# UNITIKA LTD.: 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216期(2025/04/01－2026/03/31) (S100YJHA)
> Page: https://vizora.meequs.com/en/company/unitika
> Retrieved: 2026-09-30T17:49:00.013Z

## Company

Unitika, founded in 1889, is a company in Textiles & Fibers listed on TSE Standard. It has 1,692 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | UNITIKA LTD. |
| Ticker | 3103 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/3103.T) |
| Listing | TSE Standard |
| Head office | 大阪市中央区久太郎町四丁目1番3号 |
| Representative (per filing) | 代表取締役社長 藤井 実 |
| Founded | Jun 1889 |
| Share capital | ¥100M |
| Employees (consolidated) | 1,692 |
| Average salary (parent only) | ¥5.9M |
| Fiscal year end | March |
| Website | www.unitika.co.jp (https://www.unitika.co.jp/) |
| Corporate number | 8140001051822 |
| EDINET | E00527 |
| Industries (Vizora) | Textiles & Fibers, Chemicals |

> Profile source: annual securities report (S100YJHA, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 15.1 | 96 |
| Profitability | 67.5 | 100 |
| Cash conversion | 5.7 | 96 |
| Efficiency | 70.5 | 100 |

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 48% of Unitika's sales come from Polymers, with Advanced Materials and Fibers and Textiles making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -6.2% from the prior year, operating profit +80.3%.

## Company structure

- Segment revenue mix: Polymers 47.6%、Advanced Materials 28.4%、Fibers and Textiles 24.0%、Other 0.1%
- Revenue → net income: ¥118563000000 → ¥18189000000
- Net income → operating cash flow: ¥18189000000 → ¥5614000000（difference ¥-12575000000）
- Main uses of operating cash flow: CapEx ¥2305000000 / dividends — / buybacks —
- Change in cash: ¥34194000000
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 | ¥118.6B |  |
| Operating income | ¥10.5B | Margin 8.9% |
| Net income | ¥18.2B | Margin 15.3% |
| Free cash flow | ¥3.31B |  |
| Largest business | Polymers | of segment revenue 47.6% |
| Employees (consolidated) | 1,692 |  |
| EPS | ¥110.26 |  |
| Diluted EPS | ¥12.74 |  |
| Book value per share | ¥286.54 |  |
| Equity ratio | 35.7% |  |
| Shares outstanding | 57,752,000 |  |
| Treasury shares | 98,400 |  |
| Shareholders | 47,318 |  |
| Average salary (parent only) | ¥5.9M | Filing company only |
| Cash ratio | 31.4% | Cash ÷ revenue 39.9% |
| Vs. industry median margin | +1.4 pp | Chemicals |
| ROE | 56.9% | Derived from disclosed figures |
| ROA | 12.1% | Derived from disclosed figures |

## Notable figures

- FY2026, employees -36% while operating income rose 80%
- FY2026, one segment accounts for 85% of positive segment profit
- FY2026, segment profit share differs by 38 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥110375000000 | ¥118563000000 | +7.4% |
| Operating income | ¥6018000000 | ¥10549000000 | +75.3% |
| Operating margin | 5.5% | 8.9% | +3.4 pp |
| Employees | 3,007 people | 1,692 people | -43.7% |
| Cash and equivalents | ¥22593000000 | ¥47314000000 | +109.4% |

### 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 |
| --- | ---: |
| 高分子事業 → 高分子事業 | 37.5% |
| 機能資材事業 → 機能資材事業 | 26.8% |
| 繊維事業 → 繊維事業 | 24.0% |
| 繊維事業 → 事業再編・廃止 | 11.6% |
| その他 → その他 | 0.0% |
| 新設・再編 → 高分子事業 | 10.0% |
| 新設・再編 → 機能資材事業 | 1.6% |
| 新設・再編 → その他 | 0.0% |

