# Titan Kogyo, Ltd.: 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128期(2025/04/01－2026/03/31) (S100YGE8)
> Page: https://vizora.meequs.com/en/company/titan-kogyo
> Retrieved: 2026-09-30T19:52:25.372Z

## Company

Titan Kogyo, founded in 1936, is a company in Chemicals listed on TSE Standard. It has 272 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Titan Kogyo, Ltd. |
| Ticker | 4098 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4098.T) |
| Listing | TSE Standard |
| Head office | 山口県宇部市大字小串1978番地の25 |
| Representative (per filing) | 代表取締役 社長執行役員 井上保雄 |
| Founded | Jun 1936 |
| Share capital | ¥3.44B |
| Employees (consolidated) | 272 |
| Average salary (parent only) | ¥5.3M |
| Fiscal year end | March |
| Website | titankogyo.co.jp (https://titankogyo.co.jp/) |
| Corporate number | 3250001003412 |
| EDINET | E00796 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100YGE8, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 43.2 | 96 |
| Profitability | 16.5 | 100 |
| Cash conversion | 93.2 | 96 |
| Efficiency | 23.5 | 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 61% of Titan Kogyo's sales come from Titanium dioxide, with Iron dioxide and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +4.4% from the prior year, operating profit +81.2%.

## Company structure

- Segment revenue mix: Titanium dioxide 61.2%、Iron dioxide 38.8%、Other 0.0%
- Revenue → net income: ¥8139000000 → ¥237000000
- Net income → operating cash flow: ¥237000000 → ¥1023000000（difference ¥786000000）
- Main uses of operating cash flow: CapEx ¥276000000 / dividends ¥29000000 / buybacks ¥0
- Change in cash: ¥38000000
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 | ¥8.14B |  |
| Operating income | ¥299M | Margin 3.7% |
| Net income | ¥202M | Margin 2.5% |
| Free cash flow | ¥747M |  |
| Largest business | Titanium dioxide | of segment revenue 61.2% |
| Employees (consolidated) | 272 |  |
| EPS | ¥55.77 |  |
| Book value per share | ¥1695.43 |  |
| Equity ratio | 38.5% |  |
| Shares outstanding | 3,027,000 |  |
| Treasury shares | 51,100 |  |
| Shareholders | 3,792 |  |
| Average salary (parent only) | ¥5.3M | Filing company only |
| Cash ratio | 6.3% | Cash ÷ revenue 10.6% |
| Vs. industry median margin | -3.9 pp | Chemicals |
| ROE | 4.2% | Derived from disclosed figures |
| ROA | 1.5% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 5.1× net income
- FY2026, employees -6% while operating income rose 81%
- FY2026, one segment accounts for 63% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥6284000000 | ¥8139000000 | +29.5% |
| Operating income | ¥-64000000 | ¥299000000 | — |
| Operating margin | -1.0% | 3.7% | +4.7 pp |
| Employees | 355 people | 272 people | -23.4% |
| Cash and equivalents | ¥576000000 | ¥863000000 | +49.8% |

### 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 |
| --- | ---: |
| 酸化チタン関連事業 → 酸化チタン関連事業 | 61.2% |
| 酸化チタン関連事業 → 事業再編・廃止 | 9.1% |
| 酸化鉄関連事業 → 酸化鉄関連事業 | 29.0% |
| その他 → その他 | 0.0% |
| その他 → 事業再編・廃止 | 0.7% |
| 新設・再編 → 酸化鉄関連事業 | 9.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Titanium dioxide | 5 years | +2.4% | ¥4981000000 | 2.2% | 2 |
| Iron dioxide | 5 years | +11.6% | ¥3156000000 | 5.7% | 2 |
| Other | 5 years | -52.9% | ¥1000000 | -100.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 8,139 | 100.0% | S100YGE8 |
| Cost of revenue | 6,782 | 83.3% | S100YGE8 |
| Gross profit | 1,356 | 16.7% | S100YGE8 |
| SG&A | 1,057 | 13.0% | S100YGE8 |
| Operating income | 299 | 3.7% | S100YGE8 |
| Ordinary income | 241 | 3.0% | S100YGE8 |
| Pretax income | 237 | 2.9% | S100YGE8 |
| Income tax | 0 | 0.0% | S100YGE8 |
| Net income | 237 | 2.9% | S100YGE8 |
| Net income attributable to owners | 202 | 2.5% | S100YGE8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 13 |
| Operating income | 4 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 16.7% → Operating margin 3.7% → Net margin 2.5%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +4.4%; Core profit growth: +81.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 18.35×
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 | 7,794 | 8,139 | 345 | +4.4% |
| Gross profit | 1,177 | 1,356 | 179 | +15.2% |
| Operating income | 165 | 299 | 134 | +81.2% |
| Net income attributable to owners | 200 | 202 | 2 | +1.0% |
| Operating cash flow | 817 | 1,023 | 206 | +25.2% |
| Free cash flow | 632 | 747 | 115 | +18.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 8,761 | 514 | 5.9% | 401 | 1,872 | -188 | S100LSR8 |
| FY ending Mar 2021 | 6,284 | -64 | -1.0% | -178 | -149 | -880 | S100OHR6 |
| FY ending Mar 2022 | 8,149 | 373 | 4.6% | 265 | 687 | -2,765 | S100R7A9 |
| FY ending Mar 2023 | 8,070 | 385 | 4.8% | 322 | -204 | -389 | S100TQLL |
| FY ending Mar 2024 | 7,953 | -726 | -9.1% | -1,680 | 728 | 622 | S100W25C |
| FY ending Mar 2025 | 7,794 | 165 | 2.1% | 200 | 817 | 632 | S100YGE8 |
| FY ending Mar 2026 | 8,139 | 299 | 3.7% | 202 | 1,023 | 747 | S100YGE8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥29.9M |
| Operating income per employee (consolidated) | ¥1.1M |
| Net income per employee (consolidated) | ¥742.6K |

