# Riken Vitamin 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90期(2025/04/01－2026/03/31) (S100YFDJ)
> Page: https://vizora.meequs.com/en/company/riken-vitamin
> Retrieved: 2026-09-30T21:45:48.976Z

## Company

Riken Vitamin, founded in 1994, is a company in Chemicals listed on TSE Prime. It has 1,887 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | RIKEN VITAMIN CO.,LTD. |
| Ticker | 4526 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4526.T) |
| Listing | TSE Prime |
| Head office | 東京都新宿区四谷一丁目6番1号 |
| Representative (per filing) | 代表取締役社長 望月 敦 |
| Founded | Nov 1994 |
| Share capital | ¥2.54B |
| Employees (consolidated) | 1,887 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | March |
| Website | www.rikenvitamin.jp (https://www.rikenvitamin.jp/) |
| Corporate number | 3010001008815 |
| EDINET | E00952 |
| Industries (Vizora) | Chemicals, Food Ingredients, Processed Foods |

> Profile source: annual securities report (S100YFDJ, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Food Ingredients (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.9 | 22 |
| Profitability | 56.3 | 24 |
| Cash conversion | 18.8 | 24 |
| Efficiency | 31.3 | 24 |

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 69% of Riken Vitamin's sales come from Domestic food business, with Overseas business and Domestic chemical business and others making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +0.8% from the prior year, operating profit -20.9%.

## Company structure

- Segment revenue mix: Domestic food business 68.9%、Overseas business 22.1%、Domestic chemical business and others 9.0%
- Revenue → net income: ¥96300000000 → ¥7039000000
- Net income → operating cash flow: ¥7039000000 → ¥5963000000（difference ¥-1076000000）
- Main uses of operating cash flow: CapEx ¥4996000000 / dividends ¥3242000000 / buybacks ¥2000000000
- Change in cash: ¥220000000
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 | ¥96.3B |  |
| Operating income | ¥6.9B | Margin 7.2% |
| Net income | ¥7.04B | Margin 7.3% |
| Free cash flow | ¥967M |  |
| Largest business | Domestic food business | of segment revenue 68.9% |
| Employees (consolidated) | 1,887 |  |
| EPS | ¥267.36 |  |
| Book value per share | ¥2091.8 |  |
| Equity ratio | 71.6% |  |
| Shares outstanding | 30,705,000 |  |
| Treasury shares | 1,329,300 |  |
| Shareholders | 40,994 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 16.4% | Cash ÷ revenue 19.9% |
| Vs. industry median margin | +1.8 pp | Food Ingredients |
| ROE | 10.2% | Derived from disclosed figures |
| ROA | 6.1% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 88% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥77722000000 | ¥96300000000 | +23.9% |
| Operating income | ¥1367000000 | ¥6900000000 | +404.8% |
| Operating margin | 1.8% | 7.2% | +5.4 pp |
| Employees | 2,248 people | 1,887 people | -16.1% |
| Cash and equivalents | ¥18655000000 | ¥19131000000 | +2.6% |

### 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 |
| --- | ---: |
| 国内食品事業 → 国内食品事業 | 68.9% |
| 国内食品事業 → 事業再編・廃止 | 0.6% |
| 国内化成品その他事業 → 国内化成品その他事業 | 8.0% |
| 海外事業 → 海外事業 | 22.1% |
| 海外事業 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 国内化成品その他事業 | 1.0% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Domestic food business | 5 years | +4.2% | ¥66360000000 | 9.7% | 2 |
| Overseas business | 5 years | +4.0% | ¥21252000000 | -2.1% | 2 |
| Domestic chemical business and others | 5 years | +7.0% | ¥8686000000 | 9.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 96,300 | 100.0% | S100YFDJ |
| Cost of revenue | 66,532 | 69.1% | S100YFDJ |
| Gross profit | 29,767 | 30.9% | S100YFDJ |
| SG&A | 22,866 | 23.7% | S100YFDJ |
| Operating income | 6,900 | 7.2% | S100YFDJ |
| Ordinary income | 7,704 | 8.0% | S100YFDJ |
| Pretax income | 10,244 | 10.6% | S100YFDJ |
| Income tax | 3,204 | 3.3% | S100YFDJ |
| Net income | 7,039 | 7.3% | S100YFDJ |
| Net income attributable to owners | 7,035 | 7.3% | S100YFDJ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 24 |
| Operating income | 7 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 30.9% → Operating margin 7.2% → Net margin 7.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +0.8%; Core profit growth: -20.9%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -27.83×
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 | 95,582 | 96,300 | 718 | +0.8% |
| Gross profit | 31,270 | 29,767 | -1,503 | -4.8% |
| Operating income | 8,724 | 6,900 | -1,824 | -20.9% |
| Net income attributable to owners | 9,388 | 7,035 | -2,353 | -25.1% |
| Operating cash flow | 7,892 | 5,963 | -1,929 | -24.4% |
| Free cash flow | 3,080 | 967 | -2,113 | -68.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 82,974 | 5,307 | 6.4% | -8,933 | 5,850 | 464 | S100LLYC |
| FY ending Mar 2021 | 77,722 | 1,367 | 1.8% | -1,618 | 7,625 | 3,855 | S100OGZX |
| FY ending Mar 2022 | 79,231 | 5,840 | 7.4% | 21,582 | 6,823 | 3,463 | S100R4JD |
| FY ending Mar 2023 | 88,750 | 7,158 | 8.1% | 6,414 | 7,835 | 5,708 | S100TQXZ |
| FY ending Mar 2024 | 91,484 | 9,371 | 10.2% | 8,755 | 10,451 | 7,469 | S100W1I0 |
| FY ending Mar 2025 | 95,582 | 8,724 | 9.1% | 9,388 | 7,892 | 3,080 | S100YFDJ |
| FY ending Mar 2026 | 96,300 | 6,900 | 7.2% | 7,035 | 5,963 | 967 | S100YFDJ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥51M |
| Operating income per employee (consolidated) | ¥3.7M |
| Net income per employee (consolidated) | ¥3.7M |

