# SHINTO PAINT COMPANY, LIMITED: 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132期(2025/04/01－2026/03/31) (S100YD50)
> Page: https://vizora.meequs.com/en/company/shinto-paint
> Retrieved: 2026-09-30T21:00:35.228Z

## Company

Shinto Paint, founded in 1933, is a company in Paints & Inks listed on TSE Standard. It has 399 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHINTO PAINT COMPANY, LIMITED |
| Ticker | 4615 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4615.T) |
| Listing | TSE Standard |
| Head office | 兵庫県尼崎市南塚口町六丁目10番73号 |
| Representative (per filing) | 代表取締役社長執行役員 小坂伊知郎 |
| Founded | Apr 1933 |
| Share capital | ¥2.45B |
| Employees (consolidated) | 399 |
| Average salary (parent only) | ¥5.4M |
| Fiscal year end | March |
| Website | www.shintopaint.co.jp (https://www.shintopaint.co.jp/) |
| Corporate number | 7140001049181 |
| EDINET | E00895 |
| Industries (Vizora) | Paints & Inks |

> Profile source: annual securities report (S100YD50, filed 2026-06-19). As of filing

## Five-axis industry profile

Primary industry: Paints & Inks (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 19.6 | 23 |
| Profitability | 10.9 | 23 |
| Cash conversion | 93.2 | 22 |
| Efficiency | 23.9 | 23 |

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)

- Shinto Paint brought in ¥21.5B in revenue.
- Out of every ¥100 of sales, about ¥1 is left as operating profit.
- Revenue changed +3.5% from the prior year, operating profit +10.9%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥21.5B |  |
| Operating income | ¥255M | Margin 1.2% |
| Net income | -¥593M | Margin -2.8% |
| Free cash flow | ¥542M |  |
| Employees (consolidated) | 399 |  |
| EPS | ¥-21.74 |  |
| Book value per share | ¥283.72 |  |
| Equity ratio | 42.0% |  |
| Shares outstanding | 34,060,000 |  |
| Treasury shares | 22,900 |  |
| Shareholders | 3,815 |  |
| Average salary (parent only) | ¥5.4M | Filing company only |
| Cash ratio | 9.7% | Cash ÷ revenue 14.0% |
| Vs. industry median margin | -4.7 pp | Paints & Inks |
| ROA | -1.9% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 11%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥20193000000 | ¥21481000000 | +6.4% |
| Operating income | ¥51000000 | ¥255000000 | +400.0% |
| Operating margin | 0.3% | 1.2% | +0.9 pp |
| Employees | 453 people | 399 people | -11.9% |
| Cash and equivalents | ¥3300000000 | ¥3018000000 | -8.5% |

### 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 |
| --- | ---: |
| 塗料事業 → 事業再編・廃止 | 90.3% |
| 化成品事業 → 事業再編・廃止 | 9.7% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,481 | 100.0% | S100YD50 |
| Cost of revenue | 17,859 | 83.1% | S100YD50 |
| Gross profit | 3,622 | 16.9% | S100YD50 |
| SG&A | 3,367 | 15.7% | S100YD50 |
| Operating income | 255 | 1.2% | S100YD50 |
| Ordinary income | 393 | 1.8% | S100YD50 |
| Pretax income | -213 | -1.0% | S100YD50 |
| Income tax | 227 | 1.1% | S100YD50 |
| Net income | -441 | -2.1% | S100YD50 |
| Net income attributable to owners | -593 | -2.8% | S100YD50 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 16 |
| Operating income | 1 |
| (Ref.) Net income | -3 |

