# STELLA CHEMIFA CORPORATION: 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83期(2025/04/01－2026/03/31) (S100YDCE)
> Page: https://vizora.meequs.com/en/company/stella-chemifa
> Retrieved: 2026-09-30T20:28:06.959Z

## Company

Stella Chemifa, founded in 1944, is a company in Non-life Insurance listed on TSE Prime. It has 683 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | STELLA CHEMIFA CORPORATION |
| Ticker | 4109 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4109.T) |
| Listing | TSE Prime |
| Head office | 大阪市中央区伏見町四丁目1番1号 |
| Representative (per filing) | 代表取締役社長 橋本 亜希 |
| Founded | Feb 1944 |
| Share capital | ¥4.83B |
| Employees (consolidated) | 683 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.stella-chemifa.co.jp (https://www.stella-chemifa.co.jp/) |
| Corporate number | 8120001044472 |
| EDINET | E00805 |
| Industries (Vizora) | Non-life Insurance, Semiconductor Materials, Trucking & Parcel Delivery, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YDCE, filed 2026-06-18). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 6.5 | 23 |
| Profitability | 43.8 | 24 |
| Cash conversion | 56.3 | 24 |
| Efficiency | 39.6 | 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 86% of Stella Chemifa's sales come from High purity chemical, with Transportation and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed +1.4% from the prior year, operating profit +7.1%.

## Company structure

- Segment revenue mix: High purity chemical 86.4%、Transportation 13.3%、Other 0.3%
- Revenue → net income: ¥36799000000 → ¥3047000000
- Net income → operating cash flow: ¥3047000000 → ¥6009000000（difference ¥2962000000）
- Main uses of operating cash flow: CapEx ¥4580000000 / dividends ¥2030000000 / buybacks ¥0
- Change in cash: ¥-1855000000
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 | ¥36.8B |  |
| Operating income | ¥4.64B | Margin 12.6% |
| Net income | ¥3.06B | Margin 8.3% |
| Free cash flow | ¥1.43B |  |
| Largest business | High purity chemical | of segment revenue 86.4% |
| Employees (consolidated) | 683 |  |
| EPS | ¥303.63 |  |
| Book value per share | ¥2763.17 |  |
| Equity ratio | 74.6% |  |
| Shares outstanding | 12,973,000 |  |
| Treasury shares | 601,200 |  |
| Shareholders | 6,176 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 22.4% | Cash ÷ revenue 39.0% |
| Vs. industry median margin | -2.2 pp | Semiconductor Materials |
| ROE | 7.0% | Derived from disclosed figures |
| ROA | 4.9% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 77% of positive segment profit
- FY2026, employees -2% while operating income rose 7%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥32893000000 | ¥36799000000 | +11.9% |
| Operating income | ¥4081000000 | ¥4644000000 | +13.8% |
| Operating margin | 12.4% | 12.6% | +0.2 pp |
| Employees | 813 people | 683 people | -16.0% |
| Cash and equivalents | ¥15245000000 | ¥14347000000 | -5.9% |

### 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 |
| --- | ---: |
| 高純度薬品 → 高純度薬品 | 86.4% |
| 運輸 → 運輸 | 12.4% |
| その他 → その他 | 0.3% |
| その他 → 事業再編・廃止 | 0.3% |
| メディカル → 事業再編・廃止 | 0.6% |
| 新設・再編 → 高純度薬品 | 0.0% |
| 新設・再編 → 運輸 | 0.9% |

Segment revenue source references: 7 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| High purity chemical | 5 years | +2.3% | ¥31786000000 | 11.3% | 2 |
| Transportation | 5 years | +3.8% | ¥4892000000 | 21.4% | 2 |
| Other | 5 years | -10.8% | ¥120000000 | 23.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 36,799 | 100.0% | S100YDCE |
| Cost of revenue | 28,218 | 76.7% | S100YDCE |
| Gross profit | 8,581 | 23.3% | S100YDCE |
| SG&A | 3,936 | 10.7% | S100YDCE |
| Operating income | 4,644 | 12.6% | S100YDCE |
| Ordinary income | 4,424 | 12.0% | S100YDCE |
| Pretax income | 4,395 | 11.9% | S100YDCE |
| Income tax | 1,348 | 3.7% | S100YDCE |
| Net income | 3,047 | 8.3% | S100YDCE |
| Net income attributable to owners | 3,058 | 8.3% | S100YDCE |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 77 |
| SG&A | 11 |
| Operating income | 12 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 23.3% → Operating margin 12.6% → Net margin 8.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.4%; Core profit growth: +7.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 5.01×
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 | 36,288 | 36,799 | 511 | +1.4% |
| Gross profit | 8,257 | 8,581 | 324 | +3.9% |
| Operating income | 4,338 | 4,644 | 306 | +7.1% |
| Net income attributable to owners | 2,892 | 3,058 | 166 | +5.7% |
| Operating cash flow | 7,115 | 6,009 | -1,106 | -15.5% |
| Free cash flow | 2,946 | 1,429 | -1,517 | -51.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 33,729 | 2,407 | 7.1% | 1,924 | 5,036 | 388 | S100LQ1A |
| FY ending Mar 2021 | 32,893 | 4,081 | 12.4% | 2,959 | 7,352 | 4,922 | S100OH3G |
| FY ending Mar 2022 | 37,296 | 4,583 | 12.3% | 5,364 | 5,403 | 2,683 | S100RQK5 |
| FY ending Mar 2023 | 35,382 | 3,514 | 9.9% | 2,280 | 5,634 | 1,046 | S100TXTD |
| FY ending Mar 2024 | 30,446 | 2,722 | 8.9% | 1,845 | 6,542 | 838 | S100W3QL |
| FY ending Mar 2025 | 36,288 | 4,338 | 12.0% | 2,892 | 7,115 | 2,946 | S100YDCE |
| FY ending Mar 2026 | 36,799 | 4,644 | 12.6% | 3,058 | 6,009 | 1,429 | S100YDCE |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.9M |
| Operating income per employee (consolidated) | ¥6.8M |
| Net income per employee (consolidated) | ¥4.5M |