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 | 5 years | +6.4% | ¥56395000000 | 16.7% | 2 |
| Advanced Materials | 5 years | +2.6% | ¥33695000000 | 4.8% | 2 |
| Fibers and Textiles | 5 years | -6.3% | ¥28399000000 | -1.8% | 2 |
| Other | 5 years | +18.7% | ¥73000000 | -24.7% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 118,563 | 100.0% | S100YJHA |
| Cost of revenue | 89,261 | 75.3% | S100YJHA |
| Gross profit | 29,301 | 24.7% | S100YJHA |
| SG&A | 18,751 | 15.8% | S100YJHA |
| Operating income | 10,549 | 8.9% | S100YJHA |
| Ordinary income | 10,392 | 8.8% | S100YJHA |
| Pretax income | 31,869 | 26.9% | S100YJHA |
| Income tax | 13,679 | 11.5% | S100YJHA |
| Net income | 18,189 | 15.3% | S100YJHA |
| Net income attributable to owners | 18,153 | 15.3% | S100YJHA |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 75 |
| SG&A | 16 |
| Operating income | 9 |
| (Ref.) Net income | 15 |

### Margin funnel

Gross margin 24.7% → Operating margin 8.9% → Net margin 15.3%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -6.2%; Core profit growth: +80.3%
Operating leverage (core profit growth ÷ revenue growth): -12.93×
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 | 126,411 | 118,563 | -7,848 | -6.2% |
| Gross profit | 25,696 | 29,301 | 3,605 | +14.0% |
| Operating income | 5,851 | 10,549 | 4,698 | +80.3% |
| Net income attributable to owners | -24,283 | 18,153 | 42,436 | — |
| Operating cash flow | 6,293 | 5,614 | -679 | -10.8% |
| Free cash flow | 2,406 | 3,309 | 903 | +37.5% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 119,537 | 5,467 | 4.6% | -2,158 | 9,797 | 627 | S100LYME |
| FY ending Mar 2021 | 110,375 | 6,018 | 5.5% | 3,864 | 14,869 | 8,161 | S100OJIF |
| FY ending Mar 2022 | 114,713 | 6,005 | 5.2% | 2,223 | 8,666 | 561 | S100R7YU |
| FY ending Mar 2023 | 117,942 | 1,327 | 1.1% | 102 | 509 | -7,449 | S100TV0Z |
| FY ending Mar 2024 | 118,341 | -2,475 | -2.1% | -5,443 | 8,169 | 1,498 | S100W59T |
| FY ending Mar 2025 | 126,411 | 5,851 | 4.6% | -24,283 | 6,293 | 2,406 | S100YJHA |
| FY ending Mar 2026 | 118,563 | 10,549 | 8.9% | 18,153 | 5,614 | 3,309 | S100YJHA |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥70.1M |
| Operating income per employee (consolidated) | ¥6.2M |
| Net income per employee (consolidated) | ¥10.7M |

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) | 3,037 | 2,944 | 2,907 | 2,663 | 1,692 |
| Average salary (parent company) | ¥5.7M | ¥5.7M | ¥5.6M | ¥4.9M | ¥5.9M |
| Average age (parent company) | 41.0 years | 41.1 years | 42.1 years | 43.1 years | 44.1 years |
| Average tenure (parent company) | 19.0 years | 19.0 years | 20.0 years | 21.0 years | 22.0 years |

Year over year: Employees (consolidated) -36.5% · Revenue (consolidated) -6.2%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Polymers | 56,395 | 47.6% | 9,429 | 16.7% |
| Advanced Materials | 33,695 | 28.4% | 1,603 | 4.8% |
| Fibers and Textiles | 28,399 | 24.0% | -515 | -1.8% |
| Other | 73 | 0.1% | -18 | -24.7% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Polymers | 47.6% | 85.5% | 37.9 | 16.7% |
| Advanced Materials | 28.4% | 14.5% | -13.9 | 4.8% |
| Fibers and Textiles | 24.0% | — | — | -1.8% |
| Other | 0.1% | — | — | -24.7% |

