# TAIYO HOLDINGS 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80期(2025/04/01－2026/03/31) (S100YBLG)
> Page: https://vizora.meequs.com/en/company/taiyo-holdings
> Retrieved: 2026-09-30T21:47:58.073Z

## Company

Taiyo Holdings, founded in 1953, is a company in Chemicals listed on TSE Prime. It has 2,561 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAIYO HOLDINGS CO., LTD. |
| Ticker | 4626 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4626.T) |
| Listing | TSE Prime |
| Head office | 埼玉県比企郡嵐山町大字大蔵388番地 |
| Representative (per filing) | 代表取締役社長 齋藤 斉 |
| Founded | Sep 1953 |
| Share capital | ¥10.2B |
| Employees (consolidated) | 2,561 |
| Average salary (parent only) | ¥9.8M |
| Fiscal year end | March |
| Website | www.taiyo-hd.co.jp (https://www.taiyo-hd.co.jp/) |
| Corporate number | 3011601003833 |
| EDINET | E00913 |
| Industries (Vizora) | Chemicals, Pharmaceuticals, Semiconductor Materials |

> Profile source: annual securities report (S100YBLG, filed 2026-06-16). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 76.1 | 23 |
| Profitability | 81.3 | 24 |
| Cash conversion | 31.3 | 24 |
| Efficiency | 68.8 | 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 69% of Taiyo Holdings's sales come from Electronics materials, with Medical and pharmaceutical and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥24 is left as operating profit.
- Revenue changed +15.8% from the prior year, operating profit +47.4%.

## Company structure

- Segment revenue mix: Electronics materials 69.1%、Medical and pharmaceutical 26.5%、Other 4.4%
- Revenue → net income: ¥137851000000 → ¥24015000000
- Net income → operating cash flow: ¥24015000000 → ¥30742000000（difference ¥6727000000）
- Main uses of operating cash flow: CapEx ¥7731000000 / dividends ¥17662000000 / buybacks ¥1000000
- Change in cash: ¥-1510000000
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 | ¥137.9B |  |
| Operating income | ¥32.5B | Margin 23.6% |
| Net income | ¥24B | Margin 17.4% |
| Free cash flow | ¥23B |  |
| Largest business | Electronics materials | of segment revenue 69.1% |
| Employees (consolidated) | 2,561 |  |
| EPS | ¥164.55 |  |
| Book value per share | ¥566.78 |  |
| Equity ratio | 57.3% |  |
| Shares outstanding | 116,839,616 |  |
| Treasury shares | 5,562,800 |  |
| Shareholders | 8,267 |  |
| Average salary (parent only) | ¥9.8M | Filing company only |
| Cash ratio | 21.1% | Cash ÷ revenue 30.9% |
| Vs. industry median margin | +16.1 pp | Chemicals |
| ROE | 24.6% | Derived from disclosed figures |
| ROA | 12.2% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 85% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥80991000000 | ¥137851000000 | +70.2% |
| Operating income | ¥13943000000 | ¥32529000000 | +133.3% |
| Operating margin | 17.2% | 23.6% | +6.4 pp |
| Employees | 2,067 people | 2,561 people | +23.9% |
| Cash and equivalents | ¥54309000000 | ¥42542000000 | -21.7% |

### 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 |
| --- | ---: |
| 電子機器用部材事業 → 事業再編・廃止 | 65.6% |
| 医療・医薬品事業 → 医療・医薬品事業 | 26.5% |
| 医療・医薬品事業 → 事業再編・廃止 | 3.8% |
| その他 → その他 | 4.1% |
| 新設・再編 → エレクトロニクス事業 | 69.1% |
| 新設・再編 → その他 | 0.3% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electronics materials | 4 years | +7.6% | ¥95285000000 | 30.6% | 2 |
| Medical and pharmaceutical | 5 years | +8.2% | ¥36490000000 | 13.9% | 2 |
| Other | 5 years | +12.7% | ¥6075000000 | -1.6% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 137,851 | 100.0% | S100YBLG |
| Cost of revenue | 70,355 | 51.0% | S100YBLG |
| Gross profit | 67,496 | 49.0% | S100YBLG |
| SG&A | 34,967 | 25.4% | S100YBLG |
| Operating income | 32,529 | 23.6% | S100YBLG |
| Ordinary income | 32,244 | 23.4% | S100YBLG |
| Pretax income | 32,136 | 23.3% | S100YBLG |
| Income tax | 8,121 | 5.9% | S100YBLG |
| Net income | 24,015 | 17.4% | S100YBLG |
| Net income attributable to owners | 24,011 | 17.4% | S100YBLG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 51 |
| SG&A | 25 |
| Operating income | 24 |
| (Ref.) Net income | 17 |

