# Shin-Etsu Polymer 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66期(2025/04/01－2026/03/31) (S100YE3Y)
> Page: https://vizora.meequs.com/en/company/shin-etsu-polymer
> Retrieved: 2026-09-30T18:33:09.640Z

## Company

Shin-Etsu Polymer, founded in 1960, is a company in Chemicals listed on TSE Prime. It has 4,123 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Shin-Etsu Polymer Co.,Ltd. |
| Ticker | 7970 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7970.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区大手町一丁目1番3号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 出戸利明 |
| Founded | Sep 1960 |
| Share capital | ¥11.6B |
| Employees (consolidated) | 4,123 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.shinpoly.co.jp (https://www.shinpoly.co.jp/) |
| Corporate number | 4010001034802 |
| EDINET | E02388 |
| Industries (Vizora) | Chemicals, Food Packaging, Semiconductor Materials, Electronic Components |

> Profile source: annual securities report (S100YE3Y, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 54.3 | 23 |
| Profitability | 35.4 | 24 |
| Cash conversion | 35.4 | 24 |
| Efficiency | 81.3 | 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 52% of Shin-Etsu Polymer's sales come from Precision molding products, with Electronic devices and Housing and living materials making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +4.1% from the prior year, operating profit +5.8%.

## Company structure

- Segment revenue mix: Precision molding products 51.9%、Electronic devices 22.3%、Housing and living materials 18.7%、Other 7.0%
- Revenue → net income: ¥115116000000 → ¥9899000000
- Net income → operating cash flow: ¥9899000000 → ¥14450000000（difference ¥4551000000）
- Main uses of operating cash flow: CapEx ¥4238000000 / dividends ¥4584000000 / buybacks ¥945000000
- Change in cash: ¥4277000000
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 | ¥115.1B |  |
| Operating income | ¥14B | Margin 12.2% |
| Net income | ¥9.9B | Margin 8.6% |
| Free cash flow | ¥10.2B |  |
| Largest business | Precision molding products | of segment revenue 51.9% |
| Employees (consolidated) | 4,123 |  |
| EPS | ¥152.43 |  |
| Diluted EPS | ¥151.36 |  |
| Book value per share | ¥1019.58 |  |
| Equity ratio | 84.4% |  |
| Shares outstanding | 82,623,000 |  |
| Treasury shares | 2,251,600 |  |
| Shareholders | 14,646 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 30.7% | Cash ÷ revenue 40.8% |
| Vs. industry median margin | -2.6 pp | Semiconductor Materials |
| ROE | 8.8% | Derived from disclosed figures |
| ROA | 6.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 73% of positive segment profit
- FY2026, segment profit share differs by 21 points
- FY2026, cash is 31% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥76904000000 | ¥115116000000 | +49.7% |
| Operating income | ¥7217000000 | ¥14040000000 | +94.5% |
| Operating margin | 9.4% | 12.2% | +2.8 pp |
| Employees | 5,089 people | 4,123 people | -19.0% |
| Cash and equivalents | ¥45948000000 | ¥47013000000 | +2.3% |

