# TOHO CHEMICAL INDUSTRY COMPANY,LIMITED: 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89期(2025/04/01－2026/03/31) (S100YGU8)
> Page: https://vizora.meequs.com/en/company/toho-chemical-industry
> Retrieved: 2026-09-30T22:28:59.524Z

## Company

Toho Chemical Industry, founded in 1938, is a company in Chemicals listed on TSE Standard. It has 856 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOHO CHEMICAL INDUSTRY COMPANY, LIMITED |
| Ticker | 4409 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4409.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区明石町6番4号 |
| Representative (per filing) | 代表取締役社長 中崎 龍雄 |
| Founded | Mar 1938 |
| Share capital | ¥1.75B |
| Employees (consolidated) | 856 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | toho-chem.co.jp (https://toho-chem.co.jp/) |
| Corporate number | 5010001034850 |
| EDINET | E00886 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100YGU8, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 46.4 | 96 |
| Profitability | 19.5 | 100 |
| Cash conversion | 72.4 | 96 |
| Efficiency | 66.5 | 100 |
| Financial strength | 13.2 | 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 47% of Toho Chemical Industry's sales come from Surfactants, with Specialty Chemicals and Industrial Chemicals making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed +0.0% from the prior year, operating profit +15.0%.

## Company structure

- Segment revenue mix: Surfactants 47.5%、Specialty Chemicals 30.9%、Industrial Chemicals 12.2%、Resins 9.0%、Other 0.4%
- Revenue → net income: ¥53625000000 → ¥1526000000
- Net income → operating cash flow: ¥1526000000 → ¥4400000000（difference ¥2874000000）
- Main uses of operating cash flow: CapEx ¥4528000000 / dividends ¥420000000 / buybacks —
- Change in cash: ¥-556000000
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 | ¥53.6B |  |
| Operating income | ¥2.09B | Margin 3.9% |
| Net income | ¥1.53B | Margin 2.8% |
| Free cash flow | -¥128M |  |
| Largest business | Surfactants | of segment revenue 47.5% |
| Employees (consolidated) | 856 |  |
| EPS | ¥59.73 |  |
| Book value per share | ¥904.02 |  |
| Equity ratio | 33.9% |  |
| Shares outstanding | 21,350,000 |  |
| Treasury shares | 322,000 |  |
| Shareholders | 9,997 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 7.3% | Net cash -¥21.9B · Cash ÷ revenue 9.6% |
| Vs. industry median margin | -3.6 pp | Chemicals |
| ROE | 9.3% | Derived from disclosed figures |
| ROA | 2.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.9× net income
- FY2026, employees -1% while operating income rose 15%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥40649000000 | ¥53625000000 | +31.9% |
| Operating income | ¥1386000000 | ¥2088000000 | +50.6% |
| Operating margin | 3.4% | 3.9% | +0.5 pp |
| Employees | 840 people | 856 people | +1.9% |
| Cash and equivalents | ¥9089000000 | ¥5148000000 | -43.4% |

### 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 |
| --- | ---: |
| 界面活性剤 → 界面活性剤 | 47.5% |
| 界面活性剤 → 事業再編・廃止 | 8.3% |
| 樹脂 → 樹脂 | 6.6% |
| 化成品 → 化成品 | 11.0% |
| スペシャリティーケミカル → スペシャリティーケミカル | 26.5% |
| その他 → その他 | 0.2% |
| 新設・再編 → 樹脂 | 2.4% |
| 新設・再編 → 化成品 | 1.3% |
| 新設・再編 → スペシャリティーケミカル | 4.4% |
| 新設・再編 → その他 | 0.2% |

Segment revenue source references: 10 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Surfactants | 5 years | +2.3% | ¥25460000000 | 3.1% | 2 |
| Specialty Chemicals | 5 years | +9.0% | ¥16558000000 | 4.8% | 2 |
| Industrial Chemicals | 5 years | +8.1% | ¥6566000000 | 4.6% | 2 |
| Resins | 5 years | +12.5% | ¥4831000000 | 2.0% | 2 |
| Other | 5 years | +20.8% | ¥208000000 | 12.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 53,625 | 100.0% | S100YGU8 |
| Cost of revenue | 45,039 | 84.0% | S100YGU8 |
| Gross profit | 8,585 | 16.0% | S100YGU8 |
| SG&A | 6,497 | 12.1% | S100YGU8 |
| Operating income | 2,088 | 3.9% | S100YGU8 |
| Ordinary income | 1,931 | 3.6% | S100YGU8 |
| Pretax income | 2,076 | 3.9% | S100YGU8 |
| Income tax | 550 | 1.0% | S100YGU8 |
| Net income | 1,526 | 2.8% | S100YGU8 |
| Net income attributable to owners | 1,527 | 2.8% | S100YGU8 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 84 |
| SG&A | 12 |
| Operating income | 4 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 16.0% → Operating margin 3.9% → Net margin 2.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +0.0%; Core profit growth: +15.0%
Growth quality: margin-expansion
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 | 53,613 | 53,625 | 12 | +0.0% |
| Gross profit | 8,174 | 8,585 | 411 | +5.0% |
| Operating income | 1,815 | 2,088 | 273 | +15.0% |
| Net income attributable to owners | 1,543 | 1,527 | -16 | -1.0% |
| Operating cash flow | 3,296 | 4,400 | 1,104 | +33.5% |
| Free cash flow | 393 | -128 | -521 | -132.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 42,155 | 2,006 | 4.8% | 1,378 | 4,059 | -139 | S100LL2R |
| FY ending Mar 2021 | 40,649 | 1,386 | 3.4% | 1,005 | 2,464 | -839 | S100OC7S |
| FY ending Mar 2022 | 49,887 | 1,345 | 2.7% | 1,395 | -572 | -5,030 | S100R4LB |
| FY ending Mar 2023 | 55,361 | 1,384 | 2.5% | 977 | 1,699 | -3,152 | S100TSO2 |
| FY ending Mar 2024 | 50,596 | 771 | 1.5% | 546 | 3,402 | 1,397 | S100W3CH |
| FY ending Mar 2025 | 53,613 | 1,815 | 3.4% | 1,543 | 3,296 | 393 | S100YGU8 |
| FY ending Mar 2026 | 53,625 | 2,088 | 3.9% | 1,527 | 4,400 | -128 | S100YGU8 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥62.6M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥1.8M |