Loss-making segment (excluded from profit shares): Fibers and Textiles -515 JPY mn

Loss-making segment (excluded from profit shares): Other -18 JPY mn

Segment → industry: Fibers and Textiles → Textiles & Fibers / Advanced Materials → Textiles & Fibers / Polymers → Chemicals

## 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 | 5,614 | 4.7% | S100YJHA |
| Capital expenditure | 2,305 | 1.9% | S100YJHA |
| Free cash flow | 3,309 | 2.8% | 算出 |
| Investing cash flow | 34,312 | 28.9% | S100YJHA |
| Financing cash flow | -6,119 | -5.2% | S100YJHA |
| Change in cash | 34,194 | 28.8% | S100YJHA |
| Cash and equivalents | 47,314 | 39.9% | S100YJHA |

## 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 | 18,415 | 9,612 | 10,187 | 13,120 | 47,314 | S100TV0Z, S100W59T, S100YJHA |
| Total assets | 191,399 | 190,003 | 186,333 | 149,430 | 150,704 | S100R7YU, S100TV0Z, S100W59T, S100YJHA |
| Net assets | 43,071 | 43,918 | 38,247 | 16,233 | 54,044 | S100TV0Z, S100W59T, S100YJHA |
| Share capital | 100 | 100 | 100 | 100 | 100 | S100R7YU, S100TV0Z, S100W59T, S100YJHA |
| Inventories | 29,398 | 35,739 | 33,161 | 34,196 | 20,204 | S100R7YU, S100TV0Z, S100W59T, S100YJHA |
| Property, plant and equipment | 104,128 | 108,313 | 106,512 | 67,574 | 58,741 | S100R7YU, S100TV0Z, S100W59T, S100YJHA |
| Intangible assets excluding goodwill | 2,238 | 2,171 | 1,924 | 1,194 | 804 | S100R7YU, S100TV0Z, S100W59T, S100YJHA |
| Investment securities | 2,462 | 2,608 | 3,169 | 2,974 | 3,118 | S100R7YU, S100TV0Z, S100W59T, S100YJHA |
| Current assets | 80,926 | 74,845 | 72,773 | 75,277 | 86,987 | S100R7YU, S100TV0Z, S100W59T, S100YJHA |
| Current liabilities | 121,768 | 32,977 | 34,667 | 116,170 | 63,616 | S100R7YU, S100TV0Z, S100W59T, S100YJHA |
| Trade payables | 16,450 | 15,269 | 17,100 | 14,667 | 9,279 | S100R7YU, S100TV0Z, S100W59T, S100YJHA |
| Short-term borrowings | 2,065 | 4,124 | 3,085 | 38,319 | 12,966 | S100R7YU, S100TV0Z, S100W59T, S100YJHA |
| Long-term borrowings | 177 | 86,671 | 86,434 | 1,198 | 13,133 | S100R7YU, S100TV0Z, S100W59T, S100YJHA |
| Total liabilities | 148,328 | 146,085 | 148,085 | 133,197 | 96,659 | S100R7YU, S100TV0Z, S100W59T, S100YJHA |
| Non-controlling interests | 1,774 | 1,808 | 1,483 | 664 | 259 | S100R7YU, S100TV0Z, S100W59T, S100YJHA |
| Equity attributable to owners of parent | 39,942 | 38,986 | 33,259 | 12,275 | 51,482 | S100R7YU, S100TV0Z, S100W59T, S100YJHA |
| Retained earnings | 27,597 | 27,467 | 21,740 | 756 | 19,592 | S100R7YU, S100TV0Z, S100W59T, S100YJHA |
| Treasury stock | -57 | -57 | -57 | -57 | -58 | S100R7YU, S100TV0Z, S100W59T, S100YJHA |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 31% | S100YJHA |
| Inventories | 13% | S100YJHA |
| Property, plant and equipment | 39% | S100YJHA |
| Intangibles and goodwill | 1% | S100YJHA |
| Investment securities | 2% | S100YJHA |
| Other assets | 14% | S100YJHA |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YJHA |
| Other liabilities | 58% | S100YJHA |
| Equity | 36% | S100YJHA |
| Other liabilities | 0% | S100YJHA |

