# Sumitomo Osaka Cement 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163期(2025/04/01－2026/03/31) (S100YH1Y)
> Page: https://vizora.meequs.com/en/company/sumitomo-osaka-cement
> Retrieved: 2026-09-30T22:16:45.593Z

## Company

Sumitomo Osaka Cement, founded in 1994, is a company in Glass & Ceramics listed on TSE Prime. It has 3,045 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sumitomo Osaka Cement Co.,Ltd. |
| Ticker | 5232 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5232.T) |
| Listing | TSE Prime |
| Head office | 東京都港区東新橋一丁目9番2号 |
| Representative (per filing) | 取締役社長 諸橋 央典 |
| Founded | Oct 1994 |
| Share capital | ¥41.7B |
| Employees (consolidated) | 3,045 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.soc.co.jp (https://www.soc.co.jp/) |
| Corporate number | 5010001023779 |
| EDINET | E01127 |
| Industries (Vizora) | Glass & Ceramics, Cement & Concrete, Electronic Components |

> Profile source: annual securities report (S100YH1Y, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Cement & Concrete (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 28.1 | 16 |
| Profitability | 28.1 | 16 |
| Cash conversion | 84.4 | 16 |
| Efficiency | 21.9 | 16 |
| Financial strength | 50 | 3 |

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 72% of Sumitomo Osaka Cement's sales come from Cement, with Construction materials and New materials making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +1.9% from the prior year, operating profit +46.0%.

## Company structure

- Segment revenue mix: Cement 72.1%、Construction materials 10.5%、New materials 8.2%、Mineral products 8.0%、Photoelectron 1.2%
- Revenue → net income: ¥223686000000 → ¥11378000000
- Net income → operating cash flow: ¥11378000000 → ¥34539000000（difference ¥23161000000）
- Main uses of operating cash flow: CapEx ¥32661000000 / dividends ¥3889000000 / buybacks ¥5018000000
- Change in cash: ¥77000000
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 | ¥223.7B |  |
| Operating income | ¥13.6B | Margin 6.1% |
| Net income | ¥11.2B | Margin 5.0% |
| Free cash flow | ¥1.88B |  |
| Largest business | Cement | of segment revenue 72.1% |
| Employees (consolidated) | 3,045 |  |
| EPS | ¥263.83 |  |
| Book value per share | ¥4492.44 |  |
| Equity ratio | 54.0% |  |
| Shares outstanding | 32,068,117 |  |
| Treasury shares | 308,800 |  |
| Shareholders | 13,259 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 4.6% | Net cash -¥53.2B · Cash ÷ revenue 7.4% |
| Vs. industry median margin | -2 pp | Cement & Concrete |
| ROE | 6.5% | Derived from disclosed figures |
| ROA | 3.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.1× net income
- FY2026, buybacks were 1.3× dividends
- FY2026, segment profit share differs by -28 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥239274000000 | ¥223686000000 | -6.5% |
| Operating income | ¥16631000000 | ¥13648000000 | -17.9% |
| Operating margin | 7.0% | 6.1% | -0.8 pp |
| Employees | 3,065 people | 3,045 people | -0.7% |
| Cash and equivalents | ¥18600000000 | ¥16588000000 | -10.8% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| セメント → セメント | 72.1% |
| セメント → 事業再編・廃止 | 7.9% |
| 鉱産品 → 鉱産品 | 5.1% |
| 建材 → 建材 | 7.5% |
| 光電子 → 光電子 | 1.2% |
| 光電子 → 事業再編・廃止 | 1.2% |
| 新材料 → 新材料 | 4.6% |
| 電池材料 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 鉱産品 | 2.8% |
| 新設・再編 → 建材 | 3.0% |
| 新設・再編 → 新材料 | 3.6% |