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) | 1,825 | 1,848 | 1,857 | 1,858 | 1,887 |
| Average salary (parent company) | ¥7.4M | ¥7.4M | ¥7.7M | ¥8.2M | ¥8.4M |
| Average age (parent company) | 39.5 years | 39.6 years | 39.7 years | 39.4 years | 39.5 years |
| Average tenure (parent company) | 16.1 years | 16.1 years | 16.0 years | 15.6 years | 15.5 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +0.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic food business | 66,360 | 68.9% | 6,417 | 9.7% |
| Domestic chemical business and others | 8,686 | 9.0% | 857 | 9.9% |
| Overseas business | 21,252 | 22.1% | -436 | -2.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Domestic food business | 68.9% | 88.2% | 19.3 | 9.7% |
| Domestic chemical business and others | 9.0% | 11.8% | 2.8 | 9.9% |
| Overseas business | 22.1% | — | — | -2.1% |

Loss-making segment (excluded from profit shares): Overseas business -436 JPY mn

Segment → industry: Overseas business → Chemicals / Domestic chemical business and others → Chemicals / Overseas business → Food Ingredients / Domestic food business → Food Ingredients / Domestic food business → Processed Foods

## 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 | 5,963 | 6.2% | S100YFDJ |
| Capital expenditure | 4,996 | 5.2% | S100YFDJ |
| Free cash flow | 967 | 1.0% | 算出 |
| Investing cash flow | 1,747 | 1.8% | S100YFDJ |
| Financing cash flow | -8,040 | -8.3% | S100YFDJ |
| Dividends paid | 3,242 | 3.4% | S100YFDJ |
| Share buyback | 2,000 | 2.1% | S100YFDJ |
| Change in cash | 220 | 0.2% | S100YFDJ |
| Cash and equivalents | 19,131 | 19.9% | S100YFDJ |

