# NIPPON KAYAKU 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169期(2025/04/01－2026/03/31) (S100YD4R)
> Page: https://vizora.meequs.com/en/company/nippon-kayaku
> Retrieved: 2026-09-30T23:28:18.889Z

## Company

Nippon Kayaku, founded in 1945, is a company in Auto Parts listed on TSE Prime. It has 5,946 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | NIPPON KAYAKU CO.,LTD. |
| Ticker | 4272 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4272.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内二丁目1番1号 |
| Representative (per filing) | 代表取締役社長 川村 茂之 |
| Founded | Oct 1945 |
| Share capital | ¥14.9B |
| Employees (consolidated) | 5,946 |
| Average salary (parent only) | ¥8M |
| Fiscal year end | March |
| Website | www.nipponkayaku.co.jp (https://www.nipponkayaku.co.jp/) |
| Corporate number | 3010001016850 |
| EDINET | E00836 |
| Industries (Vizora) | Auto Parts, Chemicals, Pharmaceuticals, Semiconductor Materials, Electronic Components |

> Profile source: annual securities report (S100YD4R, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Auto Parts (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 52.3 | 110 |
| Profitability | 92.3 | 111 |
| Cash conversion | 31 | 108 |
| Efficiency | 4.1 | 111 |
| Financial strength | 82.1 | 14 |

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 39% of Nippon Kayaku's sales come from Mobility and Imaging Business Unit,, with Fine Chemicals Business Unit and Life Science Business Unit making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +8.7% from the prior year, operating profit +10.1%.

## Company structure

- Segment revenue mix: Mobility and Imaging Business Unit, 39.2%、Fine Chemicals Business Unit 30.7%、Life Science Business Unit 30.2%
- Revenue → net income: ¥241851000000 → ¥24711000000
- Net income → operating cash flow: ¥24711000000 → ¥28784000000（difference ¥4073000000）
- Main uses of operating cash flow: CapEx ¥24864000000 / dividends ¥10559000000 / buybacks ¥16581000000
- Change in cash: ¥-4557000000
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 | ¥241.9B |  |
| Operating income | ¥22.5B | Margin 9.3% |
| Net income | ¥24.6B | Margin 10.2% |
| Free cash flow | ¥3.92B |  |
| Largest business | Mobility and Imaging Business Unit, | of segment revenue 39.2% |
| Employees (consolidated) | 5,946 |  |
| EPS | ¥201.69 |  |
| Diluted EPS | ¥161.18 |  |
| Book value per share | ¥1212.36 |  |
| Equity ratio | 70.0% |  |
| Shares outstanding | 160,000,000 |  |
| Treasury shares | 11,525,100 |  |
| Shareholders | 30,640 |  |
| Average salary (parent only) | ¥8M | Filing company only |
| Cash ratio | 13.4% | Net cash ¥4.18B · Cash ÷ revenue 22.1% |
| Vs. industry median margin | +4.5 pp | Auto Parts |
| ROE | 10.9% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 1.6× dividends
- FY2026, employees -1% while operating income rose 10%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥173381000000 | ¥241851000000 | +39.5% |
| Operating income | ¥15194000000 | ¥22454000000 | +47.8% |
| Operating margin | 8.8% | 9.3% | +0.5 pp |
| Employees | 5,664 people | 5,946 people | +5.0% |
| Cash and equivalents | ¥47483000000 | ¥53368000000 | +12.4% |

### 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 |
| --- | ---: |
| 機能化学品事業 → 事業再編・廃止 | 41.8% |
| 医薬事業 → 事業再編・廃止 | 29.1% |
| セイフティシステムズ事業 → 事業再編・廃止 | 24.2% |
| その他 → 事業再編・廃止 | 4.9% |
| 新設・再編 → モビリティ＆イメージング事業領域 | 39.2% |
| 新設・再編 → ファインケミカルズ事業領域 | 30.7% |
| 新設・再編 → ライフサイエンス事業領域 | 30.2% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Mobility and Imaging Business Unit, | 3 years | +9.6% | ¥94714000000 | 11.2% | 2 |
| Fine Chemicals Business Unit | 3 years | +5.0% | ¥74142000000 | 16.1% | 2 |
| Life Science Business Unit | 3 years | +5.3% | ¥72994000000 | 13.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 241,851 | 100.0% | S100YD4R |
| Cost of revenue | 168,971 | 69.9% | S100YD4R |
| Gross profit | 72,880 | 30.1% | S100YD4R |
| SG&A | 50,426 | 20.9% | S100YD4R |
| Operating income | 22,454 | 9.3% | S100YD4R |
| Ordinary income | 25,478 | 10.5% | S100YD4R |
| Pretax income | 33,592 | 13.9% | S100YD4R |
| Income tax | 8,880 | 3.7% | S100YD4R |
| Net income | 24,711 | 10.2% | S100YD4R |
| Net income attributable to owners | 24,641 | 10.2% | S100YD4R |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 21 |
| Operating income | 9 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 30.1% → Operating margin 9.3% → Net margin 10.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +8.7%; Core profit growth: +10.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.16×
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 | 222,584 | 241,851 | 19,267 | +8.7% |
| Gross profit | 71,482 | 72,880 | 1,398 | +2.0% |
| Operating income | 20,401 | 22,454 | 2,053 | +10.1% |
| Net income attributable to owners | 17,508 | 24,641 | 7,133 | +40.7% |
| Operating cash flow | 25,530 | 28,784 | 3,254 | +12.7% |
| Free cash flow | -4,869 | 3,920 | 8,789 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 175,123 | 17,485 | 10.0% | 12,815 | 27,281 | 11,192 | S100LN1F |
| FY ending Mar 2021 | 173,381 | 15,194 | 8.8% | 12,574 | 24,408 | 11,221 | S100ODM3 |
| FY ending Mar 2022 | 184,805 | 21,050 | 11.4% | 17,181 | 23,141 | 14,033 | S100QY0D |
| FY ending Mar 2023 | 198,380 | 21,505 | 10.8% | 14,984 | 20,039 | 7,489 | S100TTFJ |
| FY ending Mar 2024 | 201,791 | 7,337 | 3.6% | 4,113 | 23,242 | 7,778 | S100W41Y |
| FY ending Mar 2025 | 222,584 | 20,401 | 9.2% | 17,508 | 25,530 | -4,869 | S100YD4R |
| FY ending Mar 2026 | 241,851 | 22,454 | 9.3% | 24,641 | 28,784 | 3,920 | S100YD4R |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥40.7M |
| Operating income per employee (consolidated) | ¥3.8M |
| Net income per employee (consolidated) | ¥4.1M |

