# SHIKOKU KASEI HOLDINGS CORPOLATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第106期(2025/01/01－2025/12/31) (S100YZOS)
> Page: https://vizora.meequs.com/en/company/shikoku-kasei-holdings-corpolation
> Retrieved: 2026-09-30T19:55:52.858Z

## Company

Shikoku Kasei Holdings Corpolation, founded in 1985, is a company in Chemicals listed on TSE Prime. It has 1,331 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHIKOKU KASEI HOLDINGS CORPORATION |
| Ticker | 4099 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4099.T) |
| Listing | TSE Prime |
| Head office | 香川県丸亀市土器町東八丁目537番地1 |
| Representative (per filing) | 代表取締役社長 渡邊充範 |
| Founded | Dec 1985 |
| Share capital | ¥6.87B |
| Employees (consolidated) | 1,331 |
| Average salary (parent only) | ¥8.8M |
| Fiscal year end | December |
| Website | www.shikoku.co.jp (https://www.shikoku.co.jp/) |
| Corporate number | 3470001007507 |
| EDINET | E00841 |
| Industries (Vizora) | Chemicals, Housing Equipment & Building Materials |

> Profile source: annual securities report (S100YZOS, filed 2026-09-01). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 91.5 | 100 |
| Cash conversion | 23.4 | 96 |
| Efficiency | 8.5 | 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 73% of Shikoku Kasei Holdings Corpolation's sales come from Chemical products, with Building materials and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥15 is left as operating profit.
- Revenue changed +1.7% from the prior year, operating profit +11.6%.

## Company structure

- Segment revenue mix: Chemical products 72.9%、Building materials 25.4%、Other 1.7%
- Revenue → net income: ¥70705000000 → ¥8476000000
- Net income → operating cash flow: ¥8476000000 → ¥10981000000（difference ¥2505000000）
- Main uses of operating cash flow: CapEx ¥7128000000 / dividends ¥2205000000 / buybacks ¥2794000000
- Change in cash: ¥1745000000
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 | ¥70.7B |  |
| Operating income | ¥10.9B | Margin 15.4% |
| Net income | ¥8.46B | Margin 12.0% |
| Free cash flow | ¥3.85B |  |
| Largest business | Chemical products | of segment revenue 72.9% |
| Employees (consolidated) | 1,331 |  |
| EPS | ¥22.5 |  |
| Book value per share | ¥1540.1 |  |
| Equity ratio | 65.0% |  |
| Shares outstanding | 44,869,000 |  |
| Treasury shares | 1,433,400 |  |
| Shareholders | 3,993 |  |
| Average salary (parent only) | ¥8.8M | Filing company only |
| Cash ratio | 24.6% | Cash ÷ revenue 50.2% |
| Vs. industry median margin | +7.8 pp | Chemicals |
| ROE | 11.0% | Derived from disclosed figures |
| ROA | 6.0% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.3× dividends
- FY2025, one segment accounts for 94% of positive segment profit
- FY2025, segment profit share differs by 21 points

## What changed in 3 years

| Metric | FY ending Mar 2022 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥54137000000 | ¥70705000000 | +30.6% |
| Operating income | ¥8400000000 | ¥10869000000 | +29.4% |
| Operating margin | 15.5% | 15.4% | -0.1 pp |
| Employees | 1,210 people | 1,331 people | +10.0% |
| Cash and equivalents | ¥35755000000 | ¥35484000000 | -0.8% |

### Change in segment revenue mix

Span: FY ending Mar 2022 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 化学品事業 → 化学品事業 | 64.6% |
| 建材事業 → 建材事業 | 25.4% |
| 建材事業 → 事業再編・廃止 | 7.8% |
| その他 → その他 | 1.7% |
| その他 → 事業再編・廃止 | 0.5% |
| 新設・再編 → 化学品事業 | 8.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Chemical products | 3 years | +13.8% | ¥51551000000 | 19.6% | 2 |
| Building materials | 3 years | -0.0% | ¥17955000000 | 3.0% | 2 |
| Other | 3 years | +0.5% | ¥1198000000 | 9.4% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 70,705 | 100.0% | S100YZOS |
| Cost of revenue | 40,054 | 56.6% | S100YZOS |
| Gross profit | 30,650 | 43.3% | S100YZOS |
| SG&A | 19,781 | 28.0% | S100YZOS |
| Operating income | 10,869 | 15.4% | S100YZOS |
| Ordinary income | 11,921 | 16.9% | S100YZOS |
| Pretax income | 12,281 | 17.4% | S100YZOS |
| Income tax | 3,805 | 5.4% | S100YZOS |
| Net income | 8,476 | 12.0% | S100YZOS |
| Net income attributable to owners | 8,459 | 12.0% | S100YZOS |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 28 |
| Operating income | 15 |
| (Ref.) Net income | 12 |

### Margin funnel

Gross margin 43.3% → Operating margin 15.4% → Net margin 12.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.7%; Core profit growth: +11.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.64×
Calculated from comparable annual consolidated filings.

