# YUKI GOSEI KOGYO CO.,LTD.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第106期(2025/04/01－2026/03/31) (S100YHPD)
> Page: https://vizora.meequs.com/en/company/yuki-gosei-kogyo
> Retrieved: 2026-09-30T19:14:41.979Z

## Company

Yuki Gosei Kogyo, founded in 1947, is a company in Chemicals listed on TSE Standard. It has 296 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | YUKI GOSEI KOGYO CO., LTD. |
| Ticker | 4531 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4531.T) |
| Listing | TSE Standard |
| Head office | 東京都中央区日本橋人形町三丁目10番4号 |
| Representative (per filing) | 代表取締役 社長執行役員 松本 清一郎 |
| Founded | Nov 1947 |
| Share capital | ¥3.47B |
| Employees (consolidated) | 296 |
| Average salary (parent only) | ¥6.8M |
| Fiscal year end | March |
| Website | www.yuki-gosei.co.jp (https://www.yuki-gosei.co.jp/) |
| Corporate number | 9010001059621 |
| EDINET | E00848 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100YHPD, filed 2026-06-23). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 63 | 96 |
| Profitability | 9.5 | 100 |
| Cash conversion | 97.4 | 96 |
| Efficiency | 24.5 | 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)

- Yuki Gosei Kogyo brought in ¥15.4B in revenue.
- Out of every ¥100 of sales, about ¥3 is left as operating profit.
- Revenue changed +2.1% from the prior year, operating profit -68.5%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥15448000000 → ¥313000000
- Net income → operating cash flow: ¥313000000 → ¥2844000000（difference ¥2531000000）
- Main uses of operating cash flow: CapEx ¥1116000000 / dividends ¥193000000 / buybacks ¥0
- Change in cash: ¥-87000000
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 | ¥15.4B |  |
| Operating income | ¥383M | Margin 2.5% |
| Net income | ¥313M | Margin 2.0% |
| Free cash flow | ¥1.73B |  |
| Employees (consolidated) | 296 |  |
| EPS | ¥14.51 |  |
| Book value per share | ¥624.05 |  |
| Equity ratio | 52.4% |  |
| Shares outstanding | 21,974,000 |  |
| Treasury shares | 360,300 |  |
| Shareholders | 8,926 |  |
| Average salary (parent only) | ¥6.8M | Filing company only |
| Cash ratio | 3.4% | Cash ÷ revenue 5.7% |
| Vs. industry median margin | -5 pp | Chemicals |
| ROE | 2.6% | Derived from disclosed figures |
| ROA | 1.2% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 9.1× net income
- FY2026, cash is 3% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥11091000000 | ¥15448000000 | +39.3% |
| Operating income | ¥218000000 | ¥383000000 | +75.7% |
| Operating margin | 2.0% | 2.5% | +0.5 pp |
| Employees | 303 people | 296 people | -2.3% |
| Cash and equivalents | ¥1256000000 | ¥885000000 | -29.5% |

### 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.

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 15,448 | 100.0% | S100YHPD |
| Cost of revenue | 12,827 | 83.0% | S100YHPD |
| Gross profit | 2,620 | 17.0% | S100YHPD |
| SG&A | 2,236 | 14.5% | S100YHPD |
| Operating income | 383 | 2.5% | S100YHPD |
| Ordinary income | 303 | 2.0% | S100YHPD |
| Pretax income | 361 | 2.3% | S100YHPD |
| Income tax | 48 | 0.3% | S100YHPD |
| Net income | 313 | 2.0% | S100YHPD |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 83 |
| SG&A | 14 |
| Operating income | 3 |
| (Ref.) Net income | 2 |

