# UNICHARM CORPORATION: business model and financials

> Latest period: FY ending Dec 2025, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第66期(2025/01/01－2025/12/31) (S100XSEU)
> Page: https://vizora.meequs.com/en/company/unicharm
> Retrieved: 2026-09-30T19:49:55.677Z

## Company

Unicharm, founded in 1961, is a company in Toiletries & Household Products listed on TSE Prime. It has 16,542 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UNICHARM CORPORATION |
| Ticker | 8113 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8113.T) |
| Listing | TSE Prime |
| Head office | 愛媛県四国中央市金生町下分182番地 (上記は登記上の本店所在地であり実際の本社業務は 下記の場所で行っております。) 東京都港区三田三丁目5番19号 住友不動産東京三田ガーデンタワー |
| Representative (per filing) | 代表取締役 社長執行役員 高原豪久 |
| Founded | Feb 1961 |
| Share capital | ¥16B |
| Employees (consolidated) | 16,542 |
| Average salary (parent only) | ¥8.8M |
| Fiscal year end | December |
| Website | www.unicharm.co.jp (https://www.unicharm.co.jp/) |
| Corporate number | 8500001014833 |
| EDINET | E00678 |
| Industries (Vizora) | Toiletries & Household Products, Pets |

> Profile source: annual securities report (S100XSEU, filed 2026-03-23). As of filing

## Five-axis industry profile

Primary industry: Toiletries & Household Products (2025-12-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 65 | 10 |
| Efficiency | 45 | 10 |

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 83% of Unicharm's sales come from Personal care, with Pet care making up much of the rest.
- Out of every ¥100 of sales, about ¥11 is left as operating profit.
- Revenue changed -4.4% from the prior year.

## Company structure

- Segment revenue mix: Personal care 83.2%、Pet care 16.8%
- Revenue → net income: ¥945268000000 → ¥70858000000
- Net income → operating cash flow: ¥70858000000 → ¥131470000000（difference ¥60612000000）
- Main uses of operating cash flow: CapEx ¥28627000000 / dividends ¥28646000000 / buybacks ¥22002000000
- Change in cash: ¥-7962000000
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 | ¥945.3B |  |
| Operating income | — | Margin — |
| Net income | ¥65.2B | Margin 6.9% |
| Free cash flow | ¥102.8B |  |
| Largest business | Personal care | of segment revenue 83.2% |
| Employees (consolidated) | 16,542 |  |
| EPS | ¥37.3 |  |
| Book value per share | ¥296.7 |  |
| Equity ratio | 65.0% | Derived from disclosed figures |
| Shares outstanding | 1,862,502,957 |  |
| Treasury shares | 122,577,600 |  |
| Shareholders | 99,640 |  |
| Average salary (parent only) | ¥8.8M | Filing company only |
| Cash ratio | 20.7% | Cash ÷ revenue 26.8% |
| ROE | 8.3% | Derived from disclosed figures |
| ROA | 5.3% | Derived from disclosed figures |

## Notable figures

- FY2025, operating cash flow is 2.0× net income
- FY2025, one segment accounts for 78% of positive segment profit

## What changed in 5 years

| Metric | FY ending Dec 2020 | FY ending Dec 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥727475000000 | ¥945268000000 | +29.9% |
| Employees | 16,665 people | 16,542 people | -0.7% |
| Cash and equivalents | ¥199522000000 | ¥253092000000 | +26.8% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| パーソナルケア → パーソナルケア | 83.2% |
| パーソナルケア → 事業再編・廃止 | 3.5% |
| ペットケア → ペットケア | 13.3% |
| 新設・再編 → ペットケア | 3.5% |

Segment revenue source references: 4 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 945,268 | 100.0% | S100XSEU |
| Cost of revenue | 575,710 | 60.9% | S100XSEU |
| Gross profit | 369,558 | 39.1% | S100XSEU |
| SG&A | 260,674 | 27.6% | S100XSEU |
| Pretax income | 105,386 | 11.1% | S100XSEU |
| Income tax | 34,529 | 3.7% | S100XSEU |
| Net income | 70,858 | 7.5% | S100XSEU |
| Net income attributable to owners | 65,212 | 6.9% | S100XSEU |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 61 |
| SG&A | 28 |
| Operating income | 11 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 39.1% → Net margin 6.9%
Derived from reported figures (DERIVED).

