# NICCA CHEMICAL CO.,LTD.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第112期(2025/01/01－2025/12/31) (S100Y1V9)
> Page: https://vizora.meequs.com/en/company/nicca-chemical
> Retrieved: 2026-09-30T21:45:12.284Z

## Company

Nicca Chemical, founded in 1938, is a company in Chemicals listed on TSE Standard. It has 1,576 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NICCA CHEMICAL CO.,LTD. |
| Ticker | 4463 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4463.T) |
| Listing | TSE Standard |
| Head office | 福井県福井市文京4丁目23番1号 |
| Representative (per filing) | 代表取締役社長 江守 康昌 |
| Founded | May 1938 |
| Share capital | ¥2.9B |
| Employees (consolidated) | 1,576 |
| Average salary (parent only) | ¥6.1M |
| Fiscal year end | December |
| Website | www.nicca.co.jp (https://www.nicca.co.jp/) |
| Corporate number | 1210001002667 |
| EDINET | E00887 |
| Industries (Vizora) | Chemicals, Cosmetics |

> Profile source: annual securities report (S100Y1V9, filed 2026-05-01). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 53.6 | 96 |
| Profitability | 45.5 | 100 |
| Cash conversion | 46.4 | 96 |
| Efficiency | 73.5 | 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 72% of Nicca Chemical's sales come from Chemical article, with Cosmetics and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +3.0% from the prior year, operating profit +9.3%.

## Company structure

- Segment revenue mix: Chemical article 71.6%、Cosmetics 27.4%、Other 1.0%
- Revenue → net income: ¥55705000000 → ¥2697000000
- Net income → operating cash flow: ¥2697000000 → ¥5542000000（difference ¥2845000000）
- Main uses of operating cash flow: CapEx ¥11907000000 / dividends ¥901000000 / buybacks —
- Change in cash: ¥1520000000
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 | ¥55.7B |  |
| Operating income | ¥3.85B | Margin 6.9% |
| Net income | ¥2.38B | Margin 4.3% |
| Free cash flow | -¥6.37B |  |
| Largest business | Chemical article | of segment revenue 71.6% |
| Employees (consolidated) | 1,576 |  |
| EPS | ¥87.46 |  |
| Book value per share | ¥1212.68 |  |
| Equity ratio | 47.5% |  |
| Shares outstanding | 17,710,000 |  |
| Treasury shares | 1,357,000 |  |
| Shareholders | 5,640 |  |
| Average salary (parent only) | ¥6.1M | Filing company only |
| Cash ratio | 14.0% | Cash ÷ revenue 18.7% |
| Vs. industry median margin | -0.6 pp | Chemicals |
| ROE | 8.1% | Derived from disclosed figures |
| ROA | 3.5% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.3× net income
- FY2025, one segment accounts for 66% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥41179000000 | ¥55705000000 | +35.3% |
| Operating income | ¥1416000000 | ¥3847000000 | +171.7% |
| Operating margin | 3.4% | 6.9% | +3.5 pp |
| Employees | 1,500 people | 1,576 people | +5.1% |
| Cash and equivalents | ¥7190000000 | ¥10402000000 | +44.7% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 化学品 → 化学品 | 69.2% |
| 化粧品 → 化粧品 | 27.4% |
| 化粧品 → 事業再編・廃止 | 2.2% |
| その他 → その他 | 1.0% |
| その他 → 事業再編・廃止 | 0.2% |
| 新設・再編 → 化学品 | 2.4% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Chemical article | 5 years | +7.0% | ¥39894000000 | 9.9% | 2 |
| Cosmetics | 5 years | +4.6% | ¥15259000000 | 12.9% | 2 |
| Other | 5 years | +1.7% | ¥550000000 | 16.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 55,705 | 100.0% | S100Y1V9 |
| Cost of revenue | 35,507 | 63.7% | S100Y1V9 |
| Gross profit | 20,197 | 36.3% | S100Y1V9 |
| SG&A | 16,350 | 29.4% | S100Y1V9 |
| Operating income | 3,847 | 6.9% | S100Y1V9 |
| Ordinary income | 3,849 | 6.9% | S100Y1V9 |
| Pretax income | 4,000 | 7.2% | S100Y1V9 |
| Income tax | 1,303 | 2.3% | S100Y1V9 |
| Net income | 2,697 | 4.8% | S100Y1V9 |
| Net income attributable to owners | 2,384 | 4.3% | S100Y1V9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 64 |
| SG&A | 29 |
| Operating income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 36.3% → Operating margin 6.9% → Net margin 4.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.0%; Core profit growth: +9.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.14×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 54,099 | 55,705 | 1,606 | +3.0% |
| Gross profit | 19,291 | 20,197 | 906 | +4.7% |
| Operating income | 3,519 | 3,847 | 328 | +9.3% |
| Net income attributable to owners | 2,754 | 2,384 | -370 | -13.4% |
| Operating cash flow | 6,033 | 5,542 | -491 | -8.1% |
| Free cash flow | 2,407 | -6,365 | -8,772 | -364.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 46,191 | 1,395 | 3.0% | 900 | 1,104 | -2,697 | S100MGF0 |
| FY ending Dec 2020 | 41,179 | 1,416 | 3.4% | 1,044 | 6,479 | 5,145 | S100NQNT |
| FY ending Dec 2021 | 48,474 | 2,453 | 5.1% | 2,595 | 4,722 | 3,279 | S100QHDE |
| FY ending Dec 2022 | 50,627 | 2,628 | 5.2% | 2,114 | 2,317 | 970 | S100T8GZ |
| FY ending Dec 2023 | 50,169 | 2,039 | 4.1% | 1,691 | 4,086 | 2,938 | S100VIAV |
| FY ending Dec 2024 | 54,099 | 3,519 | 6.5% | 2,754 | 6,033 | 2,407 | S100Y1V9 |
| FY ending Dec 2025 | 55,705 | 3,847 | 6.9% | 2,384 | 5,542 | -6,365 | S100Y1V9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥35.3M |
| Operating income per employee (consolidated) | ¥2.4M |
| 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,454 | 1,472 | 1,500 | 1,531 | 1,576 |
| Average salary (parent company) | ¥5.3M | ¥5.5M | ¥5.5M | ¥5.8M | ¥6.1M |
| Average age (parent company) | 41.6 years | 42.0 years | 41.8 years | 41.5 years | 41.3 years |
| Average tenure (parent company) | 17.1 years | 17.3 years | 17.2 years | 16.9 years | 16.6 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +3.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Chemical article | 39,894 | 71.6% | 3,948 | 9.9% |
| Cosmetics | 15,259 | 27.4% | 1,966 | 12.9% |
| Other | 550 | 1.0% | 90 | 16.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Chemical article | 71.6% | 65.8% | -5.9 | 9.9% |
| Cosmetics | 27.4% | 32.7% | 5.4 | 12.9% |
| Other | 1.0% | 1.5% | 0.5 | 16.4% |

