# SK KAKEN 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70期(2025/04/01－2026/03/31) (S100YJ5K)
> Page: https://vizora.meequs.com/en/company/sk-kaken
> Retrieved: 2026-09-30T22:18:12.308Z

## Company

SK Kaken, founded in 1958, is a company in Housing Equipment & Building Materials listed on TSE Standard. It has 2,404 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SK KAKEN CO.,LTD. |
| Ticker | 4628 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4628.T) |
| Listing | TSE Standard |
| Head office | 大阪府茨木市中穂積三丁目5番25号 |
| Representative (per filing) | 代表取締役社長 藤井 実広 |
| Founded | Apr 1958 |
| Share capital | ¥2.66B |
| Employees (consolidated) | 2,404 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | March |
| Website | www.sk-kaken.co.jp (https://www.sk-kaken.co.jp/) |
| Corporate number | 5120901000305 |
| EDINET | E00916 |
| Industries (Vizora) | Housing Equipment & Building Materials, Paints & Inks |

> Profile source: annual securities report (S100YJ5K, filed 2026-06-25). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 45.7 | 23 |
| Profitability | 80.4 | 23 |
| Cash conversion | 25 | 22 |
| Efficiency | 10.9 | 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)

- About 88% of SK Kaken's sales come from Decorative coatings business, with Fireproof, insulated business and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +3.4% from the prior year, operating profit -1.8%.

## Company structure

- Segment revenue mix: Decorative coatings business 87.7%、Fireproof, insulated business 10.6%、Other 1.7%
- Revenue → net income: ¥109707000000 → ¥12252000000
- Net income → operating cash flow: ¥12252000000 → ¥12758000000（difference ¥506000000）
- Main uses of operating cash flow: CapEx ¥3562000000 / dividends ¥1618000000 / buybacks ¥0
- Change in cash: ¥-7205000000
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 | ¥109.7B |  |
| Operating income | ¥12.2B | Margin 11.1% |
| Net income | ¥12.3B | Margin 11.2% |
| Free cash flow | ¥9.2B |  |
| Largest business | Decorative coatings business | of segment revenue 87.7% |
| Employees (consolidated) | 2,404 |  |
| EPS | ¥810.05 |  |
| Book value per share | ¥11673.34 |  |
| Equity ratio | 85.1% |  |
| Shares outstanding | 15,673,000 |  |
| Treasury shares | 2,183,700 |  |
| Shareholders | 832 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 22.3% | Cash ÷ revenue 41.7% |
| Vs. industry median margin | +5.2 pp | Paints & Inks |
| ROE | 7.5% | Derived from disclosed figures |
| ROA | 6.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 87% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥85174000000 | ¥109707000000 | +28.8% |
| Operating income | ¥9942000000 | ¥12218000000 | +22.9% |
| Operating margin | 11.7% | 11.1% | -0.5 pp |
| Employees | 2,181 people | 2,404 people | +10.2% |
| Cash and equivalents | ¥74974000000 | ¥45748000000 | -39.0% |

### 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 |
| --- | ---: |
| 建築仕上塗材 → 建築仕上塗材 | 87.7% |
| 建築仕上塗材 → 事業再編・廃止 | 1.6% |
| 耐火断熱材 → 耐火断熱材 | 8.8% |
| その他 → その他 | 1.7% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 耐火断熱材 | 1.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Decorative coatings business | 5 years | +4.8% | ¥96168000000 | 13.6% | 2 |
| Fireproof, insulated business | 5 years | +9.3% | ¥11672000000 | 15.3% | 2 |
| Other | 5 years | +2.2% | ¥1866000000 | 12.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 109,707 | 100.0% | S100YJ5K |
| Cost of revenue | 76,752 | 70.0% | S100YJ5K |
| Gross profit | 32,955 | 30.0% | S100YJ5K |
| SG&A | 20,736 | 18.9% | S100YJ5K |
| Operating income | 12,218 | 11.1% | S100YJ5K |
| Ordinary income | 16,967 | 15.5% | S100YJ5K |
| Pretax income | 16,967 | 15.5% | S100YJ5K |
| Income tax | 4,714 | 4.3% | S100YJ5K |
| Net income | 12,252 | 11.2% | S100YJ5K |
| Net income attributable to owners | 12,252 | 11.2% | S100YJ5K |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 19 |
| Operating income | 11 |
| (Ref.) Net income | 11 |

