# ROHTO PHARMACEUTICAL 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) (S100YE5N)
> Page: https://vizora.meequs.com/en/company/rohto-pharmaceutical
> Retrieved: 2026-09-30T22:16:51.853Z

## Company

Rohto Pharmaceutical, founded in 1949, is a company in Pharmaceuticals listed on TSE Prime. It has 9,292 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ROHTO PHARMACEUTICAL CO.,LTD. |
| Ticker | 4527 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4527.T) |
| Listing | TSE Prime |
| Head office | 大阪市生野区巽西1丁目8番1号 |
| Representative (per filing) | 代表取締役社長 瀬木英俊 |
| Founded | Sep 1949 |
| Share capital | ¥6.5B |
| Employees (consolidated) | 9,292 |
| Average salary (parent only) | ¥8.5M |
| Fiscal year end | March |
| Website | www.rohto.co.jp (https://www.rohto.co.jp/) |
| Corporate number | 6120001019253 |
| EDINET | E00942 |
| Industries (Vizora) | Pharmaceuticals, Cosmetics |

> Profile source: annual securities report (S100YE5N, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Cosmetics (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65.9 | 22 |
| Profitability | 86.5 | 26 |
| Cash conversion | 61.4 | 22 |
| Efficiency | 21.2 | 26 |

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 49% of Rohto Pharmaceutical's sales come from Japan, with Asia and Europe making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +11.4% from the prior year, operating profit +7.5%.

