# SUGAI CHEMICAL INDUSTRY CO., LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第75期(2025/04/01－2026/03/31) (S100YBHZ)
> Page: https://vizora.meequs.com/en/company/sugai-chemical-industry
> Retrieved: 2026-09-30T17:59:35.023Z

## Company

Sugai Chemical Industry, founded in 1948, is a company in Chemicals listed on TSE Standard. It has 176 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | SUGAI CHEMICAL INDUSTRY CO., LTD. |
| Ticker | 4120 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4120.T) |
| Listing | TSE Standard |
| Head office | 和歌山県和歌山市宇須四丁目4番6号 |
| Representative (per filing) | 代表取締役社長 野間 修 |
| Founded | Nov 1948 |
| Share capital | ¥2.51B |
| Employees (consolidated) | 176 |
| Average salary (parent only) | ¥6.2M |
| Fiscal year end | March |
| Website | www.sugai-chem.co.jp (https://www.sugai-chem.co.jp/) |
| Corporate number | 4170001001687 |
| EDINET | E00906 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100YBHZ, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 14.1 | 96 |
| Profitability | 51.5 | 100 |
| Cash conversion | 94.3 | 96 |
| Efficiency | 17.5 | 100 |

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)

- Sugai Chemical Industry brought in ¥6.43B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed -2.9% from the prior year, operating profit -9.6%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥6432802000 → ¥461147000
- Net income → operating cash flow: ¥461147000 → ¥1698676000（difference ¥1237529000）
- Main uses of operating cash flow: CapEx ¥410353000 / dividends ¥90519000 / buybacks ¥32000
- Change in cash: ¥523906000
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 | ¥6.43B |  |
| Operating income | ¥489.2M | Margin 7.6% |
| Net income | ¥461.1M | Margin 7.2% |
| Free cash flow | ¥1.29B |  |
| Employees (consolidated) | 176 |  |
| EPS | ¥353 |  |
| Book value per share | ¥6403.46 |  |
| Equity ratio | 68.6% |  |
| Shares outstanding | 1,373,000 |  |
| Treasury shares | 66,600 |  |
| Shareholders | 1,173 |  |
| Average salary (parent only) | ¥6.2M | Filing company only |
| Cash ratio | 7.7% | Cash ÷ revenue 14.5% |
| Vs. industry median margin | +0.1 pp | Chemicals |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 3.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.7× net income

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6008081000 | ¥6432802000 | +7.1% |
| Operating income | ¥500291000 | ¥489242000 | -2.2% |
| Operating margin | 8.3% | 7.6% | -0.7 pp |
| Employees | 174 people | 176 people | +1.1% |
| Cash and equivalents | ¥791074000 | ¥933324000 | +18.0% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 6,433 | 100.0% | S100YBHZ |
| Cost of revenue | 5,025 | 78.1% | S100YBHZ |
| Gross profit | 1,408 | 21.9% | S100YBHZ |
| SG&A | 918 | 14.3% | S100YBHZ |
| Operating income | 489 | 7.6% | S100YBHZ |
| Ordinary income | 579 | 9.0% | S100YBHZ |
| Pretax income | 634 | 9.9% | S100YBHZ |
| Income tax | 173 | 2.7% | S100YBHZ |
| Net income | 461 | 7.2% | S100YBHZ |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 14 |
| Operating income | 8 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 21.9% → Operating margin 7.6% → Net margin 7.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -2.9%; Core profit growth: -9.6%
Operating leverage (core profit growth ÷ revenue growth): 3.36×
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 | 6,622 | 6,433 | -190 | -2.9% |
| Gross profit | 1,437 | 1,408 | -30 | -2.1% |
| Operating income | 541 | 489 | -52 | -9.6% |
| Operating cash flow | 72 | 1,699 | 1,627 | +2264.2% |
| Free cash flow | -397 | 1,288 | 1,686 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 5,522 | 188 | 3.4% | 155 | -111 | -526 | S100LNCF |
| FY ending Mar 2021 | 6,008 | 500 | 8.3% | 318 | 245 | -389 | S100OCR7 |
| FY ending Mar 2022 | 6,233 | 560 | 9.0% | 404 | 1,442 | 681 | S100R1JO |
| FY ending Mar 2023 | 7,059 | 651 | 9.2% | 579 | 932 | 556 | S100TOIN |
| FY ending Mar 2024 | 7,617 | 638 | 8.4% | 489 | 1,191 | 707 | S100VY2A |
| FY ending Mar 2025 | 6,622 | 541 | 8.2% | 363 | 72 | -397 | S100YBHZ |
| FY ending Mar 2026 | 6,433 | 489 | 7.6% | 461 | 1,699 | 1,288 | S100YBHZ |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥36.6M |
| Operating income per employee (consolidated) | ¥2.8M |
| Net income per employee (consolidated) | ¥2.6M |

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) | 179 | 183 | 182 | 177 | 176 |
| Average salary (parent company) | ¥5.7M | ¥5.9M | ¥5.9M | ¥6.1M | ¥6.2M |
| Average age (parent company) | 39.0 years | 40.0 years | 40.0 years | 41.0 years | 41.0 years |
| Average tenure (parent company) | 16.0 years | 16.0 years | 17.0 years | 18.0 years | 18.0 years |

Year over year: Employees (consolidated) -0.6% · Revenue (consolidated) -2.9%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 1,699 | 26.4% | S100YBHZ |
| Capital expenditure | 410 | 6.4% | S100YBHZ |
| Free cash flow | 1,288 | 20.0% | 算出 |
| Investing cash flow | -619 | -9.6% | S100YBHZ |
| Financing cash flow | -559 | -8.7% | S100YBHZ |
| Dividends paid | 91 | 1.4% | S100YBHZ |
| Share buyback | 0 | 0.0% | S100YBHZ |
| Change in cash | 524 | 8.1% | S100YBHZ |
| Cash and equivalents | 933 | 14.5% | S100YBHZ |

