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DICDIC Corporation4631東証プライム化学FY ending Dec 2025, consolidated, J-GAAP

DIC revenue and profit

Out of every ¥100 of sales, about ¥5 is left as operating profit. Revenue changed -1.8% from the prior year, operating profit +17.2%.

Five-year trend

Revenue¥1.05T
FY ending Dec 2021: ¥855.4B¥855.4BFY ending Dec 2022: ¥1.05T¥1.05TFY ending Dec 2023: ¥1.04T¥1.04TFY ending Dec 2024: ¥1.07T¥1.07TFY ending Dec 2025: ¥1.05T¥1.05TFY21FY22FY23FY24FY25
Operating income¥52.2B
FY ending Dec 2021: ¥42.9B¥42.9BFY ending Dec 2022: ¥39.7B¥39.7BFY ending Dec 2023: ¥17.9B¥17.9BFY ending Dec 2024: ¥44.5B¥44.5BFY ending Dec 2025: ¥52.2B¥52.2BFY21FY22FY23FY24FY25
Operating margin5.0%
FY ending Dec 2021: 5.0%5.0%FY ending Dec 2022: 3.8%3.8%FY ending Dec 2023: 1.7%1.7%FY ending Dec 2024: 4.2%4.2%FY ending Dec 2025: 5.0%5.0%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin3.1%
Asset turnover0.84×
ROA2.6%
ROA2.6%
Financial leverage3.22×
ROE8.3%

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

Net margin3.1%
2021: 0.5%0.5%2022: 1.7%1.7%2024: 2.0%2.0%2025: 3.1%3.1%2122232425
Asset turnover0.84×
2021: 0.80×0.80×2022: 0.90×0.90×2024: 0.87×0.87×2025: 0.84×0.84×2122232425
ROA2.6%
2021: 0.4%0.4%2022: 1.5%1.5%2023: -3.2%-3.2%2024: 1.7%1.7%2025: 2.6%2.6%2122232425
Financial leverage3.22×
2021: 2.65×2.65×2022: 2.86×2.86×2024: 3.35×3.35×2025: 3.22×3.22×2122232425
ROE8.3%
2021: 1.1%1.1%2022: 4.3%4.3%2024: 5.8%5.8%2025: 8.3%8.3%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20210.5%0.80×0.4%2.65×1.1%
20221.7%0.90×1.5%2.86×4.3%
2023——×-3.2%—×—
20242.0%0.87×1.7%3.35×5.8%
20253.1%0.84×2.6%3.22×8.3%

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 ÷ revenue35.3%
2020: 32.5%32.5%2021: 36.0%36.0%2022: 33.5%33.5%2023: 36.0%36.0%2024: 34.0%34.0%2025: 35.3%35.3%202122232425
PPE ÷ total assets29.1%
2020: 27.9%27.9%2021: 28.7%28.7%2022: 28.0%28.0%2023: 30.0%30.0%2024: 29.7%29.7%2025: 29.1%29.1%202122232425
Goodwill ÷ parent equity4.3%
2020: 0.2%0.2%2021: 5.0%5.0%2022: 8.2%8.2%2023: 4.9%4.9%2024: 4.6%4.6%2025: 4.3%4.3%202122232425
Goodwill balance¥17.1B
2020: ¥819M¥819M2021: ¥20.2B¥20.2B2022: ¥33.6B¥33.6B2023: ¥17.8B¥17.8B2024: ¥17.4B¥17.4B2025: ¥17.1B¥17.1B202122232425

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¥16B
2020: ¥12B¥12B2021: ¥13.5B¥13.5B2022: ¥15.1B¥15.1B2023: ¥17.2B¥17.2B2024: ¥16.3B¥16.3B2025: ¥16B¥16B202122232425
R&D / revenue1.5%
2020: 1.7%1.7%2021: 1.6%1.6%2022: 1.4%1.4%2023: 1.7%1.7%2024: 1.5%1.5%2025: 1.5%1.5%202122232425
Receivable days80d
2020: 103d103d2021: 102d102d2022: 86d86d2023: 79d79d2024: 78d78d2025: 80d80d202122232425
Payable days57d
2020: 64d64d2021: 78d78d2022: 66d66d2023: 60d60d2024: 60d60d2025: 57d57d202122232425

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
Revenue855,3791,054,2011,038,7361,071,1271,052,194
Cost of revenue678,061854,979852,360848,929824,227
Gross profit177,318199,221186,376222,198227,967
SG&A134,425159,539168,433177,677175,775
Operating income42,89339,68217,94344,52152,192
Pretax income32,11235,179-26,46837,67751,634
Income tax25,65016,53112,39315,43718,422
Net income attributable to owners4,36517,610-39,85721,31332,353
Operating margin5.0%3.8%1.7%4.2%5.0%

Balance sheet (reported items)

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

Assets

6%
Receivables 18%
Property, plant and equipment 29%
6%
5%
Other assets 36%

Funding

Trade payables 10%
Interest-bearing debt 24%
Other liabilities 28%
Equity 38%

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¥37.6B¥62.6B¥84.6B¥60.9B¥67.3B
Total assets¥1.07T¥1.26T¥1.24T¥1.23T¥1.27T
Net assets¥381B¥421.1B¥399.3B¥420.6B¥490.8B
Share capital¥96.6B¥96.6B¥96.6B¥96.6B¥96.6B
Trade receivables¥237.9B¥247.5B¥225.1B¥229.7B¥231.4B
Property, plant and equipment¥307.7B¥353.5B¥373.9B¥364.1B¥371.1B
Intangible assets excluding goodwill¥52.3B¥78.8B¥68.9B¥67.5B¥62.1B
Goodwill¥20.2B¥33.6B¥17.8B¥17.4B¥17.1B
Investment securities¥59.3B¥63.8B¥63.1B¥60.1B¥63.3B
Current assets¥542.1B¥660B¥620.2B¥607.5B¥627.5B
Current liabilities¥305.6B¥389.9B¥348.7B¥333.1B¥386.5B
Trade payables¥145.8B¥155B¥140.1B¥138.4B¥127.8B
Short-term borrowings¥10.4B¥26.1B¥12.4B¥26.7B¥6.66B
Long-term borrowings¥171.4B¥260.3B¥308.2B¥277.6B¥198.9B
Bonds¥140B¥110B¥95B¥100B¥95B
Interest-bearing debt¥321.9Bderived¥396.3Bderived¥415.6Bderived¥404.3Bderived¥300.6Bderived
Total liabilities¥690.5B¥840.5B¥845.6B¥805.8B¥783.2B
Non-controlling interests¥35.1B¥34.1B¥35.3B¥19.2B¥20B
Equity attributable to owners of parent¥403.9B¥411.8B¥362.5B¥376.3B¥399.2B
Retained earnings¥214.7B¥222.8B¥173.3B¥187B¥209.9B
Treasury stock-¥1.78B-¥1.78B-¥1.59B-¥1.5B-¥1.5B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第128期(2025/01/01－2025/12/31)

    ID S100XS2N2026-03-23Open

  • EDINET (FSA Japan)

    有価証券報告書－第127期(2024/01/01－2024/12/31)

    ID S100VH8S2025-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第126期(2023/01/01－2023/12/31)

    ID S100T5HO2024-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第125期(2022/01/01－2022/12/31)

    ID S100QH6R2023-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第124期(令和3年1月1日－令和3年12月31日)

    ID S100NRJR2022-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第123期(令和2年1月1日－令和2年12月31日)

    ID S100L2OV2021-03-30Open

Extracted from XBRL: 55 / Derived from other figures: 2

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