# Taki Chemical Co., Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第107期(2025/01/01－2025/12/31) (S100XS6V)
> Page: https://vizora.meequs.com/en/company/taki-chemical
> Retrieved: 2026-09-30T17:52:37.479Z

## Company

Taki Chemical is a company in Chemicals listed on TSE Prime. It has 640 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Taki Chemical Co.,Ltd. |
| Ticker | 4025 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4025.T) |
| Listing | TSE Prime |
| Head office | 兵庫県加古川市別府町緑町2番地 |
| Representative (per filing) | 代表取締役社長 多木 勝彦 |
| Share capital | ¥2.15B |
| Employees (consolidated) | 640 |
| Average salary (parent only) | ¥6.6M |
| Fiscal year end | December |
| Website | www.takichem.co.jp (https://www.takichem.co.jp/) |
| Corporate number | 5140001043137 |
| EDINET | E00762 |
| Industries (Vizora) | Chemicals, Oil Refining & Fuels, Livestock, Feed & Fertilizer, Real Estate Development & Leasing, Housing Equipment & Building Materials, Shipping, Trucking & Parcel Delivery |

> Profile source: annual securities report (S100XS6V, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 60.9 | 96 |
| Profitability | 50.5 | 100 |
| Cash conversion | 12 | 96 |
| Efficiency | 41.5 | 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 48% of Taki Chemical's sales come from Chemical products, with Fertilizer and Gypsum board making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +7.9% from the prior year, operating profit +18.6%.

## Company structure

- Segment revenue mix: Chemical products 48.2%、Fertilizer 28.3%、Gypsum board 9.0%、Transportation 6.7%、Petroleum 4.7%
- Revenue → net income: ¥41977000000 → ¥3292000000
- Net income → operating cash flow: ¥3292000000 → ¥2310000000（difference ¥-982000000）
- Main uses of operating cash flow: CapEx ¥1562000000 / dividends ¥466000000 / buybacks ¥700000000
- Change in cash: ¥-202000000
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 | ¥42B |  |
| Operating income | ¥3.16B | Margin 7.5% |
| Net income | ¥3.28B | Margin 7.8% |
| Free cash flow | ¥748M |  |
| Largest business | Chemical products | of segment revenue 48.2% |
| Employees (consolidated) | 640 |  |
| EPS | ¥344.94 |  |
| Book value per share | ¥4441.22 |  |
| Equity ratio | 65.3% |  |
| Shares outstanding | 9,458,000 |  |
| Treasury shares | 1,119,900 |  |
| Shareholders | 5,416 |  |
| Average salary (parent only) | ¥6.6M | Filing company only |
| Cash ratio | 11.1% | Cash ÷ revenue 17.3% |
| Vs. industry median margin | 0 pp | Chemicals |
| ROE | 10.3% | Derived from disclosed figures |
| ROA | 5.3% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.5× dividends

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30175000000 | ¥41977000000 | +39.1% |
| Operating income | ¥1759000000 | ¥3163000000 | +79.8% |
| Operating margin | 5.8% | 7.5% | +1.7 pp |
| Employees | 612 people | 640 people | +4.6% |
| Cash and equivalents | ¥6426000000 | ¥7256000000 | +12.9% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| アグリ → アグリ | 28.3% |
| アグリ → 事業再編・廃止 | 1.3% |
| 化学品 → 化学品 | 41.4% |
| 建材 → 建材 | 9.0% |
| 建材 → 事業再編・廃止 | 0.9% |
| 石油 → 石油 | 4.7% |
| 石油 → 事業再編・廃止 | 1.3% |
| 不動産 → 不動産 | 3.1% |
| 不動産 → 事業再編・廃止 | 2.0% |
| 運輸 → 運輸 | 6.7% |
| 運輸 → 事業再編・廃止 | 1.2% |
| 新設・再編 → 化学品 | 6.8% |