## 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 | 694 | 431 | 731 | 409 | 933 | S100TOIN, S100VY2A, S100YBHZ |
| Total assets | 11,206 | 11,287 | 11,383 | 11,477 | 12,189 | S100R1JO, S100TOIN, S100VY2A, S100YBHZ |
| Net assets | 6,374 | 6,720 | 7,259 | 7,453 | 8,365 | S100TOIN, S100VY2A, S100YBHZ |
| Share capital | 2,510 | 2,510 | 2,510 | 2,510 | 2,510 | S100R1JO, S100TOIN, S100VY2A, S100YBHZ |
| Property, plant and equipment | 3,894 | 3,906 | 3,863 | 3,994 | 3,983 | S100R1JO, S100TOIN, S100VY2A, S100YBHZ |
| Intangible assets excluding goodwill | 6 | — | 4 | 30 | 186 | S100R1JO, S100VY2A, S100YBHZ |
| Investment securities | 1,982 | 1,824 | 1,927 | 1,764 | 2,523 | S100R1JO, S100TOIN, S100VY2A, S100YBHZ |
| Current assets | 5,250 | 5,488 | 5,435 | 5,502 | 5,417 | S100R1JO, S100TOIN, S100VY2A, S100YBHZ |
| Current liabilities | 3,270 | 3,139 | 2,900 | 2,786 | 2,464 | S100R1JO, S100TOIN, S100VY2A, S100YBHZ |
| Short-term borrowings | 1,000 | 600 | 400 | 700 | 300 | S100R1JO, S100TOIN, S100VY2A, S100YBHZ |
| Long-term borrowings | 942 | 842 | 755 | 705 | 715 | S100R1JO, S100TOIN, S100VY2A, S100YBHZ |
| Total liabilities | 4,832 | 4,566 | 4,124 | 4,024 | 3,824 | S100R1JO, S100TOIN, S100VY2A, S100YBHZ |
| Equity attributable to owners of parent | 5,698 | 6,191 | 6,621 | 6,906 | 7,276 | S100R1JO, S100TOIN, S100VY2A, S100YBHZ |
| Retained earnings | 1,238 | 1,770 | 2,200 | 2,485 | 2,855 | S100R1JO, S100TOIN, S100VY2A, S100YBHZ |
| Treasury stock | -67 | -105 | -106 | -106 | -106 | S100R1JO, S100TOIN, S100VY2A, S100YBHZ |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 8% | S100YBHZ |
| Property, plant and equipment | 33% | S100YBHZ |
| Intangibles and goodwill | 1% | S100YBHZ |
| Investment securities | 21% | S100YBHZ |
| Other assets | 37% | S100YBHZ |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 31% | S100YBHZ |
| Equity | 69% | S100YBHZ |
| Other liabilities | 0% | S100YBHZ |

### 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 | 11,206 | 11,287 | 11,383 | 11,477 | 12,189 |
| Equity | 6,374 | 6,720 | 7,259 | 7,453 | 8,365 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 694 | 431 | 731 | 409 | 933 |

## 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) | 61.9% | S100YBHZ |
| Fixed assets ÷ total assets | 32.7% | S100YBHZ |
| Goodwill ÷ parent equity | — | —, S100YBHZ |

### 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) | 7.7% |
| Cash ÷ revenue | 14.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 347.2% |
| Cash vs. profit gap | 1,238 JPY mn (of net income 268.4%) |
| Shareholder returns / net income | 19.6% |
| Shareholder returns / FCF | 7.0% |
| Shareholder payments — dividends / net income | 19.6% |
| Shareholder payments — dividends / FCF | 7.0% |
| CapEx intensity (capex ÷ revenue) | 6.4% |
| Investing CF relative to operating CF | 36.4% |

## 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 | 6.5% | 0.56× | 3.6% | 1.97× | 7.1% | S100R1JO |
| 2023 | 8.2% | 0.63× | 5.1% | 1.89× | 9.7% | S100TOIN |
| 2024 | 6.4% | 0.67× | 4.3% | 1.77× | 7.6% | S100VY2A |
| 2025 | 5.5% | 0.58× | 3.2% | 1.69× | 5.4% | S100YBHZ |
| 2026 | 7.2% | 0.54× | 3.9% | 1.67× | 6.5% | S100YBHZ |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＧＭＯクリック証券株式会社 | Major shareholder | 5.3% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.9% | 2026-03-31 |
| 株式会社紀陽銀行 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 4.2% | 2026-03-31 |
| 菅井 博 | Major shareholder | 3.1% | 2026-03-31 |
| 花光 雅丸 | Major shareholder | 3.1% | 2026-03-31 |
| 中村 英樹 | Major shareholder | 2.8% | 2026-03-31 |
| 三木産業株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 金本 重徳 | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社マナック・ケミカル・パートナーズ | Major shareholder | 2.6% | 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株式会社） | Major shareholder | 2.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第75期(2025/04/01－2026/03/31) | S100YBHZ | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBHZ,, |
| 有価証券報告書－第74期(2024/04/01－2025/03/31) | S100VY2A | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VY2A,, |
| 有価証券報告書－第73期(2023/04/01－2024/03/31) | S100TOIN | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOIN,, |
| 有価証券報告書－第72期(2022/04/01－2023/03/31) | S100R1JO | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1JO,, |
| 有価証券報告書－第71期(令和3年4月1日－令和4年3月31日) | S100OCR7 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCR7,, |
| 有価証券報告書－第70期(令和2年4月1日－令和3年3月31日) | S100LNCF | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LNCF,, |

## 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).