# Powdertech 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60期(2025/04/01－2026/03/31) (S100YCVX)
> Page: https://vizora.meequs.com/en/company/powdertech
> Retrieved: 2026-09-30T18:23:03.995Z

## Company

Powdertech, founded in 1966, is a company in Chemicals listed on TSE Standard. It has 262 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Powdertech Co., Ltd. |
| Ticker | 5695 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5695.T) |
| Listing | TSE Standard |
| Head office | 千葉県柏市十余二 217番地 |
| Representative (per filing) | 代表取締役社長 丸山憲行 |
| Founded | Apr 1966 |
| Share capital | ¥1.56B |
| Employees (consolidated) | 262 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.powdertech.co.jp (https://www.powdertech.co.jp/) |
| Corporate number | 7040001066245 |
| EDINET | E01294 |
| Industries (Vizora) | Chemicals, Food Packaging |

> Profile source: annual securities report (S100YCVX, filed 2026-06-17). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 32.8 | 96 |
| Profitability | 33.5 | 100 |
| Cash conversion | 95.3 | 96 |
| Efficiency | 22.5 | 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 89% of Powdertech's sales come from Functional material, with Quality Preservative making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +0.0% from the prior year, operating profit +59.6%.

## Company structure

- Segment revenue mix: Functional material 89.4%、Quality Preservative 10.6%
- Revenue → net income: ¥9140804000 → ¥405841000
- Net income → operating cash flow: ¥405841000 → ¥1843051000（difference ¥1437210000）
- Main uses of operating cash flow: CapEx ¥601364000 / dividends ¥435770000 / buybacks ¥212000
- Change in cash: ¥724259000
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 | ¥9.14B |  |
| Operating income | ¥530.2M | Margin 5.8% |
| Net income | ¥405.8M | Margin 4.4% |
| Free cash flow | ¥1.24B |  |
| Largest business | Functional material | of segment revenue 89.4% |
| Employees (consolidated) | 262 |  |
| EPS | ¥134.89 |  |
| Book value per share | ¥4353.49 |  |
| Equity ratio | 81.6% |  |
| Shares outstanding | 2,970,000 |  |
| Treasury shares | 60,400 |  |
| Shareholders | 1,112 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 22.6% | Cash ÷ revenue 38.6% |
| Vs. industry median margin | -1.7 pp | Chemicals |
| ROE | 3.2% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 4.5× net income
- FY2026, one segment accounts for 97% of positive segment profit
- FY2026, employees -1% while operating income rose 60%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7706930000 | ¥9140804000 | +18.6% |
| Operating income | ¥269204000 | ¥530151000 | +96.9% |
| Operating margin | 3.5% | 5.8% | +2.3 pp |
| Employees | 249 people | 262 people | +5.2% |
| Cash and equivalents | ¥3258786000 | ¥3528376000 | +8.3% |

### 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 |
| --- | ---: |
| 機能性材料事業 → 機能性材料事業 | 79.4% |
| 鉄粉事業 → 事業再編・廃止 | 20.6% |
| 新設・再編 → 機能性材料事業 | 10.0% |
| 新設・再編 → 品質保持剤事業 | 10.6% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,141 | 100.0% | S100YCVX |
| Cost of revenue | 6,623 | 72.5% | S100YCVX |
| Gross profit | 2,518 | 27.5% | S100YCVX |
| SG&A | 1,988 | 21.8% | S100YCVX |
| Operating income | 530 | 5.8% | S100YCVX |
| Ordinary income | 586 | 6.4% | S100YCVX |
| Pretax income | 525 | 5.7% | S100YCVX |
| Income tax | 119 | 1.3% | S100YCVX |
| Net income | 406 | 4.4% | S100YCVX |
| Net income attributable to owners | 406 | 4.4% | S100YCVX |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 72 |
| SG&A | 22 |
| Operating income | 6 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 27.5% → Operating margin 5.8% → Net margin 4.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.0%; Core profit growth: +59.6%
Growth quality: margin-expansion
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 | 9,136 | 9,141 | 5 | +0.0% |
| Gross profit | 2,263 | 2,518 | 255 | +11.3% |
| Operating income | 332 | 530 | 198 | +59.6% |
| Net income attributable to owners | 318 | 406 | 87 | +27.5% |
| Operating cash flow | 857 | 1,843 | 986 | +115.1% |
| Free cash flow | 400 | 1,242 | 842 | +210.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,661 | 1,576 | 14.8% | 1,095 | 1,786 | 936 | S100LM6L |
| FY ending Mar 2021 | 7,707 | 269 | 3.5% | 173 | 1,006 | -18 | S100ODZ5 |
| FY ending Mar 2022 | 8,837 | 1,116 | 12.6% | 818 | 1,993 | 984 | S100R2IW |
| FY ending Mar 2023 | 8,834 | 701 | 7.9% | 544 | 648 | -610 | S100TP57 |
| FY ending Mar 2024 | 8,549 | 406 | 4.8% | 281 | 180 | -191 | S100W02T |
| FY ending Mar 2025 | 9,136 | 332 | 3.6% | 318 | 857 | 400 | S100YCVX |
| FY ending Mar 2026 | 9,141 | 530 | 5.8% | 406 | 1,843 | 1,242 | S100YCVX |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥34.9M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.5M |

