# UBE 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120期(2025/04/01－2026/03/31) (S100YD42)
> Page: https://vizora.meequs.com/en/company/ube
> Retrieved: 2026-09-30T18:28:21.967Z

## Company

UBE, founded in 1897, is a company in Chemicals listed on TSE Prime. It has 7,968 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UBE Corporation |
| Ticker | 4208 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4208.T) |
| Listing | TSE Prime |
| Head office | 山口県宇部市大字小串1978番地の96 |
| Representative (per filing) | 代表取締役社長 西田 祐樹 |
| Founded | Jun 1897 |
| Share capital | ¥58.4B |
| Employees (consolidated) | 7,968 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.ube.com (https://www.ube.com/) |
| Corporate number | 2250001002992 |
| EDINET | E01002 |
| Industries (Vizora) | Chemicals, Pharmaceuticals, Industrial Machinery |

> Profile source: annual securities report (S100YD42, filed 2026-06-18). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 1.6 | 96 |
| Profitability | 21.5 | 100 |
| Cash conversion | 91.1 | 96 |
| Efficiency | 9.5 | 100 |
| Financial strength | 18.4 | 19 |

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 55% of UBE's sales come from Polymers and Chemicals, with Machinery and Specialty Products making up much of the rest.
- Out of every ¥100 of sales, about ¥4 is left as operating profit.
- Revenue changed -5.0% from the prior year, operating profit +5.0%.

## Company structure

- Segment revenue mix: Polymers and Chemicals 55.1%、Machinery 16.4%、Specialty Products 12.3%、High Performance Urethans 11.1%、Pharmaceutical 5.0%
- Revenue → net income: ¥462343000000 → ¥24111000000
- Net income → operating cash flow: ¥24111000000 → ¥59984000000（difference ¥35873000000）
- Main uses of operating cash flow: CapEx ¥72449000000 / dividends ¥10656000000 / buybacks ¥6000000
- Change in cash: ¥-62859000000
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 | ¥462.3B |  |
| Operating income | ¥18.9B | Margin 4.1% |
| Net income | ¥23.9B | Margin 5.2% |
| Free cash flow | -¥12.5B |  |
| Largest business | Polymers and Chemicals | of segment revenue 55.1% |
| Employees (consolidated) | 7,968 |  |
| EPS | ¥228.56 |  |
| Diluted EPS | ¥228.53 |  |
| Book value per share | ¥2226.28 |  |
| Equity ratio | 46.2% |  |
| Shares outstanding | 106,200,000 |  |
| Treasury shares | 9,055,000 |  |
| Shareholders | 77,636 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 5.6% | Net cash -¥290.4B · Cash ÷ revenue 11.4% |
| Vs. industry median margin | -3.4 pp | Chemicals |
| ROE | 6.9% | Derived from disclosed figures |
| ROA | 2.6% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.5× net income
- FY2026, segment profit share differs by 28 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥613889000000 | ¥462343000000 | -24.7% |
| Operating income | ¥25902000000 | ¥18941000000 | -26.9% |
| Operating margin | 4.2% | 4.1% | -0.1 pp |
| Employees | 10,897 people | 7,968 people | -26.9% |
| Cash and equivalents | ¥79646000000 | ¥52583000000 | -34.0% |

### 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 |
| --- | ---: |
| 化学 → 事業再編・廃止 | 42.2% |
| 建設資材 → 事業再編・廃止 | 45.1% |
| 機械 → 機械 | 12.6% |
| 新設・再編 → 機能品 | 12.3% |
| 新設・再編 → 高機能ウレタン | 11.1% |
| 新設・再編 → 医薬 | 5.0% |
| 新設・再編 → 樹脂・化成品 | 55.1% |
| 新設・再編 → 機械 | 3.8% |

