# TOMOEGAWA CORPORATION: 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167期(2025/04/01－2026/03/31) (S100YDU9)
> Page: https://vizora.meequs.com/en/company/tomoegawa
> Retrieved: 2026-09-30T21:44:04.910Z

## Company

Tomoegawa, founded in 1917, is a company in Chemicals listed on TSE Standard. It has 1,346 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOMOEGAWA CORPORATION |
| Ticker | 3878 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3878.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区京橋二丁目1番3号 |
| Representative (per filing) | 代表取締役社長 井上 雄介 |
| Founded | Aug 1917 |
| Share capital | ¥2.12B |
| Employees (consolidated) | 1,346 |
| Average salary (parent only) | ¥7M |
| Fiscal year end | March |
| Website | www.tomoegawa.co.jp (https://www.tomoegawa.co.jp/) |
| Corporate number | 9010001034871 |
| EDINET | E00650 |
| Industries (Vizora) | Chemicals, Semiconductor Materials, Electronic Components, Printing |

> Profile source: annual securities report (S100YDU9, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 22.4 | 96 |
| Profitability | 25.5 | 100 |
| Cash conversion | 68.2 | 96 |
| Efficiency | 56.5 | 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 35% of Tomoegawa's sales come from Functional Sheet, with Toner business and Semiconductor and Display-related making up much of the rest.
- Out of every ¥100 of sales, about ¥5 is left as operating profit.
- Revenue changed +3.3% from the prior year, operating profit +26.2%.

## Company structure

- Segment revenue mix: Functional Sheet 34.6%、Toner business 32.4%、Semiconductor and Display-related 20.2%、Security media business 11.9%、Other 0.8%
- Revenue → net income: ¥35552000000 → ¥1187000000
- Net income → operating cash flow: ¥1187000000 → ¥3339000000（difference ¥2152000000）
- Main uses of operating cash flow: CapEx ¥3611000000 / dividends ¥151000000 / buybacks ¥193000000
- Change in cash: ¥195000000
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 | ¥35.6B |  |
| Operating income | ¥1.62B | Margin 4.6% |
| Net income | ¥945M | Margin 2.7% |
| Free cash flow | -¥272M |  |
| Largest business | Functional Sheet | of segment revenue 34.6% |
| Employees (consolidated) | 1,346 |  |
| EPS | ¥66.12 |  |
| Book value per share | ¥646.32 |  |
| Equity ratio | 34.7% |  |
| Shares outstanding | 10,389,406 |  |
| Treasury shares | 583,100 |  |
| Shareholders | 3,299 |  |
| Average salary (parent only) | ¥7M | Filing company only |
| Cash ratio | 9.9% | Cash ÷ revenue 14.2% |
| Vs. industry median margin | -3 pp | Chemicals |
| ROE | 7.5% | Derived from disclosed figures |
| ROA | 1.9% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 3.5× net income
- FY2026, buybacks were 1.3× dividends
- FY2026, segment profit share differs by 21 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥30768000000 | ¥35552000000 | +15.5% |
| Operating income | ¥-15000000 | ¥1618000000 | — |
| Operating margin | -0.0% | 4.6% | +4.6 pp |
| Employees | 1,345 people | 1,346 people | +0.1% |
| Cash and equivalents | ¥3988000000 | ¥5048000000 | +26.6% |