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) | 250 | 265 | 263 | 265 | 262 |
| Average salary (parent company) | ¥6.4M | ¥6.6M | ¥6.5M | ¥6.7M | ¥6.8M |
| Average age (parent company) | 44.4 years | 45.6 years | 45.8 years | 45.6 years | 45.9 years |
| Average tenure (parent company) | 17.5 years | 17.4 years | 17.8 years | 17.4 years | 17.7 years |

Year over year: Employees (consolidated) -1.1% · Revenue (consolidated) +0.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Functional material | 8,175 | 89.4% | 1,523 | 18.6% |
| Quality Preservative | 966 | 10.6% | 48 | 5.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Functional material | 89.4% | 96.9% | 7.5 | 18.6% |
| Quality Preservative | 10.6% | 3.1% | -7.5 | 5.0% |

Segment → industry: Functional material → Chemicals / Quality Preservative → Food Packaging

## 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 | 1,843 | 20.2% | S100YCVX |
| Capital expenditure | 601 | 6.6% | S100YCVX |
| Free cash flow | 1,242 | 13.6% | 算出 |
| Investing cash flow | -652 | -7.1% | S100YCVX |
| Financing cash flow | -469 | -5.1% | S100YCVX |
| Dividends paid | 436 | 4.8% | S100YCVX |
| Share buyback | 0 | 0.0% | S100YCVX |
| Change in cash | 724 | 7.9% | S100YCVX |
| Cash and equivalents | 3,528 | 38.6% | S100YCVX |

## 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 | 3,989 | 3,150 | 2,723 | 2,804 | 3,528 | S100TP57, S100W02T, S100YCVX |
| Total assets | 15,432 | 14,742 | 14,990 | 15,817 | 15,640 | S100R2IW, S100TP57, S100W02T, S100YCVX |
| Net assets | 12,329 | 12,653 | 12,699 | 12,783 | 12,761 | S100TP57, S100W02T, S100YCVX |
| Share capital | 1,557 | 1,557 | 1,557 | 1,557 | 1,557 | S100R2IW, S100TP57, S100W02T, S100YCVX |
| Property, plant and equipment | 6,949 | 6,744 | 6,430 | 6,818 | 6,588 | S100R2IW, S100TP57, S100W02T, S100YCVX |
| Intangible assets excluding goodwill | 24 | 18 | 33 | 28 | 112 | S100R2IW, S100TP57, S100W02T, S100YCVX |
| Investment securities | 10 | — | — | — | — | S100R2IW |
| Current assets | 8,183 | 7,731 | 8,291 | 8,740 | 8,692 | S100R2IW, S100TP57, S100W02T, S100YCVX |
| Current liabilities | 2,677 | 1,693 | 1,908 | 2,006 | 1,878 | S100R2IW, S100TP57, S100W02T, S100YCVX |
| Trade payables | 875 | 812 | 894 | 1,110 | 789 | S100R2IW, S100TP57, S100W02T, S100YCVX |
| Total liabilities | 3,103 | 2,089 | 2,291 | 3,034 | 2,879 | S100R2IW, S100TP57, S100W02T, S100YCVX |
| Equity attributable to owners of parent | 12,338 | 12,650 | 12,699 | 12,770 | 12,754 | S100R2IW, S100TP57, S100W02T, S100YCVX |
| Retained earnings | 9,418 | 9,731 | 9,779 | 9,834 | 9,799 | S100R2IW, S100TP57, S100W02T, S100YCVX |
| Treasury stock | -203 | -203 | -204 | -187 | -168 | S100R2IW, S100TP57, S100W02T, S100YCVX |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YCVX |
| Property, plant and equipment | 42% | S100YCVX |
| Intangibles and goodwill | 1% | S100YCVX |
| Other assets | 35% | S100YCVX |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YCVX |
| Other liabilities | 13% | S100YCVX |
| Equity | 82% | S100YCVX |

