# Nippon Chemical Industrial  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168期(2025/04/01－2026/03/31) (S100YJUC)
> Page: https://vizora.meequs.com/en/company/nippon-chemical-industrial
> Retrieved: 2026-09-30T17:59:45.819Z

## Company

Nippon Chemical Industrial, founded in 1893, is a company in Chemicals listed on TSE Prime. It has 735 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Chemical Industrial Co.,Ltd. |
| Ticker | 4092 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4092.T) |
| Listing | TSE Prime |
| Head office | 東京都江東区亀戸九丁目11番1号 |
| Representative (per filing) | 代表取締役社長 棚橋 洋太 |
| Founded | Sep 1893 |
| Share capital | ¥5.76B |
| Employees (consolidated) | 735 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | nippon-chem.co.jp (https://nippon-chem.co.jp/) |
| Corporate number | 3010601005559 |
| EDINET | E00784 |
| Industries (Vizora) | Chemicals, Real Estate Development & Leasing |

> Profile source: annual securities report (S100YJUC, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 24.5 | 96 |
| Profitability | 35.5 | 100 |
| Cash conversion | 77.6 | 96 |
| Efficiency | 12.5 | 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 52% of Nippon Chemical Industrial's sales come from Specialty Chemicals, with Inorganic Chemicals and Leasing Business making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit -27.7%.

## Company structure

- Segment revenue mix: Specialty Chemicals 52.3%、Inorganic Chemicals 44.6%、Leasing Business 2.3%、Other 0.8%
- Revenue → net income: ¥40182000000 → ¥2894000000
- Net income → operating cash flow: ¥2894000000 → ¥5370000000（difference ¥2476000000）
- Main uses of operating cash flow: CapEx ¥5030000000 / dividends ¥921000000 / buybacks ¥260000000
- Change in cash: ¥156000000
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 | ¥40.2B |  |
| Operating income | ¥2.42B | Margin 6.0% |
| Net income | ¥2.89B | Margin 7.2% |
| Free cash flow | ¥340M |  |
| Largest business | Specialty Chemicals | of segment revenue 52.3% |
| Employees (consolidated) | 735 |  |
| EPS | ¥313.92 |  |
| Book value per share | ¥5080.74 |  |
| Equity ratio | 64.1% |  |
| Shares outstanding | 8,922,000 |  |
| Treasury shares | 246,000 |  |
| Shareholders | 9,895 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 9.9% | Cash ÷ revenue 19.4% |
| Vs. industry median margin | -1.5 pp | Chemicals |
| ROE | 6.9% | Derived from disclosed figures |
| ROA | 3.8% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -31 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥34642000000 | ¥40182000000 | +16.0% |
| Operating income | ¥2783000000 | ¥2415000000 | -13.2% |
| Operating margin | 8.0% | 6.0% | -2 pp |
| Employees | 755 people | 735 people | -2.6% |
| Cash and equivalents | ¥9962000000 | ¥7784000000 | -21.9% |

### 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 |
| --- | ---: |
| 化学品事業 → 事業再編・廃止 | 41.2% |
| 機能品事業 → 事業再編・廃止 | 43.7% |
| 賃貸事業 → 事業再編・廃止 | 2.6% |
| その他 → その他 | 0.8% |
| その他 → 事業再編・廃止 | 1.9% |
| 空調関連事業 → 事業再編・廃止 | 9.8% |
| 新設・再編 → 化学品事業 | 44.6% |
| 新設・再編 → 機能品事業 | 52.3% |
| 新設・再編 → 賃貸事業 | 2.3% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Specialty Chemicals | 2 years | +5.0% | ¥21010000000 | 2.4% | 2 |
| Inorganic Chemicals | 2 years | +0.4% | ¥17916000000 | 7.2% | 2 |
| Leasing Business | 2 years | +1.4% | ¥940000000 | 59.5% | 2 |
| Other | 5 years | -19.3% | ¥315000000 | 10.2% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 40,182 | 100.0% | S100YJUC |
| Cost of revenue | 32,182 | 80.1% | S100YJUC |
| Gross profit | 8,000 | 19.9% | S100YJUC |
| SG&A | 5,584 | 13.9% | S100YJUC |
| Operating income | 2,415 | 6.0% | S100YJUC |
| Ordinary income | 2,375 | 5.9% | S100YJUC |
| Pretax income | 3,634 | 9.0% | S100YJUC |
| Income tax | 740 | 1.8% | S100YJUC |
| Net income | 2,894 | 7.2% | S100YJUC |
| Net income attributable to owners | 2,894 | 7.2% | S100YJUC |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 80 |
| SG&A | 14 |
| Operating income | 6 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 19.9% → Operating margin 6.0% → Net margin 7.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.4%; Core profit growth: -27.7%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -8.05×
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 | 38,843 | 40,182 | 1,339 | +3.4% |
| Gross profit | 8,753 | 8,000 | -753 | -8.6% |
| Operating income | 3,342 | 2,415 | -927 | -27.7% |
| Net income attributable to owners | 2,559 | 2,894 | 335 | +13.1% |
| Operating cash flow | 6,367 | 5,370 | -997 | -15.7% |
| Free cash flow | 1,430 | 340 | -1,090 | -76.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 36,243 | 2,481 | 6.8% | 1,857 | 4,776 | -1,032 | S100LO1L |
| FY ending Mar 2021 | 34,642 | 2,783 | 8.0% | 2,182 | 5,216 | 942 | S100OE7U |
| FY ending Mar 2022 | 37,275 | 3,921 | 10.5% | 3,735 | 1,975 | -3,037 | S100R4PO |
| FY ending Mar 2023 | 38,075 | 1,292 | 3.4% | 855 | 1,494 | -1,318 | S100TSW8 |
| FY ending Mar 2024 | 38,538 | 2,264 | 5.9% | 1,590 | 6,152 | 1,753 | S100W423 |
| FY ending Mar 2025 | 38,843 | 3,342 | 8.6% | 2,559 | 6,367 | 1,430 | S100YJUC |
| FY ending Mar 2026 | 40,182 | 2,415 | 6.0% | 2,894 | 5,370 | 340 | S100YJUC |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥54.7M |
| Operating income per employee (consolidated) | ¥3.3M |
| Net income per employee (consolidated) | ¥3.9M |

