# Ultrafabrics Holdings Co.,Ltd.: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第61期(2025/01/01－2025/12/31) (S100XU4V)
> Page: https://vizora.meequs.com/en/company/ultrafabrics-holdings
> Retrieved: 2026-09-30T17:52:28.319Z

## Company

Ultrafabrics Holdings, founded in 1966, is a company in Chemicals listed on TSE Standard. It has 334 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Ultrafabrics Holdings Co.,Ltd. |
| Ticker | 4235 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4235.T) |
| Listing | TSE Standard |
| Head office | 東京都八王子市明神町三丁目20番6号八王子ファーストスクエア6階 |
| Representative (per filing) | 代表取締役社長 吉村 昇 |
| Founded | Jan 1966 |
| Share capital | ¥2.39B |
| Employees (consolidated) | 334 |
| Average salary (parent only) | ¥14.9M |
| Fiscal year end | December |
| Website | ultrafabricshd.co.jp (https://ultrafabricshd.co.jp/) |
| Corporate number | 8010101002135 |
| EDINET | E01061 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100XU4V, filed 2026-03-26). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 98.4 | 96 |
| Profitability | 54.5 | 100 |
| Cash conversion | 63 | 96 |
| Efficiency | 14.5 | 100 |
| Financial strength | 2.6 | 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)

- Ultrafabrics Holdings brought in ¥20.6B in revenue.
- Out of every ¥100 of sales, about ¥8 is left as operating profit.
- Revenue changed +1.3% from the prior year, operating profit -42.1%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥20553000000 → ¥786000000
- Net income → operating cash flow: ¥786000000 → ¥2980000000（difference ¥2194000000）
- Main uses of operating cash flow: CapEx ¥1452000000 / dividends ¥722000000 / buybacks —
- Change in cash: ¥-468000000
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 | ¥20.6B |  |
| Operating income | ¥1.62B | Margin 7.9% |
| Net income | ¥786M | Margin 3.8% |
| Free cash flow | ¥1.53B |  |
| Employees (consolidated) | 334 |  |
| EPS | ¥42.23 |  |
| Diluted EPS | ¥36.12 |  |
| Book value per share | ¥191.91 |  |
| Equity ratio | 45.8% | Derived from disclosed figures |
| Shares outstanding | 16,965,000 |  |
| Treasury shares | 1,054,600 |  |
| Shareholders | 6,793 |  |
| Average salary (parent only) | ¥14.9M | Filing company only |
| Cash ratio | 5.9% | Net cash -¥13.1B · Cash ÷ revenue 11.0% |
| Vs. industry median margin | +0.4 pp | Chemicals |
| ROE | 4.5% | Derived from disclosed figures |
| ROA | 2.0% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 3.8× net income
- FY2025, parent-company salary changed +29% over five years

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥10000000000 | ¥20553000000 | +105.5% |
| Operating income | ¥406000000 | ¥1621000000 | +299.3% |
| Operating margin | 4.1% | 7.9% | +3.8 pp |
| Employees | 285 people | 334 people | +17.2% |
| Cash and equivalents | ¥3049000000 | ¥2257000000 | -26.0% |

### Change in segment revenue mix

Span: FY ending Dec 2020 → FY ending Dec 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 20,553 | 100.0% | S100XU4V |
| Cost of revenue | 11,225 | 54.6% | S100XU4V |
| Gross profit | 9,328 | 45.4% | S100XU4V |
| SG&A | 7,708 | 37.5% | S100XU4V |
| Operating income | 1,621 | 7.9% | S100XU4V |
| Pretax income | 1,173 | 5.7% | S100XU4V |
| Income tax | 387 | 1.9% | S100XU4V |
| Net income | 786 | 3.8% | S100XU4V |
| Net income attributable to owners | 786 | 3.8% | S100XU4V |

## Per ¥100 of revenue（FY ending Dec 2025）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 55 |
| SG&A | 37 |
| Operating income | 8 |
| (Ref.) Net income | 4 |