Segment → industry: Chemical article → Chemicals / Cosmetics → Cosmetics

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 5,542 | 9.9% | S100Y1V9 |
| Capital expenditure | 11,907 | 21.4% | S100Y1V9 |
| Free cash flow | -6,365 | -11.4% | 算出 |
| Investing cash flow | -11,539 | -20.7% | S100Y1V9 |
| Financing cash flow | 7,384 | 13.3% | S100Y1V9 |
| Dividends paid | 901 | 1.6% | S100Y1V9 |
| Change in cash | 1,520 | 2.7% | S100Y1V9 |
| Cash and equivalents | 10,402 | 18.7% | S100Y1V9 |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,373 | 6,263 | 7,977 | 8,881 | 10,402 | S100T8GZ, S100VIAV, S100Y1V9 |
| Total assets | 54,533 | 56,122 | 56,918 | 62,366 | 74,052 | S100QHDE, S100T8GZ, S100VIAV, S100Y1V9 |
| Net assets | 27,323 | 30,392 | 32,822 | 36,553 | 38,354 | S100T8GZ, S100VIAV, S100Y1V9 |
| Share capital | 2,898 | 2,898 | 2,898 | 2,898 | 2,898 | S100QHDE, S100T8GZ, S100VIAV, S100Y1V9 |
| Trade receivables | 9,618 | — | — | — | — | S100QHDE |
| Property, plant and equipment | 23,277 | 22,411 | 21,889 | 24,002 | 33,635 | S100QHDE, S100T8GZ, S100VIAV, S100Y1V9 |
| Intangible assets excluding goodwill | 298 | 399 | 498 | 510 | 933 | S100QHDE, S100T8GZ, S100VIAV, S100Y1V9 |
| Investment securities | 1,706 | 1,716 | 1,771 | 1,966 | 2,125 | S100QHDE, S100T8GZ, S100VIAV, S100Y1V9 |
| Current assets | 27,562 | 29,855 | 31,077 | 34,221 | 35,715 | S100QHDE, S100T8GZ, S100VIAV, S100Y1V9 |
| Current liabilities | 16,702 | 15,987 | 15,776 | 17,143 | 22,983 | S100QHDE, S100T8GZ, S100VIAV, S100Y1V9 |
| Trade payables | 6,619 | 6,544 | 5,895 | 6,181 | 6,335 | S100QHDE, S100T8GZ, S100VIAV, S100Y1V9 |
| Short-term borrowings | 5,662 | 4,300 | 4,100 | 4,300 | 9,302 | S100QHDE, S100T8GZ, S100VIAV, S100Y1V9 |
| Long-term borrowings | 6,038 | 5,170 | 3,652 | 4,234 | 7,866 | S100QHDE, S100T8GZ, S100VIAV, S100Y1V9 |
| Total liabilities | 27,209 | 25,729 | 24,096 | 25,812 | 35,697 | S100QHDE, S100T8GZ, S100VIAV, S100Y1V9 |
| Non-controlling interests | 2,272 | 2,432 | 2,689 | 2,903 | 3,152 | S100QHDE, S100T8GZ, S100VIAV, S100Y1V9 |
| Equity attributable to owners of parent | 23,667 | 25,407 | 26,566 | 28,703 | 30,271 | S100QHDE, S100T8GZ, S100VIAV, S100Y1V9 |
| Retained earnings | 19,284 | 21,006 | 22,145 | 24,251 | 25,712 | S100QHDE, S100T8GZ, S100VIAV, S100Y1V9 |
| Treasury stock | -1,444 | -1,449 | -1,429 | -1,407 | -1,401 | S100QHDE, S100T8GZ, S100VIAV, S100Y1V9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 14% | S100Y1V9 |
| Property, plant and equipment | 46% | S100Y1V9 |
| Intangibles and goodwill | 1% | S100Y1V9 |
| Investment securities | 3% | S100Y1V9 |
| Other assets | 36% | S100Y1V9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100Y1V9 |
| Other liabilities | 40% | S100Y1V9 |
| Equity | 52% | S100Y1V9 |
| Other liabilities | 0% | S100Y1V9 |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 54,533 | 56,122 | 56,918 | 62,366 | 74,052 |
| Equity | 27,323 | 30,392 | 32,822 | 36,553 | 38,354 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,373 | 6,263 | 7,977 | 8,881 | 10,402 |