### 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 | 15,432 | 14,742 | 14,990 | 15,817 | 15,640 |
| Equity | 12,329 | 12,653 | 12,699 | 12,783 | 12,761 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,989 | 3,150 | 2,723 | 2,804 | 3,528 |

## 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) | 72.1% | S100YCVX |
| Fixed assets ÷ total assets | 42.1% | S100YCVX |
| Goodwill ÷ parent equity | — | —, S100YCVX |

### 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) | 22.6% |
| Cash ÷ revenue | 38.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 347.6% |
| Cash vs. profit gap | 1,437 JPY mn (of net income 354.1%) |
| Shareholder returns / net income | 107.4% |
| Shareholder returns / FCF | 35.1% |
| Shareholder payments — dividends / net income | 107.4% |
| Shareholder payments — dividends / FCF | 35.1% |
| CapEx intensity (capex ÷ revenue) | 6.6% |
| Investing CF relative to operating CF | 35.4% |

## 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 | 9.3% | 0.57× | 5.3% | 1.25× | 6.6% | S100R2IW |
| 2023 | 6.2% | 0.59× | 3.6% | 1.21× | 4.4% | S100TP57 |
| 2024 | 3.3% | 0.58× | 1.9% | 1.17× | 2.2% | S100W02T |
| 2025 | 3.5% | 0.59× | 2.1% | 1.21× | 2.5% | S100YCVX |
| 2026 | 4.4% | 0.58× | 2.6% | 1.23× | 3.2% | S100YCVX |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社南悠商社 | Major shareholder | 37.6% | 2026-03-31 |
| 三井金属株式会社 | Major shareholder | 35.3% | 2026-03-31 |
| パウダーテック従業員持株会 | Major shareholder | 3.8% | 2026-03-31 |
| 吉野 友裕 | Major shareholder | 1.0% | 2026-03-31 |
| HIKARI TSUSHIN INVESTMENTS OKINAWA株式会社 | Major shareholder | 0.8% | 2026-03-31 |
| 木村 文彦 | Major shareholder | 0.6% | 2026-03-31 |
| 畑野 公一郎 | Major shareholder | 0.5% | 2026-03-31 |
| 松浦 行子 | Major shareholder | 0.5% | 2026-03-31 |
| 田中 新一郎 | Major shareholder | 0.5% | 2026-03-31 |
| 丸田 卓 | Major shareholder | 0.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第60期(2025/04/01－2026/03/31) | S100YCVX | 2026-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCVX,, |
| 有価証券報告書－第59期(2024/04/01－2025/03/31) | S100W02T | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W02T,, |
| 有価証券報告書－第58期(2023/04/01－2024/03/31) | S100TP57 | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TP57,, |
| 有価証券報告書－第57期(2022/04/01－2023/03/31) | S100R2IW | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R2IW,, |
| 有価証券報告書－第56期(令和3年4月1日－令和4年3月31日) | S100ODZ5 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODZ5,, |
| 有価証券報告書－第55期(令和2年4月1日－令和3年3月31日) | S100LM6L | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM6L,, |

## 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).