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BellunaBELLUNA CO.,LTD.9997東証プライム小売業FY ending Mar 2026, consolidated, J-GAAP

Belluna revenue and profit

Out of every ¥100 of sales, about ¥8 is left as operating profit. Revenue changed +3.4% from the prior year, operating profit +38.6%.

Five-year trend

Revenue¥218.1B
FY ending Mar 2022: ¥220.1B¥220.1BFY ending Mar 2023: ¥212.4B¥212.4BFY ending Mar 2024: ¥208.3B¥208.3BFY ending Mar 2025: ¥210.9B¥210.9BFY ending Mar 2026: ¥218.1B¥218.1BFY22FY23FY24FY25FY26
Operating income¥16.5B
FY ending Mar 2022: ¥13.8B¥13.8BFY ending Mar 2023: ¥11.2B¥11.2BFY ending Mar 2024: ¥9.79B¥9.79BFY ending Mar 2025: ¥11.9B¥11.9BFY ending Mar 2026: ¥16.5B¥16.5BFY22FY23FY24FY25FY26
Operating margin7.6%
FY ending Mar 2022: 6.3%6.3%FY ending Mar 2023: 5.3%5.3%FY ending Mar 2024: 4.7%4.7%FY ending Mar 2025: 5.6%5.6%FY ending Mar 2026: 7.6%7.6%FY22FY23FY24FY25FY26

What drives ROE

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

Net margin5.3%
Asset turnover0.67×
ROA3.5%
ROA3.5%
Financial leverage2.26×
ROE8.0%

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

Net margin5.3%
2022: 4.6%4.6%2023: 3.5%3.5%2024: 2.8%2.8%2025: 4.2%4.2%2026: 5.3%5.3%2223242526
Asset turnover0.67×
2022: 0.87×0.87×2023: 0.79×0.79×2024: 0.71×0.71×2025: 0.69×0.69×2026: 0.67×0.67×2223242526
ROA3.5%
2022: 4.0%4.0%2023: 2.7%2.7%2024: 2.0%2.0%2025: 2.9%2.9%2026: 3.5%3.5%2223242526
Financial leverage2.26×
2022: 2.05×2.05×2023: 2.13×2.13×2024: 2.23×2.23×2025: 2.24×2.24×2026: 2.26×2.26×2223242526
ROE8.0%
2022: 8.2%8.2%2023: 5.8%5.8%2024: 4.4%4.4%2025: 6.4%6.4%2026: 8.0%8.0%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20224.6%0.87×4.0%2.05×8.2%
20233.5%0.79×2.7%2.13×5.8%
20242.8%0.71×2.0%2.23×4.4%
20254.2%0.69×2.9%2.24×6.4%
20265.3%0.67×3.5%2.26×8.0%

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 ÷ revenue79.3%
2021: 44.8%44.8%2022: 46.9%46.9%2023: 61.0%61.0%2024: 65.7%65.7%2025: 69.2%69.2%2026: 79.3%79.3%212223242526
PPE ÷ total assets50.8%
2021: 38.5%38.5%2022: 40.7%40.7%2023: 45.3%45.3%2024: 45.5%45.5%2025: 46.7%46.7%2026: 50.8%50.8%212223242526
Goodwill ÷ parent equity1.4%
2021: 1.7%1.7%2022: 1.6%1.6%2023: 1.1%1.1%2024: 0.8%0.8%2025: 1.9%1.9%2026: 1.4%1.4%212223242526
Goodwill balance¥2.06B
2021: ¥1.99B¥1.99B2022: ¥1.98B¥1.98B2023: ¥1.49B¥1.49B2024: ¥1.04B¥1.04B2025: ¥2.68B¥2.68B2026: ¥2.06B¥2.06B212223242526

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.

Receivable days—
2021: 18d18d212223242526
Payable days37d
2021: 96d96d2022: 90d90d2023: 58d58d2024: 49d49d2025: 43d43d2026: 37d37d212223242526

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
Revenue220,128212,376208,298210,856218,098
Cost of revenue90,82286,67481,95381,60480,881
Gross profit129,305125,701126,345129,251137,217
SG&A115,478114,484116,557117,364120,739
Operating income13,82711,2179,78711,88716,478
Pretax income15,31311,9539,77213,21116,671
Income tax5,0474,4974,0554,3815,200
Net income attributable to owners10,2047,4175,8398,79711,542
Operating margin6.3%5.3%4.7%5.6%7.6%

Balance sheet (reported items)

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

Assets

Cash 11%
Property, plant and equipment 51%
3%
5%
Other assets 30%

Funding

2%
Other liabilities 53%
Equity 45%

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¥29.6B¥31.8B¥37.2B¥36.2B¥36.6B
Total assets¥254.2B¥285.6B¥300.7B¥312.5B¥340.1B
Net assets¥119B¥126.4B¥136.2B¥141.7B¥151.5B
Share capital¥10.6B¥10.6B¥10.6B¥10.6B¥10.6B
Property, plant and equipment¥103.3B¥129.5B¥136.9B¥146B¥172.8B
Intangible assets excluding goodwill¥10.3B¥10.6B¥10.9B¥11.8B¥10.6B
Goodwill¥1.98B¥1.49B¥1.04B¥2.68B¥2.06B
Investment securities¥13.6B¥14.4B¥14.6B¥14.6B¥16.2B
Current assets¥118.1B¥122.7B¥130B¥131.4B¥131.5B
Current liabilities¥64.9B¥64.6B¥59.2B¥61.6B¥53.3B
Trade payables¥22.3B¥13.7B¥10.9B¥9.6B¥8.28B
Short-term borrowings¥12.9B¥20.3B¥13.1B¥24.8B¥18.7B
Long-term borrowings¥60.6B¥85.5B¥98.6B¥102.9B¥127.2B
Bonds¥5B¥5.02B¥5M——
Interest-bearing debt¥78.6Bderived¥110.8Bderived¥111.7Bderived——
Total liabilities¥135.1B¥159.2B¥164.5B¥170.8B¥188.7B
Non-controlling interests¥775M¥940M¥990M¥342M¥111M
Equity attributable to owners of parent¥124.2B¥129.8B¥133.7B¥140.1B¥148.9B
Retained earnings¥103.1B¥108.7B¥112.5B¥119B¥127.7B
Treasury stock-¥467M-¥462M-¥455M-¥794M-¥782M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第50期(2025/04/01－2026/03/31)

    ID S100YJ5M2026-06-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第49期(2024/04/01－2025/03/31)

    ID S100W8DE2025-06-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第48期(2023/04/01－2024/03/31)

    ID S100TVVL2024-06-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第47期(2022/04/01－2023/03/31)

    ID S100R8Z22023-06-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第46期(令和3年4月1日－令和4年3月31日)

    ID S100OL532022-06-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第45期(令和2年4月1日－令和3年3月31日)

    ID S100LPOL2021-06-28Open

Extracted from XBRL: 53 / Derived from other figures: 1

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