# NIPPON CHEMIPHAR 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94期(2025/04/01－2026/03/31) (S100YBOB)
> Page: https://vizora.meequs.com/en/company/nippon-chemiphar
> Retrieved: 2026-09-30T22:48:06.130Z

## Company

Nippon Chemiphar, founded in 1950, is a company in Pharmaceuticals listed on TSE Standard. It has 878 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON CHEMIPHAR CO., LTD. |
| Ticker | 4539 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4539.T) |
| Listing | TSE Standard |
| Head office | 東京都千代田区岩本町二丁目2番3号 |
| Representative (per filing) | 代表取締役社長 山口一城 |
| Founded | Jun 1950 |
| Share capital | ¥4.3B |
| Employees (consolidated) | 878 |
| Average salary (parent only) | ¥7.5M |
| Fiscal year end | March |
| Website | www.chemiphar.co.jp (https://www.chemiphar.co.jp/) |
| Corporate number | 5010001033101 |
| EDINET | E00957 |
| Industries (Vizora) | Pharmaceuticals, CRO & Clinical Testing |

> Profile source: annual securities report (S100YBOB, filed 2026-06-15). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13.9 | 18 |
| Profitability | 20.5 | 22 |
| Cash conversion | 97.2 | 18 |
| Efficiency | 82.8 | 32 |

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 96% of Nippon Chemiphar's sales come from Medicine, with Other making up much of the rest.
- Operating profit was close to zero, a slight profit per ¥100 of sales.
- Revenue changed +1.6% from the prior year, operating profit -70.5%.

## Company structure

- Segment revenue mix: Medicine 96.3%、Other 3.7%
- Revenue → net income: ¥33090000000 → ¥198000000
- Net income → operating cash flow: ¥198000000 → ¥620000000（difference ¥422000000）
- Main uses of operating cash flow: CapEx ¥949000000 / dividends ¥182000000 / buybacks —
- Change in cash: ¥-1678000000
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 | ¥33.1B |  |
| Operating income | ¥179M | Margin 0.5% |
| Net income | ¥198M | Margin 0.6% |
| Free cash flow | -¥329M |  |
| Largest business | Medicine | of segment revenue 96.3% |
| Employees (consolidated) | 878 |  |
| EPS | ¥82.61 |  |
| Book value per share | ¥2676.33 |  |
| Equity ratio | 39.0% |  |
| Shares outstanding | 4,261,000 |  |
| Treasury shares | 610,300 |  |
| Shareholders | 3,348 |  |
| Average salary (parent only) | ¥7.5M | Filing company only |
| Cash ratio | 10.7% | Cash ÷ revenue 16.1% |
| Vs. industry median margin | -6.6 pp | Pharmaceuticals |
| ROE | 1.2% | Derived from disclosed figures |
| ROA | 0.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.1× net income
- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥31541000000 | ¥33090000000 | +4.9% |
| Operating income | ¥564000000 | ¥179000000 | -68.3% |
| Operating margin | 1.8% | 0.5% | -1.2 pp |
| Employees | 760 people | 878 people | +15.5% |
| Cash and equivalents | ¥10505000000 | ¥5342000000 | -49.1% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 医薬品事業 → 医薬品事業 | 96.3% |
| 医薬品事業 → 事業再編・廃止 | 0.2% |
| その他 → その他 | 3.5% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 33,090 | 100.0% | S100YBOB |
| Cost of revenue | 24,693 | 74.6% | S100YBOB |
| Gross profit | 8,397 | 25.4% | S100YBOB |
| SG&A | 8,217 | 24.8% | S100YBOB |
| Operating income | 179 | 0.5% | S100YBOB |
| Ordinary income | 227 | 0.7% | S100YBOB |
| Pretax income | 221 | 0.7% | S100YBOB |
| Income tax | 23 | 0.1% | S100YBOB |
| Net income | 198 | 0.6% | S100YBOB |
| Net income attributable to owners | 198 | 0.6% | S100YBOB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 25 |
| Operating income | 0 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 25.4% → Operating margin 0.5% → Net margin 0.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.6%; Core profit growth: -70.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -44.13×
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 | 32,570 | 33,090 | 520 | +1.6% |
| Gross profit | 8,746 | 8,397 | -349 | -4.0% |
| Operating income | 606 | 179 | -427 | -70.5% |
| Net income attributable to owners | 294 | 198 | -96 | -32.7% |
| Operating cash flow | -265 | 620 | 885 | — |
| Free cash flow | -2,123 | -329 | 1,794 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 31,756 | 364 | 1.1% | 436 | 1,394 | 946 | S100LK70 |
| FY ending Mar 2021 | 31,541 | 564 | 1.8% | 495 | 1,503 | -85 | S100OBPY |
| FY ending Mar 2022 | 32,506 | 825 | 2.5% | 700 | 1,801 | 1,074 | S100R0RK |
| FY ending Mar 2023 | 31,559 | -241 | -0.8% | 339 | -916 | -1,930 | S100TNR2 |
| FY ending Mar 2024 | 30,748 | -494 | -1.6% | -180 | 296 | -2,340 | S100VWWK |
| FY ending Mar 2025 | 32,570 | 606 | 1.9% | 294 | -265 | -2,123 | S100YBOB |
| FY ending Mar 2026 | 33,090 | 179 | 0.5% | 198 | 620 | -329 | S100YBOB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37.7M |
| Operating income per employee (consolidated) | ¥203.9K |
| Net income per employee (consolidated) | ¥225.5K |

