# TOAGOSEI 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113期(2025/01/01－2025/12/31) (S100XTI8)
> Page: https://vizora.meequs.com/en/company/toagosei
> Retrieved: 2026-09-30T17:50:16.342Z

## Company

Toagosei, founded in 1942, is a company in Chemicals listed on TSE Prime. It has 2,680 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOAGOSEI CO., LTD. |
| Ticker | 4045 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4045.T) |
| Listing | TSE Prime |
| Head office | 東京都港区西新橋一丁目14番1号 |
| Representative (per filing) | 代表取締役社長COO 小淵 秀範 |
| Founded | Mar 1942 |
| Share capital | ¥20.9B |
| Employees (consolidated) | 2,680 |
| Average salary (parent only) | ¥7.4M |
| Fiscal year end | December |
| Website | www.toagosei.co.jp (https://www.toagosei.co.jp/) |
| Corporate number | 5010401020186 |
| EDINET | E00770 |
| Industries (Vizora) | Chemicals, Semiconductor Materials, Housing Equipment & Building Materials, Specialty Trading & Wholesale, Paints & Inks |

> Profile source: annual securities report (S100XTI8, filed 2026-03-25). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 35.9 | 96 |
| Profitability | 63.5 | 100 |
| Cash conversion | 53.6 | 96 |
| Efficiency | 19.5 | 100 |
| Financial strength | 86.8 | 19 |

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 44% of Toagosei's sales come from Commodity chemicals, with Polymer and Oligomer and Plastics making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -3.2% from the prior year, operating profit -0.4%.

## Company structure

- Segment revenue mix: Commodity chemicals 44.2%、Polymer and Oligomer 22.3%、Plastics 17.4%、Adhesive material 8.4%、Performance chemicals 6.3%
- Revenue → net income: ¥162312000000 → ¥12840000000
- Net income → operating cash flow: ¥12840000000 → ¥22294000000（difference ¥9454000000）
- Main uses of operating cash flow: CapEx ¥31419000000 / dividends ¥6923000000 / buybacks ¥7002000000
- Change in cash: ¥-11670000000
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 | ¥162.3B |  |
| Operating income | ¥14.2B | Margin 8.7% |
| Net income | ¥12.8B | Margin 7.9% |
| Free cash flow | -¥9.13B |  |
| Largest business | Commodity chemicals | of segment revenue 44.2% |
| Employees (consolidated) | 2,680 |  |
| EPS | ¥116.57 |  |
| Book value per share | ¥1613.11 |  |
| Equity ratio | 74.3% |  |
| Shares outstanding | 108,000,000 |  |
| Treasury shares | 532,600 |  |
| Shareholders | 31,066 |  |
| Average salary (parent only) | ¥7.4M | Filing company only |
| Cash ratio | 9.9% | Net cash ¥8.13B · Cash ÷ revenue 17.7% |
| Vs. industry median margin | +1.2 pp | Chemicals |
| ROE | 6.7% | Derived from disclosed figures |
| ROA | 4.5% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 1.0× dividends

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥133392000000 | ¥162312000000 | +21.7% |
| Operating income | ¥12336000000 | ¥14180000000 | +14.9% |
| Operating margin | 9.2% | 8.7% | -0.5 pp |
| Employees | 2,527 people | 2,680 people | +6.1% |
| Cash and equivalents | ¥43800000000 | ¥28763000000 | -34.3% |