Segment revenue source references: 12 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Chemical products | 5 years | +10.1% | ¥20212000000 | 11.4% | 2 |
| Fertilizer | 5 years | +5.9% | ¥11863000000 | 4.1% | 2 |
| Gypsum board | 5 years | +4.8% | ¥3797000000 | 4.0% | 2 |
| Transportation | 5 years | +3.3% | ¥2826000000 | 10.9% | 2 |
| Petroleum | 5 years | +1.7% | ¥1963000000 | 0.8% | 2 |
| Real Estate | 5 years | -3.2% | ¥1315000000 | 54.8% | 2 |

## Income statement（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 41,977 | 100.0% | S100XS6V |
| Cost of revenue | 31,735 | 75.6% | S100XS6V |
| Gross profit | 10,242 | 24.4% | S100XS6V |
| SG&A | 7,078 | 16.9% | S100XS6V |
| Operating income | 3,163 | 7.5% | S100XS6V |
| Ordinary income | 3,780 | 9.0% | S100XS6V |
| Pretax income | 4,374 | 10.4% | S100XS6V |
| Income tax | 1,081 | 2.6% | S100XS6V |
| Net income | 3,292 | 7.8% | S100XS6V |
| Net income attributable to owners | 3,277 | 7.8% | S100XS6V |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 17 |
| Operating income | 7 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 24.4% → Operating margin 7.5% → Net margin 7.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.9%; Core profit growth: +18.6%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.36×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 38,916 | 41,977 | 3,061 | +7.9% |
| Gross profit | 9,008 | 10,242 | 1,234 | +13.7% |
| Operating income | 2,668 | 3,163 | 495 | +18.6% |
| Net income attributable to owners | 2,299 | 3,277 | 978 | +42.5% |
| Operating cash flow | 4,343 | 2,310 | -2,033 | -46.8% |
| Free cash flow | 2,534 | 748 | -1,786 | -70.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 32,669 | 1,587 | 4.9% | 1,361 | 2,903 | 1,769 | S100L1FI |
| FY ending Dec 2020 | 30,175 | 1,759 | 5.8% | 1,559 | 3,024 | 1,882 | S100OYOS |
| FY ending Dec 2021 | 32,812 | 2,658 | 8.1% | 1,916 | 2,823 | 218 | S100QFHQ |
| FY ending Dec 2022 | 35,846 | 2,751 | 7.7% | 2,056 | 1,444 | -34 | S100T3H8 |
| FY ending Dec 2023 | 34,852 | 912 | 2.6% | 1,356 | 1,620 | -529 | S100VGOJ |
| FY ending Dec 2024 | 38,916 | 2,668 | 6.9% | 2,299 | 4,343 | 2,534 | S100XS6V |
| FY ending Dec 2025 | 41,977 | 3,163 | 7.5% | 3,277 | 2,310 | 748 | S100XS6V |

## People and productivity（FY ending Dec 2025, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥65.6M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥5.1M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 598 | 599 | 609 | 604 | 640 |
| Average salary (parent company) | ¥6.5M | ¥6.5M | ¥6.3M | ¥6M | ¥6.6M |
| Average age (parent company) | 44.7 years | 44.7 years | 44.6 years | 44.6 years | 45.8 years |
| Average tenure (parent company) | 18.2 years | 17.4 years | 16.9 years | 16.7 years | 17.0 years |

Year over year: Employees (consolidated) +6.0% · Revenue (consolidated) +7.9%

## Segments（FY ending Dec 2025, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Fertilizer | 11,863 | 28.3% | 485 | 4.1% |
| Chemical products | 20,212 | 48.2% | 2,312 | 11.4% |
| Gypsum board | 3,797 | 9.0% | 152 | 4.0% |
| Petroleum | 1,963 | 4.7% | 16 | 0.8% |
| Real Estate | 1,315 | 3.1% | 721 | 54.8% |
| Transportation | 2,826 | 6.7% | 308 | 10.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Fertilizer | 28.3% | 12.1% | -16.1 | 4.1% |
| Chemical products | 48.2% | 57.9% | 9.7 | 11.4% |
| Gypsum board | 9.0% | 3.8% | -5.2 | 4.0% |
| Petroleum | 4.7% | 0.4% | -4.3 | 0.8% |
| Real Estate | 3.1% | 18.1% | 14.9 | 54.8% |
| Transportation | 6.7% | 7.7% | 1.0 | 10.9% |