### 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 |
| --- | ---: |
| 電子デバイス → 電子デバイス | 22.3% |
| 電子デバイス → 事業再編・廃止 | 1.1% |
| 精密成形品 → 精密成形品 | 44.4% |
| 住環境・生活資材 → 住環境・生活資材 | 18.7% |
| 住環境・生活資材 → 事業再編・廃止 | 4.4% |
| その他 → その他 | 7.0% |
| その他 → 事業再編・廃止 | 2.0% |
| 新設・再編 → 精密成形品 | 7.5% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Precision molding products | 5 years | +11.8% | ¥59773000000 | 17.1% | 2 |
| Electronic devices | 5 years | +7.4% | ¥25726000000 | 6.7% | 2 |
| Housing and living materials | 5 years | +3.9% | ¥21513000000 | 7.6% | 2 |
| Other | 5 years | +3.1% | ¥8103000000 | 5.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 115,116 | 100.0% | S100YE3Y |
| Cost of revenue | 80,546 | 70.0% | S100YE3Y |
| Gross profit | 34,569 | 30.0% | S100YE3Y |
| SG&A | 20,528 | 17.8% | S100YE3Y |
| Operating income | 14,040 | 12.2% | S100YE3Y |
| Ordinary income | 14,008 | 12.2% | S100YE3Y |
| Pretax income | 13,630 | 11.8% | S100YE3Y |
| Income tax | 3,731 | 3.2% | S100YE3Y |
| Net income | 9,899 | 8.6% | S100YE3Y |
| Net income attributable to owners | 9,899 | 8.6% | S100YE3Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 18 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 30.0% → Operating margin 12.2% → Net margin 8.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.1%; Core profit growth: +5.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.41×
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 | 110,582 | 115,116 | 4,534 | +4.1% |
| Gross profit | 33,944 | 34,569 | 625 | +1.8% |
| Operating income | 13,271 | 14,040 | 769 | +5.8% |
| Net income attributable to owners | 9,430 | 9,899 | 469 | +5.0% |
| Operating cash flow | 16,013 | 14,450 | -1,563 | -9.8% |
| Free cash flow | 5,054 | 10,212 | 5,158 | +102.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 80,254 | 7,756 | 9.7% | 6,288 | 7,688 | 2,732 | S100LP5X |
| FY ending Mar 2021 | 76,904 | 7,217 | 9.4% | 4,536 | 10,641 | 7,761 | S100OC96 |
| FY ending Mar 2022 | 92,640 | 9,732 | 10.5% | 6,308 | 9,759 | 5,187 | S100R0OK |
| FY ending Mar 2023 | 108,278 | 12,749 | 11.8% | 8,529 | 9,124 | -1,813 | S100TQN4 |
| FY ending Mar 2024 | 104,379 | 11,050 | 10.6% | 8,674 | 11,973 | -2,962 | S100W0CP |
| FY ending Mar 2025 | 110,582 | 13,271 | 12.0% | 9,430 | 16,013 | 5,054 | S100YE3Y |
| FY ending Mar 2026 | 115,116 | 14,040 | 12.2% | 9,899 | 14,450 | 10,212 | S100YE3Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥27.9M |
| Operating income per employee (consolidated) | ¥3.4M |
| Net income per employee (consolidated) | ¥2.4M |

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 Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 5,157 | 4,706 | 4,457 | 4,356 | 4,123 |
| Average salary (parent company) | ¥6.3M | ¥6.6M | ¥6.6M | ¥6.7M | ¥6.8M |
| Average age (parent company) | 44.2 years | 44.9 years | 44.6 years | 44.5 years | 44.1 years |
| Average tenure (parent company) | 19.2 years | 20.1 years | 19.7 years | 19.7 years | 19.4 years |

Year over year: Employees (consolidated) -5.3% · Revenue (consolidated) +4.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronic devices | 25,726 | 22.3% | 1,713 | 6.7% |
| Precision molding products | 59,773 | 51.9% | 10,218 | 17.1% |
| Housing and living materials | 21,513 | 18.7% | 1,631 | 7.6% |
| Other | 8,103 | 7.0% | 476 | 5.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronic devices | 22.3% | 12.2% | -10.1 | 6.7% |
| Precision molding products | 51.9% | 72.8% | 20.9 | 17.1% |
| Housing and living materials | 18.7% | 11.6% | -7.1 | 7.6% |
| Other | 7.0% | 3.4% | -3.6 | 5.9% |

Segment → industry: Housing and living materials → Chemicals / Housing and living materials → Food Packaging / Precision molding products → Semiconductor Materials / Precision molding products → Electronic Components / Electronic devices → Electronic Components

## 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 | 14,450 | 12.6% | S100YE3Y |
| Capital expenditure | 4,238 | 3.7% | S100YE3Y |
| Free cash flow | 10,212 | 8.9% | 算出 |
| Investing cash flow | -4,749 | -4.1% | S100YE3Y |
| Financing cash flow | -5,451 | -4.7% | S100YE3Y |
| Dividends paid | 4,584 | 4.0% | S100YE3Y |
| Share buyback | 945 | 0.8% | S100YE3Y |
| Change in cash | 4,277 | 3.7% | S100YE3Y |
| Cash and equivalents | 47,013 | 40.8% | S100YE3Y |

