# TOSOH 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127期(2025/04/01－2026/03/31) (S100YE5Q)
> Page: https://vizora.meequs.com/en/company/tosoh
> Retrieved: 2026-09-30T17:54:12.974Z

## Company

Tosoh, founded in 1935, is a company in Chemicals listed on TSE Prime. It has 14,850 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TOSOH CORPORATION |
| Ticker | 4042 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4042.T) |
| Listing | TSE Prime |
| Head office | 山口県周南市開成町4560番地 |
| Representative (per filing) | 代表取締役社長 桒田守 |
| Founded | Feb 1935 |
| Share capital | ¥55.2B |
| Employees (consolidated) | 14,850 |
| Average salary (parent only) | ¥8.3M |
| Fiscal year end | March |
| Website | www.tosoh.co.jp (https://www.tosoh.co.jp/) |
| Corporate number | 5250001010002 |
| EDINET | E00767 |
| Industries (Vizora) | Chemicals, Plant Engineering & Building Services |

> Profile source: annual securities report (S100YE5Q, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 62 | 96 |
| Profitability | 68.5 | 100 |
| Cash conversion | 31.8 | 96 |
| Efficiency | 61.5 | 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 34% of Tosoh's sales come from Chlor-alkali, with Specialty and Engineering making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -4.1% from the prior year, operating profit -3.4%.

## Company structure

- Segment revenue mix: Chlor-alkali 33.9%、Specialty 26.8%、Engineering 18.3%、Petrochemical 16.6%、Other 4.4%
- Revenue → net income: ¥1019917000000 → ¥57436000000
- Net income → operating cash flow: ¥57436000000 → ¥114556000000（difference ¥57120000000）
- Main uses of operating cash flow: CapEx ¥69827000000 / dividends ¥31667000000 / buybacks ¥25010000000
- Change in cash: ¥37721000000
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 | ¥1.02T |  |
| Operating income | ¥95.5B | Margin 9.4% |
| Net income | ¥41.6B | Margin 4.1% |
| Free cash flow | ¥44.7B |  |
| Largest business | Chlor-alkali | of segment revenue 33.9% |
| Employees (consolidated) | 14,850 |  |
| EPS | ¥128.66 |  |
| Diluted EPS | ¥128.65 |  |
| Book value per share | ¥1950.3 |  |
| Equity ratio | 59.0% |  |
| Shares outstanding | 325,080,956 |  |
| Treasury shares | 17,157,000 |  |
| Shareholders | 88,370 |  |
| Average salary (parent only) | ¥8.3M | Filing company only |
| Cash ratio | 12.5% | Cash ÷ revenue 17.3% |
| Vs. industry median margin | +1.8 pp | Chemicals |
| ROE | 5.4% | Derived from disclosed figures |
| ROA | 3.0% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, segment profit share differs by -32 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥732850000000 | ¥1019917000000 | +39.2% |
| Operating income | ¥87819000000 | ¥95532000000 | +8.8% |
| Operating margin | 12.0% | 9.4% | -2.6 pp |
| Employees | 13,631 people | 14,850 people | +8.9% |
| Cash and equivalents | ¥148397000000 | ¥176571000000 | +19.0% |

