# OSAKA SODA 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171期(2025/04/01－2026/03/31) (S100YKCT)
> Page: https://vizora.meequs.com/en/company/osaka-soda
> Retrieved: 2026-09-30T22:16:34.767Z

## Company

Osaka Soda, founded in 1915, is a company in Chemicals listed on TSE Prime. It has 1,032 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OSAKA SODA CO., LTD. |
| Ticker | 4046 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4046.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区梅田3丁目2番2号 (2025年8月18日から本店所在地 大阪市西区阿波座1丁目12番18号が上記のように移転しております。) |
| Representative (per filing) | 代表取締役社長執行役員 寺田健志 |
| Founded | Nov 1915 |
| Share capital | ¥15.9B |
| Employees (consolidated) | 1,032 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.osaka-soda.co.jp (https://www.osaka-soda.co.jp/) |
| Corporate number | 4120001049013 |
| EDINET | E00771 |
| Industries (Vizora) | Chemicals, Pharmaceuticals, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YKCT, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 10.9 | 96 |
| Profitability | 93.5 | 100 |
| Cash conversion | 29.7 | 96 |
| Efficiency | 26.5 | 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 42% of Osaka Soda's sales come from Basic Chemical Products, with Functional Chemical Products and Trading and Others making up much of the rest.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +3.7% from the prior year, operating profit +33.1%.

## Company structure

- Segment revenue mix: Basic Chemical Products 41.8%、Functional Chemical Products 27.9%、Trading and Others 15.7%、Healthcare 14.6%
- Revenue → net income: ¥99961000000 → ¥15435000000
- Net income → operating cash flow: ¥15435000000 → ¥19875000000（difference ¥4440000000）
- Main uses of operating cash flow: CapEx ¥7389000000 / dividends ¥2731000000 / buybacks ¥6005000000
- Change in cash: ¥5488000000
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 | ¥100B |  |
| Operating income | ¥17.6B | Margin 17.6% |
| Net income | ¥15.5B | Margin 15.5% |
| Free cash flow | ¥12.5B |  |
| Largest business | Basic Chemical Products | of segment revenue 41.8% |
| Employees (consolidated) | 1,032 |  |
| EPS | ¥109.19 |  |
| Book value per share | ¥838.91 |  |
| Equity ratio | 76.2% |  |
| Shares outstanding | 133,660,000 |  |
| Treasury shares | 10,808,000 |  |
| Shareholders | 5,878 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 28.9% | Cash ÷ revenue 48.8% |
| Vs. industry median margin | +10.1 pp | Chemicals |
| ROE | 14.6% | Derived from disclosed figures |
| ROA | 9.6% | Derived from disclosed figures |

## Notable figures

- FY2026, buybacks were 2.2× dividends
- FY2026, segment profit share differs by 23 points
- FY2026, cash is 29% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥97266000000 | ¥99961000000 | +2.8% |
| Operating income | ¥8341000000 | ¥17634000000 | +111.4% |
| Operating margin | 8.6% | 17.6% | +9.1 pp |
| Employees | 993 people | 1,032 people | +3.9% |
| Cash and equivalents | ¥31936000000 | ¥48802000000 | +52.8% |

