S100W17N, S100YGXD |
| Current assets | 21,329 | 18,987 | 19,845 | 17,584 | 20,084 | S100R83V, S100TUAP, S100W17N, S100YGXD |
| Current liabilities | 13,549 | 12,532 | 12,837 | 9,076 | 10,292 | S100R83V, S100TUAP, S100W17N, S100YGXD |
| Trade payables | 7,965 | 5,374 | 7,916 | 5,088 | 5,109 | S100R83V, S100TUAP, S100W17N, S100YGXD |
| Short-term borrowings | 2,226 | 2,696 | 1,265 | 270 | 260 | S100R83V, S100TUAP, S100W17N, S100YGXD |
| Long-term borrowings | 6,100 | 5,443 | 4,802 | 4,760 | 4,946 | S100R83V, S100TUAP, S100W17N, S100YGXD |
| Total liabilities | 23,086 | 21,598 | 21,637 | 18,523 | 19,357 | S100R83V, S100TUAP, S100W17N, S100YGXD |
| Non-controlling interests | 1,062 | 1,088 | 1,191 | 1,209 | 1,244 | S100R83V, S100TUAP, S100W17N, S100YGXD |
| Equity attributable to owners of parent | 14,163 | 13,532 | 13,752 | 14,274 | 14,844 | S100R83V, S100TUAP, S100W17N, S100YGXD |
| Retained earnings | 4,427 | 3,796 | 4,017 | 4,539 | 5,108 | S100R83V, S100TUAP, S100W17N, S100YGXD |
| Treasury stock | 0 | 0 | 0 | 0 | -1 | S100R83V, S100TUAP, S100W17N, S100YGXD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100YGXD |
| Receivables | 19% | S100YGXD |
| Property, plant and equipment | 22% | S100YGXD |
| Intangibles and goodwill | 0% | S100YGXD |
| Investment securities | 26% | S100YGXD |
| Other assets | 19% | S100YGXD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 13% | S100YGXD |
| Other liabilities | 35% | S100YGXD |
| Equity | 52% | S100YGXD |
| Other liabilities | 0% | S100YGXD |

### 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 | 40,086 | 38,553 | 40,114 | 37,519 | 40,345 |
| Equity | 16,999 | 16,954 | 18,476 | 18,995 | 20,987 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,329 | 2,771 | 3,695 | 2,780 | 5,532 |

## 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) | 28.1% | S100YGXD |
| Fixed assets ÷ total assets | 22.4% | S100YGXD |
| Goodwill ÷ parent equity | — | —, S100YGXD |

### 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) | 13.7% |
| Cash ÷ revenue | 17.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 285.2% |
| Cash vs. profit gap | 1,046 JPY mn (of net income 175.2%) |
| Shareholder returns / net income | 25.0% |
| Shareholder returns / FCF | 12.1% |
| Shareholder payments — dividends / net income | 25.0% |
| Shareholder payments — dividends / FCF | 12.1% |
| CapEx intensity (capex ÷ revenue) | 1.3% |
| Investing CF relative to operating CF | 30.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 2.5% | 0.81× | 2.0% | 2.83× | 5.7% | S100R83V |
| 2023 | — | —× | -1.1% | —× | — | S100TUAP |
| 2024 | 0.7% | 0.84× | 0.6% | 2.88× | 1.6% | S100W17N |
| 2025 | 1.6% | 0.84× | 1.3% | 2.77× | 3.7% | S100YGXD |
| 2026 | 1.9% | 0.82× | 1.5% | 2.67× | 4.1% | S100YGXD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ワイエムシィ | Major shareholder | 14.8% | 2026-03-31 |
| 株式会社りそな銀行 | Major shareholder | 5.0% | 2026-03-31 |
| フクダ電子株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.4% | 2026-03-31 |
| 野村貿易株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| ダイソーケミカル株式会社 | Major shareholder | 2.0% | 2026-03-31 |
| 日油株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 三井住友海上火災保険株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| ＫＨネオケム株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| 岩谷産業株式会社 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第154期(2025/04/01－2026/03/31) | S100YGXD | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGXD,, |
| 有価証券報告書－第153期(2024/04/01－2025/03/31) | S100W17N | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W17N,, |
| 有価証券報告書－第152期(2023/04/01－2024/03/31) | S100TUAP | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUAP,, |
| 有価証券報告書－第151期(2022/04/01－2023/03/31) | S100R83V | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R83V,, |
| 有価証券報告書－第150期(令和3年4月1日－令和4年3月31日) | S100OK43 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK43,, |
| 有価証券報告書－第149期(令和2年4月1日－令和3年3月31日) | S100LUZ5 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LUZ5,, |

## 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).