# Showa Chemical Industry 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99期(2025/04/01－2026/03/31) (S100YJME)
> Page: https://vizora.meequs.com/en/company/showa-chemical
> Retrieved: 2026-09-30T22:26:34.574Z

## Company

Showa Chemical Industry, founded in 1930, is a company in Chemicals listed on TSE Standard. It has 216 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Showa Chemical Industry Co.,Ltd. |
| Ticker | 4990 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4990.T) |
| Listing | TSE Standard |
| Head office | 東京都港区赤坂二丁目14番32号 |
| Representative (per filing) | 代表取締役社長 石橋 健藏 |
| Founded | Nov 1930 |
| Share capital | ¥599M |
| Employees (consolidated) | 216 |
| Average salary (parent only) | ¥5.6M |
| Fiscal year end | March |
| Website | www.showa-chemical.co.jp (https://www.showa-chemical.co.jp/) |
| Corporate number | 3013201002835 |
| EDINET | E01172 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100YJME, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 33.9 | 96 |
| Profitability | 28.5 | 100 |
| Cash conversion | 64.1 | 96 |
| Efficiency | 35.5 | 100 |
| Financial strength | 97.4 | 19 |

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)

- Showa Chemical Industry brought in ¥9.27B in revenue.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +0.4% from the prior year, operating profit +29.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥9272889000 → ¥624842000
- Net income → operating cash flow: ¥624842000 → ¥826622000（difference ¥201780000）
- Main uses of operating cash flow: CapEx ¥394111000 / dividends ¥63903000 / buybacks —
- Change in cash: ¥-199032000
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 | ¥9.27B |  |
| Operating income | ¥446.3M | Margin 4.8% |
| Net income | ¥624.8M | Margin 6.7% |
| Free cash flow | ¥432.5M |  |
| Employees (consolidated) | 216 |  |
| EPS | ¥37.16 |  |
| Book value per share | ¥644.18 |  |
| Equity ratio | 64.4% |  |
| Shares outstanding | 11,979,000 |  |
| Treasury shares | 1,328,400 |  |
| Shareholders | 3,321 |  |
| Average salary (parent only) | ¥5.6M | Filing company only |
| Cash ratio | 19.7% | Net cash ¥975.5M · Cash ÷ revenue 31.0% |
| Vs. industry median margin | -2.7 pp | Chemicals |
| ROE | 8.9% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -1% while operating income rose 29%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7676107000 | ¥9272889000 | +20.8% |
| Operating income | ¥366423000 | ¥446281000 | +21.8% |
| Operating margin | 4.8% | 4.8% | 0 pp |
| Employees | 220 people | 216 people | -1.8% |
| Cash and equivalents | ¥2768215000 | ¥2873394000 | +3.8% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 9,273 | 100.0% | S100YJME |
| Cost of revenue | 6,325 | 68.2% | S100YJME |
| Gross profit | 2,947 | 31.8% | S100YJME |
| SG&A | 2,501 | 27.0% | S100YJME |
| Operating income | 446 | 4.8% | S100YJME |
| Ordinary income | 801 | 8.6% | S100YJME |
| Pretax income | 885 | 9.5% | S100YJME |
| Income tax | 260 | 2.8% | S100YJME |
| Net income | 625 | 6.7% | S100YJME |
| Net income attributable to owners | 625 | 6.7% | S100YJME |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 68 |
| SG&A | 27 |
| Operating income | 5 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 31.8% → Operating margin 4.8% → Net margin 6.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.4%; Core profit growth: +29.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 75.37×
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 | 9,237 | 9,273 | 35 | +0.4% |
| Gross profit | 2,844 | 2,947 | 103 | +3.6% |
| Operating income | 346 | 446 | 100 | +29.0% |
| Net income attributable to owners | 412 | 625 | 213 | +51.7% |
| Operating cash flow | 767 | 827 | 60 | +7.8% |
| Free cash flow | 398 | 433 | 35 | +8.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,206 | 413 | 5.0% | 370 | 726 | 386 | S100LVT7 |
| FY ending Mar 2021 | 7,676 | 366 | 4.8% | 292 | 817 | 612 | S100OMF6 |
| FY ending Mar 2022 | 7,780 | 300 | 3.9% | 345 | 519 | 368 | S100RAPU |
| FY ending Mar 2023 | 9,226 | 601 | 6.5% | 617 | 625 | 372 | S100TXVM |
| FY ending Mar 2024 | 9,197 | 504 | 5.5% | 584 | 826 | 522 | S100W5WT |
| FY ending Mar 2025 | 9,237 | 346 | 3.7% | 412 | 767 | 398 | S100YJME |
| FY ending Mar 2026 | 9,273 | 446 | 4.8% | 625 | 827 | 433 | S100YJME |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.9M |
| Operating income per employee (consolidated) | ¥2.1M |
| Net income per employee (consolidated) | ¥2.9M |