## 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 | 15,064 | 16,656 | 20,141 | 18,835 | 19,131 | S100TQXZ, S100W1I0, S100YFDJ |
| Total assets | 102,660 | 105,223 | 118,776 | 112,999 | 116,387 | S100R4JD, S100TQXZ, S100W1I0, S100YFDJ |
| Net assets | 66,539 | 71,371 | 76,643 | 79,200 | 83,379 | S100TQXZ, S100W1I0, S100YFDJ |
| Share capital | 2,537 | 2,537 | 2,537 | 2,537 | 2,537 | S100R4JD, S100TQXZ, S100W1I0, S100YFDJ |
| Trade receivables | 18,073 | 19,151 | 21,884 | 20,733 | 21,384 | S100R4JD, S100TQXZ, S100W1I0, S100YFDJ |
| Property, plant and equipment | 25,428 | 23,637 | 23,382 | 25,525 | 27,829 | S100R4JD, S100TQXZ, S100W1I0, S100YFDJ |
| Intangible assets excluding goodwill | 698 | 645 | 976 | 980 | 1,011 | S100R4JD, S100TQXZ, S100W1I0, S100YFDJ |
| Investment securities | 19,142 | 17,862 | 21,519 | 15,078 | 15,025 | S100R4JD, S100TQXZ, S100W1I0, S100YFDJ |
| Current assets | 52,790 | 58,126 | 66,521 | 65,699 | 66,227 | S100R4JD, S100TQXZ, S100W1I0, S100YFDJ |
| Current liabilities | 18,221 | 18,924 | 31,117 | 21,129 | 19,434 | S100R4JD, S100TQXZ, S100W1I0, S100YFDJ |
| Trade payables | 7,168 | 7,660 | 9,130 | 7,418 | 7,406 | S100R4JD, S100TQXZ, S100W1I0, S100YFDJ |
| Short-term borrowings | 3,674 | 3,306 | 11,938 | 3,373 | 1,941 | S100R4JD, S100TQXZ, S100W1I0, S100YFDJ |
| Long-term borrowings | 13,860 | 11,254 | 4,115 | 6,541 | 5,200 | S100R4JD, S100TQXZ, S100W1I0, S100YFDJ |
| Total liabilities | 36,121 | 33,851 | 42,132 | 33,799 | 33,007 | S100R4JD, S100TQXZ, S100W1I0, S100YFDJ |
| Non-controlling interests | 19 | 26 | 30 | 37 | 40 | S100R4JD, S100TQXZ, S100W1I0, S100YFDJ |
| Equity attributable to owners of parent | 57,251 | 62,099 | 62,339 | 67,826 | 69,489 | S100R4JD, S100TQXZ, S100W1I0, S100YFDJ |
| Retained earnings | 65,426 | 58,729 | 65,290 | 64,774 | 68,413 | S100R4JD, S100TQXZ, S100W1I0, S100YFDJ |
| Treasury stock | -13,785 | -1,633 | -7,954 | -1,952 | -3,927 | S100R4JD, S100TQXZ, S100W1I0, S100YFDJ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YFDJ |
| Receivables | 18% | S100YFDJ |
| Property, plant and equipment | 24% | S100YFDJ |
| Intangibles and goodwill | 1% | S100YFDJ |
| Investment securities | 13% | S100YFDJ |
| Other assets | 28% | S100YFDJ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YFDJ |
| Other liabilities | 22% | S100YFDJ |
| Equity | 72% | S100YFDJ |
| Other liabilities | 0% | S100YFDJ |

### 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 | 102,660 | 105,223 | 118,776 | 112,999 | 116,387 |
| Equity | 66,539 | 71,371 | 76,643 | 79,200 | 83,379 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,064 | 16,656 | 20,141 | 18,835 | 19,131 |

## 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) | 28.9% | S100YFDJ |
| Fixed assets ÷ total assets | 23.9% | S100YFDJ |
| Goodwill ÷ parent equity | — | —, S100YFDJ |

### 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) | 16.4% |
| Cash ÷ revenue | 19.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 86.4% |
| Cash vs. profit gap | -1,072 JPY mn (of net income -15.2%) |
| Shareholder returns / net income | 74.5% |
| Shareholder returns / FCF | 542.1% |
| Shareholder payments — dividends / net income | 46.1% |
| Shareholder payments — dividends / FCF | 335.3% |
| CapEx intensity (capex ÷ revenue) | 5.2% |
| Investing CF relative to operating CF | 29.3% |

## 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 | 27.2% | 0.77× | 21.0% | 1.79× | 37.7% | S100R4JD |
| 2023 | 7.2% | 0.85× | 6.2% | 1.74× | 10.7% | S100TQXZ |
| 2024 | 9.6% | 0.82× | 7.8% | 1.80× | 14.1% | S100W1I0 |
| 2025 | 9.8% | 0.82× | 8.1% | 1.78× | 14.4% | S100YFDJ |
| 2026 | 7.3% | 0.84× | 6.1% | 1.67× | 10.2% | S100YFDJ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 理研ビタミン取引先持株会 | Major shareholder | 11.4% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 6.1% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（退職給付信託口・ミヨシ油脂株式会社口） ＊みなし保有株式 | Major shareholder | 3.7% | 2026-03-31 |
| 理研ビタミン社員持株会 | Major shareholder | 2.6% | 2026-03-31 |
| 住友生命保険相互会社 （常任代理人株式会社日本カストディ銀行） | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.4% | 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 | 1.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.4% | 2026-03-31 |
| 清水食品株式会社 | Major shareholder | 1.2% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社 （常任代理人日本マスタートラスト信託銀行株式会社） | Major shareholder | 1.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第90期(2025/04/01－2026/03/31) | S100YFDJ | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFDJ,, |
| 有価証券報告書－第89期(2024/04/01－2025/03/31) | S100W1I0 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1I0,, |
| 有価証券報告書－第88期(2023/04/01－2024/03/31) | S100TQXZ | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQXZ,, |
| 有価証券報告書－第87期(2022/04/01－2023/03/31) | S100R4JD | 2023-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4JD,, |
| 有価証券報告書－第86期(令和3年4月1日－令和4年3月31日) | S100OGZX | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OGZX,, |
| 有価証券報告書－第85期(令和2年4月1日－令和3年3月31日) | S100LLYC | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLYC,, |

## 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).