# Tri Chemical Laboratories Inc.: business model and financials

> Latest period: FY ending Jan 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第48期(2025/02/01－2026/01/31) (S100XYYG)
> Page: https://vizora.meequs.com/en/company/tri-chemical-laboratories
> Retrieved: 2026-09-30T21:10:58.662Z

## Company

Tri Chemical Laboratories, founded in 1978, is a company in Semiconductor Materials listed on TSE Prime. It has 313 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Tri Chemical Laboratories Inc. |
| Ticker | 4369 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4369.T) |
| Listing | TSE Prime |
| Head office | 山梨県上野原市上野原8154番地217 |
| Representative (per filing) | 代表取締役社長執行役員 太附聖 |
| Founded | Dec 1978 |
| Share capital | ¥3.28B |
| Employees (consolidated) | 313 |
| Average salary (parent only) | ¥8.4M |
| Fiscal year end | January |
| Website | www.trichemical.com (https://www.trichemical.com/) |
| Corporate number | 2090001008148 |
| EDINET | E02490 |
| Industries (Vizora) | Semiconductor Materials |

> Profile source: annual securities report (S100XYYG, filed 2026-04-24). As of filing

## Five-axis industry profile

Primary industry: Semiconductor Materials (2026-01-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 93.5 | 23 |
| Profitability | 93.8 | 24 |
| Cash conversion | 6.3 | 24 |
| Efficiency | 31.3 | 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)

- Tri Chemical Laboratories brought in ¥23.9B in revenue.
- Out of every ¥100 of sales, about ¥25 is left as operating profit.
- Revenue changed +26.3% from the prior year, operating profit +12.3%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥23883175000 → ¥5515240000
- Net income → operating cash flow: ¥5515240000 → ¥3795166000（difference ¥-1720074000）
- Main uses of operating cash flow: CapEx ¥6334860000 / dividends ¥1136649000 / buybacks ¥246000
- Change in cash: ¥-2159350000
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 | ¥23.9B |  |
| Operating income | ¥5.9B | Margin 24.7% |
| Net income | ¥5.52B | Margin 23.1% |
| Free cash flow | -¥2.54B |  |
| Employees (consolidated) | 313 |  |
| EPS | ¥131.05 |  |
| Book value per share | ¥1013.42 |  |
| Equity ratio | 76.5% |  |
| Shares outstanding | 32,498,640 |  |
| Treasury shares | 1,800 |  |
| Shareholders | 13,656 |  |
| Average salary (parent only) | ¥8.4M | Filing company only |
| Cash ratio | 15.4% | Cash ÷ revenue 30.5% |
| Vs. industry median margin | +9.9 pp | Semiconductor Materials |
| ROE | 16.7% | Derived from disclosed figures |
| ROA | 13.1% | Derived from disclosed figures |

## Notable figures

- FY2026, revenue is 2.1× its level five years ago
- FY2026, operating income keeps 25 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Jan 2021 | FY ending Jan 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥9801982000 | ¥23883175000 | +143.7% |
| Operating income | ¥2691380000 | ¥5902226000 | +119.3% |
| Operating margin | 27.5% | 24.7% | -2.7 pp |
| Employees | 179 people | 313 people | +74.9% |
| Cash and equivalents | ¥1698612000 | ¥7279978000 | +328.6% |

### Change in segment revenue mix

Span: FY ending Jan 2021 → FY ending Jan 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 23,883 | 100.0% | S100XYYG |
| Cost of revenue | 14,864 | 62.2% | S100XYYG |
| Gross profit | 9,019 | 37.8% | S100XYYG |
| SG&A | 3,117 | 13.1% | S100XYYG |
| Operating income | 5,902 | 24.7% | S100XYYG |
| Ordinary income | 7,090 | 29.7% | S100XYYG |
| Pretax income | 7,090 | 29.7% | S100XYYG |
| Income tax | 1,575 | 6.6% | S100XYYG |
| Net income | 5,515 | 23.1% | S100XYYG |
| Net income attributable to owners | 5,515 | 23.1% | S100XYYG |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 62 |
| SG&A | 13 |
| Operating income | 25 |
| (Ref.) Net income | 23 |

