# VALQUA , 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126期(2025/04/01－2026/03/31) (S100YC38)
> Page: https://vizora.meequs.com/en/company/valqua
> Retrieved: 2026-09-30T21:32:03.630Z

## Company

Valqua, founded in 1927, is a company in Chemicals listed on TSE Prime. It has 1,582 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | VALQUA,LTD. |
| Ticker | 7995 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/7995.T) |
| Listing | TSE Prime |
| Head office | 東京都品川区大崎二丁目1番1号 |
| Representative (per filing) | 代表取締役社長COO 瀧澤利治 |
| Founded | Jan 1927 |
| Share capital | ¥14B |
| Employees (consolidated) | 1,582 |
| Average salary (parent only) | ¥8.6M |
| Fiscal year end | March |
| Website | www.valqua.co.jp (https://www.valqua.co.jp/) |
| Corporate number | 5010701020092 |
| EDINET | E01164 |
| Industries (Vizora) | Chemicals, Industrial Machinery |

> Profile source: annual securities report (S100YC38, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: Industrial Machinery (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 40.5 | 110 |
| Profitability | 74.2 | 122 |
| Cash conversion | 28 | 116 |
| Efficiency | 51.2 | 122 |

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 75% of Valqua's sales come from Seal Products Business, with High Performance Plastics Products Business making up much of the rest.
- Out of every ¥100 of sales, about ¥12 is left as operating profit.
- Revenue changed -2.6% from the prior year, operating profit +25.2%.

## Company structure

- Segment revenue mix: Seal Products Business 74.9%、High Performance Plastics Products Business 25.1%
- Revenue → net income: ¥58556000000 → ¥5129000000
- Net income → operating cash flow: ¥5129000000 → ¥5028000000（difference ¥-101000000）
- Main uses of operating cash flow: CapEx ¥4947000000 / dividends ¥2636000000 / buybacks ¥3000000
- Change in cash: ¥-53000000
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 | ¥58.6B |  |
| Operating income | ¥7.1B | Margin 12.1% |
| Net income | ¥5.13B | Margin 8.8% |
| Free cash flow | ¥81M |  |
| Largest business | Seal Products Business | of segment revenue 74.9% |
| Employees (consolidated) | 1,582 |  |
| EPS | ¥388.27 |  |
| Book value per share | ¥2181.67 |  |
| Equity ratio | 64.1% |  |
| Shares outstanding | 18,688,733 |  |
| Treasury shares | 1,062,100 |  |
| Shareholders | 14,347 |  |
| Average salary (parent only) | ¥8.6M | Filing company only |
| Cash ratio | 9.5% | Cash ÷ revenue 13.5% |
| Vs. industry median margin | +4.6 pp | Industrial Machinery |
| ROE | 10.8% | Derived from disclosed figures |
| ROA | 6.4% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 93% of positive segment profit

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥44717000000 | ¥58556000000 | +30.9% |
| Operating income | ¥3475000000 | ¥7100000000 | +104.3% |
| Operating margin | 7.8% | 12.1% | +4.4 pp |
| Employees | 1,800 people | 1,582 people | -12.1% |
| Cash and equivalents | ¥8026000000 | ¥7915000000 | -1.4% |

### 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 |
| --- | ---: |
| シール製品事業 → シール製品事業 | 70.1% |
| 機能樹脂製品事業 → 機能樹脂製品事業 | 24.0% |
| シリコンウエハーリサイクル事業他 → 事業再編・廃止 | 5.9% |
| 新設・再編 → シール製品事業 | 4.8% |
| 新設・再編 → 機能樹脂製品事業 | 1.1% |

Segment revenue source references: 5 (derived)

