# TAOKA CHEMICAL COMPANY, LIMITED: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第126期(2025/04/01－2026/03/31) (S100YY8G)
> Page: https://vizora.meequs.com/en/company/taoka-chemical
> Retrieved: 2026-09-30T20:32:52.768Z

## Company

Taoka Chemical, founded in 1934, is a company in Chemicals listed on TSE Standard. It has 482 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAOKA CHEMICAL COMPANY, LIMITED |
| Ticker | 4113 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4113.T) |
| Listing | TSE Standard |
| Head office | 大阪市淀川区西三国四丁目2番11号(同所は登記上の本店所在地であり、実際の業務は下記の場所で行っています。) |
| Representative (per filing) | 取締役社長 岩崎 明 |
| Founded | Oct 1934 |
| Share capital | ¥1.57B |
| Employees (consolidated) | 482 |
| Average salary (parent only) | ¥7.1M |
| Fiscal year end | March |
| Website | www.taoka-chem.co.jp (https://www.taoka-chem.co.jp/) |
| Corporate number | 9120001056384 |
| EDINET | E00810 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100YY8G, filed 2026-08-27). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 13 | 96 |
| Profitability | 36.5 | 100 |
| Cash conversion | 22.4 | 96 |
| Efficiency | 95.5 | 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 98% of Taoka Chemical's sales come from Chemistry, with Analytical Services making up much of the rest.
- Out of every ¥100 of sales, about ¥6 is left as operating profit.
- Revenue changed +10.9% from the prior year, operating profit +8.4%.

## Company structure

- Segment revenue mix: Chemistry 98.3%、Analytical Services 1.7%
- Revenue → net income: ¥33192000000 → ¥1533000000
- Net income → operating cash flow: ¥1533000000 → ¥2059000000（difference ¥526000000）
- Main uses of operating cash flow: CapEx ¥920000000 / dividends ¥573000000 / buybacks —
- Change in cash: ¥-45000000
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 | ¥33.2B |  |
| Operating income | ¥2.05B | Margin 6.2% |
| Net income | ¥1.53B | Margin 4.6% |
| Free cash flow | ¥1.14B |  |
| Largest business | Chemistry | of segment revenue 98.3% |
| Employees (consolidated) | 482 |  |
| EPS | ¥96.13 |  |
| Book value per share | ¥1299.34 |  |
| Equity ratio | 63.2% |  |
| Shares outstanding | 14,440,000 |  |
| Treasury shares | 111,300 |  |
| Shareholders | 4,432 |  |
| Average salary (parent only) | ¥7.1M | Filing company only |
| Cash ratio | 9.5% | Cash ÷ revenue 8.8% |
| Vs. industry median margin | -1.4 pp | Chemicals |
| ROE | 8.2% | Derived from disclosed figures |
| ROA | 5.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 100% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥32057443000 | ¥33192000000 | +3.5% |
| Operating income | ¥4015522000 | ¥2046000000 | -49.0% |
| Operating margin | 12.5% | 6.2% | -6.4 pp |
| Employees | 425 people | 482 people | +13.4% |
| Cash and equivalents | ¥4330354000 | ¥2937000000 | -32.2% |

