# TAYCA 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160期(2025/04/01－2026/03/31) (S100YHFP)
> Page: https://vizora.meequs.com/en/company/tayca
> Retrieved: 2026-09-30T21:03:35.023Z

## Company

Tayca, founded in 1919, is a company in Chemicals listed on TSE Prime. It has 862 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TAYCA CORPORATION |
| Ticker | 4027 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4027.T) |
| Listing | TSE Prime |
| Head office | 大阪市大正区船町1丁目3番47号 |
| Representative (per filing) | 代表取締役 社長執行役員 出井俊治 |
| Founded | Dec 1919 |
| Share capital | ¥9.86B |
| Employees (consolidated) | 862 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.tayca.co.jp (https://www.tayca.co.jp/) |
| Corporate number | 7120001027825 |
| EDINET | E00764 |
| Industries (Vizora) | Chemicals, Electronic Components, Warehouses & Logistics Facilities |

> Profile source: annual securities report (S100YHFP, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 79.7 | 96 |
| Profitability | 17.5 | 100 |
| Cash conversion | 69.3 | 96 |
| Efficiency | 31.5 | 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 52% of Tayca's sales come from Electronic material and Basic chemical, with Functional chemical and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +2.9% from the prior year, operating profit -38.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥57.4B |  |
| Operating income | ¥2.18B | Margin 3.8% |
| Net income | -¥878M | Margin -1.5% |
| Free cash flow | -¥1.44B |  |
| Largest business | Electronic material and Basic chemical | of segment revenue 52.3% |
| Employees (consolidated) | 862 |  |
| EPS | ¥-15.36 |  |
| Book value per share | ¥2490.74 |  |
| Equity ratio | 68.9% |  |
| Shares outstanding | 23,914,000 |  |
| Treasury shares | 1,083,600 |  |
| Shareholders | 4,539 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 12.6% | Cash ÷ revenue 19.5% |
| Vs. industry median margin | -3.7 pp | Chemicals |
| ROA | -1.0% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 90% of positive segment profit
- FY2026, segment profit share differs by 38 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥38402000000 | ¥57373000000 | +49.4% |
| Operating income | ¥2927000000 | ¥2176000000 | -25.7% |
| Operating margin | 7.6% | 3.8% | -3.8 pp |
| Employees | 834 people | 862 people | +3.4% |
| Cash and equivalents | ¥13250000000 | ¥11194000000 | -15.5% |

### 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 |
| --- | ---: |
| 機能性材料事業 → 機能性材料事業 | 45.7% |
| 機能性材料事業 → 事業再編・廃止 | 4.9% |
| 電子材料・化成品事業 → 電子材料・化成品事業 | 46.1% |
| その他 → その他 | 2.0% |
| その他 → 事業再編・廃止 | 1.2% |
| 新設・再編 → 電子材料・化成品事業 | 6.2% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Electronic material and Basic chemical | 5 years | +11.1% | ¥30007000000 | 8.3% | 2 |
| Functional chemical | 5 years | +6.2% | ¥26213000000 | -2.3% | 2 |
| Other | 5 years | -1.5% | ¥1152000000 | 24.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 57,373 | 100.0% | S100YHFP |
| Cost of revenue | 48,378 | 84.3% | S100YHFP |
| Gross profit | 8,994 | 15.7% | S100YHFP |
| SG&A | 6,817 | 11.9% | S100YHFP |
| Operating income | 2,176 | 3.8% | S100YHFP |
| Ordinary income | 2,672 | 4.7% | S100YHFP |
| Pretax income | -971 | -1.7% | S100YHFP |
| Income tax | -128 | -0.2% | S100YHFP |
| Net income | -842 | -1.5% | S100YHFP |
| Net income attributable to owners | -878 | -1.5% | S100YHFP |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 12 |
| Operating income | 4 |
| (Ref.) Net income | -2 |