Segment revenue source references: 8 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Polymers and Chemicals | 4 years | -0.6% | ¥228419000000 | 3.6% | 2 |
| Machinery | 5 years | -2.5% | ¥68087000000 | 9.2% | 2 |
| Specialty Products | 4 years | +1.7% | ¥50930000000 | 19.2% | 2 |
| High Performance Urethans | — | — | ¥46130000000 | -1.2% | 2 |
| Pharmaceutical | — | — | ¥20640000000 | -6.1% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 462,343 | 100.0% | S100YD42 |
| Cost of revenue | 358,886 | 77.6% | S100YD42 |
| Gross profit | 103,457 | 22.4% | S100YD42 |
| SG&A | 84,516 | 18.3% | S100YD42 |
| Operating income | 18,941 | 4.1% | S100YD42 |
| Ordinary income | 37,506 | 8.1% | S100YD42 |
| Pretax income | 30,731 | 6.6% | S100YD42 |
| Income tax | 6,620 | 1.4% | S100YD42 |
| Net income | 24,111 | 5.2% | S100YD42 |
| Net income attributable to owners | 23,872 | 5.2% | S100YD42 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 78 |
| SG&A | 18 |
| Operating income | 4 |
| (Ref.) Net income | 5 |

### Margin funnel

Gross margin 22.4% → Operating margin 4.1% → Net margin 5.2%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -5.0%; Core profit growth: +5.0%
Operating leverage (core profit growth ÷ revenue growth): -0.99×
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 | 486,802 | 462,343 | -24,459 | -5.0% |
| Gross profit | 90,933 | 103,457 | 12,524 | +13.8% |
| Operating income | 18,042 | 18,941 | 899 | +5.0% |
| Net income attributable to owners | -4,816 | 23,872 | 28,688 | — |
| Operating cash flow | 35,837 | 59,984 | 24,147 | +67.4% |
| Free cash flow | -23,093 | -12,465 | 10,628 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 667,892 | 34,033 | 5.1% | 22,976 | 68,489 | 25,838 | S100LSYZ |
| FY ending Mar 2021 | 613,889 | 25,902 | 4.2% | 22,936 | 66,054 | 27,846 | S100OIQR |
| FY ending Mar 2022 | 655,265 | 44,038 | 6.7% | 24,500 | 32,711 | -3,668 | S100RTQV |
| FY ending Mar 2023 | 494,738 | 16,210 | 3.3% | -7,034 | 18,127 | -8,702 | S100TOHR |
| FY ending Mar 2024 | 468,237 | 22,456 | 4.8% | 28,981 | 52,960 | 21,988 | S100W048 |
| FY ending Mar 2025 | 486,802 | 18,042 | 3.7% | -4,816 | 35,837 | -23,093 | S100YD42 |
| FY ending Mar 2026 | 462,343 | 18,941 | 4.1% | 23,872 | 59,984 | -12,465 | S100YD42 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥58M |
| Operating income per employee (consolidated) | ¥2.4M |
| Net income per employee (consolidated) | ¥3M |

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) | 9,849 | 8,028 | 7,882 | 7,563 | 7,968 |
| Average salary (parent company) | ¥7M | ¥7.5M | ¥7.6M | ¥7.7M | ¥7.7M |
| Average age (parent company) | 42.4 years | 42.6 years | 42.9 years | 43.1 years | 43.4 years |
| Average tenure (parent company) | 16.4 years | 15.3 years | 16.0 years | 15.8 years | 15.3 years |

Year over year: Employees (consolidated) +5.4% · Revenue (consolidated) -5.0%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Specialty Products | 50,930 | 12.3% | 9,758 | 19.2% |
| High Performance Urethans | 46,130 | 11.1% | -548 | -1.2% |
| Pharmaceutical | 20,640 | 5.0% | -1,255 | -6.1% |
| Polymers and Chemicals | 228,419 | 55.1% | 8,189 | 3.6% |
| Machinery | 68,087 | 16.4% | 6,242 | 9.2% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Specialty Products | 12.3% | 40.3% | 28.0 | 19.2% |
| High Performance Urethans | 11.1% | — | — | -1.2% |
| Pharmaceutical | 5.0% | — | — | -6.1% |
| Polymers and Chemicals | 55.1% | 33.9% | -21.3 | 3.6% |
| Machinery | 16.4% | 25.8% | 9.4 | 9.2% |

Loss-making segment (excluded from profit shares): High Performance Urethans -548 JPY mn

Loss-making segment (excluded from profit shares): Pharmaceutical -1,255 JPY mn

Segment → industry: Polymers and Chemicals → Chemicals / High Performance Urethans → Chemicals / Specialty Products → Chemicals / Pharmaceutical → Pharmaceuticals / Machinery → Industrial Machinery

