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Furubayashi ShikoFURUBAYASHI SHIKO CO.,LTD.3944東証スタンダードパルプ・紙FY ending Dec 2025, consolidated, J-GAAP

Furubayashi Shiko revenue and profit

Out of every ¥100 of sales, about ¥2 is left as operating profit. Revenue changed -1.3% from the prior year, operating profit +128.7%.

Five-year trend

Revenue¥17.9B
FY ending Dec 2021: ¥16.1B¥16.1BFY ending Dec 2022: ¥17.1B¥17.1BFY ending Dec 2023: ¥17.9B¥17.9BFY ending Dec 2024: ¥18.1B¥18.1BFY ending Dec 2025: ¥17.9B¥17.9BFY21FY22FY23FY24FY25
Operating income¥432.6M
FY ending Dec 2021: ¥169.6M¥169.6MFY ending Dec 2022: ¥468.4M¥468.4MFY ending Dec 2023: ¥590.2M¥590.2MFY ending Dec 2024: ¥189.2M¥189.2MFY ending Dec 2025: ¥432.6M¥432.6MFY21FY22FY23FY24FY25
Operating margin2.4%
FY ending Dec 2021: 1.1%1.1%FY ending Dec 2022: 2.7%2.7%FY ending Dec 2023: 3.3%3.3%FY ending Dec 2024: 1.0%1.0%FY ending Dec 2025: 2.4%2.4%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin1.8%
Asset turnover0.87×
ROA1.5%
ROA1.5%
Financial leverage3.01×
ROE4.6%

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

Net margin1.8%
2021: 0.8%0.8%2022: 1.9%1.9%2023: 2.5%2.5%2024: 1.4%1.4%2025: 1.8%1.8%2122232425
Asset turnover0.87×
2021: 0.95×0.95×2022: 1.00×1.00×2023: 0.99×0.99×2024: 0.91×0.91×2025: 0.87×0.87×2122232425
ROA1.5%
2021: 0.8%0.8%2022: 1.9%1.9%2023: 2.4%2.4%2024: 1.3%1.3%2025: 1.5%1.5%2122232425
Financial leverage3.01×
2021: 2.92×2.92×2022: 2.85×2.85×2023: 2.85×2.85×2024: 3.00×3.00×2025: 3.01×3.01×2122232425
ROE4.6%
2021: 2.3%2.3%2022: 5.5%5.5%2023: 7.0%7.0%2024: 3.8%3.8%2025: 4.6%4.6%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20210.8%0.95×0.8%2.92×2.3%
20221.9%1.00×1.9%2.85×5.5%
20232.5%0.99×2.4%2.85×7.0%
20241.4%0.91×1.3%3.00×3.8%
20251.8%0.87×1.5%3.01×4.6%

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 ÷ revenue27.9%
2020: 25.7%25.7%2021: 26.8%26.8%2022: 23.9%23.9%2023: 27.3%27.3%2024: 30.2%30.2%2025: 27.9%27.9%202122232425
PPE ÷ total assets24.5%
2020: 24.7%24.7%2021: 25.5%25.5%2022: 23.9%23.9%2023: 25.7%25.7%2024: 26.5%26.5%2025: 24.5%24.5%202122232425

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¥227M
2020: ¥207M¥207M2021: ¥221M¥221M2022: ¥191M¥191M2023: ¥269M¥269M2025: ¥227M¥227M202122232425
R&D / revenue1.3%
2020: 1.2%1.2%2021: 1.4%1.4%2022: 1.1%1.1%2023: 1.5%1.5%2025: 1.3%1.3%202122232425
Receivable days—
2020: 99d99d2021: 109d109d202122232425
Payable days101d
2020: 97d97d2021: 98d98d2022: 113d113d2023: 111d111d2024: 110d110d2025: 101d101d202122232425

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
Revenue16,14717,05917,91118,10217,865
Cost of revenue13,73514,37514,95515,44114,904
Gross profit2,4122,6832,9572,6612,961
SG&A2,2432,2152,3662,4722,528
Operating income170468590189433
Pretax income185490697431458
Income tax74153203137162
Net income attributable to owners136331439248315
Operating margin1.1%2.7%3.3%1.0%2.4%

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 24%
1%
Investment securities 25%
Other assets 42%

Funding

Trade payables 20%
Other liabilities 27%
Equity 53%

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¥1.18B¥1.56B¥1.85B¥1.91B¥1.6B
Total assets¥17B¥17B¥19B¥20.7B¥20.4B
Net assets¥8.43B¥8.58B¥9.45B¥10.2B¥10.8B
Share capital¥2.15B¥2.15B¥2.15B¥2.15B¥2.15B
Trade receivables¥4.8B————
Property, plant and equipment¥4.33B¥4.07B¥4.88B¥5.47B¥4.99B
Intangible assets excluding goodwill¥136.4M¥168.8M¥156.9M¥144.3M¥105.7M
Investment securities¥4.17B¥3.82B¥4.23B¥4.66B¥5.02B
Current assets¥7.37B¥7.99B¥8.78B¥9.35B¥8.78B
Current liabilities¥6.85B¥7.07B¥7.82B¥8.03B¥7.27B
Trade payables¥3.68B¥4.45B¥4.54B¥4.65B¥4.14B
Short-term borrowings¥1.28B¥760M¥1.01B¥1.23B¥980M
Long-term borrowings¥1.04B¥865M¥1.12B¥1.59B¥1.35B
Total liabilities¥8.58B¥8.44B¥9.57B¥10.4B¥9.54B
Non-controlling interests¥654.6M¥691.4M¥778.1M¥860.9M¥827.5M
Equity attributable to owners of parent¥5.83B¥6.12B¥6.51B¥6.7B¥6.95B
Retained earnings¥3.21B¥3.48B¥3.87B¥4.05B¥4.3B
Treasury stock-¥940.9M-¥924.7M-¥933.2M-¥937M-¥949M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第96期(2025/01/01－2025/12/31)

    ID S100XRPZ2026-03-19Open

  • EDINET (FSA Japan)

    有価証券報告書－第95期(2024/01/01－2024/12/31)

    ID S100VHLO2025-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第94期(2023/01/01－2023/12/31)

    ID S100T4YU2024-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第93期(2022/01/01－2022/12/31)

    ID S100QHN62023-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第92期(令和3年1月1日－令和3年12月31日)

    ID S100NROR2022-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第91期(令和2年1月1日－令和2年12月31日)

    ID S100L1SB2021-03-30Open

Extracted from XBRL: 52 / Derived from other figures: 1

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