### 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 | 191,399 | 190,003 | 186,333 | 149,430 | 150,704 |
| Equity | 43,071 | 43,918 | 38,247 | 16,233 | 54,044 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 18,415 | 9,612 | 10,187 | 13,120 | 47,314 |

## 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) | 49.5% | S100YJHA |
| Fixed assets ÷ total assets | 39.0% | S100YJHA |
| Goodwill ÷ parent equity | — | —, S100YJHA |

### 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) | 31.4% |
| Cash ÷ revenue | 39.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 53.2% |
| Cash vs. profit gap | -12,539 JPY mn (of net income -69.1%) |
| Shareholder returns / net income | — |
| Shareholder returns / FCF | — |
| Shareholder payments — dividends / net income | — |
| Shareholder payments — dividends / FCF | — |
| CapEx intensity (capex ÷ revenue) | 1.9% |
| Investing CF relative to operating CF | 611.2% |

## 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 | 1.9% | 0.60× | 1.2% | 4.79× | 5.6% | S100R7YU |
| 2023 | 0.1% | 0.62× | 0.1% | 4.83× | 0.3% | S100TV0Z |
| 2024 | — | —× | -2.9% | —× | — | S100W59T |
| 2025 | — | —× | -14.5% | —× | — | S100YJHA |
| 2026 | 15.3% | 0.79× | 12.1% | 4.71× | 56.9% | S100YJHA |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 株式会社地域経済活性化支援機構 | Major shareholder | 66.7% | 2026-03-31 |
| 日本マスタートラスト信託銀行 株式会社（信託口） | Major shareholder | 3.0% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 1.3% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505223 （常任代理人株式会社みずほ銀行決済営業部） | Major shareholder | 0.8% | 2026-03-31 |
| ユニチカ従業員持株会 | Major shareholder | 0.6% | 2026-03-31 |
| 野村證券株式会社 | Major shareholder | 0.5% | 2026-03-31 |
| 大同生命保険株式会社 | Major shareholder | 0.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.4% | 2026-03-31 |
| MSIP CLIENT SECURITIES （常任代理人モルガン・スタンレーＭＵＦＧ証券株式会社） | Major shareholder | 0.4% | 2026-03-31 |
| GOVERNMENT OF NORWAY （常任代理人シティバンク、エヌ・エイ東京支店） | Major shareholder | 0.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第216期(2025/04/01－2026/03/31) | S100YJHA | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJHA,, |
| 有価証券報告書－第215期(2024/04/01－2025/03/31) | S100W59T | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W59T,, |
| 有価証券報告書－第214期(2023/04/01－2024/03/31) | S100TV0Z | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TV0Z,, |
| 有価証券報告書－第213期(2022/04/01－2023/03/31) | S100R7YU | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R7YU,, |
| 有価証券報告書－第212期(令和3年4月1日－令和4年3月31日) | S100OJIF | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJIF,, |
| 訂正有価証券報告書－第211期(令和2年4月1日－令和3年3月31日) | S100LYME | 2021-07-09 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LYME,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| PT.GRAHA UPAYA MANDIRI | Joint venture | ナイロン6同時二軸延伸フィルムを製造販売する合弁会社（インドネシア、P.T.EMBLEM ASIA） | S100YJHA |
| 丸紅 | Joint venture | ナイロン6同時二軸延伸フィルムを製造販売する合弁会社（インドネシア、P.T.EMBLEM ASIA） | S100YJHA |

## 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).