Segment revenue source references: 11 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Cement | 5 years | -3.3% | ¥158799000000 | 3.5% | 2 |
| Construction materials | 5 years | +5.5% | ¥23020000000 | 6.4% | 2 |
| New materials | 5 years | +11.0% | ¥18074000000 | 13.7% | 2 |
| Mineral products | 5 years | +7.9% | ¥17505000000 | 17.1% | 2 |
| Photoelectron | 5 years | -13.8% | ¥2732000000 | -2.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 223,686 | 100.0% | S100YH1Y |
| Cost of revenue | 167,034 | 74.7% | S100YH1Y |
| Gross profit | 56,651 | 25.3% | S100YH1Y |
| SG&A | 43,003 | 19.2% | S100YH1Y |
| Operating income | 13,648 | 6.1% | S100YH1Y |
| Ordinary income | 14,405 | 6.4% | S100YH1Y |
| Pretax income | 16,041 | 7.2% | S100YH1Y |
| Income tax | 4,662 | 2.1% | S100YH1Y |
| Net income | 11,378 | 5.1% | S100YH1Y |
| Net income attributable to owners | 11,214 | 5.0% | S100YH1Y |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 19 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 25.3% → Operating margin 6.1% → Net margin 5.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +1.9%; Core profit growth: +46.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 23.89×
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 | 219,465 | 223,686 | 4,221 | +1.9% |
| Gross profit | 50,077 | 56,651 | 6,574 | +13.1% |
| Operating income | 9,351 | 13,648 | 4,297 | +46.0% |
| Net income attributable to owners | 9,008 | 11,214 | 2,206 | +24.5% |
| Operating cash flow | 24,885 | 34,539 | 9,654 | +38.8% |
| Free cash flow | -2,760 | 1,878 | 4,638 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 245,159 | 16,128 | 6.6% | 10,922 | 32,305 | 13,872 | S100LMJB |
| FY ending Mar 2021 | 239,274 | 16,631 | 7.0% | 11,719 | 32,797 | 12,576 | S100ODCJ |
| FY ending Mar 2022 | 184,209 | 6,878 | 3.7% | 9,674 | 18,255 | -2,666 | S100R3ZB |
| FY ending Mar 2023 | 204,705 | -8,555 | -4.2% | -5,719 | -16,146 | -44,059 | S100TR7A |
| FY ending Mar 2024 | 222,502 | 7,251 | 3.3% | 15,339 | 43,731 | 14,849 | S100W2GC |
| FY ending Mar 2025 | 219,465 | 9,351 | 4.3% | 9,008 | 24,885 | -2,760 | S100YH1Y |
| FY ending Mar 2026 | 223,686 | 13,648 | 6.1% | 11,214 | 34,539 | 1,878 | S100YH1Y |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥73.5M |
| Operating income per employee (consolidated) | ¥4.5M |
| 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) | 3,068 | 2,896 | 2,886 | 2,952 | 3,045 |
| Average salary (parent company) | ¥6.9M | ¥6.9M | ¥6.9M | ¥7M | ¥7.3M |
| Average age (parent company) | 42.4 years | 42.7 years | 43.0 years | 43.0 years | 42.9 years |
| Average tenure (parent company) | 18.5 years | 18.7 years | 18.8 years | 18.4 years | 18.1 years |

Year over year: Employees (consolidated) +3.2% · Revenue (consolidated) +1.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Cement | 158,799 | 72.1% | 5,495 | 3.5% |
| Mineral products | 17,505 | 8.0% | 2,986 | 17.1% |
| Construction materials | 23,020 | 10.5% | 1,480 | 6.4% |
| Photoelectron | 2,732 | 1.2% | -56 | -2.0% |
| New materials | 18,074 | 8.2% | 2,479 | 13.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Cement | 72.1% | 44.2% | -28.0 | 3.5% |
| Mineral products | 8.0% | 24.0% | 16.1 | 17.1% |
| Construction materials | 10.5% | 11.9% | 1.4 | 6.4% |
| Photoelectron | 1.2% | — | — | -2.0% |
| New materials | 8.2% | 19.9% | 11.7 | 13.7% |

