# Nissan Chemical Corporation: 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156期(2025/04/01－2026/03/31) (S100YIML)
> Page: https://vizora.meequs.com/en/company/nissan-chemical
> Retrieved: 2026-09-30T17:59:19.638Z

## Company

Nissan Chemical, founded in 1887, is a company in Chemicals listed on TSE Prime. It has 3,411 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Nissan Chemical Corporation |
| Ticker | 4021 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4021.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋二丁目5番1号 |
| Representative (per filing) | 取締役社長 八木 晋介 |
| Founded | Feb 1887 |
| Share capital | ¥18.9B |
| Employees (consolidated) | 3,411 |
| Average salary (parent only) | ¥8.7M |
| Fiscal year end | March |
| Website | www.nissanchem.co.jp (https://www.nissanchem.co.jp/) |
| Corporate number | 1010001008734 |
| EDINET | E00759 |
| Industries (Vizora) | Chemicals, Pharmaceuticals, Semiconductor Materials, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YIML, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55 | 179 |
| Profitability | 99.7 | 185 |
| Cash conversion | 51.1 | 179 |
| Efficiency | 7.8 | 185 |
| Financial strength | 72.5 | 20 |

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 34% of Nissan Chemical's sales come from Trading, with Agrochemicals and Performance materials making up much of the rest.
- Out of every ¥100 of sales, about ¥23 is left as operating profit.
- Revenue changed +11.2% from the prior year, operating profit +11.8%.

## Company structure

- Segment revenue mix: Trading 33.8%、Agrochemicals 28.3%、Performance materials 27.0%、Chemicals 9.0%、Medicines 1.8%
- Revenue → net income: ¥279586000000 → ¥50499000000
- Net income → operating cash flow: ¥50499000000 → ¥64164000000（difference ¥13665000000）
- Main uses of operating cash flow: CapEx ¥19689000000 / dividends ¥23636000000 / buybacks ¥10500000000
- Change in cash: ¥8274000000
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 | ¥279.6B |  |
| Operating income | ¥63.6B | Margin 22.7% |
| Net income | ¥49.7B | Margin 17.8% |
| Free cash flow | ¥44.5B |  |
| Largest business | Trading | of segment revenue 33.8% |
| Employees (consolidated) | 3,411 |  |
| EPS | ¥320.5 |  |
| Book value per share | ¥1427.67 |  |
| Equity ratio | 71.9% |  |
| Shares outstanding | 134,800,000 |  |
| Treasury shares | 559,200 |  |
| Shareholders | 15,693 |  |
| Average salary (parent only) | ¥8.7M | Filing company only |
| Cash ratio | 10.1% | Net cash ¥5.66B · Cash ÷ revenue 12.8% |
| Vs. industry median margin | +19.9 pp | Specialty Trading & Wholesale |
| ROE | 21.5% | Derived from disclosed figures |
| ROA | 14.5% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -28 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥209121000000 | ¥279586000000 | +33.7% |
| Operating income | ¥42530000000 | ¥63552000000 | +49.4% |
| Operating margin | 20.3% | 22.7% | +2.4 pp |
| Employees | 2,688 people | 3,411 people | +26.9% |
| Cash and equivalents | ¥32380000000 | ¥35729000000 | +10.3% |

### 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 → 化学品事業 | 9.0% |
| 化学品事業 → 事業再編・廃止 | 1.9% |
| 機能性材料事業 → 機能性材料事業 | 27.0% |
| 機能性材料事業 → 事業再編・廃止 | 4.4% |
| 農業化学品事業 → 農業化学品事業 | 28.3% |
| 農業化学品事業 → 事業再編・廃止 | 0.5% |
| 医薬品事業 → 事業再編・廃止 | 3.3% |
| 卸売事業 → 卸売事業 | 25.5% |
| 新設・再編 → ヘルスケア事業 | 1.8% |
| 新設・再編 → 卸売事業 | 8.3% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Trading | 5 years | +14.0% | ¥98050000000 | 3.9% | 2 |
| Agrochemicals | 5 years | +7.4% | ¥82109000000 | 31.7% | 2 |
| Performance materials | 5 years | +4.6% | ¥78310000000 | 45.1% | 2 |
| Chemicals | 5 years | +3.7% | ¥26198000000 | 4.2% | 2 |
| Medicines | 4 years | -5.9% | ¥5133000000 | 26.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 279,586 | 100.0% | S100YIML |
| Cost of revenue | 148,647 | 53.2% | S100YIML |
| Gross profit | 130,939 | 46.8% | S100YIML |
| SG&A | 67,387 | 24.1% | S100YIML |
| Operating income | 63,552 | 22.7% | S100YIML |
| Ordinary income | 65,897 | 23.6% | S100YIML |
| Pretax income | 65,897 | 23.6% | S100YIML |
| Income tax | 15,398 | 5.5% | S100YIML |
| Net income | 50,499 | 18.1% | S100YIML |
| Net income attributable to owners | 49,707 | 17.8% | S100YIML |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 24 |
| Operating income | 23 |
| (Ref.) Net income | 18 |

