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Densan System HoldingsDensan System Holdings Co.,Ltd.4072東証プライム情報・通信業FY ending Dec 2025, consolidated, J-GAAP

Densan System Holdings revenue and profit

Out of every ¥100 of sales, about ¥5 is left as operating profit. Revenue changed +11.2% from the prior year, operating profit +56.8%.

Five-year trend

Revenue¥68.1B
FY ending Dec 2021: ¥50.4B¥50.4BFY ending Dec 2022: ¥53.5B¥53.5BFY ending Dec 2023: ¥59.6B¥59.6BFY ending Dec 2024: ¥61.3B¥61.3BFY ending Dec 2025: ¥68.1B¥68.1BFY21FY22FY23FY24FY25
Operating income¥3.62B
FY ending Dec 2021: ¥3.13B¥3.13BFY ending Dec 2022: ¥3.41B¥3.41BFY ending Dec 2023: ¥3.96B¥3.96BFY ending Dec 2024: ¥2.31B¥2.31BFY ending Dec 2025: ¥3.62B¥3.62BFY21FY22FY23FY24FY25
Operating margin5.3%
FY ending Dec 2021: 6.2%6.2%FY ending Dec 2022: 6.4%6.4%FY ending Dec 2023: 6.7%6.7%FY ending Dec 2024: 3.8%3.8%FY ending Dec 2025: 5.3%5.3%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin4.3%
Asset turnover1.04×
ROA4.4%
ROA4.4%
Financial leverage2.83×
ROE12.5%

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

Net margin4.3%
2021: 3.9%3.9%2022: 4.4%4.4%2023: 3.4%3.4%2024: 3.0%3.0%2025: 4.3%4.3%2122232425
Asset turnover1.04×
2021: 0.98×0.98×2022: 0.87×0.87×2023: 0.92×0.92×2024: 1.03×1.03×2025: 1.04×1.04×2122232425
ROA4.4%
2021: 3.8%3.8%2022: 3.8%3.8%2023: 3.1%3.1%2024: 3.1%3.1%2025: 4.4%4.4%2122232425
Financial leverage2.83×
2021: 2.95×2.95×2022: 3.36×3.36×2023: 3.24×3.24×2024: 2.80×2.80×2025: 2.83×2.83×2122232425
ROE12.5%
2021: 11.4%11.4%2022: 12.8%12.8%2023: 10.0%10.0%2024: 8.7%8.7%2025: 12.5%12.5%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20213.9%0.98×3.8%2.95×11.4%
20224.4%0.87×3.8%3.36×12.8%
20233.4%0.92×3.1%3.24×10.0%
20243.0%1.03×3.1%2.80×8.7%
20254.3%1.04×4.4%2.83×12.5%

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 ÷ revenue3.8%
2021: 5.9%5.9%2022: 5.4%5.4%2023: 4.8%4.8%2024: 4.4%4.4%2025: 3.8%3.8%2122232425
PPE ÷ total assets3.7%
2021: 5.8%5.8%2022: 4.0%4.0%2023: 5.0%5.0%2024: 4.4%4.4%2025: 3.7%3.7%2122232425
Goodwill ÷ parent equity2.5%
2021: 7.7%7.7%2022: 6.2%6.2%2023: 3.0%3.0%2024: 2.1%2.1%2025: 2.5%2.5%2122232425
Goodwill balance¥594M
2021: ¥1.34B¥1.34B2022: ¥1.2B¥1.2B2023: ¥604M¥604M2024: ¥461M¥461M2025: ¥594M¥594M2122232425

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: 62d62d2122232425

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
Revenue50,35653,47959,59161,25668,131
Cost of revenue41,12543,49548,99551,96857,116
Gross profit9,2319,98410,5959,28711,014
SG&A6,0966,5706,6316,9757,389
Operating income3,1343,4143,9642,3113,624
Pretax income3,0753,2583,1672,6263,711
Income tax1,0928941,152761798
Net income attributable to owners1,9782,3482,0041,8502,896
Operating margin6.2%6.4%6.7%3.8%5.3%

Balance sheet (reported items)

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

Assets

Cash 25%
4%
4%
4%
Other assets 63%

Funding

Other liabilities 64%
Equity 36%
0%

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¥8.93B¥9.1B¥12.8B¥15.3B¥17.6B
Total assets¥51.4B¥72.2B¥57.1B¥61.7B¥69.1B
Net assets¥17.6B¥19.7B¥20.8B¥22.3B¥24.9B
Share capital¥2.47B¥2.48B¥2.49B¥2.5B¥2.5B
Trade receivables¥8.5B————
Property, plant and equipment¥2.98B¥2.89B¥2.84B¥2.72B¥2.57B
Intangible assets excluding goodwill¥2.84B¥2.74B¥2.38B¥1.75B¥1.97B
Goodwill¥1.34B¥1.2B¥604M¥461M¥594M
Investment securities¥1.84B¥3.04B¥2.69B¥2.35B¥2.81B
Current assets¥43.2B¥62.7B¥48.2B¥53.9B¥61B
Current liabilities¥31.9B¥50.3B¥34B¥37.8B¥43B
Short-term borrowings¥47M————
Long-term borrowings¥619M¥955M¥1.16B¥846M¥498M
Bonds¥36M¥29M¥22M¥15M—
Interest-bearing debt¥702Mderived————
Total liabilities¥33.8B¥52.5B¥36.3B¥39.5B¥44.2B
Non-controlling interests¥194M¥209M¥197M¥211M¥244M
Equity attributable to owners of parent¥17.4B¥19.4B¥20.5B¥22B¥24.2B
Retained earnings¥12.3B¥14.3B¥15.9B¥17.3B¥19.4B
Treasury stock¥0¥0-¥540M-¥420M-¥284M

Sources

Show source documents (5)

  • EDINET (FSA Japan)

    有価証券報告書－第5期(2025/01/01－2025/12/31)

    ID S100XSJW2026-03-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第4期(2024/01/01－2024/12/31)

    ID S100VFGQ2025-03-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第3期(2023/01/01－2023/12/31)

    ID S100T4ON2024-03-27Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第2期(2022/01/01－2022/12/31)

    ID S100QUVS2023-05-31Open

  • EDINET (FSA Japan)

    有価証券報告書－第1期(令和3年1月1日－令和3年12月31日)

    ID S100NR452022-03-28Open

Extracted from XBRL: 47 / Derived from other figures: 1

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