# SHOEI YAKUHIN 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) (S100YHFB)
> Page: https://vizora.meequs.com/en/company/shoei-yakuhin
> Retrieved: 2026-09-30T23:01:01.017Z

## Company

Shoei Yakuhin, founded in 1969, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 80 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SHOEI YAKUHIN CO.,LTD. |
| Ticker | 3537 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3537.T) |
| Listing | TSE Standard |
| Head office | 大阪府大阪市中央区安土町一丁目5番1号 |
| Representative (per filing) | 代表取締役社長 藤原 佐一郎 |
| Founded | May 1969 |
| Share capital | ¥248.2M |
| Employees (consolidated) | 80 |
| Average salary (parent only) | ¥9M |
| Fiscal year end | March |
| Website | www.shoei-yakuhin.co.jp (https://www.shoei-yakuhin.co.jp/) |
| Corporate number | 4120001015147 |
| EDINET | E32146 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YHFB, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.3 | 179 |
| Profitability | 30.5 | 185 |
| Cash conversion | 14.8 | 179 |
| Efficiency | 51.1 | 185 |

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 92% of Shoei Yakuhin's sales come from Chemical products, with Engineering and construction materials and Commodity products making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +7.6% from the prior year, operating profit -9.8%.

## Company structure

- Segment revenue mix: Chemical products 92.5%、Engineering and construction materials 4.8%、Commodity products 2.7%
- Revenue → net income: ¥26921663000 → ¥557061000
- Net income → operating cash flow: ¥557061000 → ¥103528000（difference ¥-453533000）
- Main uses of operating cash flow: CapEx ¥2153000 / dividends ¥133024000 / buybacks —
- Change in cash: ¥-134561000
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 | ¥26.9B |  |
| Operating income | ¥504.7M | Margin 1.9% |
| Net income | ¥557.1M | Margin 2.1% |
| Free cash flow | ¥101.4M |  |
| Largest business | Chemical products | of segment revenue 92.5% |
| Employees (consolidated) | 80 |  |
| EPS | ¥160.06 |  |
| Book value per share | ¥2620.37 |  |
| Equity ratio | 52.9% |  |
| Shares outstanding | 3,579,105 |  |
| Treasury shares | 154,700 |  |
| Shareholders | 2,315 |  |
| Average salary (parent only) | ¥9M | Filing company only |
| Cash ratio | 8.2% | Cash ÷ revenue 5.4% |
| Vs. industry median margin | -1 pp | Specialty Trading & Wholesale |
| ROE | 10.0% | Derived from disclosed figures |
| ROA | 3.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 93% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥17032260000 | ¥26921663000 | +58.1% |
| Operating income | ¥157638000 | ¥504736000 | +220.2% |
| Operating margin | 0.9% | 1.9% | +0.9 pp |
| Employees | 74 people | 80 people | +8.1% |
| Cash and equivalents | ¥1010940000 | ¥1452563000 | +43.7% |

### 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 |
| --- | ---: |
| 化学品事業 → 化学品事業 | 88.8% |
| 日用品事業 → 日用品事業 | 2.7% |
| 日用品事業 → 事業再編・廃止 | 2.7% |
| 土木建設資材事業 → 土木建設資材事業 | 4.8% |
| 土木建設資材事業 → 事業再編・廃止 | 0.9% |
| 新設・再編 → 化学品事業 | 3.6% |

