# TEIJIN LIMITED: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第160期(2025/04/01－2026/03/31) (S100YCMK)
> Page: https://vizora.meequs.com/en/company/teijin
> Retrieved: 2026-09-30T17:49:09.720Z

## Company

Teijin, founded in 2002, is a company in Textiles & Fibers listed on TSE Prime. It has 15,689 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TEIJIN LIMITED |
| Ticker | 3401 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3401.T) |
| Listing | TSE Prime |
| Head office | 大阪市北区中之島三丁目2番4号 |
| Representative (per filing) | 代表取締役社長執行役員 内川 哲茂 |
| Founded | Jan 2002 |
| Share capital | ¥71.8B |
| Employees (consolidated) | 15,689 |
| Average salary (parent only) | ¥8.9M |
| Fiscal year end | March |
| Website | www.teijin.co.jp (https://www.teijin.co.jp/) |
| Corporate number | 8120001077489 |
| EDINET | E00872 |
| Industries (Vizora) | Textiles & Fibers, Batteries, Medical Devices, Chemicals, Pharmaceuticals, Specialty Trading & Wholesale |

> Profile source: annual securities report (S100YCMK, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Textiles & Fibers (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Profitability | 9.4 | 16 |
| Efficiency | 78.1 | 16 |

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 Teijin's sales come from Fiber and Products Converting, with Materials and Helthcare making up much of the rest.
- It lost about ¥8 for every ¥100 of sales at the operating level.
- Revenue changed -13.2% from the prior year.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥873.2B |  |
| Operating income | -¥70.7B | Margin -8.1% |
| Net income | -¥88B | Margin -10.1% |
| Free cash flow | ¥38.7B |  |
| Largest business | Fiber and Products Converting | of segment revenue 40.1% |
| Employees (consolidated) | 15,689 |  |
| EPS | ¥-456.33 |  |
| Diluted EPS | ¥-456.33 |  |
| Book value per share | ¥1369.19 |  |
| Equity ratio | 39.6% | Derived from disclosed figures |
| Shares outstanding | 197,953,707 |  |
| Treasury shares | 5,037,800 |  |
| Shareholders | 64,656 |  |
| Average salary (parent only) | ¥8.9M | Filing company only |
| Cash ratio | 11.4% | Cash ÷ revenue 12.0% |
| Vs. industry median margin | -11.5 pp | Textiles & Fibers |
| ROA | -8.9% | Derived from disclosed figures |

## Notable figures

- FY2026, segment profit share differs by -38 points

## What changed in 5 years

Accounting standard changed in FY2023; percentage changes are omitted.

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥836512000000 | ¥873190000000 | — |
| Operating income | ¥54931000000 | ¥-70714000000 | — |
| Operating margin | 6.6% | -8.1% | -14.7 pp |
| Employees | 21,090 people | 15,689 people | — |
| Cash and equivalents | ¥166455000000 | ¥104474000000 | — |

### 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 |
| --- | ---: |
| マテリアル → 事業再編・廃止 | 35.5% |
| 繊維・製品 → 事業再編・廃止 | 37.6% |
| ヘルスケア → 事業再編・廃止 | 17.8% |
| その他 → その他 | 2.1% |
| IT → 事業再編・廃止 | 6.9% |
| 新設・再編 → マテリアル | 38.8% |
| 新設・再編 → 繊維・製品 | 40.1% |
| 新設・再編 → ヘルスケア | 15.9% |
| 新設・再編 → その他 | 3.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Fiber and Products Converting | 2 years | +4.3% | ¥350068000000 | 4.9% | 2 |
| Materials | 2 years | -12.2% | ¥338579000000 | 0.0% | 2 |
| Helthcare | 2 years | -2.1% | ¥138558000000 | 9.7% | 2 |
| Other | — | — | ¥45986000000 | 9.9% | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 873,190 | 100.0% | S100YCMK |
| Cost of revenue | 711,226 | 81.5% | S100YCMK |
| Gross profit | 161,964 | 18.5% | S100YCMK |
| SG&A | 231,322 | 26.5% | S100YCMK |
| Operating income | -70,714 | -8.1% | S100YCMK |
| Pretax income | -74,060 | -8.5% | S100YCMK |
| Income tax | 13,859 | 1.6% | S100YCMK |
| Net income | -87,920 | -10.1% | S100YCMK |
| Net income attributable to owners | -88,003 | -10.1% | S100YCMK |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 81 |
| SG&A | 27 |
| Operating income | -8 |
| (Ref.) Net income | -10 |

