AjinomotoAjinomoto Co., Inc.2802東証プライム食料品FY ending Mar 2026, consolidated, IFRS

Ajinomoto revenue and profit

Out of every ¥100 of sales, about ¥13 is left as operating profit. Revenue changed +3.5% from the prior year, operating profit +75.0%.

Five-year trend

Revenue¥1.58T
FY ending Mar 2022: ¥1.15T¥1.15TFY ending Mar 2023: ¥1.36T¥1.36TFY ending Mar 2024: ¥1.44T¥1.44TFY ending Mar 2025: ¥1.53T¥1.53TFY ending Mar 2026: ¥1.58T¥1.58TFY22FY23FY24FY25FY26
Operating income¥199.4B
FY ending Mar 2022: ¥124.6B¥124.6BFY ending Mar 2023: ¥148.9B¥148.9BFY ending Mar 2024: ¥146.7B¥146.7BFY ending Mar 2025: ¥114B¥114BFY ending Mar 2026: ¥199.4B¥199.4BFY22FY23FY24FY25FY26
Operating margin12.6%
FY ending Mar 2022: 10.8%10.8%FY ending Mar 2023: 11.0%11.0%FY ending Mar 2024: 10.2%10.2%FY ending Mar 2025: 7.4%7.4%FY ending Mar 2026: 12.6%12.6%FY22FY23FY24FY25FY26

What drives ROE

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

Net margin8.5%
Asset turnover0.90×
ROA7.6%
ROA7.6%
Financial leverage2.33×
ROE17.7%

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

Net margin8.5%
2022: 6.6%6.6%2023: 6.9%6.9%2024: 6.1%6.1%2025: 4.6%4.6%2026: 8.5%8.5%2223242526
Asset turnover0.90×
2022: 0.79×0.79×2023: 0.92×0.92×2024: 0.88×0.88×2025: 0.88×0.88×2026: 0.90×0.90×2223242526
ROA7.6%
2022: 5.2%5.2%2023: 6.3%6.3%2024: 5.3%5.3%2025: 4.0%4.0%2026: 7.6%7.6%2223242526
Financial leverage2.33×
2022: 2.12×2.12×2023: 2.04×2.04×2024: 2.07×2.07×2025: 2.23×2.23×2026: 2.33×2.33×2223242526
ROE17.7%
2022: 11.0%11.0%2023: 12.9%12.9%2024: 11.0%11.0%2025: 9.0%9.0%2026: 17.7%17.7%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20226.6%0.79×5.2%2.12×11.0%
20236.9%0.92×6.3%2.04×12.9%
20246.1%0.88×5.3%2.07×11.0%
20254.6%0.88×4.0%2.23×9.0%
20268.5%0.90×7.6%2.33×17.7%

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 ÷ revenue40.9%
2021: 45.4%45.4%2022: 45.4%45.4%2023: 39.5%39.5%2024: 40.8%40.8%2025: 38.0%38.0%2026: 40.9%40.9%212223242526
PPE ÷ total assets35.7%
2021: 34.0%34.0%2022: 35.8%35.8%2023: 35.5%35.5%2024: 33.2%33.2%2025: 33.8%33.8%2026: 35.7%35.7%212223242526
Goodwill ÷ parent equity16.1%
2021: 15.5%15.5%2022: 14.5%14.5%2023: 12.0%12.0%2024: 17.2%17.2%2025: 15.8%15.8%2026: 16.1%16.1%212223242526
Goodwill balance¥124.1B
2021: ¥96B¥96B2022: ¥99.8B¥99.8B2023: ¥92.1B¥92.1B2024: ¥139.9B¥139.9B2025: ¥117.9B¥117.9B2026: ¥124.1B¥124.1B212223242526

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¥32.1B
2021: ¥25.9B¥25.9B2022: ¥24.8B¥24.8B2023: ¥25.9B¥25.9B2024: ¥28.8B¥28.8B2025: ¥30.9B¥30.9B2026: ¥32.1B¥32.1B212223242526
R&D / revenue2.0%
2021: 2.4%2.4%2022: 2.2%2.2%2023: 1.9%1.9%2024: 2.0%2.0%2025: 2.0%2.0%2026: 2.0%2.0%212223242526

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 Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue1,149,3701,359,1151,439,2311,530,5561,583,719
Cost of revenue723,472888,727927,783979,792986,570
Gross profit425,897470,387511,448550,764597,148
SG&A—————
Operating income124,572148,928146,682113,968199,412
Pretax income122,472140,033142,043108,330196,115
Income tax42,24439,86340,01127,55651,054
Net income attributable to owners75,72594,06587,12170,272134,675
Operating margin10.8%11.0%10.2%7.4%12.6%

Balance sheet (reported items)

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

Assets

6%
Property, plant and equipment 36%
7%
Other assets 51%

Funding

Other liabilities 53%
Equity 47%
0%

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

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥151.5B¥132.8B¥171.5B¥164.8B¥106.7B
Total assets¥1.46T¥1.51T¥1.77T¥1.72T¥1.81T
Net assets¥739.7B¥823B¥884.4B¥813.3B¥844.3B
Share capital¥79.9B¥79.9B¥79.9B¥79.9B¥79.9B
Property, plant and equipment¥522.3B¥536.6B¥587.4B¥581.3B¥647.4B
Goodwill¥99.8B¥92.1B¥139.9B¥117.9B¥124.1B
Current assets¥581.4B¥615.5B¥709.6B¥701.3B¥704.2B
Total liabilities¥717.3B¥688.8B¥883.9B¥907.9B¥968.1B
Equity attributable to owners of parent¥686.9B¥768.7B¥815.1B¥746.8B¥770.8B
Retained earnings¥616.3B¥652.3B¥657.8B¥590.5B¥587.9B
Treasury stock-¥1.37B-¥1.34B-¥49.2B-¥32.7B-¥67.3B

Sources

Show source documents (6)
  • EDINET (FSA Japan)

    有価証券報告書-第148期(2025/04/01-2026/03/31)

    ID S100Y9922026-06-12Open
  • EDINET (FSA Japan)

    有価証券報告書-第147期(2024/04/01-2025/03/31)

    ID S100VXJA2025-06-18Open
  • EDINET (FSA Japan)

    有価証券報告書-第146期(2023/04/01-2024/03/31)

    ID S100TNWR2024-06-25Open
  • EDINET (FSA Japan)

    有価証券報告書-第145期(2022/04/01-2023/03/31)

    ID S100R42S2023-06-27Open
  • EDINET (FSA Japan)

    訂正有価証券報告書-第144期(2021/04/01-2022/03/31)

    ID S100QIMX2023-03-31Open
  • EDINET (FSA Japan)

    有価証券報告書-第143期(令和2年4月1日-令和3年3月31日)

    ID S100LN4K2021-06-23Open

Extracted from XBRL: 44 / Derived from other figures: 1

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