# SANYO CHEMICAL 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102期(2025/04/01－2026/03/31) (S100YC0P)
> Page: https://vizora.meequs.com/en/company/sanyo-chemical-industries
> Retrieved: 2026-09-30T17:59:39.413Z

## Company

Sanyo Chemical Industries, founded in 2025, is a company in Chemicals listed on TSE Prime. It has 1,626 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SANYO CHEMICAL INDUSTRIES, LTD. |
| Ticker | 4471 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4471.T) |
| Listing | TSE Prime |
| Head office | 京都市東山区一橋野本町11番地の1 |
| Representative (per filing) | 代表取締役社長 原田 正大 |
| Founded | Apr 2025 |
| Share capital | ¥13.1B |
| Employees (consolidated) | 1,626 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.sanyo-chemical.co.jp (https://www.sanyo-chemical.co.jp/) |
| Corporate number | 3130001009314 |
| EDINET | E00884 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100YC0P, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 53.5 | 100 |
| Cash conversion | 67.2 | 96 |
| Efficiency | 49.5 | 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 38% of Sanyo Chemical Industries's sales come from Petroleum and Automotives, with Plastics and Textiles and Information and Electrics/Electronics making up much of the rest.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -10.1% from the prior year, operating profit +18.6%.

## Company structure

- Segment revenue mix: Petroleum and Automotives 37.8%、Plastics and Textiles 20.7%、Information and Electrics/Electronics 17.6%、Toiletries and health care 13.7%、Environmental Protection,Construction and Others 10.1%
- Revenue → net income: ¥127859000000 → ¥16463000000
- Net income → operating cash flow: ¥16463000000 → ¥20206000000（difference ¥3743000000）
- Main uses of operating cash flow: CapEx ¥6248000000 / dividends ¥3758000000 / buybacks —
- Change in cash: ¥9998000000
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 | ¥127.9B |  |
| Operating income | ¥10B | Margin 7.8% |
| Net income | ¥15.6B | Margin 12.2% |
| Free cash flow | ¥14B |  |
| Largest business | Petroleum and Automotives | of segment revenue 37.8% |
| Employees (consolidated) | 1,626 |  |
| EPS | ¥619.9 |  |
| Book value per share | ¥6126.01 |  |
| Equity ratio | 81.4% |  |
| Shares outstanding | 23,534,000 |  |
| Treasury shares | 1,259,300 |  |
| Shareholders | 8,320 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 17.6% | Cash ÷ revenue 26.9% |
| Vs. industry median margin | +0.3 pp | Chemicals |
| ROE | 12.3% | Derived from disclosed figures |
| ROA | 8.4% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -3% while operating income rose 19%

## What changed in 5 years

Accounting standard changed in FY2025; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥144757000000 | ¥127859000000 | — |
| Operating income | ¥11932000000 | ¥10007000000 | — |
| Operating margin | 8.2% | 7.8% | -0.4 pp |
| Employees | 2,096 people | 1,626 people | — |
| Cash and equivalents | ¥23647000000 | ¥34378000000 | — |