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) | 219 | 222 | 220 | 218 | 216 |
| Average salary (parent company) | ¥5.2M | ¥5.2M | ¥5.4M | ¥5.6M | ¥5.6M |
| Average age (parent company) | 47.1 years | 47.5 years | 48.1 years | 48.6 years | 47.9 years |
| Average tenure (parent company) | 18.2 years | 18.5 years | 18.9 years | 19.7 years | 19.4 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) +0.4%

## 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 | 827 | 8.9% | S100YJME |
| Capital expenditure | 394 | 4.3% | S100YJME |
| Free cash flow | 433 | 4.7% | 算出 |
| Investing cash flow | -369 | -4.0% | S100YJME |
| Financing cash flow | -665 | -7.2% | S100YJME |
| Dividends paid | 64 | 0.7% | S100YJME |
| Change in cash | -199 | -2.1% | S100YJME |
| Cash and equivalents | 2,873 | 31.0% | S100YJME |

## 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 | 2,909 | 2,673 | 2,829 | 3,072 | 2,873 | S100TXVM, S100W5WT, S100YJME |
| Total assets | 12,614 | 13,040 | 13,528 | 13,655 | 14,570 | S100RAPU, S100TXVM, S100W5WT, S100YJME |
| Net assets | 6,124 | 6,758 | 7,599 | 8,120 | 9,388 | S100TXVM, S100W5WT, S100YJME |
| Share capital | 599 | 599 | 599 | 599 | 599 | S100RAPU, S100TXVM, S100W5WT, S100YJME |
| Trade receivables | 2,338 | 2,814 | 2,716 | 2,082 | 1,872 | S100RAPU, S100TXVM, S100W5WT, S100YJME |
| Property, plant and equipment | 2,597 | 2,530 | 2,489 | 2,613 | 2,732 | S100RAPU, S100TXVM, S100W5WT, S100YJME |
| Intangible assets excluding goodwill | 42 | 76 | 124 | 90 | 69 | S100RAPU, S100TXVM, S100W5WT, S100YJME |
| Investment securities | 2,791 | 2,924 | 3,465 | 3,706 | 4,877 | S100RAPU, S100TXVM, S100W5WT, S100YJME |
| Current assets | 6,533 | 6,893 | 6,985 | 6,790 | 6,450 | S100RAPU, S100TXVM, S100W5WT, S100YJME |
| Current liabilities | 4,488 | 4,388 | 4,187 | 3,666 | 3,192 | S100RAPU, S100TXVM, S100W5WT, S100YJME |
| Trade payables | 859 | 1,040 | 1,218 | 903 | 829 | S100RAPU, S100TXVM, S100W5WT, S100YJME |
| Short-term borrowings | 2,694 | 2,380 | 2,093 | 1,581 | 1,244 | S100RAPU, S100TXVM, S100W5WT, S100YJME |
| Long-term borrowings | 470 | 496 | 473 | 659 | 614 | S100RAPU, S100TXVM, S100W5WT, S100YJME |
| Bonds | 470 | 350 | 250 | 120 | 40 | S100RAPU, S100TXVM, S100W5WT, S100YJME |
| Interest-bearing debt | 3,634 | 3,226 | 2,815 | 2,360 | 1,898 | 算出 |
| Total liabilities | 6,490 | 6,281 | 5,929 | 5,536 | 5,182 | S100RAPU, S100TXVM, S100W5WT, S100YJME |
| Non-controlling interests | 2 | 2 | — | — | — | S100RAPU, S100TXVM |
| Equity attributable to owners of parent | 5,405 | 5,957 | 6,477 | 6,772 | 7,333 | S100RAPU, S100TXVM, S100W5WT, S100YJME |
| Retained earnings | 4,653 | 5,206 | 5,695 | 5,990 | 6,550 | S100RAPU, S100TXVM, S100W5WT, S100YJME |
| Treasury stock | -422 | -422 | -383 | -383 | -383 | S100RAPU, S100TXVM, S100W5WT, S100YJME |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 20% | S100YJME |
| Receivables | 13% | S100YJME |
| Property, plant and equipment | 19% | S100YJME |
| Intangibles and goodwill | 0% | S100YJME |
| Investment securities | 33% | S100YJME |
| Other assets | 15% | S100YJME |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YJME |
| Interest-bearing debt | 13% | 算出 |
| Other liabilities | 17% | S100YJME |
| Equity | 64% | S100YJME |
| Other liabilities | 0% | S100YJME |