### Margin funnel

Gross margin 18.5% → Operating margin -8.1% → Net margin -10.1%
Derived from reported figures (DERIVED).

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 1,005,471 | 873,190 | -132,281 | -13.2% |
| Gross profit | 191,452 | 161,964 | -29,488 | -15.4% |
| Operating income | -71,828 | -70,714 | 1,114 | — |
| Net income attributable to owners | 28,347 | -88,003 | -116,350 | -410.4% |
| Operating cash flow | 69,843 | 98,654 | 28,811 | +41.3% |
| Free cash flow | 8,417 | 38,706 | 30,289 | +359.9% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 853,746 | 56,205 | 6.6% | 25,252 | 94,214 | 23,893 | S100M4OK |
| FY ending Mar 2021 | 836,512 | 54,931 | 6.6% | -6,662 | 107,729 | 46,803 | S100O9JF |
| FY ending Mar 2022 | 926,054 | 44,208 | 4.8% | 23,158 | 89,656 | -110,820 | S100QZX0 |
| FY ending Mar 2023 | 1,018,751 | 12,863 | 1.3% | -17,695 | 55,086 | -2,650 | S100TO4E |
| FY ending Mar 2024 | 960,459 | -4,912 | -0.5% | -11,712 | 80,595 | 5,045 | S100W4FO |
| FY ending Mar 2025 | 1,005,471 | -71,828 | -7.1% | 28,347 | 69,843 | 8,417 | S100YCMK |
| FY ending Mar 2026 | 873,190 | -70,714 | -8.1% | -88,003 | 98,654 | 38,706 | S100YCMK |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥55.7M |
| Operating income per employee (consolidated) | -¥4.5M |
| Net income per employee (consolidated) | -¥5.6M |

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) | 21,815 | 22,484 | 21,834 | 20,279 | 15,689 |
| Average salary (parent company) | ¥7.4M | ¥7.4M | ¥7.7M | ¥8.1M | ¥8.9M |
| Average age (parent company) | 44.3 years | 45.1 years | 45.8 years | 46.2 years | 46.8 years |
| Average tenure (parent company) | 20.2 years | 20.8 years | 23.2 years | 21.9 years | 22.5 years |

Year over year: Employees (consolidated) -22.6% · Revenue (consolidated) -13.2%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Materials | 338,579 | 38.8% | 118 | 0.0% |
| Fiber and Products Converting | 350,068 | 40.1% | 17,095 | 4.9% |
| Helthcare | 138,558 | 15.9% | 13,427 | 9.7% |
| Other | 45,986 | 5.3% | 4,559 | 9.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Materials | 38.8% | 0.3% | -38.4 | 0.0% |
| Fiber and Products Converting | 40.1% | 48.6% | 8.5 | 4.9% |
| Helthcare | 15.9% | 38.1% | 22.3 | 9.7% |
| Other | 5.3% | 13.0% | 7.7 | 9.9% |

Segment → industry: Fiber and Products Converting → Textiles & Fibers / Materials → Textiles & Fibers / Other → Batteries / Helthcare → Medical Devices / Materials → Chemicals / Helthcare → Pharmaceuticals / Fiber and Products Converting → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 98,654 | 11.3% | S100YCMK |
| Capital expenditure | 59,948 | 6.9% | S100YCMK |
| Free cash flow | 38,706 | 4.4% | 算出 |
| Investing cash flow | -38,956 | -4.5% | S100YCMK |
| Financing cash flow | -73,251 | -8.4% | S100YCMK |
| Dividends paid | 9,640 | 1.1% | S100YCMK |
| Share buyback | 5 | 0.0% | S100YCMK |
| Change in cash | -4,847 | -0.6% | S100YCMK |
| Cash and equivalents | 104,474 | 12.0% | S100YCMK |

