# TAIYOKAGAKU 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109期(2025/04/01－2026/03/31) (S100YD3Q)
> Page: https://vizora.meequs.com/en/company/taiyokagaku
> Retrieved: 2026-09-30T20:00:09.486Z

## Company

Taiyokagaku, founded in 1946, is a company in Food Ingredients listed on Nagoya. It has 867 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAIYO KAGAKU CO.,LTD. |
| Ticker | 2902 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/2902.T) |
| Listing | Nagoya |
| Head office | 三重県四日市市山田町800番 |
| Representative (per filing) | 代表取締役社長 山崎長宣 |
| Founded | May 1946 |
| Share capital | ¥7.73B |
| Employees (consolidated) | 867 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Website | www.taiyokagaku.com (https://www.taiyokagaku.com/) |
| Corporate number | 3190001015397 |
| EDINET | E00472 |
| Industries (Vizora) | Food Ingredients, Processed Foods |

> Profile source: annual securities report (S100YD3Q, filed 2026-06-24). As of filing

## Five-axis industry profile

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

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 52.3 | 22 |
| Profitability | 97.9 | 24 |
| Cash conversion | 31.3 | 24 |
| Efficiency | 27.1 | 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 40% of Taiyokagaku's sales come from Natural Ingredient Division, with Nutrition Division and Interface Solution Division making up much of the rest.
- Out of every ¥100 of sales, about ¥13 is left as operating profit.
- Revenue changed +4.9% from the prior year, operating profit +13.9%.

## Company structure

- Segment revenue mix: Natural Ingredient Division 40.2%、Nutrition Division 32.7%、Interface Solution Division 26.9%、Other 0.3%
- Revenue → net income: ¥52484240000 → ¥5481081000
- Net income → operating cash flow: ¥5481081000 → ¥6483161000（difference ¥1002080000）
- Main uses of operating cash flow: CapEx ¥1291235000 / dividends ¥1553085000 / buybacks ¥416894000
- Change in cash: ¥4445113000
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 | ¥52.5B |  |
| Operating income | ¥7.08B | Margin 13.5% |
| Net income | ¥5.22B | Margin 9.9% |
| Free cash flow | ¥5.19B |  |
| Largest business | Natural Ingredient Division | of segment revenue 40.2% |
| Employees (consolidated) | 867 |  |
| EPS | ¥296.97 |  |
| Book value per share | ¥2938.77 |  |
| Equity ratio | 79.4% |  |
| Shares outstanding | 23,513,000 |  |
| Treasury shares | 6,789,800 |  |
| Shareholders | 5,824 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 16.9% | Cash ÷ revenue 22.5% |
| Vs. industry median margin | +8.2 pp | Food Ingredients |
| ROE | 10.6% | Derived from disclosed figures |
| ROA | 7.9% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -23 points
- FY2026, employees -1% while operating income rose 14%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥39199354000 | ¥52484240000 | +33.9% |
| Operating income | ¥5077880000 | ¥7078624000 | +39.4% |
| Operating margin | 13.0% | 13.5% | +0.5 pp |
| Employees | 849 people | 867 people | +2.1% |
| Cash and equivalents | ¥5596875000 | ¥11793506000 | +110.7% |

### 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 |
| --- | ---: |
| ニュートリション事業 → ニュートリション事業 | 15.6% |
| インターフェイスソリューション事業 → インターフェイスソリューション事業 | 16.8% |
| ナチュラルイングリディエント事業 → ナチュラルイングリディエント事業 | 33.1% |
| アグリフード事業 → 事業再編・廃止 | 34.3% |
| その他 → その他 | 0.1% |
| 新設・再編 → ニュートリション事業 | 17.0% |
| 新設・再編 → インターフェイスソリューション事業 | 10.0% |
| 新設・再編 → ナチュラルイングリディエント事業 | 7.1% |
| 新設・再編 → その他 | 0.1% |

Segment revenue source references: 9 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Natural Ingredient Division | 5 years | +1.3% | ¥21083990000 | 5.9% | 2 |
| Nutrition Division | 5 years | +12.9% | ¥17146242000 | 21.9% | 2 |
| Interface Solution Division | 5 years | +7.0% | ¥14102211000 | 14.5% | 2 |
| Other | 5 years | +11.8% | ¥151796000 | 29.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 52,484 | 100.0% | S100YD3Q |
| Cost of revenue | 36,477 | 69.5% | S100YD3Q |
| Gross profit | 16,007 | 30.5% | S100YD3Q |
| SG&A | 8,929 | 17.0% | S100YD3Q |
| Operating income | 7,079 | 13.5% | S100YD3Q |
| Ordinary income | 7,824 | 14.9% | S100YD3Q |
| Pretax income | 7,513 | 14.3% | S100YD3Q |
| Income tax | 2,032 | 3.9% | S100YD3Q |
| Net income | 5,481 | 10.4% | S100YD3Q |
| Net income attributable to owners | 5,216 | 9.9% | S100YD3Q |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 17 |
| Operating income | 13 |
| (Ref.) Net income | 10 |