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 69,493 | 70,705 | 1,212 | +1.7% |
| Gross profit | 27,670 | 30,650 | 2,980 | +10.8% |
| Operating income | 9,741 | 10,869 | 1,128 | +11.6% |
| Net income attributable to owners | 8,813 | 8,459 | -354 | -4.0% |
| Operating cash flow | 9,021 | 10,981 | 1,960 | +21.7% |
| Free cash flow | 5,043 | 3,853 | -1,190 | -23.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 54,137 | 8,400 | 15.5% | 6,878 | 5,089 | 936 | S100QH0K |
| FY ending Dec 2022 | 46,566 | 6,462 | 13.9% | 4,997 | 2,919 | -99 | S100T4WU |
| FY ending Dec 2023 | 63,117 | 8,019 | 12.7% | 7,853 | 12,950 | 7,963 | S100VGL9 |
| FY ending Dec 2024 | 69,493 | 9,741 | 14.0% | 8,813 | 9,021 | 5,043 | S100YZOS |
| FY ending Dec 2025 | 70,705 | 10,869 | 15.4% | 8,459 | 10,981 | 3,853 | S100YZOS |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.1M |
| Operating income per employee (consolidated) | ¥8.2M |
| Net income per employee (consolidated) | ¥6.4M |

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 Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,210 | 1,223 | 1,262 | 1,276 | 1,331 |
| Average salary (parent company) | — | ¥6.8M | ¥7.7M | ¥8.2M | ¥8.8M |
| Average age (parent company) | — | 40.4 years | 50.1 years | 50.4 years | 50.0 years |
| Average tenure (parent company) | — | 15.8 years | 24.2 years | 24.4 years | 22.6 years |

Year over year: Employees (consolidated) +4.3% · Revenue (consolidated) +1.7%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Chemical products | 51,551 | 72.9% | 10,103 | 19.6% |
| Building materials | 17,955 | 25.4% | 546 | 3.0% |
| Other | 1,198 | 1.7% | 113 | 9.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Chemical products | 72.9% | 93.9% | 21.0 | 19.6% |
| Building materials | 25.4% | 5.1% | -20.3 | 3.0% |
| Other | 1.7% | 1.0% | -0.6 | 9.4% |

Segment → industry: Chemical products → Chemicals / Building materials → Housing Equipment & Building Materials

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 10,981 | 15.5% | S100YZOS |
| Capital expenditure | 7,128 | 10.1% | S100YZOS |
| Free cash flow | 3,853 | 5.4% | 算出 |
| Investing cash flow | 2,222 | 3.1% | S100YZOS |
| Financing cash flow | -11,545 | -16.3% | S100YZOS |
| Dividends paid | 2,205 | 3.1% | S100YZOS |
| Share buyback | 2,794 | 4.0% | S100YZOS |
| Change in cash | 1,745 | 2.5% | S100YZOS |
| Cash and equivalents | 35,484 | 50.2% | S100YZOS |

