# TAKASAGO INTERNATIONAL CORPORATION: 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100期(2025/04/01－2026/03/31) (S100YGT4)
> Page: https://vizora.meequs.com/en/company/takasago-international
> Retrieved: 2026-09-30T19:14:35.811Z

## Company

Takasago International, founded in 1920, is a company in Food Ingredients listed on TSE Prime. It has 4,443 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAKASAGO INTERNATIONAL CORPORATION |
| Ticker | 4914 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4914.T) |
| Listing | TSE Prime |
| Head office | 東京都大田区蒲田5丁目37番1号 |
| Representative (per filing) | 代表取締役社長 桝村 聡 |
| Founded | Feb 1920 |
| Share capital | ¥9.25B |
| Employees (consolidated) | 4,443 |
| Average salary (parent only) | ¥9.1M |
| Fiscal year end | March |
| Website | www.takasago.com (https://www.takasago.com/) |
| Corporate number | 2010801006894 |
| EDINET | E00993 |
| Industries (Vizora) | Food Ingredients, Chemicals |

> Profile source: annual securities report (S100YGT4, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 81.8 | 96 |
| Profitability | 15.5 | 100 |
| Cash conversion | 4.7 | 96 |
| Efficiency | 76.5 | 100 |

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 Takasago International's sales come from Japan, with Americas and Asia making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -1.8% from the prior year, operating profit -47.0%.

## Company structure

- Segment revenue mix: Japan 34.2%、Americas 24.7%、Asia 22.3%、Europe 18.8%
- Revenue → net income: ¥225092000000 → ¥10124000000
- Net income → operating cash flow: ¥10124000000 → ¥4271000000（difference ¥-5853000000）
- Main uses of operating cash flow: CapEx ¥21262000000 / dividends ¥5449000000 / buybacks ¥3000000
- Change in cash: ¥-16012000000
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 | ¥225.1B |  |
| Operating income | ¥8.13B | Margin 3.6% |
| Net income | ¥9.53B | Margin 4.2% |
| Free cash flow | -¥17B |  |
| Largest business | Japan | of segment revenue 34.2% |
| Employees (consolidated) | 4,443 |  |
| EPS | ¥81.86 |  |
| Book value per share | ¥864.68 |  |
| Equity ratio | 56.6% |  |
| Shares outstanding | 100,761,985 |  |
| Treasury shares | 3,265,900 |  |
| Shareholders | 10,229 |  |
| Average salary (parent only) | ¥9.1M | Filing company only |
| Cash ratio | 7.2% | Cash ÷ revenue 8.7% |
| Vs. industry median margin | -1.7 pp | Food Ingredients |
| ROE | 8.0% | Derived from disclosed figures |
| ROA | 3.6% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 71% of positive segment profit
- FY2026, segment profit share differs by 49 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥150367000000 | ¥225092000000 | +49.7% |
| Operating income | ¥6289000000 | ¥8132000000 | +29.3% |
| Operating margin | 4.2% | 3.6% | -0.6 pp |
| Employees | 3,719 people | 4,443 people | +19.5% |
| Cash and equivalents | ¥10879000000 | ¥19572000000 | +79.9% |

### 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 |
| --- | ---: |
| 日本 → 日本 | 34.2% |
| 日本 → 事業再編・廃止 | 9.2% |
| 米州 → 米州 | 23.3% |
| 欧州 → 欧州 | 16.7% |
| アジア → アジア | 16.5% |
| 新設・再編 → 米州 | 1.4% |
| 新設・再編 → 欧州 | 2.1% |
| 新設・再編 → アジア | 5.7% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Japan | 5 years | +3.4% | ¥76968000000 | 0.8% | 2 |
| Americas | 5 years | +9.6% | ¥55575000000 | 1.6% | 2 |
| Asia | 5 years | +15.0% | ¥50153000000 | 11.3% | 2 |
| Europe | 5 years | +11.0% | ¥42395000000 | 1.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 225,092 | 100.0% | S100YGT4 |
| Cost of revenue | 152,179 | 67.6% | S100YGT4 |
| Gross profit | 72,913 | 32.4% | S100YGT4 |
| SG&A | 64,781 | 28.8% | S100YGT4 |
| Operating income | 8,132 | 3.6% | S100YGT4 |
| Ordinary income | 9,511 | 4.2% | S100YGT4 |
| Pretax income | 13,714 | 6.1% | S100YGT4 |
| Income tax | 3,590 | 1.6% | S100YGT4 |
| Net income | 10,124 | 4.5% | S100YGT4 |
| Net income attributable to owners | 9,525 | 4.2% | S100YGT4 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 67 |
| SG&A | 29 |
| Operating income | 4 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 32.4% → Operating margin 3.6% → Net margin 4.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -1.8%; Core profit growth: -47.0%
Operating leverage (core profit growth ÷ revenue growth): 26.17×
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 | 229,207 | 225,092 | -4,115 | -1.8% |
| Gross profit | 77,397 | 72,913 | -4,484 | -5.8% |
| Operating income | 15,341 | 8,132 | -7,209 | -47.0% |
| Net income attributable to owners | 13,325 | 9,525 | -3,800 | -28.5% |
| Operating cash flow | 18,922 | 4,271 | -14,651 | -77.4% |
| Free cash flow | 6,626 | -16,991 | -23,617 | -356.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 152,455 | 2,660 | 1.7% | 3,408 | 1,190 | -6,167 | S100LLTN |
| FY ending Mar 2021 | 150,367 | 6,289 | 4.2% | 7,154 | 13,733 | 6,778 | S100OEL9 |
| FY ending Mar 2022 | 162,440 | 8,812 | 5.4% | 8,909 | 11,568 | 3,517 | S100R63Q |
| FY ending Mar 2023 | 186,792 | 5,947 | 3.2% | 7,393 | 5,821 | -589 | S100TQLA |
| FY ending Mar 2024 | 195,940 | 2,316 | 1.2% | 2,698 | 10,011 | 2,331 | S100W3K4 |
| FY ending Mar 2025 | 229,207 | 15,341 | 6.7% | 13,325 | 18,922 | 6,626 | S100YGT4 |
| FY ending Mar 2026 | 225,092 | 8,132 | 3.6% | 9,525 | 4,271 | -16,991 | S100YGT4 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥50.7M |
| Operating income per employee (consolidated) | ¥1.8M |
| Net income per employee (consolidated) | ¥2.1M |