### 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 |
| --- | ---: |
| 石油化学 → 石油化学 | 16.6% |
| 石油化学 → 事業再編・廃止 | 1.3% |
| クロル・アルカリ → クロル・アルカリ | 33.9% |
| クロル・アルカリ → 事業再編・廃止 | 3.6% |
| 機能商品 → 機能商品 | 24.6% |
| エンジニアリング → エンジニアリング | 14.5% |
| その他 → その他 | 4.4% |
| その他 → 事業再編・廃止 | 1.0% |
| 新設・再編 → 機能商品 | 2.1% |
| 新設・再編 → エンジニアリング | 3.8% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Chlor-alkali | 5 years | +4.7% | ¥345967000000 | 0.6% | 2 |
| Specialty | 5 years | +8.6% | ¥272858000000 | 14.6% | 2 |
| Engineering | 5 years | +11.9% | ¥186412000000 | 21.7% | 2 |
| Petrochemical | 5 years | +5.3% | ¥169740000000 | 5.7% | 2 |
| Other | 5 years | +2.5% | ¥44938000000 | 8.0% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,019,917 | 100.0% | S100YE5Q |
| Cost of revenue | 758,891 | 74.4% | S100YE5Q |
| Gross profit | 261,025 | 25.6% | S100YE5Q |
| SG&A | 165,493 | 16.2% | S100YE5Q |
| Operating income | 95,532 | 9.4% | S100YE5Q |
| Ordinary income | 106,752 | 10.5% | S100YE5Q |
| Pretax income | 89,319 | 8.8% | S100YE5Q |
| Income tax | 31,882 | 3.1% | S100YE5Q |
| Net income | 57,436 | 5.6% | S100YE5Q |
| Net income attributable to owners | 41,615 | 4.1% | S100YE5Q |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 16 |
| Operating income | 9 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 25.6% → Operating margin 9.4% → Net margin 4.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -4.1%; Core profit growth: -3.4%
Operating leverage (core profit growth ÷ revenue growth): 0.83×
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 | 1,063,382 | 1,019,917 | -43,465 | -4.1% |
| Gross profit | 259,006 | 261,025 | 2,019 | +0.8% |
| Operating income | 98,906 | 95,532 | -3,374 | -3.4% |
| Net income attributable to owners | 58,002 | 41,615 | -16,387 | -28.3% |
| Operating cash flow | 106,244 | 114,556 | 8,312 | +7.8% |
| Free cash flow | 26,347 | 44,729 | 18,382 | +69.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 786,083 | 81,658 | 10.4% | 55,550 | 99,923 | 37,521 | S100LONS |
| FY ending Mar 2021 | 732,850 | 87,819 | 12.0% | 63,276 | 95,106 | 44,955 | S100ODLJ |
| FY ending Mar 2022 | 918,580 | 144,045 | 15.7% | 107,938 | 108,615 | 64,133 | S100R1JA |
| FY ending Mar 2023 | 1,064,376 | 74,606 | 7.0% | 50,335 | -16,239 | -95,860 | S100TO2P |
| FY ending Mar 2024 | 1,005,640 | 79,845 | 7.9% | 57,324 | 116,974 | 58,261 | S100VWX1 |
| FY ending Mar 2025 | 1,063,382 | 98,906 | 9.3% | 58,002 | 106,244 | 26,347 | S100YE5Q |
| FY ending Mar 2026 | 1,019,917 | 95,532 | 9.4% | 41,615 | 114,556 | 44,729 | S100YE5Q |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥68.7M |
| Operating income per employee (consolidated) | ¥6.4M |
| Net income per employee (consolidated) | ¥2.8M |

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) | 13,858 | 14,266 | 14,394 | 14,813 | 14,850 |
| Average salary (parent company) | ¥7.9M | ¥7.6M | ¥7.4M | ¥8M | ¥8.3M |
| Average age (parent company) | 38.4 years | 38.4 years | 38.4 years | 38.5 years | 38.5 years |
| Average tenure (parent company) | 14.0 years | 13.5 years | 13.5 years | 13.5 years | 13.8 years |

Year over year: Employees (consolidated) +0.2% · Revenue (consolidated) -4.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Petrochemical | 169,740 | 16.6% | 9,716 | 5.7% |
| Chlor-alkali | 345,967 | 33.9% | 1,915 | 0.6% |
| Specialty | 272,858 | 26.8% | 39,933 | 14.6% |
| Engineering | 186,412 | 18.3% | 40,383 | 21.7% |
| Other | 44,938 | 4.4% | 3,583 | 8.0% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Petrochemical | 16.6% | 10.2% | -6.5 | 5.7% |
| Chlor-alkali | 33.9% | 2.0% | -31.9 | 0.6% |
| Specialty | 26.8% | 41.8% | 15.0 | 14.6% |
| Engineering | 18.3% | 42.3% | 24.0 | 21.7% |
| Other | 4.4% | 3.8% | -0.7 | 8.0% |

Segment → industry: Specialty → Chemicals / Chlor-alkali → Chemicals / Petrochemical → Chemicals / Engineering → Plant Engineering & Building Services

