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Asahi YukizaiASAHI YUKIZAI CORPORATION4216東証プライム化学FY ending Mar 2026, consolidated, J-GAAP

Asahi Yukizai revenue and profit

Out of every ¥100 of sales, about ¥10 is left as operating profit. Revenue changed -6.0% from the prior year, operating profit -31.8%.

Five-year trend

Revenue¥80.1B
FY ending Mar 2022: ¥64.7B¥64.7BFY ending Mar 2023: ¥77.1B¥77.1BFY ending Mar 2024: ¥87.4B¥87.4BFY ending Mar 2025: ¥85.2B¥85.2BFY ending Mar 2026: ¥80.1B¥80.1BFY22FY23FY24FY25FY26
Operating income¥7.58B
FY ending Mar 2022: ¥6.58B¥6.58BFY ending Mar 2023: ¥11.9B¥11.9BFY ending Mar 2024: ¥15.6B¥15.6BFY ending Mar 2025: ¥11.1B¥11.1BFY ending Mar 2026: ¥7.58B¥7.58BFY22FY23FY24FY25FY26
Operating margin9.5%
FY ending Mar 2022: 10.2%10.2%FY ending Mar 2023: 15.5%15.5%FY ending Mar 2024: 17.8%17.8%FY ending Mar 2025: 13.1%13.1%FY ending Mar 2026: 9.5%9.5%FY22FY23FY24FY25FY26

What drives ROE

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

Net margin4.2%
Asset turnover0.75×
ROA3.1%
ROA3.1%
Financial leverage1.50×
ROE4.6%

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

Net margin4.2%
2022: 7.4%7.4%2023: 12.2%12.2%2024: 13.0%13.0%2025: 9.0%9.0%2026: 4.2%4.2%2223242526
Asset turnover0.75×
2022: 0.86×0.86×2023: 0.96×0.96×2024: 0.93×0.93×2025: 0.82×0.82×2026: 0.75×0.75×2223242526
ROA3.1%
2022: 6.4%6.4%2023: 11.7%11.7%2024: 12.1%12.1%2025: 7.4%7.4%2026: 3.1%3.1%2223242526
Financial leverage1.50×
2022: 1.52×1.52×2023: 1.51×1.51×2024: 1.52×1.52×2025: 1.51×1.51×2026: 1.50×1.50×2223242526
ROE4.6%
2022: 9.7%9.7%2023: 17.7%17.7%2024: 18.4%18.4%2025: 11.1%11.1%2026: 4.6%4.6%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20227.4%0.86×6.4%1.52×9.7%
202312.2%0.96×11.7%1.51×17.7%
202413.0%0.93×12.1%1.52×18.4%
20259.0%0.82×7.4%1.51×11.1%
20264.2%0.75×3.1%1.50×4.6%

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 ÷ revenue37.5%
2021: 33.9%33.9%2022: 27.8%27.8%2023: 27.1%27.1%2024: 27.8%27.8%2025: 31.4%31.4%2026: 37.5%37.5%212223242526
PPE ÷ total assets27.7%
2021: 26.8%26.8%2022: 24.0%24.0%2023: 24.3%24.3%2024: 23.9%23.9%2025: 25.3%25.3%2026: 27.7%27.7%212223242526
Goodwill ÷ parent equity0.9%
2021: 2.4%2.4%2022: 2.0%2.0%2023: 1.6%1.6%2024: 1.2%1.2%2025: 1.0%1.0%2026: 0.9%0.9%212223242526
Goodwill balance¥664M
2021: ¥1.07B¥1.07B2022: ¥968M¥968M2023: ¥909M¥909M2024: ¥816M¥816M2025: ¥741M¥741M2026: ¥664M¥664M212223242526

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¥1.65B
2021: ¥1.16B¥1.16B2022: ¥1.12B¥1.12B2023: ¥1.29B¥1.29B2024: ¥1.42B¥1.42B2025: ¥1.75B¥1.75B2026: ¥1.65B¥1.65B212223242526
R&D / revenue2.1%
2021: 2.2%2.2%2022: 1.7%1.7%2023: 1.7%1.7%2024: 1.6%1.6%2025: 2.1%2.1%2026: 2.1%2.1%212223242526
Cash conversion cycle—
2021: 166d166d212223242526
Receivable days—
2021: 94d94d212223242526
Inventory days155d
2021: 124d124d2022: 112d112d2023: 146d146d2024: 157d157d2025: 150d150d2026: 155d155d212223242526
Payable days36d
2021: 52d52d2022: 52d52d2023: 56d56d2024: 48d48d2025: 39d39d2026: 36d36d212223242526

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
Revenue64,73277,09987,42685,16280,081
Cost of revenue43,10847,35651,75452,21950,559
Gross profit21,62429,74335,67232,94329,522
SG&A15,04917,79520,09721,82221,942
Operating income6,57511,94715,57611,1217,579
Pretax income6,77211,99315,97410,8655,832
Income tax1,9582,5254,4523,0542,398
Net income attributable to owners4,7739,42511,3827,6243,326
Operating margin10.2%15.5%17.8%13.1%9.5%

Balance sheet (reported items)

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

Assets

Cash 21%
Inventories 20%
Property, plant and equipment 28%
3%
4%
Other assets 24%

Funding

5%
Other liabilities 20%
Equity 75%

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¥14.3B¥13.9B¥18.8B¥24.1B¥23.2B
Total assets¥74.9B¥86.3B¥101.4B¥105.8B¥108.6B
Net assets¥51.9B¥61.2B¥71.7B¥78.3B¥81.6B
Share capital¥5B¥5B¥5B¥5B¥5B
Inventories¥13.2B¥19B¥22.3B¥21.5B¥21.4B
Property, plant and equipment¥18B¥20.9B¥24.3B¥26.8B¥30B
Intangible assets excluding goodwill¥2.25B¥2.38B¥2.66B¥2.4B¥3.09B
Goodwill¥968M¥909M¥816M¥741M¥664M
Investment securities¥3.33B¥3.03B¥3.08B¥2.4B¥4.57B
Current assets¥47.8B¥55.7B¥66.7B¥69.6B¥66.1B
Current liabilities¥18.4B¥20.8B¥24.4B¥20.2B¥17.4B
Trade payables¥6.16B¥7.25B¥6.88B¥5.58B¥5.02B
Short-term borrowings¥2.58B¥2.02B¥4.2B¥3.7B¥2.8B
Long-term borrowings¥195M¥203M—¥2.2B¥3.69B
Total liabilities¥23.1B¥25.1B¥29.7B¥27.5B¥27B
Non-controlling interests¥504M¥566M¥723M¥626M¥711M
Equity attributable to owners of parent¥49.3B¥57.4B¥66.4B¥71.1B¥72.2B
Retained earnings¥36.9B¥45B¥54.7B¥60.3B¥61.4B
Treasury stock-¥1.1B-¥1.17B-¥1.88B-¥2.77B-¥2.77B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第105期(2025/04/01－2026/03/31)

    ID S100YDDN2026-06-17Open

  • EDINET (FSA Japan)

    有価証券報告書－第104期(2024/04/01－2025/03/31)

    ID S100VY662025-06-16Open

  • EDINET (FSA Japan)

    有価証券報告書－第103期(2023/04/01－2024/03/31)

    ID S100TR462024-06-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第102期(2022/04/01－2023/03/31)

    ID S100R4PV2023-06-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第101期(令和3年4月1日－令和4年3月31日)

    ID S100OHPH2022-06-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第100期(令和2年4月1日－令和3年3月31日)

    ID S100LLDU2021-06-21Open

Extracted from XBRL: 55 / Derived from other figures: 1

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