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AdwaysAdways Inc.2489東証スタンダードサービス業FY ending Dec 2025, consolidated, J-GAAP

Adways revenue and profit

Out of every ¥100 of sales, about ¥3 is left as operating profit. Revenue changed -3.7% from the prior year, operating profit +78.6%.

Five-year trend

Revenue¥12.2B
FY ending Dec 2021: ¥9.7B¥9.7BFY ending Dec 2022: ¥13.4B¥13.4BFY ending Dec 2023: ¥13.5B¥13.5BFY ending Dec 2024: ¥12.7B¥12.7BFY ending Dec 2025: ¥12.2B¥12.2BFY21FY22FY23FY24FY25
Operating income¥297.2M
FY ending Dec 2021: ¥1.3B¥1.3BFY ending Dec 2022: ¥1.67B¥1.67BFY ending Dec 2023: ¥921.5M¥921.5MFY ending Dec 2024: ¥166.4M¥166.4MFY ending Dec 2025: ¥297.2M¥297.2MFY21FY22FY23FY24FY25
Operating margin2.4%
FY ending Dec 2021: 13.4%13.4%FY ending Dec 2022: 12.5%12.5%FY ending Dec 2023: 6.8%6.8%FY ending Dec 2024: 1.3%1.3%FY ending Dec 2025: 2.4%2.4%FY21FY22FY23FY24FY25

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin2.1%
Asset turnover0.54×
ROA1.1%
ROA1.1%
Financial leverage1.81×
ROE2.0%

Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin2.1%
2021: 10.6%10.6%2022: 18.9%18.9%2023: 7.1%7.1%2025: 2.1%2.1%2122232425
Asset turnover0.54×
2021: 0.38×0.38×2022: 0.51×0.51×2023: 0.51×0.51×2025: 0.54×0.54×2122232425
ROA1.1%
2021: 4.1%4.1%2022: 9.6%9.6%2023: 3.6%3.6%2024: -2.0%-2.0%2025: 1.1%1.1%2122232425
Financial leverage1.81×
2021: 1.82×1.82×2022: 1.87×1.87×2023: 1.92×1.92×2025: 1.81×1.81×2122232425
ROE2.0%
2021: 7.4%7.4%2022: 17.9%17.9%2023: 7.0%7.0%2025: 2.0%2.0%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
202110.6%0.38×4.1%1.82×7.4%
202218.9%0.51×9.6%1.87×17.9%
20237.1%0.51×3.6%1.92×7.0%
2024——×-2.0%—×—
20252.1%0.54×1.1%1.81×2.0%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

PPE ÷ revenue9.3%
2021: 0.3%0.3%2021: 3.3%3.3%2022: 4.6%4.6%2023: 8.9%8.9%2024: 9.1%9.1%2025: 9.3%9.3%212122232425
PPE ÷ total assets5.1%
2021: 0.6%0.6%2021: 1.3%1.3%2022: 2.2%2.2%2023: 4.8%4.8%2024: 5.0%5.0%2025: 5.1%5.1%212122232425
Goodwill ÷ parent equity0.4%
2021: 0.1%0.1%2021: 0.6%0.6%2022: 0.4%0.4%2023: 0.0%0.0%2024: 0.4%0.4%2025: 0.4%0.4%212122232425
Goodwill balance¥54.6M
2021: ¥6.8M¥6.8M2021: ¥77.9M¥77.9M2022: ¥52M¥52M2023: ¥694K¥694K2024: ¥54.8M¥54.8M2025: ¥54.6M¥54.6M212122232425

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Investment and working-capital efficiency

Track R&D investment and how long operating capital remains tied up before sales turn into cash.

R&D spending¥79.2M
2021: ¥45.7M¥45.7M2022: ¥56.9M¥56.9M2023: ¥92.2M¥92.2M2024: ¥43.7M¥43.7M2025: ¥79.2M¥79.2M212122232425
R&D / revenue0.6%
2021: 0.5%0.5%2022: 0.4%0.4%2023: 0.7%0.7%2024: 0.3%0.3%2025: 0.6%0.6%212122232425
Receivable days—
2021: 70d70d212122232425
Inventory days1d
2021: 0d0d2021: 12d12d2022: 4d4d2023: 8d8d2024: 0d0d2025: 1d1d212122232425

R&D is shown only for years with machine-readable disclosure. Days are estimates using year-end receivables, inventory and payables divided by annual revenue or cost of sales; financial companies are excluded.

Income statement (JPY millions)

ItemFY ending Dec 2021FY ending Dec 2022FY ending Dec 2023FY ending Dec 2024FY ending Dec 2025
Revenue9,69813,41613,52412,68512,219
Cost of revenue1,7392,6092,5732,3332,122
Gross profit7,95910,80610,95110,35110,098
SG&A6,6609,13510,02910,1859,801
Operating income1,2991,671922166297
Pretax income1,6114,1761,587134628
Income tax4941,582664573337
Net income attributable to owners1,0292,537966-473253
Operating margin13.4%12.5%6.8%1.3%2.4%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

Assets

Cash 45%
0%
5%
1%
Investment securities 11%
Other assets 38%

Funding

Other liabilities 37%
Equity 63%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Dec 2021FY ending Dec 2022FY ending Dec 2023FY ending Dec 2024FY ending Dec 2025
Cash and equivalents¥12.8B¥12.9B¥10.2B¥10B¥9.92B
Total assets¥25.3B¥27.8B¥25.2B¥22.9B¥22.3B
Net assets¥14.9B¥16.3B¥14.6B¥13.9B¥14B
Share capital¥1.72B¥1.72B¥1.72B¥1.72B¥1.72B
Inventories¥58.6M¥29.1M¥57.7M¥1.8M¥3M
Property, plant and equipment¥316.8M¥618.5M¥1.2B¥1.15B¥1.14B
Intangible assets excluding goodwill¥382.7M¥256.4M¥132.3M¥66.3M¥221.4M
Goodwill¥77.9M¥52M¥694K¥54.8M¥54.6M
Investment securities¥2.33B¥3.34B¥3.1B¥2.78B¥2.4B
Current assets¥21.8B¥22.9B¥19.9B¥18.4B¥18.1B
Current liabilities¥10.2B¥11.2B¥10.3B¥8.63B¥8.07B
Total liabilities¥10.3B¥11.5B¥10.6B¥9B¥8.34B
Non-controlling interests¥278.1M¥295.9M¥245.9M¥271.7M¥302.7M
Equity attributable to owners of parent¥13.9B¥14.5B¥13.1B¥12.4B¥12.5B
Retained earnings¥5.37B¥7.68B¥8.09B¥7.39B¥7.54B
Treasury stock-¥167.3M-¥1.81B-¥2.09B-¥2.09B-¥2.09B

Sources

Show source documents (5)

  • EDINET (FSA Japan)

    有価証券報告書－第26期(2025/01/01－2025/12/31)

    ID S100XSXU2026-03-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第25期(2024/01/01－2024/12/31)

    ID S100VGYI2025-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第24期(2023/01/01－2023/12/31)

    ID S100T4Q12024-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第23期(2022/01/01－2022/12/31)

    ID S100QFSG2023-03-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第22期(令和3年4月1日－令和3年12月31日)

    ID S100NQKJ2022-03-25Open

Extracted from XBRL: 51 / Derived from other figures: 1

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