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 58,556 | 100.0% | S100YC38 |
| Cost of revenue | 33,571 | 57.3% | S100YC38 |
| Gross profit | 24,984 | 42.7% | S100YC38 |
| SG&A | 17,883 | 30.5% | S100YC38 |
| Operating income | 7,100 | 12.1% | S100YC38 |
| Ordinary income | 7,012 | 12.0% | S100YC38 |
| Pretax income | 6,755 | 11.5% | S100YC38 |
| Income tax | 1,625 | 2.8% | S100YC38 |
| Net income | 5,129 | 8.8% | S100YC38 |
| Net income attributable to owners | 5,128 | 8.8% | S100YC38 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 57 |
| SG&A | 31 |
| Operating income | 12 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 42.7% → Operating margin 12.1% → Net margin 8.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.6%; Core profit growth: +25.2%
Operating leverage (core profit growth ÷ revenue growth): -9.75×
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 | 60,113 | 58,556 | -1,557 | -2.6% |
| Gross profit | 23,843 | 24,984 | 1,141 | +4.8% |
| Operating income | 5,669 | 7,100 | 1,431 | +25.2% |
| Net income attributable to owners | 4,676 | 5,128 | 452 | +9.7% |
| Operating cash flow | 4,870 | 5,028 | 158 | +3.2% |
| Free cash flow | -2,097 | 81 | 2,178 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 48,212 | 4,214 | 8.7% | 2,918 | 5,121 | 2,120 | S100LJ20 |
| FY ending Mar 2021 | 44,717 | 3,475 | 7.8% | 3,090 | 4,586 | 907 | S100OBQ4 |
| FY ending Mar 2022 | 53,167 | 6,972 | 13.1% | 4,841 | 5,227 | 2,084 | S100R04X |
| FY ending Mar 2023 | 62,178 | 8,877 | 14.3% | 6,746 | 4,402 | 1,721 | S100TNTM |
| FY ending Mar 2024 | 61,744 | 7,102 | 11.5% | 4,909 | 1,758 | -3,062 | S100W3A8 |
| FY ending Mar 2025 | 60,113 | 5,669 | 9.4% | 4,676 | 4,870 | -2,097 | S100YC38 |
| FY ending Mar 2026 | 58,556 | 7,100 | 12.1% | 5,128 | 5,028 | 81 | S100YC38 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥37M |
| Operating income per employee (consolidated) | ¥4.5M |
| Net income per employee (consolidated) | ¥3.2M |

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) | 1,772 | 1,682 | 1,670 | 1,536 | 1,582 |
| Average salary (parent company) | ¥7.2M | ¥7.9M | ¥8.5M | ¥8.7M | ¥8.6M |
| Average age (parent company) | 47.1 years | 46.8 years | 46.9 years | 46.7 years | 47.1 years |
| Average tenure (parent company) | 18.3 years | 17.8 years | 17.9 years | 17.4 years | 17.7 years |

Year over year: Employees (consolidated) +3.0% · Revenue (consolidated) -2.6%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Seal Products Business | 43,858 | 74.9% | 6,605 | 15.1% |
| High Performance Plastics Products Business | 14,697 | 25.1% | 495 | 3.4% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Seal Products Business | 74.9% | 93.0% | 18.1 | 15.1% |
| High Performance Plastics Products Business | 25.1% | 7.0% | -18.1 | 3.4% |

Segment → industry: High Performance Plastics Products Business → Chemicals / Seal Products Business → 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 | 5,028 | 8.6% | S100YC38 |
| Capital expenditure | 4,947 | 8.4% | S100YC38 |
| Free cash flow | 81 | 0.1% | 算出 |
| Investing cash flow | -4,360 | -7.4% | S100YC38 |
| Financing cash flow | -902 | -1.5% | S100YC38 |
| Dividends paid | 2,636 | 4.5% | S100YC38 |
| Share buyback | 3 | 0.0% | S100YC38 |
| Change in cash | -53 | -0.1% | S100YC38 |
| Cash and equivalents | 7,915 | 13.5% | S100YC38 |