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) | 335 | 320 | 304 | 288 | 272 |
| Average salary (parent company) | ¥5.1M | ¥5.2M | ¥5.3M | ¥5.1M | ¥5.3M |
| Average age (parent company) | 40.3 years | 40.9 years | 42.0 years | 43.5 years | 44.2 years |
| Average tenure (parent company) | 14.1 years | 14.7 years | 15.4 years | 16.7 years | 17.3 years |

Year over year: Employees (consolidated) -5.6% · Revenue (consolidated) +4.4%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Titanium dioxide | 4,981 | 61.2% | 108 | 2.2% |
| Iron dioxide | 3,156 | 38.8% | 180 | 5.7% |
| Other | 1 | 0.0% | -1 | -100.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Titanium dioxide | 61.2% | 37.5% | -23.7 | 2.2% |
| Iron dioxide | 38.8% | 62.5% | 23.7 | 5.7% |
| Other | 0.0% | — | — | -100.0% |

Loss-making segment (excluded from profit shares): Other -1 JPY mn

Segment → industry: Iron dioxide → Chemicals / Titanium dioxide → 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 | 1,023 | 12.6% | S100YGE8 |
| Capital expenditure | 276 | 3.4% | S100YGE8 |
| Free cash flow | 747 | 9.2% | 算出 |
| Investing cash flow | -274 | -3.4% | S100YGE8 |
| Financing cash flow | -710 | -8.7% | S100YGE8 |
| Dividends paid | 29 | 0.4% | S100YGE8 |
| Share buyback | 0 | 0.0% | S100YGE8 |
| Change in cash | 38 | 0.5% | S100YGE8 |
| Cash and equivalents | 863 | 10.6% | S100YGE8 |

