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Dai Nippon ToryoDai Nippon Toryo Company, Limited4611東証プライム化学FY ending Mar 2026, consolidated, J-GAAP

Dai Nippon Toryo revenue and profit

Out of every ¥100 of sales, about ¥4 is left as operating profit. Revenue changed +29.3% from the prior year, operating profit -18.3%.

Five-year trend

Revenue¥93.8B
FY ending Mar 2022: ¥66.9B¥66.9BFY ending Mar 2023: ¥72.8B¥72.8BFY ending Mar 2024: ¥71.9B¥71.9BFY ending Mar 2025: ¥72.5B¥72.5BFY ending Mar 2026: ¥93.8B¥93.8BFY22FY23FY24FY25FY26
Operating income¥3.85B
FY ending Mar 2022: ¥3.18B¥3.18BFY ending Mar 2023: ¥3.95B¥3.95BFY ending Mar 2024: ¥4.9B¥4.9BFY ending Mar 2025: ¥4.72B¥4.72BFY ending Mar 2026: ¥3.85B¥3.85BFY22FY23FY24FY25FY26
Operating margin4.1%
FY ending Mar 2022: 4.8%4.8%FY ending Mar 2023: 5.4%5.4%FY ending Mar 2024: 6.8%6.8%FY ending Mar 2025: 6.5%6.5%FY ending Mar 2026: 4.1%4.1%FY22FY23FY24FY25FY26

What drives ROE

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

Net margin1.8%
Asset turnover0.69×
ROA1.2%
ROA1.2%
Financial leverage2.48×
ROE3.1%

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

Net margin1.8%
2022: 3.0%3.0%2023: 4.7%4.7%2024: 6.4%6.4%2025: 13.0%13.0%2026: 1.8%1.8%2223242526
Asset turnover0.69×
2022: 0.76×0.76×2023: 0.81×0.81×2024: 0.74×0.74×2025: 0.62×0.62×2026: 0.69×0.69×2223242526
ROA1.2%
2022: 2.3%2.3%2023: 3.8%3.8%2024: 4.7%4.7%2025: 8.0%8.0%2026: 1.2%1.2%2223242526
Financial leverage2.48×
2022: 2.24×2.24×2023: 2.22×2.22×2024: 2.21×2.21×2025: 2.34×2.34×2026: 2.48×2.48×2223242526
ROE3.1%
2022: 5.2%5.2%2023: 8.5%8.5%2024: 10.4%10.4%2025: 18.8%18.8%2026: 3.1%3.1%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20223.0%0.76×2.3%2.24×5.2%
20234.7%0.81×3.8%2.22×8.5%
20246.4%0.74×4.7%2.21×10.4%
202513.0%0.62×8.0%2.34×18.8%
20261.8%0.69×1.2%2.48×3.1%

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 ÷ revenue51.5%
2021: 41.0%41.0%2022: 38.2%38.2%2023: 35.1%35.1%2024: 36.6%36.6%2025: 63.5%63.5%2026: 51.5%51.5%212223242526
PPE ÷ total assets35.1%
2021: 30.2%30.2%2022: 29.2%29.2%2023: 27.5%27.5%2024: 25.9%25.9%2025: 34.5%34.5%2026: 35.1%35.1%212223242526
Goodwill ÷ parent equity0.6%
2026: 0.6%0.6%212223242526
Goodwill balance¥333M
2026: ¥333M¥333M212223242526

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¥2.19B
2021: ¥1.95B¥1.95B2022: ¥1.97B¥1.97B2023: ¥2.02B¥2.02B2024: ¥2.15B¥2.15B2025: ¥2.17B¥2.17B2026: ¥2.19B¥2.19B212223242526
R&D / revenue2.3%
2021: 3.1%3.1%2022: 2.9%2.9%2023: 2.8%2.8%2024: 3.0%3.0%2025: 3.0%3.0%2026: 2.3%2.3%212223242526
Receivable days—
2021: 90d90d212223242526
Payable days83d
2021: 121d121d2022: 126d126d2023: 121d121d2024: 121d121d2025: 122d122d2026: 83d83d212223242526

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
Revenue66,94872,84971,94072,51193,759
Cost of revenue47,29052,23350,13650,04767,881
Gross profit19,65820,61621,80422,46325,878
SG&A16,47416,67016,90217,74722,024
Operating income3,1833,9464,9014,7163,854
Pretax income3,6114,9127,29511,7623,433
Income tax1,3281,2952,4682,1191,647
Net income attributable to owners2,0313,4584,6009,4371,688
Operating margin4.8%5.4%6.8%6.5%4.1%

Balance sheet (reported items)

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

Assets

8%
Property, plant and equipment 35%
1%
7%
Other assets 49%

Funding

Trade payables 11%
Other liabilities 33%
Equity 56%
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¥6.48B¥6.34B¥7.87B¥11.5B¥10.9B
Total assets¥87.7B¥92.8B¥101.6B¥133.3B¥137.5B
Net assets¥52B¥55.2B¥62.5B¥76.2B¥76.7B
Share capital¥8.83B¥8.83B¥8.83B¥8.83B¥8.83B
Property, plant and equipment¥25.6B¥25.5B¥26.3B¥46B¥48.3B
Intangible assets excluding goodwill¥374M¥445M¥898M¥1.41B¥1.49B
Goodwill————¥333M
Investment securities¥7.32B¥7.73B¥10.2B¥9.45B¥8.82B
Current assets¥34.8B¥38.6B¥40.2B¥53.1B¥51.3B
Current liabilities¥25.8B¥28.2B¥28.7B¥39.6B¥37.5B
Trade payables¥16.3B¥17.3B¥16.7B¥16.7B¥15.5B
Short-term borrowings¥3.05B¥4.3B¥5.1B¥10.5B¥8.67B
Long-term borrowings¥1.2B¥700M—¥1.04B¥5.83B
Total liabilities¥35.7B¥37.6B¥39.1B¥57.2B¥60.8B
Non-controlling interests¥2.73B¥3.01B¥2.78B¥11B¥9.78B
Equity attributable to owners of parent¥39.1B¥42.1B¥46B¥54.5B¥54.9B
Retained earnings¥29.4B¥32.3B¥36.2B¥44.6B¥44.9B
Treasury stock-¥1.58B-¥1.46B-¥1.43B-¥1.39B-¥1.32B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第143期(2025/04/01－2026/03/31)

    ID S100YHL62026-06-23Open

  • EDINET (FSA Japan)

    有価証券報告書－第142期(2024/04/01－2025/03/31)

    ID S100W3JW2025-06-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第141期(2023/04/01－2024/03/31)

    ID S100TVOE2024-06-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第140期(2022/04/01－2023/03/31)

    ID S100R8ZH2023-06-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第139期(令和3年4月1日－令和4年3月31日)

    ID S100OKJW2022-06-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第138期(令和2年4月1日－令和3年3月31日)

    ID S100LU6R2021-06-29Open

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

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