### Margin funnel

Gross margin 49.0% → Operating margin 23.6% → Net margin 17.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.8%; Core profit growth: +47.4%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.99×
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 | 119,010 | 137,851 | 18,841 | +15.8% |
| Gross profit | 56,187 | 67,496 | 11,309 | +20.1% |
| Operating income | 22,067 | 32,529 | 10,462 | +47.4% |
| Net income attributable to owners | 10,780 | 24,011 | 13,231 | +122.7% |
| Operating cash flow | 23,713 | 30,742 | 7,029 | +29.6% |
| Free cash flow | 16,418 | 23,011 | 6,593 | +40.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 70,627 | 9,136 | 12.9% | 3,749 | 13,739 | 5,035 | S100LKSX |
| FY ending Mar 2021 | 80,991 | 13,943 | 17.2% | 9,529 | 16,312 | 5,238 | S100O9US |
| FY ending Mar 2022 | 97,966 | 17,958 | 18.3% | 11,803 | 18,308 | 7,963 | S100QYYO |
| FY ending Mar 2023 | 97,338 | 15,972 | 16.4% | 11,405 | 22,736 | 10,330 | S100TMEU |
| FY ending Mar 2024 | 104,775 | 18,203 | 17.4% | 8,654 | 21,224 | 2,413 | S100VYA1 |
| FY ending Mar 2025 | 119,010 | 22,067 | 18.5% | 10,780 | 23,713 | 16,418 | S100YBLG |
| FY ending Mar 2026 | 137,851 | 32,529 | 23.6% | 24,011 | 30,742 | 23,011 | S100YBLG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥53.8M |
| Operating income per employee (consolidated) | ¥12.7M |
| Net income per employee (consolidated) | ¥9.4M |

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) | 2,137 | 2,120 | 2,210 | 2,485 | 2,561 |
| Average salary (parent company) | ¥8.3M | ¥8.3M | ¥9.1M | ¥9.2M | ¥9.8M |
| Average age (parent company) | 39.6 years | 40.2 years | 39.9 years | 38.8 years | 37.5 years |
| Average tenure (parent company) | 9.4 years | 10.2 years | 10.4 years | 8.9 years | 8.6 years |

Year over year: Employees (consolidated) +3.1% · Revenue (consolidated) +15.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Electronics materials | 95,285 | 69.1% | 29,177 | 30.6% |
| Medical and pharmaceutical | 36,490 | 26.5% | 5,063 | 13.9% |
| Other | 6,075 | 4.4% | -95 | -1.6% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Electronics materials | 69.1% | 85.2% | 16.1 | 30.6% |
| Medical and pharmaceutical | 26.5% | 14.8% | -11.7 | 13.9% |
| Other | 4.4% | — | — | -1.6% |

Loss-making segment (excluded from profit shares): Other -95 JPY mn

Segment → industry: Electronics materials → Chemicals / Medical and pharmaceutical → Pharmaceuticals / Electronics materials → Semiconductor Materials

## 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 | 30,742 | 22.3% | S100YBLG |
| Capital expenditure | 7,731 | 5.6% | S100YBLG |
| Free cash flow | 23,011 | 16.7% | 算出 |
| Investing cash flow | -7,667 | -5.6% | S100YBLG |
| Financing cash flow | -26,002 | -18.9% | S100YBLG |
| Dividends paid | 17,662 | 12.8% | S100YBLG |
| Share buyback | 1 | 0.0% | S100YBLG |
| Change in cash | -1,510 | -1.1% | S100YBLG |
| Cash and equivalents | 42,542 | 30.9% | S100YBLG |