### 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 |
| --- | ---: |
| 化学工業 → 化学工業 | 98.3% |
| その他 → 事業再編・廃止 | 1.7% |
| 新設・再編 → 化学工業 | 0.0% |
| 新設・再編 → 化学分析受託事業 | 1.7% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 33,192 | 100.0% | S100YY8G |
| Cost of revenue | 27,422 | 82.6% | S100YY8G |
| Gross profit | 5,769 | 17.4% | S100YY8G |
| SG&A | 3,723 | 11.2% | S100YY8G |
| Operating income | 2,046 | 6.2% | S100YY8G |
| Ordinary income | 2,096 | 6.3% | S100YY8G |
| Pretax income | 2,060 | 6.2% | S100YY8G |
| Income tax | 527 | 1.6% | S100YY8G |
| Net income | 1,533 | 4.6% | S100YY8G |
| Net income attributable to owners | 1,533 | 4.6% | S100YY8G |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 11 |
| Operating income | 6 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 17.4% → Operating margin 6.2% → Net margin 4.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +10.9%; Core profit growth: +8.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.77×
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 | 29,930 | 33,192 | 3,262 | +10.9% |
| Gross profit | 5,491 | 5,769 | 278 | +5.1% |
| Operating income | 1,887 | 2,046 | 159 | +8.4% |
| Net income attributable to owners | 1,478 | 1,533 | 55 | +3.7% |
| Operating cash flow | 4,371 | 2,059 | -2,312 | -52.9% |
| Free cash flow | 2,965 | 1,139 | -1,826 | -61.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 25,672 | 2,689 | 10.5% | 1,897 | 2,848 | 1,339 | S100LLAB |
| FY ending Mar 2021 | 32,057 | 4,016 | 12.5% | 2,615 | 5,219 | 3,160 | S100OC6V |
| FY ending Mar 2022 | 32,374 | 2,708 | 8.4% | 2,064 | -1,330 | -3,407 | S100QYXJ |
| FY ending Mar 2023 | 30,167 | 451 | 1.5% | 311 | 1,478 | -2,850 | S100TPAL |
| FY ending Mar 2024 | 28,544 | 1,075 | 3.8% | 820 | 3,628 | 2,486 | S100VYZR |
| FY ending Mar 2025 | 29,930 | 1,887 | 6.3% | 1,478 | 4,371 | 2,965 | S100YY8G |
| FY ending Mar 2026 | 33,192 | 2,046 | 6.2% | 1,533 | 2,059 | 1,139 | S100YY8G |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥68.9M |
| Operating income per employee (consolidated) | ¥4.2M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 444 | 458 | 458 | 467 | 482 |
| Average salary (parent company) | ¥7.2M | ¥6.9M | ¥6.6M | ¥6.9M | ¥7.1M |
| Average age (parent company) | 40.8 years | 40.6 years | 40.7 years | 40.9 years | 40.8 years |
| Average tenure (parent company) | 15.0 years | 14.7 years | 15.1 years | 14.7 years | 14.3 years |

Year over year: Employees (consolidated) +3.2% · Revenue (consolidated) +10.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Chemistry | 32,632 | 98.3% | 2,046 | 6.3% |
| Analytical Services | 560 | 1.7% | 0 | 0.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Chemistry | 98.3% | 100.0% | 1.7 | 6.3% |
| Analytical Services | 1.7% | 0.0% | -1.7 | 0.0% |

Segment → industry: Chemistry → 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 | 2,059 | 6.2% | S100YY8G |
| Capital expenditure | 920 | 2.8% | S100YY8G |
| Free cash flow | 1,139 | 3.4% | 算出 |
| Investing cash flow | -925 | -2.8% | S100YY8G |
| Financing cash flow | -1,219 | -3.7% | S100YY8G |
| Dividends paid | 573 | 1.7% | S100YY8G |
| Change in cash | -45 | -0.1% | S100YY8G |
| Cash and equivalents | 2,937 | 8.8% | S100YY8G |

