# POVAL KOGYO 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62期(2025/04/01－2026/03/31) (S100YK0F)
> Page: https://vizora.meequs.com/en/company/poval-kogyo
> Retrieved: 2026-09-30T18:33:11.910Z

## Company

Poval Kogyo, founded in 1957, is a company in Chemicals listed on TSE Standard. It has 204 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | POVAL KOGYO CO.,LTD. |
| Ticker | 4247 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4247.T) |
| Listing | TSE Standard |
| Head office | 名古屋市中村区野田町字中深30番地 |
| Representative (per filing) | 代表取締役社長 松井 孝敏 |
| Founded | May 1957 |
| Share capital | ¥179.6M |
| Employees (consolidated) | 204 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | www.poval.co.jp (https://www.poval.co.jp/) |
| Corporate number | 9180001032652 |
| EDINET | E30692 |
| Industries (Vizora) | Chemicals, Tires & Rubber, Industrial Machinery |

> Profile source: annual securities report (S100YK0F, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Tires & Rubber (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 3.6 | 14 |
| Profitability | 67.9 | 14 |
| Cash conversion | 25 | 14 |
| Efficiency | 10.7 | 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 82% of Poval Kogyo's sales come from General bonding and resin processing, with Machine design and development service making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +6.7% from the prior year, operating profit +76.6%.

## Company structure

- Segment revenue mix: General bonding and resin processing 82.1%、Machine design and development service 17.9%
- Revenue → net income: ¥3605175000 → ¥376179000
- Net income → operating cash flow: ¥376179000 → ¥388993000（difference ¥12814000）
- Main uses of operating cash flow: CapEx ¥172486000 / dividends ¥101494000 / buybacks —
- Change in cash: ¥135649000
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 | ¥3.61B |  |
| Operating income | ¥421.4M | Margin 11.7% |
| Net income | ¥372.6M | Margin 10.3% |
| Free cash flow | ¥216.5M |  |
| Largest business | General bonding and resin processing | of segment revenue 82.1% |
| Employees (consolidated) | 204 |  |
| EPS | ¥142.74 |  |
| Book value per share | ¥2128.42 |  |
| Equity ratio | 82.8% |  |
| Shares outstanding | 2,634,800 |  |
| Treasury shares | 200 |  |
| Shareholders | 3,556 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 16.0% | Cash ÷ revenue 32.2% |
| Vs. industry median margin | +4.2 pp | Chemicals |
| ROE | 6.8% | Derived from disclosed figures |
| ROA | 5.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 87% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥3252413000 | ¥3605175000 | +10.8% |
| Operating income | ¥322857000 | ¥421427000 | +30.5% |
| Operating margin | 9.9% | 11.7% | +1.8 pp |
| Employees | 195 people | 204 people | +4.6% |
| Cash and equivalents | ¥1151440000 | ¥1161252000 | +0.9% |

