# NIHON KAGAKU SANGYO 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101期(2025/04/01－2026/03/31) (S100YH9F)
> Page: https://vizora.meequs.com/en/company/nihon-kagaku-sangyo
> Retrieved: 2026-09-30T17:52:34.753Z

## Company

Nihon Kagaku Sangyo, founded in 1924, is a company in Chemicals listed on TSE Standard. It has 454 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIHON KAGAKU SANGYO CO.,LTD. |
| Ticker | 4094 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4094.T) |
| Listing | TSE Standard |
| Head office | 東京都台東区東上野四丁目8番1号 |
| Representative (per filing) | 代表取締役社長 角谷博樹 |
| Founded | Oct 1924 |
| Share capital | ¥1.03B |
| Employees (consolidated) | 454 |
| Average salary (parent only) | ¥6.4M |
| Fiscal year end | March |
| Corporate number | 8010501016239 |
| EDINET | E00786 |
| Industries (Vizora) | Chemicals, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YH9F, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 69.3 | 96 |
| Profitability | 84.5 | 100 |
| Cash conversion | 21.4 | 96 |
| Efficiency | 6.5 | 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 86% of Nihon Kagaku Sangyo's sales come from Chemicals, with Building materials making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +10.2% from the prior year, operating profit +19.0%.

## Company structure

- Segment revenue mix: Chemicals 86.1%、Building materials 13.9%
- Revenue → net income: ¥28032764000 → ¥2281837000
- Net income → operating cash flow: ¥2281837000 → ¥3393697000（difference ¥1111860000）
- Main uses of operating cash flow: CapEx ¥1628683000 / dividends ¥1768043000 / buybacks —
- Change in cash: ¥5561537000
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 | ¥28B |  |
| Operating income | ¥3.4B | Margin 12.1% |
| Net income | ¥2.28B | Margin 8.1% |
| Free cash flow | ¥1.77B |  |
| Largest business | Chemicals | of segment revenue 86.1% |
| Employees (consolidated) | 454 |  |
| EPS | ¥99.79 |  |
| Book value per share | ¥2421.11 |  |
| Equity ratio | 82.4% |  |
| Shares outstanding | 20,280,000 |  |
| Treasury shares | 523,100 |  |
| Shareholders | 6,490 |  |
| Average salary (parent only) | ¥6.4M | Filing company only |
| Cash ratio | 25.6% | Cash ÷ revenue 56.3% |
| Vs. industry median margin | +4.6 pp | Chemicals |
| ROE | 5.4% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 87% of positive segment profit
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥19642062000 | ¥28032764000 | +42.7% |
| Operating income | ¥2388292000 | ¥3404358000 | +42.5% |
| Operating margin | 12.2% | 12.1% | 0 pp |
| Employees | 435 people | 454 people | +4.4% |
| Cash and equivalents | ¥15969731000 | ¥15779933000 | -1.2% |

