# TOKYO OHKA KOGYO 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96期(2025/01/01－2025/12/31) (S100XT0N)
> Page: https://vizora.meequs.com/en/company/tokyo-ohka-kogyo
> Retrieved: 2026-09-30T18:26:21.780Z

## Company

Tokyo Ohka Kogyo, founded in 1940, is a company in Semiconductor Materials listed on TSE Prime. It has 2,132 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOKYO OHKA KOGYO CO., LTD. |
| Ticker | 4186 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4186.T) |
| Listing | TSE Prime |
| Head office | 川崎市中原区中丸子150番地 |
| Representative (per filing) | 取締役社長 種市 順昭 |
| Founded | Oct 1940 |
| Share capital | ¥14.6B |
| Employees (consolidated) | 2,132 |
| Average salary (parent only) | ¥9.7M |
| Fiscal year end | December |
| Website | www.tok.co.jp (https://www.tok.co.jp/) |
| Corporate number | 3020001069823 |
| EDINET | E00854 |
| Industries (Vizora) | Semiconductor Materials |

> Profile source: annual securities report (S100XT0N, filed 2026-03-24). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Materials (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 89.1 | 23 |
| Profitability | 72.9 | 24 |
| Cash conversion | 14.6 | 24 |
| Efficiency | 85.4 | 24 |
| Financial strength | 90 | 5 |

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)

- Tokyo Ohka Kogyo brought in ¥237B in revenue.
- Out of every ¥100 of sales, about ¥20 is left as operating profit.
- Revenue changed +17.9% from the prior year, operating profit +43.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥237029000000 → ¥39188000000
- Net income → operating cash flow: ¥39188000000 → ¥35194000000（difference ¥-3994000000）
- Main uses of operating cash flow: CapEx ¥25375000000 / dividends ¥8268000000 / buybacks ¥44000000
- Change in cash: ¥12867000000
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 | ¥237B |  |
| Operating income | ¥47.4B | Margin 20.0% |
| Net income | ¥33.3B | Margin 14.1% |
| Free cash flow | ¥9.82B |  |
| Employees (consolidated) | 2,132 |  |
| EPS | ¥230.09 |  |
| Diluted EPS | ¥229.91 |  |
| Book value per share | ¥1464.39 |  |
| Equity ratio | 67.9% |  |
| Shares outstanding | 127,800,000 |  |
| Treasury shares | 7,922,000 |  |
| Shareholders | 18,842 |  |
| Average salary (parent only) | ¥9.7M | Filing company only |
| Cash ratio | 20.6% | Net cash ¥42.7B · Cash ÷ revenue 29.2% |
| Vs. industry median margin | +5.2 pp | Semiconductor Materials |
| ROE | 17.9% | Derived from disclosed figures |
| ROA | 10.8% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥117585000000 | ¥237029000000 | +101.6% |
| Operating income | ¥15589000000 | ¥47386000000 | +204.0% |
| Operating margin | 13.3% | 20.0% | +6.7 pp |
| Employees | 1,750 people | 2,132 people | +21.8% |
| Cash and equivalents | ¥42728000000 | ¥69228000000 | +62.0% |

### 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 |
| --- | ---: |
| 材料事業 → 事業再編・廃止 | 97.6% |
| 装置事業 → 事業再編・廃止 | 2.4% |

Segment revenue source references: 2 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 237,029 | 100.0% | S100XT0N |
| Cost of revenue | 147,588 | 62.3% | S100XT0N |
| Gross profit | 89,440 | 37.7% | S100XT0N |
| SG&A | 42,054 | 17.7% | S100XT0N |
| Operating income | 47,386 | 20.0% | S100XT0N |
| Ordinary income | 49,274 | 20.8% | S100XT0N |
| Pretax income | 50,292 | 21.2% | S100XT0N |
| Income tax | 11,104 | 4.7% | S100XT0N |
| Net income | 39,188 | 16.5% | S100XT0N |
| Net income attributable to owners | 33,345 | 14.1% | S100XT0N |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 18 |
| Operating income | 20 |
| (Ref.) Net income | 14 |

