# TSUMURA & CO.: 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90期(2025/04/01－2026/03/31) (S100YFC1)
> Page: https://vizora.meequs.com/en/company/tsumura-and
> Retrieved: 2026-09-30T22:26:29.217Z

## Company

Tsumura &, founded in 1893, is a company in Pharmaceuticals listed on TSE Prime. It has 4,923 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | TSUMURA & CO. |
| Ticker | 4540 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4540.T) |
| Listing | TSE Prime |
| Head office | 東京都港区赤坂二丁目17番11号 |
| Representative (per filing) | 代表取締役社長CEO 加藤 照和 |
| Founded | Apr 1893 |
| Share capital | ¥30.1B |
| Employees (consolidated) | 4,923 |
| Average salary (parent only) | ¥9.1M |
| Fiscal year end | March |
| Website | www.tsumura.co.jp (https://www.tsumura.co.jp/) |
| Corporate number | 1010401069161 |
| EDINET | E01018 |
| Industries (Vizora) | Pharmaceuticals |

> Profile source: annual securities report (S100YFC1, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Pharmaceuticals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 80.6 | 18 |
| Profitability | 93.2 | 22 |
| Cash conversion | 41.7 | 18 |
| Efficiency | 14.1 | 32 |

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)

- Tsumura & brought in ¥192.6B in revenue.
- Out of every ¥100 of sales, about ¥18 is left as operating profit.
- Revenue changed +6.4% from the prior year, operating profit -12.2%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥192615000000 → ¥30242000000
- Net income → operating cash flow: ¥30242000000 → ¥24718000000（difference ¥-5524000000）
- Main uses of operating cash flow: CapEx ¥34376000000 / dividends ¥10299000000 / buybacks ¥6130000000
- Change in cash: ¥5126000000
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 | ¥192.6B |  |
| Operating income | ¥35.2B | Margin 18.3% |
| Net income | ¥28.1B | Margin 14.6% |
| Free cash flow | -¥9.66B |  |
| Employees (consolidated) | 4,923 |  |
| EPS | ¥326.55 |  |
| Book value per share | ¥3565.09 |  |
| Equity ratio | 54.3% |  |
| Shares outstanding | 76,758,362 |  |
| Treasury shares | 1,470,500 |  |
| Shareholders | 36,246 |  |
| Average salary (parent only) | ¥9.1M | Filing company only |
| Cash ratio | 13.2% | Net cash -¥47.5B · Cash ÷ revenue 40.6% |
| Vs. industry median margin | +11.1 pp | Pharmaceuticals |
| ROE | 10.2% | Derived from disclosed figures |
| ROA | 5.3% | Derived from disclosed figures |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥116413000000 | ¥192615000000 | +65.5% |
| Operating income | ¥19382000000 | ¥35219000000 | +81.7% |
| Operating margin | 16.6% | 18.3% | +1.6 pp |
| Employees | 3,830 people | 4,923 people | +28.5% |
| Cash and equivalents | ¥59668000000 | ¥78261000000 | +31.2% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 192,615 | 100.0% | S100YFC1 |
| Cost of revenue | 101,098 | 52.5% | S100YFC1 |
| Gross profit | 91,516 | 47.5% | S100YFC1 |
| SG&A | 56,296 | 29.2% | S100YFC1 |
| Operating income | 35,219 | 18.3% | S100YFC1 |
| Ordinary income | 40,036 | 20.8% | S100YFC1 |
| Pretax income | 41,036 | 21.3% | S100YFC1 |
| Income tax | 10,793 | 5.6% | S100YFC1 |
| Net income | 30,242 | 15.7% | S100YFC1 |
| Net income attributable to owners | 28,117 | 14.6% | S100YFC1 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 29 |
| Operating income | 18 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 47.5% → Operating margin 18.3% → Net margin 14.6%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +6.4%; Core profit growth: -12.2%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -1.92×
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 | 181,093 | 192,615 | 11,522 | +6.4% |
| Gross profit | 90,583 | 91,516 | 933 | +1.0% |
| Operating income | 40,125 | 35,219 | -4,906 | -12.2% |
| Net income attributable to owners | 32,428 | 28,117 | -4,311 | -13.3% |
| Operating cash flow | 33,823 | 24,718 | -9,105 | -26.9% |
| Free cash flow | 4,029 | -9,658 | -13,687 | -339.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 123,248 | 18,876 | 15.3% | 13,765 | 18,191 | 7,639 | S100LRTY |
| FY ending Mar 2021 | 116,413 | 19,382 | 16.6% | 15,332 | 16,102 | 6,686 | S100OG6Z |
| FY ending Mar 2022 | 129,546 | 22,376 | 17.3% | 18,836 | 21,314 | 10,727 | S100R6RG |
| FY ending Mar 2023 | 140,043 | 20,916 | 14.9% | 16,482 | 16,452 | 1,744 | S100TQX7 |
| FY ending Mar 2024 | 150,845 | 20,017 | 13.3% | 16,707 | 5,608 | -14,449 | S100VZNA |
| FY ending Mar 2025 | 181,093 | 40,125 | 22.2% | 32,428 | 33,823 | 4,029 | S100YFC1 |
| FY ending Mar 2026 | 192,615 | 35,219 | 18.3% | 28,117 | 24,718 | -9,658 | S100YFC1 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥39.1M |
| Operating income per employee (consolidated) | ¥7.2M |
| Net income per employee (consolidated) | ¥5.7M |