## 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 | 130,696 | 140,307 | 123,212 | 107,538 | 104,474 | S100TO4E, S100W4FO, S100YCMK |
| Total assets | 1,207,583 | 1,228,229 | 1,226,616 | 1,061,272 | 920,115 | S100QZX0, S100W4FO, S100YCMK |
| Net assets | 464,811 | 416,350 | 436,759 | 438,541 | 368,631 | S100TO4E, S100W4FO, S100YCMK |
| Share capital | 71,833 | 71,833 | 71,833 | 71,833 | 71,833 | S100QZX0, S100W4FO, S100YCMK |
| Property, plant and equipment | 315,514 | 295,355 | 302,860 | 250,945 | 218,141 | S100QZX0, S100W4FO, S100YCMK |
| Intangible assets excluding goodwill | 190,752 | 160,550 | 145,287 | — | — | S100QZX0, S100TO4E |
| Goodwill | 29,920 | 9,659 | 10,662 | 8,334 | 7,897 | S100QZX0, S100W4FO, S100YCMK |
| Investment securities | 85,014 | 82,139 | 68,226 | — | — | S100QZX0, S100TO4E |
| Current assets | 571,996 | 613,675 | 625,622 | 587,883 | 528,082 | S100QZX0, S100W4FO, S100YCMK |
| Current liabilities | 351,756 | 414,836 | 424,682 | — | — | S100QZX0, S100TO4E |
| Trade payables | 101,183 | 103,041 | 100,439 | — | — | S100QZX0, S100TO4E |
| Short-term borrowings | 110,524 | 132,619 | 146,767 | — | — | S100QZX0, S100TO4E |
| Long-term borrowings | 215,972 | 194,332 | 186,097 | — | — | S100QZX0, S100TO4E |
| Bonds | 105,000 | 105,000 | 85,030 | — | — | S100QZX0, S100TO4E |
| Interest-bearing debt | 431,496 | 431,951 | 417,894 | — | — | 算出 |
| Total liabilities | 742,772 | 811,880 | 789,857 | 622,731 | 551,483 | S100QZX0, S100W4FO, S100YCMK |
| Non-controlling interests | 24,429 | 25,420 | 27,348 | — | — | S100QZX0, S100TO4E |
| Equity attributable to owners of parent | 405,192 | 390,898 | 409,507 | 431,378 | 364,461 | S100QZX0, S100W4FO, S100YCMK |
| Retained earnings | 242,332 | 205,913 | 204,174 | 231,726 | 138,509 | S100QZX0, S100W4FO, S100YCMK |
| Treasury stock | -12,729 | -12,299 | -11,772 | -11,411 | -10,974 | S100QZX0, S100W4FO, S100YCMK |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 11% | S100YCMK |
| Property, plant and equipment | 24% | S100YCMK |
| Intangibles and goodwill | 1% | — |
| Other assets | 64% | S100YCMK |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 60% | S100YCMK |
| Equity | 40% | S100YCMK |
| Other liabilities | 0% | S100YCMK |

### 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 | 1,207,583 | 1,228,229 | 1,226,616 | 1,061,272 | 920,115 |
| Equity | 464,811 | 416,350 | 436,759 | 438,541 | 368,631 |
| Interest-bearing debt | 431,496 | 431,951 | 417,894 | — | — |
| Cash | 130,696 | 140,307 | 123,212 | 107,538 | 104,474 |

## 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) | 25.0% | S100YCMK |
| Fixed assets ÷ total assets | 23.7% | S100YCMK |
| Goodwill ÷ parent equity | 2.2% | S100YCMK |