## 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 | 551 | 382 | 785 | 825 | 863 | S100TQLL, S100W25C, S100YGE8 |
| Total assets | 16,372 | 16,756 | 14,882 | 13,992 | 13,731 | S100R7A9, S100TQLL, S100W25C, S100YGE8 |
| Net assets | 6,737 | 7,099 | 5,495 | 5,652 | 5,862 | S100TQLL, S100W25C, S100YGE8 |
| Share capital | 3,443 | 3,443 | 3,443 | 3,443 | 3,443 | S100R7A9, S100TQLL, S100W25C, S100YGE8 |
| Trade receivables | 1,529 | 1,463 | 1,999 | 1,345 | 1,472 | S100R7A9, S100TQLL, S100W25C, S100YGE8 |
| Property, plant and equipment | 8,338 | 7,630 | 6,272 | 6,246 | 5,642 | S100R7A9, S100TQLL, S100W25C, S100YGE8 |
| Intangible assets excluding goodwill | 18 | 12 | 7 | 4 | 3 | S100R7A9, S100TQLL, S100W25C, S100YGE8 |
| Investment securities | 826 | 945 | 806 | 534 | 679 | S100R7A9, S100TQLL, S100W25C, S100YGE8 |
| Current assets | 6,996 | 7,875 | 7,681 | 7,105 | 7,308 | S100R7A9, S100TQLL, S100W25C, S100YGE8 |
| Current liabilities | 4,783 | 5,363 | 5,776 | 4,947 | 5,062 | S100R7A9, S100TQLL, S100W25C, S100YGE8 |
| Trade payables | 699 | 660 | 812 | 462 | — | S100R7A9, S100TQLL, S100W25C |
| Short-term borrowings | 2,350 | 3,150 | 3,250 | 2,800 | 2,800 | S100R7A9, S100TQLL, S100W25C, S100YGE8 |
| Long-term borrowings | 4,264 | 3,711 | 3,120 | 2,707 | 2,114 | S100R7A9, S100TQLL, S100W25C, S100YGE8 |
| Total liabilities | 9,635 | 9,656 | 9,386 | 8,339 | 7,869 | S100R7A9, S100TQLL, S100W25C, S100YGE8 |
| Non-controlling interests | 402 | 422 | 507 | 541 | 575 | S100R7A9, S100TQLL, S100W25C, S100YGE8 |
| Equity attributable to owners of parent | 6,031 | 6,284 | 4,546 | 4,716 | 4,896 | S100R7A9, S100TQLL, S100W25C, S100YGE8 |
| Retained earnings | 2,287 | 2,556 | 809 | 979 | 1,142 | S100R7A9, S100TQLL, S100W25C, S100YGE8 |
| Treasury stock | -101 | -117 | -108 | -108 | -91 | S100R7A9, S100TQLL, S100W25C, S100YGE8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100YGE8 |
| Receivables | 11% | S100YGE8 |
| Property, plant and equipment | 41% | S100YGE8 |
| Intangibles and goodwill | 0% | S100YGE8 |
| Investment securities | 5% | S100YGE8 |
| Other assets | 37% | S100YGE8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 57% | S100YGE8 |
| Equity | 43% | S100YGE8 |

### 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 | 16,372 | 16,756 | 14,882 | 13,992 | 13,731 |
| Equity | 6,737 | 7,099 | 5,495 | 5,652 | 5,862 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 551 | 382 | 785 | 825 | 863 |

## 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) | 69.3% | S100YGE8 |
| Fixed assets ÷ total assets | 41.1% | S100YGE8 |
| Goodwill ÷ parent equity | — | —, S100YGE8 |

### 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) | 6.3% |
| Cash ÷ revenue | 10.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 342.1% |
| Cash vs. profit gap | 821 JPY mn (of net income 406.4%) |
| Shareholder returns / net income | 14.4% |
| Shareholder returns / FCF | 3.9% |
| Shareholder payments — dividends / net income | 14.4% |
| Shareholder payments — dividends / FCF | 3.9% |
| CapEx intensity (capex ÷ revenue) | 3.4% |
| Investing CF relative to operating CF | 26.8% |

## 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 | 3.3% | 0.50× | 1.6% | 2.71× | 4.4% | S100R7A9 |
| 2023 | 4.0% | 0.49× | 1.9% | 2.69× | 5.2% | S100TQLL |
| 2024 | — | —× | -10.6% | —× | — | S100W25C |
| 2025 | 2.6% | 0.54× | 1.4% | 3.12× | 4.3% | S100YGE8 |
| 2026 | 2.5% | 0.59× | 1.5% | 2.88× | 4.2% | S100YGE8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社東芝 | Major shareholder | 6.7% | 2026-03-31 |
| 稲畑産業株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| 株式会社山口銀行 | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社山田事務所 | Major shareholder | 3.2% | 2026-03-31 |
| 小西安株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 井 本 浩 二 | Major shareholder | 3.0% | 2026-03-31 |
| 平 井 健 治 | Major shareholder | 2.9% | 2026-03-31 |
| 株式会社ＳＢＩ証券 | Major shareholder | 1.2% | 2026-03-31 |
| 第一生命保険株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| 山口産業株式会社 | Major shareholder | 0.9% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第128期(2025/04/01－2026/03/31) | S100YGE8 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGE8,, |
| 有価証券報告書－第127期(2024/04/01－2025/03/31) | S100W25C | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W25C,, |
| 有価証券報告書－第126期(2023/04/01－2024/03/31) | S100TQLL | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQLL,, |
| 有価証券報告書－第125期(2022/04/01－2023/03/31) | S100R7A9 | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7A9,, |
| 有価証券報告書－第124期(令和3年4月1日－令和4年3月31日) | S100OHR6 | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHR6,, |
| 有価証券報告書－第123期(令和2年4月1日－令和3年3月31日) | S100LSR8 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSR8,, |

## 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).