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

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 988,981 | 945,268 | -43,713 | -4.4% |
| Gross profit | 389,909 | 369,558 | -20,351 | -5.2% |
| Net income attributable to owners | 81,842 | 65,212 | -16,630 | -20.3% |
| Operating cash flow | 137,099 | 131,470 | -5,629 | -4.1% |
| Free cash flow | 97,773 | 102,843 | 5,070 | +5.2% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Dec 2016 | 604,653 | — | — | 46,971 | 103,604 | — | S100KUP1 |
| FY ending Dec 2017 | 641,647 | — | — | 52,772 | 98,086 | — | S100NQ9U |
| FY ending Dec 2018 | 688,290 | — | — | 61,353 | 110,867 | — | S100QG6V |
| FY ending Dec 2019 | 714,233 | — | — | 46,116 | 84,936 | 40,919 | S100KUP1 |
| FY ending Dec 2020 | 727,475 | — | — | 52,344 | 150,254 | 114,747 | S100NQ9U |
| FY ending Dec 2021 | 782,723 | — | — | 72,745 | 105,253 | 70,582 | S100QG6V |
| FY ending Dec 2022 | 898,022 | — | — | 67,608 | 92,216 | 59,266 | S100T5WP |
| FY ending Dec 2023 | 941,790 | — | — | 86,053 | 162,415 | 124,003 | S100VFIF |
| FY ending Dec 2024 | 988,981 | — | — | 81,842 | 137,099 | 97,773 | S100XSEU |
| FY ending Dec 2025 | 945,268 | — | — | 65,212 | 131,470 | 102,843 | S100XSEU |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥57.1M |
| Net income per employee (consolidated) | ¥3.9M |

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) | 16,308 | 16,206 | 16,223 | 16,464 | 16,542 |
| Average salary (parent company) | ¥8.4M | ¥8.4M | ¥8.4M | ¥8.6M | ¥8.8M |
| Average age (parent company) | 41.4 years | 41.5 years | 41.3 years | 40.9 years | 40.7 years |
| Average tenure (parent company) | 16.1 years | 16.2 years | 15.9 years | 14.9 years | 14.7 years |

Year over year: Employees (consolidated) +0.5% · Revenue (consolidated) -4.4%

## Segments（FY ending Dec 2025, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Personal care | 774,428 | 83.2% | 83,197 | 10.7% |
| Pet care | 156,084 | 16.8% | 24,067 | 15.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Personal care | 83.2% | 77.6% | -5.7 | 10.7% |
| Pet care | 16.8% | 22.4% | 5.7 | 15.4% |

Segment → industry: Personal care → Toiletries & Household Products / Pet care → Pets

## 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 | 131,470 | 13.9% | S100XSEU |
| Capital expenditure | 28,627 | 3.0% | S100XSEU |
| Free cash flow | 102,843 | 10.9% | 算出 |
| Investing cash flow | -58,712 | -6.2% | S100XSEU |
| Financing cash flow | -83,865 | -8.9% | S100XSEU |
| Dividends paid | 28,646 | 3.0% | S100XSEU |
| Share buyback | 22,002 | 2.3% | S100XSEU |
| Change in cash | -7,962 | -0.8% | S100XSEU |
| Cash and equivalents | 253,092 | 26.8% | S100XSEU |

## 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 | 187,547 | 217,153 | 253,770 | 261,054 | 253,092 | S100T5WP, S100VFIF, S100XSEU |
| Total assets | 987,655 | 1,049,218 | 1,133,627 | 1,239,973 | 1,223,176 | S100QG6V, S100T5WP, S100VFIF, S100XSEU |
| Net assets | 635,438 | 708,613 | 788,250 | 873,711 | 891,259 | S100T5WP, S100VFIF, S100XSEU |
| Share capital | 15,993 | 15,993 | 15,993 | 15,993 | 15,993 | S100QG6V, S100T5WP, S100VFIF, S100XSEU |
| Property, plant and equipment | 271,689 | 271,662 | 285,585 | 293,230 | 275,748 | S100QG6V, S100T5WP, S100VFIF, S100XSEU |
| Goodwill | 42,446 | 44,979 | 45,325 | 50,116 | 50,499 | S100QG6V, S100T5WP, S100VFIF, S100XSEU |
| Current assets | 547,743 | 603,756 | 638,902 | 671,040 | 641,644 | S100QG6V, S100T5WP, S100VFIF, S100XSEU |
| Total liabilities | 352,217 | 340,605 | 345,377 | 366,263 | 331,917 | S100QG6V, S100T5WP, S100VFIF, S100XSEU |
| Equity attributable to owners of parent | 557,639 | 618,883 | 695,719 | 773,062 | 794,705 | S100QG6V, S100T5WP, S100VFIF, S100XSEU |
| Retained earnings | 599,946 | 644,859 | 710,792 | 766,342 | 801,367 | S100QG6V, S100T5WP, S100VFIF, S100XSEU |
| Treasury stock | -68,646 | -83,699 | -100,572 | -119,412 | -140,428 | S100QG6V, S100T5WP, S100VFIF, S100XSEU |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 21% | S100XSEU |
| Property, plant and equipment | 22% | S100XSEU |
| Intangibles and goodwill | 4% | — |
| Other assets | 53% | S100XSEU |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 27% | S100XSEU |
| Equity | 73% | S100XSEU |

