# ZEON CORPORATION: 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101期(2025/04/01－2026/03/31) (S100YJ12)
> Page: https://vizora.meequs.com/en/company/zeon
> Retrieved: 2026-09-30T17:49:08.754Z

## Company

Zeon, founded in 1950, is a company in Chemicals listed on TSE Prime. It has 4,425 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | ZEON CORPORATION |
| Ticker | 4205 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4205.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区丸の内一丁目6番2号 |
| Representative (per filing) | 代表取締役社長兼CEO 豊嶋 哲也 |
| Founded | Apr 1950 |
| Share capital | ¥24.2B |
| Employees (consolidated) | 4,425 |
| Average salary (parent only) | ¥7.8M |
| Fiscal year end | March |
| Website | zeon.co.jp (https://zeon.co.jp/) |
| Corporate number | 9010001008834 |
| EDINET | E00821 |
| Industries (Vizora) | Chemicals |

> Profile source: annual securities report (S100YJ12, filed 2026-06-25). As of filing

## Five-axis industry profile

Primary industry: Chemicals (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 55.7 | 96 |
| Profitability | 66.5 | 100 |
| Cash conversion | 70.3 | 96 |
| Efficiency | 65.5 | 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 54% of Zeon's sales come from Elastomer, with Specialty Material and Other making up much of the rest.
- Out of every ¥100 of sales, about ¥9 is left as operating profit.
- Revenue changed -2.1% from the prior year, operating profit +24.1%.

## Company structure

- Segment revenue mix: Elastomer 53.8%、Specialty Material 30.1%、Other 16.0%
- Revenue → net income: ¥411966000000 → ¥36315000000
- Net income → operating cash flow: ¥36315000000 → ¥76436000000（difference ¥40121000000）
- Main uses of operating cash flow: CapEx ¥60873000000 / dividends ¥13887000000 / buybacks ¥10007000000
- Change in cash: ¥464000000
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 | ¥412B |  |
| Operating income | ¥36.4B | Margin 8.8% |
| Net income | ¥36.2B | Margin 8.8% |
| Free cash flow | ¥15.6B |  |
| Largest business | Elastomer | of segment revenue 53.8% |
| Employees (consolidated) | 4,425 |  |
| EPS | ¥140.64 |  |
| Diluted EPS | ¥140.57 |  |
| Book value per share | ¥1330.85 |  |
| Equity ratio | 68.9% |  |
| Shares outstanding | 209,251,000 |  |
| Treasury shares | 16,570,700 |  |
| Shareholders | 33,731 |  |
| Average salary (parent only) | ¥7.8M | Filing company only |
| Cash ratio | 5.2% | Cash ÷ revenue 6.9% |
| Vs. industry median margin | +1.3 pp | Chemicals |
| ROE | 11.5% | Derived from disclosed figures |
| ROA | 6.7% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.1× net income
- FY2026, segment profit share differs by 28 points
- FY2026, employees -2% while operating income rose 24%

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥301961000000 | ¥411966000000 | +36.4% |
| Operating income | ¥33408000000 | ¥36377000000 | +8.9% |
| Operating margin | 11.1% | 8.8% | -2.2 pp |
| Employees | 3,502 people | 4,425 people | +26.4% |
| Cash and equivalents | ¥48152000000 | ¥28437000000 | -40.9% |

### 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 |
| --- | ---: |
| エラストマー素材事業 → エラストマー素材事業 | 53.0% |
| 高機能材料事業 → 高機能材料事業 | 30.1% |
| 高機能材料事業 → 事業再編・廃止 | 1.5% |
| その他 → その他 | 15.4% |
| 新設・再編 → エラストマー素材事業 | 0.8% |
| 新設・再編 → その他 | 0.6% |

Segment revenue source references: 6 (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 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Elastomer | 5 years | +6.7% | ¥221756000000 | 5.3% | 2 |
| Specialty Material | 5 years | +5.4% | ¥124163000000 | 18.1% | 2 |
| Other | 5 years | +7.2% | ¥66047000000 | 6.5% | 2 |

