FUSO CHEMICAL CO.,LTD.

扶桑化学工業株式会社

Chemicals

Fuso Chemical Co.,Ltd. manufactures and sells life science and electronic material products. The company offers malic acid and derivatives, citric acid and derivatives, L-tartaric acid and derivatives, lactic acid and derivatives, gluconic acid and derivatives, other acid derivatives, ascorbic and isoascorbic acids, and amino acid and derivatives, as well as water soluble rust proof agents/water soluble grinding and cutting fluids. It also provides ultra-high purity colloidal silica and high purity organo silica sol; and functional chemical products that consist of oxidation products, as well as benzoic acid derivatives. Fuso Chemical Co.,Ltd. was founded in 1952 and is headquartered in Osaka, Japan.

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Price

¥4,275

Market Cap

¥150.7B

Ent. Value

¥126.6B

Net Cash

¥24.1B

Shares Out.

35.3M

P / E

31.6×

EV / EBIT

6.7×

P / Book

3.86×

P / NCAV

3.47×

Div. Yield

0.96%

Financials

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Net Sales	¥76.9B	¥69.5B	¥59.0B	¥68.5B	¥55.8B
Cost of Sales	¥47.6B	¥43.5B	¥38.4B	¥40.0B	¥32.7B
Gross Profit	¥29.3B	¥26.0B	¥20.6B	¥28.4B	¥23.1B
SG&A	¥10.5B	¥9.7B	¥9.5B	¥9.5B	¥8.0B
Operating Income	¥18.9B	¥16.2B	¥11.1B	¥18.9B	¥15.0B
Non-Operating Income	¥880M	¥477M	¥952M	¥822M	¥482M
Dividend Income	—	¥14M	¥12M	¥25M	¥31M
Interest Income	—	¥339M	¥246M	¥135M	¥17M
Non-Operating Expenses	—	¥146M	¥153M	¥12M	¥7M
Interest Expense	—	¥132M	¥122M	—	—
Ordinary Income	¥19.6B	¥16.6B	¥11.9B	¥19.7B	¥15.5B
Pre-tax Income	¥19.5B	¥16.3B	¥12.0B	¥20.1B	¥15.7B
Income Taxes	¥5.2B	¥4.6B	¥3.7B	¥6.0B	¥4.8B
Current Tax	—	¥4.4B	¥4.4B	¥6.1B	¥4.6B
Deferred Tax	—	¥225M	¥-696M	¥-162M	¥232M
Net Income (owners)	¥14.3B	¥11.6B	¥8.3B	¥14.1B	¥10.9B
Comprehensive Income	—	¥11.4B	¥9.8B	¥14.3B	¥12.1B
EBITDA	¥29.8B	¥24.5B	¥18.2B	¥23.3B	¥19.5B
EPS	¥135.28	¥329.68	¥236.70	¥400.90	¥308.08
Shares Outstanding	—	35.3M	35.2M	35.2M	35.2M
Shares Issued (total)	—	35.5M	35.5M	35.5M	35.5M
Treasury Shares	—	0.3M	0.3M	0.3M	0.3M

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Total Assets	¥152.3B	¥141.5B	¥133.7B	¥113.5B	¥92.0B
Current Assets	¥78.5B	¥67.1B	¥68.1B	¥55.3B	¥52.1B
Cash & Deposits	¥41.0B	¥31.3B	¥31.5B	¥23.4B	¥24.2B
Trade Receivables	—	¥15.9B	¥16.3B	¥14.8B	¥14.7B
Non-Current Assets	¥73.8B	¥74.4B	¥65.6B	¥58.2B	¥39.9B
PP&E	¥64.5B	¥67.0B	¥59.0B	¥54.3B	¥35.3B
Intangible Assets	—	¥4.0B	¥3.1B	¥1.3B	¥1.9B
Investment Securities	¥680M	¥714M	¥885M	¥691M	¥1.0B
Deferred Tax Assets	—	¥1.7B	¥1.9B	¥1.2B	¥911M
Total Liabilities	¥35.0B	¥37.5B	¥38.7B	¥26.0B	¥16.7B
Current Liabilities	¥19.8B	¥18.5B	¥16.5B	¥23.9B	¥14.7B
Accounts Payable	—	¥3.1B	¥2.4B	¥3.3B	¥3.0B
ST Debt	¥4.0B	¥3.1B	—	—	—
Taxes Payable	—	¥1.8B	¥1.3B	¥3.3B	¥3.2B
Non-Current Liabilities	¥15.2B	¥19.0B	¥22.3B	¥2.1B	¥2.0B
Total LT Borrowings	¥12.9B	¥16.9B	¥20.0B	—	—
Pension Obligations	—	¥1.5B	¥1.7B	¥1.6B	¥1.6B
Deferred Tax Liab.	—	¥304M	¥299M	¥191M	¥187M
Total Equity	¥117.2B	¥104.0B	¥95.0B	¥87.5B	¥75.3B
Capital Stock	—	¥4.3B	¥4.3B	¥4.3B	¥4.3B
Capital Surplus	—	¥4.8B	¥4.8B	¥4.8B	¥4.8B
Retained Earnings	¥102.9B	¥91.4B	¥82.2B	¥76.2B	¥64.2B
Treasury Stock	—	¥-1.1B	¥-1.1B	¥-1.1B	¥-1.1B
AOCI	—	¥4.5B	¥4.8B	¥3.3B	¥3.1B
Equity (owners)	¥111.1B	¥99.5B	¥90.3B	¥84.2B	¥72.2B