## 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 | 59,984 | 13.0% | S100YD42 |
| Capital expenditure | 72,449 | 15.7% | S100YD42 |
| Free cash flow | -12,465 | -2.7% | 算出 |
| Investing cash flow | -140,232 | -30.3% | S100YD42 |
| Financing cash flow | 13,027 | 2.8% | S100YD42 |
| Dividends paid | 10,656 | 2.3% | S100YD42 |
| Share buyback | 6 | 0.0% | S100YD42 |
| Change in cash | -62,859 | -13.6% | S100YD42 |
| Cash and equivalents | 52,583 | 11.4% | S100YD42 |

## 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 | 78,761 | 30,703 | 35,859 | 115,442 | 52,583 | S100TOHR, S100W048, S100YD42 |
| Total assets | 837,954 | 732,681 | 789,034 | 866,180 | 946,313 | S100RTQV, S100TOHR, S100W048, S100YD42 |
| Net assets | 394,035 | 381,631 | 429,355 | 412,292 | 454,934 | S100TOHR, S100W048, S100YD42 |
| Share capital | 58,435 | 58,435 | 58,435 | 58,435 | 58,435 | S100RTQV, S100TOHR, S100W048, S100YD42 |
| Property, plant and equipment | 332,757 | 209,038 | 222,158 | 222,920 | 295,893 | S100RTQV, S100TOHR, S100W048, S100YD42 |
| Intangible assets excluding goodwill | 8,541 | 8,786 | 8,569 | 11,954 | 58,658 | S100RTQV, S100TOHR, S100W048, S100YD42 |
| Goodwill | 857 | 1,472 | 1,448 | 2,002 | 32,247 | S100RTQV, S100TOHR, S100W048, S100YD42 |
| Investment securities | 61,808 | 198,393 | 223,923 | 225,502 | 233,972 | S100RTQV, S100TOHR, S100W048, S100YD42 |
| Current assets | 394,689 | 283,116 | 295,678 | 358,377 | 308,292 | S100RTQV, S100TOHR, S100W048, S100YD42 |
| Current liabilities | 249,174 | 172,232 | 198,221 | 197,719 | 203,908 | S100RTQV, S100TOHR, S100W048, S100YD42 |
| Trade payables | 110,766 | 69,241 | 62,068 | 48,258 | 53,737 | S100RTQV, S100TOHR, S100W048, S100YD42 |
| Short-term borrowings | 44,506 | 55,137 | 63,370 | 70,838 | 80,754 | S100RTQV, S100TOHR, S100W048, S100YD42 |
| Long-term borrowings | 114,670 | 95,520 | 75,572 | 155,646 | 182,190 | S100RTQV, S100TOHR, S100W048, S100YD42 |
| Bonds | 50,000 | 60,000 | 60,000 | 80,000 | 80,000 | S100RTQV, S100TOHR, S100W048, S100YD42 |
| Interest-bearing debt | 209,176 | 210,657 | 198,942 | 306,484 | 342,944 | 算出 |
| Total liabilities | 443,919 | 351,050 | 359,679 | 453,888 | 491,379 | S100RTQV, S100TOHR, S100W048, S100YD42 |
| Non-controlling interests | 24,383 | 19,949 | 20,604 | 17,190 | 17,721 | S100RTQV, S100TOHR, S100W048, S100YD42 |
| Equity attributable to owners of parent | 351,549 | 335,087 | 353,616 | 338,226 | 351,463 | S100RTQV, S100TOHR, S100W048, S100YD42 |
| Retained earnings | 274,725 | 257,957 | 276,409 | 260,914 | 274,102 | S100RTQV, S100TOHR, S100W048, S100YD42 |
| Treasury stock | -22,234 | -21,676 | -21,598 | -21,486 | -21,429 | S100RTQV, S100TOHR, S100W048, S100YD42 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YD42 |
| Property, plant and equipment | 31% | S100YD42 |
| Intangibles and goodwill | 10% | S100YD42 |
| Investment securities | 25% | S100YD42 |
| Other assets | 29% | S100YD42 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YD42 |
| Interest-bearing debt | 36% | 算出 |
| Other liabilities | 10% | S100YD42 |
| Equity | 48% | S100YD42 |