### 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 |
| --- | ---: |
| 基幹化学品事業 → 基幹化学品事業 | 43.9% |
| ポリマー・オリゴマー事業 → ポリマー・オリゴマー事業 | 20.2% |
| 接着材料事業 → 接着材料事業 | 7.5% |
| 高機能材料事業 → 高機能材料事業 | 6.3% |
| 高機能材料事業 → 事業再編・廃止 | 0.4% |
| 樹脂加工製品事業 → 樹脂加工製品事業 | 17.4% |
| 樹脂加工製品事業 → 事業再編・廃止 | 1.6% |
| その他 → その他 | 1.5% |
| その他 → 事業再編・廃止 | 1.3% |
| 新設・再編 → 基幹化学品事業 | 0.4% |
| 新設・再編 → ポリマー・オリゴマー事業 | 2.1% |
| 新設・再編 → 接着材料事業 | 0.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Commodity chemicals | 5 years | +4.2% | ¥71772000000 | 12.2% | 2 |
| Polymer and Oligomer | 5 years | +6.1% | ¥36169000000 | 8.3% | 2 |
| Plastics | 5 years | +2.2% | ¥28177000000 | 9.8% | 2 |
| Adhesive material | 5 years | +6.2% | ¥13607000000 | 2.4% | 2 |
| Performance chemicals | 5 years | +2.6% | ¥10225000000 | 11.5% | 2 |
| Other | 5 years | -8.3% | ¥2360000000 | 16.9% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 162,312 | 100.0% | S100XTI8 |
| Cost of revenue | 115,179 | 71.0% | S100XTI8 |
| Gross profit | 47,133 | 29.0% | S100XTI8 |
| SG&A | 32,952 | 20.3% | S100XTI8 |
| Operating income | 14,180 | 8.7% | S100XTI8 |
| Ordinary income | 15,067 | 9.3% | S100XTI8 |
| Pretax income | 17,345 | 10.7% | S100XTI8 |
| Income tax | 4,504 | 2.8% | S100XTI8 |
| Net income | 12,840 | 7.9% | S100XTI8 |
| Net income attributable to owners | 12,766 | 7.9% | S100XTI8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 71 |
| SG&A | 20 |
| Operating income | 9 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 29.0% → Operating margin 8.7% → Net margin 7.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -3.2%; Core profit growth: -0.4%
Operating leverage (core profit growth ÷ revenue growth): 0.12×
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 | 167,594 | 162,312 | -5,282 | -3.2% |
| Gross profit | 45,712 | 47,133 | 1,421 | +3.1% |
| Operating income | 14,233 | 14,180 | -53 | -0.4% |
| Net income attributable to owners | 11,877 | 12,766 | 889 | +7.5% |
| Operating cash flow | 20,183 | 22,294 | 2,111 | +10.5% |
| Free cash flow | -2,418 | -9,125 | -6,707 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 144,955 | 13,782 | 9.5% | 10,387 | 18,615 | 3,308 | S100L2TI |
| FY ending Dec 2020 | 133,392 | 12,336 | 9.2% | 8,142 | 20,671 | 6,193 | S100NRU2 |
| FY ending Dec 2021 | 156,313 | 17,676 | 11.3% | 13,771 | 21,219 | 9,703 | S100QGEV |
| FY ending Dec 2022 | 160,825 | 14,382 | 8.9% | 12,494 | 10,988 | -9,307 | S100T5RS |
| FY ending Dec 2023 | 159,371 | 12,499 | 7.8% | 12,179 | 21,638 | 9,978 | S100VHCL |
| FY ending Dec 2024 | 167,594 | 14,233 | 8.5% | 11,877 | 20,183 | -2,418 | S100XTI8 |
| FY ending Dec 2025 | 162,312 | 14,180 | 8.7% | 12,766 | 22,294 | -9,125 | S100XTI8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥60.6M |
| Operating income per employee (consolidated) | ¥5.3M |
| Net income per employee (consolidated) | ¥4.8M |

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) | 2,539 | 2,517 | 2,554 | 2,609 | 2,680 |
| Average salary (parent company) | ¥6.9M | ¥7.1M | ¥6.8M | ¥7.3M | ¥7.4M |
| Average age (parent company) | 44.0 years | 44.0 years | 44.0 years | 43.0 years | 43.0 years |
| Average tenure (parent company) | 20.0 years | 20.0 years | 19.0 years | 19.0 years | 18.0 years |

Year over year: Employees (consolidated) +2.7% · Revenue (consolidated) -3.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Commodity chemicals | 71,772 | 44.2% | 8,752 | 12.2% |
| Polymer and Oligomer | 36,169 | 22.3% | 3,018 | 8.3% |
| Adhesive material | 13,607 | 8.4% | 323 | 2.4% |
| Performance chemicals | 10,225 | 6.3% | 1,177 | 11.5% |
| Plastics | 28,177 | 17.4% | 2,754 | 9.8% |
| Other | 2,360 | 1.5% | 398 | 16.9% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Commodity chemicals | 44.2% | 53.3% | 9.1 | 12.2% |
| Polymer and Oligomer | 22.3% | 18.4% | -3.9 | 8.3% |
| Adhesive material | 8.4% | 2.0% | -6.4 | 2.4% |
| Performance chemicals | 6.3% | 7.2% | 0.9 | 11.5% |
| Plastics | 17.4% | 16.8% | -0.6 | 9.8% |
| Other | 1.5% | 2.4% | 1.0 | 16.9% |