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

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 411,966 | 100.0% | S100YJ12 |
| Cost of revenue | 290,764 | 70.6% | S100YJ12 |
| Gross profit | 121,202 | 29.4% | S100YJ12 |
| SG&A | 84,826 | 20.6% | S100YJ12 |
| Operating income | 36,377 | 8.8% | S100YJ12 |
| Ordinary income | 40,038 | 9.7% | S100YJ12 |
| Pretax income | 49,306 | 12.0% | S100YJ12 |
| Income tax | 12,991 | 3.2% | S100YJ12 |
| Net income | 36,315 | 8.8% | S100YJ12 |
| Net income attributable to owners | 36,226 | 8.8% | S100YJ12 |

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

| Part | JPY |
| --- | ---: |
| Cost of revenue | 70 |
| SG&A | 21 |
| Operating income | 9 |
| (Ref.) Net income | 9 |

### Margin funnel

Gross margin 29.4% → Operating margin 8.8% → Net margin 8.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -2.1%; Core profit growth: +24.1%
Operating leverage (core profit growth ÷ revenue growth): -11.66×
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 | 420,647 | 411,966 | -8,681 | -2.1% |
| Gross profit | 118,233 | 121,202 | 2,969 | +2.5% |
| Operating income | 29,321 | 36,377 | 7,056 | +24.1% |
| Net income attributable to owners | 26,199 | 36,226 | 10,027 | +38.3% |
| Operating cash flow | 20,781 | 76,436 | 55,655 | +267.8% |
| Free cash flow | -9,925 | 15,563 | 25,488 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 321,966 | 26,104 | 8.1% | 20,201 | 28,430 | 5,295 | S100LQ85 |
| FY ending Mar 2021 | 301,961 | 33,408 | 11.1% | 27,716 | 56,080 | 32,047 | S100OSE4 |
| FY ending Mar 2022 | 361,730 | 44,432 | 12.3% | 33,413 | 33,140 | 8,967 | S100RGBJ |
| FY ending Mar 2023 | 388,614 | 27,179 | 7.0% | 10,569 | 14,358 | -12,262 | S100TUZV |
| FY ending Mar 2024 | 382,279 | 20,500 | 5.4% | 31,101 | 47,413 | 11,423 | S100W1KZ |
| FY ending Mar 2025 | 420,647 | 29,321 | 7.0% | 26,199 | 20,781 | -9,925 | S100YJ12 |
| FY ending Mar 2026 | 411,966 | 36,377 | 8.8% | 36,226 | 76,436 | 15,563 | S100YJ12 |

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

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥93.1M |
| Operating income per employee (consolidated) | ¥8.2M |
| Net income per employee (consolidated) | ¥8.2M |

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) | 3,981 | 4,293 | 4,462 | 4,493 | 4,425 |
| Average salary (parent company) | ¥7.5M | ¥7.3M | ¥7.3M | ¥7.4M | ¥7.8M |
| Average age (parent company) | 40.0 years | 39.5 years | 39.4 years | 39.4 years | 39.6 years |
| Average tenure (parent company) | 15.2 years | 14.0 years | 13.8 years | 13.9 years | 14.3 years |

Year over year: Employees (consolidated) -1.5% · Revenue (consolidated) -2.1%

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

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Elastomer | 221,756 | 53.8% | 11,665 | 5.3% |
| Specialty Material | 124,163 | 30.1% | 22,421 | 18.1% |
| Other | 66,047 | 16.0% | 4,290 | 6.5% |

### 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 |
| --- | ---: | ---: | ---: | ---: |
| Elastomer | 53.8% | 30.4% | -23.4 | 5.3% |
| Specialty Material | 30.1% | 58.4% | 28.3 | 18.1% |
| Other | 16.0% | 11.2% | -4.9 | 6.5% |

