# Nippon Fine 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158期(2025/04/01－2026/03/31) (S100YCCG)
> Page: https://vizora.meequs.com/en/company/nippon-fine-chemical
> Retrieved: 2026-09-30T20:32:16.181Z

## Company

Nippon Fine Chemical, founded in 1931, is a company in Chemicals listed on TSE Prime. It has 713 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nippon Fine Chemical Co., Ltd. |
| Ticker | 4362 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4362.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区備後町2丁目4番9号 |
| Representative (per filing) | 代表取締役執行役員社長 矢野 浩史 |
| Founded | Apr 1931 |
| Share capital | ¥5.93B |
| Employees (consolidated) | 713 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.nipponseika.co.jp (https://www.nipponseika.co.jp/) |
| Corporate number | 4120001093267 |
| EDINET | E00852 |
| Industries (Vizora) | Chemicals, Real Estate Development & Leasing, Toiletries & Household Products |

> Profile source: annual securities report (S100YCCG, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.3 | 96 |
| Profitability | 92.5 | 100 |
| Cash conversion | 35.9 | 96 |
| Efficiency | 15.5 | 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 78% of Nippon Fine Chemical's sales come from functional products, with Environmental Hygiene Products and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥16 is left as operating profit.
- Revenue changed -5.2% from the prior year, operating profit +9.1%.

## Company structure

- Segment revenue mix: functional products 78.0%、Environmental Hygiene Products 21.3%、Other 0.7%
- Revenue → net income: ¥33796367000 → ¥4504185000
- Net income → operating cash flow: ¥4504185000 → ¥6814164000（difference ¥2309979000）
- Main uses of operating cash flow: CapEx ¥2842243000 / dividends ¥1851674000 / buybacks ¥2061853000
- Change in cash: ¥702427000
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 | ¥33.8B |  |
| Operating income | ¥5.34B | Margin 15.8% |
| Net income | ¥4.43B | Margin 13.1% |
| Free cash flow | ¥3.97B |  |
| Largest business | functional products | of segment revenue 78.0% |
| Employees (consolidated) | 713 |  |
| EPS | ¥187.46 |  |
| Book value per share | ¥1858.46 |  |
| Equity ratio | 78.5% |  |
| Shares outstanding | 23,822,000 |  |
| Treasury shares | 2,137,400 |  |
| Shareholders | 3,779 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 20.4% | Cash ÷ revenue 39.5% |
| Vs. industry median margin | +8.3 pp | Chemicals |
| ROE | 10.6% | Derived from disclosed figures |
| ROA | 7.1% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.1× dividends
- FY2026, one segment accounts for 88% of positive segment profit
- FY2026, employees -1% while operating income rose 9%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30509589000 | ¥33796367000 | +10.8% |
| Operating income | ¥3939891000 | ¥5341571000 | +35.6% |
| Operating margin | 12.9% | 15.8% | +2.9 pp |
| Employees | 671 people | 713 people | +6.3% |
| Cash and equivalents | ¥13187098000 | ¥13341279000 | +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 |
| --- | ---: |
| 工業用製品 → 事業再編・廃止 | 63.3% |
| 家庭用製品 → 事業再編・廃止 | 33.0% |
| その他 → その他 | 0.7% |
| その他 → 事業再編・廃止 | 3.0% |
| 新設・再編 → 機能性製品 | 78.0% |
| 新設・再編 → 環境衛生製品 | 21.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| functional products | 3 years | -2.5% | ¥26351300000 | 17.8% | 2 |
| Environmental Hygiene Products | 3 years | -3.7% | ¥7212066000 | 7.9% | 2 |
| Other | 5 years | -27.1% | ¥233000000 | 34.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 33,796 | 100.0% | S100YCCG |
| Cost of revenue | 22,662 | 67.1% | S100YCCG |
| Gross profit | 11,135 | 32.9% | S100YCCG |
| SG&A | 5,793 | 17.1% | S100YCCG |
| Operating income | 5,342 | 15.8% | S100YCCG |
| Ordinary income | 5,571 | 16.5% | S100YCCG |
| Pretax income | 6,426 | 19.0% | S100YCCG |
| Income tax | 1,922 | 5.7% | S100YCCG |
| Net income | 4,504 | 13.3% | S100YCCG |
| Net income attributable to owners | 4,429 | 13.1% | S100YCCG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 17 |
| Operating income | 16 |
| (Ref.) Net income | 13 |