## 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 | 114,556 | 11.2% | S100YE5Q |
| Capital expenditure | 69,827 | 6.8% | S100YE5Q |
| Free cash flow | 44,729 | 4.4% | 算出 |
| Investing cash flow | -72,126 | -7.1% | S100YE5Q |
| Financing cash flow | -9,714 | -1.0% | S100YE5Q |
| Dividends paid | 31,667 | 3.1% | S100YE5Q |
| Share buyback | 25,010 | 2.5% | S100YE5Q |
| Change in cash | 37,721 | 3.7% | S100YE5Q |
| Cash and equivalents | 176,571 | 17.3% | S100YE5Q |

## 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 | 160,812 | 119,421 | 148,970 | 138,849 | 176,571 | S100TO2P, S100VWX1, S100YE5Q |
| Total assets | 1,087,667 | 1,194,251 | 1,289,949 | 1,327,298 | 1,408,950 | S100R1JA, S100TO2P, S100VWX1, S100YE5Q |
| Net assets | 759,724 | 794,198 | 858,766 | 902,418 | 919,141 | S100TO2P, S100VWX1, S100YE5Q |
| Share capital | 55,173 | 55,173 | 55,173 | 55,173 | 55,173 | S100R1JA, S100TO2P, S100VWX1, S100YE5Q |
| Property, plant and equipment | 326,706 | 357,944 | 379,501 | 417,338 | 423,755 | S100R1JA, S100TO2P, S100VWX1, S100YE5Q |
| Intangible assets excluding goodwill | 6,945 | 10,461 | 10,527 | 14,380 | 14,519 | S100R1JA, S100TO2P, S100VWX1, S100YE5Q |
| Investment securities | 59,323 | 57,737 | 70,724 | 70,132 | 80,561 | S100R1JA, S100TO2P, S100VWX1, S100YE5Q |
| Current assets | 642,278 | 707,625 | 755,154 | 754,383 | 798,066 | S100R1JA, S100TO2P, S100VWX1, S100YE5Q |
| Current liabilities | 269,878 | 336,312 | 358,763 | 333,493 | 354,523 | S100R1JA, S100TO2P, S100VWX1, S100YE5Q |
| Trade payables | 113,441 | 122,903 | 122,149 | 117,523 | 108,852 | S100R1JA, S100TO2P, S100VWX1, S100YE5Q |
| Short-term borrowings | 63,662 | 149,340 | 145,265 | 133,005 | 144,678 | S100R1JA, S100TO2P, S100VWX1, S100YE5Q |
| Long-term borrowings | 28,243 | 27,390 | 31,070 | 46,099 | 84,232 | S100R1JA, S100TO2P, S100VWX1, S100YE5Q |
| Total liabilities | 327,943 | 400,052 | 431,182 | 424,880 | 489,809 | S100R1JA, S100TO2P, S100VWX1, S100YE5Q |
| Non-controlling interests | 50,629 | 55,305 | 64,207 | 75,308 | 87,347 | S100R1JA, S100TO2P, S100VWX1, S100YE5Q |
| Equity attributable to owners of parent | 691,826 | 712,612 | 744,643 | 772,503 | 757,698 | S100R1JA, S100TO2P, S100VWX1, S100YE5Q |
| Retained earnings | 601,344 | 622,995 | 654,832 | 682,577 | 692,473 | S100R1JA, S100TO2P, S100VWX1, S100YE5Q |
| Treasury stock | -10,018 | -9,903 | -9,720 | -9,585 | -34,416 | S100R1JA, S100TO2P, S100VWX1, S100YE5Q |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 12% | S100YE5Q |
| Property, plant and equipment | 30% | S100YE5Q |
| Intangibles and goodwill | 1% | S100YE5Q |
| Investment securities | 6% | S100YE5Q |
| Other assets | 51% | S100YE5Q |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 8% | S100YE5Q |
| Other liabilities | 27% | S100YE5Q |
| Equity | 65% | S100YE5Q |

### 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 | 1,087,667 | 1,194,251 | 1,289,949 | 1,327,298 | 1,408,950 |
| Equity | 759,724 | 794,198 | 858,766 | 902,418 | 919,141 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 160,812 | 119,421 | 148,970 | 138,849 | 176,571 |