### 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 | 837,954 | 732,681 | 789,034 | 866,180 | 946,313 |
| Equity | 394,035 | 381,631 | 429,355 | 412,292 | 454,934 |
| Interest-bearing debt | 209,176 | 210,657 | 198,942 | 306,484 | 342,944 |
| Cash | 78,761 | 30,703 | 35,859 | 115,442 | 52,583 |

## 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) | 64.0% | S100YD42 |
| Fixed assets ÷ total assets | 31.3% | S100YD42 |
| Goodwill ÷ parent equity | 9.2% | S100YD42 |

Goodwill over 4 years: 857 → 32,247 JPY; total investing cash flow: -306,092 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) | 5.6% |
| Cash ÷ revenue | 11.4% |
| Net cash (cash − interest-bearing debt) | -¥290.4B |
| Net debt ÷ operating cash flow | 4.84× |
| Cash conversion (operating CF ÷ operating income) | 316.7% |
| Cash vs. profit gap | 36,112 JPY mn (of net income 151.3%) |
| Shareholder returns / net income | 44.7% |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 44.6% |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 15.7% |
| Investing CF relative to operating CF | 233.8% |

## 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 | 3.7% | 0.78× | 2.9% | 2.38× | 7.0% | S100RTQV |
| 2023 | — | —× | -0.9% | —× | — | S100TOHR |
| 2024 | 6.2% | 0.62× | 3.8% | 2.21× | 8.4% | S100W048 |
| 2025 | — | —× | -0.6% | —× | — | S100YD42 |
| 2026 | 5.2% | 0.51× | 2.6% | 2.63× | 6.9% | S100YD42 |

## 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）※１ | Major shareholder | 18.7% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口）※１ | Major shareholder | 5.5% | 2026-03-31 |
| 住友生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.1% | 2026-03-31 |
| 野村信託銀行株式会社（投信口）※１ | Major shareholder | 1.9% | 2026-03-31 |
| 日本生命保険相互会社 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 1.7% | 2026-03-31 |
| 株式会社山口銀行 （常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 1.6% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.6% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| BNYM AS AGT/CLTS 10 PERCENT （常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 1.3% | 2026-03-31 |

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

- Revenue for the FY ending Mar 2026 was ¥462.3B, down 5.0% from ¥486.8B.
- Operating income still rose 5.0% to ¥18.9B, and gross profit grew 13.8% to ¥103.5B.
- Net income recovered to ¥23.9B after a loss of ¥4.82B the year before.
- Operating cash flow jumped 67.4% to ¥60B, but capital spending was larger, so free cash flow stayed negative at -¥12.5B.

### Drivers

- Weak sales of nylon polymer and caprolactam, plus the sale of the steel business in Machinery, pulled revenue down
- Profit improved because last year's impairment lowered depreciation, the ammonia plant skipped its every-other-year maintenance, and synthetic rubber feedstock got cheaper
- Last year's restructuring charges did not recur, which brought net income back into the black

### Risks

- If competitors add capacity or feedstock prices swing, the gap between product and raw material prices could shrink and hurt chemical profits
- Slow sales of combustion-engine cars and delayed capital spending could reduce machinery orders
- Emissions trading and a planned fossil fuel levy are expected to raise costs for a company that has relied on coal

Cited: Annual securities report (FY ending Mar 2026) (Management's analysis of financial position, operating results and cash flows); Annual securities report (FY ending Mar 2026) (Business risks)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第120期(2025/04/01－2026/03/31) | S100YD42 | 2026-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YD42,, |
| 有価証券報告書－第119期(2024/04/01－2025/03/31) | S100W048 | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W048,, |
| 有価証券報告書－第118期(2023/04/01－2024/03/31) | S100TOHR | 2024-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TOHR,, |
| 訂正有価証券報告書－第117期(2022/04/01－2023/03/31) | S100RTQV | 2023-09-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RTQV,, |
| 有価証券報告書－第116期(令和3年4月1日－令和4年3月31日) | S100OIQR | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OIQR,, |
| 有価証券報告書－第115期(令和2年4月1日－令和3年3月31日) | S100LSYZ | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LSYZ,, |

## 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).