# OSAKA YUKA INDUSTRY LTD.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第64期(2024/10/01－2025/09/30) (S100XDGQ)
> Page: https://vizora.meequs.com/en/company/osaka-yuka
> Retrieved: 2026-09-30T22:17:50.143Z

## Company

Osaka Yuka Industry, founded in 1962, is a company in Chemicals listed on TSE Standard. It has 52 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | OSAKA YUKA INDUSTRY LTD. |
| Ticker | 4124 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4124.T) |
| Listing | TSE Standard |
| Head office | 大阪府枚方市春日西町二丁目27番33号 |
| Representative (per filing) | 代表取締役社長 CEO 堀田 哲平 |
| Founded | Feb 1962 |
| Share capital | ¥346.5M |
| Employees (consolidated) | 52 |
| Average salary (parent only) | ¥5.8M |
| Fiscal year end | September |
| Website | www.osaka-yuka.co.jp (https://www.osaka-yuka.co.jp/) |
| Corporate number | 2120001149244 |
| EDINET | E33382 |
| Industries (Vizora) | Chemicals, Plant Engineering & Building Services |

> Profile source: annual securities report (S100XDGQ, filed 2025-12-26). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 83.5 | 100 |
| Cash conversion | 49.5 | 96 |
| Efficiency | 27.5 | 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 93% of Osaka Yuka Industry's sales come from Commissioned distillation, with Plant services making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +19.3% from the prior year, operating profit +642.2%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.18B |  |
| Operating income | ¥139.1M | Margin 11.8% |
| Net income | -¥32.1M | Margin -2.7% |
| Free cash flow | ¥149.3M |  |
| Largest business | Commissioned distillation | of segment revenue 93.3% |
| Employees (consolidated) | 52 |  |
| EPS | ¥18.22 |  |
| Book value per share | ¥1578.88 |  |
| Equity ratio | 88.8% |  |
| Shares outstanding | 1,073,500 |  |
| Treasury shares | 29,800 |  |
| Shareholders | 2,023 |  |
| Average salary (parent only) | ¥5.8M | Filing company only |
| Cash ratio | 47.0% | Cash ÷ revenue 74.1% |
| Vs. industry median margin | +4.3 pp | Chemicals |
| ROA | -1.7% | Derived from disclosed figures |

## Notable figures

- FY2025, one segment accounts for 100% of positive segment profit
- FY2025, cash is 47% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥1050767000 | ¥1178074000 | +12.1% |
| Operating income | ¥111839000 | ¥139087000 | +24.4% |
| Operating margin | 10.6% | 11.8% | +1.2 pp |
| Employees | 51 people | 52 people | +2.0% |
| Cash and equivalents | ¥883024000 | ¥872761000 | -1.2% |

### Change in segment revenue mix

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

| Flow | Revenue share |
| --- | ---: |
| 受託蒸留事業 → 受託蒸留事業 | 87.1% |
| プラント事業 → プラント事業 | 6.7% |
| プラント事業 → 事業再編・廃止 | 6.2% |
| 新設・再編 → 受託蒸留事業 | 6.2% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,178 | 100.0% | S100XDGQ |
| Cost of revenue | 607 | 51.5% | S100XDGQ |
| Gross profit | 571 | 48.5% | S100XDGQ |
| SG&A | 432 | 36.7% | S100XDGQ |
| Operating income | 139 | 11.8% | S100XDGQ |
| Ordinary income | 139 | 11.8% | S100XDGQ |
| Pretax income | 16 | 1.4% | S100XDGQ |
| Income tax | 48 | 4.1% | S100XDGQ |
| Net income | -32 | -2.7% | S100XDGQ |
| Net income attributable to owners | -32 | -2.7% | S100XDGQ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 37 |
| Operating income | 12 |
| (Ref.) Net income | -3 |