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) | 3,756 | 3,913 | 4,041 | 4,154 | 4,443 |
| Average salary (parent company) | ¥7.9M | ¥8.1M | ¥8.2M | ¥8.6M | ¥9.1M |
| Average age (parent company) | 40.8 years | 41.3 years | 41.4 years | 41.8 years | 42.1 years |
| Average tenure (parent company) | 17.0 years | 17.4 years | 17.5 years | 17.8 years | 18.1 years |

Year over year: Employees (consolidated) +7.0% · Revenue (consolidated) -1.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 76,968 | 34.2% | 594 | 0.8% |
| Americas | 55,575 | 24.7% | 908 | 1.6% |
| Europe | 42,395 | 18.8% | 800 | 1.9% |
| Asia | 50,153 | 22.3% | 5,650 | 11.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 34.2% | 7.5% | -26.7 | 0.8% |
| Americas | 24.7% | 11.4% | -13.3 | 1.6% |
| Europe | 18.8% | 10.1% | -8.8 | 1.9% |
| Asia | 22.3% | 71.1% | 48.8 | 11.3% |

Segment → industry: Japan → Food Ingredients / Japan → Chemicals / Americas → Food Ingredients / Americas → Chemicals / Europe → Food Ingredients / Europe → Chemicals / Asia → Food Ingredients / Asia → Chemicals

## 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 | 4,271 | 1.9% | S100YGT4 |
| Capital expenditure | 21,262 | 9.4% | S100YGT4 |
| Free cash flow | -16,991 | -7.5% | 算出 |
| Investing cash flow | -16,222 | -7.2% | S100YGT4 |
| Financing cash flow | -4,645 | -2.1% | S100YGT4 |
| Dividends paid | 5,449 | 2.4% | S100YGT4 |
| Share buyback | 3 | 0.0% | S100YGT4 |
| Change in cash | -16,012 | -7.1% | S100YGT4 |
| Cash and equivalents | 19,572 | 8.7% | S100YGT4 |