Segment → industry: Performance chemicals → Chemicals / Polymer and Oligomer → Chemicals / Commodity chemicals → Chemicals / Performance chemicals → Semiconductor Materials / Plastics → Housing Equipment & Building Materials / Other → Specialty Trading & Wholesale / Adhesive material → Paints & Inks

## 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 | 22,294 | 13.7% | S100XTI8 |
| Capital expenditure | 31,419 | 19.4% | S100XTI8 |
| Free cash flow | -9,125 | -5.6% | 算出 |
| Investing cash flow | -29,635 | -18.3% | S100XTI8 |
| Financing cash flow | -4,495 | -2.8% | S100XTI8 |
| Dividends paid | 6,923 | 4.3% | S100XTI8 |
| Share buyback | 7,002 | 4.3% | S100XTI8 |
| Change in cash | -11,670 | -7.2% | S100XTI8 |
| Cash and equivalents | 28,763 | 17.7% | S100XTI8 |

## 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 | 46,504 | 44,839 | 47,636 | 40,433 | 28,763 | S100T5RS, S100VHCL, S100XTI8 |
| Total assets | 258,955 | 265,135 | 272,285 | 278,020 | 289,105 | S100QGEV, S100T5RS, S100VHCL, S100XTI8 |
| Net assets | 206,612 | 210,807 | 212,518 | 213,668 | 215,944 | S100T5RS, S100VHCL, S100XTI8 |
| Share capital | 20,886 | 20,886 | 20,886 | 20,886 | 20,886 | S100QGEV, S100T5RS, S100VHCL, S100XTI8 |
| Trade receivables | 48,456 | 49,848 | 42,237 | 42,359 | 38,003 | S100QGEV, S100T5RS, S100VHCL, S100XTI8 |
| Inventories | 19,387 | 25,511 | 24,792 | 24,734 | 25,469 | S100QGEV, S100T5RS, S100VHCL, S100XTI8 |
| Property, plant and equipment | 78,193 | 90,774 | 96,532 | 111,851 | 129,050 | S100QGEV, S100T5RS, S100VHCL, S100XTI8 |
| Intangible assets excluding goodwill | 1,669 | 1,592 | 1,579 | 1,666 | 4,723 | S100QGEV, S100T5RS, S100VHCL, S100XTI8 |
| Investment securities | 28,722 | 28,472 | 32,912 | 34,023 | 36,029 | S100QGEV, S100T5RS, S100VHCL, S100XTI8 |
| Current assets | 145,168 | 138,985 | 134,860 | 122,750 | 110,556 | S100QGEV, S100T5RS, S100VHCL, S100XTI8 |
| Current liabilities | 36,737 | 37,792 | 41,480 | 48,753 | 47,376 | S100QGEV, S100T5RS, S100VHCL, S100XTI8 |
| Trade payables | 18,391 | 19,653 | 19,091 | 18,740 | 16,513 | S100QGEV, S100T5RS, S100VHCL, S100XTI8 |
| Short-term borrowings | 2,477 | 2,475 | 2,499 | 6,209 | 6,865 | S100QGEV, S100T5RS, S100VHCL, S100XTI8 |
| Long-term borrowings | 8,730 | 8,590 | 8,595 | 4,834 | 3,770 | S100QGEV, S100T5RS, S100VHCL, S100XTI8 |
| Bonds | — | — | — | — | 10,000 | S100XTI8 |
| Interest-bearing debt | — | — | — | — | 20,635 | 算出 |
| Total liabilities | 52,343 | 54,328 | 59,767 | 64,352 | 73,160 | S100QGEV, S100T5RS, S100VHCL, S100XTI8 |
| Non-controlling interests | 4,848 | 4,837 | 1,008 | 1,082 | 1,136 | S100QGEV, S100T5RS, S100VHCL, S100XTI8 |
| Equity attributable to owners of parent | 189,396 | 193,053 | 193,828 | 191,551 | 190,491 | S100QGEV, S100T5RS, S100VHCL, S100XTI8 |
| Retained earnings | 153,693 | 158,154 | 159,562 | 157,874 | 156,396 | S100QGEV, S100T5RS, S100VHCL, S100XTI8 |
| Treasury stock | -230 | -1,081 | -786 | -1,375 | -957 | S100QGEV, S100T5RS, S100VHCL, S100XTI8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100XTI8 |
| Receivables | 13% | S100XTI8 |
| Inventories | 9% | S100XTI8 |
| Property, plant and equipment | 45% | S100XTI8 |
| Intangibles and goodwill | 2% | S100XTI8 |
| Investment securities | 12% | S100XTI8 |
| Other assets | 9% | S100XTI8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100XTI8 |
| Interest-bearing debt | 7% | 算出 |
| Other liabilities | 12% | S100XTI8 |
| Equity | 75% | S100XTI8 |
| Other liabilities | 0% | S100XTI8 |