### 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 |
| --- | ---: |
| 総合接着・樹脂加工 → 総合接着・樹脂加工 | 82.1% |
| 総合接着・樹脂加工 → 事業再編・廃止 | 0.3% |
| 特殊設計機械 → 特殊設計機械 | 17.6% |
| 新設・再編 → 特殊設計機械 | 0.3% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,605 | 100.0% | S100YK0F |
| Cost of revenue | 2,180 | 60.5% | S100YK0F |
| Gross profit | 1,425 | 39.5% | S100YK0F |
| SG&A | 1,004 | 27.8% | S100YK0F |
| Operating income | 421 | 11.7% | S100YK0F |
| Ordinary income | 479 | 13.3% | S100YK0F |
| Pretax income | 510 | 14.1% | S100YK0F |
| Income tax | 134 | 3.7% | S100YK0F |
| Net income | 376 | 10.4% | S100YK0F |
| Net income attributable to owners | 373 | 10.3% | S100YK0F |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 60 |
| SG&A | 28 |
| Operating income | 12 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 39.5% → Operating margin 11.7% → Net margin 10.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.7%; Core profit growth: +76.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 11.40×
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 | 3,378 | 3,605 | 227 | +6.7% |
| Gross profit | 1,186 | 1,425 | 239 | +20.1% |
| Operating income | 239 | 421 | 183 | +76.6% |
| Net income attributable to owners | 81 | 373 | 292 | +362.9% |
| Operating cash flow | 483 | 389 | -94 | -19.5% |
| Free cash flow | 18 | 217 | 198 | +1084.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 3,465 | 449 | 13.0% | 361 | 498 | 447 | S100NC1Z |
| FY ending Mar 2021 | 3,252 | 323 | 9.9% | 212 | 331 | -39 | S100OHSY |
| FY ending Mar 2022 | 3,475 | 370 | 10.7% | 280 | 314 | 163 | S100R7S2 |
| FY ending Mar 2023 | 3,566 | 368 | 10.3% | 256 | 213 | 44 | S100TWW1 |
| FY ending Mar 2024 | 3,590 | 318 | 8.9% | 186 | 456 | -297 | S100W79V |
| FY ending Mar 2025 | 3,378 | 239 | 7.1% | 81 | 483 | 18 | S100YK0F |
| FY ending Mar 2026 | 3,605 | 421 | 11.7% | 373 | 389 | 217 | S100YK0F |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥17.7M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 201 | 200 | 196 | 203 | 204 |
| Average salary (parent company) | ¥5.2M | ¥5.2M | ¥5.2M | ¥5.3M | ¥5.3M |
| Average age (parent company) | 42.4 years | 42.7 years | 43.4 years | 43.8 years | 42.9 years |
| Average tenure (parent company) | 16.5 years | 16.9 years | 17.5 years | 16.8 years | 15.8 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +6.7%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| General bonding and resin processing | 2,958 | 82.1% | 398 | 13.4% |
| Machine design and development service | 647 | 17.9% | 60 | 9.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| General bonding and resin processing | 82.1% | 86.9% | 4.8 | 13.4% |
| Machine design and development service | 17.9% | 13.1% | -4.8 | 9.3% |

Segment → industry: General bonding and resin processing → Chemicals / General bonding and resin processing → Tires & Rubber / Machine design and development service → Industrial Machinery

## 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 | 389 | 10.8% | S100YK0F |
| Capital expenditure | 172 | 4.8% | S100YK0F |
| Free cash flow | 217 | 6.0% | 算出 |
| Investing cash flow | -165 | -4.6% | S100YK0F |
| Financing cash flow | -101 | -2.8% | S100YK0F |
| Dividends paid | 101 | 2.8% | S100YK0F |
| Change in cash | 136 | 3.8% | S100YK0F |
| Cash and equivalents | 1,161 | 32.2% | S100YK0F |

## 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 | 1,236 | 1,218 | 834 | 1,026 | 1,161 | S100TWW1, S100W79V, S100YK0F |
| Total assets | 6,517 | 6,653 | 6,877 | 7,153 | 7,277 | S100R7S2, S100TWW1, S100W79V, S100YK0F |
| Net assets | 5,357 | 5,543 | 5,727 | 5,718 | 6,043 | S100TWW1, S100W79V, S100YK0F |
| Share capital | 180 | 180 | 180 | 180 | 180 | S100R7S2, S100TWW1, S100W79V, S100YK0F |
| Property, plant and equipment | 2,500 | 2,544 | 3,114 | 3,250 | 3,225 | S100R7S2, S100TWW1, S100W79V, S100YK0F |
| Intangible assets excluding goodwill | 11 | 7 | 6 | 23 | 30 | S100R7S2, S100TWW1, S100W79V, S100YK0F |
| Goodwill | 5 | — | — | — | — | S100R7S2 |
| Investment securities | 742 | 693 | 719 | 681 | 716 | S100R7S2, S100TWW1, S100W79V, S100YK0F |
| Current assets | 3,108 | 3,241 | 2,880 | 3,014 | 3,197 | S100R7S2, S100TWW1, S100W79V, S100YK0F |
| Current liabilities | 756 | 660 | 675 | 947 | 958 | S100R7S2, S100TWW1, S100W79V, S100YK0F |
| Trade payables | 340 | 292 | 327 | 295 | 280 | S100R7S2, S100TWW1, S100W79V, S100YK0F |
| Short-term borrowings | 20 | 20 | 20 | 220 | 220 | S100R7S2, S100TWW1, S100W79V, S100YK0F |
| Total liabilities | 1,160 | 1,110 | 1,150 | 1,435 | 1,234 | S100R7S2, S100TWW1, S100W79V, S100YK0F |
| Non-controlling interests | 19 | 20 | 21 | 12 | 15 | S100R7S2, S100TWW1, S100W79V, S100YK0F |
| Equity attributable to owners of parent | 5,104 | 5,263 | 5,353 | 5,334 | 5,605 | S100R7S2, S100TWW1, S100W79V, S100YK0F |
| Retained earnings | 4,650 | 4,808 | 4,898 | 4,879 | 5,151 | S100R7S2, S100TWW1, S100W79V, S100YK0F |
| Treasury stock | -0 | -0 | -0 | -0 | -0 | S100R7S2, S100TWW1, S100W79V, S100YK0F |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YK0F |
| Property, plant and equipment | 44% | S100YK0F |
| Intangibles and goodwill | 0% | S100YK0F |
| Investment securities | 10% | S100YK0F |
| Other assets | 30% | S100YK0F |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YK0F |
| Other liabilities | 13% | S100YK0F |
| Equity | 83% | S100YK0F |
| Other liabilities | 0% | S100YK0F |