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) | 809 | 872 | 887 | 855 | 878 |
| Average salary (parent company) | ¥6.9M | ¥7M | ¥7M | ¥7.2M | ¥7.5M |
| Average age (parent company) | 42.1 years | 42.2 years | 42.5 years | 42.7 years | 43.1 years |
| Average tenure (parent company) | 13.9 years | 13.3 years | 13.0 years | 13.8 years | 14.1 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) +1.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Medicine | 31,868 | 96.3% | 187 | 0.6% |
| Other | 1,222 | 3.7% | -7 | -0.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Medicine | 96.3% | 100.0% | 3.7 | 0.6% |
| Other | 3.7% | — | — | -0.6% |

Loss-making segment (excluded from profit shares): Other -7 JPY mn

Segment → industry: Medicine → Pharmaceuticals / Other → CRO & Clinical Testing

## 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 | 620 | 1.9% | S100YBOB |
| Capital expenditure | 949 | 2.9% | S100YBOB |
| Free cash flow | -329 | -1.0% | 算出 |
| Investing cash flow | -661 | -2.0% | S100YBOB |
| Financing cash flow | -1,673 | -5.1% | S100YBOB |
| Dividends paid | 182 | 0.6% | S100YBOB |
| Change in cash | -1,678 | -5.1% | S100YBOB |
| Cash and equivalents | 5,342 | 16.1% | S100YBOB |

