# toyo gosei co.,ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第76期(2025/04/01－2026/03/31) (S100YGHH)
> Page: https://vizora.meequs.com/en/company/toyo-gosei
> Retrieved: 2026-09-30T22:34:53.492Z

## Company

toyo gosei, founded in 1954, is a company in Chemicals listed on TSE Standard. It has 972 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Toyo Gosei Co.,Ltd. |
| Ticker | 4970 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4970.T) |
| Listing | TSE Standard |
| Head office | 千葉県市川市上妙典1603番地(同所は登記上の本店所在地で実際の業務は「最寄りの連絡場所」で行っております。) |
| Representative (per filing) | 代表取締役社長 木村有仁 |
| Founded | Sep 1954 |
| Share capital | ¥1.62B |
| Employees (consolidated) | 972 |
| Average salary (parent only) | ¥6.7M |
| Fiscal year end | March |
| Website | www.toyogosei.co.jp (https://www.toyogosei.co.jp/) |
| Corporate number | 6040001027017 |
| EDINET | E01051 |
| Industries (Vizora) | Chemicals, Semiconductor Materials |

> Profile source: annual securities report (S100YGHH, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Materials (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 67.4 | 23 |
| Profitability | 27.1 | 24 |
| Cash conversion | 81.3 | 24 |
| Efficiency | 47.9 | 24 |

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 63% of toyo gosei's sales come from Photosensitivity materials, with Chemicals making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed +8.5% from the prior year, operating profit -10.6%.

## Company structure

- Segment revenue mix: Photosensitivity materials 63.0%、Chemicals 37.0%
- Revenue → net income: ¥41956000000 → ¥2692000000
- Net income → operating cash flow: ¥2692000000 → ¥7490000000（difference ¥4798000000）
- Main uses of operating cash flow: CapEx ¥4814000000 / dividends ¥356000000 / buybacks ¥0
- Change in cash: ¥86000000
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 | ¥42B |  |
| Operating income | ¥3.67B | Margin 8.7% |
| Net income | ¥2.69B | Margin 6.4% |
| Free cash flow | ¥2.68B |  |
| Largest business | Photosensitivity materials | of segment revenue 63.0% |
| Employees (consolidated) | 972 |  |
| EPS | ¥339.26 |  |
| Book value per share | ¥3458.93 |  |
| Equity ratio | 41.0% |  |
| Shares outstanding | 8,143,390 |  |
| Treasury shares | 206,600 |  |
| Shareholders | 3,747 |  |
| Average salary (parent only) | ¥6.7M | Filing company only |
| Cash ratio | 5.5% | Cash ÷ revenue 8.8% |
| Vs. industry median margin | -6.1 pp | Semiconductor Materials |
| ROE | 10.4% | Derived from disclosed figures |
| ROA | 4.1% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.8× net income
- FY2026, one segment accounts for 71% of positive segment profit
- FY2026, segment profit share differs by 34 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥27164079000 | ¥41956000000 | +54.5% |
| Operating income | ¥2939274000 | ¥3668000000 | +24.8% |
| Operating margin | 10.8% | 8.7% | -2.1 pp |
| Employees | 728 people | 972 people | +33.5% |
| Cash and equivalents | ¥3382440000 | ¥3683000000 | +8.9% |

### 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 |
| --- | ---: |
| 感光性材料事業 → 感光性材料事業 | 58.8% |
| 化成品事業 → 化成品事業 | 37.0% |
| 化成品事業 → 事業再編・廃止 | 4.1% |
| 新設・再編 → 感光性材料事業 | 4.1% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 41,956 | 100.0% | S100YGHH |
| Cost of revenue | 32,909 | 78.4% | 算出 |
| Gross profit | 9,047 | 21.6% | S100YGHH |
| SG&A | 5,378 | 12.8% | S100YGHH |
| Operating income | 3,668 | 8.7% | S100YGHH |
| Ordinary income | 3,592 | 8.6% | S100YGHH |
| Pretax income | 3,556 | 8.5% | S100YGHH |
| Income tax | 863 | 2.1% | S100YGHH |
| Net income | 2,692 | 6.4% | S100YGHH |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 13 |
| Operating income | 9 |
| (Ref.) Net income | 6 |