Segment → industry: Specialty Material → Chemicals / Elastomer → 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 | 76,436 | 18.6% | S100YJ12 |
| Capital expenditure | 60,873 | 14.8% | S100YJ12 |
| Free cash flow | 15,563 | 3.8% | 算出 |
| Investing cash flow | -42,439 | -10.3% | S100YJ12 |
| Financing cash flow | -34,920 | -8.5% | S100YJ12 |
| Dividends paid | 13,887 | 3.4% | S100YJ12 |
| Share buyback | 10,007 | 2.4% | S100YJ12 |
| Change in cash | 464 | 0.1% | S100YJ12 |
| Cash and equivalents | 28,437 | 6.9% | S100YJ12 |

## 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 | 44,521 | 28,270 | 42,533 | 26,836 | 28,437 | S100TUZV, S100W1KZ, S100YJ12 |
| Total assets | 484,660 | 522,868 | 532,254 | 533,786 | 548,246 | S100RGBJ, S100TUZV, S100W1KZ, S100YJ12 |
| Net assets | 321,836 | 339,308 | 363,729 | 357,992 | 378,252 | S100TUZV, S100W1KZ, S100YJ12 |
| Share capital | 24,211 | 24,211 | 24,211 | 24,211 | 24,211 | S100RGBJ, S100TUZV, S100W1KZ, S100YJ12 |
| Trade receivables | 78,806 | 79,622 | 83,349 | 81,570 | 63,776 | S100RGBJ, S100TUZV, S100W1KZ, S100YJ12 |
| Property, plant and equipment | 118,299 | 113,924 | 130,672 | 143,703 | 194,116 | S100RGBJ, S100TUZV, S100W1KZ, S100YJ12 |
| Intangible assets excluding goodwill | 3,249 | 4,442 | 5,432 | 5,985 | 6,337 | S100RGBJ, S100TUZV, S100W1KZ, S100YJ12 |
| Investment securities | 80,729 | 100,113 | 85,316 | 71,191 | 73,712 | S100RGBJ, S100TUZV, S100W1KZ, S100YJ12 |
| Current assets | 274,947 | 296,631 | 300,982 | 298,134 | 257,545 | S100RGBJ, S100TUZV, S100W1KZ, S100YJ12 |
| Current liabilities | 138,653 | 160,587 | 143,561 | 152,022 | 144,250 | S100RGBJ, S100TUZV, S100W1KZ, S100YJ12 |
| Trade payables | 79,833 | 83,659 | 83,449 | 68,617 | 58,734 | S100RGBJ, S100TUZV, S100W1KZ, S100YJ12 |
| Short-term borrowings | 8,960 | 8,960 | 8,960 | 8,960 | 8,960 | S100RGBJ, S100TUZV, S100W1KZ, S100YJ12 |
| Total liabilities | 162,824 | 183,560 | 168,525 | 175,793 | 169,994 | S100RGBJ, S100TUZV, S100W1KZ, S100YJ12 |
| Non-controlling interests | 3,086 | 2,910 | 1,262 | 652 | 689 | S100RGBJ, S100TUZV, S100W1KZ, S100YJ12 |
| Equity attributable to owners of parent | 293,053 | 292,688 | 314,288 | 309,398 | 322,452 | S100RGBJ, S100TUZV, S100W1KZ, S100YJ12 |
| Retained earnings | 272,679 | 268,363 | 289,930 | 287,773 | 302,770 | S100RGBJ, S100TUZV, S100W1KZ, S100YJ12 |
| Treasury stock | -23,000 | -19,024 | -19,435 | -21,910 | -23,853 | S100RGBJ, S100TUZV, S100W1KZ, S100YJ12 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 5% | S100YJ12 |
| Receivables | 12% | S100YJ12 |
| Property, plant and equipment | 35% | S100YJ12 |
| Intangibles and goodwill | 1% | S100YJ12 |
| Investment securities | 14% | S100YJ12 |
| Other assets | 33% | S100YJ12 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Trade payables | 11% | S100YJ12 |
| Other liabilities | 20% | S100YJ12 |
| Equity | 69% | S100YJ12 |

### 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 | 484,660 | 522,868 | 532,254 | 533,786 | 548,246 |
| Equity | 321,836 | 339,308 | 363,729 | 357,992 | 378,252 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 44,521 | 28,270 | 42,533 | 26,836 | 28,437 |