Total Interest-Bearing Debt ⓘ	¥16.9B	¥20.0B	¥20.0B	—	—
Net Cash ⓘ	¥24.1B	¥11.3B	¥11.5B	¥23.4B	¥24.2B
NCAV ⓘ	¥43.4B	¥29.6B	¥29.4B	¥29.3B	¥35.4B
NCAV/Share	—	¥840	¥835	¥832	¥1,004
BV/Share	—	¥2,822	¥2,560	¥2,390	¥2,049

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
Operating CF	¥24.8B	¥22.7B	¥7.1B	¥13.9B	¥10.2B
Taxes Paid	—	—	—	¥-6.1B	¥-3.0B
Interest Paid	—	¥-135M	¥-104M	—	—
Interest Received	—	¥345M	¥245M	¥148M	¥48M
D&A	¥10.9B	¥8.3B	¥7.2B	¥4.3B	¥4.5B
Investing CF	¥-11.1B	¥-20.5B	¥-18.6B	¥-13.4B	¥-9.4B
CapEx	¥7.3B	¥18.4B	¥14.9B	¥13.4B	¥9.2B
Purchase Investments	—	¥-6M	¥-106M	¥-160M	¥-61M
Proceeds from Invest.	—	—	¥23M	¥537M	¥292M
Financing CF	¥-5.9B	¥-2.4B	¥17.7B	¥-2.1B	¥-2.9B
Dividends Paid	—	¥-2.4B	¥-2.3B	¥-2.1B	¥-1.8B
Share Buybacks	—	¥-1M	¥-1M	¥-0M	¥-1.1B
Free Cash Flow	¥17.4B	¥4.3B	¥-7.9B	¥493M	¥973M
Net Change in Cash	—	¥-246M	¥7.1B	¥-1.1B	¥-1.4B

Metric	FY 2025 TDnet	FY 2024 EDINET ↗	FY 2023 EDINET ↗	FY 2022 EDINET ↗	FY 2021 EDINET ↗
ROE	12.9%	11.7%	9.1%	17.4%	15.4%
ROA	9.7%	8.4%	6.7%	13.7%	11.8%
EPS	¥135.28	¥329.68	¥236.70	¥400.90	¥308.08
DPS	¥41.00	¥73.00	¥66.00	¥63.00	¥55.00
BPS	¥1,107.94	¥2,951.16	¥2,695.77	¥2,482.80	¥2,136.65
FCF/Share	—	¥123	¥-224	¥14	¥28
NCAV/Share	—	¥840	¥835	¥832	¥1,004
Payout Ratio	30.3%	22.1%	27.9%	15.7%	17.9%

Event Timeline

S Shareholder A Capital Signal

Large Shareholder Reports 7

Date	Activist	Stake	Event	Flag	Demands
2026-03-23	Sumitomo Mitsui DS Asset Management Company, Limited	6.36% +1.01%	change	Passive	—
2026-02-06	Sumitomo Mitsui DS Asset Management Company, Limited	5.35%	initial_5pct	Passive	—
2025-04-21	Nomura Securities Co.,Ltd.	4.55% -0.46%	change	Passive	—
2025-02-19	Nomura Securities Co.,Ltd.	5.01%	initial_5pct	Passive	—
2025-02-14	Kumpusha Corporation	7.16%	change	Passive	—
2024-05-31	JYUSEIDOU.CO	16.11%	correction	Passive	—
2024-02-29	JYUSEIDOU.CO	16.11%	change	Passive	—

