# Rasa Industries,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158期(2025/04/01－2026/03/31) (S100YD99)
> Page: https://vizora.meequs.com/en/company/rasa-industries
> Retrieved: 2026-09-30T17:49:29.882Z

## Company

Rasa Industries, founded in 1911, is a company in Chemicals listed on TSE Prime. It has 631 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Rasa Industries, Ltd. |
| Ticker | 4022 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4022.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区外神田一丁目18番13号 |
| Representative (per filing) | 代表取締役 社長執行役員 坂尾 耕作 |
| Founded | Feb 1911 |
| Share capital | ¥8.44B |
| Employees (consolidated) | 631 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.rasa.co.jp (https://www.rasa.co.jp/) |
| Corporate number | 8010001034971 |
| EDINET | E00760 |
| Industries (Vizora) | Chemicals, Semiconductor Materials, Industrial Machinery, Construction & Farm Machinery |

> Profile source: annual securities report (S100YD99, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 94.3 | 96 |
| Profitability | 88.5 | 100 |
| Cash conversion | 24.5 | 96 |
| Efficiency | 88.5 | 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 84% of Rasa Industries's sales come from Chemicals, with Machinery and Electronic Materials making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +5.1% from the prior year, operating profit +26.9%.

## Company structure

- Segment revenue mix: Chemicals 83.7%、Machinery 8.8%、Electronic Materials 5.0%、Other 2.5%
- Revenue → net income: ¥47727000000 → ¥4359000000
- Net income → operating cash flow: ¥4359000000 → ¥6149000000（difference ¥1790000000）
- Main uses of operating cash flow: CapEx ¥4373000000 / dividends ¥1060000000 / buybacks —
- Change in cash: ¥-231000000
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 | ¥47.7B |  |
| Operating income | ¥6.01B | Margin 12.6% |
| Net income | ¥4.36B | Margin 9.1% |
| Free cash flow | ¥1.78B |  |
| Largest business | Chemicals | of segment revenue 83.7% |
| Employees (consolidated) | 631 |  |
| EPS | ¥57.18 |  |
| Book value per share | ¥520.79 |  |
| Equity ratio | 63.7% |  |
| Shares outstanding | 7,944,000 |  |
| Treasury shares | 131,900 |  |
| Shareholders | 6,862 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 9.7% | Cash ÷ revenue 10.1% |
| Vs. industry median margin | +5.1 pp | Chemicals |
| ROE | 15.7% | Derived from disclosed figures |
| ROA | 9.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 75% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥28978000000 | ¥47727000000 | +64.7% |
| Operating income | ¥2659000000 | ¥6012000000 | +126.1% |
| Operating margin | 9.2% | 12.6% | +3.4 pp |
| Employees | 584 people | 631 people | +8.0% |
| Cash and equivalents | ¥3407000000 | ¥4823000000 | +41.6% |

### 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 |
| --- | ---: |
| 化成品事業 → 事業再編・廃止 | 75.1% |
| 機械事業 → 事業再編・廃止 | 15.2% |
| 電子材料事業 → 事業再編・廃止 | 5.9% |
| その他 → その他 | 2.5% |
| その他 → 事業再編・廃止 | 1.4% |
| 新設・再編 → 化成品事業 | 83.7% |
| 新設・再編 → 機械事業 | 8.8% |
| 新設・再編 → 電子材料事業 | 5.0% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Chemicals | 2 years | +7.8% | ¥39956000000 | 13.8% | 2 |
| Machinery | 2 years | -13.3% | ¥4197000000 | 9.6% | 2 |
| Electronic Materials | 2 years | +21.0% | ¥2395000000 | 29.1% | 2 |
| Other | 5 years | +1.1% | ¥1176000000 | 63.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 47,727 | 100.0% | S100YD99 |
| Cost of revenue | 36,767 | 77.0% | S100YD99 |
| Gross profit | 10,960 | 23.0% | S100YD99 |
| SG&A | 4,947 | 10.4% | S100YD99 |
| Operating income | 6,012 | 12.6% | S100YD99 |
| Ordinary income | 6,191 | 13.0% | S100YD99 |
| Pretax income | 6,190 | 13.0% | S100YD99 |
| Income tax | 1,831 | 3.8% | S100YD99 |
| Net income | 4,359 | 9.1% | S100YD99 |
| Net income attributable to owners | 4,359 | 9.1% | S100YD99 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 10 |
| Operating income | 13 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 23.0% → Operating margin 12.6% → Net margin 9.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.1%; Core profit growth: +26.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.31×
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 | 45,421 | 47,727 | 2,306 | +5.1% |
| Gross profit | 9,633 | 10,960 | 1,327 | +13.8% |
| Operating income | 4,736 | 6,012 | 1,276 | +26.9% |
| Net income attributable to owners | 3,131 | 4,359 | 1,228 | +39.2% |
| Operating cash flow | 5,038 | 6,149 | 1,111 | +22.1% |
| Free cash flow | 3,166 | 1,776 | -1,390 | -43.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 29,759 | 1,871 | 6.3% | 1,377 | 2,963 | 1,254 | S100LSOK |
| FY ending Mar 2021 | 28,978 | 2,659 | 9.2% | 2,004 | 2,367 | 625 | S100OKKD |
| FY ending Mar 2022 | 35,411 | 3,475 | 9.8% | 2,538 | 1,996 | -434 | S100R3XE |
| FY ending Mar 2023 | 49,600 | 4,622 | 9.3% | 3,232 | 2,042 | 1,123 | S100TQY2 |
| FY ending Mar 2024 | 42,788 | 3,591 | 8.4% | 2,382 | 4,972 | 3,989 | S100W4UR |
| FY ending Mar 2025 | 45,421 | 4,736 | 10.4% | 3,131 | 5,038 | 3,166 | S100YD99 |
| FY ending Mar 2026 | 47,727 | 6,012 | 12.6% | 4,359 | 6,149 | 1,776 | S100YD99 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥75.6M |
| Operating income per employee (consolidated) | ¥9.5M |
| Net income per employee (consolidated) | ¥6.9M |