## Company structure

- Segment revenue mix: Japan 49.3%、Asia 36.5%、Europe 7.0%、America 6.3%、Other 1.1%
- Revenue → net income: ¥343725000000 → ¥34417000000
- Net income → operating cash flow: ¥34417000000 → ¥47788000000（difference ¥13371000000）
- Main uses of operating cash flow: CapEx ¥26251000000 / dividends ¥9264000000 / buybacks ¥0
- Change in cash: ¥9488000000
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 | ¥343.7B |  |
| Operating income | ¥41.1B | Margin 12.0% |
| Net income | ¥34.2B | Margin 10.0% |
| Free cash flow | ¥21.5B |  |
| Largest business | Japan | of segment revenue 49.3% |
| Employees (consolidated) | 9,292 |  |
| EPS | ¥110.12 |  |
| Diluted EPS | ¥105.52 |  |
| Book value per share | ¥791.37 |  |
| Equity ratio | 62.1% |  |
| Shares outstanding | 236,178,310 |  |
| Treasury shares | 10,214,000 |  |
| Shareholders | 52,602 |  |
| Average salary (parent only) | ¥8.5M | Filing company only |
| Cash ratio | 17.1% | Cash ÷ revenue 24.1% |
| Vs. industry median margin | +4.8 pp | Pharmaceuticals |
| ROE | 14.2% | Derived from disclosed figures |
| ROA | 7.4% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥181287000000 | ¥343725000000 | +89.6% |
| Operating income | ¥22990000000 | ¥41118000000 | +78.9% |
| Operating margin | 12.7% | 12.0% | -0.7 pp |
| Employees | 6,596 people | 9,292 people | +40.9% |
| Cash and equivalents | ¥52254000000 | ¥82851000000 | +58.6% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 49.3% |
| 日本 → 事業再編・廃止 | 14.5% |
| アメリカ → アメリカ | 4.2% |
| ヨーロッパ → ヨーロッパ | 4.5% |
| アジア → アジア | 26.5% |
| その他 → その他 | 1.0% |
| 新設・再編 → アメリカ | 2.0% |
| 新設・再編 → ヨーロッパ | 2.5% |
| 新設・再編 → アジア | 10.0% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +7.9% | ¥169326000000 | 13.1% | 2 |
| Asia | 5 years | +21.1% | ¥125327000000 | 12.0% | 2 |
| Europe | 5 years | +24.0% | ¥23889000000 | 4.2% | 2 |
| America | 5 years | +22.9% | ¥21553000000 | 7.9% | 2 |
| Other | 5 years | +15.5% | ¥3628000000 | 10.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 343,725 | 100.0% | S100YE5N |
| Cost of revenue | 151,030 | 43.9% | S100YE5N |
| Gross profit | 192,695 | 56.1% | S100YE5N |
| SG&A | 151,576 | 44.1% | S100YE5N |
| Operating income | 41,118 | 12.0% | S100YE5N |
| Ordinary income | 47,971 | 14.0% | S100YE5N |
| Pretax income | 46,821 | 13.6% | S100YE5N |
| Income tax | 12,404 | 3.6% | S100YE5N |
| Net income | 34,417 | 10.0% | S100YE5N |
| Net income attributable to owners | 34,247 | 10.0% | S100YE5N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 44 |
| SG&A | 44 |
| Operating income | 12 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 56.1% → Operating margin 12.0% → Net margin 10.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +11.4%; Core profit growth: +7.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.66×
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 | 308,625 | 343,725 | 35,100 | +11.4% |
| Gross profit | 174,393 | 192,695 | 18,302 | +10.5% |
| Operating income | 38,234 | 41,118 | 2,884 | +7.5% |
| Net income attributable to owners | 30,841 | 34,247 | 3,406 | +11.0% |
| Operating cash flow | 36,917 | 47,788 | 10,871 | +29.4% |
| Free cash flow | 26,356 | 21,537 | -4,819 | -18.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 188,327 | 23,085 | 12.3% | 15,410 | 19,040 | 12,607 | S100LOGZ |
| FY ending Mar 2021 | 181,287 | 22,990 | 12.7% | 16,743 | 20,008 | 9,704 | S100OFES |
| FY ending Mar 2022 | 199,646 | 29,015 | 14.5% | 21,127 | 27,250 | 15,922 | S100R8E4 |
| FY ending Mar 2023 | 238,664 | 33,959 | 14.2% | 26,377 | 30,924 | 21,016 | S100TX7A |
| FY ending Mar 2024 | 270,840 | 40,048 | 14.8% | 30,936 | 34,245 | 25,333 | S100WCHQ |
| FY ending Mar 2025 | 308,625 | 38,234 | 12.4% | 30,841 | 36,917 | 26,356 | S100YE5N |
| FY ending Mar 2026 | 343,725 | 41,118 | 12.0% | 34,247 | 47,788 | 21,537 | S100YE5N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37M |
| Operating income per employee (consolidated) | ¥4.4M |
| 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) | 6,866 | 7,176 | 7,259 | 9,144 | 9,292 |
| Average salary (parent company) | ¥7.6M | ¥7.8M | ¥8.2M | ¥8.3M | ¥8.5M |
| Average age (parent company) | 41.5 years | 42.0 years | 42.3 years | 42.3 years | 42.1 years |
| Average tenure (parent company) | 13.6 years | 14.0 years | 14.1 years | 14.0 years | 13.8 years |

Year over year: Employees (consolidated) +1.6% · Revenue (consolidated) +11.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 169,326 | 49.3% | 22,126 | 13.1% |
| America | 21,553 | 6.3% | 1,705 | 7.9% |
| Europe | 23,889 | 7.0% | 1,007 | 4.2% |
| Asia | 125,327 | 36.5% | 15,048 | 12.0% |
| Other | 3,628 | 1.1% | 383 | 10.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 49.3% | 54.9% | 5.7 | 13.1% |
| America | 6.3% | 4.2% | -2.0 | 7.9% |
| Europe | 7.0% | 2.5% | -4.4 | 4.2% |
| Asia | 36.5% | 37.4% | 0.9 | 12.0% |
| Other | 1.1% | 1.0% | -0.1 | 10.6% |

Segment → industry: Asia → Pharmaceuticals / Japan → Pharmaceuticals / Asia → Cosmetics / Europe → Cosmetics / America → Cosmetics / Japan → Cosmetics

