# SANKEI CHEMICAL CO.,LTD.: business model and financials

> Latest period: FY ending Nov 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第101期(2024/12/01－2025/11/30) (S100XNCR)
> Page: https://vizora.meequs.com/en/company/sankei-chemical
> Retrieved: 2026-09-30T20:50:23.234Z

## Company

Sankei Chemical, founded in 1918, is a company in Chemicals listed on Fukuoka. It has 129 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANKEI CHEMICAL CO.,LTD. |
| Ticker | 4995 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4995.T) |
| Listing | Fukuoka |
| Head office | 鹿児島市南栄二丁目9番地 |
| Representative (per filing) | 代表取締役社長 福谷 明 |
| Founded | Oct 1918 |
| Share capital | ¥664.5M |
| Employees (consolidated) | 129 |
| Average salary (parent only) | ¥5.1M |
| Fiscal year end | November |
| Website | www.sankei-chem.com (https://www.sankei-chem.com/) |
| Corporate number | 8340001001781 |
| EDINET | E01009 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100XNCR, filed 2026-02-26). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-11-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 7.8 | 96 |
| Profitability | 10.5 | 100 |
| Cash conversion | 81.8 | 96 |
| Efficiency | 74.5 | 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)

- Sankei Chemical brought in ¥6.44B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +6.5% from the prior year, operating profit +298.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥6444435000 → ¥185021000
- Net income → operating cash flow: ¥185021000 → ¥469006000（difference ¥283985000）
- Main uses of operating cash flow: CapEx ¥112395000 / dividends ¥22409000 / buybacks ¥293000
- Change in cash: ¥16262000
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 | ¥6.44B |  |
| Operating income | ¥180.7M | Margin 2.8% |
| Net income | ¥181.4M | Margin 2.8% |
| Free cash flow | ¥356.6M |  |
| Employees (consolidated) | 129 |  |
| EPS | ¥97.46 |  |
| Book value per share | ¥2576.89 |  |
| Equity ratio | 41.2% |  |
| Shares outstanding | 1,019,700 |  |
| Treasury shares | 123,500 |  |
| Shareholders | 424 |  |
| Average salary (parent only) | ¥5.1M | Filing company only |
| Cash ratio | 24.2% | Cash ÷ revenue 29.8% |
| Vs. industry median margin | -4.7 pp | Chemicals |
| ROE | 6.0% | Derived from disclosed figures |
| ROA | 2.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.6× net income

## What changed in 5 years

| Metric | FY ending Nov 2020 | FY ending Nov 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6711735000 | ¥6444435000 | -4.0% |
| Operating income | ¥158826000 | ¥180704000 | +13.8% |
| Operating margin | 2.4% | 2.8% | +0.4 pp |
| Employees | 112 people | 129 people | +15.2% |
| Cash and equivalents | ¥1699598000 | ¥1919336000 | +12.9% |

### Change in segment revenue mix

Span: FY ending Nov 2020 → FY ending Nov 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,444 | 100.0% | S100XNCR |
| Cost of revenue | 4,840 | 75.1% | S100XNCR |
| Gross profit | 1,605 | 24.9% | S100XNCR |
| SG&A | 1,424 | 22.1% | S100XNCR |
| Operating income | 181 | 2.8% | S100XNCR |
| Ordinary income | 281 | 4.4% | S100XNCR |
| Pretax income | 215 | 3.3% | S100XNCR |
| Income tax | 30 | 0.5% | S100XNCR |
| Net income | 185 | 2.9% | S100XNCR |
| Net income attributable to owners | 181 | 2.8% | S100XNCR |