### Margin funnel

Gross margin 45.4% → Operating margin 7.9% → Net margin 3.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +1.3%; Core profit growth: -42.1%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -33.24×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Dec 2024 → FY ending Dec 2025、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 20,296 | 20,553 | 257 | +1.3% |
| Gross profit | 10,813 | 9,328 | -1,485 | -13.7% |
| Operating income | 2,799 | 1,621 | -1,178 | -42.1% |
| Net income attributable to owners | 1,640 | 786 | -854 | -52.1% |
| Operating cash flow | 3,642 | 2,980 | -662 | -18.2% |
| Free cash flow | 805 | 1,528 | 723 | +89.8% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2017 | 5,874 | — | — | 2,887 | 831 | — | S100NQE2 |
| FY ending Dec 2017 | 7,848 | — | — | 71 | 1,231 | — | S100NQE2 |
| FY ending Dec 2018 | 11,901 | — | — | 377 | 1,104 | — | S100QGP6 |
| FY ending Dec 2019 | 11,439 | 933 | 8.2% | 365 | 1,215 | 930 | S100L0EL |
| FY ending Dec 2020 | 10,000 | 406 | 4.1% | 35 | 1,751 | 1,638 | S100NQE2 |
| FY ending Dec 2021 | 14,134 | 1,481 | 10.5% | 986 | 2,079 | 1,381 | S100QGP6 |
| FY ending Dec 2022 | 19,595 | 3,197 | 16.3% | 2,051 | 2,166 | 1,564 | S100SWCD |
| FY ending Dec 2023 | 21,045 | 3,546 | 16.8% | 2,375 | 2,929 | 905 | S100VHHH |
| FY ending Dec 2024 | 20,296 | 2,799 | 13.8% | 1,640 | 3,642 | 805 | S100XU4V |
| FY ending Dec 2025 | 20,553 | 1,621 | 7.9% | 786 | 2,980 | 1,528 | S100XU4V |

## People and productivity（FY ending Dec 2025, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥61.5M |
| Operating income per employee (consolidated) | ¥4.9M |
| Net income per employee (consolidated) | ¥2.4M |

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

| History | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 304 | 319 | 328 | 321 | 334 |
| Average salary (parent company) | ¥11.6M | ¥14M | ¥14.4M | ¥14.6M | ¥14.9M |
| Average age (parent company) | 51.6 years | 52.8 years | 52.7 years | 53.6 years | 54.3 years |
| Average tenure (parent company) | 2.9 years | 3.0 years | 3.7 years | 4.0 years | 4.6 years |

Year over year: Employees (consolidated) +4.0% · Revenue (consolidated) +1.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Dec 2025, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,980 | 14.5% | S100XU4V |
| Capital expenditure | 1,452 | 7.1% | S100XU4V |
| Free cash flow | 1,528 | 7.4% | 算出 |
| Investing cash flow | -2,017 | -9.8% | S100XU4V |
| Financing cash flow | -1,397 | -6.8% | S100XU4V |
| Dividends paid | 722 | 3.5% | S100XU4V |
| Change in cash | -468 | -2.3% | S100XU4V |
| Cash and equivalents | 2,257 | 11.0% | S100XU4V |

## 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 Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 3,520 | 4,074 | 3,632 | 2,724 | 2,257 | S100SWCD, S100VHHH, S100XU4V |
| Total assets | 31,382 | 34,861 | 36,185 | 39,004 | 38,468 | S100QGP6, S100SWCD, S100VHHH, S100XU4V |
| Net assets | 12,079 | 13,224 | 15,264 | 17,433 | 17,606 | S100SWCD, S100VHHH, S100XU4V |
| Share capital | 2,189 | 2,265 | 2,363 | 2,388 | 2,388 | S100QGP6, S100SWCD, S100VHHH, S100XU4V |
| Property, plant and equipment | 4,749 | 4,596 | 6,196 | 8,594 | 8,401 | S100QGP6, S100SWCD, S100VHHH, S100XU4V |
| Goodwill | 8,222 | 9,486 | 10,138 | 11,307 | 11,190 | S100QGP6, S100SWCD, S100VHHH, S100XU4V |
| Current assets | 9,531 | 12,309 | 11,630 | 10,892 | 11,141 | S100QGP6, S100SWCD, S100VHHH, S100XU4V |
| Interest-bearing debt | 14,631 | 16,302 | 16,065 | 16,001 | 15,363 | S100QGP6, S100SWCD, S100VHHH, S100XU4V |
| Total liabilities | 19,303 | 21,638 | 20,921 | 21,570 | 20,862 | S100QGP6, S100SWCD, S100VHHH, S100XU4V |
| Equity attributable to owners of parent | 12,079 | 13,224 | 15,264 | 17,433 | 17,606 | S100QGP6, S100SWCD, S100VHHH, S100XU4V |
| Retained earnings | 7,560 | 9,374 | 11,191 | 12,079 | 12,144 | S100QGP6, S100SWCD, S100VHHH, S100XU4V |
| Treasury stock | -182 | -1,982 | -1,982 | -1,760 | -1,547 | S100QGP6, S100SWCD, S100VHHH, S100XU4V |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 6% | S100XU4V |
| Property, plant and equipment | 22% | S100XU4V |
| Intangibles and goodwill | 29% | — |
| Other assets | 43% | S100XU4V |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Interest-bearing debt | 40% | S100XU4V |
| Other liabilities | 14% | S100XU4V |
| Equity | 46% | S100XU4V |