### Margin funnel

Gross margin 30.0% → Operating margin 11.1% → Net margin 11.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +3.4%; Core profit growth: -1.8%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.54×
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 | 106,142 | 109,707 | 3,565 | +3.4% |
| Gross profit | 32,268 | 32,955 | 687 | +2.1% |
| Operating income | 12,444 | 12,218 | -226 | -1.8% |
| Net income attributable to owners | 10,729 | 12,252 | 1,523 | +14.2% |
| Operating cash flow | 8,277 | 12,758 | 4,481 | +54.1% |
| Free cash flow | 6,903 | 9,196 | 2,293 | +33.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 96,028 | 11,236 | 11.7% | 7,544 | 10,190 | 9,903 | S100LT0E |
| FY ending Mar 2021 | 85,174 | 9,942 | 11.7% | 7,046 | 9,549 | 8,863 | S100OK56 |
| FY ending Mar 2022 | 88,282 | 10,402 | 11.8% | 8,833 | 7,737 | 7,637 | S100R54G |
| FY ending Mar 2023 | 95,580 | 9,941 | 10.4% | 9,034 | 7,154 | 6,920 | S100TUQE |
| FY ending Mar 2024 | 100,883 | 12,085 | 12.0% | 11,825 | 9,176 | 8,505 | S100W7MI |
| FY ending Mar 2025 | 106,142 | 12,444 | 11.7% | 10,729 | 8,277 | 6,903 | S100YJ5K |
| FY ending Mar 2026 | 109,707 | 12,218 | 11.1% | 12,252 | 12,758 | 9,196 | S100YJ5K |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥45.6M |
| Operating income per employee (consolidated) | ¥5.1M |
| Net income per employee (consolidated) | ¥5.1M |

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) | 2,184 | 2,227 | 2,299 | 2,378 | 2,404 |
| Average salary (parent company) | ¥5.7M | ¥5.8M | ¥6M | ¥6.4M | ¥6.6M |
| Average age (parent company) | 41.0 years | 41.2 years | 41.2 years | 41.1 years | 41.3 years |
| Average tenure (parent company) | 13.1 years | 13.3 years | 13.3 years | 13.3 years | 14.5 years |

Year over year: Employees (consolidated) +1.1% · Revenue (consolidated) +3.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Decorative coatings business | 96,168 | 87.7% | 13,114 | 13.6% |
| Fireproof, insulated business | 11,672 | 10.6% | 1,786 | 15.3% |
| Other | 1,866 | 1.7% | 224 | 12.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Decorative coatings business | 87.7% | 86.7% | -0.9 | 13.6% |
| Fireproof, insulated business | 10.6% | 11.8% | 1.2 | 15.3% |
| Other | 1.7% | 1.5% | -0.2 | 12.0% |

Segment → industry: Fireproof, insulated business → Housing Equipment & Building Materials / Decorative coatings business → Paints & Inks

## 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 | 12,758 | 11.6% | S100YJ5K |
| Capital expenditure | 3,562 | 3.2% | S100YJ5K |
| Free cash flow | 9,196 | 8.4% | 算出 |
| Investing cash flow | -18,733 | -17.1% | S100YJ5K |
| Financing cash flow | -1,743 | -1.6% | S100YJ5K |
| Dividends paid | 1,618 | 1.5% | S100YJ5K |
| Share buyback | 0 | 0.0% | S100YJ5K |
| Change in cash | -7,205 | -6.6% | S100YJ5K |
| Cash and equivalents | 45,748 | 41.7% | S100YJ5K |

## 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 | 72,637 | 58,778 | 58,018 | 52,953 | 45,748 | S100TUQE, S100W7MI, S100YJ5K |
| Total assets | 157,468 | 169,043 | 183,076 | 191,106 | 205,260 | S100R54G, S100TUQE, S100W7MI, S100YJ5K |
| Net assets | 131,643 | 140,967 | 152,610 | 163,520 | 174,759 | S100TUQE, S100W7MI, S100YJ5K |
| Share capital | 2,662 | 2,662 | 2,662 | 2,662 | 2,662 | S100R54G, S100TUQE, S100W7MI, S100YJ5K |
| Trade receivables | 16,837 | 17,903 | 18,950 | 17,933 | 17,502 | S100R54G, S100TUQE, S100W7MI, S100YJ5K |
| Property, plant and equipment | 12,884 | 12,919 | 12,875 | 13,996 | 17,392 | S100R54G, S100TUQE, S100W7MI, S100YJ5K |
| Intangible assets excluding goodwill | 751 | 779 | 803 | 844 | 806 | S100R54G, S100TUQE, S100W7MI, S100YJ5K |
| Investment securities | 3,017 | 7,616 | 7,624 | 11,369 | 18,956 | S100R54G, S100TUQE, S100W7MI, S100YJ5K |
| Current assets | 137,200 | 128,894 | 137,507 | 140,500 | 137,331 | S100R54G, S100TUQE, S100W7MI, S100YJ5K |
| Current liabilities | 21,991 | 24,102 | 26,359 | 23,270 | 25,827 | S100R54G, S100TUQE, S100W7MI, S100YJ5K |
| Trade payables | 7,381 | 9,557 | 8,787 | 7,610 | — | S100R54G, S100TUQE, S100W7MI |
| Short-term borrowings | 3,110 | 3,000 | 3,000 | 3,000 | 3,000 | S100R54G, S100TUQE, S100W7MI, S100YJ5K |
| Total liabilities | 25,825 | 28,075 | 30,466 | 27,586 | 30,500 | S100R54G, S100TUQE, S100W7MI, S100YJ5K |
| Equity attributable to owners of parent | 130,021 | 137,977 | 148,724 | 157,705 | 168,338 | S100R54G, S100TUQE, S100W7MI, S100YJ5K |
| Retained earnings | 133,740 | 141,696 | 152,444 | 161,354 | 171,987 | S100R54G, S100TUQE, S100W7MI, S100YJ5K |
| Treasury stock | -9,518 | -9,518 | -9,518 | -9,480 | -9,481 | S100R54G, S100TUQE, S100W7MI, S100YJ5K |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YJ5K |
| Receivables | 9% | S100YJ5K |
| Property, plant and equipment | 9% | S100YJ5K |
| Intangibles and goodwill | 0% | S100YJ5K |
| Investment securities | 9% | S100YJ5K |
| Other assets | 51% | S100YJ5K |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 15% | S100YJ5K |
| Equity | 85% | S100YJ5K |
| Other liabilities | 0% | S100YJ5K |

