# TOHOKU  CHEMICAL  CO.,  LTD.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第74期(2024/10/01－2025/09/30) (S100XAMG)
> Page: https://vizora.meequs.com/en/company/tohoku-chemical
> Retrieved: 2026-09-30T22:59:05.357Z

## Company

Tohoku Chemical, founded in 1953, is a company in Specialty Trading & Wholesale listed on TSE Standard. It has 315 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOHOKU CHEMICAL CO., LTD. |
| Ticker | 7446 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7446.T) |
| Listing | TSE Standard |
| Head office | 青森県弘前市大字神田一丁目3番地の1 |
| Representative (per filing) | 代表取締役社長 東 康之 |
| Founded | Feb 1953 |
| Share capital | ¥820.4M |
| Employees (consolidated) | 315 |
| Average salary (parent only) | ¥4.5M |
| Fiscal year end | September |
| Website | www.t-kagaku.co.jp (https://www.t-kagaku.co.jp/) |
| Corporate number | 5420001009282 |
| EDINET | E02810 |
| Industries (Vizora) | Specialty Trading & Wholesale |

> Profile source: annual securities report (S100XAMG, filed 2025-12-17). As of filing

## Five-axis industry profile

Primary industry: Specialty Trading & Wholesale (2025-09-30)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.6 | 179 |
| Profitability | 24.1 | 185 |
| Cash conversion | 16.5 | 179 |
| Efficiency | 70 | 185 |

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 Tohoku Chemical's sales come from Industry sales group, with Medical sales group and Academia, Life science sales group making up much of the rest.
- Out of every ¥100 of sales, about ¥2 is left as operating profit.
- Revenue changed +7.1% from the prior year, operating profit +46.7%.

## Company structure

- Segment revenue mix: Industry sales group 51.9%、Medical sales group 41.1%、Academia, Life science sales group 7.1%
- Revenue → net income: ¥34442625000 → ¥432126000
- Net income → operating cash flow: ¥432126000 → ¥149878000（difference ¥-282248000）
- Main uses of operating cash flow: CapEx ¥20014000 / dividends ¥94508000 / buybacks ¥125000
- Change in cash: ¥166009000
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 | ¥34.4B |  |
| Operating income | ¥518.4M | Margin 1.5% |
| Net income | ¥428.8M | Margin 1.2% |
| Free cash flow | ¥129.9M |  |
| Largest business | Industry sales group | of segment revenue 51.9% |
| Employees (consolidated) | 315 |  |
| EPS | ¥456.63 |  |
| Book value per share | ¥8276.71 |  |
| Equity ratio | 43.0% |  |
| Shares outstanding | 960,000 |  |
| Treasury shares | 59,000 |  |
| Shareholders | 781 |  |
| Average salary (parent only) | ¥4.5M | Filing company only |
| Cash ratio | 4.9% | Cash ÷ revenue 2.6% |
| Vs. industry median margin | -1.4 pp | Specialty Trading & Wholesale |
| ROE | 6.3% | Derived from disclosed figures |
| ROA | 2.4% | Derived from disclosed figures |

## Notable figures

- FY2025, employees -5% while operating income rose 47%
- FY2025, cash is 5% of total assets

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥31040674000 | ¥34442625000 | +11.0% |
| Operating income | ¥361172000 | ¥518395000 | +43.5% |
| Operating margin | 1.2% | 1.5% | +0.3 pp |
| Employees | 314 people | 315 people | +0.3% |
| Cash and equivalents | ¥730432000 | ¥910596000 | +24.7% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 化学工業薬品 → 事業再編・廃止 | 50.5% |
| 臨床検査試薬 → 事業再編・廃止 | 39.0% |
| 食品 → 事業再編・廃止 | 10.5% |
| 新設・再編 → インダストリー | 51.9% |
| 新設・再編 → メディカル | 41.1% |
| 新設・再編 → アカデミア・ライフサイエンス | 7.1% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Industry sales group | 2 years | +0.9% | ¥17859225000 | — | 2 |
| Medical sales group | 2 years | -4.1% | ¥14144235000 | — | 2 |
| Academia, Life science sales group | 2 years | +5.7% | ¥2439164000 | — | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 34,443 | 100.0% | S100XAMG |
| Cost of revenue | 31,157 | 90.5% | S100XAMG |
| Gross profit | 3,286 | 9.5% | S100XAMG |
| SG&A | 2,768 | 8.0% | S100XAMG |
| Operating income | 518 | 1.5% | S100XAMG |
| Ordinary income | 595 | 1.7% | S100XAMG |
| Pretax income | 639 | 1.9% | S100XAMG |
| Income tax | 207 | 0.6% | S100XAMG |
| Net income | 432 | 1.3% | S100XAMG |
| Net income attributable to owners | 429 | 1.2% | S100XAMG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 90 |
| SG&A | 8 |
| Operating income | 2 |
| (Ref.) Net income | 1 |