## 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) | 41.5% | S100YE5Q |
| Fixed assets ÷ total assets | 30.1% | S100YE5Q |
| Goodwill ÷ parent equity | — | —, S100YE5Q |

### 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) | 12.5% |
| Cash ÷ revenue | 17.3% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 119.9% |
| Cash vs. profit gap | 72,941 JPY mn (of net income 175.3%) |
| Shareholder returns / net income | 136.2% |
| Shareholder returns / FCF | 126.7% |
| Shareholder payments — dividends / net income | 76.1% |
| Shareholder payments — dividends / FCF | 70.8% |
| CapEx intensity (capex ÷ revenue) | 6.8% |
| Investing CF relative to operating CF | 63.0% |

## 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 | 11.8% | 0.84× | 9.9% | 1.57× | 15.6% | S100R1JA |
| 2023 | 4.7% | 0.93× | 4.4% | 1.62× | 7.2% | S100TO2P |
| 2024 | 5.7% | 0.81× | 4.6% | 1.70× | 7.9% | S100VWX1 |
| 2025 | 5.5% | 0.81× | 4.4% | 1.73× | 7.6% | S100YE5Q |
| 2026 | 4.1% | 0.75× | 3.0% | 1.79× | 5.4% | S100YE5Q |

## 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 | 16.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.8% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC) RE SILCHESTER INTERNATIONAL INVESTORS INTERNATIONAL VALUE EQUITY TRUST（常任代理人 香港上海銀行） | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社みずほ銀行 | Major shareholder | 2.3% | 2026-03-31 |
| 日本生命保険相互会社 | Major shareholder | 2.2% | 2026-03-31 |
| 三井住友信託銀行株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 東ソー共和会 | Major shareholder | 1.9% | 2026-03-31 |
| 三井住友海上火災保険株式会社 | Major shareholder | 1.8% | 2026-03-31 |
| 株式会社山口銀行 | Major shareholder | 1.6% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC) RE U.S. TAX EXEMPTED PENSION FUNDS（常任代理人 香港上海銀行） | Major shareholder | 1.6% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 came to ¥1.02T, down 4.1% from ¥1.06T a year earlier.
- Operating income dipped only 3.4% to ¥95.5B, while gross profit edged up 0.8% to ¥261B.
- Net income attributable to owners dropped 28.3%, from ¥58B to ¥41.6B.
- Cash generation improved: operating cash flow rose 7.8% to ¥114.6B and free cash flow jumped 69.8% to ¥44.7B.

### Drivers

- Lower naphtha prices and weak overseas markets for PVC, caustic soda and other key products pushed selling prices down.
- Chip-related water treatment projects in Japan, Taiwan and the US progressed well, lifting sales and profit in Engineering.
- Cheaper raw materials and fuel helped margins, but worse inventory valuation effects and higher fixed costs weighed on operating income.
- An impairment loss on fixed assets at the US sputtering target subsidiary cut net income sharply.

### Risks

- Tension in the Middle East could keep naphtha and fuel prices high and disrupt supply.
- New capacity and low-priced exports from China could drag product prices down and intensify competition.
- When raw material prices fall, costlier inventory from the start of the year can push up cost of sales.

Cited: Annual Securities Report (127th term) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report (127th term) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第127期(2025/04/01－2026/03/31) | S100YE5Q | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YE5Q,, |
| 有価証券報告書－第126期(2024/04/01－2025/03/31) | S100VWX1 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VWX1,, |
| 有価証券報告書－第125期(2023/04/01－2024/03/31) | S100TO2P | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TO2P,, |
| 有価証券報告書－第124期(2022/04/01－2023/03/31) | S100R1JA | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1JA,, |
| 有価証券報告書－第123期(令和3年4月1日－令和4年3月31日) | S100ODLJ | 2022-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100ODLJ,, |
| 有価証券報告書－第122期(令和2年4月1日－令和3年3月31日) | S100LONS | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LONS,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| 太平洋セメント | Supply/OEM | セメント受託販売契約（太平洋セメントが東ソーのセメントの販売を受託） | S100YJYE |

## 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).