## 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 | 47,788 | 13.9% | S100YE5N |
| Capital expenditure | 26,251 | 7.6% | S100YE5N |
| Free cash flow | 21,537 | 6.3% | 算出 |
| Investing cash flow | -29,780 | -8.7% | S100YE5N |
| Financing cash flow | -11,845 | -3.4% | S100YE5N |
| Dividends paid | 9,264 | 2.7% | S100YE5N |
| Share buyback | 0 | 0.0% | S100YE5N |
| Change in cash | 9,488 | 2.8% | S100YE5N |
| Cash and equivalents | 82,851 | 24.1% | S100YE5N |

## 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 | 70,905 | 77,691 | 86,562 | 73,221 | 82,851 | S100TX7A, S100WCHQ, S100YE5N |
| Total assets | 274,876 | 309,677 | 346,175 | 437,039 | 485,771 | S100R8E4, S100TX7A, S100WCHQ, S100YE5N |
| Net assets | 183,994 | 215,078 | 247,036 | 280,737 | 320,174 | S100TX7A, S100WCHQ, S100YE5N |
| Share capital | 6,504 | 6,504 | 6,504 | 6,504 | 6,504 | S100R8E4, S100TX7A, S100WCHQ, S100YE5N |
| Trade receivables | 33,310 | 39,686 | 44,744 | 47,129 | 52,684 | S100R8E4, S100TX7A, S100WCHQ, S100YE5N |
| Property, plant and equipment | 62,839 | 66,182 | 68,607 | 90,451 | 93,011 | S100R8E4, S100TX7A, S100WCHQ, S100YE5N |
| Intangible assets excluding goodwill | 9,541 | 9,561 | 9,217 | 71,233 | 83,899 | S100R8E4, S100TX7A, S100WCHQ, S100YE5N |
| Goodwill | 2,954 | 2,564 | 2,285 | 34,793 | 34,242 | S100R8E4, S100TX7A, S100WCHQ, S100YE5N |
| Investment securities | 28,132 | 33,637 | 44,337 | 46,427 | 55,904 | S100R8E4, S100TX7A, S100WCHQ, S100YE5N |
| Current assets | 164,306 | 190,246 | 214,759 | 217,879 | 239,274 | S100R8E4, S100TX7A, S100WCHQ, S100YE5N |
| Current liabilities | 71,488 | 80,162 | 87,087 | 94,608 | 117,349 | S100R8E4, S100TX7A, S100WCHQ, S100YE5N |
| Trade payables | 13,660 | 16,025 | 16,991 | 19,050 | 20,937 | S100R8E4, S100TX7A, S100WCHQ, S100YE5N |
| Short-term borrowings | 8,033 | 4,177 | 5,304 | 7,035 | 24,742 | S100R8E4, S100TX7A, S100WCHQ, S100YE5N |
| Long-term borrowings | 13,350 | 7,516 | 5,190 | 17,818 | 2,872 | S100R8E4, S100TX7A, S100WCHQ, S100YE5N |
| Total liabilities | 90,882 | 94,599 | 99,138 | 156,302 | 165,596 | S100R8E4, S100TX7A, S100WCHQ, S100YE5N |
| Non-controlling interests | 5,594 | 5,508 | 710 | 17,363 | 18,346 | S100R8E4, S100TX7A, S100WCHQ, S100YE5N |
| Equity attributable to owners of parent | 169,663 | 190,864 | 215,480 | 228,278 | 253,183 | S100R8E4, S100TX7A, S100WCHQ, S100YE5N |
| Retained earnings | 162,304 | 184,005 | 209,399 | 231,713 | 256,618 | S100R8E4, S100TX7A, S100WCHQ, S100YE5N |
| Treasury stock | -4,936 | -4,938 | -4,939 | -9,939 | -9,939 | S100R8E4, S100TX7A, S100WCHQ, S100YE5N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YE5N |
| Receivables | 11% | S100YE5N |
| Property, plant and equipment | 19% | S100YE5N |
| Intangibles and goodwill | 24% | S100YE5N |
| Investment securities | 12% | S100YE5N |
| Other assets | 17% | S100YE5N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 4% | S100YE5N |
| Other liabilities | 30% | S100YE5N |
| Equity | 66% | S100YE5N |
| Other liabilities | 0% | S100YE5N |