### Margin funnel

Gross margin 48.5% → Operating margin 11.8% → Net margin -2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +19.3%; Core profit growth: +642.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 33.21×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 987 | 1,178 | 191 | +19.3% |
| Gross profit | 406 | 571 | 165 | +40.5% |
| Operating income | 19 | 139 | 120 | +642.2% |
| Net income attributable to owners | 0 | -32 | -32 | -51890.3% |
| Operating cash flow | 52 | 207 | 155 | +298.8% |
| Free cash flow | -8 | 149 | 157 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2020 | 1,051 | 112 | 10.6% | 75 | 334 | 188 | S100N334 |
| FY ending Sep 2021 | 1,216 | 118 | 9.7% | 80 | 175 | -53 | S100PV82 |
| FY ending Sep 2022 | 1,180 | 137 | 11.6% | 88 | 219 | 112 | S100SIRA |
| FY ending Sep 2023 | 1,235 | 115 | 9.3% | -9 | 211 | 100 | S100UZJT |
| FY ending Sep 2024 | 987 | 19 | 1.9% | 0 | 52 | -8 | S100XDGQ |
| FY ending Sep 2025 | 1,178 | 139 | 11.8% | -32 | 207 | 149 | S100XDGQ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥22.7M |
| Operating income per employee (consolidated) | ¥2.7M |
| Net income per employee (consolidated) | -¥617.5K |

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

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 57 | 60 | 59 | 52 | 52 |
| Average salary (parent company) | ¥5.5M | ¥5.6M | ¥5.5M | ¥5.8M | ¥5.8M |
| Average age (parent company) | 38.1 years | 38.4 years | 39.0 years | 38.2 years | 40.7 years |
| Average tenure (parent company) | 8.3 years | 8.8 years | 9.5 years | 8.7 years | 10.4 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +19.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Commissioned distillation | 1,099 | 93.3% | 467 | 42.5% |
| Plant services | 79 | 6.7% | -48 | -61.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Commissioned distillation | 93.3% | 100.0% | 6.7 | 42.5% |
| Plant services | 6.7% | — | — | -61.3% |

Loss-making segment (excluded from profit shares): Plant services -48 JPY mn

Segment → industry: Commissioned distillation → Chemicals / Plant services → Plant Engineering & Building Services

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 207 | 17.6% | S100XDGQ |
| Capital expenditure | 58 | 4.9% | S100XDGQ |
| Free cash flow | 149 | 12.7% | 算出 |
| Investing cash flow | -60 | -5.1% | S100XDGQ |
| Financing cash flow | -37 | -3.1% | S100XDGQ |
| Dividends paid | 36 | 3.1% | S100XDGQ |
| Share buyback | 0 | 0.0% | S100XDGQ |
| Change in cash | 110 | 9.4% | S100XDGQ |
| Cash and equivalents | 873 | 74.1% | S100XDGQ |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 715 | 801 | 814 | 762 | 873 | S100SIRA, S100UZJT, S100XDGQ |
| Total assets | 2,025 | 2,059 | 1,891 | 1,930 | 1,856 | S100PV82, S100SIRA, S100UZJT, S100XDGQ |
| Net assets | 1,744 | 1,814 | 1,739 | 1,716 | 1,647 | S100SIRA, S100UZJT, S100XDGQ |
| Share capital | 346 | 346 | 346 | 346 | 346 | S100PV82, S100SIRA, S100UZJT, S100XDGQ |
| Trade receivables | 116 | — | — | — | — | S100PV82 |
| Property, plant and equipment | 914 | 857 | 793 | 756 | 729 | S100PV82, S100SIRA, S100UZJT, S100XDGQ |
| Intangible assets excluding goodwill | 91 | 73 | 4 | 3 | 1 | S100PV82, S100SIRA, S100UZJT, S100XDGQ |
| Goodwill | 34 | 26 | — | — | — | S100PV82, S100SIRA |
| Current assets | 974 | 1,073 | 1,051 | 1,127 | 1,104 | S100PV82, S100SIRA, S100UZJT, S100XDGQ |
| Current liabilities | 266 | 230 | 145 | 206 | 202 | S100PV82, S100SIRA, S100UZJT, S100XDGQ |
| Total liabilities | 281 | 245 | 152 | 213 | 209 | S100PV82, S100SIRA, S100UZJT, S100XDGQ |
| Equity attributable to owners of parent | 1,744 | 1,814 | 1,739 | 1,716 | 1,647 | S100PV82, S100SIRA, S100UZJT, S100XDGQ |
| Retained earnings | 1,111 | 1,172 | 1,136 | 1,100 | 1,031 | S100PV82, S100SIRA, S100UZJT, S100XDGQ |
| Treasury stock | -27 | -18 | -57 | -44 | -44 | S100PV82, S100SIRA, S100UZJT, S100XDGQ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 47% | S100XDGQ |
| Property, plant and equipment | 39% | S100XDGQ |
| Intangibles and goodwill | 0% | S100XDGQ |
| Other assets | 14% | S100XDGQ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 11% | S100XDGQ |
| Equity | 89% | S100XDGQ |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 2,025 | 2,059 | 1,891 | 1,930 | 1,856 |
| Equity | 1,744 | 1,814 | 1,739 | 1,716 | 1,647 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 715 | 801 | 814 | 762 | 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) | 61.9% | S100XDGQ |
| Fixed assets ÷ total assets | 39.3% | S100XDGQ |
| Goodwill ÷ parent equity | — | —, S100XDGQ |

