MATSUMOTO YUSHI-SEIYAKU CO.,LTD.
4365・Standard Market・Chemicals
Business
Matsumoto Yushi-Seiyaku, founded in 1926, is a specialist manufacturer of surfactants that produces and sells a wide range of functional chemicals, from textile industry oils and processing agents to metalworking oils and thermally expandable microcapsules (Matsumoto Microsphere). Domestic operations (Japan segment) account for approximately 94% of net sales, while two consolidated subsidiaries in Indonesia and Taiwan constitute the Asia segment. Major customers span the textile industry (spinning, dyeing, finishing) as well as diverse industrial fields including automotive parts, can manufacturing, cosmetics, and building materials. It is an R&D-driven company with approximately 30% of employees engaged in research and development-related work, and is listed on the Standard Market of the Tokyo Stock Exchange.
Business Model
The company manufactures surfactants and polymer products at its own plants (Head Office Plant, Shizuoka Plant, and Osaka Plant), and supplies them domestically and internationally through sales channels such as Marubeni Chemix (approximately 32% of net sales) and Nihon Quaker Chemical (approximately 11%). It continues to invest in R&D expenses of ¥775 million (FY2026, ending March 2026), maintaining a high operating margin (19.9%) through added-value improvement via development of new materials and new applications. Funding needs are met through operating cash flow and internal funds, with a basic policy of debt-free management.
Company Strengths
The operating margin trended as follows: 15.5% in FY2022 (ending March 2022) → 19.6% in FY2023 (ending March 2023) → 21.1% in FY2024 (ending March 2024) → 21.5% in FY2025 (ending March 2025) → 19.9% in FY2026 (ending March 2026), maintaining a high level over the past five fiscal years. The equity ratio also remained above 80%, at 84.2% in FY2026 (ending March 2026), achieving both financial soundness and profitability.
Approximately 30% of employees are engaged in R&D-related work, continuing new product development across a wide range of technology areas, from textile industries (upstream, midstream, downstream) to non-textile industries (thermally expandable microcapsules, rubber anti-adhesive agents, cement additives, etc.). Matsumoto Microsphere has been established in the market as a product based on proprietary polymer technology since its manufacturing began in 1979.
As of the end of FY2026 (ending March 2026), total assets were ¥105,916 million against net assets of ¥91,267 million, resulting in an equity ratio of 84.2%. The company held cash and cash equivalents of ¥34,125 million, funding capital expenditures and R&D from internal resources. Net assets per share have continued to increase, from ¥19,544.43 in FY2022 (ending March 2022) to ¥30,757.44 in FY2026 (ending March 2026).
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥41,526 million in FY2024 (ended March 2024) and has declined for two consecutive periods, reaching ¥41,069 million in FY2026 (ending March 2026), down 4.8% year on year. Operating profit also decreased for two consecutive periods to ¥8,160 million (down 12.1% year on year), with the operating profit margin falling from 21.5% to 19.9%. The main causes were sluggish demand for textile applications amid the global apparel recession and weak overseas sales. On the other hand, ordinary profit and net profit increased due to the recording of ¥1,226 million in foreign exchange gains (an external factor) and an increase in interest and dividend income received. Comprehensive income rose to ¥11,094 million (up 52.0% year on year), also supported by an expansion in valuation differences on available-for-sale securities. The forecast for the next fiscal year has not yet been determined.
Growth Strategy
The Company aims to diversify its earnings base and achieve sustainable growth through deepening surfactant and polymer technologies and developing new customers and applications.
Promoting expansion into non-textile industrial applications such as automotive parts, oils for DI cans, cosmetics, and resin molding. In FY2026 (ending March 2026), the automotive parts and cosmetics segments continued to be sluggish, resulting in a difficult 3.3% year-on-year decline; however, this remains an ongoing medium- to long-term priority initiative aimed at diversifying earnings away from dependence on the textile business.
Promoting the development of new customers and applications in parallel with the development of high-quality, price-competitive products, with the aim of reducing dependence on Marubeni Chemix (approximately 32% of net sales) and diversifying the earnings base. In FY2026 (ending March 2026), some results have been seen, with Cationic & Amphoteric Surfactants performing solidly in domestic textiles, household detergents, and overseas markets (up 7.5% year on year).
Leveraging bases in Indonesia and Taiwan, the Company aims to expand orders for Nonionic Surfactants used in thobe fabrics for the Middle East and processing agents for export. In FY2026 (ending March 2026), the Asia segment has been significantly affected by the global apparel recession, with segment net sales down 14.8% year on year and segment profit down 32.3% year on year; recovery is expected to take time.
Last updated: July 19, 2026