# OSAKA ORGANIC CHEMICAL INDUSTRY LTD.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第79期(2024/12/01－2025/11/30) (S100XLS3)
> Page: https://vizora.meequs.com/en/company/osaka-organic-chemical-industry
> Retrieved: 2026-09-30T17:55:24.352Z

## Company

Osaka Organic Chemical Industry, founded in 1946, is a company in Chemicals listed on TSE Prime. It has 467 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OSAKA ORGANIC CHEMICAL INDUSTRY LTD. |
| Ticker | 4187 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4187.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区安土町1丁目8番15号 |
| Representative (per filing) | 代表取締役社長 安藤昌幸 |
| Founded | Dec 1946 |
| Share capital | ¥3.6B |
| Employees (consolidated) | 467 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | November |
| Website | www.ooc.co.jp (https://www.ooc.co.jp/) |
| Corporate number | 1120001093014 |
| EDINET | E00855 |
| Industries (Vizora) | Chemicals, Semiconductor Materials |

> Profile source: annual securities report (S100XLS3, filed 2026-02-24). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Materials (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.6 | 23 |
| Profitability | 56.3 | 24 |
| Cash conversion | 47.9 | 24 |
| Efficiency | 35.4 | 24 |

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 46% of Osaka Organic Chemical Industry's sales come from Electronics materials, with Chemical products and Specialty chemicals making up much of the rest.
- Out of every ¥100 of sales, about ¥17 is left as operating profit.
- Revenue changed +10.9% from the prior year, operating profit +34.2%.

## Company structure

- Segment revenue mix: Electronics materials 46.0%、Chemical products 36.7%、Specialty chemicals 17.3%
- Revenue → net income: ¥36265691000 → ¥7024438000
- Net income → operating cash flow: ¥7024438000 → ¥7094146000（difference ¥69708000）
- Main uses of operating cash flow: CapEx ¥1220463000 / dividends ¥1430118000 / buybacks ¥2226981000
- Change in cash: ¥2747023000
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 | ¥36.3B |  |
| Operating income | ¥6.19B | Margin 17.1% |
| Net income | ¥6.89B | Margin 19.0% |
| Free cash flow | ¥5.87B |  |
| Largest business | Electronics materials | of segment revenue 46.0% |
| Employees (consolidated) | 467 |  |
| EPS | ¥320.48 |  |
| Book value per share | ¥2259 |  |
| Equity ratio | 78.0% |  |
| Shares outstanding | 22,410,038 |  |
| Treasury shares | 2,072,700 |  |
| Shareholders | 5,465 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 24.9% | Cash ÷ revenue 43.8% |
| Vs. industry median margin | +2.3 pp | Semiconductor Materials |
| ROE | 15.5% | Derived from disclosed figures |
| ROA | 11.1% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.6× dividends

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28681191000 | ¥36265691000 | +26.4% |
| Operating income | ¥4442353000 | ¥6187165000 | +39.3% |
| Operating margin | 15.5% | 17.1% | +1.6 pp |
| Employees | 435 people | 467 people | +7.4% |
| Cash and equivalents | ¥6511760000 | ¥15872597000 | +143.8% |

### Change in segment revenue mix

Span: FY ending Nov 2020 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 化成品事業 → 化成品事業 | 34.3% |
| 電子材料事業 → 電子材料事業 | 43.8% |
| 機能化学品事業 → 機能化学品事業 | 17.3% |
| 機能化学品事業 → 事業再編・廃止 | 4.6% |
| 新設・再編 → 化成品事業 | 2.4% |
| 新設・再編 → 電子材料事業 | 2.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electronics materials | 5 years | +5.8% | ¥16676004000 | 16.7% | 2 |
| Chemical products | 5 years | +6.2% | ¥13326097000 | 16.5% | 2 |
| Specialty chemicals | 5 years | -0.0% | ¥6263589000 | 19.7% | 2 |

## Income statement（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,266 | 100.0% | S100XLS3 |
| Cost of revenue | 24,697 | 68.1% | S100XLS3 |
| Gross profit | 11,568 | 31.9% | S100XLS3 |
| SG&A | 5,381 | 14.8% | S100XLS3 |
| Operating income | 6,187 | 17.1% | S100XLS3 |
| Ordinary income | 6,558 | 18.1% | S100XLS3 |
| Pretax income | 9,723 | 26.8% | S100XLS3 |
| Income tax | 2,698 | 7.4% | S100XLS3 |
| Net income | 7,024 | 19.4% | S100XLS3 |
| Net income attributable to owners | 6,888 | 19.0% | S100XLS3 |

## Per ¥100 of revenue（FY ending Nov 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 15 |
| Operating income | 17 |
| (Ref.) Net income | 19 |