### 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 |
| --- | ---: |
| 薬品事業 → 薬品事業 | 82.4% |
| 建材事業 → 建材事業 | 13.9% |
| 建材事業 → 事業再編・廃止 | 3.7% |
| 新設・再編 → 薬品事業 | 3.7% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 28,033 | 100.0% | S100YH9F |
| Cost of revenue | 21,114 | 75.3% | S100YH9F |
| Gross profit | 6,919 | 24.7% | S100YH9F |
| SG&A | 3,514 | 12.5% | S100YH9F |
| Operating income | 3,404 | 12.1% | S100YH9F |
| Ordinary income | 3,818 | 13.6% | S100YH9F |
| Pretax income | 3,336 | 11.9% | S100YH9F |
| Income tax | 1,054 | 3.8% | S100YH9F |
| Net income | 2,282 | 8.1% | S100YH9F |
| Net income attributable to owners | 2,282 | 8.1% | S100YH9F |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 13 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 24.7% → Operating margin 12.1% → Net margin 8.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.2%; Core profit growth: +19.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.86×
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 | 25,441 | 28,033 | 2,591 | +10.2% |
| Gross profit | 6,145 | 6,919 | 774 | +12.6% |
| Operating income | 2,861 | 3,404 | 543 | +19.0% |
| Net income attributable to owners | 2,357 | 2,282 | -75 | -3.2% |
| Operating cash flow | 3,305 | 3,394 | 89 | +2.7% |
| Free cash flow | 1,657 | 1,765 | 108 | +6.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 21,521 | 2,374 | 11.0% | 1,977 | 3,112 | 1,153 | S100LS97 |
| FY ending Mar 2021 | 19,642 | 2,388 | 12.2% | 1,843 | 3,493 | 2,736 | S100OKSO |
| FY ending Mar 2022 | 23,716 | 4,224 | 17.8% | 3,236 | 2,761 | 1,442 | S100R758 |
| FY ending Mar 2023 | 24,063 | 2,900 | 12.1% | 2,234 | 3,064 | 2,409 | S100TSCB |
| FY ending Mar 2024 | 22,444 | 2,178 | 9.7% | 1,743 | 3,098 | 1,934 | S100W3FX |
| FY ending Mar 2025 | 25,441 | 2,861 | 11.2% | 2,357 | 3,305 | 1,657 | S100YH9F |
| FY ending Mar 2026 | 28,033 | 3,404 | 12.1% | 2,282 | 3,394 | 1,765 | S100YH9F |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.7M |
| Operating income per employee (consolidated) | ¥7.5M |
| Net income per employee (consolidated) | ¥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) | 443 | 442 | 448 | 450 | 454 |
| Average salary (parent company) | ¥6.1M | ¥6.3M | ¥6M | ¥6.3M | ¥6.4M |
| Average age (parent company) | 41.8 years | 41.9 years | 42.4 years | 42.5 years | 41.8 years |
| Average tenure (parent company) | 16.0 years | 15.8 years | 16.3 years | 16.6 years | 16.3 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +10.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Chemicals | 24,137 | 86.1% | 3,868 | 16.0% |
| Building materials | 3,896 | 13.9% | 576 | 14.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Chemicals | 86.1% | 87.0% | 0.9 | 16.0% |
| Building materials | 13.9% | 13.0% | -0.9 | 14.8% |

Segment → industry: Chemicals → Chemicals / Building materials → Housing Equipment & Building Materials

## 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 | 3,394 | 12.1% | S100YH9F |
| Capital expenditure | 1,629 | 5.8% | S100YH9F |
| Free cash flow | 1,765 | 6.3% | 算出 |
| Investing cash flow | 4,123 | 14.7% | S100YH9F |
| Financing cash flow | -2,032 | -7.2% | S100YH9F |
| Dividends paid | 1,768 | 6.3% | S100YH9F |
| Change in cash | 5,562 | 19.8% | S100YH9F |
| Cash and equivalents | 15,780 | 56.3% | S100YH9F |