### Margin funnel

Gross margin 16.9% → Operating margin 1.2% → Net margin -2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.5%; Core profit growth: +10.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.12×
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 | 20,758 | 21,481 | 723 | +3.5% |
| Gross profit | 3,655 | 3,622 | -33 | -0.9% |
| Operating income | 230 | 255 | 25 | +10.9% |
| Net income attributable to owners | -59 | -593 | -534 | — |
| Operating cash flow | -30 | 919 | 949 | — |
| Free cash flow | -582 | 542 | 1,124 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 22,538 | 594 | 2.6% | 528 | 22 | -717 | S100LM1Z |
| FY ending Mar 2021 | 20,193 | 51 | 0.3% | 679 | 698 | 36 | S100OCPB |
| FY ending Mar 2022 | 19,136 | -343 | -1.8% | -1,825 | 150 | -811 | S100RAWK |
| FY ending Mar 2023 | 19,038 | -1,203 | -6.3% | -1,806 | -536 | -1,028 | S100TTUK |
| FY ending Mar 2024 | 18,954 | -479 | -2.5% | -497 | 53 | -343 | S100XY8R |
| FY ending Mar 2025 | 20,758 | 230 | 1.1% | -59 | -30 | -582 | S100YD50 |
| FY ending Mar 2026 | 21,481 | 255 | 1.2% | -593 | 919 | 542 | S100YD50 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.8M |
| Operating income per employee (consolidated) | ¥639.1K |
| Net income per employee (consolidated) | -¥1.5M |

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) | 468 | 441 | 423 | 405 | 399 |
| Average salary (parent company) | ¥5.1M | ¥5.1M | ¥5.2M | ¥5.3M | ¥5.4M |
| Average age (parent company) | 41.3 years | 42.5 years | 43.2 years | 43.6 years | 43.9 years |
| Average tenure (parent company) | 13.5 years | 14.6 years | 14.5 years | 14.5 years | 14.6 years |

Year over year: Employees (consolidated) -1.5% · Revenue (consolidated) +3.5%

## 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 | 919 | 4.3% | S100YD50 |
| Capital expenditure | 377 | 1.8% | S100YD50 |
| Free cash flow | 542 | 2.5% | 算出 |
| Investing cash flow | -419 | -2.0% | S100YD50 |
| Financing cash flow | -158 | -0.7% | S100YD50 |
| Change in cash | 328 | 1.5% | S100YD50 |
| Cash and equivalents | 3,018 | 14.0% | S100YD50 |

## 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 | 2,685 | 4,440 | 3,428 | 2,690 | 3,018 | S100TTUK, S100XY8R, S100YD50 |
| Total assets | 32,637 | 33,857 | 33,042 | 32,010 | 31,207 | S100RAWK, S100TTUK, S100XY8R, S100YD50 |
| Net assets | 16,166 | 14,386 | 14,207 | 14,617 | 14,229 | S100TTUK, S100XY8R, S100YD50 |
| Share capital | 2,255 | 2,255 | 2,255 | 2,449 | 2,449 | S100RAWK, S100TTUK, S100XY8R, S100YD50 |
| Property, plant and equipment | 17,672 | 17,140 | 16,924 | 16,873 | 16,184 | S100RAWK, S100TTUK, S100XY8R, S100YD50 |
| Intangible assets excluding goodwill | 239 | 186 | 165 | 126 | 92 | S100RAWK, S100TTUK, S100XY8R, S100YD50 |
| Investment securities | 1,955 | 2,109 | 2,594 | 2,732 | 2,901 | S100RAWK, S100TTUK, S100XY8R, S100YD50 |
| Current assets | 12,572 | 14,194 | 13,183 | 12,139 | 11,870 | S100RAWK, S100TTUK, S100XY8R, S100YD50 |
| Current liabilities | 8,948 | 9,951 | 9,850 | 11,564 | 11,117 | S100RAWK, S100TTUK, S100XY8R, S100YD50 |
| Trade payables | 4,280 | 4,356 | 4,265 | 4,040 | 3,740 | S100RAWK, S100TTUK, S100XY8R, S100YD50 |
| Short-term borrowings | 2,377 | 2,725 | 2,635 | 4,986 | 5,068 | S100RAWK, S100TTUK, S100XY8R, S100YD50 |
| Long-term borrowings | 1,191 | 3,488 | 3,113 | 40 | 31 | S100RAWK, S100TTUK, S100XY8R, S100YD50 |
| Total liabilities | 16,471 | 19,471 | 18,834 | 17,393 | 16,978 | S100RAWK, S100TTUK, S100XY8R, S100YD50 |
| Non-controlling interests | 863 | 887 | 933 | 1,016 | 1,130 | S100RAWK, S100TTUK, S100XY8R, S100YD50 |
| Equity attributable to owners of parent | 6,436 | 4,552 | 4,056 | 4,384 | 3,791 | S100RAWK, S100TTUK, S100XY8R, S100YD50 |
| Retained earnings | 3,600 | 1,716 | 1,220 | 1,160 | 566 | S100RAWK, S100TTUK, S100XY8R, S100YD50 |
| Treasury stock | -4 | -4 | -4 | -4 | -4 | S100RAWK, S100TTUK, S100XY8R, S100YD50 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YD50 |
| Property, plant and equipment | 52% | S100YD50 |
| Intangibles and goodwill | 0% | S100YD50 |
| Investment securities | 9% | S100YD50 |
| Other assets | 29% | S100YD50 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YD50 |
| Other liabilities | 42% | S100YD50 |
| Equity | 46% | S100YD50 |