### 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 |
| --- | ---: |
| トナー事業 → トナー事業 | 32.4% |
| トナー事業 → 事業再編・廃止 | 0.9% |
| 電子材料事業 → 事業再編・廃止 | 18.3% |
| 機能紙事業 → 事業再編・廃止 | 33.2% |
| セキュリティメディア事業 → セキュリティメディア事業 | 11.9% |
| セキュリティメディア事業 → 事業再編・廃止 | 2.6% |
| 新規開発事業 → 新規開発事業 | 0.2% |
| 新規開発事業 → 事業再編・廃止 | 0.1% |
| その他 → その他 | 0.4% |
| 新設・再編 → 半導体・ディスプレイ関連事業 | 20.2% |
| 新設・再編 → 機能性シート事業 | 34.6% |
| 新設・再編 → その他 | 0.3% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Functional Sheet | 3 years | +4.5% | ¥12283000000 | 4.7% | 2 |
| Toner business | 5 years | +2.4% | ¥11513000000 | 3.9% | 2 |
| Semiconductor and Display-related | 3 years | +8.4% | ¥7182000000 | 14.6% | 2 |
| Security media business | 5 years | -1.1% | ¥4236000000 | 8.8% | 2 |
| Other | 5 years | +15.3% | ¥267000000 | 38.2% | 2 |
| New business development | 5 years | -6.9% | ¥68000000 | -1383.8% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 35,552 | 100.0% | S100YDU9 |
| Cost of revenue | 27,160 | 76.4% | S100YDU9 |
| Gross profit | 8,392 | 23.6% | S100YDU9 |
| SG&A | 6,773 | 19.1% | S100YDU9 |
| Operating income | 1,618 | 4.6% | S100YDU9 |
| Ordinary income | 1,853 | 5.2% | S100YDU9 |
| Pretax income | 1,478 | 4.2% | S100YDU9 |
| Income tax | 291 | 0.8% | S100YDU9 |
| Net income | 1,187 | 3.3% | S100YDU9 |
| Net income attributable to owners | 945 | 2.7% | S100YDU9 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 76 |
| SG&A | 19 |
| Operating income | 5 |
| (Ref.) Net income | 3 |

### Margin funnel

Gross margin 23.6% → Operating margin 4.6% → Net margin 2.7%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +3.3%; Core profit growth: +26.2%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 8.06×
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 | 34,432 | 35,552 | 1,120 | +3.3% |
| Gross profit | 7,984 | 8,392 | 408 | +5.1% |
| Operating income | 1,282 | 1,618 | 336 | +26.2% |
| Net income attributable to owners | 749 | 945 | 196 | +26.2% |
| Operating cash flow | 1,799 | 3,339 | 1,540 | +85.6% |
| Free cash flow | -870 | -272 | 598 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 30,995 | -64 | -0.2% | 510 | -75 | -2,025 | S100LOO8 |
| FY ending Mar 2021 | 30,768 | -15 | -0.0% | -1,152 | 4,213 | 2,890 | S100OHKC |
| FY ending Mar 2022 | 32,785 | 1,982 | 6.0% | 1,650 | 3,364 | 2,445 | S100R6T0 |
| FY ending Mar 2023 | 34,170 | 2,052 | 6.0% | 1,451 | 1,010 | 125 | S100TTA4 |
| FY ending Mar 2024 | 33,692 | 1,331 | 4.0% | 594 | 4,185 | 2,453 | S100W2Y3 |
| FY ending Mar 2025 | 34,432 | 1,282 | 3.7% | 749 | 1,799 | -870 | S100YDU9 |
| FY ending Mar 2026 | 35,552 | 1,618 | 4.6% | 945 | 3,339 | -272 | S100YDU9 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥26.4M |
| Operating income per employee (consolidated) | ¥1.2M |
| Net income per employee (consolidated) | ¥702.1K |

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) | 1,307 | 1,285 | 1,305 | 1,312 | 1,346 |
| Average salary (parent company) | ¥6M | ¥6.6M | ¥6.8M | ¥6.9M | ¥7M |
| Average age (parent company) | 43.6 years | 44.6 years | 44.6 years | 44.3 years | 44.5 years |
| Average tenure (parent company) | 16.4 years | 17.2 years | 16.7 years | 16.4 years | 16.3 years |