### Margin funnel

Gross margin 9.5% → Operating margin 1.5% → Net margin 1.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +7.1%; Core profit growth: +46.7%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 6.57×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 32,156 | 34,443 | 2,287 | +7.1% |
| Gross profit | 3,140 | 3,286 | 146 | +4.7% |
| Operating income | 353 | 518 | 165 | +46.7% |
| Net income attributable to owners | 237 | 429 | 191 | +80.6% |
| Operating cash flow | -1,044 | 150 | 1,194 | — |
| Free cash flow | -1,217 | 130 | 1,347 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 31,014 | 283 | 0.9% | 221 | -765 | -857 | S100KE0G |
| FY ending Sep 2020 | 31,041 | 361 | 1.2% | 378 | 441 | 387 | S100N3CZ |
| FY ending Sep 2021 | 36,221 | 713 | 2.0% | 517 | 322 | 284 | S100RSYI |
| FY ending Sep 2022 | 37,334 | 944 | 2.5% | 658 | 886 | 815 | S100SHTA |
| FY ending Sep 2023 | 35,095 | 751 | 2.1% | 556 | 1,269 | 919 | S100UZ2P |
| FY ending Sep 2024 | 32,156 | 353 | 1.1% | 237 | -1,044 | -1,217 | S100XAMG |
| FY ending Sep 2025 | 34,443 | 518 | 1.5% | 429 | 150 | 130 | S100XAMG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥109.3M |
| Operating income per employee (consolidated) | ¥1.6M |
| Net income per employee (consolidated) | ¥1.4M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 316 | 321 | 321 | 330 | 315 |
| Average salary (parent company) | ¥4.8M | ¥4.9M | ¥4.9M | ¥4.7M | ¥4.5M |
| Average age (parent company) | 45.4 years | 45.2 years | 45.4 years | 45.9 years | 46.5 years |
| Average tenure (parent company) | 18.0 years | 17.7 years | 17.1 years | 16.7 years | 17.0 years |

Year over year: Employees (consolidated) -4.5% · Revenue (consolidated) +7.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Industry sales group | 17,859 | 51.9% | — | — |
| Medical sales group | 14,144 | 41.1% | — | — |
| Academia, Life science sales group | 2,439 | 7.1% | — | — |

### 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 |
| --- | ---: |
| Industry sales group | 51.9% |
| Medical sales group | 41.1% |
| Academia, Life science sales group | 7.1% |

Segment → industry: Academia, Life science sales group → Specialty Trading & Wholesale / Medical sales group → Specialty Trading & Wholesale / Industry sales group → Specialty Trading & Wholesale

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 150 | 0.4% | S100XAMG |
| Capital expenditure | 20 | 0.1% | S100XAMG |
| Free cash flow | 130 | 0.4% | 算出 |
| Investing cash flow | 19 | 0.1% | S100XAMG |
| Financing cash flow | -3 | -0.0% | S100XAMG |
| Dividends paid | 95 | 0.3% | S100XAMG |
| Share buyback | 0 | 0.0% | S100XAMG |
| Change in cash | 166 | 0.5% | S100XAMG |
| Cash and equivalents | 911 | 2.6% | S100XAMG |