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) | 760 | 727 | 695 | 694 | 683 |
| Average salary (parent company) | ¥7M | ¥6.7M | ¥6.9M | ¥7M | ¥7.3M |
| Average age (parent company) | 38.8 years | 38.9 years | 39.0 years | 39.2 years | 39.5 years |
| Average tenure (parent company) | 14.7 years | 14.8 years | 14.8 years | 14.9 years | 15.2 years |

Year over year: Employees (consolidated) -1.6% · Revenue (consolidated) +1.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| High purity chemical | 31,786 | 86.4% | 3,592 | 11.3% |
| Transportation | 4,892 | 13.3% | 1,045 | 21.4% |
| Other | 120 | 0.3% | 28 | 23.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| High purity chemical | 86.4% | 77.0% | -9.4 | 11.3% |
| Transportation | 13.3% | 22.4% | 9.1 | 21.4% |
| Other | 0.3% | 0.6% | 0.3 | 23.3% |

Segment → industry: Other → Non-life Insurance / High purity chemical → Semiconductor Materials / Transportation → Trucking & Parcel Delivery / Transportation → Warehouses & Logistics Facilities

## 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 | 6,009 | 16.3% | S100YDCE |
| Capital expenditure | 4,580 | 12.4% | S100YDCE |
| Free cash flow | 1,429 | 3.9% | 算出 |
| Investing cash flow | -8,162 | -22.2% | S100YDCE |
| Financing cash flow | 151 | 0.4% | S100YDCE |
| Dividends paid | 2,030 | 5.5% | S100YDCE |
| Share buyback | 0 | 0.0% | S100YDCE |
| Change in cash | -1,855 | -5.0% | S100YDCE |
| Cash and equivalents | 14,347 | 39.0% | S100YDCE |

## 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 | 15,538 | 14,728 | 15,846 | 16,203 | 14,347 | S100TXTD, S100W3QL, S100YDCE |
| Total assets | 56,598 | 55,471 | 58,618 | 60,725 | 64,149 | S100RQK5, S100TXTD, S100W3QL, S100YDCE |
| Net assets | 42,728 | 43,162 | 44,501 | 44,992 | 48,061 | S100TXTD, S100W3QL, S100YDCE |
| Share capital | 4,829 | 4,829 | 4,829 | 4,829 | 4,829 | S100RQK5, S100TXTD, S100W3QL, S100YDCE |
| Property, plant and equipment | 21,667 | 22,625 | 25,426 | 26,658 | 28,441 | S100RQK5, S100TXTD, S100W3QL, S100YDCE |
| Intangible assets excluding goodwill | 375 | 261 | 149 | 42 | 69 | S100RQK5, S100TXTD, S100W3QL, S100YDCE |
| Investment securities | 3,206 | 3,055 | 3,019 | 3,163 | 5,595 | S100RQK5, S100TXTD, S100W3QL, S100YDCE |
| Current assets | 30,581 | 28,615 | 29,002 | 29,839 | 28,929 | S100RQK5, S100TXTD, S100W3QL, S100YDCE |
| Current liabilities | 9,804 | 8,894 | 8,890 | 9,784 | 9,085 | S100RQK5, S100TXTD, S100W3QL, S100YDCE |
| Trade payables | 1,743 | 1,469 | 1,278 | — | — | S100RQK5, S100TXTD |
| Short-term borrowings | 1,920 | 1,920 | 2,000 | 2,000 | 1,600 | S100RQK5, S100TXTD, S100W3QL, S100YDCE |
| Long-term borrowings | 2,003 | 1,070 | 1,949 | 2,424 | 2,871 | S100RQK5, S100TXTD, S100W3QL, S100YDCE |
| Total liabilities | 13,869 | 12,309 | 14,116 | 15,732 | 16,087 | S100RQK5, S100TXTD, S100W3QL, S100YDCE |
| Non-controlling interests | 508 | 238 | 240 | 240 | 236 | S100RQK5, S100TXTD, S100W3QL, S100YDCE |
| Equity attributable to owners of parent | 41,430 | 41,536 | 42,324 | 42,053 | 45,189 | S100RQK5, S100TXTD, S100W3QL, S100YDCE |
| Retained earnings | 29,450 | 30,904 | 31,655 | 31,734 | 32,759 | S100RQK5, S100TXTD, S100W3QL, S100YDCE |
| Treasury stock | -1,642 | -2,991 | -2,957 | -3,271 | -2,148 | S100RQK5, S100TXTD, S100W3QL, S100YDCE |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 22% | S100YDCE |
| Property, plant and equipment | 44% | S100YDCE |
| Intangibles and goodwill | 0% | S100YDCE |
| Investment securities | 9% | S100YDCE |
| Other assets | 25% | S100YDCE |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 25% | S100YDCE |
| Equity | 75% | S100YDCE |
| Other liabilities | 0% | S100YDCE |