## Per ¥100 of revenue（FY ending Nov 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 22 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 24.9% → Operating margin 2.8% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.5%; Core profit growth: +298.3%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 46.05×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Nov 2024 → FY ending Nov 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 6,052 | 6,444 | 392 | +6.5% |
| Gross profit | 1,369 | 1,605 | 236 | +17.3% |
| Operating income | 45 | 181 | 135 | +298.3% |
| Net income attributable to owners | 133 | 181 | 49 | +36.6% |
| Operating cash flow | 454 | 469 | 15 | +3.3% |
| Free cash flow | 387 | 357 | -31 | -8.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Nov 2019 | 6,730 | 136 | 2.0% | 129 | -42 | -190 | S100KVKN |
| FY ending Nov 2020 | 6,712 | 159 | 2.4% | 147 | 331 | 239 | S100NK65 |
| FY ending Nov 2021 | 7,032 | 392 | 5.6% | 314 | 600 | 522 | S100QAIN |
| FY ending Nov 2022 | 7,243 | 233 | 3.2% | 212 | -21 | -270 | S100SYCM |
| FY ending Nov 2023 | 5,998 | -12 | -0.2% | 37 | -112 | -465 | S100VB1V |
| FY ending Nov 2024 | 6,052 | 45 | 0.7% | 133 | 454 | 387 | S100XNCR |
| FY ending Nov 2025 | 6,444 | 181 | 2.8% | 181 | 469 | 357 | S100XNCR |

## People and productivity（FY ending Nov 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1.4M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 117 | 119 | 127 | 128 | 129 |
| Average salary (parent company) | ¥5M | ¥5.2M | ¥4.8M | ¥4.9M | ¥5.1M |
| Average age (parent company) | 45.5 years | 44.7 years | 44.2 years | 44.3 years | 43.3 years |
| Average tenure (parent company) | 20.2 years | 19.5 years | 18.6 years | 18.7 years | 17.9 years |

Year over year: Employees (consolidated) +0.8% · Revenue (consolidated) +6.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Nov 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 469 | 7.3% | S100XNCR |
| Capital expenditure | 112 | 1.7% | S100XNCR |
| Free cash flow | 357 | 5.5% | 算出 |
| Investing cash flow | -162 | -2.5% | S100XNCR |
| Financing cash flow | -291 | -4.5% | S100XNCR |
| Dividends paid | 22 | 0.3% | S100XNCR |
| Share buyback | 0 | 0.0% | S100XNCR |
| Change in cash | 16 | 0.3% | S100XNCR |
| Cash and equivalents | 1,919 | 29.8% | S100XNCR |

## 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 Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 2,161 | 2,085 | 1,644 | 1,903 | 1,919 | S100SYCM, S100VB1V, S100XNCR |
| Total assets | 7,641 | 8,066 | 7,544 | 7,716 | 7,917 | S100QAIN, S100SYCM, S100VB1V, S100XNCR |
| Net assets | 2,996 | 3,206 | 3,220 | 3,239 | 3,414 | S100SYCM, S100VB1V, S100XNCR |
| Share capital | 665 | 665 | 665 | 665 | 665 | S100QAIN, S100SYCM, S100VB1V, S100XNCR |
| Trade receivables | 1,402 | 1,423 | 1,062 | 1,285 | 1,142 | S100QAIN, S100SYCM, S100VB1V, S100XNCR |
| Property, plant and equipment | 733 | 961 | 1,132 | 1,107 | 1,213 | S100QAIN, S100SYCM, S100VB1V, S100XNCR |
| Intangible assets excluding goodwill | 4 | 2 | 1 | 0 | 5 | S100QAIN, S100SYCM, S100VB1V, S100XNCR |
| Investment securities | 952 | 1,007 | 1,049 | 1,013 | 1,131 | S100QAIN, S100SYCM, S100VB1V, S100XNCR |
| Current assets | 5,776 | 5,904 | 5,177 | 5,375 | 5,361 | S100QAIN, S100SYCM, S100VB1V, S100XNCR |
| Current liabilities | 2,720 | 2,726 | 2,117 | 2,259 | 2,429 | S100QAIN, S100SYCM, S100VB1V, S100XNCR |
| Trade payables | 1,198 | 1,165 | 779 | 877 | — | S100QAIN, S100SYCM, S100VB1V |
| Long-term borrowings | 1,234 | 1,438 | 1,497 | 1,477 | 1,339 | S100QAIN, S100SYCM, S100VB1V, S100XNCR |
| Total liabilities | 4,645 | 4,860 | 4,324 | 4,477 | 4,503 | S100QAIN, S100SYCM, S100VB1V, S100XNCR |
| Non-controlling interests | 112 | 117 | 121 | 152 | 151 | S100QAIN, S100SYCM, S100VB1V, S100XNCR |
| Equity attributable to owners of parent | 2,699 | 2,887 | 2,873 | 2,930 | 3,089 | S100QAIN, S100SYCM, S100VB1V, S100XNCR |
| Retained earnings | 1,806 | 1,993 | 2,001 | 2,111 | 2,270 | S100QAIN, S100SYCM, S100VB1V, S100XNCR |
| Treasury stock | -68 | -68 | -89 | -142 | -142 | S100QAIN, S100SYCM, S100VB1V, S100XNCR |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 24% | S100XNCR |
| Receivables | 15% | S100XNCR |
| Property, plant and equipment | 15% | S100XNCR |
| Intangibles and goodwill | 0% | S100XNCR |
| Investment securities | 14% | S100XNCR |
| Other assets | 32% | S100XNCR |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100XNCR |
| Equity | 43% | S100XNCR |
| Other liabilities | 0% | S100XNCR |