## 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 Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 660 | 1,268 | 2,106 | 745 | 911 | S100SHTA, S100UZ2P, S100XAMG |
| Total assets | 16,129 | 17,520 | 18,921 | 17,239 | 18,423 | S100RSYI, S100SHTA, S100UZ2P, S100XAMG |
| Net assets | 6,282 | 6,681 | 7,269 | 7,508 | 8,020 | S100SHTA, S100UZ2P, S100XAMG |
| Share capital | 820 | 820 | 820 | 820 | 820 | S100RSYI, S100SHTA, S100UZ2P, S100XAMG |
| Trade receivables | 8,529 | — | — | — | — | S100RSYI |
| Property, plant and equipment | 2,463 | 2,441 | 2,530 | 2,505 | 2,445 | S100RSYI, S100SHTA, S100UZ2P, S100XAMG |
| Intangible assets excluding goodwill | 22 | 207 | 448 | 341 | 255 | S100RSYI, S100SHTA, S100UZ2P, S100XAMG |
| Investment securities | 1,711 | 1,434 | 1,634 | 1,790 | 2,004 | S100RSYI, S100SHTA, S100UZ2P, S100XAMG |
| Current assets | 11,001 | 12,710 | 13,619 | 11,694 | 12,826 | S100RSYI, S100SHTA, S100UZ2P, S100XAMG |
| Current liabilities | 8,898 | 10,085 | 10,873 | 8,711 | 9,472 | S100RSYI, S100SHTA, S100UZ2P, S100XAMG |
| Trade payables | 7,811 | 8,766 | 9,589 | 7,775 | 8,013 | S100RSYI, S100SHTA, S100UZ2P, S100XAMG |
| Short-term borrowings | 156 | 171 | 233 | 146 | 312 | S100RSYI, S100SHTA, S100UZ2P, S100XAMG |
| Long-term borrowings | 56 | 42 | 27 | 39 | 11 | S100RSYI, S100SHTA, S100UZ2P, S100XAMG |
| Total liabilities | 9,847 | 10,838 | 11,652 | 9,732 | 10,403 | S100RSYI, S100SHTA, S100UZ2P, S100XAMG |
| Non-controlling interests | 53 | 76 | 87 | 89 | 92 | S100RSYI, S100SHTA, S100UZ2P, S100XAMG |
| Equity attributable to owners of parent | 5,462 | 6,027 | 6,479 | 6,622 | 6,956 | S100RSYI, S100SHTA, S100UZ2P, S100XAMG |
| Retained earnings | 3,894 | 4,494 | 4,947 | 5,090 | 5,424 | S100RSYI, S100SHTA, S100UZ2P, S100XAMG |
| Treasury stock | -134 | -169 | -169 | -169 | -169 | S100RSYI, S100SHTA, S100UZ2P, S100XAMG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100XAMG |
| Property, plant and equipment | 13% | S100XAMG |
| Intangibles and goodwill | 1% | S100XAMG |
| Investment securities | 11% | S100XAMG |
| Other assets | 70% | S100XAMG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 43% | S100XAMG |
| Other liabilities | 13% | S100XAMG |
| Equity | 44% | S100XAMG |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 16,129 | 17,520 | 18,921 | 17,239 | 18,423 |
| Equity | 6,282 | 6,681 | 7,269 | 7,508 | 8,020 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 660 | 1,268 | 2,106 | 745 | 911 |

## 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) | 7.1% | S100XAMG |
| Fixed assets ÷ total assets | 13.3% | S100XAMG |
| Goodwill ÷ parent equity | — | —, S100XAMG |

### 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) | 4.9% |
| Cash ÷ revenue | 2.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 28.9% |
| Cash vs. profit gap | -279 JPY mn (of net income -65.0%) |
| Shareholder returns / net income | 22.1% |
| Shareholder returns / FCF | 72.9% |
| Shareholder payments — dividends / net income | 22.0% |
| Shareholder payments — dividends / FCF | 72.8% |
| CapEx intensity (capex ÷ revenue) | 0.1% |
| Investing CF relative to operating CF | 12.7% |

## 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 | 1.4% | 2.25× | 3.2% | 2.95× | 9.5% | S100RSYI |
| 2022 | 1.8% | 2.22× | 3.9% | 2.93× | 11.4% | S100SHTA |
| 2023 | 1.6% | 1.93× | 3.1% | 2.91× | 8.9% | S100UZ2P |
| 2024 | 0.7% | 1.78× | 1.3% | 2.76× | 3.6% | S100XAMG |
| 2025 | 1.2% | 1.93× | 2.4% | 2.63× | 6.3% | S100XAMG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ㈱青森みちのく銀行 | Major shareholder | 9.9% | 2025-09-30 |
| 東北化学薬品取引先持株会 | Major shareholder | 9.1% | 2025-09-30 |
| 東北化学薬品従業員持株会 | Major shareholder | 5.8% | 2025-09-30 |
| 東京中小企業投資育成㈱ | Major shareholder | 5.6% | 2025-09-30 |
| 東 康夫 | Major shareholder | 4.6% | 2025-09-30 |
| 東 康之 | Major shareholder | 3.6% | 2025-09-30 |
| 東ソー・ニッケミ㈱ | Major shareholder | 3.4% | 2025-09-30 |
| 日本曹達㈱ | Major shareholder | 2.4% | 2025-09-30 |
| シスメックス㈱ | Major shareholder | 2.3% | 2025-09-30 |
| 丸山 美奈子 | Major shareholder | 2.2% | 2025-09-30 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第74期(2024/10/01－2025/09/30) | S100XAMG | 2025-12-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XAMG,, |
| 有価証券報告書－第73期(2023/10/01－2024/09/30) | S100UZ2P | 2024-12-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100UZ2P,, |
| 有価証券報告書－第72期(2022/10/01－2023/09/30) | S100SHTA | 2023-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SHTA,, |
| 訂正有価証券報告書－第71期(2021/10/01－2022/09/30) | S100RSYI | 2023-09-05 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RSYI,, |
| 有価証券報告書 | S100N3CZ | 2021-12-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100N3CZ,, |
| 有価証券報告書－第69期(令和1年10月1日－令和2年9月30日) | S100KE0G | 2020-12-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KE0G,, |

## 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).