## 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) | 60.4% | S100Y1V9 |
| Fixed assets ÷ total assets | 45.4% | S100Y1V9 |
| Goodwill ÷ parent equity | — | —, S100Y1V9 |

### 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) | 14.0% |
| Cash ÷ revenue | 18.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 144.1% |
| Cash vs. profit gap | 3,158 JPY mn (of net income 132.5%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 37.8% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 21.4% |
| Investing CF relative to operating CF | 208.2% |

## 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 | 5.4% | 0.89× | 4.8% | 2.30× | 11.0% | S100QHDE |
| 2022 | 4.2% | 0.92× | 3.8% | 2.25× | 8.6% | S100T8GZ |
| 2023 | 3.4% | 0.89× | 3.0% | 2.17× | 6.5% | S100VIAV |
| 2024 | 5.1% | 0.91× | 4.6% | 2.16× | 10.0% | S100Y1V9 |
| 2025 | 4.3% | 0.82× | 3.5% | 2.31× | 8.1% | S100Y1V9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社江守プランニング | Major shareholder | 14.5% | 2025-12-31 |
| 日華共栄会 | Major shareholder | 10.9% | 2025-12-31 |
| 長瀬産業株式会社 | Major shareholder | 8.6% | 2025-12-31 |
| 日華化学社員持株会 | Major shareholder | 4.3% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.1% | 2025-12-31 |
| 公益財団法人江守アジア留学生育英会 | Major shareholder | 3.1% | 2025-12-31 |
| ＩＮＴＥＲＡＣＴＩＶＥ ＢＲＯＫＥＲＳ ＬＬＣ（常任代理人 インタラクティブ・ブローカーズ証券株式会社） | Major shareholder | 2.2% | 2025-12-31 |
| 株式会社福井銀行 | Major shareholder | 2.1% | 2025-12-31 |
| 山崎 正弘 | Major shareholder | 1.8% | 2025-12-31 |
| 宗教法人歓喜寺 | Major shareholder | 1.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第112期(2025/01/01－2025/12/31) | S100Y1V9 | 2026-05-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Y1V9,, |
| 有価証券報告書－第111期(2024/01/01－2024/12/31) | S100VIAV | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VIAV,, |
| 訂正有価証券報告書－第110期(2023/01/01－2023/12/31) | S100T8GZ | 2024-04-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T8GZ,, |
| 有価証券報告書－第109期(2022/01/01－2022/12/31) | S100QHDE | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHDE,, |
| 有価証券報告書－第108期(令和3年1月1日－令和3年12月31日) | S100NQNT | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQNT,, |
| 訂正有価証券報告書－第107期(令和2年1月1日－令和2年12月31日) | S100MGF0 | 2021-09-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MGF0,, |

## 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).