# Sun A.Kaken Company,Limited: 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117期(2025/04/01－2026/03/31) (S100YK61)
> Page: https://vizora.meequs.com/en/company/sun-a-kaken
> Retrieved: 2026-09-30T21:38:54.741Z

## Company

Sun A.Kaken, founded in 1942, is a company in Chemicals listed on TSE Standard. It has 611 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Sun A.Kaken Company,Limited |
| Ticker | 4234 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4234.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋本町一丁目7番4号 |
| Representative (per filing) | 代表取締役社長 櫻田 武志 |
| Founded | Sep 1942 |
| Share capital | ¥2.18B |
| Employees (consolidated) | 611 |
| Average salary (parent only) | ¥6.3M |
| Fiscal year end | March |
| Website | www.sun-a-kaken.co.jp (https://www.sun-a-kaken.co.jp/) |
| Corporate number | 2010001017602 |
| EDINET | E01052 |
| Industries (Vizora) | Chemicals, Food Packaging |

> Profile source: annual securities report (S100YK61, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Food Packaging (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 23.3 | 15 |
| Profitability | 30 | 15 |
| Cash conversion | 67.9 | 14 |
| Efficiency | 30 | 15 |

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 41% of Sun A.Kaken's sales come from Flexible packaging, with Industrial materials and Functional materials making up much of the rest.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +3.2% from the prior year, and it swung back to an operating profit.

## Company structure

- Segment revenue mix: Flexible packaging 40.6%、Industrial materials 33.7%、Functional materials 24.2%、Other 1.6%
- Revenue → net income: ¥30358082000 → ¥989950000
- Net income → operating cash flow: ¥989950000 → ¥1668333000（difference ¥678383000）
- Main uses of operating cash flow: CapEx ¥634432000 / dividends ¥173418000 / buybacks ¥38830000
- Change in cash: ¥-377069000
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 | ¥30.4B |  |
| Operating income | ¥837.4M | Margin 2.8% |
| Net income | ¥957.4M | Margin 3.2% |
| Free cash flow | ¥1.03B |  |
| Largest business | Flexible packaging | of segment revenue 40.6% |
| Employees (consolidated) | 611 |  |
| EPS | ¥72.91 |  |
| Book value per share | ¥2085.07 |  |
| Equity ratio | 57.4% |  |
| Shares outstanding | 11,320,000 |  |
| Treasury shares | 1,688,000 |  |
| Shareholders | 2,527 |  |
| Average salary (parent only) | ¥6.3M | Filing company only |
| Cash ratio | 15.3% | Cash ÷ revenue 19.6% |
| Vs. industry median margin | -2.6 pp | Food Packaging |
| ROE | 5.4% | Derived from disclosed figures |
| ROA | 2.5% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥29986222000 | ¥30358082000 | +1.2% |
| Operating income | ¥613283000 | ¥837351000 | +36.5% |
| Operating margin | 2.0% | 2.8% | +0.7 pp |
| Employees | 736 people | 611 people | -17.0% |
| Cash and equivalents | ¥6927339000 | ¥5944478000 | -14.2% |

### 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 |
| --- | ---: |
| 軽包装材料 → 軽包装材料 | 40.0% |
| 産業資材 → 産業資材 | 29.9% |
| 機能性材料 → 機能性材料 | 24.2% |
| 機能性材料 → 事業再編・廃止 | 4.4% |
| その他 → その他 | 1.5% |
| 新設・再編 → 軽包装材料 | 0.6% |
| 新設・再編 → 産業資材 | 3.8% |
| 新設・再編 → その他 | 0.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Flexible packaging | 5 years | +0.5% | ¥12322246000 | 2.4% | 2 |
| Industrial materials | 5 years | +2.6% | ¥10217140000 | 2.6% | 2 |
| Functional materials | 5 years | -3.1% | ¥7345415000 | 3.0% | 2 |
| Other | 5 years | +1.6% | ¥473279000 | 13.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 30,358 | 100.0% | S100YK61 |
| Cost of revenue | 26,169 | 86.2% | S100YK61 |
| Gross profit | 4,189 | 13.8% | S100YK61 |
| SG&A | 3,352 | 11.0% | S100YK61 |
| Operating income | 837 | 2.8% | S100YK61 |
| Ordinary income | 1,022 | 3.4% | S100YK61 |
| Pretax income | 1,040 | 3.4% | S100YK61 |
| Income tax | 50 | 0.2% | S100YK61 |
| Net income | 990 | 3.3% | S100YK61 |
| Net income attributable to owners | 957 | 3.2% | S100YK61 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 86 |
| SG&A | 11 |
| Operating income | 3 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 13.8% → Operating margin 2.8% → Net margin 3.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Turned profitable
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 | 29,430 | 30,358 | 928 | +3.2% |
| Gross profit | 3,353 | 4,189 | 836 | +24.9% |
| Operating income | -33 | 837 | 870 | — |
| Net income attributable to owners | 240 | 957 | 718 | +299.4% |
| Operating cash flow | -319 | 1,668 | 1,988 | — |
| Free cash flow | -1,272 | 1,034 | 2,306 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 29,698 | 181 | 0.6% | -1,338 | 1,242 | 715 | S100LQ2S |
| FY ending Mar 2021 | 29,986 | 613 | 2.0% | 1,101 | 2,041 | 1,572 | S100OIKK |
| FY ending Mar 2022 | 28,674 | 742 | 2.6% | 1,516 | 1,237 | 552 | S100R66W |
| FY ending Mar 2023 | 27,870 | -468 | -1.7% | -198 | -468 | -791 | S100TSSL |
| FY ending Mar 2024 | 27,521 | -195 | -0.7% | 348 | 1,268 | 647 | S100W750 |
| FY ending Mar 2025 | 29,430 | -33 | -0.1% | 240 | -319 | -1,272 | S100YK61 |
| FY ending Mar 2026 | 30,358 | 837 | 2.8% | 957 | 1,668 | 1,034 | S100YK61 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥49.7M |
| Operating income per employee (consolidated) | ¥1.4M |
| Net income per employee (consolidated) | ¥1.6M |