### 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 | 274,876 | 309,677 | 346,175 | 437,039 | 485,771 |
| Equity | 183,994 | 215,078 | 247,036 | 280,737 | 320,174 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 70,905 | 77,691 | 86,562 | 73,221 | 82,851 |

## 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) | 27.1% | S100YE5N |
| Fixed assets ÷ total assets | 19.1% | S100YE5N |
| Goodwill ÷ parent equity | 13.5% | S100YE5N |

Goodwill over 4 years: 2,954 → 34,242 JPY; total investing cash flow: -164,849 JPY. This does not imply causation.

### 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) | 17.1% |
| Cash ÷ revenue | 24.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 116.2% |
| Cash vs. profit gap | 13,541 JPY mn (of net income 39.5%) |
| Shareholder returns / net income | 27.1% |
| Shareholder returns / FCF | 43.0% |
| Shareholder payments — dividends / net income | 27.1% |
| Shareholder payments — dividends / FCF | 43.0% |
| CapEx intensity (capex ÷ revenue) | 7.6% |
| Investing CF relative to operating CF | 62.3% |

## 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 | 10.6% | 0.73× | 7.7% | 1.62× | 12.5% | S100R8E4 |
| 2023 | 11.1% | 0.82× | 9.0% | 1.62× | 14.6% | S100TX7A |
| 2024 | 11.4% | 0.83× | 9.4% | 1.61× | 15.2% | S100WCHQ |
| 2025 | 10.0% | 0.79× | 7.9% | 1.76× | 13.9% | S100YE5N |
| 2026 | 10.0% | 0.74× | 7.4% | 1.92× | 14.2% | S100YE5N |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 13.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 5.4% | 2026-03-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 4.9% | 2026-03-31 |
| ㈲山田興産 | Major shareholder | 3.7% | 2026-03-31 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 3.4% | 2026-03-31 |
| 山昌興産㈱ | Major shareholder | 2.2% | 2026-03-31 |
| 日本生命保険(相) | Major shareholder | 1.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| 山 田 清 子 | Major shareholder | 1.6% | 2026-03-31 |
| ロートグループ従業員持株会 | Major shareholder | 1.4% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥343.7B, up 11.4% from ¥308.6B.
- Operating income grew more slowly, rising 7.5% to ¥41.1B, while net income attributable to owners rose 11.0% to ¥34.2B.
- Operating cash flow jumped 29.4% to ¥47.8B, but free cash flow fell 18.3% to ¥21.5B.

### Drivers

- Southeast Asian markets such as Vietnam and Indonesia stayed strong, and an import license in Myanmar let production restart there.
- Adding Eu Yan Sang International of Singapore and Mono of Austria to the group boosted overseas sales.
- In Japan, more inbound tourist demand and strong sales of lip balm, Hada Labo and eye drops lifted revenue, but a higher cost ratio held back profit, including in the UK after a container supplier went bankrupt.

### Risks

- Much of its sales come from overseas, so political and economic changes or currency swings in those countries could hurt results.
- Rising raw material and energy prices or a supply chain shutdown could disrupt stable product supply.
- Acquisitions and R&D spending may not pay off as planned, which could lead to impairment losses.

Cited: Annual securities report (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第90期(2025/04/01－2026/03/31) | S100YE5N | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE5N,, |
| 訂正有価証券報告書－第89期(2024/04/01－2025/03/31) | S100WCHQ | 2025-07-11 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100WCHQ,, |
| 有価証券報告書－第88期(2023/04/01－2024/03/31) | S100TX7A | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TX7A,, |
| 有価証券報告書－第87期(2022/04/01－2023/03/31) | S100R8E4 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R8E4,, |
| 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) | S100OFES | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFES,, |
| 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) | S100LOGZ | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOGZ,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| ユーグレナ | Capital alliance | 資本業務提携（当社株式の割当て） | S100XSL3 |

## 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).