## 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 | 11,645 | 10,529 | 9,200 | 7,021 | 5,342 | S100TNR2, S100VWWK, S100YBOB |
| Total assets | 49,453 | 48,571 | 49,548 | 49,851 | 49,978 | S100R0RK, S100TNR2, S100VWWK, S100YBOB |
| Net assets | 18,501 | 18,534 | 18,460 | 19,167 | 19,510 | S100TNR2, S100VWWK, S100YBOB |
| Share capital | 4,304 | 4,304 | 4,304 | 4,304 | 4,304 | S100R0RK, S100TNR2, S100VWWK, S100YBOB |
| Property, plant and equipment | 11,848 | 11,518 | 13,224 | 14,737 | 14,279 | S100R0RK, S100TNR2, S100VWWK, S100YBOB |
| Intangible assets excluding goodwill | 884 | 569 | 281 | 494 | 499 | S100R0RK, S100TNR2, S100VWWK, S100YBOB |
| Investment securities | 1,810 | 1,385 | 2,066 | 1,923 | 2,071 | S100R0RK, S100TNR2, S100VWWK, S100YBOB |
| Current assets | 33,495 | 33,436 | 31,836 | 30,066 | 29,941 | S100R0RK, S100TNR2, S100VWWK, S100YBOB |
| Current liabilities | 16,750 | 14,766 | 13,786 | 12,261 | 12,696 | S100R0RK, S100TNR2, S100VWWK, S100YBOB |
| Trade payables | 2,146 | 2,545 | 2,020 | 2,368 | 1,868 | S100R0RK, S100TNR2, S100VWWK, S100YBOB |
| Short-term borrowings | 400 | 392 | 568 | 230 | 174 | S100R0RK, S100TNR2, S100VWWK, S100YBOB |
| Long-term borrowings | 11,399 | 11,950 | 13,344 | 13,304 | 12,297 | S100R0RK, S100TNR2, S100VWWK, S100YBOB |
| Total liabilities | 30,952 | 30,037 | 31,087 | 30,684 | 30,468 | S100R0RK, S100TNR2, S100VWWK, S100YBOB |
| Equity attributable to owners of parent | 15,939 | 16,093 | 15,729 | 15,887 | 15,952 | S100R0RK, S100TNR2, S100VWWK, S100YBOB |
| Retained earnings | 13,482 | 13,636 | 13,273 | 13,432 | 13,495 | S100R0RK, S100TNR2, S100VWWK, S100YBOB |
| Treasury stock | -3,110 | -3,110 | -3,111 | -3,111 | -3,076 | S100R0RK, S100TNR2, S100VWWK, S100YBOB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YBOB |
| Property, plant and equipment | 28% | S100YBOB |
| Intangibles and goodwill | 1% | S100YBOB |
| Investment securities | 4% | S100YBOB |
| Other assets | 56% | S100YBOB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YBOB |
| Other liabilities | 57% | S100YBOB |
| Equity | 39% | S100YBOB |

### 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 | 49,453 | 48,571 | 49,548 | 49,851 | 49,978 |
| Equity | 18,501 | 18,534 | 18,460 | 19,167 | 19,510 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,645 | 10,529 | 9,200 | 7,021 | 5,342 |

## 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) | 43.2% | S100YBOB |
| Fixed assets ÷ total assets | 28.6% | S100YBOB |
| Goodwill ÷ parent equity | — | —, S100YBOB |

### 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) | 10.7% |
| Cash ÷ revenue | 16.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 346.4% |
| Cash vs. profit gap | 422 JPY mn (of net income 213.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 91.9% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 2.9% |
| Investing CF relative to operating CF | 106.6% |

## 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 | 2.2% | 0.66× | 1.4% | 3.10× | 4.4% | S100R0RK |
| 2023 | 1.1% | 0.64× | 0.7% | 3.06× | 2.1% | S100TNR2 |
| 2024 | — | —× | -0.4% | —× | — | S100VWWK |
| 2025 | 0.9% | 0.66× | 0.6% | 3.14× | 1.9% | S100YBOB |
| 2026 | 0.6% | 0.66× | 0.4% | 3.14× | 1.2% | S100YBOB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ジャパンソファルシム株式会社 | Major shareholder | 11.9% | 2026-03-31 |
| 公益財団法人山口記念科学振興財団 | Major shareholder | 8.2% | 2026-03-31 |
| 豊島薬品株式会社 | Major shareholder | 6.6% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 3.9% | 2026-03-31 |
| 今村 均 | Major shareholder | 3.5% | 2026-03-31 |
| 日本ケミファ従業員持株会 | Major shareholder | 3.4% | 2026-03-31 |
| ゼリア新薬工業株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 山口 一城 | Major shareholder | 3.0% | 2026-03-31 |
| 山口 礼子 | Major shareholder | 2.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第94期(2025/04/01－2026/03/31) | S100YBOB | 2026-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBOB,, |
| 有価証券報告書－第93期(2024/04/01－2025/03/31) | S100VWWK | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VWWK,, |
| 有価証券報告書－第92期(2023/04/01－2024/03/31) | S100TNR2 | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNR2,, |
| 有価証券報告書－第91期(2022/04/01－2023/03/31) | S100R0RK | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0RK,, |
| 有価証券報告書－第90期(令和3年4月1日－令和4年3月31日) | S100OBPY | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBPY,, |
| 有価証券報告書－第89期(令和2年4月1日－令和3年3月31日) | S100LK70 | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LK70,, |

## 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).