Year over year: Employees (consolidated) +2.6% · Revenue (consolidated) +3.3%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Toner business | 11,513 | 32.4% | 453 | 3.9% |
| Semiconductor and Display-related | 7,182 | 20.2% | 1,045 | 14.6% |
| Functional Sheet | 12,283 | 34.6% | 582 | 4.7% |
| Security media business | 4,236 | 11.9% | 372 | 8.8% |
| New business development | 68 | 0.2% | -941 | -1383.8% |
| Other | 267 | 0.8% | 102 | 38.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Toner business | 32.4% | 17.7% | -14.6 | 3.9% |
| Semiconductor and Display-related | 20.2% | 40.9% | 20.7 | 14.6% |
| Functional Sheet | 34.6% | 22.8% | -11.8 | 4.7% |
| Security media business | 11.9% | 14.6% | 2.6 | 8.8% |
| New business development | 0.2% | — | — | -1383.8% |
| Other | 0.8% | 4.0% | 3.2 | 38.2% |

Loss-making segment (excluded from profit shares): New business development -941 JPY mn

Segment → industry: Functional Sheet → Chemicals / Toner business → Chemicals / Semiconductor and Display-related → Semiconductor Materials / Semiconductor and Display-related → Electronic Components / Security media business → Printing

## 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 | 3,339 | 9.4% | S100YDU9 |
| Capital expenditure | 3,611 | 10.2% | S100YDU9 |
| Free cash flow | -272 | -0.8% | 算出 |
| Investing cash flow | -3,734 | -10.5% | S100YDU9 |
| Financing cash flow | 473 | 1.3% | S100YDU9 |
| Dividends paid | 151 | 0.4% | S100YDU9 |
| Share buyback | 193 | 0.5% | S100YDU9 |
| Change in cash | 195 | 0.5% | S100YDU9 |
| Cash and equivalents | 5,048 | 14.2% | S100YDU9 |

## 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 | 4,737 | 4,282 | 5,345 | 4,853 | 5,048 | S100TTA4, S100W2Y3, S100YDU9 |
| Total assets | 43,574 | 42,948 | 45,713 | 46,087 | 50,941 | S100R6T0, S100TTA4, S100W2Y3, S100YDU9 |
| Net assets | 17,616 | 18,370 | 19,396 | 19,630 | 22,494 | S100TTA4, S100W2Y3, S100YDU9 |
| Share capital | 2,122 | 2,122 | 2,122 | 2,122 | 2,122 | S100R6T0, S100TTA4, S100W2Y3, S100YDU9 |
| Property, plant and equipment | 16,302 | 15,533 | 15,906 | 16,703 | 18,193 | S100R6T0, S100TTA4, S100W2Y3, S100YDU9 |
| Intangible assets excluding goodwill | 436 | 391 | 408 | 768 | 848 | S100R6T0, S100TTA4, S100W2Y3, S100YDU9 |
| Goodwill | 48 | 38 | 30 | 22 | — | S100R6T0, S100TTA4, S100W2Y3, S100YDU9 |
| Investment securities | 5,029 | 5,012 | 5,878 | 6,318 | 7,323 | S100R6T0, S100TTA4, S100W2Y3, S100YDU9 |
| Current assets | 21,394 | 21,537 | 22,600 | 21,639 | 22,723 | S100R6T0, S100TTA4, S100W2Y3, S100YDU9 |
| Current liabilities | 14,843 | 16,078 | 18,405 | 18,197 | 20,973 | S100R6T0, S100TTA4, S100W2Y3, S100YDU9 |
| Trade payables | 6,326 | 5,222 | 6,253 | 5,123 | 4,978 | S100R6T0, S100TTA4, S100W2Y3, S100YDU9 |
| Short-term borrowings | 2,798 | 4,289 | 5,992 | 6,877 | 7,174 | S100R6T0, S100TTA4, S100W2Y3, S100YDU9 |
| Long-term borrowings | 7,228 | 5,339 | 4,708 | 5,198 | 3,792 | S100R6T0, S100TTA4, S100W2Y3, S100YDU9 |
| Total liabilities | 25,957 | 24,577 | 26,317 | 26,457 | 28,447 | S100R6T0, S100TTA4, S100W2Y3, S100YDU9 |
| Non-controlling interests | 4,136 | 4,342 | 4,695 | 4,388 | 4,820 | S100R6T0, S100TTA4, S100W2Y3, S100YDU9 |
| Equity attributable to owners of parent | 12,083 | 12,322 | 11,574 | 12,267 | 12,867 | S100R6T0, S100TTA4, S100W2Y3, S100YDU9 |
| Retained earnings | 6,999 | 8,197 | 8,585 | 9,179 | 9,973 | S100R6T0, S100TTA4, S100W2Y3, S100YDU9 |
| Treasury stock | -288 | -31 | -31 | -245 | -438 | S100R6T0, S100TTA4, S100W2Y3, S100YDU9 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 10% | S100YDU9 |
| Property, plant and equipment | 36% | S100YDU9 |
| Intangibles and goodwill | 2% | S100YDU9 |
| Investment securities | 14% | S100YDU9 |
| Other assets | 38% | S100YDU9 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 10% | S100YDU9 |
| Other liabilities | 46% | S100YDU9 |
| Equity | 44% | S100YDU9 |