### 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 |
| --- | ---: |
| 生活・健康産業関連分野 → 生活・健康産業関連分野 | 13.7% |
| 生活・健康産業関連分野 → 事業再編・廃止 | 23.8% |
| 石油・輸送機産業関連分野 → 石油・輸送機産業関連分野 | 25.8% |
| プラスチック・繊維産業関連分野 → プラスチック・繊維産業関連分野 | 14.4% |
| 情報・電気電子産業関連分野 → 情報・電気電子産業関連分野 | 11.8% |
| 環境・住設産業関連分野他 → 環境・住設産業関連分野他 | 10.1% |
| 環境・住設産業関連分野他 → 事業再編・廃止 | 0.4% |
| 新設・再編 → 石油・輸送機産業関連分野 | 12.0% |
| 新設・再編 → プラスチック・繊維産業関連分野 | 6.4% |
| 新設・再編 → 情報・電気電子産業関連分野 | 5.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Petroleum and Automotives | — | — | ¥48328000000 | 11.6% | 2 |
| Plastics and Textiles | — | — | ¥26506000000 | 9.2% | 2 |
| Information and Electrics/Electronics | — | — | ¥22517000000 | 16.0% | 2 |
| Toiletries and health care | — | — | ¥17561000000 | -1.0% | 2 |
| Environmental Protection,Construction and Others | — | — | ¥12944000000 | -1.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 127,859 | 100.0% | S100YC0P |
| Cost of revenue | 94,693 | 74.1% | S100YC0P |
| Gross profit | 33,165 | 25.9% | S100YC0P |
| SG&A | 23,158 | 18.1% | S100YC0P |
| Operating income | 10,007 | 7.8% | S100YC0P |
| Ordinary income | 12,256 | 9.6% | S100YC0P |
| Pretax income | 10,519 | 8.2% | S100YC0P |
| Income tax | -5,943 | -4.6% | S100YC0P |
| Net income | 16,463 | 12.9% | S100YC0P |
| Net income attributable to owners | 15,637 | 12.2% | S100YC0P |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 74 |
| SG&A | 18 |
| Operating income | 8 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 25.9% → Operating margin 7.8% → Net margin 12.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -10.1%; Core profit growth: +18.6%
Operating leverage (core profit growth ÷ revenue growth): -1.84×
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 | 142,258 | 127,859 | -14,399 | -10.1% |
| Gross profit | 32,053 | 33,165 | 1,112 | +3.5% |
| Operating income | 8,439 | 10,007 | 1,568 | +18.6% |
| Net income attributable to owners | 4,151 | 15,637 | 11,486 | +276.7% |
| Operating cash flow | 13,925 | 20,206 | 6,281 | +45.1% |
| Free cash flow | 7,154 | 13,958 | 6,804 | +95.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2019 | 161,599 | 12,919 | 8.0% | 5,345 | 14,603 | — | S100R1E5 |
| FY ending Mar 2020 | 155,503 | 12,439 | 8.0% | 7,668 | 17,232 | 9,038 | S100LKEG |
| FY ending Mar 2021 | 144,757 | 11,932 | 8.2% | 7,282 | 22,300 | 14,674 | S100OA1F |
| FY ending Mar 2022 | 162,526 | 11,868 | 7.3% | 6,699 | 11,328 | 2,731 | S100R1E5 |
| FY ending Mar 2023 | 174,973 | 8,123 | 4.6% | 5,684 | 10,852 | 1,470 | S100TODJ |
| FY ending Mar 2024 | 159,510 | 4,886 | 3.1% | -8,501 | 19,814 | 12,772 | S100W03X |
| FY ending Mar 2025 | 142,258 | 8,439 | 5.9% | 4,151 | 13,925 | 7,154 | S100YC0P |
| FY ending Mar 2026 | 127,859 | 10,007 | 7.8% | 15,637 | 20,206 | 13,958 | S100YC0P |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥78.6M |
| Operating income per employee (consolidated) | ¥6.2M |
| Net income per employee (consolidated) | ¥9.6M |

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) | 2,106 | 2,089 | 2,042 | 1,680 | 1,626 |
| Average salary (parent company) | ¥7.6M | ¥7.6M | ¥7.4M | ¥7.9M | ¥8.2M |
| Average age (parent company) | 40.6 years | 41.1 years | 41.3 years | 42.3 years | 42.9 years |
| Average tenure (parent company) | 16.5 years | 17.0 years | 16.6 years | 18.1 years | 18.6 years |

Year over year: Employees (consolidated) -3.2% · Revenue (consolidated) -10.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Toiletries and health care | 17,561 | 13.7% | -167 | -1.0% |
| Petroleum and Automotives | 48,328 | 37.8% | 5,628 | 11.6% |
| Plastics and Textiles | 26,506 | 20.7% | 2,436 | 9.2% |
| Information and Electrics/Electronics | 22,517 | 17.6% | 3,595 | 16.0% |
| Environmental Protection,Construction and Others | 12,944 | 10.1% | -124 | -1.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Toiletries and health care | 13.7% | — | — | -1.0% |
| Petroleum and Automotives | 37.8% | 48.3% | 10.5 | 11.6% |
| Plastics and Textiles | 20.7% | 20.9% | 0.2 | 9.2% |
| Information and Electrics/Electronics | 17.6% | 30.8% | 13.2 | 16.0% |
| Environmental Protection,Construction and Others | 10.1% | — | — | -1.0% |

Loss-making segment (excluded from profit shares): Toiletries and health care -167 JPY mn

Loss-making segment (excluded from profit shares): Environmental Protection,Construction and Others -124 JPY mn

Segment → industry: Environmental Protection,Construction and Others → Chemicals / Information and Electrics/Electronics → Chemicals / Plastics and Textiles → Chemicals / Petroleum and Automotives → Chemicals / Toiletries and health care → Chemicals

## 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 | 20,206 | 15.8% | S100YC0P |
| Capital expenditure | 6,248 | 4.9% | S100YC0P |
| Free cash flow | 13,958 | 10.9% | 算出 |
| Investing cash flow | -5,682 | -4.4% | S100YC0P |
| Financing cash flow | -5,173 | -4.0% | S100YC0P |
| Dividends paid | 3,758 | 2.9% | S100YC0P |
| Change in cash | 9,998 | 7.8% | S100YC0P |
| Cash and equivalents | 34,378 | 26.9% | S100YC0P |