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) | 708 | 722 | 747 | 732 | 735 |
| Average salary (parent company) | ¥6.6M | ¥6.6M | ¥6.4M | ¥6.9M | ¥7.2M |
| Average age (parent company) | 41.3 years | 41.7 years | 41.3 years | 41.4 years | 41.9 years |
| Average tenure (parent company) | 19.0 years | 19.3 years | 18.9 years | 19.0 years | 19.1 years |

Year over year: Employees (consolidated) +0.4% · Revenue (consolidated) +3.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Inorganic Chemicals | 17,916 | 44.6% | 1,281 | 7.2% |
| Specialty Chemicals | 21,010 | 52.3% | 513 | 2.4% |
| Leasing Business | 940 | 2.3% | 559 | 59.5% |
| Other | 315 | 0.8% | 32 | 10.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Inorganic Chemicals | 44.6% | 53.7% | 9.1 | 7.2% |
| Specialty Chemicals | 52.3% | 21.5% | -30.8 | 2.4% |
| Leasing Business | 2.3% | 23.4% | 21.1 | 59.5% |
| Other | 0.8% | 1.3% | 0.6 | 10.2% |

Segment → industry: Specialty Chemicals → Chemicals / Inorganic Chemicals → Chemicals / Leasing Business → Real Estate Development & Leasing

## 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 | 5,370 | 13.4% | S100YJUC |
| Capital expenditure | 5,030 | 12.5% | S100YJUC |
| Free cash flow | 340 | 0.8% | 算出 |
| Investing cash flow | -3,356 | -8.4% | S100YJUC |
| Financing cash flow | -1,870 | -4.7% | S100YJUC |
| Dividends paid | 921 | 2.3% | S100YJUC |
| Share buyback | 260 | 0.6% | S100YJUC |
| Change in cash | 156 | 0.4% | S100YJUC |
| Cash and equivalents | 7,784 | 19.4% | S100YJUC |

