# Yushiro Inc.: 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93期(2025/04/01－2026/03/31) (S100YEVT)
> Page: https://vizora.meequs.com/en/company/yushiro
> Retrieved: 2026-09-30T17:49:20.347Z

## Company

Yushiro, founded in 1944, is a company in Chemicals listed on TSE Standard. It has 862 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Yushiro Inc. |
| Ticker | 5013 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5013.T) |
| Listing | TSE Standard |
| Head office | 東京都大田区千鳥2丁目34番16号 |
| Representative (per filing) | 代表取締役社長 社長執行役員 有坂昌規 |
| Founded | Jul 1944 |
| Share capital | ¥4.25B |
| Employees (consolidated) | 862 |
| Average salary (parent only) | ¥7.2M |
| Fiscal year end | March |
| Website | www.yushiro.co.jp (https://www.yushiro.co.jp/) |
| Corporate number | 2010801012307 |
| EDINET | E01080 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100YEVT, filed 2026-06-22). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 91.1 | 96 |
| Profitability | 64.5 | 100 |
| Cash conversion | 26.6 | 96 |
| Efficiency | 72.5 | 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 44% of Yushiro's sales come from North and South America, with Japan and Southeast Asia and India making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -7.8% from the prior year, operating profit -11.4%.

## Company structure

- Segment revenue mix: North and South America 44.0%、Japan 38.4%、Southeast Asia and India 14.7%、China 2.9%
- Revenue → net income: ¥51165000000 → ¥4872000000
- Net income → operating cash flow: ¥4872000000 → ¥4759000000（difference ¥-113000000）
- Main uses of operating cash flow: CapEx ¥2319000000 / dividends ¥1316000000 / buybacks ¥1087000000
- Change in cash: ¥1250000000
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 | ¥51.2B |  |
| Operating income | ¥4.49B | Margin 8.8% |
| Net income | ¥4.79B | Margin 9.4% |
| Free cash flow | ¥2.44B |  |
| Largest business | North and South America | of segment revenue 44.0% |
| Employees (consolidated) | 862 |  |
| EPS | ¥291.33 |  |
| Book value per share | ¥2167.5 |  |
| Equity ratio | 73.5% |  |
| Shares outstanding | 13,900,065 |  |
| Treasury shares | 875,600 |  |
| Shareholders | 6,426 |  |
| Average salary (parent only) | ¥7.2M | Filing company only |
| Cash ratio | 16.3% | Cash ÷ revenue 20.7% |
| Vs. industry median margin | +1.2 pp | Chemicals |
| ROE | 12.4% | Derived from disclosed figures |
| ROA | 7.5% | Derived from disclosed figures |

## Notable figures

- FY2026, one segment accounts for 69% of positive segment profit
- FY2026, segment profit share differs by -27 points

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥31661000000 | ¥51165000000 | +61.6% |
| Operating income | ¥1095000000 | ¥4489000000 | +310.0% |
| Operating margin | 3.5% | 8.8% | +5.3 pp |
| Employees | 994 people | 862 people | -13.3% |
| Cash and equivalents | ¥8067000000 | ¥10610000000 | +31.5% |

### 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.

| Flow | Revenue share |
| --- | ---: |
| 日本 → 日本 | 38.4% |
| 日本 → 事業再編・廃止 | 7.1% |
| 南北アメリカ → 南北アメリカ | 29.6% |
| 中国 → 中国 | 2.9% |
| 中国 → 事業再編・廃止 | 11.2% |
| 東南アジア／インド → 東南アジア／インド | 10.7% |
| 新設・再編 → 南北アメリカ | 14.4% |
| 新設・再編 → 東南アジア／インド | 3.9% |