## 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 | 16,787 | 18,608 | 19,487 | 10,218 | 15,780 | S100TSCB, S100W3FX, S100YH9F |
| Total assets | 49,488 | 50,061 | 52,928 | 54,304 | 61,694 | S100R758, S100TSCB, S100W3FX, S100YH9F |
| Net assets | 41,973 | 43,363 | 45,661 | 46,479 | 50,825 | S100TSCB, S100W3FX, S100YH9F |
| Share capital | 1,034 | 1,034 | 1,034 | 1,034 | 1,034 | S100R758, S100TSCB, S100W3FX, S100YH9F |
| Property, plant and equipment | 7,351 | 7,435 | 7,211 | 8,424 | 9,222 | S100R758, S100TSCB, S100W3FX, S100YH9F |
| Intangible assets excluding goodwill | 160 | 117 | 124 | 112 | 164 | S100R758, S100TSCB, S100W3FX, S100YH9F |
| Investment securities | 8,839 | 8,230 | 9,902 | 8,855 | 13,620 | S100R758, S100TSCB, S100W3FX, S100YH9F |
| Current assets | 29,902 | 31,132 | 32,256 | 28,502 | 34,951 | S100R758, S100TSCB, S100W3FX, S100YH9F |
| Current liabilities | 5,710 | 4,931 | 4,913 | 5,664 | 6,992 | S100R758, S100TSCB, S100W3FX, S100YH9F |
| Trade payables | 2,702 | 2,532 | 2,474 | 2,744 | 3,019 | S100R758, S100TSCB, S100W3FX, S100YH9F |
| Short-term borrowings | 374 | 374 | 374 | 264 | — | S100R758, S100TSCB, S100W3FX, S100YH9F |
| Total liabilities | 7,515 | 6,698 | 7,267 | 7,825 | 10,869 | S100R758, S100TSCB, S100W3FX, S100YH9F |
| Equity attributable to owners of parent | 38,312 | 39,913 | 40,667 | 41,876 | 42,380 | S100R758, S100TSCB, S100W3FX, S100YH9F |
| Retained earnings | 37,010 | 38,610 | 39,720 | 40,906 | 41,409 | S100R758, S100TSCB, S100W3FX, S100YH9F |
| Treasury stock | -790 | -790 | -829 | -921 | -921 | S100R758, S100TSCB, S100W3FX, S100YH9F |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YH9F |
| Property, plant and equipment | 15% | S100YH9F |
| Intangibles and goodwill | 0% | S100YH9F |
| Investment securities | 22% | S100YH9F |
| Other assets | 37% | S100YH9F |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YH9F |
| Other liabilities | 13% | S100YH9F |
| Equity | 82% | S100YH9F |

### 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 | 49,488 | 50,061 | 52,928 | 54,304 | 61,694 |
| Equity | 41,973 | 43,363 | 45,661 | 46,479 | 50,825 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 16,787 | 18,608 | 19,487 | 10,218 | 15,780 |

## 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) | 32.9% | S100YH9F |
| Fixed assets ÷ total assets | 14.9% | S100YH9F |
| Goodwill ÷ parent equity | — | —, S100YH9F |

### 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) | 25.6% |
| Cash ÷ revenue | 56.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 99.7% |
| Cash vs. profit gap | 1,112 JPY mn (of net income 48.7%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 77.5% |
| Shareholder payments — dividends / FCF | 100.2% |
| CapEx intensity (capex ÷ revenue) | 5.8% |
| Investing CF relative to operating CF | 121.5% |

## 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 | 13.6% | 0.48× | 6.5% | 1.29× | 8.4% | S100R758 |
| 2023 | 9.3% | 0.48× | 4.5% | 1.27× | 5.7% | S100TSCB |
| 2024 | 7.8% | 0.44× | 3.4% | 1.28× | 4.3% | S100W3FX |
| 2025 | 9.3% | 0.47× | 4.4% | 1.30× | 5.7% | S100YH9F |
| 2026 | 8.1% | 0.48× | 3.9% | 1.38× | 5.4% | S100YH9F |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日化産取引先グループ持株会 | Major shareholder | 10.7% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 6.0% | 2026-03-31 |
| 大樹生命保険株式会社 | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.9% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 3.9% | 2026-03-31 |
| にっかさん従業員持株会 | Major shareholder | 3.7% | 2026-03-31 |
| 立花証券株式会社 | Major shareholder | 3.2% | 2026-03-31 |
| 住友不動産ハウジング株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 住友金属鉱山株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 日本パーカライジング株式会社 | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第101期(2025/04/01－2026/03/31) | S100YH9F | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH9F,, |
| 有価証券報告書－第100期(2024/04/01－2025/03/31) | S100W3FX | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3FX,, |
| 有価証券報告書－第99期(2023/04/01－2024/03/31) | S100TSCB | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSCB,, |
| 有価証券報告書－第98期(2022/04/01－2023/03/31) | S100R758 | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R758,, |
| 有価証券報告書－第97期(令和3年4月1日－令和4年3月31日) | S100OKSO | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKSO,, |
| 有価証券報告書－第96期(令和2年4月1日－令和3年3月31日) | S100LS97 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS97,, |

## 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).