## 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 | 9,002 | 7,831 | 8,731 | 7,628 | 7,784 | S100TSW8, S100W423, S100YJUC |
| Total assets | 70,431 | 72,897 | 76,503 | 75,105 | 78,457 | S100R4PO, S100TSW8, S100W423, S100YJUC |
| Net assets | 41,867 | 42,241 | 45,047 | 46,395 | 50,321 | S100TSW8, S100W423, S100YJUC |
| Share capital | 5,757 | 5,757 | 5,757 | 5,757 | 5,757 | S100R4PO, S100TSW8, S100W423, S100YJUC |
| Property, plant and equipment | 31,864 | 32,751 | 33,021 | 34,300 | 34,564 | S100R4PO, S100TSW8, S100W423, S100YJUC |
| Intangible assets excluding goodwill | 448 | 411 | 462 | 429 | 463 | S100R4PO, S100TSW8, S100W423, S100YJUC |
| Investment securities | 6,385 | 6,292 | 5,898 | 4,548 | 5,126 | S100R4PO, S100TSW8, S100W423, S100YJUC |
| Current assets | 30,718 | 32,228 | 33,975 | 31,448 | 31,070 | S100R4PO, S100TSW8, S100W423, S100YJUC |
| Current liabilities | 17,706 | 17,492 | 20,102 | 20,106 | 19,522 | S100R4PO, S100TSW8, S100W423, S100YJUC |
| Trade payables | 3,390 | 3,618 | 4,154 | 3,555 | 3,233 | S100R4PO, S100TSW8, S100W423, S100YJUC |
| Short-term borrowings | 8,886 | 7,487 | 9,156 | 10,575 | 10,275 | S100R4PO, S100TSW8, S100W423, S100YJUC |
| Long-term borrowings | 7,033 | 9,289 | 7,375 | 4,500 | 4,125 | S100R4PO, S100TSW8, S100W423, S100YJUC |
| Total liabilities | 28,563 | 30,656 | 31,455 | 28,709 | 28,136 | S100R4PO, S100TSW8, S100W423, S100YJUC |
| Equity attributable to owners of parent | 38,499 | 38,627 | 39,618 | 41,267 | 43,016 | S100R4PO, S100TSW8, S100W423, S100YJUC |
| Retained earnings | 30,809 | 30,910 | 31,875 | 33,719 | 35,676 | S100R4PO, S100TSW8, S100W423, S100YJUC |
| Treasury stock | -337 | -307 | -280 | -476 | -684 | S100R4PO, S100TSW8, S100W423, S100YJUC |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YJUC |
| Property, plant and equipment | 44% | S100YJUC |
| Intangibles and goodwill | 1% | S100YJUC |
| Investment securities | 6% | S100YJUC |
| Other assets | 39% | S100YJUC |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YJUC |
| Other liabilities | 32% | S100YJUC |
| Equity | 64% | S100YJUC |

### 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 | 70,431 | 72,897 | 76,503 | 75,105 | 78,457 |
| Equity | 41,867 | 42,241 | 45,047 | 46,395 | 50,321 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,002 | 7,831 | 8,731 | 7,628 | 7,784 |

## 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) | 86.0% | S100YJUC |
| Fixed assets ÷ total assets | 44.1% | S100YJUC |
| Goodwill ÷ parent equity | — | —, S100YJUC |

### 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) | 9.9% |
| Cash ÷ revenue | 19.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 222.4% |
| Cash vs. profit gap | 2,476 JPY mn (of net income 85.6%) |
| Shareholder returns / net income | 40.8% |
| Shareholder returns / FCF | 347.4% |
| Shareholder payments — dividends / net income | 31.8% |
| Shareholder payments — dividends / FCF | 270.9% |
| CapEx intensity (capex ÷ revenue) | 12.5% |
| Investing CF relative to operating CF | 62.5% |

## 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 | 10.0% | 0.53× | 5.3% | 1.83× | 9.7% | S100R4PO |
| 2023 | 2.2% | 0.53× | 1.2% | 1.86× | 2.2% | S100TSW8 |
| 2024 | 4.1% | 0.52× | 2.1% | 1.91× | 4.1% | S100W423 |
| 2025 | 6.6% | 0.51× | 3.4% | 1.87× | 6.3% | S100YJUC |
| 2026 | 7.2% | 0.52× | 3.8% | 1.82× | 6.9% | S100YJUC |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本化学工業取引先持株会 | Major shareholder | 10.5% | 2026-03-31 |
| 日本マスタートラスト 信託銀行株式会社(信託口) | Major shareholder | 10.3% | 2026-03-31 |
| 明治安田生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.1% | 2026-03-31 |
| 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 | 3.1% | 2026-03-31 |
| 松井証券株式会社 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社日本カストディ銀行 (信託口) | Major shareholder | 2.4% | 2026-03-31 |
| 小西安株式会社 | Major shareholder | 2.1% | 2026-03-31 |
| 日本化学工業従業員持株会 | Major shareholder | 1.9% | 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 | 1.8% | 2026-03-31 |
| 河合 映治 | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第168期(2025/04/01－2026/03/31) | S100YJUC | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJUC,, |
| 有価証券報告書－第167期(2024/04/01－2025/03/31) | S100W423 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W423,, |
| 有価証券報告書－第166期(2023/04/01－2024/03/31) | S100TSW8 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSW8,, |
| 有価証券報告書－第165期(2022/04/01－2023/03/31) | S100R4PO | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4PO,, |
| 有価証券報告書－第164期(令和3年4月1日－令和4年3月31日) | S100OE7U | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE7U,, |
| 有価証券報告書－第163期(令和2年4月1日－令和3年3月31日) | S100LO1L | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LO1L,, |

## 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).