### Margin funnel

Gross margin 21.6% → Operating margin 8.7% → Net margin 6.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +8.5%; Core profit growth: -10.6%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.25×
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 | 38,665 | 41,956 | 3,291 | +8.5% |
| Gross profit | 9,059 | 9,047 | -12 | -0.1% |
| Operating income | 4,103 | 3,668 | -435 | -10.6% |
| Operating cash flow | 6,795 | 7,490 | 695 | +10.2% |
| Free cash flow | -5,040 | 2,676 | 7,716 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 24,456 | 2,184 | 8.9% | 1,853 | 3,463 | -1,706 | S100LQ0K |
| FY ending Mar 2021 | 27,164 | 2,939 | 10.8% | 2,346 | 4,419 | -1,252 | S100OFTB |
| FY ending Mar 2022 | 33,145 | 4,624 | 14.0% | 3,457 | 5,809 | 2,402 | S100R3H5 |
| FY ending Mar 2023 | 34,156 | 4,968 | 14.5% | 3,827 | 3,659 | 28 | S100U2BQ |
| FY ending Mar 2024 | 31,956 | 3,512 | 11.0% | 2,396 | 4,572 | -2,955 | S100W2KH |
| FY ending Mar 2025 | 38,665 | 4,103 | 10.6% | 3,279 | 6,795 | -5,040 | S100YGHH |
| FY ending Mar 2026 | 41,956 | 3,668 | 8.7% | 2,692 | 7,490 | 2,676 | S100YGHH |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥43.2M |
| Operating income per employee (consolidated) | ¥3.8M |
| 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) | 790 | 849 | 887 | 928 | 972 |
| Average salary (parent company) | ¥6.6M | ¥6.9M | ¥6.6M | ¥7.1M | ¥6.7M |
| Average age (parent company) | 36.3 years | 36.4 years | 36.8 years | 36.9 years | 37.0 years |
| Average tenure (parent company) | 9.7 years | 9.7 years | 10.1 years | 10.2 years | 10.2 years |

Year over year: Employees (consolidated) +4.7% · Revenue (consolidated) +8.5%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Photosensitivity materials | 26,417 | 63.0% | 1,051 | 4.0% |
| Chemicals | 15,538 | 37.0% | 2,617 | 16.8% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Photosensitivity materials | 63.0% | 28.7% | -34.3 | 4.0% |
| Chemicals | 37.0% | 71.3% | 34.3 | 16.8% |

Segment → industry: Chemicals → Chemicals / Photosensitivity materials → Semiconductor Materials

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 7,490 | 17.9% | S100YGHH |
| Capital expenditure | 4,814 | 11.5% | S100YGHH |
| Free cash flow | 2,676 | 6.4% | 算出 |
| Investing cash flow | -4,874 | -11.6% | S100YGHH |
| Financing cash flow | -2,546 | -6.1% | S100YGHH |
| Dividends paid | 356 | 0.8% | S100YGHH |
| Share buyback | 0 | 0.0% | S100YGHH |
| Change in cash | 86 | 0.2% | S100YGHH |
| Cash and equivalents | 3,683 | 8.8% | S100YGHH |