### Margin funnel

Gross margin 17.0% → Operating margin 2.5% → Net margin 2.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +2.1%; Core profit growth: -68.5%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -32.38×
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 | 15,128 | 15,448 | 320 | +2.1% |
| Gross profit | 3,307 | 2,620 | -687 | -20.8% |
| Operating income | 1,216 | 383 | -833 | -68.5% |
| Operating cash flow | 2,143 | 2,844 | 701 | +32.7% |
| Free cash flow | -1,094 | 1,728 | 2,822 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 10,717 | 312 | 2.9% | -42 | 1,420 | 954 | S100LY8W |
| FY ending Mar 2021 | 11,091 | 218 | 2.0% | 288 | 352 | -208 | S100OCIF |
| FY ending Mar 2022 | 12,361 | 413 | 3.3% | 248 | 1,787 | 1,404 | S100R4GX |
| FY ending Mar 2023 | 12,839 | 897 | 7.0% | 556 | 668 | -490 | S100TQ3M |
| FY ending Mar 2024 | 12,932 | 1,125 | 8.7% | 776 | 388 | -1,367 | S100VZYG |
| FY ending Mar 2025 | 15,128 | 1,216 | 8.0% | 896 | 2,143 | -1,094 | S100YHPD |
| FY ending Mar 2026 | 15,448 | 383 | 2.5% | 313 | 2,844 | 1,728 | S100YHPD |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥52.2M |
| Operating income per employee (consolidated) | ¥1.3M |
| Net income per employee (consolidated) | ¥1.1M |

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) | 296 | 295 | 290 | 296 | 296 |
| Average salary (parent company) | ¥5.8M | ¥6.2M | ¥6.3M | ¥6.7M | ¥6.8M |
| Average age (parent company) | 41.4 years | 42.0 years | 42.7 years | 43.5 years | 44.2 years |
| Average tenure (parent company) | 13.4 years | 15.5 years | 16.4 years | 16.2 years | 17.3 years |

Year over year: Employees (consolidated) 0.0% · Revenue (consolidated) +2.1%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 2,844 | 18.4% | S100YHPD |
| Capital expenditure | 1,116 | 7.2% | S100YHPD |
| Free cash flow | 1,728 | 11.2% | 算出 |
| Investing cash flow | -1,008 | -6.5% | S100YHPD |
| Financing cash flow | -1,922 | -12.4% | S100YHPD |
| Dividends paid | 193 | 1.2% | S100YHPD |
| Share buyback | 0 | 0.0% | S100YHPD |
| Change in cash | -87 | -0.6% | S100YHPD |
| Cash and equivalents | 885 | 5.7% | S100YHPD |

## 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 | 1,856 | 1,143 | 588 | 973 | 885 | S100TQ3M, S100VZYG, S100YHPD |
| Total assets | 21,172 | 22,118 | 24,370 | 26,871 | 25,730 | S100R4GX, S100TQ3M, S100VZYG, S100YHPD |
| Net assets | 11,004 | 11,478 | 12,430 | 13,106 | 13,487 | S100TQ3M, S100VZYG, S100YHPD |
| Share capital | 3,471 | 3,471 | 3,471 | 3,471 | 3,471 | S100R4GX, S100TQ3M, S100VZYG, S100YHPD |
| Property, plant and equipment | 8,523 | 8,821 | 9,749 | 11,982 | 10,149 | S100R4GX, S100TQ3M, S100VZYG, S100YHPD |
| Intangible assets excluding goodwill | 216 | 274 | 203 | 137 | 89 | S100R4GX, S100TQ3M, S100VZYG, S100YHPD |
| Investment securities | 1,506 | 1,611 | 2,016 | 2,047 | 2,349 | S100R4GX, S100TQ3M, S100VZYG, S100YHPD |
| Current assets | 10,362 | 11,021 | 12,091 | 12,506 | 13,044 | S100R4GX, S100TQ3M, S100VZYG, S100YHPD |
| Current liabilities | 6,969 | 7,803 | 7,988 | 7,928 | 8,000 | S100R4GX, S100TQ3M, S100VZYG, S100YHPD |
| Short-term borrowings | 3,500 | 3,720 | 3,860 | 3,600 | 1,740 | S100R4GX, S100TQ3M, S100VZYG, S100YHPD |
| Long-term borrowings | 1,164 | 825 | 2,006 | 3,943 | 2,393 | S100R4GX, S100TQ3M, S100VZYG, S100YHPD |
| Total liabilities | 10,168 | 10,639 | 11,940 | 13,765 | 12,243 | S100R4GX, S100TQ3M, S100VZYG, S100YHPD |
| Equity attributable to owners of parent | 10,307 | 10,776 | 11,400 | 12,046 | 12,184 | S100R4GX, S100TQ3M, S100VZYG, S100YHPD |
| Retained earnings | 3,634 | 4,103 | 4,727 | 5,449 | 5,566 | S100R4GX, S100TQ3M, S100VZYG, S100YHPD |
| Treasury stock | -47 | -48 | -48 | -124 | -103 | S100R4GX, S100TQ3M, S100VZYG, S100YHPD |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 3% | S100YHPD |
| Property, plant and equipment | 40% | S100YHPD |
| Intangibles and goodwill | 0% | S100YHPD |
| Investment securities | 9% | S100YHPD |
| Other assets | 48% | S100YHPD |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 48% | S100YHPD |
| Equity | 52% | S100YHPD |