### 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) | 47.0% |
| Cash ÷ revenue | 74.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 148.7% |
| Cash vs. profit gap | 239 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 24.5% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 24.4% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 28.9% |

## 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 | 6.6% | 0.60× | 4.0% | 1.16× | 4.6% | S100PV82 |
| 2022 | 7.5% | 0.58× | 4.3% | 1.15× | 5.0% | S100SIRA |
| 2023 | — | —× | -0.4% | —× | — | S100UZJT |
| 2024 | 0.0% | 0.52× | 0.0% | 1.11× | 0.0% | S100XDGQ |
| 2025 | — | —× | -1.7% | —× | — | S100XDGQ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| エルアール株式会社 | Major shareholder | 34.3% | 2025-09-30 |
| 堀田 哲平 | Major shareholder | 22.8% | 2025-09-30 |
| 森田 成之 | Major shareholder | 5.1% | 2025-09-30 |
| 野村 直樹 | Major shareholder | 2.8% | 2025-09-30 |
| 島田 嘉人 | Major shareholder | 2.7% | 2025-09-30 |
| 大阪油化工業社員持株会 | Major shareholder | 1.6% | 2025-09-30 |
| 冨士谷 洋三 | Major shareholder | 1.5% | 2025-09-30 |
| ＭＳＩＰ ＣＬＩＥＮＴ ＳＥＣＵＲＩＴＩＥＳ（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 1.5% | 2025-09-30 |
| 恩田 徹 | Major shareholder | 0.9% | 2025-09-30 |
| 長瀬 光俊 | Major shareholder | 0.8% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第64期(2024/10/01－2025/09/30) | S100XDGQ | 2025-12-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XDGQ,, |
| 有価証券報告書－第63期(2023/10/01－2024/09/30) | S100UZJT | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZJT,, |
| 有価証券報告書－第62期(2022/10/01－2023/09/30) | S100SIRA | 2023-12-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SIRA,, |
| 有価証券報告書－第61期(令和3年10月1日－令和4年9月30日) | S100PV82 | 2022-12-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100PV82,, |
| 有価証券報告書－第60期(令和2年10月1日－令和3年9月30日) | S100N334 | 2021-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N334,, |
| 有価証券報告書－第59期(令和1年10月1日－令和2年9月30日) | S100KDBA | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KDBA,, |

## 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).