## 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 Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 35,755 | 36,683 | 43,597 | 33,739 | 35,484 | S100T4WU, S100VGL9, S100YZOS |
| Total assets | 113,805 | 117,176 | 131,046 | 135,827 | 144,403 | S100QH0K, S100T4WU, S100VGL9, S100YZOS |
| Net assets | 80,908 | 81,806 | 86,867 | 84,168 | 94,599 | S100T4WU, S100VGL9, S100YZOS |
| Share capital | 6,867 | 6,867 | 6,867 | 6,867 | 6,867 | S100QH0K, S100T4WU, S100VGL9, S100YZOS |
| Property, plant and equipment | 22,366 | 23,632 | 25,360 | 26,989 | 29,781 | S100QH0K, S100T4WU, S100VGL9, S100YZOS |
| Intangible assets excluding goodwill | 356 | 501 | 699 | 589 | 656 | S100QH0K, S100T4WU, S100VGL9, S100YZOS |
| Investment securities | 22,331 | 21,008 | 21,844 | 24,023 | 27,465 | S100QH0K, S100T4WU, S100VGL9, S100YZOS |
| Current assets | 67,668 | 70,642 | 79,631 | 80,288 | 82,087 | S100QH0K, S100T4WU, S100VGL9, S100YZOS |
| Current liabilities | 19,109 | 18,284 | 26,694 | 30,516 | 28,184 | S100QH0K, S100T4WU, S100VGL9, S100YZOS |
| Trade payables | 7,993 | 7,483 | 8,940 | 8,142 | 8,981 | S100QH0K, S100T4WU, S100VGL9, S100YZOS |
| Short-term borrowings | 2,530 | 2,530 | 3,530 | 5,500 | 3,000 | S100QH0K, S100T4WU, S100VGL9, S100YZOS |
| Long-term borrowings | 11,017 | 14,534 | 12,906 | 16,664 | 13,832 | S100QH0K, S100T4WU, S100VGL9, S100YZOS |
| Total liabilities | 32,897 | 35,370 | 44,178 | 51,659 | 49,803 | S100QH0K, S100T4WU, S100VGL9, S100YZOS |
| Non-controlling interests | 859 | 482 | 710 | 788 | 804 | S100QH0K, S100T4WU, S100VGL9, S100YZOS |
| Equity attributable to owners of parent | 72,833 | 75,147 | 78,430 | 75,192 | 78,668 | S100QH0K, S100T4WU, S100VGL9, S100YZOS |
| Retained earnings | 60,475 | 62,808 | 66,077 | 62,851 | 69,085 | S100QH0K, S100T4WU, S100VGL9, S100YZOS |
| Treasury stock | -250 | -240 | -226 | -238 | -2,996 | S100QH0K, S100T4WU, S100VGL9, S100YZOS |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 25% | S100YZOS |
| Property, plant and equipment | 21% | S100YZOS |
| Intangibles and goodwill | 0% | S100YZOS |
| Investment securities | 19% | S100YZOS |
| Other assets | 35% | S100YZOS |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YZOS |
| Other liabilities | 28% | S100YZOS |
| Equity | 66% | S100YZOS |
| Other liabilities | 0% | S100YZOS |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 113,805 | 117,176 | 131,046 | 135,827 | 144,403 |
| Equity | 80,908 | 81,806 | 86,867 | 84,168 | 94,599 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 35,755 | 36,683 | 43,597 | 33,739 | 35,484 |

## 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) | 42.1% | S100YZOS |
| Fixed assets ÷ total assets | 20.6% | S100YZOS |
| Goodwill ÷ parent equity | — | —, S100YZOS |

### 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) | 24.6% |
| Cash ÷ revenue | 50.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 101.0% |
| Cash vs. profit gap | 2,522 JPY mn (of net income 29.8%) |
| Shareholder returns / net income | 59.1% |
| Shareholder returns / FCF | 129.7% |
| Shareholder payments — dividends / net income | 26.1% |
| Shareholder payments — dividends / FCF | 57.2% |
| CapEx intensity (capex ÷ revenue) | 10.1% |
| Investing CF relative to operating CF | 20.2% |

## 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 | 12.7% | 0.48× | 6.0% | 1.56× | 9.4% | S100QH0K |
| 2022 | 10.7% | 0.40× | 4.3% | 1.56× | 6.6% | S100T4WU |
| 2023 | 12.4% | 0.51× | 6.3% | 1.62× | 10.2% | S100VGL9 |
| 2024 | 12.7% | 0.52× | 6.6% | 1.74× | 11.5% | S100YZOS |
| 2025 | 12.0% | 0.50× | 6.0% | 1.82× | 11.0% | S100YZOS |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| シコク共栄会 | Major shareholder | 11.0% | 2025-12-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 10.0% | 2025-12-31 |
| 日清紡ホールディングス株式会社 | Major shareholder | 9.5% | 2025-12-31 |
| 日本生命保険相互会社 | Major shareholder | 7.6% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.4% | 2025-12-31 |
| 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・株式会社百十四銀行口） | Major shareholder | 3.0% | 2025-12-31 |
| 株式会社香川銀行 | Major shareholder | 2.9% | 2025-12-31 |
| 四国化成従業員持株会 | Major shareholder | 2.0% | 2025-12-31 |
| 太陽ホールディングス株式会社 | Major shareholder | 1.7% | 2025-12-31 |
| 西川謙太郎 | Major shareholder | 1.5% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第106期(2025/01/01－2025/12/31) | S100YZOS | 2026-09-01 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YZOS,, |
| 有価証券報告書－第105期(2024/01/01－2024/12/31) | S100VGL9 | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGL9,, |
| 有価証券報告書－第104期(2023/01/01－2023/12/31) | S100T4WU | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T4WU,, |
| 有価証券報告書－第103期(2022/04/01－2022/12/31) | S100QH0K | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QH0K,, |

## 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).