### 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 | 157,468 | 169,043 | 183,076 | 191,106 | 205,260 |
| Equity | 131,643 | 140,967 | 152,610 | 163,520 | 174,759 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 72,637 | 58,778 | 58,018 | 52,953 | 45,748 |

## 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) | 15.9% | S100YJ5K |
| Fixed assets ÷ total assets | 8.5% | S100YJ5K |
| Goodwill ÷ parent equity | — | —, S100YJ5K |

### 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) | 22.3% |
| Cash ÷ revenue | 41.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 104.4% |
| Cash vs. profit gap | 506 JPY mn (of net income 4.1%) |
| Shareholder returns / net income | 13.2% |
| Shareholder returns / FCF | 17.6% |
| Shareholder payments — dividends / net income | 13.2% |
| Shareholder payments — dividends / FCF | 17.6% |
| CapEx intensity (capex ÷ revenue) | 3.2% |
| Investing CF relative to operating CF | 146.8% |

## 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 | 10.0% | 0.56× | 5.6% | 1.21× | 6.8% | S100R54G |
| 2023 | 9.5% | 0.59× | 5.5% | 1.22× | 6.7% | S100TUQE |
| 2024 | 11.7% | 0.57× | 6.7% | 1.23× | 8.2% | S100W7MI |
| 2025 | 10.1% | 0.57× | 5.7% | 1.22× | 7.0% | S100YJ5K |
| 2026 | 11.2% | 0.55× | 6.2% | 1.22× | 7.5% | S100YJ5K |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 四国興産有限会社 | Major shareholder | 31.9% | 2026-03-31 |
| MSCOカスタマーセキュリティーズ （常任代理人 モルガン・スタンレーMUFG証券㈱） | Major shareholder | 5.8% | 2026-03-31 |
| ノーザントラストカンパニーエイブイエフシーリフィデリティファンズ （常任代理人 香港上海銀行） | Major shareholder | 5.4% | 2026-03-31 |
| ザ チェース マンハッタン バンク エヌエイ ロンドンエスイーシーエス レンディング オムニバス アカウント （常任代理人 ㈱みずほ銀行） | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社日本カストディ銀行 | Major shareholder | 4.1% | 2026-03-31 |
| 藤井 實 | Major shareholder | 3.5% | 2026-03-31 |
| ジェーピーモルガンチェースバンク380055 （常任代理人 ㈱みずほ銀行） | Major shareholder | 3.3% | 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㈱） | Major shareholder | 3.1% | 2026-03-31 |
| 藤井 実広 | Major shareholder | 2.9% | 2026-03-31 |
| 藤井 訓広 | Major shareholder | 2.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第70期(2025/04/01－2026/03/31) | S100YJ5K | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ5K,, |
| 有価証券報告書－第69期(2024/04/01－2025/03/31) | S100W7MI | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W7MI,, |
| 有価証券報告書－第68期(2023/04/01－2024/03/31) | S100TUQE | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUQE,, |
| 有価証券報告書－第67期(2022/04/01－2023/03/31) | S100R54G | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R54G,, |
| 有価証券報告書－第66期(令和3年4月1日－令和4年3月31日) | S100OK56 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OK56,, |
| 有価証券報告書－第65期(令和2年4月1日－令和3年3月31日) | S100LT0E | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LT0E,, |

## 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).