### 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 | 987,655 | 1,049,218 | 1,133,627 | 1,239,973 | 1,223,176 |
| Equity | 635,438 | 708,613 | 788,250 | 873,711 | 891,259 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 187,547 | 217,153 | 253,770 | 261,054 | 253,092 |

## 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) | 29.2% | S100XSEU |
| Fixed assets ÷ total assets | 22.5% | S100XSEU |
| Goodwill ÷ parent equity | 6.4% | S100XSEU |

Goodwill over 4 years: 42,446 → 50,499 JPY; total investing cash flow: -287,059 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) | 20.7% |
| Cash ÷ revenue | 26.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | — |
| Cash vs. profit gap | 66,258 JPY mn (of net income 101.6%) |
| Shareholder returns / net income | 77.7% |
| Shareholder returns / FCF | 49.2% |
| Shareholder payments — dividends / net income | 43.9% |
| Shareholder payments — dividends / FCF | 27.9% |
| CapEx intensity (capex ÷ revenue) | 3.0% |
| Investing CF relative to operating CF | 44.7% |

## 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 | 9.3% | 0.79× | 7.4% | 1.77× | 13.0% | S100QG6V |
| 2022 | 7.5% | 0.88× | 6.6% | 1.73× | 11.5% | S100T5WP |
| 2023 | 9.1% | 0.86× | 7.9% | 1.66× | 13.1% | S100VFIF |
| 2024 | 8.3% | 0.83× | 6.9% | 1.62× | 11.1% | S100XSEU |
| 2025 | 6.9% | 0.77× | 5.3% | 1.57× | 8.3% | S100XSEU |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ユニテック(株) | Major shareholder | 26.7% | 2025-12-31 |
| 日本マスタートラスト信託銀行(株)（信託口） | Major shareholder | 10.1% | 2025-12-31 |
| 高原基金(株) | Major shareholder | 4.8% | 2025-12-31 |
| (株)日本カストディ銀行（信託口） | Major shareholder | 3.5% | 2025-12-31 |
| (株)伊予銀行 （常任代理人 (株)日本カストディ銀行） | Major shareholder | 2.6% | 2025-12-31 |
| 日本生命保険(相) （常任代理人 日本マスタートラスト信託銀行(株)） | Major shareholder | 2.1% | 2025-12-31 |
| JP MORGAN CHASE BANK 385864 （常任代理人 (株)みずほ銀行決済営業部） | Major shareholder | 1.8% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人 (株)みずほ銀行決済営業部） | Major shareholder | 1.6% | 2025-12-31 |
| THE BANK OF NEW YORK MELLON AS DEPOSITARY BANK FOR DEPOSITARY RECEIPT HOLDERS （常任代理人 (株)みずほ銀行決済営業部） | Major shareholder | 1.4% | 2025-12-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 （常任代理人 (株)みずほ銀行決済営業部） | Major shareholder | 1.1% | 2025-12-31 |

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

- Revenue for the FY ending Dec 2025 was ¥945.3B, down 4.4% from ¥989B a year earlier.
- Profit fell faster than sales: gross profit dropped 5.2% to ¥369.6B, and net income attributable to owners fell 20.3% to ¥65.2B.
- Operating cash flow slipped 4.1% to ¥131.5B, while free cash flow rose 5.2% to ¥102.8B.

### Drivers

- In Asia, spending on fast-growing online sales channels and fierce price competition squeezed margins.
- In China, rumors about the quality of sanitary products cut sales for a time, and the business was still recovering over the full year.
- A valuation loss tied to India's GST tax change, impairments on some assets, and inventory adjustments from a new sales setup in Indonesia also weighed on profit.
- Pet care sales grew, helped by strong demand for wet cat treats in North America.

### Risks

- If recession or inflation pushes shoppers toward cheaper products, sales and market share could fall.
- Consolidation among global makers and the rise of low-cost makers in emerging markets could intensify price competition and hurt margins.
- Overseas results are converted into yen, so a stronger yen could reduce reported earnings.

Cited: Annual Securities Report, 66th fiscal year (Jan–Dec 2025) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual Securities Report, 66th fiscal year (Jan–Dec 2025) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第66期(2025/01/01－2025/12/31) | S100XSEU | 2026-03-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100XSEU,, |
| 有価証券報告書－第65期(2024/01/01－2024/12/31) | S100VFIF | 2025-03-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VFIF,, |
| 有価証券報告書－第64期(2023/01/01－2023/12/31) | S100T5WP | 2024-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100T5WP,, |
| 有価証券報告書－第63期(2022/01/01－2022/12/31) | S100QG6V | 2023-03-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QG6V,, |
| 有価証券報告書－第62期(令和3年1月1日－令和3年12月31日) | S100NQ9U | 2022-03-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100NQ9U,, |
| 有価証券報告書－第61期(令和2年1月1日－令和2年12月31日) | S100KUP1 | 2021-03-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100KUP1,, |

## 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).