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 | 5 years | +10.5% | ¥24899279000 | 2.5% | 2 |
| Engineering and construction materials | 5 years | +5.7% | ¥1295698000 | -0.4% | 2 |
| Commodity products | 5 years | -4.6% | ¥726685000 | 6.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 26,922 | 100.0% | S100YHFB |
| Cost of revenue | 24,758 | 92.0% | S100YHFB |
| Gross profit | 2,164 | 8.0% | S100YHFB |
| SG&A | 1,659 | 6.2% | S100YHFB |
| Operating income | 505 | 1.9% | S100YHFB |
| Ordinary income | 725 | 2.7% | S100YHFB |
| Pretax income | 725 | 2.7% | S100YHFB |
| Income tax | 168 | 0.6% | S100YHFB |
| Net income | 557 | 2.1% | S100YHFB |
| Net income attributable to owners | 557 | 2.1% | S100YHFB |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 92 |
| SG&A | 6 |
| Operating income | 2 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 8.0% → Operating margin 1.9% → Net margin 2.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +7.6%; Core profit growth: -9.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.29×
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 | 25,013 | 26,922 | 1,909 | +7.6% |
| Gross profit | 2,099 | 2,164 | 65 | +3.1% |
| Operating income | 560 | 505 | -55 | -9.8% |
| Net income attributable to owners | 527 | 557 | 30 | +5.6% |
| Operating cash flow | -172 | 104 | 275 | — |
| Free cash flow | -179 | 101 | 281 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 17,734 | 128 | 0.7% | 256 | -472 | -503 | S100LPKT |
| FY ending Mar 2021 | 17,032 | 158 | 0.9% | 238 | 325 | 323 | S100OE8Y |
| FY ending Mar 2022 | 21,148 | 302 | 1.4% | 579 | -398 | -400 | S100R3M0 |
| FY ending Mar 2023 | 24,529 | 488 | 2.0% | 485 | 645 | 635 | S100TSML |
| FY ending Mar 2024 | 22,596 | 440 | 1.9% | 492 | 818 | 818 | S100W3KJ |
| FY ending Mar 2025 | 25,013 | 560 | 2.2% | 527 | -172 | -179 | S100YHFB |
| FY ending Mar 2026 | 26,922 | 505 | 1.9% | 557 | 104 | 101 | S100YHFB |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥336.5M |
| Operating income per employee (consolidated) | ¥6.3M |
| Net income per employee (consolidated) | ¥7M |

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) | 74 | 76 | 76 | 77 | 80 |
| Average salary (parent company) | ¥8.3M | ¥8.5M | ¥8.7M | ¥9M | ¥9M |
| Average age (parent company) | 45.8 years | 45.3 years | 46.3 years | 46.5 years | 46.3 years |
| Average tenure (parent company) | 16.9 years | 16.8 years | 17.8 years | 17.3 years | 16.9 years |

Year over year: Employees (consolidated) +3.9% · Revenue (consolidated) +7.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Chemical products | 24,899 | 92.5% | 630 | 2.5% |
| Commodity products | 727 | 2.7% | 50 | 6.8% |
| Engineering and construction materials | 1,296 | 4.8% | -5 | -0.4% |

### 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 | 92.5% | 92.7% | 0.2 | 2.5% |
| Commodity products | 2.7% | 7.3% | 4.6 | 6.8% |
| Engineering and construction materials | 4.8% | — | — | -0.4% |

Loss-making segment (excluded from profit shares): Engineering and construction materials -5 JPY mn

Segment → industry: Engineering and construction materials → Specialty Trading & Wholesale / Commodity products → Specialty Trading & Wholesale / Chemical products → Specialty Trading & Wholesale

## 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 | 104 | 0.4% | S100YHFB |
| Capital expenditure | 2 | 0.0% | S100YHFB |
| Free cash flow | 101 | 0.4% | 算出 |
| Investing cash flow | 317 | 1.2% | S100YHFB |
| Financing cash flow | -583 | -2.2% | S100YHFB |
| Dividends paid | 133 | 0.5% | S100YHFB |
| Change in cash | -135 | -0.5% | S100YHFB |
| Cash and equivalents | 1,453 | 5.4% | S100YHFB |