## 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 | 719 | 853 | 972 | 2,982 | 2,937 | S100TPAL, S100VYZR, S100YY8G |
| Total assets | 32,418 | 31,069 | 29,720 | 30,407 | 30,928 | S100QYXJ, S100TPAL, S100VYZR, S100YY8G |
| Net assets | 16,749 | 16,571 | 17,211 | 18,499 | 19,550 | S100TPAL, S100VYZR, S100YY8G |
| Share capital | 1,572 | 1,572 | 1,572 | 1,572 | 1,572 | S100QYXJ, S100TPAL, S100VYZR, S100YY8G |
| Property, plant and equipment | 13,236 | 13,534 | 13,310 | 12,957 | 12,317 | S100QYXJ, S100TPAL, S100VYZR, S100YY8G |
| Intangible assets excluding goodwill | 60 | 55 | 49 | 40 | 79 | S100QYXJ, S100TPAL, S100VYZR, S100YY8G |
| Investment securities | 93 | 69 | 87 | 88 | 122 | S100QYXJ, S100TPAL, S100VYZR, S100YY8G |
| Current assets | 17,837 | 16,245 | 15,167 | 16,226 | 17,360 | S100QYXJ, S100TPAL, S100VYZR, S100YY8G |
| Current liabilities | 12,163 | 9,634 | 8,278 | 8,282 | 8,634 | S100QYXJ, S100TPAL, S100VYZR, S100YY8G |
| Short-term borrowings | 8 | 1,600 | 100 | — | — | S100QYXJ, S100TPAL, S100VYZR |
| Long-term borrowings | 480 | 2,110 | 1,490 | 870 | 250 | S100QYXJ, S100TPAL, S100VYZR, S100YY8G |
| Total liabilities | 15,669 | 14,498 | 12,509 | 11,908 | 11,378 | S100QYXJ, S100TPAL, S100VYZR, S100YY8G |
| Equity attributable to owners of parent | 16,637 | 16,432 | 16,994 | 18,215 | 19,175 | S100QYXJ, S100TPAL, S100VYZR, S100YY8G |
| Retained earnings | 14,095 | 13,890 | 14,453 | 15,673 | 16,634 | S100QYXJ, S100TPAL, S100VYZR, S100YY8G |
| Treasury stock | -40 | -40 | -40 | -40 | -40 | S100QYXJ, S100TPAL, S100VYZR, S100YY8G |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YY8G |
| Property, plant and equipment | 40% | S100YY8G |
| Intangibles and goodwill | 0% | S100YY8G |
| Investment securities | 0% | S100YY8G |
| Other assets | 50% | S100YY8G |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 37% | S100YY8G |
| Equity | 63% | S100YY8G |

### 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 | 32,418 | 31,069 | 29,720 | 30,407 | 30,928 |
| Equity | 16,749 | 16,571 | 17,211 | 18,499 | 19,550 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 719 | 853 | 972 | 2,982 | 2,937 |

## 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) | 37.1% | S100YY8G |
| Fixed assets ÷ total assets | 39.8% | S100YY8G |
| Goodwill ÷ parent equity | — | —, S100YY8G |

### 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) | 9.5% |
| Cash ÷ revenue | 8.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 100.6% |
| Cash vs. profit gap | 526 JPY mn (of net income 34.3%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 37.4% |
| Shareholder payments — dividends / FCF | 50.3% |
| CapEx intensity (capex ÷ revenue) | 2.8% |
| Investing CF relative to operating CF | 44.9% |

## 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 | 6.4% | 1.00× | 6.4% | 1.95× | 12.4% | S100QYXJ |
| 2023 | 1.0% | 0.95× | 1.0% | 1.92× | 1.9% | S100TPAL |
| 2024 | 2.9% | 0.94× | 2.7% | 1.82× | 4.9% | S100VYZR |
| 2025 | 4.9% | 1.00× | 4.9% | 1.71× | 8.4% | S100YY8G |
| 2026 | 4.6% | 1.08× | 5.0% | 1.64× | 8.2% | S100YY8G |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 住友化学株式会社 | Major shareholder | 50.6% | 2026-03-31 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 2.6% | 2026-03-31 |
| NORTHERN TRUST CO.(AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS SEC LENDING （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.6% | 2026-03-31 |
| 田岡従業員持株会 | Major shareholder | 1.1% | 2026-03-31 |
| 楽天証券株式会社共有口 | Major shareholder | 1.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.1% | 2026-03-31 |
| 増谷 行紀 | Major shareholder | 1.0% | 2026-03-31 |
| RE FUND 107-CLIENT AC （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505225 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.7% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 0.7% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第126期(2025/04/01－2026/03/31) | S100YY8G | 2026-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YY8G,, |
| 有価証券報告書－第125期(2024/04/01－2025/03/31) | S100VYZR | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYZR,, |
| 有価証券報告書－第124期(2023/04/01－2024/03/31) | S100TPAL | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPAL,, |
| 有価証券報告書－第123期(2022/04/01－2023/03/31) | S100QYXJ | 2023-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QYXJ,, |
| 有価証券報告書－第122期(令和3年4月1日－令和4年3月31日) | S100OC6V | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC6V,, |
| 有価証券報告書－第121期(令和2年4月1日－令和3年3月31日) | S100LLAB | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LLAB,, |

## 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).