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) | 733 | 688 | 674 | 638 | 611 |
| Average salary (parent company) | ¥6.1M | ¥6M | ¥5.8M | ¥6.1M | ¥6.3M |
| Average age (parent company) | 41.0 years | 43.0 years | 43.0 years | 43.0 years | 44.0 years |
| Average tenure (parent company) | 15.0 years | 17.0 years | 18.0 years | 18.0 years | 18.0 years |

Year over year: Employees (consolidated) -4.2% · Revenue (consolidated) +3.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Flexible packaging | 12,322 | 40.6% | 290 | 2.4% |
| Industrial materials | 10,217 | 33.7% | 265 | 2.6% |
| Functional materials | 7,345 | 24.2% | 221 | 3.0% |
| Other | 473 | 1.6% | 61 | 13.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Flexible packaging | 40.6% | 34.6% | -6.0 | 2.4% |
| Industrial materials | 33.7% | 31.7% | -2.0 | 2.6% |
| Functional materials | 24.2% | 26.4% | 2.2 | 3.0% |
| Other | 1.6% | 7.3% | 5.8 | 13.0% |

Segment → industry: Functional materials → Chemicals / Industrial materials → Chemicals / Flexible packaging → Food Packaging

## 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 | 1,668 | 5.5% | S100YK61 |
| Capital expenditure | 634 | 2.1% | S100YK61 |
| Free cash flow | 1,034 | 3.4% | 算出 |
| Investing cash flow | -663 | -2.2% | S100YK61 |
| Financing cash flow | -1,395 | -4.6% | S100YK61 |
| Dividends paid | 173 | 0.6% | S100YK61 |
| Share buyback | 39 | 0.1% | S100YK61 |
| Change in cash | -377 | -1.2% | S100YK61 |
| Cash and equivalents | 5,944 | 19.6% | S100YK61 |