### Balance sheet history

| Metric | FY ending Nov 2021 | FY ending Nov 2022 | FY ending Nov 2023 | FY ending Nov 2024 | FY ending Nov 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 7,641 | 8,066 | 7,544 | 7,716 | 7,917 |
| Equity | 2,996 | 3,206 | 3,220 | 3,239 | 3,414 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,161 | 2,085 | 1,644 | 1,903 | 1,919 |

## 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) | 18.8% | S100XNCR |
| Fixed assets ÷ total assets | 15.3% | S100XNCR |
| Goodwill ÷ parent equity | — | —, S100XNCR |

### 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) | 24.2% |
| Cash ÷ revenue | 29.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 259.5% |
| Cash vs. profit gap | 288 JPY mn (of net income 158.6%) |
| Shareholder returns / net income | 12.5% |
| Shareholder returns / FCF | 6.4% |
| Shareholder payments — dividends / net income | 12.4% |
| Shareholder payments — dividends / FCF | 6.3% |
| CapEx intensity (capex ÷ revenue) | 1.7% |
| Investing CF relative to operating CF | 34.5% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 4.5% | 0.92× | 4.1% | 2.83× | 11.6% | S100QAIN |
| 2022 | 2.9% | 0.92× | 2.7% | 2.81× | 7.6% | S100SYCM |
| 2023 | 0.6% | 0.77× | 0.5% | 2.71× | 1.3% | S100VB1V |
| 2024 | 2.2% | 0.79× | 1.7% | 2.63× | 4.6% | S100XNCR |
| 2025 | 2.8% | 0.82× | 2.3% | 2.60× | 6.0% | S100XNCR |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| サンケイ化学取引先持株会 | Major shareholder | 23.3% | 2025-11-30 |
| 住友化学株式会社 | Major shareholder | 13.1% | 2025-11-30 |
| （公益財団法人）サンケイ科学振興財団 | Major shareholder | 13.0% | 2025-11-30 |
| クミアイ化学工業株式会社 | Major shareholder | 5.8% | 2025-11-30 |
| 株式会社鹿児島銀行 | Major shareholder | 4.9% | 2025-11-30 |
| 福谷 明 | Major shareholder | 2.3% | 2025-11-30 |
| 林化成株式会社 | Major shareholder | 2.2% | 2025-11-30 |
| 福谷 理 | Major shareholder | 1.8% | 2025-11-30 |
| 福谷 幸子 | Major shareholder | 1.6% | 2025-11-30 |
| ヤマシタ機械株式会社 | Major shareholder | 1.2% | 2025-11-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第101期(2024/12/01－2025/11/30) | S100XNCR | 2026-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XNCR,, |
| 有価証券報告書－第100期(2023/12/01－2024/11/30) | S100VB1V | 2025-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VB1V,, |
| 有価証券報告書－第99期(2022/12/01－2023/11/30) | S100SYCM | 2024-02-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SYCM,, |
| 有価証券報告書－第98期(2021/12/01－2022/11/30) | S100QAIN | 2023-02-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QAIN,, |
| 有価証券報告書－第97期(令和2年12月1日－令和3年11月30日) | S100NK65 | 2022-02-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NK65,, |
| 有価証券報告書－第96期(令和1年12月1日－令和2年11月30日) | S100KVKN | 2021-02-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KVKN,, |

## 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).