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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| North and South America | 5 years | +19.1% | ¥22523000000 | 15.3% | 2 |
| Japan | 5 years | +6.4% | ¥19643000000 | 3.0% | 2 |
| Southeast Asia and India | 5 years | +17.2% | ¥7512000000 | 12.3% | 2 |
| China | 5 years | -19.8% | ¥1486000000 | 5.3% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 51,165 | 100.0% | S100YEVT |
| Cost of revenue | 34,053 | 66.6% | S100YEVT |
| Gross profit | 17,112 | 33.4% | S100YEVT |
| SG&A | 12,622 | 24.7% | S100YEVT |
| Operating income | 4,489 | 8.8% | S100YEVT |
| Ordinary income | 5,671 | 11.1% | S100YEVT |
| Pretax income | 6,888 | 13.5% | S100YEVT |
| Income tax | 2,016 | 3.9% | S100YEVT |
| Net income | 4,872 | 9.5% | S100YEVT |
| Net income attributable to owners | 4,789 | 9.4% | S100YEVT |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 66 |
| SG&A | 25 |
| Operating income | 9 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 33.4% → Operating margin 8.8% → Net margin 9.4%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit down
Revenue growth: -7.8%; Core profit growth: -11.4%
Operating leverage (core profit growth ÷ revenue growth): 1.46×
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 | 55,512 | 51,165 | -4,347 | -7.8% |
| Gross profit | 17,396 | 17,112 | -284 | -1.6% |
| Operating income | 5,068 | 4,489 | -579 | -11.4% |
| Net income attributable to owners | 4,315 | 4,789 | 474 | +11.0% |
| Operating cash flow | 4,805 | 4,759 | -46 | -1.0% |
| Free cash flow | 3,752 | 2,440 | -1,312 | -35.0% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 37,274 | 2,213 | 5.9% | 1,913 | 2,829 | 1,946 | S100LP4A |
| FY ending Mar 2021 | 31,661 | 1,095 | 3.5% | 978 | 1,574 | 852 | S100OE0P |
| FY ending Mar 2022 | 37,686 | 894 | 2.4% | 273 | 294 | -119 | S100R1GC |
| FY ending Mar 2023 | 46,794 | 1,049 | 2.2% | 898 | 174 | -382 | S100TPW6 |
| FY ending Mar 2024 | 52,985 | 3,619 | 6.8% | 3,010 | 4,304 | 3,603 | S100W2OC |
| FY ending Mar 2025 | 55,512 | 5,068 | 9.1% | 4,315 | 4,805 | 3,752 | S100YEVT |
| FY ending Mar 2026 | 51,165 | 4,489 | 8.8% | 4,789 | 4,759 | 2,440 | S100YEVT |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥59.4M |
| Operating income per employee (consolidated) | ¥5.2M |
| Net income per employee (consolidated) | ¥5.6M |

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) | 984 | 987 | 977 | 969 | 862 |
| Average salary (parent company) | ¥6.9M | ¥6.3M | ¥6.8M | ¥6.9M | ¥7.2M |
| Average age (parent company) | 44.0 years | 46.2 years | 45.7 years | 47.0 years | 47.5 years |
| Average tenure (parent company) | 19.0 years | 19.1 years | 19.1 years | 17.9 years | 17.9 years |

Year over year: Employees (consolidated) -11.0% · Revenue (consolidated) -7.8%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Japan | 19,643 | 38.4% | 581 | 3.0% |
| North and South America | 22,523 | 44.0% | 3,456 | 15.3% |
| China | 1,486 | 2.9% | 79 | 5.3% |
| Southeast Asia and India | 7,512 | 14.7% | 926 | 12.3% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Japan | 38.4% | 11.5% | -26.9 | 3.0% |
| North and South America | 44.0% | 68.5% | 24.5 | 15.3% |
| China | 2.9% | 1.6% | -1.3 | 5.3% |
| Southeast Asia and India | 14.7% | 18.4% | 3.7 | 12.3% |

Segment → industry: Southeast Asia and India → Chemicals / China → Chemicals / North and South America → Chemicals / Japan → 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 | 4,759 | 9.3% | S100YEVT |
| Capital expenditure | 2,319 | 4.5% | S100YEVT |
| Free cash flow | 2,440 | 4.8% | 算出 |
| Investing cash flow | -1,033 | -2.0% | S100YEVT |
| Financing cash flow | -2,566 | -5.0% | S100YEVT |
| Dividends paid | 1,316 | 2.6% | S100YEVT |
| Share buyback | 1,087 | 2.1% | S100YEVT |
| Change in cash | 1,250 | 2.4% | S100YEVT |
| Cash and equivalents | 10,610 | 20.7% | S100YEVT |