## 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 | 7,185 | 6,148 | 7,234 | 6,322 | 5,944 | S100TSSL, S100W750, S100YK61 |
| Total assets | 35,947 | 35,611 | 37,441 | 37,857 | 38,838 | S100R66W, S100TSSL, S100W750, S100YK61 |
| Net assets | 20,929 | 20,479 | 21,602 | 21,021 | 23,246 | S100TSSL, S100W750, S100YK61 |
| Share capital | 2,176 | 2,176 | 2,176 | 2,176 | 2,176 | S100R66W, S100TSSL, S100W750, S100YK61 |
| Property, plant and equipment | 7,060 | 6,836 | 6,724 | 7,063 | 6,783 | S100R66W, S100TSSL, S100W750, S100YK61 |
| Intangible assets excluding goodwill | 47 | 40 | 88 | 838 | 692 | S100R66W, S100TSSL, S100W750, S100YK61 |
| Goodwill | — | — | — | 477 | 397 | S100YK61 |
| Investment securities | 4,462 | 4,695 | 5,859 | 5,601 | 7,327 | S100R66W, S100TSSL, S100W750, S100YK61 |
| Current assets | 22,570 | 22,409 | 22,951 | 22,560 | 21,733 | S100R66W, S100TSSL, S100W750, S100YK61 |
| Current liabilities | 12,086 | 12,700 | 12,696 | 13,316 | 11,933 | S100R66W, S100TSSL, S100W750, S100YK61 |
| Trade payables | 3,284 | 3,167 | 3,075 | 3,072 | 2,679 | S100R66W, S100TSSL, S100W750, S100YK61 |
| Short-term borrowings | 3,530 | 3,630 | 3,690 | 4,370 | 3,810 | S100R66W, S100TSSL, S100W750, S100YK61 |
| Long-term borrowings | 1,365 | 884 | 413 | 848 | 599 | S100R66W, S100TSSL, S100W750, S100YK61 |
| Total liabilities | 15,018 | 15,132 | 15,838 | 16,836 | 15,592 | S100R66W, S100TSSL, S100W750, S100YK61 |
| Non-controlling interests | 960 | 951 | 983 | 920 | 951 | S100R66W, S100TSSL, S100W750, S100YK61 |
| Equity attributable to owners of parent | 18,308 | 17,740 | 17,809 | 17,395 | 18,190 | S100R66W, S100TSSL, S100W750, S100YK61 |
| Retained earnings | 14,009 | 13,558 | 13,715 | 13,764 | 14,564 | S100R66W, S100TSSL, S100W750, S100YK61 |
| Treasury stock | -116 | -233 | -320 | -787 | -797 | S100R66W, S100TSSL, S100W750, S100YK61 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100YK61 |
| Property, plant and equipment | 17% | S100YK61 |
| Intangibles and goodwill | 3% | S100YK61 |
| Investment securities | 19% | S100YK61 |
| Other assets | 46% | S100YK61 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YK61 |
| Other liabilities | 33% | S100YK61 |
| Equity | 60% | S100YK61 |

### 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 | 35,947 | 35,611 | 37,441 | 37,857 | 38,838 |
| Equity | 20,929 | 20,479 | 21,602 | 21,021 | 23,246 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 7,185 | 6,148 | 7,234 | 6,322 | 5,944 |

## 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) | 22.3% | S100YK61 |
| Fixed assets ÷ total assets | 17.5% | S100YK61 |
| Goodwill ÷ parent equity | 2.2% | S100YK61 |

### 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) | 15.3% |
| Cash ÷ revenue | 19.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 199.2% |
| Cash vs. profit gap | 711 JPY mn (of net income 74.3%) |
| Shareholder returns / net income | 22.2% |
| Shareholder returns / FCF | 20.5% |
| Shareholder payments — dividends / net income | 18.1% |
| Shareholder payments — dividends / FCF | 16.8% |
| CapEx intensity (capex ÷ revenue) | 2.1% |
| Investing CF relative to operating CF | 39.7% |

## 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% | 0.80× | 4.2% | 1.96× | 8.3% | S100R66W |
| 2023 | — | —× | -0.6% | —× | — | S100TSSL |
| 2024 | 1.3% | 0.75× | 1.0% | 2.05× | 2.0% | S100W750 |
| 2025 | 0.8% | 0.78× | 0.6% | 2.14× | 1.4% | S100YK61 |
| 2026 | 3.2% | 0.79× | 2.5% | 2.16× | 5.4% | S100YK61 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 新生紙パルプ商事株式会社 | Major shareholder | 18.8% | 2026-03-31 |
| 昭和パックス株式会社 | Major shareholder | 14.0% | 2026-03-31 |
| サンエー化研社員持株会 | Major shareholder | 3.6% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社 | Major shareholder | 3.3% | 2026-03-31 |
| 株式会社東洋化学 | Major shareholder | 3.1% | 2026-03-31 |
| みずほ信託銀行株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 山田 美千代 | Major shareholder | 1.2% | 2026-03-31 |
| 山本 明広 | Major shareholder | 1.0% | 2026-03-31 |
| 有限会社ウエッジ | Major shareholder | 1.0% | 2026-03-31 |
| 上田八木短資株式会社 | Major shareholder | 1.0% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第117期(2025/04/01－2026/03/31) | S100YK61 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YK61,, |
| 有価証券報告書－第116期(2024/04/01－2025/03/31) | S100W750 | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W750,, |
| 有価証券報告書－第115期(2023/04/01－2024/03/31) | S100TSSL | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSSL,, |
| 有価証券報告書－第114期(2022/04/01－2023/03/31) | S100R66W | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R66W,, |
| 有価証券報告書－第113期(令和3年4月1日－令和4年3月31日) | S100OIKK | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIKK,, |
| 有価証券報告書－第112期(令和2年4月1日－令和3年3月31日) | S100LQ2S | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ2S,, |

## 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).