Loss-making segment (excluded from profit shares): Photoelectron -56 JPY mn

Segment → industry: New materials → Glass & Ceramics / Construction materials → Cement & Concrete / Mineral products → Cement & Concrete / Cement → Cement & Concrete / Photoelectron → Electronic Components

## 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 | 34,539 | 15.4% | S100YH1Y |
| Capital expenditure | 32,661 | 14.6% | S100YH1Y |
| Free cash flow | 1,878 | 0.8% | 算出 |
| Investing cash flow | -28,566 | -12.8% | S100YH1Y |
| Financing cash flow | -5,954 | -2.7% | S100YH1Y |
| Dividends paid | 3,889 | 1.7% | S100YH1Y |
| Share buyback | 5,018 | 2.2% | S100YH1Y |
| Change in cash | 77 | 0.0% | S100YH1Y |
| Cash and equivalents | 16,588 | 7.4% | S100YH1Y |

## 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 | 13,085 | 14,500 | 18,662 | 16,511 | 16,588 | S100TR7A, S100W2GC, S100YH1Y |
| Total assets | 331,107 | 356,558 | 356,283 | 353,029 | 361,980 | S100R3ZB, S100TR7A, S100W2GC, S100YH1Y |
| Net assets | 203,173 | 184,591 | 196,775 | 193,660 | 197,948 | S100TR7A, S100W2GC, S100YH1Y |
| Share capital | 41,654 | 41,654 | 41,654 | 41,654 | 41,654 | S100R3ZB, S100TR7A, S100W2GC, S100YH1Y |
| Property, plant and equipment | 169,211 | 176,552 | 184,499 | 191,789 | 194,404 | S100R3ZB, S100TR7A, S100W2GC, S100YH1Y |
| Intangible assets excluding goodwill | 3,444 | 3,651 | 3,643 | 3,467 | 3,448 | S100R3ZB, S100TR7A, S100W2GC, S100YH1Y |
| Goodwill | 127 | 95 | 63 | 31 | — | S100R3ZB, S100TR7A, S100W2GC, S100YH1Y |
| Investment securities | 59,401 | 47,784 | 44,850 | 39,372 | 43,731 | S100R3ZB, S100TR7A, S100W2GC, S100YH1Y |
| Current assets | 87,756 | 116,978 | 109,155 | 104,143 | 103,655 | S100R3ZB, S100TR7A, S100W2GC, S100YH1Y |
| Current liabilities | 75,479 | 102,044 | 89,342 | 83,742 | 86,350 | S100R3ZB, S100TR7A, S100W2GC, S100YH1Y |
| Trade payables | 28,344 | 29,676 | 30,801 | 28,266 | 27,590 | S100R3ZB, S100TR7A, S100W2GC, S100YH1Y |
| Short-term borrowings | 19,972 | 31,316 | 25,273 | 18,822 | 17,809 | S100R3ZB, S100TR7A, S100W2GC, S100YH1Y |
| Long-term borrowings | 15,825 | 26,166 | 26,027 | 25,863 | 26,940 | S100R3ZB, S100TR7A, S100W2GC, S100YH1Y |
| Bonds | 10,000 | 20,000 | 20,000 | 25,000 | 25,000 | S100R3ZB, S100TR7A, S100W2GC, S100YH1Y |
| Interest-bearing debt | 45,797 | 77,482 | 71,300 | 69,685 | 69,749 | 算出 |
| Total liabilities | 127,934 | 171,966 | 159,508 | 159,369 | 164,031 | S100R3ZB, S100TR7A, S100W2GC, S100YH1Y |
| Non-controlling interests | 2,209 | 2,152 | 2,430 | 2,562 | 2,642 | S100R3ZB, S100TR7A, S100W2GC, S100YH1Y |
| Equity attributable to owners of parent | 171,443 | 159,724 | 170,847 | 170,865 | 173,217 | S100R3ZB, S100TR7A, S100W2GC, S100YH1Y |
| Retained earnings | 127,896 | 107,791 | 119,016 | 119,737 | 122,541 | S100R3ZB, S100TR7A, S100W2GC, S100YH1Y |
| Treasury stock | -8,566 | -272 | -311 | -992 | -1,446 | S100R3ZB, S100TR7A, S100W2GC, S100YH1Y |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 4% | S100YH1Y |
| Property, plant and equipment | 54% | S100YH1Y |
| Intangibles and goodwill | 1% | S100YH1Y |
| Investment securities | 12% | S100YH1Y |
| Other assets | 29% | S100YH1Y |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YH1Y |
| Interest-bearing debt | 19% | 算出 |
| Other liabilities | 18% | S100YH1Y |
| Equity | 55% | S100YH1Y |
| Other liabilities | 0% | S100YH1Y |