### Margin funnel

Gross margin 46.8% → Operating margin 22.7% → Net margin 17.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.2%; Core profit growth: +11.8%
Growth quality: similar-growth
Operating leverage (core profit growth ÷ revenue growth): 1.05×
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 | 251,365 | 279,586 | 28,221 | +11.2% |
| Gross profit | 116,541 | 130,939 | 14,398 | +12.4% |
| Operating income | 56,833 | 63,552 | 6,719 | +11.8% |
| Net income attributable to owners | 43,043 | 49,707 | 6,664 | +15.5% |
| Operating cash flow | 59,178 | 64,164 | 4,986 | +8.4% |
| Free cash flow | 41,572 | 44,475 | 2,903 | +7.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 206,837 | 38,647 | 18.7% | 30,779 | 35,550 | 26,361 | S100LR7B |
| FY ending Mar 2021 | 209,121 | 42,530 | 20.3% | 33,470 | 39,939 | 30,997 | S100OIHF |
| FY ending Mar 2022 | 207,972 | 50,959 | 24.5% | 38,776 | 41,949 | 29,563 | S100R76C |
| FY ending Mar 2023 | 228,065 | 52,283 | 22.9% | 41,087 | 35,226 | 15,769 | S100TUZY |
| FY ending Mar 2024 | 226,705 | 48,201 | 21.3% | 38,033 | 33,701 | 13,523 | S100W4NI |
| FY ending Mar 2025 | 251,365 | 56,833 | 22.6% | 43,043 | 59,178 | 41,572 | S100YIML |
| FY ending Mar 2026 | 279,586 | 63,552 | 22.7% | 49,707 | 64,164 | 44,475 | S100YIML |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥82M |
| Operating income per employee (consolidated) | ¥18.6M |
| Net income per employee (consolidated) | ¥14.6M |

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) | 2,737 | 2,965 | 3,137 | 3,283 | 3,411 |
| Average salary (parent company) | ¥8.1M | ¥8.3M | ¥8.4M | ¥8.5M | ¥8.7M |
| Average age (parent company) | 40.2 years | 40.2 years | 40.4 years | 40.6 years | 40.8 years |
| Average tenure (parent company) | 15.8 years | 15.7 years | 15.7 years | 15.8 years | 15.9 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) +11.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Chemicals | 26,198 | 9.0% | 1,107 | 4.2% |
| Performance materials | 78,310 | 27.0% | 35,331 | 45.1% |
| Agrochemicals | 82,109 | 28.3% | 26,043 | 31.7% |
| Medicines | 5,133 | 1.8% | 1,352 | 26.3% |
| Trading | 98,050 | 33.8% | 3,813 | 3.9% |

### 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 | 9.0% | 1.6% | -7.4 | 4.2% |
| Performance materials | 27.0% | 52.2% | 25.2 | 45.1% |
| Agrochemicals | 28.3% | 38.5% | 10.2 | 31.7% |
| Medicines | 1.8% | 2.0% | 0.2 | 26.3% |
| Trading | 33.8% | 5.6% | -28.2 | 3.9% |

Segment → industry: Agrochemicals → Chemicals / Performance materials → Chemicals / Chemicals → Chemicals / Medicines → Pharmaceuticals / Performance materials → Semiconductor Materials / Trading → Specialty Trading & Wholesale

## 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 | 64,164 | 22.9% | S100YIML |
| Capital expenditure | 19,689 | 7.0% | S100YIML |
| Free cash flow | 44,475 | 15.9% | 算出 |
| Investing cash flow | -21,178 | -7.6% | S100YIML |
| Financing cash flow | -36,162 | -12.9% | S100YIML |
| Dividends paid | 23,636 | 8.5% | S100YIML |
| Share buyback | 10,500 | 3.8% | S100YIML |
| Change in cash | 8,274 | 3.0% | S100YIML |
| Cash and equivalents | 35,729 | 12.8% | S100YIML |

