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GMO Financial HoldingsGMO Financial Holdings, Inc.7177東証スタンダード証券、商品先物取引業FY ending Dec 2025, consolidated, J-GAAP

GMO Financial Holdings revenue and profit

Out of every ¥100 of sales, about ¥32 is left as operating profit. Revenue changed -7.0% from the prior year, operating profit +77.8%.

Five-year trend

Revenue¥49.5B
FY ending Dec 2021: ¥45.9B¥45.9BFY ending Dec 2022: ¥46.5B¥46.5BFY ending Dec 2023: ¥51.4B¥51.4BFY ending Dec 2024: ¥53.3B¥53.3BFY ending Dec 2025: ¥49.5B¥49.5BFY21FY22FY23FY24FY25
Operating income¥15.9B
FY ending Dec 2021: ¥15.4B¥15.4BFY ending Dec 2022: ¥9.15B¥9.15BFY ending Dec 2023: ¥14.5B¥14.5BFY ending Dec 2024: ¥8.93B¥8.93BFY ending Dec 2025: ¥15.9B¥15.9BFY21FY22FY23FY24FY25
Operating margin32.0%
FY ending Dec 2021: 33.5%33.5%FY ending Dec 2022: 19.7%19.7%FY ending Dec 2023: 28.1%28.1%FY ending Dec 2024: 16.8%16.8%FY ending Dec 2025: 32.0%32.0%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin21.1%
Asset turnover0.04×
ROA0.7%
ROA0.7%
Financial leverage29.45×
ROE22.0%

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

Net margin21.1%
2021: 21.5%21.5%2022: 2.6%2.6%2023: 14.9%14.9%2024: 8.9%8.9%2025: 21.1%21.1%2122232425
Asset turnover0.04×
2021: 0.05×0.05×2022: 0.05×0.05×2023: 0.05×0.05×2024: 0.04×0.04×2025: 0.04×0.04×2122232425
ROA0.7%
2021: 1.0%1.0%2022: 0.1%0.1%2023: 0.7%0.7%2024: 0.4%0.4%2025: 0.7%0.7%2122232425
Financial leverage29.45×
2021: 24.71×24.71×2022: 25.40×25.40×2023: 25.77×25.77×2024: 28.09×28.09×2025: 29.45×29.45×2122232425
ROE22.0%
2021: 24.5%24.5%2022: 3.1%3.1%2023: 18.6%18.6%2024: 10.6%10.6%2025: 22.0%22.0%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
202121.5%0.05×1.0%24.71×24.5%
20222.6%0.05×0.1%25.40×3.1%
202314.9%0.05×0.7%25.77×18.6%
20248.9%0.04×0.4%28.09×10.6%
202521.1%0.04×0.7%29.45×22.0%

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 ÷ revenue2.6%
2020: 3.2%3.2%2021: 4.0%4.0%2022: 4.0%4.0%2023: 2.9%2.9%2024: 2.4%2.4%2025: 2.6%2.6%202122232425
PPE ÷ total assets0.1%
2020: 0.2%0.2%2021: 0.2%0.2%2022: 0.2%0.2%2023: 0.1%0.1%2024: 0.1%0.1%2025: 0.1%0.1%202122232425
Goodwill ÷ parent equity16.4%
2020: 0.8%0.8%2021: 27.3%27.3%2022: 26.2%26.2%2023: 20.4%20.4%2024: 20.2%20.2%2025: 16.4%16.4%202122232425
Goodwill balance¥8.13B
2020: ¥285M¥285M2021: ¥11B¥11B2022: ¥9.94B¥9.94B2023: ¥9.02B¥9.02B2024: ¥9.2B¥9.2B2025: ¥8.13B¥8.13B202122232425

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 days2d
2024: 1d1d2025: 2d2d202122232425

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
Revenue45,92446,53351,43253,26949,518
Cost of revenue40238823657884
Gross profit45,52246,14551,40952,61248,634
SG&A28,42434,73433,66340,26729,721
Operating income15,3969,15014,4518,92615,866
Pretax income16,2623,26712,7507,54415,012
Income tax5,6402,5875,2452,8994,760
Net income attributable to owners9,8581,2127,6494,74510,448
Operating margin33.5%19.7%28.1%16.8%32.0%

Balance sheet (reported items)

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

Assets

Cash 10%
0%
0%
2%
1%
Other assets 87%

Funding

Interest-bearing debt 15%
Other liabilities 81%
4%

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¥63.6B¥72.2B¥81.1B¥115.8B¥138.8B
Total assets¥996B¥991.5B¥1.13T¥1.39T¥1.41T
Net assets¥42.8B¥41.3B¥46.4B¥48.4B¥53B
Share capital¥705M¥705M¥705M¥705M¥705M
Trade receivables———¥140M¥208M
Property, plant and equipment¥1.83B¥1.87B¥1.48B¥1.29B¥1.3B
Intangible assets excluding goodwill¥21.8B¥19.7B¥17.3B¥16.5B¥14.6B
Goodwill¥11B¥9.94B¥9.02B¥9.2B¥8.13B
Investment securities¥3.86B¥3.83B¥9.21B¥12.4B¥12.5B
Current assets¥967.3B¥963.8B¥1.09T¥1.36T¥1.37T
Current liabilities¥929.8B¥912.8B¥1.02T¥1.27T¥1.27T
Short-term borrowings¥143B¥134.4B¥137.2B¥134.2B¥138.9B
Long-term borrowings¥20.1B¥35.8B¥44.7B¥50.5B¥53.8B
Bonds——¥9.8B¥20.9B¥26B
Interest-bearing debt——¥191.7Bderived¥205.5Bderived¥218.7Bderived
Total liabilities¥953.2B¥950.2B¥1.08T¥1.35T¥1.35T
Non-controlling interests¥2.13B¥1.73B¥9M¥325M¥170M
Equity attributable to owners of parent¥40.3B¥37.9B¥44.2B¥45.5B¥49.6B
Retained earnings¥41.4B¥39B¥43.7B¥44.9B¥49B
Treasury stock-¥2.44B-¥2.3B-¥2.3B-¥2.3B-¥2.3B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    訂正有価証券報告書－第15期(2025/01/01－2025/12/31)

    ID S100YHX62026-06-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第14期(2024/01/01－2024/12/31)

    ID S100VFWN2025-03-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第13期(2023/01/01－2023/12/31)

    ID S100T3262024-03-22Open

  • EDINET (FSA Japan)

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

    ID S100SEUY2023-12-06Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第11期(令和3年1月1日－令和3年12月31日)

    ID S100P2RE2022-08-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第10期(令和2年1月1日－令和2年12月31日)

    ID S100L00L2021-03-22Open

Extracted from XBRL: 53 / Derived from other figures: 3

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