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) | 3,921 | 4,032 | 4,138 | 4,272 | 4,923 |
| Average salary (parent company) | ¥8.4M | ¥8M | ¥8.1M | ¥8M | ¥9.1M |
| Average age (parent company) | 43.6 years | 43.1 years | 43.0 years | 42.6 years | 41.9 years |
| Average tenure (parent company) | 18.9 years | 18.1 years | 17.2 years | 16.5 years | 15.5 years |

Year over year: Employees (consolidated) +15.2% · Revenue (consolidated) +6.4%

## 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 | 24,718 | 12.8% | S100YFC1 |
| Capital expenditure | 34,376 | 17.8% | S100YFC1 |
| Free cash flow | -9,658 | -5.0% | 算出 |
| Investing cash flow | -50,309 | -26.1% | S100YFC1 |
| Financing cash flow | 32,603 | 16.9% | S100YFC1 |
| Dividends paid | 10,299 | 5.3% | S100YFC1 |
| Share buyback | 6,130 | 3.2% | S100YFC1 |
| Change in cash | 5,126 | 2.7% | S100YFC1 |
| Cash and equivalents | 78,261 | 40.6% | S100YFC1 |

## 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 | 67,536 | 94,730 | 78,034 | 73,135 | 78,261 | S100TQX7, S100VZNA, S100YFC1 |
| Total assets | 350,981 | 396,813 | 428,254 | 464,380 | 592,766 | S100R6RG, S100TQX7, S100VZNA, S100YFC1 |
| Net assets | 258,109 | 272,246 | 295,364 | 330,110 | 371,603 | S100TQX7, S100VZNA, S100YFC1 |
| Share capital | 30,142 | 30,142 | 30,142 | 30,142 | 30,142 | S100R6RG, S100TQX7, S100VZNA, S100YFC1 |
| Trade receivables | 54,879 | 58,087 | 67,149 | 68,017 | 72,250 | S100R6RG, S100TQX7, S100VZNA, S100YFC1 |
| Property, plant and equipment | 90,040 | 93,415 | 104,058 | 128,246 | 166,940 | S100R6RG, S100TQX7, S100VZNA, S100YFC1 |
| Intangible assets excluding goodwill | 12,328 | 14,647 | 17,253 | 18,241 | 50,381 | S100R6RG, S100TQX7, S100VZNA, S100YFC1 |
| Goodwill | 8,513 | 8,480 | 8,350 | 8,512 | 17,665 | S100R6RG, S100TQX7, S100VZNA, S100YFC1 |
| Investment securities | 10,184 | 11,160 | 15,241 | 10,276 | 7,478 | S100R6RG, S100TQX7, S100VZNA, S100YFC1 |
| Current assets | 229,420 | 268,320 | 281,292 | 295,709 | 349,212 | S100R6RG, S100TQX7, S100VZNA, S100YFC1 |
| Current liabilities | 45,875 | 47,205 | 68,557 | 61,913 | 83,257 | S100R6RG, S100TQX7, S100VZNA, S100YFC1 |
| Trade payables | 13,676 | 16,443 | 19,828 | 24,314 | 31,534 | S100R6RG, S100TQX7, S100VZNA, S100YFC1 |
| Short-term borrowings | 10,313 | 10,313 | 10,313 | 5,285 | 3,329 | S100R6RG, S100TQX7, S100VZNA, S100YFC1 |
| Long-term borrowings | 9,377 | 9,377 | 9,377 | 20,051 | 77,454 | S100R6RG, S100TQX7, S100VZNA, S100YFC1 |
| Bonds | 30,000 | 60,000 | 45,000 | 45,000 | 45,000 | S100R6RG, S100TQX7, S100VZNA, S100YFC1 |
| Interest-bearing debt | 49,690 | 79,690 | 64,690 | 70,336 | 125,783 | 算出 |
| Total liabilities | 92,871 | 124,566 | 132,889 | 134,270 | 221,162 | S100R6RG, S100TQX7, S100VZNA, S100YFC1 |
| Non-controlling interests | 18,339 | 20,199 | 24,562 | 29,579 | 49,874 | S100R6RG, S100TQX7, S100VZNA, S100YFC1 |
| Equity attributable to owners of parent | 226,121 | 237,037 | 247,307 | 269,852 | 282,506 | S100R6RG, S100TQX7, S100VZNA, S100YFC1 |
| Retained earnings | 182,929 | 194,224 | 205,804 | 229,202 | 247,010 | S100R6RG, S100TQX7, S100VZNA, S100YFC1 |
| Treasury stock | -682 | -1,068 | -2,378 | -3,242 | -8,120 | S100R6RG, S100TQX7, S100VZNA, S100YFC1 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 13% | S100YFC1 |
| Receivables | 12% | S100YFC1 |
| Property, plant and equipment | 28% | S100YFC1 |
| Intangibles and goodwill | 12% | S100YFC1 |
| Investment securities | 1% | S100YFC1 |
| Other assets | 34% | S100YFC1 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 5% | S100YFC1 |
| Interest-bearing debt | 21% | 算出 |
| Other liabilities | 11% | S100YFC1 |
| Equity | 63% | S100YFC1 |
| Other liabilities | 0% | S100YFC1 |