### 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 | 32,637 | 33,857 | 33,042 | 32,010 | 31,207 |
| Equity | 16,166 | 14,386 | 14,207 | 14,617 | 14,229 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 2,685 | 4,440 | 3,428 | 2,690 | 3,018 |

## 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) | 75.3% | S100YD50 |
| Fixed assets ÷ total assets | 51.9% | S100YD50 |
| Goodwill ÷ parent equity | — | —, S100YD50 |

### 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) | 9.7% |
| Cash ÷ revenue | 14.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 360.4% |
| Cash vs. profit gap | 1,512 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.8% |
| Investing CF relative to operating CF | 45.6% |

## 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 | — | —× | -5.6% | —× | — | S100RAWK |
| 2023 | — | —× | -5.4% | —× | — | S100TTUK |
| 2024 | — | —× | -1.5% | —× | — | S100XY8R |
| 2025 | — | —× | -0.2% | —× | — | S100YD50 |
| 2026 | — | —× | -1.9% | —× | — | S100YD50 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 大日本塗料㈱ | Major shareholder | 50.1% | 2026-03-31 |
| 神東塗料取引先持株会 | Major shareholder | 4.6% | 2026-03-31 |
| 中 島 和 信 | Major shareholder | 2.6% | 2026-03-31 |
| 阪 本 重 治 | Major shareholder | 2.3% | 2026-03-31 |
| 神東塗料社員持株会 | Major shareholder | 1.5% | 2026-03-31 |
| 酒 井 一 | Major shareholder | 1.5% | 2026-03-31 |
| 高 石 文 夫 | Major shareholder | 1.5% | 2026-03-31 |
| 楽天証券㈱ | Major shareholder | 1.5% | 2026-03-31 |
| ＣＡＣＥＩＳ ＢＡＮＫ ＦＯＲ（ＮＲ）－ ＮＯＮ ＴＲＥＡＴＹ（常任代理人）香港上海銀行東京支店 | Major shareholder | 1.0% | 2026-03-31 |
| ㈱SBI証券 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第132期(2025/04/01－2026/03/31) | S100YD50 | 2026-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD50,, |
| 訂正有価証券報告書－第131期(2024/04/01－2025/03/31) | S100XY8R | 2026-04-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XY8R,, |
| 有価証券報告書－第130期(2023/04/01－2024/03/31) | S100TTUK | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTUK,, |
| 有価証券報告書－第129期(2022/04/01－2023/03/31) | S100RAWK | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAWK,, |
| 有価証券報告書－第128期(令和3年4月1日－令和4年3月31日) | S100OCPB | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCPB,, |
| 有価証券報告書－第127期(令和2年4月1日－令和3年3月31日) | S100LM1Z | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LM1Z,, |

## 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).