# Sumitomo Bakelite Company Limited: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第135期(2025/04/01－2026/03/31) (S100YITP)
> Page: https://vizora.meequs.com/en/company/sumitomo-bakelite
> Retrieved: 2026-09-30T17:49:07.455Z

## Company

Sumitomo Bakelite, founded in 1932, is a company in Medical Devices listed on TSE Prime. It has 7,524 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sumitomo Bakelite Company Limited |
| Ticker | 4203 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4203.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区東品川二丁目5番8号 |
| Representative (per filing) | 代表取締役社長 鍜治屋 伸一 |
| Founded | Jan 1932 |
| Share capital | ¥37.1B |
| Employees (consolidated) | 7,524 |
| Average salary (parent only) | ¥8.2M |
| Fiscal year end | March |
| Website | www.sumibe.co.jp (https://www.sumibe.co.jp/) |
| Corporate number | 9010701005073 |
| EDINET | E00819 |
| Industries (Vizora) | Medical Devices, Chemicals, Semiconductor Materials |

> Profile source: annual securities report (S100YITP, filed 2026-07-13). As of filing

## Five-axis industry profile

Primary industry: Medical Devices (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 69.7 | 38 |
| Profitability | 50 | 39 |
| Cash conversion | 48.7 | 38 |
| Efficiency | 62.8 | 39 |

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 34% of Sumitomo Bakelite's sales come from Quality of life products, with Semiconductor materials and High-performance plastics making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed +5.0% from the prior year, operating profit +43.1%.

## Company structure

- Segment revenue mix: Quality of life products 33.5%、Semiconductor materials 33.3%、High-performance plastics 33.0%、Other 0.2%
- Revenue → net income: ¥319867000000 → ¥28366000000
- Net income → operating cash flow: ¥28366000000 → ¥35003000000（difference ¥6637000000）
- Main uses of operating cash flow: CapEx ¥15446000000 / dividends ¥8765000000 / buybacks ¥7000000
- Change in cash: ¥21218000000
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 | ¥319.9B |  |
| Operating income | ¥35.5B | Margin 11.1% |
| Net income | ¥28B | Margin 8.8% |
| Free cash flow | ¥19.6B |  |
| Largest business | Quality of life products | of segment revenue 33.5% |
| Employees (consolidated) | 7,524 |  |
| EPS | ¥319.52 |  |
| Book value per share | ¥2016.53 |  |
| Equity ratio | 71.7% | Derived from disclosed figures |
| Shares outstanding | 88,249,856 |  |
| Treasury shares | 514,300 |  |
| Shareholders | 8,968 |  |
| Average salary (parent only) | ¥8.2M | Filing company only |
| Cash ratio | 25.8% | Cash ÷ revenue 39.0% |
| Vs. industry median margin | 0 pp | Medical Devices |
| ROE | 8.8% | Derived from disclosed figures |
| ROA | 6.2% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -6% while operating income rose 43%
- FY2026, cash is 26% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥209002000000 | ¥319867000000 | +53.0% |
| Operating income | ¥19914000000 | ¥35478000000 | +78.2% |
| Operating margin | 9.5% | 11.1% | +1.6 pp |
| Employees | 7,937 people | 7,524 people | -5.2% |
| Cash and equivalents | ¥103175000000 | ¥124752000000 | +20.9% |