### Margin funnel

Gross margin 37.7% → Operating margin 20.0% → Net margin 14.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +17.9%; Core profit growth: +43.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 2.41×
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 | 200,966 | 237,029 | 36,063 | +17.9% |
| Gross profit | 73,444 | 89,440 | 15,996 | +21.8% |
| Operating income | 33,090 | 47,386 | 14,296 | +43.2% |
| Net income attributable to owners | 22,683 | 33,345 | 10,662 | +47.0% |
| Operating cash flow | 30,146 | 35,194 | 5,048 | +16.7% |
| Free cash flow | 4,640 | 9,819 | 5,179 | +111.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2019 | 102,820 | 9,546 | 9.3% | 5,410 | 12,743 | -2,176 | S100LFVD |
| FY ending Dec 2020 | 117,585 | 15,589 | 13.3% | 9,926 | 22,953 | 16,945 | S100NRX3 |
| FY ending Dec 2021 | 140,055 | 20,707 | 14.8% | 17,748 | 19,758 | 11,629 | S100QHTX |
| FY ending Dec 2022 | 175,434 | 30,181 | 17.2% | 19,693 | 18,991 | 7,541 | S100T5DY |
| FY ending Dec 2023 | 162,270 | 22,706 | 14.0% | 12,712 | 17,210 | 1,982 | S100W8ND |
| FY ending Dec 2024 | 200,966 | 33,090 | 16.5% | 22,683 | 30,146 | 4,640 | S100XT0N |
| FY ending Dec 2025 | 237,029 | 47,386 | 20.0% | 33,345 | 35,194 | 9,819 | S100XT0N |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥111.2M |
| Operating income per employee (consolidated) | ¥22.2M |
| Net income per employee (consolidated) | ¥15.6M |

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) | 1,816 | 1,950 | 1,877 | 1,996 | 2,132 |
| Average salary (parent company) | ¥8.6M | ¥8.8M | ¥8.7M | ¥8.7M | ¥9.7M |
| Average age (parent company) | 42.7 years | 41.9 years | 41.1 years | 40.9 years | 40.7 years |
| Average tenure (parent company) | 19.5 years | 18.4 years | 17.5 years | 17.1 years | 16.7 years |

Year over year: Employees (consolidated) +6.8% · Revenue (consolidated) +17.9%

## 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 | 35,194 | 14.8% | S100XT0N |
| Capital expenditure | 25,375 | 10.7% | S100XT0N |
| Free cash flow | 9,819 | 4.1% | 算出 |
| Investing cash flow | -25,291 | -10.7% | S100XT0N |
| Financing cash flow | 3,172 | 1.3% | S100XT0N |
| Dividends paid | 8,268 | 3.5% | S100XT0N |
| Share buyback | 44 | 0.0% | S100XT0N |
| Change in cash | 12,867 | 5.4% | S100XT0N |
| Cash and equivalents | 69,228 | 29.2% | S100XT0N |

## 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 | 41,469 | 40,856 | 42,788 | 56,361 | 69,228 | S100T5DY, S100W8ND, S100XT0N |
| Total assets | 217,264 | 238,075 | 251,864 | 281,930 | 335,292 | S100QHTX, S100T5DY, S100W8ND, S100XT0N |
| Net assets | 165,190 | 180,960 | 195,480 | 213,473 | 242,299 | S100T5DY, S100W8ND, S100XT0N |
| Share capital | 14,640 | 14,640 | 14,640 | 14,640 | 14,640 | S100QHTX, S100T5DY, S100W8ND, S100XT0N |
| Trade receivables | 33,895 | — | — | — | — | S100NRX3 |
| Property, plant and equipment | 56,932 | 66,010 | 73,235 | 89,942 | 110,193 | S100QHTX, S100T5DY, S100W8ND, S100XT0N |
| Intangible assets excluding goodwill | 837 | 1,295 | 1,389 | 1,811 | 1,834 | S100QHTX, S100T5DY, S100W8ND, S100XT0N |
| Investment securities | 16,513 | 16,104 | 22,774 | 22,146 | 31,912 | S100QHTX, S100T5DY, S100W8ND, S100XT0N |
| Current assets | 118,883 | 130,636 | 134,328 | 151,770 | 172,773 | S100QHTX, S100T5DY, S100W8ND, S100XT0N |
| Current liabilities | 39,656 | 40,781 | 38,627 | 54,104 | 59,373 | S100QHTX, S100T5DY, S100W8ND, S100XT0N |
| Trade payables | 19,250 | 21,617 | 20,331 | 26,869 | 29,544 | S100QHTX, S100T5DY, S100W8ND, S100XT0N |
| Short-term borrowings | 3,900 | — | 486 | 4,442 | 383 | S100QHTX, S100W8ND, S100XT0N |
| Long-term borrowings | 6,711 | 10,222 | 10,000 | 6,100 | 16,100 | S100QHTX, S100T5DY, S100W8ND, S100XT0N |
| Bonds | — | — | — | — | 10,000 | S100XT0N |
| Interest-bearing debt | — | — | — | — | 26,483 | 算出 |
| Total liabilities | 52,073 | 57,115 | 56,384 | 68,456 | 92,993 | S100QHTX, S100T5DY, S100W8ND, S100XT0N |
| Non-controlling interests | 9,146 | 11,039 | 11,684 | 12,818 | 14,583 | S100QHTX, S100T5DY, S100W8ND, S100XT0N |
| Equity attributable to owners of parent | 142,836 | 156,219 | 162,646 | 173,769 | 198,337 | S100QHTX, S100T5DY, S100W8ND, S100XT0N |
| Retained earnings | 124,806 | 137,551 | 143,630 | 159,313 | 184,384 | S100QHTX, S100T5DY, S100W8ND, S100XT0N |
| Treasury stock | -11,818 | -11,276 | -10,940 | -15,796 | -16,586 | S100QHTX, S100T5DY, S100W8ND, S100XT0N |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100XT0N |
| Property, plant and equipment | 33% | S100XT0N |
| Intangibles and goodwill | 1% | S100XT0N |
| Investment securities | 9% | S100XT0N |
| Other assets | 36% | S100XT0N |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 9% | S100XT0N |
| Interest-bearing debt | 8% | 算出 |
| Other liabilities | 11% | S100XT0N |
| Equity | 72% | S100XT0N |