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) | 600 | 610 | 620 | 628 | 631 |
| Average salary (parent company) | ¥6.1M | ¥6.3M | ¥6.4M | ¥6.5M | ¥6.7M |
| Average age (parent company) | 44.1 years | 44.2 years | 44.4 years | 44.4 years | 44.8 years |
| Average tenure (parent company) | 19.5 years | 19.4 years | 19.5 years | 19.4 years | 19.8 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) +5.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Chemicals | 39,956 | 83.7% | 5,531 | 13.8% |
| Machinery | 4,197 | 8.8% | 405 | 9.6% |
| Electronic Materials | 2,395 | 5.0% | 696 | 29.1% |
| Other | 1,176 | 2.5% | 746 | 63.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Chemicals | 83.7% | 75.0% | -8.8 | 13.8% |
| Machinery | 8.8% | 5.5% | -3.3 | 9.6% |
| Electronic Materials | 5.0% | 9.4% | 4.4 | 29.1% |
| Other | 2.5% | 10.1% | 7.6 | 63.4% |

Segment → industry: Chemicals → Chemicals / Electronic Materials → Semiconductor Materials / Machinery → Industrial Machinery / Machinery → Construction & Farm 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 | 6,149 | 12.9% | S100YD99 |
| Capital expenditure | 4,373 | 9.2% | S100YD99 |
| Free cash flow | 1,776 | 3.7% | 算出 |
| Investing cash flow | -4,485 | -9.4% | S100YD99 |
| Financing cash flow | -1,960 | -4.1% | S100YD99 |
| Dividends paid | 1,060 | 2.2% | S100YD99 |
| Change in cash | -231 | -0.5% | S100YD99 |
| Cash and equivalents | 4,823 | 10.1% | S100YD99 |