Segment → industry: Chemical products → Chemicals / Petroleum → Oil Refining & Fuels / Fertilizer → Livestock, Feed & Fertilizer / Real Estate → Real Estate Development & Leasing / Gypsum board → Housing Equipment & Building Materials / Transportation → Shipping / Transportation → Trucking & Parcel Delivery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,310 | 5.5% | S100XS6V |
| Capital expenditure | 1,562 | 3.7% | S100XS6V |
| Free cash flow | 748 | 1.8% | 算出 |
| Investing cash flow | -1,056 | -2.5% | S100XS6V |
| Financing cash flow | -1,455 | -3.5% | S100XS6V |
| Dividends paid | 466 | 1.1% | S100XS6V |
| Share buyback | 700 | 1.7% | S100XS6V |
| Change in cash | -202 | -0.5% | S100XS6V |
| Cash and equivalents | 7,256 | 17.3% | S100XS6V |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 6,433 | 6,256 | 5,075 | 7,458 | 7,256 | S100T3H8, S100VGOJ, S100XS6V |
| Total assets | 46,037 | 50,323 | 51,299 | 58,402 | 65,653 | S100QFHQ, S100T3H8, S100VGOJ, S100XS6V |
| Net assets | 29,378 | 32,057 | 33,899 | 37,959 | 43,328 | S100T3H8, S100VGOJ, S100XS6V |
| Share capital | 2,147 | 2,147 | 2,147 | 2,147 | 2,147 | S100QFHQ, S100T3H8, S100VGOJ, S100XS6V |
| Trade receivables | 8,963 | 10,002 | 9,233 | 10,251 | 10,968 | S100QFHQ, S100T3H8, S100VGOJ, S100XS6V |
| Property, plant and equipment | 15,809 | 15,312 | 16,380 | 16,990 | 17,771 | S100QFHQ, S100T3H8, S100VGOJ, S100XS6V |
| Intangible assets excluding goodwill | 522 | 418 | 326 | 293 | 418 | S100QFHQ, S100T3H8, S100VGOJ, S100XS6V |
| Goodwill | — | — | — | — | 82 | S100XS6V |
| Investment securities | 7,072 | 8,361 | 10,605 | 13,649 | 17,235 | S100QFHQ, S100T3H8, S100VGOJ, S100XS6V |
| Current assets | 22,352 | 26,039 | 23,784 | 27,274 | 29,816 | S100QFHQ, S100T3H8, S100VGOJ, S100XS6V |
| Current liabilities | 8,596 | 9,973 | 8,503 | 10,489 | 11,150 | S100QFHQ, S100T3H8, S100VGOJ, S100XS6V |
| Trade payables | 4,976 | 6,785 | 5,904 | 6,703 | 7,478 | S100QFHQ, S100T3H8, S100VGOJ, S100XS6V |
| Short-term borrowings | 376 | 369 | 373 | 529 | 454 | S100QFHQ, S100T3H8, S100VGOJ, S100XS6V |
| Long-term borrowings | 455 | 395 | 335 | 283 | 398 | S100QFHQ, S100T3H8, S100VGOJ, S100XS6V |
| Total liabilities | 16,659 | 18,266 | 17,400 | 20,443 | 22,324 | S100QFHQ, S100T3H8, S100VGOJ, S100XS6V |
| Non-controlling interests | 142 | 108 | 79 | 77 | 440 | S100QFHQ, S100T3H8, S100VGOJ, S100XS6V |
| Equity attributable to owners of parent | 26,672 | 28,327 | 28,632 | 30,552 | 32,849 | S100QFHQ, S100T3H8, S100VGOJ, S100XS6V |
| Retained earnings | 23,888 | 25,511 | 26,435 | 28,311 | 31,122 | S100QFHQ, S100T3H8, S100VGOJ, S100XS6V |
| Treasury stock | -736 | -729 | -1,370 | -1,352 | -1,964 | S100QFHQ, S100T3H8, S100VGOJ, S100XS6V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100XS6V |
| Receivables | 17% | S100XS6V |
| Property, plant and equipment | 27% | S100XS6V |
| Intangibles and goodwill | 1% | S100XS6V |
| Investment securities | 26% | S100XS6V |
| Other assets | 18% | S100XS6V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100XS6V |
| Other liabilities | 23% | S100XS6V |
| Equity | 66% | S100XS6V |
| Other liabilities | 0% | S100XS6V |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 46,037 | 50,323 | 51,299 | 58,402 | 65,653 |
| Equity | 29,378 | 32,057 | 33,899 | 37,959 | 43,328 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,433 | 6,256 | 5,075 | 7,458 | 7,256 |