### 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 |
| --- | ---: |
| 半導体関連材料 → 半導体関連材料 | 27.4% |
| 高機能プラスチック → 高機能プラスチック | 33.0% |
| 高機能プラスチック → 事業再編・廃止 | 1.7% |
| クオリティオブライフ関連製品 → クオリティオブライフ関連製品 | 33.5% |
| クオリティオブライフ関連製品 → 事業再編・廃止 | 4.1% |
| その他 → その他 | 0.2% |
| その他 → 事業再編・廃止 | 0.0% |
| 新設・再編 → 半導体関連材料 | 5.9% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Quality of life products | 5 years | +6.4% | ¥107189000000 | — | 2 |
| Semiconductor materials | 5 years | +13.2% | ¥106396000000 | — | 2 |
| High-performance plastics | 5 years | +7.8% | ¥105490000000 | — | 2 |
| Other | 5 years | +5.9% | ¥792000000 | — | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 319,867 | 100.0% | S100YITP |
| Cost of revenue | 219,759 | 68.7% | S100YITP |
| Gross profit | 100,108 | 31.3% | S100YITP |
| SG&A | 65,618 | 20.5% | S100YITP |
| Operating income | 35,478 | 11.1% | S100YITP |
| Pretax income | 38,842 | 12.1% | S100YITP |
| Income tax | 10,476 | 3.3% | S100YITP |
| Net income | 28,366 | 8.9% | S100YITP |
| Net income attributable to owners | 28,014 | 8.8% | S100YITP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 69 |
| SG&A | 20 |
| Operating income | 11 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 31.3% → Operating margin 11.1% → Net margin 8.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +5.0%; Core profit growth: +43.1%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.70×
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 | 304,773 | 319,867 | 15,094 | +5.0% |
| Gross profit | 93,550 | 100,108 | 6,558 | +7.0% |
| Operating income | 24,792 | 35,478 | 10,686 | +43.1% |
| Net income attributable to owners | 19,281 | 28,014 | 8,733 | +45.3% |
| Operating cash flow | 43,711 | 35,003 | -8,708 | -19.9% |
| Free cash flow | 28,065 | 19,557 | -8,508 | -30.3% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 198,100 | — | — | 9,521 | 23,538 | — | S100LMI6 |
| FY ending Mar 2018 | 211,819 | — | — | 15,078 | 22,054 | — | S100OA1I |
| FY ending Mar 2019 | 212,952 | — | — | 15,084 | 20,191 | — | S100QZJ5 |
| FY ending Mar 2020 | 206,620 | 10,285 | 5.0% | 8,986 | 22,206 | 12,290 | S100LMI6 |
| FY ending Mar 2021 | 209,002 | 19,914 | 9.5% | 13,198 | 27,405 | 18,449 | S100OA1I |
| FY ending Mar 2022 | 263,114 | 24,887 | 9.5% | 18,299 | 27,920 | 15,511 | S100QZJ5 |
| FY ending Mar 2023 | 284,939 | 24,823 | 8.7% | 20,289 | 23,618 | 8,647 | S100TNP6 |
| FY ending Mar 2024 | 287,267 | 27,200 | 9.5% | 21,831 | 40,217 | 18,270 | S100VYAM |
| FY ending Mar 2025 | 304,773 | 24,792 | 8.1% | 19,281 | 43,711 | 28,065 | S100YITP |
| FY ending Mar 2026 | 319,867 | 35,478 | 11.1% | 28,014 | 35,003 | 19,557 | S100YITP |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥42.5M |
| Operating income per employee (consolidated) | ¥4.7M |
| Net income per employee (consolidated) | ¥3.7M |

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) | 7,916 | 8,044 | 7,953 | 7,981 | 7,524 |
| Average salary (parent company) | ¥8M | ¥8M | ¥8M | ¥7.9M | ¥8.2M |
| Average age (parent company) | 46.9 years | 47.1 years | 47.3 years | 45.9 years | 46.7 years |
| Average tenure (parent company) | 22.9 years | 23.1 years | 23.3 years | 21.9 years | 22.0 years |

Year over year: Employees (consolidated) -5.7% · Revenue (consolidated) +5.0%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Semiconductor materials | 106,396 | 33.3% | — | — |
| High-performance plastics | 105,490 | 33.0% | — | — |
| Quality of life products | 107,189 | 33.5% | — | — |
| Other | 792 | 0.2% | — | — |

### 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 |
| --- | ---: |
| Semiconductor materials | 33.3% |
| High-performance plastics | 33.0% |
| Quality of life products | 33.5% |
| Other | 0.2% |

Segment → industry: Quality of life products → Medical Devices / Quality of life products → Chemicals / High-performance plastics → Chemicals / Semiconductor materials → Semiconductor Materials

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 35,003 | 10.9% | S100YITP |
| Capital expenditure | 15,446 | 4.8% | S100YITP |
| Free cash flow | 19,557 | 6.1% | 算出 |
| Investing cash flow | -7,930 | -2.5% | S100YITP |
| Financing cash flow | -13,581 | -4.2% | S100YITP |
| Dividends paid | 8,765 | 2.7% | S100YITP |
| Share buyback | 7 | 0.0% | S100YITP |
| Change in cash | 21,218 | 6.6% | S100YITP |
| Cash and equivalents | 124,752 | 39.0% | S100YITP |

## 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 | 109,217 | 99,620 | 121,635 | 103,533 | 124,752 | S100TNP6, S100VYAM, S100YITP |
| Total assets | 370,836 | 378,457 | 441,162 | 417,778 | 484,167 | S100QZJ5, S100TNP6, S100VYAM, S100YITP |
| Net assets | 232,136 | 257,692 | 303,727 | 293,568 | 350,646 | S100TNP6, S100VYAM, S100YITP |
| Share capital | 37,143 | 37,143 | 37,143 | 37,143 | 37,143 | S100QZJ5, S100TNP6, S100VYAM, S100YITP |
| Property, plant and equipment | 101,456 | 107,479 | 122,684 | 122,951 | 132,579 | S100QZJ5, S100TNP6, S100VYAM, S100YITP |
| Goodwill | 1,260 | 1,343 | 1,504 | 1,494 | 3,216 | S100QZJ5, S100TNP6, S100VYAM, S100YITP |
| Current assets | 223,291 | 223,216 | 250,739 | 231,856 | 266,961 | S100QZJ5, S100TNP6, S100VYAM, S100YITP |
| Total liabilities | 138,701 | 120,766 | 137,435 | 124,210 | 133,521 | S100QZJ5, S100TNP6, S100VYAM, S100YITP |
| Equity attributable to owners of parent | 229,784 | 255,358 | 301,161 | 290,672 | 347,186 | S100QZJ5, S100TNP6, S100VYAM, S100YITP |
| Retained earnings | 139,383 | 155,403 | 166,454 | 179,404 | 188,138 | S100QZJ5, S100TNP6, S100VYAM, S100YITP |
| Treasury stock | -6,794 | -6,799 | -1,020 | -21,002 | -1,764 | S100QZJ5, S100TNP6, S100VYAM, S100YITP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 26% | S100YITP |
| Property, plant and equipment | 27% | S100YITP |
| Intangibles and goodwill | 1% | — |
| Other assets | 46% | S100YITP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100YITP |
| Equity | 72% | S100YITP |