### Balance sheet history

| Metric | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 31,382 | 34,861 | 36,185 | 39,004 | 38,468 |
| Equity | 12,079 | 13,224 | 15,264 | 17,433 | 17,606 |
| Interest-bearing debt | 14,631 | 16,302 | 16,065 | 16,001 | 15,363 |
| Cash | 3,520 | 4,074 | 3,632 | 2,724 | 2,257 |

## 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) | 40.9% | S100XU4V |
| Fixed assets ÷ total assets | 21.8% | S100XU4V |
| Goodwill ÷ parent equity | 63.6% | S100XU4V |

Goodwill over 4 years: 8,222 → 11,190 JPY; total investing cash flow: -7,456 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) | 5.9% |
| Cash ÷ revenue | 11.0% |
| Net cash (cash − interest-bearing debt) | -¥13.1B |
| Net debt ÷ operating cash flow | 4.40× |
| Cash conversion (operating CF ÷ operating income) | 183.8% |
| Cash vs. profit gap | 2,194 JPY mn (of net income 279.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | 91.9% |
| Shareholder payments — dividends / FCF | 47.3% |
| CapEx intensity (capex ÷ revenue) | 7.1% |
| Investing CF relative to operating CF | 67.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 7.0% | 0.45× | 3.1% | 2.60× | 8.2% | S100QGP6 |
| 2022 | 10.5% | 0.59× | 6.2% | 2.62× | 16.2% | S100SWCD |
| 2023 | 11.3% | 0.59× | 6.7% | 2.49× | 16.7% | S100VHHH |
| 2024 | 8.1% | 0.54× | 4.4% | 2.30× | 10.0% | S100XU4V |
| 2025 | 3.8% | 0.53× | 2.0% | 2.21× | 4.5% | S100XU4V |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 東京中小企業投資育成株式会社 | Major shareholder | 12.8% | 2025-12-31 |
| Clay Andrew Rosenberg | Major shareholder | 8.0% | 2025-12-31 |
| Barbara Danielle Boecker-Primack | Major shareholder | 5.3% | 2025-12-31 |
| 五味大輔 | Major shareholder | 4.5% | 2025-12-31 |
| 株式会社りそな銀行 | Major shareholder | 3.2% | 2025-12-31 |
| 株式会社きらぼし銀行 | Major shareholder | 3.2% | 2025-12-31 |
| 株式会社みずほ銀行 | Major shareholder | 3.2% | 2025-12-31 |
| 大日精化工業株式会社 | Major shareholder | 3.2% | 2025-12-31 |
| 白石カルシウム株式会社 | Major shareholder | 2.8% | 2025-12-31 |
| 中野淳文 | Major shareholder | 1.9% | 2025-12-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第61期(2025/01/01－2025/12/31) | S100XU4V | 2026-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XU4V,, |
| 有価証券報告書－第60期(2024/01/01－2024/12/31) | S100VHHH | 2025-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VHHH,, |
| 有価証券報告書－第59期(2023/01/01－2023/12/31) | S100SWCD | 2024-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100SWCD,, |
| 有価証券報告書－第58期(2022/01/01－2022/12/31) | S100QGP6 | 2023-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QGP6,, |
| 有価証券報告書－第57期(令和3年1月1日－令和3年12月31日) | S100NQE2 | 2022-03-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQE2,, |
| 有価証券報告書－第56期(令和2年1月1日－令和2年12月31日) | S100L0EL | 2021-03-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100L0EL,, |

## 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).