### 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 | 258,955 | 265,135 | 272,285 | 278,020 | 289,105 |
| Equity | 206,612 | 210,807 | 212,518 | 213,668 | 215,944 |
| Interest-bearing debt | — | — | — | — | 20,635 |
| Cash | 46,504 | 44,839 | 47,636 | 40,433 | 28,763 |

## 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) | 79.5% | S100XTI8 |
| Fixed assets ÷ total assets | 44.6% | S100XTI8 |
| Goodwill ÷ parent equity | — | —, S100XTI8 |

### 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) | 9.9% |
| Cash ÷ revenue | 17.7% |
| Net cash (cash − interest-bearing debt) | ¥8.13B |
| Net debt ÷ operating cash flow | -0.36× |
| Cash conversion (operating CF ÷ operating income) | 157.2% |
| Cash vs. profit gap | 9,528 JPY mn (of net income 74.6%) |
| Shareholder returns / net income | 109.1% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 54.2% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 19.4% |
| Investing CF relative to operating CF | 132.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 8.8% | 0.60× | 5.3% | 1.37× | 7.3% | S100QGEV |
| 2022 | 7.8% | 0.61× | 4.8% | 1.37× | 6.5% | S100T5RS |
| 2023 | 7.6% | 0.59× | 4.5% | 1.39× | 6.3% | S100VHCL |
| 2024 | 7.1% | 0.61× | 4.3% | 1.43× | 6.2% | S100XTI8 |
| 2025 | 7.9% | 0.57× | 4.5% | 1.48× | 6.7% | S100XTI8 |

## 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 | 12.5% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.4% | 2025-12-31 |
| 東亞合成取引先持株会 | Major shareholder | 4.8% | 2025-12-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.3% | 2025-12-31 |
| 東亞合成グループ社員持株会 | Major shareholder | 3.1% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行 決済営業部） | Major shareholder | 2.3% | 2025-12-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.1% | 2025-12-31 |
| 大樹生命保険株式会社 | Major shareholder | 1.7% | 2025-12-31 |
| THE BANK OF NEW YORK, TREATY JASDEC ACCOUNT(常任代理人 株式会社三菱ＵＦＪ銀行 決済事業部) | Major shareholder | 1.6% | 2025-12-31 |
| 株式会社百十四銀行 | Major shareholder | 1.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第113期(2025/01/01－2025/12/31) | S100XTI8 | 2026-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XTI8,, |
| 有価証券報告書－第112期(2024/01/01－2024/12/31) | S100VHCL | 2025-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHCL,, |
| 有価証券報告書－第111期(2023/01/01－2023/12/31) | S100T5RS | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5RS,, |
| 有価証券報告書－第110期(2022/01/01－2022/12/31) | S100QGEV | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGEV,, |
| 有価証券報告書－第109期(令和3年1月1日－令和3年12月31日) | S100NRU2 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRU2,, |
| 有価証券報告書－第108期(令和2年1月1日－令和2年12月31日) | S100L2TI | 2021-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L2TI,, |

## 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).