Goodwill over 4 years: 29,920 → 7,897 JPY; total investing cash flow: -293,802 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) | 11.4% |
| Cash ÷ revenue | 12.0% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 186,657 JPY mn |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | 24.9% |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | 24.9% |
| CapEx intensity (capex ÷ revenue) | 6.9% |
| Investing CF relative to operating CF | 39.5% |

## 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 | 2.5% | 0.77× | 1.9% | 2.98× | 5.7% | S100QZX0 |
| 2023 | — | —× | -1.5% | —× | — | S100TO4E, S100W4FO |
| 2024 | — | —× | -1.0% | —× | — | S100W4FO |
| 2025 | 2.8% | 0.88× | 2.5% | 2.72× | 6.7% | S100YCMK |
| 2026 | — | —× | -8.9% | —× | — | S100YCMK |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行（株） （信託口） | Major shareholder | 15.4% | 2026-03-31 |
| GOLDMAN SACHS INTERNATIONAL （常任代理人 ゴールドマン・サックス証券（株）） | Major shareholder | 6.9% | 2026-03-31 |
| （株）日本カストディ銀行（信託口） | Major shareholder | 4.7% | 2026-03-31 |
| MLI FOR SEGREGATED PB CLIENT （常任代理人 BOFA証券（株）） | Major shareholder | 4.5% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 （株）みずほ銀行決済営業部） | Major shareholder | 3.8% | 2026-03-31 |
| 日本生命保険(相) | Major shareholder | 3.6% | 2026-03-31 |
| 帝人従業員持株会 | Major shareholder | 3.2% | 2026-03-31 |
| JP JPMSE LUX RE CITIGROUP GLOBAL MARKETS L EQ CO （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 2.8% | 2026-03-31 |
| JPMSPLC CLIENT ASSETS SK JPY （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 2.7% | 2026-03-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC) （常任代理人 （株）三菱UFJ銀行） | Major shareholder | 2.0% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥873.2B, down 13.2% from ¥1.01T the year before.
- Operating income stayed negative at -¥70.7B, after -¥71.8B in the prior year.
- Net income swung from a ¥28.3B profit to a loss of -¥88B.
- Cash generation improved, though: operating cash flow rose 41.3% to ¥98.7B, and free cash flow grew to ¥38.7B.

### Drivers

- Impairment losses in the aramid and healthcare businesses were the main reason for the operating and net losses
- Materials sales and profit fell as a large scheduled maintenance shutdown hit aramid, carbon fiber volumes dropped, and tougher competition pushed prices down
- Healthcare profit rose thanks to more rentals of home medical devices, such as sleep apnea (CPAP) machines and home oxygen units, plus license income
- Teijin sold its North American composites business and Teijin Nakashima Medical, so both left the group's accounts

### Risks

- In aramid and carbon fiber, competitors adding capacity has loosened supply and keeps pressure on prices; recovery depends on the ongoing cost overhaul
- Drug sales are being squeezed by government price cuts and the spread of generics
- Supply chain disruption, for example from instability in the Middle East, could delay raw materials or raise costs

Cited: Annual securities report (FY ending Mar 2026) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (FY ending Mar 2026) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第160期(2025/04/01－2026/03/31) | S100YCMK | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCMK,, |
| 有価証券報告書－第159期(2024/04/01－2025/03/31) | S100W4FO | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W4FO,, |
| 有価証券報告書－第158期(2023/04/01－2024/03/31) | S100TO4E | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO4E,, |
| 有価証券報告書－第157期(2022/04/01－2023/03/31) | S100QZX0 | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QZX0,, |
| 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) | S100O9JF | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9JF,, |
| 訂正有価証券報告書－第155期(令和2年4月1日－令和3年3月31日) | S100M4OK | 2021-08-10 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100M4OK,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 旭化成 | Joint venture | 帝人フロンティアと旭化成アドバンスを統合し、帝人 80%・旭化成 20% の合弁会社（TAフロンティア）とする基本契約 | S100YCMK |

## 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).