## 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 | 45,848 | 43,843 | 40,672 | 42,736 | 47,013 | S100TQN4, S100W0CP, S100YE3Y |
| Total assets | 122,577 | 135,364 | 140,778 | 152,988 | 153,003 | S100R0OK, S100TQN4, S100W0CP, S100YE3Y |
| Net assets | 94,337 | 105,128 | 112,967 | 123,154 | 129,553 | S100TQN4, S100W0CP, S100YE3Y |
| Share capital | 11,635 | 11,635 | 11,635 | 11,635 | 11,635 | S100R0OK, S100TQN4, S100W0CP, S100YE3Y |
| Property, plant and equipment | 27,164 | 33,689 | 44,420 | 49,793 | 47,459 | S100R0OK, S100TQN4, S100W0CP, S100YE3Y |
| Intangible assets excluding goodwill | 2,301 | 872 | 986 | 978 | 760 | S100R0OK, S100TQN4, S100W0CP, S100YE3Y |
| Goodwill | 1,574 | 199 | 144 | 81 | — | S100R0OK, S100TQN4, S100W0CP, S100YE3Y |
| Investment securities | 895 | 934 | 1,112 | 929 | 1,149 | S100R0OK, S100TQN4, S100W0CP, S100YE3Y |
| Current assets | 90,945 | 98,072 | 92,712 | 99,414 | 101,964 | S100R0OK, S100TQN4, S100W0CP, S100YE3Y |
| Current liabilities | 25,707 | 27,489 | 24,870 | 26,566 | 19,968 | S100R0OK, S100TQN4, S100W0CP, S100YE3Y |
| Trade payables | 12,817 | 15,065 | 13,333 | 12,917 | 10,638 | S100R0OK, S100TQN4, S100W0CP, S100YE3Y |
| Total liabilities | 28,240 | 30,236 | 27,811 | 29,834 | 23,450 | S100R0OK, S100TQN4, S100W0CP, S100YE3Y |
| Equity attributable to owners of parent | 94,036 | 100,360 | 105,361 | 110,234 | 115,132 | S100R0OK, S100TQN4, S100W0CP, S100YE3Y |
| Retained earnings | 73,670 | 79,619 | 85,022 | 90,495 | 95,795 | S100R0OK, S100TQN4, S100W0CP, S100YE3Y |
| Treasury stock | -1,988 | -1,660 | -2,052 | -2,628 | -3,017 | S100R0OK, S100TQN4, S100W0CP, S100YE3Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YE3Y |
| Property, plant and equipment | 31% | S100YE3Y |
| Intangibles and goodwill | 0% | S100YE3Y |
| Investment securities | 1% | S100YE3Y |
| Other assets | 37% | S100YE3Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YE3Y |
| Other liabilities | 8% | S100YE3Y |
| Equity | 85% | S100YE3Y |

### 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 | 122,577 | 135,364 | 140,778 | 152,988 | 153,003 |
| Equity | 94,337 | 105,128 | 112,967 | 123,154 | 129,553 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 45,848 | 43,843 | 40,672 | 42,736 | 47,013 |

## 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) | 41.2% | S100YE3Y |
| Fixed assets ÷ total assets | 31.0% | S100YE3Y |
| Goodwill ÷ parent equity | — | —, S100YE3Y |

### 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) | 30.7% |
| Cash ÷ revenue | 40.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 102.9% |
| Cash vs. profit gap | 4,551 JPY mn (of net income 46.0%) |
| Shareholder returns / net income | 55.9% |
| Shareholder returns / FCF | 54.1% |
| Shareholder payments — dividends / net income | 46.3% |
| Shareholder payments — dividends / FCF | 44.9% |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 32.9% |

## 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 | 6.8% | 0.76× | 5.1% | 1.30× | 6.7% | S100R0OK |
| 2023 | 7.9% | 0.84× | 6.6% | 1.33× | 8.8% | S100TQN4 |
| 2024 | 8.3% | 0.76× | 6.3% | 1.34× | 8.4% | S100W0CP |
| 2025 | 8.5% | 0.75× | 6.4% | 1.36× | 8.7% | S100YE3Y |
| 2026 | 8.6% | 0.75× | 6.5% | 1.36× | 8.8% | S100YE3Y |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 信越化学工業株式会社 | Major shareholder | 53.5% | 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 | 7.3% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.6% | 2026-03-31 |
| CEPLUX- THE INDEPENDENT UCITS PLATFORM 2（常任代理人 シティバンク、エヌ・エイ東京支店カストディ業務部） | Major shareholder | 2.4% | 2026-03-31 |
| 光通信ＫＫ投資事業有限責任組合 | Major shareholder | 1.2% | 2026-03-31 |
| 日本生命保険相互会社 （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 | 0.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.9% | 2026-03-31 |
| THE BANK OF NEW YORK MELLON 140044 （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 |
| BNYM AS AGT/CLTS NON TREATY JASDEC （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.8% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2025/04/01－2026/03/31) | S100YE3Y | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE3Y,, |
| 有価証券報告書－第65期(2024/04/01－2025/03/31) | S100W0CP | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W0CP,, |
| 有価証券報告書－第64期(2023/04/01－2024/03/31) | S100TQN4 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQN4,, |
| 有価証券報告書－第63期(2022/04/01－2023/03/31) | S100R0OK | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0OK,, |
| 有価証券報告書－第62期(令和3年4月1日－令和4年3月31日) | S100OC96 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC96,, |
| 有価証券報告書－第61期(令和2年4月1日－令和3年3月31日) | S100LP5X | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP5X,, |

## 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).