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DynapacDynapac Co., Ltd.3947東証スタンダードパルプ・紙FY ending Dec 2025, consolidated, J-GAAP

Dynapac revenue and profit

Out of every ¥100 of sales, about ¥4 is left as operating profit. Revenue changed +7.3% from the prior year, operating profit +68.1%.

Five-year trend

Revenue¥67.1B
FY ending Dec 2021: ¥56.3B¥56.3BFY ending Dec 2022: ¥56.8B¥56.8BFY ending Dec 2023: ¥58B¥58BFY ending Dec 2024: ¥62.5B¥62.5BFY ending Dec 2025: ¥67.1B¥67.1BFY21FY22FY23FY24FY25
Operating income¥2.88B
FY ending Dec 2021: ¥1.22B¥1.22BFY ending Dec 2022: ¥1.35B¥1.35BFY ending Dec 2023: ¥1.93B¥1.93BFY ending Dec 2024: ¥1.71B¥1.71BFY ending Dec 2025: ¥2.88B¥2.88BFY21FY22FY23FY24FY25
Operating margin4.3%
FY ending Dec 2021: 2.2%2.2%FY ending Dec 2022: 2.4%2.4%FY ending Dec 2023: 3.3%3.3%FY ending Dec 2024: 2.7%2.7%FY ending Dec 2025: 4.3%4.3%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin4.7%
Asset turnover0.83×
ROA3.9%
ROA3.9%
Financial leverage2.24×
ROE8.8%

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

Net margin4.7%
2021: 2.5%2.5%2022: 2.8%2.8%2023: 2.8%2.8%2024: 4.8%4.8%2025: 4.7%4.7%2122232425
Asset turnover0.83×
2021: 0.85×0.85×2022: 0.85×0.85×2023: 0.82×0.82×2024: 0.83×0.83×2025: 0.83×0.83×2122232425
ROA3.9%
2021: 2.1%2.1%2022: 2.4%2.4%2023: 2.3%2.3%2024: 4.0%4.0%2025: 3.9%3.9%2122232425
Financial leverage2.24×
2021: 2.18×2.18×2022: 2.17×2.17×2023: 2.20×2.20×2024: 2.21×2.21×2025: 2.24×2.24×2122232425
ROE8.8%
2021: 4.6%4.6%2022: 5.2%5.2%2023: 5.0%5.0%2024: 8.8%8.8%2025: 8.8%8.8%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20212.5%0.85×2.1%2.18×4.6%
20222.8%0.85×2.4%2.17×5.2%
20232.8%0.82×2.3%2.20×5.0%
20244.8%0.83×4.0%2.21×8.8%
20254.7%0.83×3.9%2.24×8.8%

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 ÷ revenue42.4%
2020: 40.6%40.6%2021: 37.3%37.3%2022: 38.4%38.4%2023: 40.3%40.3%2024: 39.1%39.1%2025: 42.4%42.4%202122232425
PPE ÷ total assets33.5%
2020: 31.7%31.7%2021: 31.8%31.8%2022: 32.1%32.1%2023: 32.0%32.0%2024: 31.8%31.8%2025: 33.5%33.5%202122232425
Goodwill ÷ parent equity13.4%
2020: 1.8%1.8%2021: 1.4%1.4%2022: 1.2%1.2%2023: 0.9%0.9%2024: 5.2%5.2%2025: 13.4%13.4%202122232425
Goodwill balance¥4.94B
2020: ¥517.5M¥517.5M2021: ¥428.9M¥428.9M2022: ¥367.7M¥367.7M2023: ¥306.4M¥306.4M2024: ¥1.83B¥1.83B2025: ¥4.94B¥4.94B202122232425

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¥223M
2020: ¥278M¥278M2021: ¥192M¥192M2022: ¥169M¥169M2023: ¥191M¥191M2024: ¥196M¥196M2025: ¥223M¥223M202122232425
R&D / revenue0.3%
2020: 0.5%0.5%2021: 0.3%0.3%2022: 0.3%0.3%2023: 0.3%0.3%2024: 0.3%0.3%2025: 0.3%0.3%202122232425
Receivable days—
2020: 111d111d2021: 106d106d202122232425
Payable days88d
2020: 94d94d2021: 90d90d2022: 88d88d2023: 94d94d2024: 90d90d2025: 88d88d202122232425

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
Revenue56,30056,78758,02662,53167,083
Cost of revenue46,67647,05147,44850,68453,384
Gross profit9,6259,73610,57811,84613,700
SG&A8,4078,3848,64610,13210,818
Operating income1,2171,3521,9321,7142,882
Pretax income1,9491,5542,3614,4484,955
Income tax543-737401,4431,749
Net income attributable to owners1,3961,6121,6072,9823,178
Operating margin2.2%2.4%3.3%2.7%4.3%

Balance sheet (reported items)

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

Assets

6%
Property, plant and equipment 33%
Intangibles and goodwill 13%
Investment securities 23%
Other assets 25%

Funding

Trade payables 15%
Other liabilities 29%
Equity 56%
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¥3.26B¥4.48B¥6.24B¥3.92B¥5.1B
Total assets¥66.2B¥68B¥73B¥76.8B¥84.9B
Net assets¥39.2B¥40.7B¥42.9B¥46.1B¥47.8B
Share capital¥4B¥4B¥4B¥4B¥4B
Trade receivables¥16.4B————
Property, plant and equipment¥21B¥21.8B¥23.4B¥24.4B¥28.4B
Intangible assets excluding goodwill¥691M¥648.4M¥577.3M¥2.96B¥6.04B
Goodwill¥428.9M¥367.7M¥306.4M¥1.83B¥4.94B
Investment securities¥20B¥19.9B¥21.1B¥21.5B¥19.3B
Current assets¥23.4B¥25.3B¥27.7B¥27.5B¥30.6B
Current liabilities¥19B¥20.3B¥23.1B¥23.7B¥30.1B
Trade payables¥11.5B¥11.3B¥12.2B¥12.5B¥12.9B
Short-term borrowings¥145.3M¥1.06B¥865.2M¥3.56B¥6.78B
Long-term borrowings¥395.2M¥132.4M¥389M——
Total liabilities¥27B¥27.4B¥30.1B¥30.7B¥37B
Non-controlling interests¥56M¥71.3M¥86M¥271.8M¥974.8M
Equity attributable to owners of parent¥30.4B¥31.5B¥32.6B¥35B¥37B
Retained earnings¥10.3B¥11.4B¥12.5B¥14.9B¥17.3B
Treasury stock-¥893.5M-¥863.1M-¥833.3M-¥813.3M-¥1.31B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第64期(2025/01/01－2025/12/31)

    ID S100XT1X2026-03-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第63期(2024/01/01－2024/12/31)

    ID S100VGLT2025-03-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第62期(2023/01/01－2023/12/31)

    ID S100T50D2024-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第61期(2022/01/01－2022/12/31)

    ID S100QGSP2023-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第60期(令和3年1月1日－令和3年12月31日)

    ID S100NP7W2022-03-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第59期(令和2年1月1日－令和2年12月31日)

    ID S100L0M02021-03-25Open

Extracted from XBRL: 54 / Derived from other figures: 1

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