### Margin funnel

Gross margin 31.9% → Operating margin 17.1% → Net margin 19.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.9%; Core profit growth: +34.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.14×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Nov 2024 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 32,699 | 36,266 | 3,567 | +10.9% |
| Gross profit | 9,688 | 11,568 | 1,880 | +19.4% |
| Operating income | 4,609 | 6,187 | 1,578 | +34.2% |
| Net income attributable to owners | 4,045 | 6,888 | 2,843 | +70.3% |
| Operating cash flow | 8,600 | 7,094 | -1,506 | -17.5% |
| Free cash flow | 7,558 | 5,874 | -1,684 | -22.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 28,639 | 3,663 | 12.8% | 3,035 | 3,506 | 171 | S100KV4W |
| FY ending Nov 2020 | 28,681 | 4,442 | 15.5% | 3,314 | 4,799 | 410 | S100NKVY |
| FY ending Nov 2021 | 35,028 | 5,853 | 16.7% | 4,999 | 5,838 | 3,507 | S100Q1W5 |
| FY ending Nov 2022 | 32,237 | 5,935 | 18.4% | 4,726 | 4,727 | -789 | S100SS7Q |
| FY ending Nov 2023 | 28,907 | 3,577 | 12.4% | 3,271 | 4,371 | -366 | S100VAU4 |
| FY ending Nov 2024 | 32,699 | 4,609 | 14.1% | 4,045 | 8,600 | 7,558 | S100XLS3 |
| FY ending Nov 2025 | 36,266 | 6,187 | 17.1% | 6,888 | 7,094 | 5,874 | S100XLS3 |

## People and productivity（FY ending Nov 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥77.7M |
| Operating income per employee (consolidated) | ¥13.2M |
| Net income per employee (consolidated) | ¥14.7M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 447 | 454 | 461 | 463 | 467 |
| Average salary (parent company) | ¥8.1M | ¥7.9M | ¥7.8M | ¥8.1M | ¥8.6M |
| Average age (parent company) | 40.3 years | 40.5 years | 40.7 years | 41.1 years | 41.3 years |
| Average tenure (parent company) | 16.4 years | 16.6 years | 16.8 years | 17.1 years | 17.4 years |

Year over year: Employees (consolidated) +0.9% · Revenue (consolidated) +10.9%

## Segments（FY ending Nov 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Chemical products | 13,326 | 36.7% | 2,197 | 16.5% |
| Electronics materials | 16,676 | 46.0% | 2,780 | 16.7% |
| Specialty chemicals | 6,264 | 17.3% | 1,233 | 19.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Chemical products | 36.7% | 35.4% | -1.4 | 16.5% |
| Electronics materials | 46.0% | 44.8% | -1.2 | 16.7% |
| Specialty chemicals | 17.3% | 19.9% | 2.6 | 19.7% |

Segment → industry: Specialty chemicals → Chemicals / Chemical products → Chemicals / Electronics materials → Semiconductor Materials

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,094 | 19.6% | S100XLS3 |
| Capital expenditure | 1,220 | 3.4% | S100XLS3 |
| Free cash flow | 5,874 | 16.2% | 算出 |
| Investing cash flow | 1,460 | 4.0% | S100XLS3 |
| Financing cash flow | -5,882 | -16.2% | S100XLS3 |
| Dividends paid | 1,430 | 3.9% | S100XLS3 |
| Share buyback | 2,227 | 6.1% | S100XLS3 |
| Change in cash | 2,747 | 7.6% | S100XLS3 |
| Cash and equivalents | 15,873 | 43.8% | S100XLS3 |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 9,594 | 8,065 | 7,891 | 13,048 | 15,873 | S100SS7Q, S100VAU4, S100XLS3 |
| Total assets | 49,868 | 52,837 | 54,637 | 59,965 | 63,714 | S100Q1W5, S100SS7Q, S100VAU4, S100XLS3 |
| Net assets | 39,125 | 41,394 | 43,629 | 46,140 | 50,537 | S100SS7Q, S100VAU4, S100XLS3 |
| Share capital | 3,600 | 3,600 | 3,600 | 3,600 | 3,600 | S100Q1W5, S100SS7Q, S100VAU4, S100XLS3 |
| Trade receivables | 9,054 | — | — | — | — | S100Q1W5 |
| Property, plant and equipment | 15,610 | 18,471 | 20,443 | 18,415 | 16,829 | S100Q1W5, S100SS7Q, S100VAU4, S100XLS3 |
| Intangible assets excluding goodwill | 142 | 117 | 103 | 74 | 39 | S100Q1W5, S100SS7Q, S100VAU4, S100XLS3 |
| Goodwill | 83 | 63 | 43 | 23 | 3 | S100Q1W5, S100SS7Q, S100VAU4, S100XLS3 |
| Investment securities | 5,643 | 5,620 | 6,501 | 6,198 | 7,545 | S100Q1W5, S100SS7Q, S100VAU4, S100XLS3 |
| Current assets | 28,089 | 28,082 | 27,102 | 34,287 | 37,806 | S100Q1W5, S100SS7Q, S100VAU4, S100XLS3 |
| Current liabilities | 8,688 | 9,170 | 7,098 | 11,730 | 11,219 | S100Q1W5, S100SS7Q, S100VAU4, S100XLS3 |
| Trade payables | 4,193 | 4,522 | 3,803 | 5,925 | — | S100Q1W5, S100SS7Q, S100VAU4 |
| Long-term borrowings | 1,494 | 1,736 | 3,170 | 1,338 | 804 | S100Q1W5, S100SS7Q, S100VAU4, S100XLS3 |
| Bonds | — | 25 | — | — | — | S100SS7Q |
| Total liabilities | 10,743 | 11,442 | 11,008 | 13,825 | 13,177 | S100Q1W5, S100SS7Q, S100VAU4, S100XLS3 |
| Non-controlling interests | 479 | 568 | 645 | 705 | 836 | S100Q1W5, S100SS7Q, S100VAU4, S100XLS3 |
| Equity attributable to owners of parent | 36,684 | 38,852 | 40,357 | 42,712 | 45,965 | S100Q1W5, S100SS7Q, S100VAU4, S100XLS3 |
| Retained earnings | 30,004 | 33,862 | 35,955 | 38,728 | 44,178 | S100Q1W5, S100SS7Q, S100VAU4, S100XLS3 |
| Treasury stock | -433 | -2,123 | -2,710 | -3,130 | -5,327 | S100Q1W5, S100SS7Q, S100VAU4, S100XLS3 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100XLS3 |
| Property, plant and equipment | 26% | S100XLS3 |
| Intangibles and goodwill | 0% | S100XLS3 |
| Investment securities | 12% | S100XLS3 |
| Other assets | 37% | S100XLS3 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 21% | S100XLS3 |
| Equity | 79% | S100XLS3 |
| Other liabilities | 0% | S100XLS3 |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 49,868 | 52,837 | 54,637 | 59,965 | 63,714 |
| Equity | 39,125 | 41,394 | 43,629 | 46,140 | 50,537 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 9,594 | 8,065 | 7,891 | 13,048 | 15,873 |