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) | 5,703 | 5,782 | 5,902 | 5,979 | 5,946 |
| Average salary (parent company) | — | ¥7.7M | ¥7.4M | ¥7.8M | ¥8M |
| Average age (parent company) | 40.6 years | 40.8 years | 41.0 years | 40.9 years | 41.0 years |
| Average tenure (parent company) | 14.9 years | 15.1 years | 15.1 years | 14.9 years | 14.8 years |

Year over year: Employees (consolidated) -0.6% · Revenue (consolidated) +8.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Mobility and Imaging Business Unit, | 94,714 | 39.2% | 10,654 | 11.2% |
| Fine Chemicals Business Unit | 74,142 | 30.7% | 11,929 | 16.1% |
| Life Science Business Unit | 72,994 | 30.2% | 9,680 | 13.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Mobility and Imaging Business Unit, | 39.2% | 33.0% | -6.1 | 11.2% |
| Fine Chemicals Business Unit | 30.7% | 37.0% | 6.3 | 16.1% |
| Life Science Business Unit | 30.2% | 30.0% | -0.2 | 13.3% |

Segment → industry: Mobility and Imaging Business Unit, → Auto Parts / Life Science Business Unit → Chemicals / Fine Chemicals Business Unit → Chemicals / Life Science Business Unit → Pharmaceuticals / Fine Chemicals Business Unit → Semiconductor Materials / Mobility and Imaging Business Unit, → Electronic Components

## 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 | 28,784 | 11.9% | S100YD4R |
| Capital expenditure | 24,864 | 10.3% | S100YD4R |
| Free cash flow | 3,920 | 1.6% | 算出 |
| Investing cash flow | -17,184 | -7.1% | S100YD4R |
| Financing cash flow | -20,235 | -8.4% | S100YD4R |
| Dividends paid | 10,559 | 4.4% | S100YD4R |
| Share buyback | 16,581 | 6.9% | S100YD4R |
| Change in cash | -4,557 | -1.9% | S100YD4R |
| Cash and equivalents | 53,368 | 22.1% | S100YD4R |