### 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 | 56,598 | 55,471 | 58,618 | 60,725 | 64,149 |
| Equity | 42,728 | 43,162 | 44,501 | 44,992 | 48,061 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 15,538 | 14,728 | 15,846 | 16,203 | 14,347 |

## 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) | 77.3% | S100YDCE |
| Fixed assets ÷ total assets | 44.3% | S100YDCE |
| Goodwill ÷ parent equity | — | —, S100YDCE |

### 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) | 22.4% |
| Cash ÷ revenue | 39.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 129.4% |
| Cash vs. profit gap | 2,951 JPY mn (of net income 96.5%) |
| Shareholder returns / net income | 66.4% |
| Shareholder returns / FCF | 142.1% |
| Shareholder payments — dividends / net income | 66.4% |
| Shareholder payments — dividends / FCF | 142.1% |
| CapEx intensity (capex ÷ revenue) | 12.4% |
| Investing CF relative to operating CF | 135.8% |

## 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 | 14.4% | 0.66× | 9.5% | 1.37× | 12.9% | S100RQK5 |
| 2023 | 6.4% | 0.63× | 4.1% | 1.35× | 5.5% | S100TXTD |
| 2024 | 6.1% | 0.53× | 3.2% | 1.36× | 4.4% | S100W3QL |
| 2025 | 8.0% | 0.61× | 4.8% | 1.41× | 6.9% | S100YDCE |
| 2026 | 8.3% | 0.59× | 4.9% | 1.43× | 7.0% | S100YDCE |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 13.3% | 2026-03-31 |
| 株式会社ＦＵＫＡＤＡ | Major shareholder | 9.7% | 2026-03-31 |
| ＮＩＰＰＯＮ ＡＣＴＩＶＥ ＶＡＬＵＥ ＦＵＮＤ ＰＬＣ（常任代理人 香港上海銀行東京支店） | Major shareholder | 4.5% | 2026-03-31 |
| 橋本 亜希 | Major shareholder | 4.2% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３（常任代理人 株式会社みずほ銀行） | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.9% | 2026-03-31 |
| ＣＡＣＥＩＳ ＢＡＮＫ， ＬＵＸＥＭＢＯＵＲＧ ＢＲＡＮＣＨ ／ ＡＩＦ ＣＬＩＥＮＴＳ ＡＳＳＥＴＳ（常任代理人 香港上海銀行東京支店） | Major shareholder | 3.2% | 2026-03-31 |
| ＫＯＲＥＡ ＳＥＣＵＲＩＴＩＥＳ ＤＥＰＯＳＩＴＯＲＹ－ＳＡＭＳＵＮＧ （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.1% | 2026-03-31 |
| 橋本 信子 | Major shareholder | 3.0% | 2026-03-31 |
| 深田 麻実 | Major shareholder | 2.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第83期(2025/04/01－2026/03/31) | S100YDCE | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDCE,, |
| 有価証券報告書－第82期(2024/04/01－2025/03/31) | S100W3QL | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3QL,, |
| 有価証券報告書－第81期(2023/04/01－2024/03/31) | S100TXTD | 2024-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TXTD,, |
| 訂正有価証券報告書－第80期(2022/04/01－2023/03/31) | S100RQK5 | 2023-08-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RQK5,, |
| 有価証券報告書－第79期(令和3年4月1日－令和4年3月31日) | S100OH3G | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OH3G,, |
| 有価証券報告書－第78期(令和2年4月1日－令和3年3月31日) | S100LQ1A | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ1A,, |

## 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).