## 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 | 913 | 1,261 | 1,902 | 1,587 | 1,453 | S100TSML, S100W3KJ, S100YHFB |
| Total assets | 14,481 | 14,798 | 16,816 | 17,098 | 17,806 | S100R3M0, S100TSML, S100W3KJ, S100YHFB |
| Net assets | 6,950 | 7,370 | 8,138 | 8,936 | 9,416 | S100TSML, S100W3KJ, S100YHFB |
| Share capital | 248 | 248 | 248 | 248 | 248 | S100R3M0, S100TSML, S100W3KJ, S100YHFB |
| Property, plant and equipment | 180 | 176 | 164 | 159 | 149 | S100R3M0, S100TSML, S100W3KJ, S100YHFB |
| Intangible assets excluding goodwill | 2 | 2 | 2 | 1 | 4 | S100R3M0, S100TSML, S100W3KJ, S100YHFB |
| Investment securities | 4,384 | 4,537 | 5,050 | 5,576 | 5,598 | S100R3M0, S100TSML, S100W3KJ, S100YHFB |
| Current assets | 9,395 | 9,559 | 11,068 | 10,826 | 11,528 | S100R3M0, S100TSML, S100W3KJ, S100YHFB |
| Current liabilities | 6,265 | 6,120 | 7,328 | 6,598 | 6,882 | S100R3M0, S100TSML, S100W3KJ, S100YHFB |
| Trade payables | 5,197 | 5,193 | 6,356 | 5,670 | — | S100R3M0, S100TSML, S100W3KJ |
| Short-term borrowings | 706 | 650 | 600 | 600 | 150 | S100R3M0, S100TSML, S100W3KJ, S100YHFB |
| Total liabilities | 7,530 | 7,428 | 8,678 | 8,162 | 8,390 | S100R3M0, S100TSML, S100W3KJ, S100YHFB |
| Equity attributable to owners of parent | 4,264 | 4,540 | 4,919 | 5,329 | 5,775 | S100R3M0, S100TSML, S100W3KJ, S100YHFB |
| Retained earnings | 3,957 | 4,296 | 4,666 | 5,064 | 5,488 | S100R3M0, S100TSML, S100W3KJ, S100YHFB |
| Treasury stock | -115 | -178 | -169 | -161 | -148 | S100R3M0, S100TSML, S100W3KJ, S100YHFB |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YHFB |
| Property, plant and equipment | 1% | S100YHFB |
| Intangibles and goodwill | 0% | S100YHFB |
| Investment securities | 31% | S100YHFB |
| Other assets | 60% | S100YHFB |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 47% | S100YHFB |
| Equity | 53% | S100YHFB |

### 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 | 14,481 | 14,798 | 16,816 | 17,098 | 17,806 |
| Equity | 6,950 | 7,370 | 8,138 | 8,936 | 9,416 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 913 | 1,261 | 1,902 | 1,587 | 1,453 |

## 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) | 0.6% | S100YHFB |
| Fixed assets ÷ total assets | 0.8% | S100YHFB |
| Goodwill ÷ parent equity | — | —, S100YHFB |

### 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) | 8.2% |
| Cash ÷ revenue | 5.4% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 20.5% |
| Cash vs. profit gap | -454 JPY mn (of net income -81.4%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 23.9% |
| Shareholder payments — dividends / FCF | 131.2% |
| CapEx intensity (capex ÷ revenue) | 0.0% |
| Investing CF relative to operating CF | 306.3% |

## 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 | 2.7% | 1.46× | 4.0% | 3.40× | 13.6% | S100R3M0 |
| 2023 | 2.0% | 1.68× | 3.3% | 3.33× | 11.0% | S100TSML |
| 2024 | 2.2% | 1.43× | 3.1% | 3.34× | 10.4% | S100W3KJ |
| 2025 | 2.1% | 1.48× | 3.1% | 3.31× | 10.3% | S100YHFB |
| 2026 | 2.1% | 1.54× | 3.2% | 3.14× | 10.0% | S100YHFB |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 鐵野 磨輝男 | Major shareholder | 11.5% | 2026-03-31 |
| 大阪中小企業投資育成株式会社 | Major shareholder | 9.0% | 2026-03-31 |
| 昭栄薬品社員持株会 | Major shareholder | 8.1% | 2026-03-31 |
| 藤原 佐一郎 | Major shareholder | 3.0% | 2026-03-31 |
| 小林 節夫 | Major shareholder | 3.0% | 2026-03-31 |
| 渡邉 健司 | Major shareholder | 2.3% | 2026-03-31 |
| 岩井 伸太郎 | Major shareholder | 2.1% | 2026-03-31 |
| 雨森 肇 | Major shareholder | 1.9% | 2026-03-31 |
| 成瀬 幸次 | Major shareholder | 1.7% | 2026-03-31 |
| 小池 宏美 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2025/04/01－2026/03/31) | S100YHFB | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHFB,, |
| 有価証券報告書－第65期(2024/04/01－2025/03/31) | S100W3KJ | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3KJ,, |
| 有価証券報告書－第64期(2023/04/01－2024/03/31) | S100TSML | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSML,, |
| 有価証券報告書－第63期(2022/04/01－2023/03/31) | S100R3M0 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3M0,, |
| 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) | S100OE8Y | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE8Y,, |
| 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) | S100LPKT | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LPKT,, |

## 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).