## 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 | 6,691 | 7,327 | 10,981 | 10,499 | 10,610 | S100TPW6, S100W2OC, S100YEVT |
| Total assets | 51,085 | 56,283 | 62,169 | 63,404 | 64,962 | S100R1GC, S100TPW6, S100W2OC, S100YEVT |
| Net assets | 33,868 | 36,984 | 42,633 | 44,970 | 47,906 | S100TPW6, S100W2OC, S100YEVT |
| Share capital | 4,249 | 4,249 | 4,249 | 4,249 | 4,249 | S100R1GC, S100TPW6, S100W2OC, S100YEVT |
| Trade receivables | 7,868 | 9,382 | 10,020 | 9,929 | 8,149 | S100R1GC, S100TPW6, S100W2OC, S100YEVT |
| Property, plant and equipment | 11,293 | 10,879 | 10,900 | 11,150 | 12,537 | S100R1GC, S100TPW6, S100W2OC, S100YEVT |
| Intangible assets excluding goodwill | 5,325 | 5,499 | 5,892 | 5,980 | 5,289 | S100R1GC, S100TPW6, S100W2OC, S100YEVT |
| Goodwill | 1,885 | 1,949 | 1,843 | 1,787 | 1,504 | S100R1GC, S100TPW6, S100W2OC, S100YEVT |
| Investment securities | 11,002 | 4,316 | 5,683 | 5,584 | 6,454 | S100R1GC, S100TPW6, S100W2OC, S100YEVT |
| Current assets | 21,795 | 25,773 | 30,150 | 31,694 | 29,236 | S100R1GC, S100TPW6, S100W2OC, S100YEVT |
| Current liabilities | 10,546 | 13,350 | 13,883 | 13,478 | 12,257 | S100R1GC, S100TPW6, S100W2OC, S100YEVT |
| Trade payables | 4,519 | 5,381 | 5,190 | 4,950 | 4,200 | S100R1GC, S100TPW6, S100W2OC, S100YEVT |
| Short-term borrowings | 3,052 | 4,943 | 4,894 | 4,928 | 5,551 | S100R1GC, S100TPW6, S100W2OC, S100YEVT |
| Long-term borrowings | 3,154 | 2,392 | 1,478 | 604 | 38 | S100R1GC, S100TPW6, S100W2OC, S100YEVT |
| Total liabilities | 17,216 | 19,298 | 19,535 | 18,433 | 17,055 | S100R1GC, S100TPW6, S100W2OC, S100YEVT |
| Non-controlling interests | 2,429 | 2,338 | 2,437 | 1,536 | 163 | S100R1GC, S100TPW6, S100W2OC, S100YEVT |
| Equity attributable to owners of parent | 32,378 | 32,651 | 35,230 | 37,368 | 39,819 | S100R1GC, S100TPW6, S100W2OC, S100YEVT |
| Retained earnings | 24,522 | 24,855 | 27,433 | 29,777 | 33,275 | S100R1GC, S100TPW6, S100W2OC, S100YEVT |
| Treasury stock | -384 | -384 | -384 | -589 | -1,645 | S100R1GC, S100TPW6, S100W2OC, S100YEVT |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 16% | S100YEVT |
| Receivables | 13% | S100YEVT |
| Property, plant and equipment | 19% | S100YEVT |
| Intangibles and goodwill | 11% | S100YEVT |
| Investment securities | 10% | S100YEVT |
| Other assets | 31% | S100YEVT |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 6% | S100YEVT |
| Other liabilities | 20% | S100YEVT |
| Equity | 74% | S100YEVT |
| Other liabilities | 0% | S100YEVT |

### 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 | 51,085 | 56,283 | 62,169 | 63,404 | 64,962 |
| Equity | 33,868 | 36,984 | 42,633 | 44,970 | 47,906 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 6,691 | 7,327 | 10,981 | 10,499 | 10,610 |

## 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) | 24.5% | S100YEVT |
| Fixed assets ÷ total assets | 19.3% | S100YEVT |
| Goodwill ÷ parent equity | 3.8% | S100YEVT |

Goodwill over 4 years: 1,885 → 1,504 JPY; total investing cash flow: -2,433 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) | 16.3% |
| Cash ÷ revenue | 20.7% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 106.0% |
| Cash vs. profit gap | -30 JPY mn (of net income -0.6%) |
| Shareholder returns / net income | 50.2% |
| Shareholder returns / FCF | 98.5% |
| Shareholder payments — dividends / net income | 27.5% |
| Shareholder payments — dividends / FCF | 53.9% |
| CapEx intensity (capex ÷ revenue) | 4.5% |
| Investing CF relative to operating CF | 21.7% |

## 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 | 0.7% | 0.74× | 0.5% | 1.58× | 0.8% | S100R1GC |
| 2023 | 1.9% | 0.87× | 1.7% | 1.65× | 2.8% | S100TPW6 |
| 2024 | 5.7% | 0.89× | 5.1% | 1.74× | 8.9% | S100W2OC |
| 2025 | 7.8% | 0.88× | 6.9% | 1.73× | 11.9% | S100YEVT |
| 2026 | 9.4% | 0.80× | 7.5% | 1.66× | 12.4% | S100YEVT |

## 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 | 14.1% | 2026-03-31 |
| 日本生命保険相互会社（常任代理人 日本マスタートラスト信託銀行株式会社） | Major shareholder | 8.1% | 2026-03-31 |
| ユシロ取引先持株会 | Major shareholder | 7.6% | 2026-03-31 |
| スズキ株式会社 | Major shareholder | 4.2% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 4.0% | 2026-03-31 |
| ユシロ従業員持株会 | Major shareholder | 3.6% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 3.5% | 2026-03-31 |
| 株式会社三菱ＵＦＪ銀行 | Major shareholder | 2.4% | 2026-03-31 |
| 長瀬産業株式会社 | Major shareholder | 1.9% | 2026-03-31 |
| 今川 和明 | Major shareholder | 1.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第93期(2025/04/01－2026/03/31) | S100YEVT | 2026-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YEVT,, |
| 有価証券報告書－第92期(2024/04/01－2025/03/31) | S100W2OC | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W2OC,, |
| 有価証券報告書－第91期(2023/04/01－2024/03/31) | S100TPW6 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPW6,, |
| 有価証券報告書－第90期(2022/04/01－2023/03/31) | S100R1GC | 2023-06-28 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R1GC,, |
| 有価証券報告書－第89期(令和3年4月1日－令和4年3月31日) | S100OE0P | 2022-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OE0P,, |
| 有価証券報告書－第88期(令和2年4月1日－令和3年3月31日) | S100LP4A | 2021-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LP4A,, |

## 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).