### 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 |
| --- | ---: |
| 基礎化学品 → 基礎化学品 | 41.8% |
| 基礎化学品 → 事業再編・廃止 | 1.9% |
| 機能化学品 → 機能化学品 | 27.9% |
| 機能化学品 → 事業再編・廃止 | 13.9% |
| 住宅設備ほか → 事業再編・廃止 | 14.5% |
| 新設・再編 → ヘルスケア | 14.6% |
| 新設・再編 → 商社部門ほか | 15.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Basic Chemical Products | 5 years | -0.3% | ¥41741000000 | 14.8% | 2 |
| Functional Chemical Products | 5 years | -7.3% | ¥27935000000 | 16.6% | 2 |
| Trading and Others | 3 years | -7.5% | ¥15649000000 | 6.0% | 2 |
| Healthcare | 3 years | +12.5% | ¥14635000000 | 48.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 99,961 | 100.0% | S100YKCT |
| Cost of revenue | 66,232 | 66.3% | S100YKCT |
| Gross profit | 33,728 | 33.7% | S100YKCT |
| SG&A | 16,094 | 16.1% | S100YKCT |
| Operating income | 17,634 | 17.6% | S100YKCT |
| Ordinary income | 19,608 | 19.6% | S100YKCT |
| Pretax income | 21,535 | 21.5% | S100YKCT |
| Income tax | 6,099 | 6.1% | S100YKCT |
| Net income | 15,435 | 15.4% | S100YKCT |
| Net income attributable to owners | 15,460 | 15.5% | S100YKCT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 16 |
| Operating income | 18 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 33.7% → Operating margin 17.6% → Net margin 15.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.7%; Core profit growth: +33.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 9.06×
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 | 96,434 | 99,961 | 3,527 | +3.7% |
| Gross profit | 28,946 | 33,728 | 4,782 | +16.5% |
| Operating income | 13,246 | 17,634 | 4,388 | +33.1% |
| Net income attributable to owners | 10,332 | 15,460 | 5,128 | +49.6% |
| Operating cash flow | 17,049 | 19,875 | 2,826 | +16.6% |
| Free cash flow | 9,488 | 12,486 | 2,998 | +31.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 105,477 | 9,698 | 9.2% | 6,506 | 10,336 | 6,829 | S100LVTL |
| FY ending Mar 2021 | 97,266 | 8,341 | 8.6% | 6,050 | 9,347 | 7,517 | S100OKCQ |
| FY ending Mar 2022 | 88,084 | 12,401 | 14.1% | 9,442 | 13,378 | 7,627 | S100RB1P |
| FY ending Mar 2023 | 104,208 | 15,557 | 14.9% | 10,570 | 9,354 | 4,245 | S100TWSX |
| FY ending Mar 2024 | 94,557 | 10,492 | 11.1% | 7,650 | 8,597 | 3,235 | S100W79S |
| FY ending Mar 2025 | 96,434 | 13,246 | 13.7% | 10,332 | 17,049 | 9,488 | S100YKCT |
| FY ending Mar 2026 | 99,961 | 17,634 | 17.6% | 15,460 | 19,875 | 12,486 | S100YKCT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥96.9M |
| Operating income per employee (consolidated) | ¥17.1M |
| Net income per employee (consolidated) | ¥15M |

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) | 991 | 1,017 | 1,025 | 1,019 | 1,032 |
| Average salary (parent company) | ¥7.1M | ¥7.1M | ¥7.2M | ¥7.2M | ¥7.3M |
| Average age (parent company) | 42.5 years | 42.0 years | 43.3 years | 43.0 years | 42.1 years |
| Average tenure (parent company) | 19.1 years | 16.6 years | 17.9 years | 18.2 years | 17.3 years |

Year over year: Employees (consolidated) +1.3% · Revenue (consolidated) +3.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Basic Chemical Products | 41,741 | 41.8% | 6,194 | 14.8% |
| Functional Chemical Products | 27,935 | 27.9% | 4,634 | 16.6% |
| Healthcare | 14,635 | 14.6% | 7,156 | 48.9% |
| Trading and Others | 15,649 | 15.7% | 946 | 6.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Basic Chemical Products | 41.8% | 32.7% | -9.0 | 14.8% |
| Functional Chemical Products | 27.9% | 24.5% | -3.5 | 16.6% |
| Healthcare | 14.6% | 37.8% | 23.2 | 48.9% |
| Trading and Others | 15.7% | 5.0% | -10.7 | 6.0% |

Segment → industry: Healthcare → Chemicals / Functional Chemical Products → Chemicals / Basic Chemical Products → Chemicals / Healthcare → Pharmaceuticals / Trading and Others → 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 | 19,875 | 19.9% | S100YKCT |
| Capital expenditure | 7,389 | 7.4% | S100YKCT |
| Free cash flow | 12,486 | 12.5% | 算出 |
| Investing cash flow | -5,364 | -5.4% | S100YKCT |
| Financing cash flow | -9,273 | -9.3% | S100YKCT |
| Dividends paid | 2,731 | 2.7% | S100YKCT |
| Share buyback | 6,005 | 6.0% | S100YKCT |
| Change in cash | 5,488 | 5.5% | S100YKCT |
| Cash and equivalents | 48,802 | 48.8% | S100YKCT |