## 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) | 47.1% | S100YJ12 |
| Fixed assets ÷ total assets | 35.4% | S100YJ12 |
| Goodwill ÷ parent equity | — | —, S100YJ12 |

### 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) | 5.2% |
| Cash ÷ revenue | 6.9% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 210.1% |
| Cash vs. profit gap | 40,210 JPY mn (of net income 111.0%) |
| Shareholder returns / net income | 66.0% |
| Shareholder returns / FCF | 153.5% |
| Shareholder payments — dividends / net income | 38.3% |
| Shareholder payments — dividends / FCF | 89.2% |
| CapEx intensity (capex ÷ revenue) | 14.8% |
| Investing CF relative to operating CF | 55.5% |

## 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 | 9.2% | 0.75× | 6.9% | 1.65× | 11.4% | S100RGBJ |
| 2023 | 2.7% | 0.77× | 2.1% | 1.72× | 3.6% | S100TUZV |
| 2024 | 8.1% | 0.72× | 5.9% | 1.74× | 10.2% | S100W1KZ |
| 2025 | 6.2% | 0.79× | 4.9% | 1.71× | 8.4% | S100YJ12 |
| 2026 | 8.8% | 0.76× | 6.7% | 1.71× | 11.5% | S100YJ12 |

## 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 | 11.2% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 6.1% | 2026-03-31 |
| 株式会社みずほ銀行 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.3% | 2026-03-31 |
| 朝日生命保険相互会社 （常任代理人 株式会社日本カストディ銀行） | Major shareholder | 4.0% | 2026-03-31 |
| 全国共済農業協同組合連合会 （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 | 2.5% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.4% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３ （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.3% | 2026-03-31 |
| 日本ゼオン取引先持株会 | Major shareholder | 2.2% | 2026-03-31 |
| 農林中央金庫 | Major shareholder | 1.9% | 2026-03-31 |
| 日本ゼオン従業員持株会 | Major shareholder | 1.8% | 2026-03-31 |

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

- Revenue for FY ending Mar 2026 came in at ¥412B, down 2.1% from ¥420.6B.
- Profit still grew: operating income rose 24.1% to ¥36.4B, and net income attributable to owners rose 38.3% to ¥36.2B.
- Operating cash flow jumped from ¥20.8B to ¥76.4B, and free cash flow turned positive at ¥15.6B after -¥9.93B the year before.

### Drivers

- In elastomers, synthetic rubber sales and profit fell as selling prices followed raw material costs down and overseas demand stayed weak
- In specialty materials, demand grew for optical film used in large TVs, battery materials for energy storage systems, and electronic materials tied to AI-related chip investment
- Lower SG&A and other cost cuts let the latex and chemicals businesses raise profit even as their sales fell

### Risks

- At year-end, the effective closure of the Strait of Hormuz disrupted supply chains, leaving the outlook unclear
- Elastomer costs depend heavily on crude oil and naphtha prices, and sharp spikes may not be fully passed on to customers
- Currency swings or a downturn in key markets could weigh on sales and profit

Cited: Annual Securities Report, 101st fiscal period (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, 101st fiscal period (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第101期(2025/04/01－2026/03/31) | S100YJ12 | 2026-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YJ12,, |
| 有価証券報告書－第100期(2024/04/01－2025/03/31) | S100W1KZ | 2025-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1KZ,, |
| 有価証券報告書－第99期(2023/04/01－2024/03/31) | S100TUZV | 2024-06-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TUZV,, |
| 訂正有価証券報告書－第98期(2022/04/01－2023/03/31) | S100RGBJ | 2023-07-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RGBJ,, |
| 訂正有価証券報告書－第97期(令和3年4月1日－令和4年3月31日) | S100OSE4 | 2022-07-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OSE4,, |
| 有価証券報告書－第96期(令和2年4月1日－令和3年3月31日) | S100LQ85 | 2021-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LQ85,, |

## 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).