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) | 855 | 872 | 868 | 866 | 856 |
| Average salary (parent company) | ¥6.4M | ¥6.4M | ¥6.5M | ¥6.7M | ¥7M |
| Average age (parent company) | 39.5 years | 39.7 years | 40.0 years | 40.6 years | 41.2 years |
| Average tenure (parent company) | 15.7 years | 15.8 years | 16.3 years | 16.8 years | 17.2 years |

Year over year: Employees (consolidated) -1.2% · Revenue (consolidated) +0.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Surfactants | 25,460 | 47.5% | 791 | 3.1% |
| Resins | 4,831 | 9.0% | 98 | 2.0% |
| Industrial Chemicals | 6,566 | 12.2% | 302 | 4.6% |
| Specialty Chemicals | 16,558 | 30.9% | 789 | 4.8% |
| Other | 208 | 0.4% | 25 | 12.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Surfactants | 47.5% | 39.5% | -8.0 | 3.1% |
| Resins | 9.0% | 4.9% | -4.1 | 2.0% |
| Industrial Chemicals | 12.2% | 15.1% | 2.8 | 4.6% |
| Specialty Chemicals | 30.9% | 39.4% | 8.5 | 4.8% |
| Other | 0.4% | 1.2% | 0.9 | 12.0% |

Segment → industry: Specialty Chemicals → Chemicals / Industrial Chemicals → Chemicals / Resins → Chemicals / Surfactants → 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 | 4,400 | 8.2% | S100YGU8 |
| Capital expenditure | 4,528 | 8.4% | S100YGU8 |
| Free cash flow | -128 | -0.2% | 算出 |
| Investing cash flow | -4,598 | -8.6% | S100YGU8 |
| Financing cash flow | -421 | -0.8% | S100YGU8 |
| Dividends paid | 420 | 0.8% | S100YGU8 |
| Change in cash | -556 | -1.0% | S100YGU8 |
| Cash and equivalents | 5,148 | 9.6% | S100YGU8 |