### 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 | 21,172 | 22,118 | 24,370 | 26,871 | 25,730 |
| Equity | 11,004 | 11,478 | 12,430 | 13,106 | 13,487 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,856 | 1,143 | 588 | 973 | 885 |

## 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) | 65.7% | S100YHPD |
| Fixed assets ÷ total assets | 39.4% | S100YHPD |
| Goodwill ÷ parent equity | — | —, S100YHPD |

### 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) | 3.4% |
| Cash ÷ revenue | 5.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 742.6% |
| Cash vs. profit gap | 2,531 JPY mn (of net income 808.6%) |
| Shareholder returns / net income | 61.7% |
| Shareholder returns / FCF | 11.2% |
| Shareholder payments — dividends / net income | 61.7% |
| Shareholder payments — dividends / FCF | 11.2% |
| CapEx intensity (capex ÷ revenue) | 7.2% |
| Investing CF relative to operating CF | 35.4% |

## 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 | 2.0% | 0.58× | 1.2% | 2.05× | 2.4% | S100R4GX |
| 2023 | 4.3% | 0.59× | 2.6% | 2.05× | 5.3% | S100TQ3M |
| 2024 | 6.0% | 0.56× | 3.3% | 2.10× | 7.0% | S100VZYG |
| 2025 | 5.9% | 0.59× | 3.5% | 2.19× | 7.6% | S100YHPD |
| 2026 | 2.0% | 0.59× | 1.2% | 2.17× | 2.6% | S100YHPD |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| ニプロ株式会社 | Major shareholder | 15.3% | 2026-03-31 |
| 長瀬産業株式会社 | Major shareholder | 5.1% | 2026-03-31 |
| 保土谷化学工業株式会社 | Major shareholder | 5.1% | 2026-03-31 |
| 大鵬薬品工業株式会社 | Major shareholder | 3.1% | 2026-03-31 |
| 住友商事ケミカル株式会社 | Major shareholder | 2.5% | 2026-03-31 |
| ゼリア新薬工業株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| あすか製薬株式会社 | Major shareholder | 1.7% | 2026-03-31 |
| サンヨーファイン株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 喜美運送株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社山口薬品商会 | Major shareholder | 1.4% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第106期(2025/04/01－2026/03/31) | S100YHPD | 2026-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHPD,, |
| 有価証券報告書－第105期(2024/04/01－2025/03/31) | S100VZYG | 2025-06-19 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VZYG,, |
| 有価証券報告書－第104期(2023/04/01－2024/03/31) | S100TQ3M | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQ3M,, |
| 有価証券報告書－第103期(2022/04/01－2023/03/31) | S100R4GX | 2023-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R4GX,, |
| 有価証券報告書－第102期(令和3年4月1日－令和4年3月31日) | S100OCIF | 2022-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OCIF,, |
| 訂正有価証券報告書－第101期(令和2年4月1日－令和3年3月31日) | S100LY8W | 2021-07-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LY8W,, |

## 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).