## 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 | 3,538 | 4,940 | 3,405 | 5,054 | 4,823 | S100TQY2, S100W4UR, S100YD99 |
| Total assets | 41,924 | 47,552 | 44,323 | 45,838 | 49,973 | S100R3XE, S100TQY2, S100W4UR, S100YD99 |
| Net assets | 20,301 | 23,252 | 24,966 | 27,877 | 31,840 | S100TQY2, S100W4UR, S100YD99 |
| Share capital | 8,443 | 8,443 | 8,443 | 8,443 | 8,443 | S100R3XE, S100TQY2, S100W4UR, S100YD99 |
| Property, plant and equipment | 18,566 | 17,893 | 17,325 | 17,828 | 20,155 | S100R3XE, S100TQY2, S100W4UR, S100YD99 |
| Intangible assets excluding goodwill | 47 | 40 | 48 | 45 | 48 | S100R3XE, S100TQY2, S100W4UR, S100YD99 |
| Investment securities | 2,195 | 2,736 | 3,229 | 3,234 | 3,880 | S100R3XE, S100TQY2, S100W4UR, S100YD99 |
| Current assets | 19,584 | 25,564 | 22,497 | 23,581 | 24,646 | S100R3XE, S100TQY2, S100W4UR, S100YD99 |
| Current liabilities | 12,821 | 15,737 | 12,134 | 11,004 | 11,202 | S100R3XE, S100TQY2, S100W4UR, S100YD99 |
| Trade payables | 4,264 | 5,524 | 4,326 | 3,441 | 3,686 | S100R3XE, S100TQY2, S100W4UR, S100YD99 |
| Short-term borrowings | 5,806 | 7,147 | 5,108 | 4,342 | 3,814 | S100R3XE, S100TQY2, S100W4UR, S100YD99 |
| Long-term borrowings | 5,337 | 5,021 | 3,804 | 3,996 | 3,693 | S100R3XE, S100TQY2, S100W4UR, S100YD99 |
| Total liabilities | 21,622 | 24,300 | 19,356 | 17,961 | 18,132 | S100R3XE, S100TQY2, S100W4UR, S100YD99 |
| Non-controlling interests | 95 | 126 | — | — | — | S100R3XE, S100TQY2 |
| Equity attributable to owners of parent | 19,943 | 22,583 | 23,909 | 26,088 | 29,406 | S100R3XE, S100TQY2, S100W4UR, S100YD99 |
| Retained earnings | 11,523 | 14,199 | 15,606 | 17,965 | 21,262 | S100R3XE, S100TQY2, S100W4UR, S100YD99 |
| Treasury stock | -23 | -59 | -139 | -328 | -317 | S100R3XE, S100TQY2, S100W4UR, S100YD99 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YD99 |
| Property, plant and equipment | 40% | S100YD99 |
| Intangibles and goodwill | 0% | S100YD99 |
| Investment securities | 8% | S100YD99 |
| Other assets | 42% | S100YD99 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YD99 |
| Other liabilities | 29% | S100YD99 |
| Equity | 64% | S100YD99 |
| Other liabilities | 0% | S100YD99 |

### 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 | 41,924 | 47,552 | 44,323 | 45,838 | 49,973 |
| Equity | 20,301 | 23,252 | 24,966 | 27,877 | 31,840 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,538 | 4,940 | 3,405 | 5,054 | 4,823 |

## 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) | 42.2% | S100YD99 |
| Fixed assets ÷ total assets | 40.3% | S100YD99 |
| Goodwill ÷ parent equity | — | —, S100YD99 |

### 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) | 9.7% |
| Cash ÷ revenue | 10.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 102.3% |
| Cash vs. profit gap | 1,790 JPY mn (of net income 41.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.3% |
| Shareholder payments — dividends / FCF | 59.7% |
| CapEx intensity (capex ÷ revenue) | 9.2% |
| Investing CF relative to operating CF | 72.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 7.2% | 0.84× | 6.1% | 2.10× | 12.7% | S100R3XE |
| 2023 | 6.5% | 1.11× | 7.2% | 2.10× | 15.2% | S100TQY2 |
| 2024 | 5.6% | 0.93× | 5.2% | 1.98× | 10.2% | S100W4UR |
| 2025 | 6.9% | 1.01× | 6.9% | 1.80× | 12.5% | S100YD99 |
| 2026 | 9.1% | 1.00× | 9.1% | 1.73× | 15.7% | S100YD99 |

## 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 | 9.1% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL(常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 6.0% | 2026-03-31 |
| ラサ工業取引先持株会 | Major shareholder | 5.7% | 2026-03-31 |
| 片山 晃 | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社RS Technologies | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 4.0% | 2026-03-31 |
| BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS(常任代理人 香港上海銀行) | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社みずほ銀行 (常任代理人 株式会社日本カストディ銀行) | Major shareholder | 3.2% | 2026-03-31 |
| 朝日生命保険相互会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 2.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第158期(2025/04/01－2026/03/31) | S100YD99 | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD99,, |
| 有価証券報告書－第157期(2024/04/01－2025/03/31) | S100W4UR | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4UR,, |
| 有価証券報告書－第156期(2023/04/01－2024/03/31) | S100TQY2 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQY2,, |
| 有価証券報告書－第155期(2022/04/01－2023/03/31) | S100R3XE | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3XE,, |
| 有価証券報告書－第154期(令和3年4月1日－令和4年3月31日) | S100OKKD | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKKD,, |
| 有価証券報告書－第153期(令和2年4月1日－令和3年3月31日) | S100LSOK | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSOK,, |

## 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).