### Margin funnel

Gross margin 32.9% → Operating margin 15.8% → Net margin 13.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -5.2%; Core profit growth: +9.1%
Operating leverage (core profit growth ÷ revenue growth): -1.74×
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 | 35,664 | 33,796 | -1,867 | -5.2% |
| Gross profit | 10,879 | 11,135 | 256 | +2.4% |
| Operating income | 4,895 | 5,342 | 446 | +9.1% |
| Net income attributable to owners | 3,871 | 4,429 | 558 | +14.4% |
| Operating cash flow | 4,088 | 6,814 | 2,726 | +66.7% |
| Free cash flow | 1,765 | 3,972 | 2,207 | +125.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 29,047 | 3,641 | 12.5% | 2,621 | 3,062 | 1,208 | S100LJOD |
| FY ending Mar 2021 | 30,510 | 3,940 | 12.9% | 2,759 | 4,699 | 1,955 | S100OCNM |
| FY ending Mar 2022 | 33,449 | 4,882 | 14.6% | 3,472 | 2,286 | -542 | S100R12G |
| FY ending Mar 2023 | 36,838 | 5,057 | 13.7% | 4,080 | 1,439 | -1,318 | S100TPI6 |
| FY ending Mar 2024 | 33,532 | 4,198 | 12.5% | 3,328 | 6,278 | 5,012 | S100XRGN |
| FY ending Mar 2025 | 35,664 | 4,895 | 13.7% | 3,871 | 4,088 | 1,765 | S100YCCG |
| FY ending Mar 2026 | 33,796 | 5,342 | 15.8% | 4,429 | 6,814 | 3,972 | S100YCCG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥47.4M |
| Operating income per employee (consolidated) | ¥7.5M |
| Net income per employee (consolidated) | ¥6.2M |

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) | 684 | 717 | 719 | 719 | 713 |
| Average salary (parent company) | ¥7M | ¥7.6M | ¥7.1M | ¥7.7M | ¥8.2M |
| Average age (parent company) | 41.5 years | 41.9 years | 41.6 years | 41.7 years | 41.9 years |
| Average tenure (parent company) | 16.1 years | 15.1 years | 14.6 years | 14.4 years | 14.6 years |

Year over year: Employees (consolidated) -0.8% · Revenue (consolidated) -5.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| functional products | 26,351 | 78.0% | 4,689 | 17.8% |
| Environmental Hygiene Products | 7,212 | 21.3% | 572 | 7.9% |
| Other | 233 | 0.7% | 80 | 34.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| functional products | 78.0% | 87.8% | 9.8 | 17.8% |
| Environmental Hygiene Products | 21.3% | 10.7% | -10.6 | 7.9% |
| Other | 0.7% | 1.5% | 0.8 | 34.5% |

Segment → industry: functional products → Chemicals / Other → Real Estate Development & Leasing / Environmental Hygiene Products → Toiletries & Household Products

## 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 | 6,814 | 20.2% | S100YCCG |
| Capital expenditure | 2,842 | 8.4% | S100YCCG |
| Free cash flow | 3,972 | 11.8% | 算出 |
| Investing cash flow | -2,228 | -6.6% | S100YCCG |
| Financing cash flow | -4,002 | -11.8% | S100YCCG |
| Dividends paid | 1,852 | 5.5% | S100YCCG |
| Share buyback | 2,062 | 6.1% | S100YCCG |
| Change in cash | 702 | 2.1% | S100YCCG |
| Cash and equivalents | 13,341 | 39.5% | S100YCCG |