### Margin funnel

Gross margin 37.8% → Operating margin 24.7% → Net margin 23.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +26.3%; Core profit growth: +12.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): 0.47×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Jan 2025 → FY ending Jan 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 18,906 | 23,883 | 4,977 | +26.3% |
| Gross profit | 8,012 | 9,019 | 1,007 | +12.6% |
| Operating income | 5,256 | 5,902 | 646 | +12.3% |
| Net income attributable to owners | 4,962 | 5,515 | 553 | +11.1% |
| Operating cash flow | 3,675 | 3,795 | 120 | +3.3% |
| Free cash flow | 591 | -2,540 | -3,131 | -529.6% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Jan 2020 | 8,267 | 2,327 | 28.1% | 2,940 | 1,810 | 247 | S100L6LP |
| FY ending Jan 2021 | 9,802 | 2,691 | 27.5% | 3,377 | 2,090 | -872 | S100NXBO |
| FY ending Jan 2022 | 11,574 | 2,976 | 25.7% | 4,095 | 3,639 | 2,707 | S100QM0P |
| FY ending Jan 2023 | 13,803 | 3,505 | 25.4% | 4,832 | 6,392 | 4,836 | S100TATM |
| FY ending Jan 2024 | 11,246 | 1,948 | 17.3% | 2,471 | 2,972 | 1,191 | S100VN2R |
| FY ending Jan 2025 | 18,906 | 5,256 | 27.8% | 4,962 | 3,675 | 591 | S100XYYG |
| FY ending Jan 2026 | 23,883 | 5,902 | 24.7% | 5,515 | 3,795 | -2,540 | S100XYYG |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥76.3M |
| Operating income per employee (consolidated) | ¥18.9M |
| Net income per employee (consolidated) | ¥17.6M |

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

| History | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 211 | 242 | 256 | 274 | 313 |
| Average salary (parent company) | ¥7.3M | ¥7.7M | ¥6.9M | ¥8.2M | ¥8.4M |
| Average age (parent company) | 34.7 years | 34.7 years | 34.8 years | 34.8 years | 34.5 years |
| Average tenure (parent company) | 9.1 years | 9.1 years | 9.1 years | 9.1 years | 9.0 years |

Year over year: Employees (consolidated) +14.2% · Revenue (consolidated) +26.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 3,795 | 15.9% | S100XYYG |
| Capital expenditure | 6,335 | 26.5% | S100XYYG |
| Free cash flow | -2,540 | -10.6% | 算出 |
| Investing cash flow | -7,054 | -29.5% | S100XYYG |
| Financing cash flow | 1,088 | 4.6% | S100XYYG |
| Dividends paid | 1,137 | 4.8% | S100XYYG |
| Share buyback | 0 | 0.0% | S100XYYG |
| Change in cash | -2,159 | -9.0% | S100XYYG |
| Cash and equivalents | 7,280 | 30.5% | S100XYYG |

## 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 Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 8,034 | 11,138 | 10,497 | 9,439 | 7,280 | S100TATM, S100VN2R, S100XYYG |
| Total assets | 28,289 | 32,116 | 31,865 | 36,945 | 47,275 | S100QM0P, S100TATM, S100VN2R, S100XYYG |
| Net assets | 21,320 | 25,876 | 27,570 | 31,588 | 36,150 | S100TATM, S100VN2R, S100XYYG |
| Share capital | 3,279 | 3,279 | 3,279 | 3,279 | 3,279 | S100QM0P, S100TATM, S100VN2R, S100XYYG |
| Trade receivables | 3,058 | 3,505 | 2,687 | 3,627 | 4,441 | S100QM0P, S100TATM, S100VN2R, S100XYYG |
| Property, plant and equipment | 8,014 | 8,373 | 9,269 | 10,936 | 17,225 | S100QM0P, S100TATM, S100VN2R, S100XYYG |
| Intangible assets excluding goodwill | 181 | 135 | 105 | 74 | 90 | S100QM0P, S100TATM, S100VN2R, S100XYYG |
| Investment securities | 5,535 | 4,400 | 2,978 | 3,923 | 6,140 | S100QM0P, S100TATM, S100VN2R, S100XYYG |
| Current assets | 14,386 | 18,923 | 19,009 | 21,456 | 23,253 | S100QM0P, S100TATM, S100VN2R, S100XYYG |
| Current liabilities | 3,465 | 3,676 | 2,554 | 4,182 | 7,605 | S100QM0P, S100TATM, S100VN2R, S100XYYG |
| Long-term borrowings | 2,699 | 1,914 | 1,213 | 723 | 3,083 | S100QM0P, S100TATM, S100VN2R, S100XYYG |
| Total liabilities | 6,969 | 6,239 | 4,295 | 5,357 | 11,125 | S100QM0P, S100TATM, S100VN2R, S100XYYG |
| Equity attributable to owners of parent | 21,084 | 25,266 | 26,762 | 30,748 | 35,126 | S100QM0P, S100TATM, S100VN2R, S100XYYG |
| Retained earnings | 14,627 | 18,809 | 20,305 | 24,292 | 28,670 | S100QM0P, S100TATM, S100VN2R, S100XYYG |
| Treasury stock | -2 | -2 | -2 | -3 | -3 | S100QM0P, S100TATM, S100VN2R, S100XYYG |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 15% | S100XYYG |
| Receivables | 9% | S100XYYG |
| Property, plant and equipment | 37% | S100XYYG |
| Intangibles and goodwill | 0% | S100XYYG |
| Investment securities | 13% | S100XYYG |
| Other assets | 26% | S100XYYG |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 24% | S100XYYG |
| Equity | 76% | S100XYYG |