## 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) | 42.3% | S100XS6V |
| Fixed assets ÷ total assets | 27.1% | S100XS6V |
| Goodwill ÷ parent equity | 0.2% | S100XS6V |

### 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) | 11.1% |
| Cash ÷ revenue | 17.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 73.0% |
| Cash vs. profit gap | -967 JPY mn (of net income -29.5%) |
| Shareholder returns / net income | 35.6% |
| Shareholder returns / FCF | 155.9% |
| Shareholder payments — dividends / net income | 14.2% |
| Shareholder payments — dividends / FCF | 62.3% |
| CapEx intensity (capex ÷ revenue) | 3.7% |
| Investing CF relative to operating CF | 45.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 5.8% | 0.71× | 4.2% | 1.73× | 7.2% | S100QFHQ |
| 2022 | 5.7% | 0.74× | 4.3% | 1.75× | 7.5% | S100T3H8 |
| 2023 | 3.9% | 0.69× | 2.7% | 1.78× | 4.8% | S100VGOJ |
| 2024 | 5.9% | 0.71× | 4.2% | 1.85× | 7.8% | S100XS6V |
| 2025 | 7.8% | 0.68× | 5.3% | 1.96× | 10.3% | S100XS6V |

## 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 | 7.4% | 2025-12-31 |
| 三菱ＵＦＪ信託銀行株式会社 | Major shareholder | 3.6% | 2025-12-31 |
| 株式会社中国銀行 | Major shareholder | 3.4% | 2025-12-31 |
| 株式会社百十四銀行 | Major shareholder | 2.9% | 2025-12-31 |
| 日本マタイ株式会社 | Major shareholder | 2.7% | 2025-12-31 |
| 株式会社イトーヨーカ堂 | Major shareholder | 2.4% | 2025-12-31 |
| 有限会社フォレスト企画 | Major shareholder | 2.3% | 2025-12-31 |
| あいおいニッセイ同和損害保険株式会社 | Major shareholder | 2.1% | 2025-12-31 |
| 株式会社三井住友銀行 | Major shareholder | 2.0% | 2025-12-31 |
| 損害保険ジャパン株式会社 | Major shareholder | 1.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第107期(2025/01/01－2025/12/31) | S100XS6V | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XS6V,, |
| 有価証券報告書－第106期(2024/01/01－2024/12/31) | S100VGOJ | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VGOJ,, |
| 有価証券報告書－第105期(2023/01/01－2023/12/31) | S100T3H8 | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T3H8,, |
| 有価証券報告書－第104期(2022/01/01－2022/12/31) | S100QFHQ | 2023-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QFHQ,, |
| 訂正有価証券報告書－第103期(令和3年1月1日－令和3年12月31日) | S100OYOS | 2022-08-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OYOS,, |
| 有価証券報告書－第102期(令和2年1月1日－令和2年12月31日) | S100L1FI | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L1FI,, |

## 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).