## 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 | 8,061 | 8,191 | 6,386 | 7,969 | 7,915 | S100TNTM, S100W3A8, S100YC38 |
| Total assets | 60,200 | 68,507 | 74,487 | 77,823 | 83,405 | S100R04X, S100TNTM, S100W3A8, S100YC38 |
| Net assets | 40,979 | 45,677 | 48,731 | 50,521 | 53,518 | S100TNTM, S100W3A8, S100YC38 |
| Share capital | 13,957 | 13,957 | 13,957 | 13,957 | 13,957 | S100R04X, S100TNTM, S100W3A8, S100YC38 |
| Property, plant and equipment | 17,545 | 17,963 | 19,772 | 22,624 | 23,579 | S100R04X, S100TNTM, S100W3A8, S100YC38 |
| Intangible assets excluding goodwill | 1,516 | 1,377 | 1,930 | 1,876 | 3,872 | S100R04X, S100TNTM, S100W3A8, S100YC38 |
| Goodwill | — | — | — | — | 783 | S100YC38 |
| Investment securities | 4,047 | 5,716 | 5,905 | 3,949 | 4,189 | S100R04X, S100TNTM, S100W3A8, S100YC38 |
| Current assets | 34,935 | 41,230 | 43,801 | 46,430 | 47,970 | S100R04X, S100TNTM, S100W3A8, S100YC38 |
| Current liabilities | 13,336 | 16,591 | 16,560 | 18,569 | 15,824 | S100R04X, S100TNTM, S100W3A8, S100YC38 |
| Trade payables | 5,721 | 7,246 | 6,334 | 5,809 | 5,049 | S100R04X, S100TNTM, S100W3A8, S100YC38 |
| Short-term borrowings | 1,463 | 1,807 | 2,812 | 4,952 | 3,646 | S100R04X, S100TNTM, S100W3A8, S100YC38 |
| Long-term borrowings | 3,632 | 3,619 | 5,994 | 6,662 | 11,483 | S100R04X, S100TNTM, S100W3A8, S100YC38 |
| Total liabilities | 19,220 | 22,830 | 25,755 | 27,302 | 29,887 | S100R04X, S100TNTM, S100W3A8, S100YC38 |
| Non-controlling interests | 1,250 | 482 | 515 | 34 | 38 | S100R04X, S100TNTM, S100W3A8, S100YC38 |
| Equity attributable to owners of parent | 37,545 | 41,926 | 44,048 | 46,256 | 48,820 | S100R04X, S100TNTM, S100W3A8, S100YC38 |
| Retained earnings | 21,043 | 25,399 | 27,409 | 29,446 | 31,932 | S100R04X, S100TNTM, S100W3A8, S100YC38 |
| Treasury stock | -1,517 | -1,996 | -1,950 | -1,904 | -1,861 | S100R04X, S100TNTM, S100W3A8, S100YC38 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 9% | S100YC38 |
| Property, plant and equipment | 28% | S100YC38 |
| Intangibles and goodwill | 6% | S100YC38 |
| Investment securities | 5% | S100YC38 |
| Other assets | 52% | S100YC38 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YC38 |
| Other liabilities | 30% | S100YC38 |
| Equity | 64% | S100YC38 |

### 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 | 60,200 | 68,507 | 74,487 | 77,823 | 83,405 |
| Equity | 40,979 | 45,677 | 48,731 | 50,521 | 53,518 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 8,061 | 8,191 | 6,386 | 7,969 | 7,915 |

## 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) | 40.3% | S100YC38 |
| Fixed assets ÷ total assets | 28.3% | S100YC38 |
| Goodwill ÷ parent equity | 1.6% | S100YC38 |

### 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) | 9.5% |
| Cash ÷ revenue | 13.5% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 70.8% |
| Cash vs. profit gap | -100 JPY mn (of net income -2.0%) |
| Shareholder returns / net income | 51.5% |
| Shareholder returns / FCF | 3258.0% |
| Shareholder payments — dividends / net income | 51.4% |
| Shareholder payments — dividends / FCF | 3254.3% |
| CapEx intensity (capex ÷ revenue) | 8.4% |
| Investing CF relative to operating CF | 86.7% |

## 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 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 9.1% | 0.88× | 8.0% | 1.60× | 12.9% | S100R04X |
| 2023 | 10.8% | 0.97× | 10.5% | 1.62× | 17.0% | S100TNTM |
| 2024 | 8.0% | 0.86× | 6.9% | 1.66× | 11.4% | S100W3A8 |
| 2025 | 7.8% | 0.79× | 6.1% | 1.69× | 10.4% | S100YC38 |
| 2026 | 8.8% | 0.73× | 6.4% | 1.70× | 10.8% | S100YC38 |

## 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） | Major shareholder | 13.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 8.1% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001 (常任代理人 株式会社みずほ銀行） | Major shareholder | 7.9% | 2026-03-31 |
| バルカー東京共栄会 | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 3.0% | 2026-03-31 |
| 瀧澤 利一 | Major shareholder | 2.3% | 2026-03-31 |
| 三井住友信託銀行株式会社 (常任代理人 株式会社日本カストディ銀行） | Major shareholder | 2.3% | 2026-03-31 |
| ダイキン工業株式会社 | Major shareholder | 1.6% | 2026-03-31 |
| バルカー大阪共栄会 | Major shareholder | 1.6% | 2026-03-31 |
| 瀧澤 椎子 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第126期(2025/04/01－2026/03/31) | S100YC38 | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC38,, |
| 有価証券報告書－第125期(2024/04/01－2025/03/31) | S100W3A8 | 2025-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W3A8,, |
| 有価証券報告書－第124期(2023/04/01－2024/03/31) | S100TNTM | 2024-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TNTM,, |
| 有価証券報告書－第123期(2022/04/01－2023/03/31) | S100R04X | 2023-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R04X,, |
| 有価証券報告書－第122期(令和3年4月1日－令和4年3月31日) | S100OBQ4 | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBQ4,, |
| 有価証券報告書－第121期(令和2年4月1日－令和3年3月31日) | S100LJ20 | 2021-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJ20,, |

## 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).