### 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 | 370,836 | 378,457 | 441,162 | 417,778 | 484,167 |
| Equity | 232,136 | 257,692 | 303,727 | 293,568 | 350,646 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 109,217 | 99,620 | 121,635 | 103,533 | 124,752 |

## 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) | 41.4% | S100YITP |
| Fixed assets ÷ total assets | 27.4% | S100YITP |
| Goodwill ÷ parent equity | 0.9% | S100YITP |

Goodwill over 4 years: 1,260 → 3,216 JPY; total investing cash flow: -70,765 JPY. This does not imply causation.

### 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) | 25.8% |
| Cash ÷ revenue | 39.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 98.7% |
| Cash vs. profit gap | 6,989 JPY mn (of net income 24.9%) |
| Shareholder returns / net income | 31.3% |
| Shareholder returns / FCF | 44.9% |
| Shareholder payments — dividends / net income | 31.3% |
| Shareholder payments — dividends / FCF | 44.8% |
| CapEx intensity (capex ÷ revenue) | 4.8% |
| Investing CF relative to operating CF | 22.7% |

## 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 | 7.0% | 0.71× | 4.9% | 1.61× | 8.0% | S100QZJ5 |
| 2023 | 7.1% | 0.76× | 5.4% | 1.54× | 8.4% | S100TNP6 |
| 2024 | 7.6% | 0.70× | 5.3% | 1.47× | 7.8% | S100VYAM |
| 2025 | 6.3% | 0.71× | 4.5% | 1.45× | 6.5% | S100YITP |
| 2026 | 8.8% | 0.71× | 6.2% | 1.41× | 8.8% | S100YITP |

## 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 | 13.4% | 2026-03-31 |
| 住友化学株式会社 | Major shareholder | 10.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 8.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 7.6% | 2026-03-31 |
| GIC PRIVATE LIMITED - C（常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 7.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口４） | Major shareholder | 2.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社日本カストディ銀行・三井住友信託退給口 | Major shareholder | 1.5% | 2026-03-31 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーMUFG証券株式会社） | Major shareholder | 1.2% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the year ending March 2026 was ¥319.9B, up 5.0% from ¥304.8B.
- Operating income climbed 43.1% from ¥24.8B to ¥35.5B, and net income attributable to owners rose 45.3% to ¥28B.
- Cash generation went the other way: operating cash flow fell 19.9% to ¥35B and free cash flow fell 30.3% to ¥19.6B.

### Drivers

- Semiconductor materials sold more, helped by strong demand in China and growing AI-related uses for encapsulants and substrate materials
- The prior year carried an impairment loss at a North American plastics site and costs for consolidating plants in Japan, so the comparison flatters operating income
- A focus on higher-value products, price revisions and lower fixed costs from reorganizing production lifted profit

### Risks

- Tighter export controls or sanctions, for example from US-China trade friction, could halt trade and logistics
- Hard-to-source raw materials or price spikes tied to crude oil and other markets could squeeze margins
- Many products go into cars, aircraft and medical devices, so a major product accident could bring compensation or recall costs

Cited: Amended Annual Securities Report (135th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Amended Annual Securities Report (135th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第135期(2025/04/01－2026/03/31) | S100YITP | 2026-07-13 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YITP,, |
| 有価証券報告書－第134期(2024/04/01－2025/03/31) | S100VYAM | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYAM,, |
| 有価証券報告書－第133期(2023/04/01－2024/03/31) | S100TNP6 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNP6,, |
| 有価証券報告書－第132期(2022/04/01－2023/03/31) | S100QZJ5 | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZJ5,, |
| 有価証券報告書－第131期(令和3年4月1日－令和4年3月31日) | S100OA1I | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OA1I,, |
| 有価証券報告書－第130期(令和2年4月1日－令和3年3月31日) | S100LMI6 | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMI6,, |

## 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).