SHOFU INC.
7979・Prime Market・Precision Instruments
Business
SHOFU INC. is a comprehensive manufacturer of dental materials and equipment founded in 1922, forming a global group with 4 domestic and 14 overseas consolidated subsidiaries. In its core Dental-related Business, the company manufactures and sells a wide range of products including Artificial Teeth, Filling and Restorative Materials (Chemical Products), CAD/CAM-related products (SHOFU Disk ZR Lucent Supra, SHOFU Block PEEK, SHOFU Block HC Super Hard), Cements, and Machinery & Instruments, accounting for approximately 94% of net sales. Its sales network spans North America, Europe, China, Asia, Latin America, and India, with major customers including dental clinics, dental laboratories, and dental dealers. As a second segment, the company also operates the Nail-related Business (gel nail and acrylic nail products), and is listed on the Prime Market of the Tokyo Stock Exchange.
Business Model
The SHOFU Group produces dental materials and equipment at manufacturing subsidiaries in Japan and overseas, and sells them to dental clinics, dental laboratories, and dealers through sales subsidiaries and agents in each country, adopting a vertically integrated business model. The company invested ¥2,165 million in R&D (FY2026, ending March 2026), maintaining product competitiveness by continuously launching new products to the market. It also seeks to complement its materials technology and product lineup through capital and business alliances with Mitsui Chemicals and Sun Medical.
Company Strengths
Since its founding in 1922, the company has continued research and development and manufacturing of dental materials and equipment for over 100 years, and holds numerous long-selling brands, including the filling and restorative material "BEAUTIFIL" series and the oral care product "Mersage." R&D expenses for FY2026 (ending March 2026) reached ¥2,165 million, enabling continuous product renewal every fiscal period.
The company has established sales subsidiaries in major markets worldwide, including the United States, Germany, the United Kingdom, Singapore, China, Brazil, and India, and conducts business operations tailored to regional characteristics. In FY2026 (ending March 2026), overseas sales served as the primary growth driver of the Dental-related Business, with filling and restorative materials performing solidly in North America, Latin America, and China, and CAD/CAM-related products performing solidly in Europe.
In 2020, the company entered into a capital and business alliance with Mitsui Chemicals, which now holds 20.01% of issued shares as a stable shareholder. The alliance covers promoting new product development, complementing product lineups, leveraging domestic and overseas sales networks, and complementing and sharing production functions. Through a three-party collaboration with equity-method affiliate Sun Medical, the company aims to strengthen its competitiveness in the dental materials market.
ENVALITH's Perspective
Performance Trend
Revenue grew for five consecutive fiscal years, rising from ¥28,137 million in FY2022 (ended March 2022) to ¥39,994 million in FY2026 (ending March 2026), representing an average annual growth rate of approximately 9.2%. However, the revenue growth rate in FY2026 slowed to 3.3% from 10.3% in the previous period. Operating profit declined 3.1% year-on-year to ¥5,226 million—the first decline in five fiscal years—due to an increase in selling, general and administrative expenses (up ¥914 million). Ordinary profit rose 6.1% year-on-year to ¥5,859 million, supported by an increase in non-operating income including foreign exchange gains and gains on sale of supplies. Net income attributable to owners of the parent increased 13.2% year-on-year to ¥4,887 million, a record high, aided by a contribution of ¥836 million in gains on sale of investment securities. As external factors, uncertainty over US tariff policy, deterioration in the Middle East situation, and price increases are heightening uncertainty in the business environment, while favorable foreign exchange effects (assuming ¥150/US dollar and ¥170/euro) supported the yen-converted value of overseas revenue.
Growth Strategy
SHOFU aims for a global top-10 position in digital dentistry under the Fifth Medium-Term Management Plan and the long-term vision "Vision10"
The company is expanding its lineup of CAD/CAM-related products, including SHOFU Block PEEK, SHOFU Block HC Super Hard, and SHOFU Disk ZR Lucent Supra, to capture the ongoing digitalization of dental care. In FY2026 (ending March 2026), this contributed to revenue growth in the domestic dental business. The policy of continuing to expand market share in filling and restorative materials, CAD/CAM materials, and preventive care products remains in place for FY2027 (ending March 2027).
The company is promoting Filling and Restorative Materials (Chemical Products) in North America and Latin America, CAD/CAM-related products in Europe, and a comprehensive product lineup in Asia. In FY2026 (ending March 2026), regional sales achieved year-on-year growth in each area, reaching ¥5,103 million in North America and Latin America, ¥8,658 million in Europe, and ¥9,121 million in Asia. In FY2027 (ending March 2027), the company plans to continue actively rolling out its core chemical products and cement products in these markets.
To meet growing global demand, the first-phase building of the new head office plant was completed in FY2026 (ending March 2026). Construction of a new plant has also begun at a domestic manufacturing subsidiary, with capital expenditures for property, plant and equipment expanding to ¥3,433 million, approximately 2.8 times the previous fiscal year. This medium- to long-term restructuring of the production system is laying the foundation to support achievement of the numerical targets under the Fifth Medium-Term Management Plan and the long-term vision.
The company has formulated its next long-term vision, "Vision10," looking ahead to 2040. Aiming to become a global top-10 player in the dental industry, it has set long-term targets of group net sales of ¥250,000 million and an operating margin of 20%. It is also working to improve capital efficiency (ROE of 10.7% in FY2026, ending March 2026) through effective use of management resources and more efficient business operations. The shareholder return policy of a consolidated dividend payout ratio of 40% or more and DOE of 3.0% or more will also continue.
Last updated: July 19, 2026