### 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 | 12,614 | 13,040 | 13,528 | 13,655 | 14,570 |
| Equity | 6,124 | 6,758 | 7,599 | 8,120 | 9,388 |
| Interest-bearing debt | 3,634 | 3,226 | 2,815 | 2,360 | 1,898 |
| Cash | 2,909 | 2,673 | 2,829 | 3,072 | 2,873 |

## 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) | 29.5% | S100YJME |
| Fixed assets ÷ total assets | 18.8% | S100YJME |
| Goodwill ÷ parent equity | — | —, S100YJME |

### 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) | 19.7% |
| Cash ÷ revenue | 31.0% |
| Net cash (cash − interest-bearing debt) | ¥975.5M |
| Net debt ÷ operating cash flow | -1.18× |
| Cash conversion (operating CF ÷ operating income) | 185.2% |
| Cash vs. profit gap | 202 JPY mn (of net income 32.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 10.2% |
| Shareholder payments — dividends / FCF | 14.8% |
| CapEx intensity (capex ÷ revenue) | 4.3% |
| Investing CF relative to operating CF | 44.6% |

## 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 | 4.4% | 0.62× | 2.7% | 2.33× | 6.4% | S100RAPU |
| 2023 | 6.7% | 0.72× | 4.8% | 2.26× | 10.9% | S100TXVM |
| 2024 | 6.4% | 0.69× | 4.4% | 2.14× | 9.4% | S100W5WT |
| 2025 | 4.5% | 0.68× | 3.0% | 2.05× | 6.2% | S100YJME |
| 2026 | 6.7% | 0.66× | 4.4% | 2.00× | 8.9% | S100YJME |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| シグマ株式会社 | Major shareholder | 17.6% | 2026-03-31 |
| 石橋 健藏 | Major shareholder | 12.9% | 2026-03-31 |
| 公益財団法人石橋奨学会 | Major shareholder | 9.1% | 2026-03-31 |
| 朝日生命保険相互会社 | Major shareholder | 7.0% | 2026-03-31 |
| 昭和化学工業取引先持株会 | Major shareholder | 4.9% | 2026-03-31 |
| 白山工業株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.1% | 2026-03-31 |
| 石橋 敬子 | Major shareholder | 2.9% | 2026-03-31 |
| 北沢産業株式会社 | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.1% | 2026-03-31 |
| 株式会社北陸銀行 | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第99期(2025/04/01－2026/03/31) | S100YJME | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJME,, |
| 有価証券報告書－第98期(2024/04/01－2025/03/31) | S100W5WT | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W5WT,, |
| 有価証券報告書－第97期(2023/04/01－2024/03/31) | S100TXVM | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXVM,, |
| 有価証券報告書－第96期(2022/04/01－2023/03/31) | S100RAPU | 2023-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RAPU,, |
| 有価証券報告書－第95期(令和3年4月1日－令和4年3月31日) | S100OMF6 | 2022-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OMF6,, |
| 有価証券報告書－第94期(令和2年4月1日－令和3年3月31日) | S100LVT7 | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LVT7,, |

## 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).