### 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 | 331,107 | 356,558 | 356,283 | 353,029 | 361,980 |
| Equity | 203,173 | 184,591 | 196,775 | 193,660 | 197,948 |
| Interest-bearing debt | 45,797 | 77,482 | 71,300 | 69,685 | 69,749 |
| Cash | 13,085 | 14,500 | 18,662 | 16,511 | 16,588 |

## 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) | 86.9% | S100YH1Y |
| Fixed assets ÷ total assets | 53.7% | S100YH1Y |
| Goodwill ÷ parent equity | — | —, S100YH1Y |

### 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) | 4.6% |
| Cash ÷ revenue | 7.4% |
| Net cash (cash − interest-bearing debt) | -¥53.2B |
| Net debt ÷ operating cash flow | 1.54× |
| Cash conversion (operating CF ÷ operating income) | 253.1% |
| Cash vs. profit gap | 23,325 JPY mn (of net income 208.0%) |
| Shareholder returns / net income | 79.4% |
| Shareholder returns / FCF | 474.3% |
| Shareholder payments — dividends / net income | 34.7% |
| Shareholder payments — dividends / FCF | 207.1% |
| CapEx intensity (capex ÷ revenue) | 14.6% |
| Investing CF relative to operating CF | 82.7% |

## 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 | 5.3% | 0.56× | 2.9% | 1.93× | 5.6% | S100R3ZB |
| 2023 | — | —× | -1.7% | —× | — | S100TR7A |
| 2024 | 6.9% | 0.62× | 4.3% | 2.16× | 9.3% | S100W2GC |
| 2025 | 4.1% | 0.62× | 2.5% | 2.08× | 5.3% | S100YH1Y |
| 2026 | 5.0% | 0.63× | 3.1% | 2.08× | 6.5% | S100YH1Y |

## 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 | 13.8% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST（常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 8.3% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS（常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 4.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.0% | 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 | 3.5% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC) RE NON TREATY CLIENTS ACCOUNT（常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 3.4% | 2026-03-31 |
| NORTHERN TRUST CO ． （ AVFC ） RE IEDU UCITS CLIENTS NON LENDING 15 PCT TREATY ACCOUNT（常任代理人 香港上海銀行東京支店 セキュリティーズ・サービシズ・オペレーションズ） | Major shareholder | 2.9% | 2026-03-31 |
| 住友生命保険相互会社（常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.7% | 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 | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第163期(2025/04/01－2026/03/31) | S100YH1Y | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YH1Y,, |
| 有価証券報告書－第162期(2024/04/01－2025/03/31) | S100W2GC | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2GC,, |
| 有価証券報告書－第161期(2023/04/01－2024/03/31) | S100TR7A | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TR7A,, |
| 有価証券報告書－第160期(2022/04/01－2023/03/31) | S100R3ZB | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3ZB,, |
| 有価証券報告書－第159期(令和3年4月1日－令和4年3月31日) | S100ODCJ | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODCJ,, |
| 有価証券報告書－第158期(令和2年4月1日－令和3年3月31日) | S100LMJB | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LMJB,, |

## 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).