## 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 | 51,152 | 47,088 | 57,664 | 44,052 | 42,542 | S100TMEU, S100VYA1, S100YBLG |
| Total assets | 189,273 | 187,263 | 212,751 | 192,022 | 201,928 | S100QYYO, S100TMEU, S100VYA1, S100YBLG |
| Net assets | 85,466 | 92,739 | 100,398 | 102,978 | 115,757 | S100TMEU, S100VYA1, S100YBLG |
| Share capital | 9,612 | 9,761 | 9,903 | 10,031 | 10,206 | S100QYYO, S100TMEU, S100VYA1, S100YBLG |
| Trade receivables | 27,558 | 22,734 | — | — | — | S100QYYO |
| Property, plant and equipment | 52,255 | 60,401 | 68,852 | 67,638 | 70,501 | S100QYYO, S100TMEU, S100VYA1, S100YBLG |
| Intangible assets excluding goodwill | 32,058 | 29,170 | 25,804 | 16,341 | 14,465 | S100QYYO, S100TMEU, S100VYA1, S100YBLG |
| Goodwill | 5,972 | 4,974 | 2,896 | 3,032 | 2,744 | S100QYYO, S100TMEU, S100VYA1, S100YBLG |
| Investment securities | 3,183 | 3,923 | 4,437 | 4,870 | 8,956 | S100QYYO, S100TMEU, S100VYA1, S100YBLG |
| Current assets | 98,766 | 90,050 | 109,655 | 98,008 | 103,115 | S100QYYO, S100TMEU, S100VYA1, S100YBLG |
| Current liabilities | 49,403 | 35,115 | 64,874 | 37,991 | 40,316 | S100QYYO, S100TMEU, S100VYA1, S100YBLG |
| Trade payables | 9,255 | 6,513 | 8,795 | 8,505 | 9,501 | S100QYYO, S100TMEU, S100VYA1, S100YBLG |
| Short-term borrowings | 13,232 | 5,424 | 9,821 | 305 | 1,273 | S100QYYO, S100TMEU, S100VYA1, S100YBLG |
| Long-term borrowings | 48,383 | 53,174 | 43,134 | 46,888 | 41,098 | S100QYYO, S100TMEU, S100VYA1, S100YBLG |
| Total liabilities | 103,806 | 94,523 | 112,353 | 89,043 | 86,170 | S100QYYO, S100TMEU, S100VYA1, S100YBLG |
| Non-controlling interests | 1 | 3 | 4 | 4 | 12 | S100QYYO, S100TMEU, S100VYA1, S100YBLG |
| Equity attributable to owners of parent | 79,916 | 86,098 | 89,925 | 94,011 | 100,983 | S100QYYO, S100TMEU, S100VYA1, S100YBLG |
| Retained earnings | 60,321 | 67,561 | 70,989 | 76,932 | 83,274 | S100QYYO, S100TMEU, S100VYA1, S100YBLG |
| Treasury stock | -4,752 | -6,107 | -5,993 | -8,106 | -7,825 | S100QYYO, S100TMEU, S100VYA1, S100YBLG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100YBLG |
| Property, plant and equipment | 35% | S100YBLG |
| Intangibles and goodwill | 9% | S100YBLG |
| Investment securities | 4% | S100YBLG |
| Other assets | 31% | S100YBLG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YBLG |
| Other liabilities | 38% | S100YBLG |
| Equity | 57% | S100YBLG |
| Other liabilities | 0% | S100YBLG |

### 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 | 189,273 | 187,263 | 212,751 | 192,022 | 201,928 |
| Equity | 85,466 | 92,739 | 100,398 | 102,978 | 115,757 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 51,152 | 47,088 | 57,664 | 44,052 | 42,542 |

## 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) | 51.1% | S100YBLG |
| Fixed assets ÷ total assets | 34.9% | S100YBLG |
| Goodwill ÷ parent equity | 2.7% | S100YBLG |

Goodwill over 4 years: 5,972 → 2,744 JPY; total investing cash flow: -61,461 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) | 21.1% |
| Cash ÷ revenue | 30.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 94.5% |
| Cash vs. profit gap | 6,731 JPY mn (of net income 28.0%) |
| Shareholder returns / net income | 73.6% |
| Shareholder returns / FCF | 76.8% |
| Shareholder payments — dividends / net income | 73.6% |
| Shareholder payments — dividends / FCF | 76.8% |
| CapEx intensity (capex ÷ revenue) | 5.6% |
| Investing CF relative to operating CF | 24.9% |

## 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 | 12.0% | 0.52× | 6.2% | 2.37× | 14.8% | S100QYYO |
| 2023 | 11.7% | 0.52× | 6.1% | 2.27× | 13.7% | S100TMEU |
| 2024 | 8.3% | 0.52× | 4.3% | 2.27× | 9.8% | S100VYA1 |
| 2025 | 9.1% | 0.59× | 5.3% | 2.20× | 11.7% | S100YBLG |
| 2026 | 17.4% | 0.70× | 12.2% | 2.02× | 24.6% | S100YBLG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＤＩＣ株式会社 | Major shareholder | 20.0% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.1% | 2026-03-31 |
| 株式会社光和 | Major shareholder | 6.3% | 2026-03-31 |
| 株式会社SMBC信託銀行 （株式会社三井住友銀行退職給付信託口） | Major shareholder | 4.0% | 2026-03-31 |
| OASIS JAPAN STRATEGIC FUND Y LTD. | Major shareholder | 3.3% | 2026-03-31 |
| CGML PB CLIENT ACCOUNT/COLLATERAL | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.9% | 2026-03-31 |
| 四国化成ホールディングス株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL | Major shareholder | 2.3% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口4） | Major shareholder | 2.1% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第80期(2025/04/01－2026/03/31) | S100YBLG | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YBLG,, |
| 有価証券報告書－第79期(2024/04/01－2025/03/31) | S100VYA1 | 2025-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYA1,, |
| 有価証券報告書－第78期(2023/04/01－2024/03/31) | S100TMEU | 2024-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TMEU,, |
| 有価証券報告書－第77期(2022/04/01－2023/03/31) | S100QYYO | 2023-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYYO,, |
| 有価証券報告書－第76期(令和3年4月1日－令和4年3月31日) | S100O9US | 2022-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9US,, |
| 有価証券報告書－第75期(令和2年4月1日－令和3年3月31日) | S100LKSX | 2021-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LKSX,, |

## 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).