### Margin funnel

Gross margin 30.5% → Operating margin 13.5% → Net margin 9.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.9%; Core profit growth: +13.9%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.86×
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 | 50,044 | 52,484 | 2,440 | +4.9% |
| Gross profit | 14,429 | 16,007 | 1,578 | +10.9% |
| Operating income | 6,212 | 7,079 | 867 | +13.9% |
| Net income attributable to owners | 4,625 | 5,216 | 591 | +12.8% |
| Operating cash flow | 7,605 | 6,483 | -1,122 | -14.7% |
| Free cash flow | 6,245 | 5,192 | -1,053 | -16.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 40,365 | 4,630 | 11.5% | 3,168 | 4,217 | 2,033 | S100LJJU |
| FY ending Mar 2021 | 39,199 | 5,078 | 13.0% | 2,993 | 4,674 | 1,747 | S100O9FP |
| FY ending Mar 2022 | 39,963 | 4,799 | 12.0% | 3,628 | 5,123 | 462 | S100QZNJ |
| FY ending Mar 2023 | 42,971 | 4,004 | 9.3% | 2,857 | 557 | -2,575 | S100TNRU |
| FY ending Mar 2024 | 47,666 | 4,513 | 9.5% | 2,412 | 5,547 | 3,616 | S100VZXN |
| FY ending Mar 2025 | 50,044 | 6,212 | 12.4% | 4,625 | 7,605 | 6,245 | S100YD3Q |
| FY ending Mar 2026 | 52,484 | 7,079 | 13.5% | 5,216 | 6,483 | 5,192 | S100YD3Q |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60.5M |
| Operating income per employee (consolidated) | ¥8.2M |
| Net income per employee (consolidated) | ¥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) | 939 | 934 | 888 | 875 | 867 |
| Average salary (parent company) | ¥7M | ¥6.6M | ¥7.2M | ¥7.6M | ¥8.3M |
| Average age (parent company) | 44.0 years | 44.0 years | 45.0 years | 44.0 years | 44.0 years |
| Average tenure (parent company) | 20.0 years | 20.0 years | 20.0 years | 20.0 years | 20.0 years |

Year over year: Employees (consolidated) -0.9% · Revenue (consolidated) +4.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Nutrition Division | 17,146 | 32.7% | 3,757 | 21.9% |
| Interface Solution Division | 14,102 | 26.9% | 2,041 | 14.5% |
| Natural Ingredient Division | 21,084 | 40.2% | 1,236 | 5.9% |
| Other | 152 | 0.3% | 45 | 29.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Nutrition Division | 32.7% | 53.1% | 20.4 | 21.9% |
| Interface Solution Division | 26.9% | 28.8% | 2.0 | 14.5% |
| Natural Ingredient Division | 40.2% | 17.5% | -22.7 | 5.9% |
| Other | 0.3% | 0.6% | 0.4 | 29.9% |

Segment → industry: Natural Ingredient Division → Food Ingredients / Interface Solution Division → Food Ingredients / Nutrition Division → Food Ingredients / Nutrition Division → Processed Foods

## 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 | 6,483 | 12.4% | S100YD3Q |
| Capital expenditure | 1,291 | 2.5% | S100YD3Q |
| Free cash flow | 5,192 | 9.9% | 算出 |
| Investing cash flow | -236 | -0.4% | S100YD3Q |
| Financing cash flow | -2,161 | -4.1% | S100YD3Q |
| Dividends paid | 1,553 | 3.0% | S100YD3Q |
| Share buyback | 417 | 0.8% | S100YD3Q |
| Change in cash | 4,445 | 8.5% | S100YD3Q |
| Cash and equivalents | 11,794 | 22.5% | S100YD3Q |