### 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 | 6,517 | 6,653 | 6,877 | 7,153 | 7,277 |
| Equity | 5,357 | 5,543 | 5,727 | 5,718 | 6,043 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,236 | 1,218 | 834 | 1,026 | 1,161 |

## 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) | 89.5% | S100YK0F |
| Fixed assets ÷ total assets | 44.3% | S100YK0F |
| Goodwill ÷ parent equity | — | —, S100YK0F |

### 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) | 16.0% |
| Cash ÷ revenue | 32.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 92.3% |
| Cash vs. profit gap | 16 JPY mn (of net income 4.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.2% |
| Shareholder payments — dividends / FCF | 46.9% |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 42.3% |

## 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 | 8.1% | 0.53× | 4.3% | 1.28× | 5.5% | S100R7S2 |
| 2023 | 7.2% | 0.54× | 3.9% | 1.27× | 4.9% | S100TWW1 |
| 2024 | 5.2% | 0.53× | 2.7% | 1.27× | 3.5% | S100W79V |
| 2025 | 2.4% | 0.48× | 1.1% | 1.31× | 1.5% | S100YK0F |
| 2026 | 10.3% | 0.50× | 5.2% | 1.32× | 6.8% | S100YK0F |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社ＫＡＹ | Major shareholder | 33.3% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 6.5% | 2026-03-31 |
| 神田有華 | Major shareholder | 3.9% | 2026-03-31 |
| 神田亜希 | Major shareholder | 3.9% | 2026-03-31 |
| ポバール興業従業員持株会 | Major shareholder | 3.4% | 2026-03-31 |
| 神田隆生 | Major shareholder | 3.0% | 2026-03-31 |
| 堀田忍 | Major shareholder | 2.7% | 2026-03-31 |
| 神田誠太郎 | Major shareholder | 2.7% | 2026-03-31 |
| 中島幸子 | Major shareholder | 2.4% | 2026-03-31 |
| 村岡克彦 | Major shareholder | 1.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第62期(2025/04/01－2026/03/31) | S100YK0F | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK0F,, |
| 有価証券報告書－第61期(2024/04/01－2025/03/31) | S100W79V | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W79V,, |
| 有価証券報告書－第60期(2023/04/01－2024/03/31) | S100TWW1 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TWW1,, |
| 有価証券報告書－第59期(2022/04/01－2023/03/31) | S100R7S2 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7S2,, |
| 有価証券報告書－第58期(令和3年4月1日－令和4年3月31日) | S100OHSY | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHSY,, |
| 訂正有価証券報告書－第57期(令和2年4月1日－令和3年3月31日) | S100NC1Z | 2022-02-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NC1Z,, |

## 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).