## 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 | 18,171 | 17,042 | 27,188 | 24,010 | 34,378 | S100TODJ, S100W03X, S100YC0P |
| Total assets | 200,194 | 202,182 | 205,818 | 176,366 | 195,526 | S100R1E5, S100TODJ, S100W03X, S100YC0P |
| Net assets | 147,032 | 148,994 | 141,577 | 138,302 | 162,556 | S100TODJ, S100W03X, S100YC0P |
| Share capital | 13,051 | 13,051 | 13,051 | 13,051 | 13,051 | S100R1E5, S100TODJ, S100W03X, S100YC0P |
| Trade receivables | 44,849 | 45,326 | 44,967 | 35,059 | 32,545 | S100R1E5, S100TODJ, S100W03X, S100YC0P |
| Property, plant and equipment | 61,389 | 59,791 | 51,477 | 46,142 | 44,696 | S100R1E5, S100TODJ, S100W03X, S100YC0P |
| Intangible assets excluding goodwill | 5,248 | 7,877 | 7,563 | 6,286 | 5,059 | S100R1E5, S100TODJ, S100W03X, S100YC0P |
| Investment securities | 29,274 | 27,575 | 30,701 | 30,713 | 44,377 | S100R1E5, S100TODJ, S100W03X, S100YC0P |
| Current assets | 93,764 | 97,324 | 105,929 | 84,942 | 91,395 | S100R1E5, S100TODJ, S100W03X, S100YC0P |
| Current liabilities | 47,904 | 46,938 | 53,519 | 30,332 | 29,762 | S100R1E5, S100TODJ, S100W03X, S100YC0P |
| Short-term borrowings | 6,887 | 7,847 | 8,682 | 441 | 414 | S100R1E5, S100TODJ, S100W03X, S100YC0P |
| Long-term borrowings | 150 | 1,909 | 1,516 | 2,230 | 1,554 | S100R1E5, S100TODJ, S100W03X, S100YC0P |
| Total liabilities | 53,161 | 53,187 | 64,240 | 38,063 | 32,970 | S100R1E5, S100TODJ, S100W03X, S100YC0P |
| Non-controlling interests | 2,552 | 2,927 | 2,540 | 2,917 | 3,320 | S100R1E5, S100TODJ, S100W03X, S100YC0P |
| Equity attributable to owners of parent | 130,226 | 132,353 | 120,134 | 120,683 | 132,652 | S100R1E5, S100TODJ, S100W03X, S100YC0P |
| Retained earnings | 109,713 | 111,762 | 99,488 | 99,868 | 111,842 | S100R1E5, S100TODJ, S100W03X, S100YC0P |
| Treasury stock | -5,781 | -5,730 | -5,675 | -5,525 | -5,529 | S100R1E5, S100TODJ, S100W03X, S100YC0P |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YC0P |
| Receivables | 17% | S100YC0P |
| Property, plant and equipment | 23% | S100YC0P |
| Intangibles and goodwill | 2% | S100YC0P |
| Investment securities | 23% | S100YC0P |
| Other assets | 18% | S100YC0P |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 17% | S100YC0P |
| Equity | 83% | S100YC0P |

### 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 | 200,194 | 202,182 | 205,818 | 176,366 | 195,526 |
| Equity | 147,032 | 148,994 | 141,577 | 138,302 | 162,556 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,171 | 17,042 | 27,188 | 24,010 | 34,378 |

## 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) | 35.0% | S100YC0P |
| Fixed assets ÷ total assets | 22.9% | S100YC0P |
| Goodwill ÷ parent equity | — | —, S100YC0P |

### 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) | 17.6% |
| Cash ÷ revenue | 26.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 201.9% |
| Cash vs. profit gap | 4,569 JPY mn (of net income 29.2%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 24.0% |
| Shareholder payments — dividends / FCF | 26.9% |
| CapEx intensity (capex ÷ revenue) | 4.9% |
| Investing CF relative to operating CF | 28.1% |

## 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 | 4.1% | 0.81× | 3.3% | 1.54× | 5.1% | S100R1E5 |
| 2023 | 3.2% | 0.87× | 2.8% | 1.53× | 4.3% | S100TODJ |
| 2024 | — | —× | -4.2% | —× | — | S100W03X |
| 2025 | 2.9% | 0.74× | 2.2% | 1.59× | 3.4% | S100YC0P |
| 2026 | 12.2% | 0.69× | 8.4% | 1.47× | 12.3% | S100YC0P |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 豊田通商株式会社 | Major shareholder | 19.2% | 2026-03-31 |
| 東レ株式会社 | Major shareholder | 17.2% | 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 | 10.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.8% | 2026-03-31 |
| 株式会社日本触媒 | Major shareholder | 3.4% | 2026-03-31 |
| 三洋化成従業員持株会 | Major shareholder | 2.5% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人 モルガン・スタンレーMUFG証券株式会社) | Major shareholder | 2.1% | 2026-03-31 |
| ENEOSホールディングス株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.4% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第102期(2025/04/01－2026/03/31) | S100YC0P | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC0P,, |
| 有価証券報告書－第101期(2024/04/01－2025/03/31) | S100W03X | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W03X,, |
| 有価証券報告書－第100期(2023/04/01－2024/03/31) | S100TODJ | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TODJ,, |
| 有価証券報告書－第99期(2022/04/01－2023/03/31) | S100R1E5 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1E5,, |
| 有価証券報告書－第98期(令和3年4月1日－令和4年3月31日) | S100OA1F | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA1F,, |
| 有価証券報告書－第97期(令和2年4月1日－令和3年3月31日) | S100LKEG | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKEG,, |

## 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).