## 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 | 5,714 | 3,902 | 5,287 | 7,348 | 11,794 | S100TNRU, S100VZXN, S100YD3Q |
| Total assets | 54,714 | 58,622 | 60,619 | 62,019 | 69,600 | S100QZNJ, S100TNRU, S100VZXN, S100YD3Q |
| Net assets | 44,159 | 46,293 | 48,959 | 52,116 | 56,851 | S100TNRU, S100VZXN, S100YD3Q |
| Share capital | 7,731 | 7,731 | 7,731 | 7,731 | 7,731 | S100QZNJ, S100TNRU, S100VZXN, S100YD3Q |
| Trade receivables | 9,306 | 11,147 | 11,619 | 10,655 | 11,133 | S100QZNJ, S100TNRU, S100VZXN, S100YD3Q |
| Property, plant and equipment | 23,764 | 24,258 | 24,331 | 23,522 | 23,859 | S100QZNJ, S100TNRU, S100VZXN, S100YD3Q |
| Intangible assets excluding goodwill | 218 | 167 | 134 | 126 | 141 | S100QZNJ, S100TNRU, S100VZXN, S100YD3Q |
| Investment securities | 4,905 | 5,073 | 5,624 | 5,219 | 6,754 | S100QZNJ, S100TNRU, S100VZXN, S100YD3Q |
| Current assets | 24,976 | 27,926 | 29,913 | 32,796 | 38,540 | S100QZNJ, S100TNRU, S100VZXN, S100YD3Q |
| Current liabilities | 8,862 | 10,762 | 10,530 | 8,360 | 10,760 | S100QZNJ, S100TNRU, S100VZXN, S100YD3Q |
| Trade payables | 4,842 | 6,117 | 6,125 | 5,363 | 6,113 | S100QZNJ, S100TNRU, S100VZXN, S100YD3Q |
| Short-term borrowings | — | 2,000 | — | — | — | S100TNRU |
| Long-term borrowings | 499 | 300 | 340 | 358 | 383 | S100QZNJ, S100TNRU, S100VZXN, S100YD3Q |
| Total liabilities | 10,555 | 12,329 | 11,660 | 9,903 | 12,748 | S100QZNJ, S100TNRU, S100VZXN, S100YD3Q |
| Non-controlling interests | 1,334 | 1,419 | 1,564 | 1,644 | 1,612 | S100QZNJ, S100TNRU, S100VZXN, S100YD3Q |
| Equity attributable to owners of parent | 40,826 | 42,485 | 44,065 | 47,639 | 50,913 | S100QZNJ, S100TNRU, S100VZXN, S100YD3Q |
| Retained earnings | 32,694 | 34,464 | 36,012 | 39,704 | 43,367 | S100QZNJ, S100TNRU, S100VZXN, S100YD3Q |
| Treasury stock | -6,939 | -7,060 | -7,038 | -7,166 | -7,566 | S100QZNJ, S100TNRU, S100VZXN, S100YD3Q |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 17% | S100YD3Q |
| Receivables | 16% | S100YD3Q |
| Property, plant and equipment | 34% | S100YD3Q |
| Intangibles and goodwill | 0% | S100YD3Q |
| Investment securities | 10% | S100YD3Q |
| Other assets | 23% | S100YD3Q |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100YD3Q |
| Other liabilities | 9% | S100YD3Q |
| Equity | 82% | S100YD3Q |
| Other liabilities | 0% | S100YD3Q |

### 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 | 54,714 | 58,622 | 60,619 | 62,019 | 69,600 |
| Equity | 44,159 | 46,293 | 48,959 | 52,116 | 56,851 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 5,714 | 3,902 | 5,287 | 7,348 | 11,794 |

## 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) | 45.5% | S100YD3Q |
| Fixed assets ÷ total assets | 34.3% | S100YD3Q |
| Goodwill ÷ parent equity | — | —, S100YD3Q |

### 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) | 16.9% |
| Cash ÷ revenue | 22.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 91.6% |
| Cash vs. profit gap | 1,267 JPY mn (of net income 24.3%) |
| Shareholder returns / net income | 37.8% |
| Shareholder returns / FCF | 37.9% |
| Shareholder payments — dividends / net income | 29.8% |
| Shareholder payments — dividends / FCF | 29.9% |
| CapEx intensity (capex ÷ revenue) | 2.5% |
| Investing CF relative to operating CF | 3.6% |

## 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 | 9.1% | 0.73× | 6.6% | 1.34× | 8.9% | S100QZNJ |
| 2023 | 6.6% | 0.76× | 5.0% | 1.36× | 6.9% | S100TNRU |
| 2024 | 5.1% | 0.80× | 4.0% | 1.38× | 5.6% | S100VZXN |
| 2025 | 9.2% | 0.82× | 7.5% | 1.34× | 10.1% | S100YD3Q |
| 2026 | 9.9% | 0.80× | 7.9% | 1.34× | 10.6% | S100YD3Q |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 長陽物産有限会社 | Major shareholder | 13.6% | 2026-03-31 |
| 向陽興産株式会社 | Major shareholder | 6.1% | 2026-03-31 |
| 太陽化学取引先持株会 | Major shareholder | 5.0% | 2026-03-31 |
| 有限会社和向 | Major shareholder | 4.5% | 2026-03-31 |
| 一般財団法人食品分析開発センター ＳＵＮＡＴＥＣ | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社三十三銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 株式会社百五銀行 | Major shareholder | 2.6% | 2026-03-31 |
| 太陽化学従業員持株会 | Major shareholder | 1.7% | 2026-03-31 |
| 山崎長徳 | Major shareholder | 1.7% | 2026-03-31 |
| 新菱冷熱工業株式会社 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第109期(2025/04/01－2026/03/31) | S100YD3Q | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD3Q,, |
| 有価証券報告書－第108期(2024/04/01－2025/03/31) | S100VZXN | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZXN,, |
| 有価証券報告書－第107期(2023/04/01－2024/03/31) | S100TNRU | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNRU,, |
| 有価証券報告書－第106期(2022/04/01－2023/03/31) | S100QZNJ | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZNJ,, |
| 有価証券報告書－第105期(令和3年4月1日－令和4年3月31日) | S100O9FP | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9FP,, |
| 有価証券報告書－第104期(令和2年4月1日－令和3年3月31日) | S100LJJU | 2021-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJJU,, |

## 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).