## 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 | 3,269 | 3,252 | 3,645 | 3,597 | 3,683 | S100U2BQ, S100W2KH, S100YGHH |
| Total assets | 46,886 | 51,105 | 59,517 | 65,864 | 66,949 | S100R3H5, S100U2BQ, S100W2KH, S100YGHH |
| Net assets | 16,061 | 19,641 | 21,825 | 24,831 | 27,452 | S100U2BQ, S100W2KH, S100YGHH |
| Share capital | 1,619 | 1,618 | 1,618 | 1,618 | 1,618 | S100R3H5, S100U2BQ, S100W2KH, S100YGHH |
| Property, plant and equipment | 25,376 | 27,639 | 33,862 | 37,702 | 37,298 | S100R3H5, S100U2BQ, S100W2KH, S100YGHH |
| Intangible assets excluding goodwill | 512 | 607 | 1,579 | 2,590 | 2,226 | S100R3H5, S100U2BQ, S100W2KH, S100YGHH |
| Investment securities | 218 | 259 | 404 | 472 | 1,218 | S100R3H5, S100U2BQ, S100W2KH, S100YGHH |
| Current assets | 19,766 | 21,685 | 22,682 | 24,069 | 25,292 | S100R3H5, S100U2BQ, S100W2KH, S100YGHH |
| Current liabilities | 19,306 | 19,551 | 20,516 | 21,132 | 18,834 | S100R3H5, S100U2BQ, S100W2KH, S100YGHH |
| Short-term borrowings | 5,300 | 5,100 | 2,300 | 4,600 | 2,000 | S100R3H5, S100U2BQ, S100W2KH, S100YGHH |
| Long-term borrowings | 9,074 | 9,312 | 14,411 | 17,005 | 17,423 | S100R3H5, S100U2BQ, S100W2KH, S100YGHH |
| Total liabilities | 30,824 | 31,463 | 37,691 | 41,032 | 39,497 | S100R3H5, S100U2BQ, S100W2KH, S100YGHH |
| Equity attributable to owners of parent | 16,007 | 19,556 | 21,635 | 24,596 | 26,931 | S100R3H5, S100U2BQ, S100W2KH, S100YGHH |
| Retained earnings | 12,939 | 16,488 | 18,567 | 21,529 | 23,865 | S100R3H5, S100U2BQ, S100W2KH, S100YGHH |
| Treasury stock | -92 | -92 | -92 | -93 | -93 | S100R3H5, S100U2BQ, S100W2KH, S100YGHH |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YGHH |
| Property, plant and equipment | 56% | S100YGHH |
| Intangibles and goodwill | 3% | S100YGHH |
| Investment securities | 2% | S100YGHH |
| Other assets | 34% | S100YGHH |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 59% | S100YGHH |
| Equity | 41% | S100YGHH |

### 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 | 46,886 | 51,105 | 59,517 | 65,864 | 66,949 |
| Equity | 16,061 | 19,641 | 21,825 | 24,831 | 27,452 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 3,269 | 3,252 | 3,645 | 3,597 | 3,683 |

## 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) | 88.9% | S100YGHH |
| Fixed assets ÷ total assets | 55.7% | S100YGHH |
| Goodwill ÷ parent equity | — | —, S100YGHH |

### 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) | 5.5% |
| Cash ÷ revenue | 8.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 204.2% |
| Cash vs. profit gap | 4,798 JPY mn (of net income 178.2%) |
| Shareholder returns / net income | 13.2% |
| Shareholder returns / FCF | 13.3% |
| Shareholder payments — dividends / net income | 13.2% |
| Shareholder payments — dividends / FCF | 13.3% |
| CapEx intensity (capex ÷ revenue) | 11.5% |
| Investing CF relative to operating CF | 65.1% |

## 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 | 10.4% | 0.71× | 7.4% | 2.93× | 21.6% | S100R3H5 |
| 2023 | 11.2% | 0.70× | 7.8% | 2.76× | 21.5% | S100U2BQ |
| 2024 | 7.5% | 0.58× | 4.3% | 2.69× | 11.6% | S100W2KH |
| 2025 | 8.5% | 0.62× | 5.2% | 2.71× | 14.2% | S100YGHH |
| 2026 | 6.4% | 0.63× | 4.1% | 2.58× | 10.4% | S100YGHH |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 木村 有仁 | Major shareholder | 13.8% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 10.9% | 2026-03-31 |
| 木村 愛理 | Major shareholder | 7.3% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 4.0% | 2026-03-31 |
| 株式会社千葉銀行 | Major shareholder | 3.8% | 2026-03-31 |
| 株式会社きらぼし銀行 | Major shareholder | 3.8% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505025（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.5% | 2026-03-31 |
| 木村 正子 | Major shareholder | 2.6% | 2026-03-31 |
| 公益財団法人東洋合成記念財団 | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社ＴＧホールディング | Major shareholder | 2.5% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第76期(2025/04/01－2026/03/31) | S100YGHH | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YGHH,, |
| 有価証券報告書－第75期(2024/04/01－2025/03/31) | S100W2KH | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2KH,, |
| 訂正有価証券報告書－第74期(2023/04/01－2024/03/31) | S100U2BQ | 2024-07-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U2BQ,, |
| 有価証券報告書－第73期(2022/04/01－2023/03/31) | S100R3H5 | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R3H5,, |
| 有価証券報告書－第72期(令和3年4月1日－令和4年3月31日) | S100OFTB | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OFTB,, |
| 有価証券報告書－第71期(令和2年4月1日－令和3年3月31日) | S100LQ0K | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ0K,, |

## 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).