### Margin funnel

Gross margin 15.7% → Operating margin 3.8% → Net margin -1.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.9%; Core profit growth: -38.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -13.04×
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 | 55,737 | 57,373 | 1,636 | +2.9% |
| Gross profit | 10,178 | 8,994 | -1,184 | -11.6% |
| Operating income | 3,525 | 2,176 | -1,349 | -38.3% |
| Net income attributable to owners | 2,422 | -878 | -3,300 | -136.3% |
| Operating cash flow | 5,056 | 4,541 | -515 | -10.2% |
| Free cash flow | -2,278 | -1,435 | 843 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 45,435 | 5,808 | 12.8% | 3,830 | 5,165 | -369 | S100LSO6 |
| FY ending Mar 2021 | 38,402 | 2,927 | 7.6% | 1,927 | 4,953 | 96 | S100OKQ0 |
| FY ending Mar 2022 | 46,362 | 3,651 | 7.9% | 2,845 | 4,841 | 2,368 | S100R7E4 |
| FY ending Mar 2023 | 54,773 | 4,224 | 7.7% | 2,986 | 581 | -2,106 | S100TVQZ |
| FY ending Mar 2024 | 52,993 | 2,325 | 4.4% | 1,866 | 4,978 | 1,361 | S100W6NI |
| FY ending Mar 2025 | 55,737 | 3,525 | 6.3% | 2,422 | 5,056 | -2,278 | S100YHFP |
| FY ending Mar 2026 | 57,373 | 2,176 | 3.8% | -878 | 4,541 | -1,435 | S100YHFP |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥66.6M |
| Operating income per employee (consolidated) | ¥2.5M |
| Net income per employee (consolidated) | -¥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) | 825 | 832 | 815 | 838 | 862 |
| Average salary (parent company) | ¥6M | ¥6.2M | ¥6.5M | ¥6.5M | ¥6.7M |
| Average age (parent company) | 39.4 years | 41.7 years | 41.9 years | 41.2 years | 40.5 years |
| Average tenure (parent company) | 17.9 years | 19.8 years | 20.1 years | 19.1 years | 17.0 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +2.9%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Functional chemical | 26,213 | 45.7% | -606 | -2.3% |
| Electronic material and Basic chemical | 30,007 | 52.3% | 2,493 | 8.3% |
| Other | 1,152 | 2.0% | 278 | 24.1% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Functional chemical | 45.7% | — | — | -2.3% |
| Electronic material and Basic chemical | 52.3% | 90.0% | 37.7 | 8.3% |
| Other | 2.0% | 10.0% | 8.0 | 24.1% |

Loss-making segment (excluded from profit shares): Functional chemical -606 JPY mn

Segment → industry: Electronic material and Basic chemical → Chemicals / Functional chemical → Chemicals / Electronic material and Basic chemical → Electronic Components / Other → Warehouses & Logistics Facilities

## 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 | 4,541 | 7.9% | S100YHFP |
| Capital expenditure | 5,976 | 10.4% | S100YHFP |
| Free cash flow | -1,435 | -2.5% | 算出 |
| Investing cash flow | -6,213 | -10.8% | S100YHFP |
| Financing cash flow | -1,196 | -2.1% | S100YHFP |
| Dividends paid | 910 | 1.6% | S100YHFP |
| Share buyback | 0 | 0.0% | S100YHFP |
| Change in cash | -2,819 | -4.9% | S100YHFP |
| Cash and equivalents | 11,194 | 19.5% | S100YHFP |