## 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 | 13,576 | 14,969 | 18,333 | 35,585 | 19,572 | S100TQLA, S100W3K4, S100YGT4 |
| Total assets | 196,841 | 212,079 | 228,427 | 262,174 | 271,147 | S100R63Q, S100TQLA, S100W3K4, S100YGT4 |
| Net assets | 110,294 | 121,953 | 130,880 | 146,394 | 156,051 | S100TQLA, S100W3K4, S100YGT4 |
| Share capital | 9,248 | 9,248 | 9,248 | 9,248 | 9,248 | S100R63Q, S100TQLA, S100W3K4, S100YGT4 |
| Property, plant and equipment | 58,999 | 60,984 | 65,083 | 71,081 | 84,542 | S100R63Q, S100TQLA, S100W3K4, S100YGT4 |
| Intangible assets excluding goodwill | 2,865 | 3,988 | 4,710 | 4,922 | 5,509 | S100R63Q, S100TQLA, S100W3K4, S100YGT4 |
| Investment securities | 22,879 | 23,397 | 24,433 | 23,204 | 23,750 | S100R63Q, S100TQLA, S100W3K4, S100YGT4 |
| Current assets | 106,886 | 117,103 | 126,038 | 155,016 | 148,345 | S100R63Q, S100TQLA, S100W3K4, S100YGT4 |
| Current liabilities | 57,109 | 61,195 | 69,068 | 80,375 | 79,004 | S100R63Q, S100TQLA, S100W3K4, S100YGT4 |
| Trade payables | 17,173 | 17,878 | 18,935 | 21,884 | 18,644 | S100R63Q, S100TQLA, S100W3K4, S100YGT4 |
| Short-term borrowings | 18,481 | 22,365 | 23,944 | 31,978 | 32,338 | S100R63Q, S100TQLA, S100W3K4, S100YGT4 |
| Long-term borrowings | 16,919 | 14,970 | 13,327 | 19,554 | 19,597 | S100R63Q, S100TQLA, S100W3K4, S100YGT4 |
| Total liabilities | 86,546 | 90,125 | 97,547 | 115,779 | 115,095 | S100R63Q, S100TQLA, S100W3K4, S100YGT4 |
| Non-controlling interests | 1,684 | 1,742 | 1,825 | 2,191 | 2,635 | S100R63Q, S100TQLA, S100W3K4, S100YGT4 |
| Equity attributable to owners of parent | 99,147 | 104,700 | 105,906 | 117,061 | 121,199 | S100R63Q, S100TQLA, S100W3K4, S100YGT4 |
| Retained earnings | 82,760 | 88,778 | 89,919 | 101,014 | 105,090 | S100R63Q, S100TQLA, S100W3K4, S100YGT4 |
| Treasury stock | -1,244 | -1,711 | -1,652 | -1,614 | -1,594 | S100R63Q, S100TQLA, S100W3K4, S100YGT4 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YGT4 |
| Property, plant and equipment | 31% | S100YGT4 |
| Intangibles and goodwill | 2% | S100YGT4 |
| Investment securities | 9% | S100YGT4 |
| Other assets | 51% | S100YGT4 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YGT4 |
| Other liabilities | 36% | S100YGT4 |
| Equity | 57% | S100YGT4 |
| Other liabilities | 0% | S100YGT4 |

### 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 | 196,841 | 212,079 | 228,427 | 262,174 | 271,147 |
| Equity | 110,294 | 121,953 | 130,880 | 146,394 | 156,051 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 13,576 | 14,969 | 18,333 | 35,585 | 19,572 |

## 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) | 37.6% | S100YGT4 |
| Fixed assets ÷ total assets | 31.2% | S100YGT4 |
| Goodwill ÷ parent equity | — | —, S100YGT4 |

### 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) | 7.2% |
| Cash ÷ revenue | 8.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 52.5% |
| Cash vs. profit gap | -5,254 JPY mn (of net income -55.2%) |
| Shareholder returns / net income | 57.2% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 57.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 9.4% |
| Investing CF relative to operating CF | 379.8% |

## 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 | 5.5% | 0.83× | 4.5% | 1.99× | 9.0% | S100R63Q |
| 2023 | 4.0% | 0.91× | 3.6% | 2.01× | 7.3% | S100TQLA |
| 2024 | 1.4% | 0.89× | 1.2% | 2.09× | 2.6% | S100W3K4 |
| 2025 | 5.8% | 0.93× | 5.4% | 2.20× | 12.0% | S100YGT4 |
| 2026 | 4.2% | 0.84× | 3.6% | 2.24× | 8.0% | S100YGT4 |

## 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 | 9.8% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 7.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.1% | 2026-03-31 |
| BNP PARIBAS PARIS/2S/JASDEC FRENCH RESIDENTS(常任代理人 香港上海銀行) | Major shareholder | 5.1% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 4.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505018(常任代理人 株式会社みずほ銀行) | Major shareholder | 4.9% | 2026-03-31 |
| 共栄火災海上保険株式会社 | Major shareholder | 4.0% | 2026-03-31 |
| 中江産業株式会社 | Major shareholder | 3.7% | 2026-03-31 |
| 高砂香料従業員持株会 | Major shareholder | 2.4% | 2026-03-31 |
| 株式会社紀陽銀行 | Major shareholder | 2.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第100期(2025/04/01－2026/03/31) | S100YGT4 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGT4,, |
| 有価証券報告書－第99期(2024/04/01－2025/03/31) | S100W3K4 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3K4,, |
| 有価証券報告書－第98期(2023/04/01－2024/03/31) | S100TQLA | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQLA,, |
| 有価証券報告書－第97期(2022/04/01－2023/03/31) | S100R63Q | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R63Q,, |
| 有価証券報告書－第96期(令和3年4月1日－令和4年3月31日) | S100OEL9 | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OEL9,, |
| 有価証券報告書－第95期(令和2年4月1日－令和3年3月31日) | S100LLTN | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLTN,, |

## 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).