## 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 | 7,306 | 5,882 | 6,558 | 5,704 | 5,148 | S100TSO2, S100W3CH, S100YGU8 |
| Total assets | 66,489 | 67,951 | 69,936 | 67,862 | 70,824 | S100R4LB, S100TSO2, S100W3CH, S100YGU8 |
| Net assets | 16,907 | 17,765 | 19,160 | 21,077 | 24,119 | S100TSO2, S100W3CH, S100YGU8 |
| Share capital | 1,755 | 1,755 | 1,755 | 1,755 | 1,755 | S100R4LB, S100TSO2, S100W3CH, S100YGU8 |
| Property, plant and equipment | 24,703 | 24,220 | 24,347 | 24,457 | 26,556 | S100R4LB, S100TSO2, S100W3CH, S100YGU8 |
| Intangible assets excluding goodwill | 1,324 | 1,233 | 1,158 | 1,065 | 1,066 | S100R4LB, S100TSO2, S100W3CH, S100YGU8 |
| Investment securities | 4,026 | 3,758 | 4,834 | 3,730 | 6,415 | S100R4LB, S100TSO2, S100W3CH, S100YGU8 |
| Current assets | 34,902 | 36,968 | 38,126 | 36,943 | 35,891 | S100R4LB, S100TSO2, S100W3CH, S100YGU8 |
| Current liabilities | 25,585 | 25,582 | 25,306 | 23,777 | 23,390 | S100R4LB, S100TSO2, S100W3CH, S100YGU8 |
| Trade payables | 9,109 | 9,965 | 9,321 | 8,353 | 8,124 | S100R4LB, S100TSO2, S100W3CH, S100YGU8 |
| Short-term borrowings | 8,693 | 10,577 | 10,581 | 10,302 | 10,913 | S100R4LB, S100TSO2, S100W3CH, S100YGU8 |
| Long-term borrowings | 14,750 | 15,295 | 15,569 | 14,780 | 15,257 | S100R4LB, S100TSO2, S100W3CH, S100YGU8 |
| Bonds | 1,900 | 2,000 | 1,700 | 900 | 900 | S100R4LB, S100TSO2, S100W3CH, S100YGU8 |
| Interest-bearing debt | 25,343 | 27,872 | 27,850 | 25,982 | 27,070 | 算出 |
| Total liabilities | 49,581 | 50,186 | 50,776 | 46,785 | 46,704 | S100R4LB, S100TSO2, S100W3CH, S100YGU8 |
| Non-controlling interests | 91 | 77 | 77 | 87 | 87 | S100R4LB, S100TSO2, S100W3CH, S100YGU8 |
| Equity attributable to owners of parent | 13,959 | 14,460 | 14,691 | 15,877 | 16,984 | S100R4LB, S100TSO2, S100W3CH, S100YGU8 |
| Retained earnings | 11,314 | 11,971 | 12,202 | 13,389 | 14,496 | S100R4LB, S100TSO2, S100W3CH, S100YGU8 |
| Treasury stock | -6 | -163 | -163 | -163 | -163 | S100R4LB, S100TSO2, S100W3CH, S100YGU8 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 7% | S100YGU8 |
| Property, plant and equipment | 37% | S100YGU8 |
| Intangibles and goodwill | 2% | S100YGU8 |
| Investment securities | 9% | S100YGU8 |
| Other assets | 45% | S100YGU8 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 12% | S100YGU8 |
| Interest-bearing debt | 38% | 算出 |
| Other liabilities | 16% | S100YGU8 |
| Equity | 34% | S100YGU8 |
| Other liabilities | 0% | S100YGU8 |

### 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 | 66,489 | 67,951 | 69,936 | 67,862 | 70,824 |
| Equity | 16,907 | 17,765 | 19,160 | 21,077 | 24,119 |
| Interest-bearing debt | 25,343 | 27,872 | 27,850 | 25,982 | 27,070 |
| Cash | 7,306 | 5,882 | 6,558 | 5,704 | 5,148 |

## 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) | 49.5% | S100YGU8 |
| Fixed assets ÷ total assets | 37.5% | S100YGU8 |
| Goodwill ÷ parent equity | — | —, S100YGU8 |

### 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) | 7.3% |
| Cash ÷ revenue | 9.6% |
| Net cash (cash − interest-bearing debt) | -¥21.9B |
| Net debt ÷ operating cash flow | 4.98× |
| Cash conversion (operating CF ÷ operating income) | 210.7% |
| Cash vs. profit gap | 2,873 JPY mn (of net income 188.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 27.5% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 8.4% |
| Investing CF relative to operating CF | 104.5% |

## 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 | 2.8% | 0.75× | 2.1% | 4.76× | 10.0% | S100R4LB |
| 2023 | 1.8% | 0.82× | 1.5% | 4.73× | 6.9% | S100TSO2 |
| 2024 | 1.1% | 0.73× | 0.8% | 4.73× | 3.7% | S100W3CH |
| 2025 | 2.9% | 0.78× | 2.2% | 4.51× | 10.1% | S100YGU8 |
| 2026 | 2.8% | 0.77× | 2.2% | 4.22× | 9.3% | S100YGU8 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東邦化学工業取引会社持株会 | Major shareholder | 16.6% | 2026-03-31 |
| 中崎 龍雄 | Major shareholder | 12.0% | 2026-03-31 |
| 三井物産株式会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 5.9% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 5.0% | 2026-03-31 |
| 東邦化学工業従業員持株会 | Major shareholder | 4.4% | 2026-03-31 |
| 東京応化工業株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社日本カストディ銀行(三井住友信託銀行再信託分・三井化学株式会社退職給付信託口) | Major shareholder | 3.8% | 2026-03-31 |
| 三井住友信託銀行株式会社(常任代理人 株式会社日本カストディ銀行) | Major shareholder | 2.9% | 2026-03-31 |
| 阪和興業株式会社 | Major shareholder | 1.5% | 2026-03-31 |
| 三井住友海上火災保険株式会社 | Major shareholder | 1.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第89期(2025/04/01－2026/03/31) | S100YGU8 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGU8,, |
| 有価証券報告書－第88期(2024/04/01－2025/03/31) | S100W3CH | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3CH,, |
| 有価証券報告書－第87期(2023/04/01－2024/03/31) | S100TSO2 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TSO2,, |
| 有価証券報告書－第86期(2022/04/01－2023/03/31) | S100R4LB | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4LB,, |
| 有価証券報告書－第85期(令和3年4月1日－令和4年3月31日) | S100OC7S | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OC7S,, |
| 有価証券報告書－第84期(令和2年4月1日－令和3年3月31日) | S100LL2R | 2021-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LL2R,, |

## 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).