### 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 | 350,981 | 396,813 | 428,254 | 464,380 | 592,766 |
| Equity | 258,109 | 272,246 | 295,364 | 330,110 | 371,603 |
| Interest-bearing debt | 49,690 | 79,690 | 64,690 | 70,336 | 125,783 |
| Cash | 67,536 | 94,730 | 78,034 | 73,135 | 78,261 |

## 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) | 86.7% | S100YFC1 |
| Fixed assets ÷ total assets | 28.2% | S100YFC1 |
| Goodwill ÷ parent equity | 6.3% | S100YFC1 |

Goodwill over 4 years: 8,513 → 17,665 JPY; total investing cash flow: -119,238 JPY. This does not imply causation.

### 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) | 13.2% |
| Cash ÷ revenue | 40.6% |
| Net cash (cash − interest-bearing debt) | -¥47.5B |
| Net debt ÷ operating cash flow | 1.92× |
| Cash conversion (operating CF ÷ operating income) | 70.2% |
| Cash vs. profit gap | -3,399 JPY mn (of net income -12.1%) |
| Shareholder returns / net income | 58.4% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 36.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 17.8% |
| Investing CF relative to operating CF | 203.5% |

## 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 | 14.5% | 0.37× | 5.4% | 1.55× | 8.3% | S100R6RG |
| 2023 | 11.8% | 0.37× | 4.4% | 1.61× | 7.1% | S100TQX7 |
| 2024 | 11.1% | 0.37× | 4.0% | 1.70× | 6.9% | S100VZNA |
| 2025 | 17.9% | 0.41× | 7.3% | 1.73× | 12.5% | S100YFC1 |
| 2026 | 14.6% | 0.36× | 5.3% | 1.91× | 10.2% | S100YFC1 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行㈱信託口 | Major shareholder | 15.7% | 2026-03-31 |
| ＢＯＣＨＫ ＦＯＲ ＰＩＮＧ ＡＮ ＬＩＦＥ ＩＮＳＵＲＡＮＣＥ ＣＯＭＰＡＮＹ ＯＦ ＣＨＩＮＡ ＬＴＤ (㈱三菱ＵＦＪ銀行) | Major shareholder | 10.2% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮ Ｄ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１(常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 6.1% | 2026-03-31 |
| ㈱日本カストディ銀行信託口 | Major shareholder | 5.5% | 2026-03-31 |
| ＢＲＩＧＨＴ ＲＩＤＥ ＬＩＭＩＴＥＤ (常任代理人 三田証券㈱) | Major shareholder | 2.3% | 2026-03-31 |
| ツムラグループ従業員持株会 | Major shareholder | 2.0% | 2026-03-31 |
| ㈱三菱ＵＦＪ銀行 | Major shareholder | 1.8% | 2026-03-31 |
| ＢＮＹＭ ＡＳ ＡＧＴ／ＣＬＴＳ １０ＰＥＲＣＥＮＴ(常任代理人㈱三菱ＵＦＪ銀行) | Major shareholder | 1.8% | 2026-03-31 |
| 野村信託銀行㈱（投信口） | Major shareholder | 1.7% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１(常任代理人 ㈱みずほ銀行決済営業部) | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第90期(2025/04/01－2026/03/31) | S100YFC1 | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YFC1,, |
| 有価証券報告書－第89期(2024/04/01－2025/03/31) | S100VZNA | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZNA,, |
| 有価証券報告書－第88期(2023/04/01－2024/03/31) | S100TQX7 | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQX7,, |
| 有価証券報告書－第87期(2022/04/01－2023/03/31) | S100R6RG | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6RG,, |
| 有価証券報告書－第86期(令和3年4月1日－令和4年3月31日) | S100OG6Z | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OG6Z,, |
| 有価証券報告書－第85期(令和2年4月1日－令和3年3月31日) | S100LRTY | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LRTY,, |

## 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).