### 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 | 217,264 | 238,075 | 251,864 | 281,930 | 335,292 |
| Equity | 165,190 | 180,960 | 195,480 | 213,473 | 242,299 |
| Interest-bearing debt | — | — | — | — | 26,483 |
| Cash | 41,469 | 40,856 | 42,788 | 56,361 | 69,228 |

## 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) | 46.5% | S100XT0N |
| Fixed assets ÷ total assets | 32.9% | S100XT0N |
| Goodwill ÷ parent equity | — | —, S100XT0N |

### 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) | 20.6% |
| Cash ÷ revenue | 29.2% |
| Net cash (cash − interest-bearing debt) | ¥42.7B |
| Net debt ÷ operating cash flow | -1.21× |
| Cash conversion (operating CF ÷ operating income) | 74.3% |
| Cash vs. profit gap | 1,849 JPY mn (of net income 5.5%) |
| Shareholder returns / net income | 24.9% |
| Shareholder returns / FCF | 84.7% |
| Shareholder payments — dividends / net income | 24.8% |
| Shareholder payments — dividends / FCF | 84.2% |
| CapEx intensity (capex ÷ revenue) | 10.7% |
| Investing CF relative to operating CF | 71.9% |

## 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 | 12.7% | 0.64× | 8.2% | 1.52× | 12.4% | S100QHTX |
| 2022 | 11.2% | 0.77× | 8.6% | 1.52× | 13.2% | S100T5DY |
| 2023 | 7.8% | 0.66× | 5.2% | 1.54× | 8.0% | S100W8ND |
| 2024 | 11.3% | 0.75× | 8.5% | 1.59× | 13.5% | S100XT0N |
| 2025 | 14.1% | 0.77× | 10.8% | 1.66× | 17.9% | S100XT0N |

## 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 | 14.8% | 2025-12-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.5% | 2025-12-31 |
| 明治安田生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.6% | 2025-12-31 |
| 株式会社三菱UFJ銀行 | Major shareholder | 3.0% | 2025-12-31 |
| 株式会社横浜銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.6% | 2025-12-31 |
| 公益財団法人東京応化科学技術振興財団 | Major shareholder | 2.5% | 2025-12-31 |
| 三菱UFJ信託銀行株式会社 （常任代理人 日本マスタートラスト 信託銀行株式会社） | Major shareholder | 2.4% | 2025-12-31 |
| 三菱UFJキャピタル株式会社 | Major shareholder | 2.1% | 2025-12-31 |
| 東京海上日動火災保険株式会社 | Major shareholder | 2.1% | 2025-12-31 |
| 東京応化社員持株会 | Major shareholder | 1.6% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第96期(2025/01/01－2025/12/31) | S100XT0N | 2026-03-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XT0N,, |
| 訂正有価証券報告書－第95期(2024/01/01－2024/12/31) | S100W8ND | 2025-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W8ND,, |
| 有価証券報告書－第94期(2023/01/01－2023/12/31) | S100T5DY | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5DY,, |
| 有価証券報告書－第93期(2022/01/01－2022/12/31) | S100QHTX | 2023-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QHTX,, |
| 有価証券報告書－第92期(令和3年1月1日－令和3年12月31日) | S100NRX3 | 2022-03-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NRX3,, |
| 訂正有価証券報告書－第91期(令和2年1月1日－令和2年12月31日) | S100LFVD | 2021-05-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LFVD,, |

## 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).