### Balance sheet history

| Metric | FY ending Jan 2022 | FY ending Jan 2023 | FY ending Jan 2024 | FY ending Jan 2025 | FY ending Jan 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 28,289 | 32,116 | 31,865 | 36,945 | 47,275 |
| Equity | 21,320 | 25,876 | 27,570 | 31,588 | 36,150 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,034 | 11,138 | 10,497 | 9,439 | 7,280 |

## 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) | 72.1% | S100XYYG |
| Fixed assets ÷ total assets | 36.4% | S100XYYG |
| Goodwill ÷ parent equity | — | —, S100XYYG |

### 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) | 15.4% |
| Cash ÷ revenue | 30.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 64.3% |
| Cash vs. profit gap | -1,720 JPY mn (of net income -31.2%) |
| Shareholder returns / net income | 20.6% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 20.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 26.5% |
| Investing CF relative to operating CF | 185.9% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 35.4% | 0.41× | 14.5% | 1.34× | 19.4% | S100QM0P |
| 2023 | 35.0% | 0.46× | 16.0% | 1.30× | 20.9% | S100TATM |
| 2024 | 22.0% | 0.35× | 7.7% | 1.23× | 9.5% | S100VN2R |
| 2025 | 26.2% | 0.55× | 14.4% | 1.20× | 17.3% | S100XYYG |
| 2026 | 23.1% | 0.57× | 13.1% | 1.28× | 16.7% | S100XYYG |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 竹中 潤平 | Major shareholder | 12.8% | 2026-01-31 |
| 日本マスタートラスト信託銀行㈱（信託口） | Major shareholder | 12.5% | 2026-01-31 |
| ㈱日本カストディ銀行（信託口） | Major shareholder | 10.9% | 2026-01-31 |
| ㈱山梨中央銀行 | Major shareholder | 4.3% | 2026-01-31 |
| MSIP CLIENT SECURITIES（常任代理人 モルガン・スタンレーMUFG証券㈱） | Major shareholder | 4.0% | 2026-01-31 |
| トリケミカル研究所従業員持株会 | Major shareholder | 2.2% | 2026-01-31 |
| 野村信託銀行㈱（投信口） | Major shareholder | 1.8% | 2026-01-31 |
| JP MORGAN CHASE BANK 385781（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.2% | 2026-01-31 |
| BNY GCM CLIENT ACCOUNT JPRD AC ISG （FE－AC）（常任代理人 ㈱三菱UFJ銀行） | Major shareholder | 1.2% | 2026-01-31 |
| STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 ㈱みずほ銀行決済営業部） | Major shareholder | 1.1% | 2026-01-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第48期(2025/02/01－2026/01/31) | S100XYYG | 2026-04-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XYYG,, |
| 有価証券報告書－第47期(2024/02/01－2025/01/31) | S100VN2R | 2025-04-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VN2R,, |
| 有価証券報告書－第46期(2023/02/01－2024/01/31) | S100TATM | 2024-04-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TATM,, |
| 有価証券報告書－第45期(2022/02/01－2023/01/31) | S100QM0P | 2023-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QM0P,, |
| 有価証券報告書－第44期(令和3年2月1日－令和4年1月31日) | S100NXBO | 2022-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NXBO,, |
| 有価証券報告書－第43期(令和2年2月1日－令和3年1月31日) | S100L6LP | 2021-04-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L6LP,, |

## 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).