## 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 | 37,016 | 36,843 | 38,432 | 43,314 | 48,802 | S100TWSX, S100W79S, S100YKCT |
| Total assets | 129,159 | 138,029 | 150,541 | 153,935 | 168,741 | S100RB1P, S100TWSX, S100W79S, S100YKCT |
| Net assets | 83,896 | 99,543 | 109,765 | 115,596 | 128,541 | S100TWSX, S100W79S, S100YKCT |
| Share capital | 15,871 | 15,871 | 15,871 | 15,871 | 15,871 | S100RB1P, S100TWSX, S100W79S, S100YKCT |
| Property, plant and equipment | 23,594 | 25,103 | 27,932 | 29,295 | 29,941 | S100RB1P, S100TWSX, S100W79S, S100YKCT |
| Intangible assets excluding goodwill | 550 | 639 | 772 | 1,521 | 2,370 | S100RB1P, S100TWSX, S100W79S, S100YKCT |
| Goodwill | 315 | 217 | 162 | 118 | 73 | S100RB1P, S100TWSX, S100W79S, S100YKCT |
| Investment securities | 21,677 | 21,302 | 28,224 | 28,510 | 37,025 | S100RB1P, S100TWSX, S100W79S, S100YKCT |
| Current assets | 82,142 | 89,640 | 92,444 | 92,916 | 98,250 | S100RB1P, S100TWSX, S100W79S, S100YKCT |
| Current liabilities | 39,850 | 32,310 | 32,860 | 31,385 | 31,547 | S100RB1P, S100TWSX, S100W79S, S100YKCT |
| Trade payables | 14,229 | 14,397 | 15,108 | 13,117 | 13,869 | S100RB1P, S100TWSX, S100W79S, S100YKCT |
| Short-term borrowings | 7,172 | 7,172 | 7,172 | 7,172 | 7,172 | S100RB1P, S100TWSX, S100W79S, S100YKCT |
| Long-term borrowings | — | 434 | 393 | 387 | — | S100TWSX, S100W79S, S100YKCT |
| Total liabilities | 45,263 | 38,485 | 40,776 | 38,339 | 40,199 | S100RB1P, S100TWSX, S100W79S, S100YKCT |
| Non-controlling interests | 23 | 8 | 4 | 4 | — | S100RB1P, S100TWSX, S100W79S, S100YKCT |
| Equity attributable to owners of parent | 76,859 | 91,812 | 96,377 | 102,633 | 109,342 | S100RB1P, S100TWSX, S100W79S, S100YKCT |
| Retained earnings | 54,255 | 62,741 | 68,102 | 76,151 | 88,849 | S100RB1P, S100TWSX, S100W79S, S100YKCT |
| Treasury stock | -7,658 | -3,811 | -4,611 | -6,410 | -12,405 | S100RB1P, S100TWSX, S100W79S, S100YKCT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 29% | S100YKCT |
| Property, plant and equipment | 18% | S100YKCT |
| Intangibles and goodwill | 1% | S100YKCT |
| Investment securities | 22% | S100YKCT |
| Other assets | 30% | S100YKCT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YKCT |
| Other liabilities | 16% | S100YKCT |
| Equity | 76% | S100YKCT |
| Other liabilities | 0% | S100YKCT |

### 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 | 129,159 | 138,029 | 150,541 | 153,935 | 168,741 |
| Equity | 83,896 | 99,543 | 109,765 | 115,596 | 128,541 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 37,016 | 36,843 | 38,432 | 43,314 | 48,802 |

## 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) | 30.0% | S100YKCT |
| Fixed assets ÷ total assets | 17.7% | S100YKCT |
| Goodwill ÷ parent equity | 0.1% | S100YKCT |

Goodwill over 4 years: 315 → 73 JPY; total investing cash flow: -30,103 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) | 28.9% |
| Cash ÷ revenue | 48.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 112.7% |
| Cash vs. profit gap | 4,415 JPY mn (of net income 28.6%) |
| Shareholder returns / net income | 56.5% |
| Shareholder returns / FCF | 70.0% |
| Shareholder payments — dividends / net income | 17.7% |
| Shareholder payments — dividends / FCF | 21.9% |
| CapEx intensity (capex ÷ revenue) | 7.4% |
| Investing CF relative to operating CF | 27.0% |

## 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 | 10.7% | 0.68× | 7.3% | 1.68× | 12.3% | S100RB1P |
| 2023 | 10.1% | 0.78× | 7.9% | 1.58× | 12.5% | S100TWSX |
| 2024 | 8.1% | 0.66× | 5.3% | 1.53× | 8.1% | S100W79S |
| 2025 | 10.7% | 0.63× | 6.8% | 1.53× | 10.4% | S100YKCT |
| 2026 | 15.5% | 0.62× | 9.6% | 1.52× | 14.6% | S100YKCT |

## 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 | 11.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 7.3% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社福岡銀行 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社伊予銀行 | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.7% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.6% | 2026-03-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| ダイソー協栄会 | Major shareholder | 2.4% | 2026-03-31 |
| 岩谷産業株式会社 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第171期(2025/04/01－2026/03/31) | S100YKCT | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YKCT,, |
| 有価証券報告書－第170期(2024/04/01－2025/03/31) | S100W79S | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W79S,, |
| 有価証券報告書－第169期(2023/04/01－2024/03/31) | S100TWSX | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWSX,, |
| 有価証券報告書－第168期(2022/04/01－2023/03/31) | S100RB1P | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RB1P,, |
| 有価証券報告書－第167期(令和3年4月1日－令和4年3月31日) | S100OKCQ | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKCQ,, |
| 有価証券報告書－第166期(令和2年4月1日－令和3年3月31日) | S100LVTL | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVTL,, |

## 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).