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Ezaki GlicoEZAKI GLICO CO.,LTD.2206東証プライム食料品FY ending Dec 2025, consolidated, J-GAAP

Ezaki Glico revenue and profit

Out of every ¥100 of sales, about ¥2 is left as operating profit. Revenue changed +9.1% from the prior year, operating profit -21.0%.

Five-year trend

Revenue¥361.4B
FY ending Dec 2021: ¥338.6B¥338.6BFY ending Dec 2022: ¥303.9B¥303.9BFY ending Dec 2023: ¥332.6B¥332.6BFY ending Dec 2024: ¥331.1B¥331.1BFY ending Dec 2025: ¥361.4B¥361.4BFY21FY22FY23FY24FY25
Operating income¥8.74B
FY ending Dec 2021: ¥19.3B¥19.3BFY ending Dec 2022: ¥12.8B¥12.8BFY ending Dec 2023: ¥18.6B¥18.6BFY ending Dec 2024: ¥11.1B¥11.1BFY ending Dec 2025: ¥8.74B¥8.74BFY21FY22FY23FY24FY25
Operating margin2.4%
FY ending Dec 2021: 5.7%5.7%FY ending Dec 2022: 4.2%4.2%FY ending Dec 2023: 5.6%5.6%FY ending Dec 2024: 3.3%3.3%FY ending Dec 2025: 2.4%2.4%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin1.4%
Asset turnover0.94×
ROA1.3%
ROA1.3%
Financial leverage1.68×
ROE2.2%

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

Net margin1.4%
2021: 4.0%4.0%2022: 2.7%2.7%2023: 4.2%4.2%2024: 2.5%2.5%2025: 1.4%1.4%2122232425
Asset turnover0.94×
2021: 0.95×0.95×2022: 0.84×0.84×2023: 0.87×0.87×2024: 0.86×0.86×2025: 0.94×0.94×2122232425
ROA1.3%
2021: 3.8%3.8%2022: 2.2%2.2%2023: 3.7%3.7%2024: 2.1%2.1%2025: 1.3%1.3%2122232425
Financial leverage1.68×
2021: 1.60×1.60×2022: 1.63×1.63×2023: 1.70×1.70×2024: 1.68×1.68×2025: 1.68×1.68×2122232425
ROE2.2%
2021: 6.0%6.0%2022: 3.6%3.6%2023: 6.3%6.3%2024: 3.5%3.5%2025: 2.2%2.2%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20214.0%0.95×3.8%1.60×6.0%
20222.7%0.84×2.2%1.63×3.6%
20234.2%0.87×3.7%1.70×6.3%
20242.5%0.86×2.1%1.68×3.5%
20251.4%0.94×1.3%1.68×2.2%

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 ÷ revenue29.1%
2020: 28.4%28.4%2021: 29.9%29.9%2022: 36.2%36.2%2023: 33.5%33.5%2024: 33.8%33.8%2025: 29.1%29.1%202122232425
PPE ÷ total assets26.7%
2020: 28.7%28.7%2021: 28.3%28.3%2022: 29.8%29.8%2023: 28.2%28.2%2024: 29.6%29.6%2025: 26.7%26.7%202122232425
Goodwill ÷ parent equity0.6%
2020: 0.2%0.2%2021: 0.2%0.2%2022: 0.2%0.2%2023: 0.1%0.1%2024: 0.8%0.8%2025: 0.6%0.6%202122232425
Goodwill balance¥1.34B
2020: ¥411M¥411M2021: ¥391M¥391M2022: ¥352M¥352M2023: ¥306M¥306M2024: ¥1.77B¥1.77B2025: ¥1.34B¥1.34B202122232425

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¥6.02B
2020: ¥5.47B¥5.47B2021: ¥5.08B¥5.08B2022: ¥5.15B¥5.15B2023: ¥5.95B¥5.95B2024: ¥6.26B¥6.26B2025: ¥6.02B¥6.02B202122232425
R&D / revenue1.7%
2020: 1.6%1.6%2021: 1.5%1.5%2022: 1.7%1.7%2023: 1.8%1.8%2024: 1.9%1.9%2025: 1.7%1.7%202122232425
Receivable days51d
2020: 46d46d2021: 46d46d2022: 54d54d2023: 53d53d2024: 55d55d2025: 51d51d202122232425
Payable days71d
2020: 65d65d2021: 65d65d2022: 69d69d2023: 67d67d2024: 69d69d2025: 71d71d202122232425

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
Revenue338,571303,921332,590331,129361,390
Cost of revenue180,537193,172208,740203,461226,273
Gross profit158,033110,749123,850127,668135,117
SG&A138,72697,903105,228116,602126,380
Operating income19,30712,84518,62211,0658,736
Pretax income20,80613,93619,94312,2128,099
Income tax7,2395,7795,7244,0543,013
Net income attributable to owners13,5198,09914,1338,1135,036
Operating margin5.7%4.2%5.6%3.3%2.4%

Balance sheet (reported items)

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

Assets

Cash 16%
Receivables 13%
Property, plant and equipment 27%
7%
Investment securities 14%
Other assets 23%

Funding

Trade payables 11%
Other liabilities 18%
Equity 71%

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¥89.5B¥79.9B¥94.7B¥56.6B¥64.7B
Total assets¥356.7B¥369.1B¥395.7B¥377.8B¥394.1B
Net assets¥241.2B¥244.8B¥263.1B¥272.6B¥278.5B
Share capital¥7.77B¥7.77B¥7.77B¥7.77B¥7.77B
Trade receivables¥42.9B¥45.4B¥48.4B¥50B¥50.5B
Property, plant and equipment¥101.1B¥110B¥111.5B¥111.8B¥105.3B
Intangible assets excluding goodwill¥16B¥21.7B¥26.9B¥30.6B¥25.4B
Goodwill¥391M¥352M¥306M¥1.77B¥1.34B
Investment securities¥41.6B¥39.3B¥46.8B¥46.7B¥55.8B
Current assets¥178.6B¥178.2B¥188.5B¥165.4B¥180.4B
Current liabilities¥72.2B¥79.9B¥116B¥86.6B¥95.3B
Trade payables¥32.4B¥36.4B¥38.3B¥38.7B¥44.3B
Short-term borrowings¥232M——¥10M¥46M
Long-term borrowings¥77M——¥155M¥108M
Total liabilities¥115.6B¥124.3B¥132.6B¥105.2B¥115.6B
Non-controlling interests¥386M¥468M¥572M¥593M¥627M
Equity attributable to owners of parent¥223.5B¥221B¥230.1B¥230.3B¥229.6B
Retained earnings¥214.8B¥217.2B¥226.2B¥228.9B¥228.2B
Treasury stock-¥9.06B-¥13.8B-¥13.8B-¥13.6B-¥13.6B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第121期(2025/01/01－2025/12/31)

    ID S100XRXN2026-03-19Open

  • EDINET (FSA Japan)

    有価証券報告書－第120期(2024/01/01－2024/12/31)

    ID S100VFYV2025-03-26Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第119期(2023/01/01－2023/12/31)

    ID S100U77X2024-08-14Open

  • EDINET (FSA Japan)

    有価証券報告書－第118期(2022/01/01－2022/12/31)

    ID S100QH5O2023-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第117期(令和3年1月1日－令和3年12月31日)

    ID S100NPJP2022-03-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第116期(令和2年1月1日－令和2年12月31日)

    ID S100KZGE2021-03-25Open

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

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