## 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 | 11,411 | 7,766 | 10,937 | 12,639 | 13,341 | S100TPI6, S100XRGN, S100YCCG |
| Total assets | 54,808 | 56,673 | 59,451 | 59,796 | 65,421 | S100R12G, S100TPI6, S100XRGN, S100YCCG |
| Net assets | 44,560 | 46,101 | 47,559 | 49,069 | 52,390 | S100TPI6, S100XRGN, S100YCCG |
| Share capital | 5,933 | 5,933 | 5,933 | 5,933 | 5,933 | S100R12G, S100TPI6, S100XRGN, S100YCCG |
| Trade receivables | 8,704 | 8,856 | 9,173 | 8,221 | 8,112 | S100R12G, S100TPI6, S100XRGN, S100YCCG |
| Property, plant and equipment | 12,773 | 14,227 | 14,401 | 15,609 | 18,243 | S100R12G, S100TPI6, S100XRGN, S100YCCG |
| Intangible assets excluding goodwill | 307 | 522 | 778 | 656 | 575 | S100R12G, S100TPI6, S100XRGN, S100YCCG |
| Investment securities | 11,205 | 12,018 | 11,861 | 10,872 | 13,893 | S100R12G, S100TPI6, S100XRGN, S100YCCG |
| Current assets | 30,224 | 29,591 | 32,031 | 32,214 | 32,216 | S100R12G, S100TPI6, S100XRGN, S100YCCG |
| Current liabilities | 7,612 | 7,616 | 9,438 | 7,417 | 9,395 | S100R12G, S100TPI6, S100XRGN, S100YCCG |
| Trade payables | 3,929 | 4,257 | 3,955 | 3,049 | 3,211 | S100R12G, S100TPI6, S100XRGN, S100YCCG |
| Short-term borrowings | — | — | — | 300 | — | S100YCCG |
| Long-term borrowings | — | — | — | 800 | — | S100YCCG |
| Total liabilities | 10,247 | 10,572 | 11,891 | 10,727 | 13,031 | S100R12G, S100TPI6, S100XRGN, S100YCCG |
| Non-controlling interests | 828 | 835 | 911 | 909 | 1,009 | S100R12G, S100TPI6, S100XRGN, S100YCCG |
| Equity attributable to owners of parent | 37,231 | 38,097 | 39,055 | 41,330 | 41,930 | S100R12G, S100TPI6, S100XRGN, S100YCCG |
| Retained earnings | 25,791 | 28,513 | 30,369 | 32,620 | 32,724 | S100R12G, S100TPI6, S100XRGN, S100YCCG |
| Treasury stock | -1,297 | -3,171 | -4,117 | -4,106 | -3,531 | S100R12G, S100TPI6, S100XRGN, S100YCCG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YCCG |
| Receivables | 13% | S100YCCG |
| Property, plant and equipment | 28% | S100YCCG |
| Intangibles and goodwill | 1% | S100YCCG |
| Investment securities | 21% | S100YCCG |
| Other assets | 17% | S100YCCG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YCCG |
| Other liabilities | 15% | S100YCCG |
| Equity | 80% | S100YCCG |

### 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 | 54,808 | 56,673 | 59,451 | 59,796 | 65,421 |
| Equity | 44,560 | 46,101 | 47,559 | 49,069 | 52,390 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 11,411 | 7,766 | 10,937 | 12,639 | 13,341 |

## 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) | 54.0% | S100YCCG |
| Fixed assets ÷ total assets | 27.9% | S100YCCG |
| Goodwill ÷ parent equity | — | —, S100YCCG |

### 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) | 20.4% |
| Cash ÷ revenue | 39.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 127.6% |
| Cash vs. profit gap | 2,386 JPY mn (of net income 53.9%) |
| Shareholder returns / net income | 88.4% |
| Shareholder returns / FCF | 98.5% |
| Shareholder payments — dividends / net income | 41.8% |
| Shareholder payments — dividends / FCF | 46.6% |
| CapEx intensity (capex ÷ revenue) | 8.4% |
| Investing CF relative to operating CF | 32.7% |

## 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 | 10.4% | 0.61× | 6.3% | 1.47× | 9.3% | S100R12G |
| 2023 | 11.1% | 0.66× | 7.3% | 1.48× | 10.8% | S100TPI6 |
| 2024 | 9.9% | 0.58× | 5.7% | 1.51× | 8.6% | S100XRGN |
| 2025 | 10.9% | 0.60× | 6.5% | 1.48× | 9.6% | S100YCCG |
| 2026 | 13.1% | 0.54× | 7.1% | 1.50× | 10.6% | S100YCCG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 太陽鉱工株式会社 | Major shareholder | 17.7% | 2026-03-31 |
| 日本精化企業持株会 | Major shareholder | 9.8% | 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 | 6.9% | 2026-03-31 |
| 日油株式会社 | Major shareholder | 4.8% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC)RE IEDP AIF CLIENTS NON TREATY ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 3.9% | 2026-03-31 |
| 日本精化従業員持株会 | Major shareholder | 2.7% | 2026-03-31 |
| 双日株式会社 | Major shareholder | 2.5% | 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 |
| 小野薬品工業株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社マツモト交商 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第158期(2025/04/01－2026/03/31) | S100YCCG | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCCG,, |
| 訂正有価証券報告書－第157期(2024/04/01－2025/03/31) | S100XRGN | 2026-03-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XRGN,, |
| 有価証券報告書－第156期(2023/04/01－2024/03/31) | S100TPI6 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPI6,, |
| 有価証券報告書－第155期(2022/04/01－2023/03/31) | S100R12G | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R12G,, |
| 有価証券報告書－第154期(令和3年4月1日－令和4年3月31日) | S100OCNM | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCNM,, |
| 有価証券報告書－第153期(令和2年4月1日－令和3年3月31日) | S100LJOD | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJOD,, |

## 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).