## 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) | 46.4% | S100XLS3 |
| Fixed assets ÷ total assets | 26.4% | S100XLS3 |
| Goodwill ÷ parent equity | 0.0% | S100XLS3 |

Goodwill over 4 years: 83 → 3 JPY; total investing cash flow: -8,861 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) | 24.9% |
| Cash ÷ revenue | 43.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 114.7% |
| Cash vs. profit gap | 207 JPY mn (of net income 3.0%) |
| Shareholder returns / net income | 53.1% |
| Shareholder returns / FCF | 62.3% |
| Shareholder payments — dividends / net income | 20.8% |
| Shareholder payments — dividends / FCF | 24.3% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 20.6% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 14.3% | 0.70× | 10.0% | 1.36× | 13.6% | S100Q1W5 |
| 2022 | 14.7% | 0.63× | 9.2% | 1.36× | 12.5% | S100SS7Q |
| 2023 | 11.3% | 0.54× | 6.1% | 1.36× | 8.3% | S100VAU4 |
| 2024 | 12.4% | 0.57× | 7.1% | 1.38× | 9.7% | S100XLS3 |
| 2025 | 19.0% | 0.59× | 11.1% | 1.39× | 15.5% | S100XLS3 |

## 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 | 13.8% | 2025-11-30 |
| 株式会社日本カストディ銀行 | Major shareholder | 6.0% | 2025-11-30 |
| ＷｅｓｔｅｒｎＲｅｄＣｅｄａｒ株式会社 | Major shareholder | 5.5% | 2025-11-30 |
| 安川 義孝 | Major shareholder | 3.3% | 2025-11-30 |
| 大阪有機化学従業員持株会 | Major shareholder | 3.0% | 2025-11-30 |
| 三菱ケミカル株式会社 | Major shareholder | 2.9% | 2025-11-30 |
| 東亞合成株式会社 | Major shareholder | 2.6% | 2025-11-30 |
| 東京応化工業株式会社 | Major shareholder | 2.1% | 2025-11-30 |
| 谷川 由生子 | Major shareholder | 2.1% | 2025-11-30 |
| 信越化学工業株式会社 | Major shareholder | 2.1% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第79期(2024/12/01－2025/11/30) | S100XLS3 | 2026-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XLS3,, |
| 有価証券報告書－第78期(2023/12/01－2024/11/30) | S100VAU4 | 2025-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VAU4,, |
| 有価証券報告書－第77期(2022/12/01－2023/11/30) | S100SS7Q | 2024-02-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SS7Q,, |
| 有価証券報告書－第76期(2021/12/01－2022/11/30) | S100Q1W5 | 2023-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100Q1W5,, |
| 有価証券報告書－第75期(令和2年12月1日－令和3年11月30日) | S100NKVY | 2022-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NKVY,, |
| 有価証券報告書－第74期(令和1年12月1日－令和2年11月30日) | S100KV4W | 2021-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KV4W,, |

## 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).