#	Shareholder	Shares (thou.)	% of Total
1	株式会社壽世堂	5,596	15.87%
2	帝國製薬株式会社	3,328	9.44%
3	Japan Master Trust Bank 日本マスタートラスト信託銀行株式会社（信託口）	3,157	8.96%
4	株式会社薫風舎	2,517	7.14%
5	株式会社カストディ銀行（信託口）	1,773	5.03%
6	Osaka Small and Medium Enterprise Investment and Development Co. 大阪中小企業投資育成株式会社	1,490	4.23%
7	有限会社帝産	1,375	3.90%
8	THE BANK OF NEW YORK MELLON THE BANK OF NEW YORK MELLON 140042 （常任代理人株式会社みずほ銀行決済営業部）	1,280	3.63%
9	公益財団法人赤澤記念財団	1,000	2.84%
10	株式会社百十四銀行	596	1.69%

as of 2025-03-31 Source: EDINET ↗

Ownership by year — hover bars for detail

Domestic Nominees

9.0%

-7.3% vs 2024

Trust bank custodians — GPIF, pensions, investment trusts

Foreign Custodians

3.6%

+1.2% vs 2024

Sub-custodians for foreign asset managers

Direct / Strategic

50.1%

+4.6% vs 2024

Named entities with disclosed investment intent

Shareholder	Trend	2023	2024	2025
式会社壽世堂		15.88%	15.88%	15.87% -0.01%
帝國製薬		9.44%	9.44%	9.44%
Japan Master Trust Bank 日本マスタートラスト信託銀行		8.57%	9.41%	8.96% -0.45%
式会社薫風舎		5.92%	5.92%	7.14% +1.22%
式会社カストディ銀行 NEW ENTRY	—	—	—	5.03% NEW
Osaka Small and Medium Enterprise Investment and Development Co. 大阪中小企業投資育成		4.23%	4.23%	4.23%
限会社帝産		3.90%	3.90%	3.90%
BNY Mellon		2.31%	2.44%	3.63% +1.19%
公益財団法人赤澤記念財団		2.84%	2.84%	2.84%
式会社百十四銀行 NEW ENTRY	—	—	—	1.69% NEW
Japan Custody Bank 日本カストディ銀行 last seen 2024	Exited Top 10	5.06%	6.82%	—
NIPPON SHOKUBAI CO., LTD. 式会社日本触媒 last seen 2024	Exited Top 10	3.37%	3.37%	—
Concentration (HHI) ⓘ		533	570	555

3 fiscal years · top-10 holders per year · >2,500 HHI = high concentration · entity-resolved

Portfolio Book Value ¥406M +2% since 2023

Holdings 14 2 exited

Trend 2 building vs 2023

Held Company	FY2025 ¥406M total		FY2023 ¥398M total
	Book Val ¥M	Shares	Book Val ¥M	Shares
FUJIMI INCORPORATED 株式会社フジミインコーポレーテッド	210	+211.1% ↑ 110,732	260	35,591	M
Resona Holdings, Inc. 株式会社りそなホールディングス	104	80,863	52	80,863	M
NIPPON SHOKUBAI CO., LTD. 株式会社日本触媒	66	+300.0% ↑ 37,716	50	9,429	M
Mizuho Financial Group, Inc. 株式会社みずほフィナンシャルグループ	14	3,578	7	3,578	M
Senshu Ikeda Holdings,Inc. 株式会社池田泉州ホールディングス	11	24,383	6	24,383	M
The Hyakujushi Bank,Ltd. 株式会社百十四銀行	2	545	1	545	M
Nippon Fine Chemical Co., Ltd. 日本精化株式会社	—		—
YAKULT HONSHA CO.,LTD. 株式会社ヤクルト本社	—		—
NIPPON KAYAKU CO.,LTD. 日本化薬株式会社	—		—
Sumitomo Corporation 住友商事株式会社	—		—
NAGASE & CO., LTD. 長瀬産業株式会社	—		—
HISAMITSU PHARMACEUTICAL CO.,INC. 久光製薬株式会社	—		—
DAIMARU.ENAWIN CO.,LTD. 大丸エナウィン株式会社	—		—
ITO EN,LTD. 株式会社伊藤園	—		—
SOFT99corporation 株式会社ソフト９９コーポレーション	—	−100% Exit —	13	10,200	M
ARAKAWA CHEMICAL INDUSTRIES, LTD. 荒川化学工業株式会社	—	−100% Exit —	10	10,000	M
Portfolio total	406		398

Book value in ¥M · ↓ reduced · ↑ increased vs prior year · M = mutual holding