### 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 | 43,574 | 42,948 | 45,713 | 46,087 | 50,941 |
| Equity | 17,616 | 18,370 | 19,396 | 19,630 | 22,494 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 4,737 | 4,282 | 5,345 | 4,853 | 5,048 |

## 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) | 51.2% | S100YDU9 |
| Fixed assets ÷ total assets | 35.7% | S100YDU9 |
| Goodwill ÷ parent equity | — | —, S100YDU9 |

### 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 | 14.2% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 206.4% |
| Cash vs. profit gap | 2,394 JPY mn (of net income 253.3%) |
| Shareholder returns / net income | 36.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 16.0% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 10.2% |
| Investing CF relative to operating CF | 111.8% |

## 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 | 5.0% | 0.75× | 3.8% | 3.61× | 13.7% | S100R6T0 |
| 2023 | 4.2% | 0.79× | 3.4% | 3.55× | 11.9% | S100TTA4 |
| 2024 | 1.8% | 0.76× | 1.3% | 3.71× | 5.0% | S100W2Y3 |
| 2025 | 2.2% | 0.75× | 1.6% | 3.85× | 6.3% | S100YDU9 |
| 2026 | 2.7% | 0.73× | 1.9% | 3.86× | 7.5% | S100YDU9 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ＴＯＰＰＡＮホールディングス㈱ | Major shareholder | 11.6% | 2026-03-31 |
| 栄紙業㈱ | Major shareholder | 7.1% | 2026-03-31 |
| ㈱井上ホールディングス | Major shareholder | 6.4% | 2026-03-31 |
| 巴川コーポレーション取引先持株会 | Major shareholder | 5.7% | 2026-03-31 |
| 鈴与㈱ | Major shareholder | 5.1% | 2026-03-31 |
| 三井化学㈱ | Major shareholder | 5.0% | 2026-03-31 |
| 東紙業㈱ | Major shareholder | 4.7% | 2026-03-31 |
| 三弘㈱ | Major shareholder | 4.6% | 2026-03-31 |
| 東栄不動産㈱ | Major shareholder | 3.0% | 2026-03-31 |
| 水野 優士 | Major shareholder | 2.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第167期(2025/04/01－2026/03/31) | S100YDU9 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YDU9,, |
| 有価証券報告書－第166期(2024/04/01－2025/03/31) | S100W2Y3 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2Y3,, |
| 有価証券報告書－第165期(2023/04/01－2024/03/31) | S100TTA4 | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TTA4,, |
| 有価証券報告書－第164期(2022/04/01－2023/03/31) | S100R6T0 | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6T0,, |
| 有価証券報告書－第163期(令和3年4月1日－令和4年3月31日) | S100OHKC | 2022-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OHKC,, |
| 有価証券報告書－第162期(令和2年4月1日－令和3年3月31日) | S100LOO8 | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LOO8,, |

## 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).