## 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 | 12,981 | 11,582 | 14,229 | 14,013 | 11,194 | S100TVQZ, S100W6NI, S100YHFP |
| Total assets | 72,128 | 75,717 | 82,709 | 88,345 | 88,558 | S100R7E4, S100TVQZ, S100W6NI, S100YHFP |
| Net assets | 51,263 | 53,658 | 57,764 | 59,400 | 61,491 | S100TVQZ, S100W6NI, S100YHFP |
| Share capital | 9,855 | 9,855 | 9,855 | 9,855 | 9,855 | S100R7E4, S100TVQZ, S100W6NI, S100YHFP |
| Trade receivables | 13,738 | 14,792 | 15,731 | 15,849 | 16,867 | S100R7E4, S100TVQZ, S100W6NI, S100YHFP |
| Property, plant and equipment | 17,246 | 16,960 | 17,395 | 23,677 | 21,377 | S100R7E4, S100TVQZ, S100W6NI, S100YHFP |
| Intangible assets excluding goodwill | 1,628 | 1,526 | 1,410 | 1,149 | 845 | S100R7E4, S100TVQZ, S100W6NI, S100YHFP |
| Goodwill | 1,463 | 1,407 | 1,203 | 1,006 | 664 | S100R7E4, S100TVQZ, S100W6NI, S100YHFP |
| Investment securities | 9,786 | 9,279 | 13,365 | 12,235 | 17,556 | S100R7E4, S100TVQZ, S100W6NI, S100YHFP |
| Current assets | 42,300 | 46,631 | 49,089 | 49,963 | 47,873 | S100R7E4, S100TVQZ, S100W6NI, S100YHFP |
| Current liabilities | 14,490 | 14,228 | 14,110 | 16,673 | 16,162 | S100R7E4, S100TVQZ, S100W6NI, S100YHFP |
| Trade payables | 6,873 | 6,627 | 6,118 | 6,233 | 6,066 | S100R7E4, S100TVQZ, S100W6NI, S100YHFP |
| Short-term borrowings | 963 | 971 | 705 | 674 | 2,247 | S100R7E4, S100TVQZ, S100W6NI, S100YHFP |
| Long-term borrowings | 2,100 | 3,805 | 5,710 | 7,981 | 5,809 | S100R7E4, S100TVQZ, S100W6NI, S100YHFP |
| Total liabilities | 20,865 | 22,058 | 24,944 | 28,944 | 27,066 | S100R7E4, S100TVQZ, S100W6NI, S100YHFP |
| Non-controlling interests | 367 | 438 | 478 | 565 | 518 | S100R7E4, S100TVQZ, S100W6NI, S100YHFP |
| Equity attributable to owners of parent | 45,725 | 47,876 | 48,663 | 49,902 | 48,127 | S100R7E4, S100TVQZ, S100W6NI, S100YHFP |
| Retained earnings | 31,562 | 33,714 | 34,746 | 36,294 | 34,503 | S100R7E4, S100TVQZ, S100W6NI, S100YHFP |
| Treasury stock | -2,460 | -2,460 | -2,416 | -1,210 | -1,197 | S100R7E4, S100TVQZ, S100W6NI, S100YHFP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YHFP |
| Receivables | 19% | S100YHFP |
| Property, plant and equipment | 24% | S100YHFP |
| Intangibles and goodwill | 2% | S100YHFP |
| Investment securities | 20% | S100YHFP |
| Other assets | 23% | S100YHFP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 7% | S100YHFP |
| Other liabilities | 24% | S100YHFP |
| Equity | 69% | S100YHFP |
| Other liabilities | 0% | S100YHFP |

### 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 | 72,128 | 75,717 | 82,709 | 88,345 | 88,558 |
| Equity | 51,263 | 53,658 | 57,764 | 59,400 | 61,491 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 12,981 | 11,582 | 14,229 | 14,013 | 11,194 |

## 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) | 37.3% | S100YHFP |
| Fixed assets ÷ total assets | 24.1% | S100YHFP |
| Goodwill ÷ parent equity | 1.4% | S100YHFP |

Goodwill over 4 years: 1,463 → 664 JPY; total investing cash flow: -23,026 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) | 12.6% |
| Cash ÷ revenue | 19.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 208.7% |
| Cash vs. profit gap | 5,419 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.4% |
| Investing CF relative to operating CF | 136.8% |

## 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 | 6.1% | 0.64× | 3.9% | 1.58× | 6.2% | S100R7E4 |
| 2023 | 5.5% | 0.74× | 4.0% | 1.58× | 6.4% | S100TVQZ |
| 2024 | 3.5% | 0.67× | 2.4% | 1.64× | 3.9% | S100W6NI |
| 2025 | 4.3% | 0.65× | 2.8% | 1.74× | 4.9% | S100YHFP |
| 2026 | — | —× | -1.0% | —× | — | S100YHFP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 三井物産株式会社 | Major shareholder | 7.8% | 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 | 7.3% | 2026-03-31 |
| 三菱商事株式会社 | Major shareholder | 7.1% | 2026-03-31 |
| 山田産業株式会社 | Major shareholder | 6.4% | 2026-03-31 |
| みずほ信託銀行株式会社退職給付信託 みずほ銀行口 再信託受託者 株式会社日本カストディ銀行 | Major shareholder | 4.4% | 2026-03-31 |
| テイカグループ持株会 | Major shareholder | 4.0% | 2026-03-31 |
| 中央日本土地建物株式会社 | Major shareholder | 3.0% | 2026-03-31 |
| 関西ペイント株式会社 | Major shareholder | 2.7% | 2026-03-31 |
| 住友商事株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.8% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第160期(2025/04/01－2026/03/31) | S100YHFP | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHFP,, |
| 有価証券報告書－第159期(2024/04/01－2025/03/31) | S100W6NI | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W6NI,, |
| 有価証券報告書－第158期(2023/04/01－2024/03/31) | S100TVQZ | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TVQZ,, |
| 有価証券報告書－第157期(2022/04/01－2023/03/31) | S100R7E4 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7E4,, |
| 有価証券報告書－第156期(令和3年4月1日－令和4年3月31日) | S100OKQ0 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OKQ0,, |
| 有価証券報告書－第155期(令和2年4月1日－令和3年3月31日) | S100LSO6 | 2021-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSO6,, |

## 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).