## 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 | 34,658 | 29,647 | 22,738 | 27,454 | 35,729 | S100TUZY, S100W4NI, S100YIML |
| Total assets | 279,687 | 298,715 | 323,458 | 330,763 | 355,078 | S100R76C, S100TUZY, S100W4NI, S100YIML |
| Net assets | 208,009 | 221,526 | 230,952 | 236,180 | 259,051 | S100TUZY, S100W4NI, S100YIML |
| Share capital | 18,942 | 18,942 | 18,942 | 18,942 | 18,942 | S100R76C, S100TUZY, S100W4NI, S100YIML |
| Property, plant and equipment | 53,177 | 64,653 | 77,372 | 72,424 | 76,968 | S100R76C, S100TUZY, S100W4NI, S100YIML |
| Intangible assets excluding goodwill | 11,780 | 11,535 | 10,747 | 13,463 | 12,770 | S100R76C, S100TUZY, S100W4NI, S100YIML |
| Investment securities | 30,217 | 27,322 | 26,119 | 24,353 | 32,477 | S100R76C, S100TUZY, S100W4NI, S100YIML |
| Current assets | 175,279 | 189,454 | 201,968 | 210,352 | 221,951 | S100R76C, S100TUZY, S100W4NI, S100YIML |
| Current liabilities | 65,971 | 72,161 | 86,563 | 79,218 | 78,279 | S100R76C, S100TUZY, S100W4NI, S100YIML |
| Trade payables | 19,043 | 19,942 | 20,427 | 19,877 | 22,555 | S100R76C, S100TUZY, S100W4NI, S100YIML |
| Short-term borrowings | 20,981 | 25,327 | 39,062 | 19,987 | 19,682 | S100R76C, S100TUZY, S100W4NI, S100YIML |
| Long-term borrowings | 1,182 | 1,338 | 1,284 | 977 | 388 | S100R76C, S100TUZY, S100W4NI, S100YIML |
| Bonds | — | — | — | 10,000 | 10,000 | S100YIML |
| Interest-bearing debt | — | — | — | 30,964 | 30,070 | 算出 |
| Total liabilities | 71,678 | 77,188 | 92,505 | 94,582 | 96,026 | S100R76C, S100TUZY, S100W4NI, S100YIML |
| Non-controlling interests | 2,097 | 3,107 | 3,432 | 2,889 | 3,786 | S100R76C, S100TUZY, S100W4NI, S100YIML |
| Equity attributable to owners of parent | 196,688 | 208,844 | 213,989 | 222,893 | 238,772 | S100R76C, S100TUZY, S100W4NI, S100YIML |
| Retained earnings | 172,393 | 182,400 | 182,376 | 192,928 | 209,641 | S100R76C, S100TUZY, S100W4NI, S100YIML |
| Treasury stock | -8,261 | -6,111 | -943 | -2,590 | -3,424 | S100R76C, S100TUZY, S100W4NI, S100YIML |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YIML |
| Property, plant and equipment | 22% | S100YIML |
| Intangibles and goodwill | 4% | S100YIML |
| Investment securities | 9% | S100YIML |
| Other assets | 55% | S100YIML |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YIML |
| Interest-bearing debt | 9% | 算出 |
| Other liabilities | 12% | S100YIML |
| Equity | 73% | S100YIML |
| Other liabilities | 0% | S100YIML |

### 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 | 279,687 | 298,715 | 323,458 | 330,763 | 355,078 |
| Equity | 208,009 | 221,526 | 230,952 | 236,180 | 259,051 |
| Interest-bearing debt | — | — | — | 30,964 | 30,070 |
| Cash | 34,658 | 29,647 | 22,738 | 27,454 | 35,729 |

## 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) | 27.5% | S100YIML |
| Fixed assets ÷ total assets | 21.7% | S100YIML |
| Goodwill ÷ parent equity | — | —, S100YIML |

### 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) | 10.1% |
| Cash ÷ revenue | 12.8% |
| Net cash (cash − interest-bearing debt) | ¥5.66B |
| Net debt ÷ operating cash flow | -0.09× |
| Cash conversion (operating CF ÷ operating income) | 101.0% |
| Cash vs. profit gap | 14,457 JPY mn (of net income 29.1%) |
| Shareholder returns / net income | 68.7% |
| Shareholder returns / FCF | 76.8% |
| Shareholder payments — dividends / net income | 47.6% |
| Shareholder payments — dividends / FCF | 53.1% |
| CapEx intensity (capex ÷ revenue) | 7.0% |
| Investing CF relative to operating CF | 33.0% |

## 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 | 18.6% | 0.74× | 13.9% | 1.42× | 19.7% | S100R76C |
| 2023 | 18.0% | 0.79× | 14.2% | 1.43× | 20.3% | S100TUZY |
| 2024 | 16.8% | 0.73× | 12.2% | 1.47× | 18.0% | S100W4NI |
| 2025 | 17.1% | 0.77× | 13.2% | 1.50× | 19.7% | S100YIML |
| 2026 | 17.8% | 0.82× | 14.5% | 1.49× | 21.5% | S100YIML |

## 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 | 24.9% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 12.0% | 2026-03-31 |
| みずほ信託銀行株式会社 退職給付信託 みずほ銀行口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 4.1% | 2026-03-31 |
| 日産化学 取引先持株会 | Major shareholder | 2.8% | 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 | 1.4% | 2026-03-31 |
| 明治安田生命保険相互会社 | Major shareholder | 1.4% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.4% | 2026-03-31 |
| HSBC HONG KONG-TREASURY SERVICES A/C ASIAN EQUITIES DERIVATIVES(常任代理人 香港上海銀行東京支店セキュリティーズ・サービシズ・オペレーションズ) | Major shareholder | 1.3% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第156期(2025/04/01－2026/03/31) | S100YIML | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YIML,, |
| 有価証券報告書－第155期(2024/04/01－2025/03/31) | S100W4NI | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4NI,, |
| 有価証券報告書－第154期(2023/04/01－2024/03/31) | S100TUZY | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUZY,, |
| 有価証券報告書－第153期(2022/04/01－2023/03/31) | S100R76C | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R76C,, |
| 有価証券報告書－第152期(令和3年4月1日－令和4年3月31日) | S100OIHF | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIHF,, |
| 有価証券報告書－第151期(令和2年4月1日－令和3年3月31日) | S100LR7B | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LR7B,, |

## 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).