## 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 | 52,962 | 53,096 | 64,777 | 57,926 | 53,368 | S100TTFJ, S100W41Y, S100YD4R |
| Total assets | 315,459 | 322,858 | 363,173 | 373,708 | 398,736 | S100QY0D, S100TTFJ, S100W41Y, S100YD4R |
| Net assets | 246,425 | 255,027 | 270,548 | 268,520 | 280,104 | S100TTFJ, S100W41Y, S100YD4R |
| Share capital | 14,932 | 14,932 | 14,932 | 14,932 | 14,932 | S100QY0D, S100TTFJ, S100W41Y, S100YD4R |
| Property, plant and equipment | 89,060 | 89,259 | 98,638 | 109,317 | 120,966 | S100QY0D, S100TTFJ, S100W41Y, S100YD4R |
| Intangible assets excluding goodwill | 7,586 | 6,539 | 3,696 | 4,051 | 3,755 | S100QY0D, S100TTFJ, S100W41Y, S100YD4R |
| Goodwill | 3,016 | 2,492 | 783 | 640 | 499 | S100QY0D, S100TTFJ, S100W41Y, S100YD4R |
| Investment securities | 33,511 | 32,146 | 45,481 | 35,393 | 30,600 | S100QY0D, S100TTFJ, S100W41Y, S100YD4R |
| Current assets | 175,843 | 186,037 | 203,146 | 206,794 | 220,153 | S100QY0D, S100TTFJ, S100W41Y, S100YD4R |
| Current liabilities | 45,760 | 39,049 | 59,815 | 55,606 | 65,128 | S100QY0D, S100TTFJ, S100W41Y, S100YD4R |
| Trade payables | 18,011 | 16,239 | 19,018 | 19,869 | 24,225 | S100QY0D, S100TTFJ, S100W41Y, S100YD4R |
| Short-term borrowings | 3,176 | 3,380 | 5,450 | 7,212 | 11,013 | S100QY0D, S100TTFJ, S100W41Y, S100YD4R |
| Long-term borrowings | 1,474 | 8,200 | 18,000 | 20,884 | 24,171 | S100QY0D, S100TTFJ, S100W41Y, S100YD4R |
| Bonds | 8,000 | 8,000 | — | 14,000 | 14,000 | S100QY0D, S100TTFJ, S100YD4R |
| Interest-bearing debt | 12,650 | 19,580 | — | 42,096 | 49,184 | 算出 |
| Total liabilities | 69,034 | 67,831 | 92,624 | 105,188 | 118,631 | S100QY0D, S100TTFJ, S100W41Y, S100YD4R |
| Non-controlling interests | 945 | 1,008 | 987 | 992 | 1,102 | S100QY0D, S100TTFJ, S100W41Y, S100YD4R |
| Equity attributable to owners of parent | 223,633 | 228,189 | 224,573 | 226,981 | 224,632 | S100QY0D, S100TTFJ, S100W41Y, S100YD4R |
| Retained earnings | 195,566 | 202,976 | 199,214 | 202,714 | 210,323 | S100QY0D, S100TTFJ, S100W41Y, S100YD4R |
| Treasury stock | -2,624 | -5,523 | -5,413 | -6,527 | -16,503 | S100QY0D, S100TTFJ, S100W41Y, S100YD4R |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YD4R |
| Property, plant and equipment | 30% | S100YD4R |
| Intangibles and goodwill | 1% | S100YD4R |
| Investment securities | 8% | S100YD4R |
| Other assets | 48% | S100YD4R |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YD4R |
| Interest-bearing debt | 12% | 算出 |
| Other liabilities | 12% | S100YD4R |
| Equity | 70% | S100YD4R |
| Other liabilities | 0% | S100YD4R |

### 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 | 315,459 | 322,858 | 363,173 | 373,708 | 398,736 |
| Equity | 246,425 | 255,027 | 270,548 | 268,520 | 280,104 |
| Interest-bearing debt | 12,650 | 19,580 | — | 42,096 | 49,184 |
| Cash | 52,962 | 53,096 | 64,777 | 57,926 | 53,368 |

## 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) | 50.0% | S100YD4R |
| Fixed assets ÷ total assets | 30.3% | S100YD4R |
| Goodwill ÷ parent equity | 0.2% | S100YD4R |

Goodwill over 4 years: 3,016 → 499 JPY; total investing cash flow: -89,705 JPY. This does not imply causation.

### 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) | 13.4% |
| Cash ÷ revenue | 22.1% |
| Net cash (cash − interest-bearing debt) | ¥4.18B |
| Net debt ÷ operating cash flow | -0.15× |
| Cash conversion (operating CF ÷ operating income) | 128.2% |
| Cash vs. profit gap | 4,143 JPY mn (of net income 16.8%) |
| Shareholder returns / net income | 110.1% |
| Shareholder returns / FCF | 692.3% |
| Shareholder payments — dividends / net income | 42.9% |
| Shareholder payments — dividends / FCF | 269.4% |
| CapEx intensity (capex ÷ revenue) | 10.3% |
| Investing CF relative to operating CF | 59.7% |

## 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 | 9.3% | 0.59× | 5.4% | 1.41× | 7.7% | S100QY0D |
| 2023 | 7.6% | 0.62× | 4.7% | 1.41× | 6.6% | S100TTFJ |
| 2024 | 2.0% | 0.59× | 1.2% | 1.52× | 1.8% | S100W41Y |
| 2025 | 7.9% | 0.60× | 4.8% | 1.63× | 7.8% | S100YD4R |
| 2026 | 10.2% | 0.63× | 6.4% | 1.71× | 10.9% | S100YD4R |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 14.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.4% | 2026-03-31 |
| カヤベスタークラブ | Major shareholder | 4.1% | 2026-03-31 |
| 株式会社常陽銀行(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 | 3.4% | 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 | 3.3% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST（常任代理人 香港上海銀行東京支店） | Major shareholder | 2.8% | 2026-03-31 |
| 中外産業株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.3% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行) | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第169期(2025/04/01－2026/03/31) | S100YD4R | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD4R,, |
| 有価証券報告書－第168期(2024/04/01－2025/03/31) | S100W41Y | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W41Y,, |
| 有価証券報告書－第167期(2023/04/01－2024/03/31) | S100TTFJ | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTFJ,, |
| 有価証券報告書－第166期(2022/04/01－2023/03/31) | S100QY0D | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QY0D,, |
| 有価証券報告書－第165期(令和3年4月1日－令和4年3月31日) | S100ODM3 | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODM3,, |
| 有価証券報告書－第164期(令和2年4月1日－令和3年3月31日) | S100LN1F | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LN1F,, |

## 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).