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H2O RetailingH2O RETAILING CORPORATION8242東証プライム小売業FY ending Mar 2026, consolidated, J-GAAP

H2O Retailing revenue and profit

Out of every ¥100 of sales, about ¥5 is left as operating profit. Revenue changed -0.2% from the prior year, operating profit -7.0%.

Five-year trend

Revenue¥680.2B
FY ending Mar 2022: ¥518.4B¥518.4BFY ending Mar 2023: ¥628.1B¥628.1BFY ending Mar 2024: ¥657.4B¥657.4BFY ending Mar 2025: ¥681.8B¥681.8BFY ending Mar 2026: ¥680.2B¥680.2BFY22FY23FY24FY25FY26
Operating income¥32.4B
FY ending Mar 2022: ¥740M¥740MFY ending Mar 2023: ¥11.4B¥11.4BFY ending Mar 2024: ¥26.2B¥26.2BFY ending Mar 2025: ¥34.8B¥34.8BFY ending Mar 2026: ¥32.4B¥32.4BFY22FY23FY24FY25FY26
Operating margin4.8%
FY ending Mar 2022: 0.1%0.1%FY ending Mar 2023: 1.8%1.8%FY ending Mar 2024: 4.0%4.0%FY ending Mar 2025: 5.1%5.1%FY ending Mar 2026: 4.8%4.8%FY22FY23FY24FY25FY26

What drives ROE

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

Net margin4.4%
Asset turnover0.94×
ROA4.1%
ROA4.1%
Financial leverage2.85×
ROE11.8%

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

Net margin4.4%
2022: 1.9%1.9%2023: 2.6%2.6%2024: 3.3%3.3%2025: 5.1%5.1%2026: 4.4%4.4%2223242526
Asset turnover0.94×
2022: 0.79×0.79×2023: 0.94×0.94×2024: 0.94×0.94×2025: 0.95×0.95×2026: 0.94×0.94×2223242526
ROA4.1%
2022: 1.5%1.5%2023: 2.4%2.4%2024: 3.1%3.1%2025: 4.8%4.8%2026: 4.1%4.1%2223242526
Financial leverage2.85×
2022: 3.24×3.24×2023: 3.28×3.28×2024: 3.25×3.25×2025: 3.05×3.05×2026: 2.85×2.85×2223242526
ROE11.8%
2022: 4.9%4.9%2023: 8.0%8.0%2024: 10.2%10.2%2025: 14.8%14.8%2026: 11.8%11.8%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20221.9%0.79×1.5%3.24×4.9%
20232.6%0.94×2.4%3.28×8.0%
20243.3%0.94×3.1%3.25×10.2%
20255.1%0.95×4.8%3.05×14.8%
20264.4%0.94×4.1%2.85×11.8%

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 ÷ revenue45.0%
2021: 35.4%35.4%2022: 58.1%58.1%2023: 48.3%48.3%2024: 44.5%44.5%2025: 46.8%46.8%2026: 45.0%45.0%212223242526
PPE ÷ total assets42.8%
2021: 41.8%41.8%2022: 46.0%46.0%2023: 44.2%44.2%2024: 41.2%41.2%2025: 43.6%43.6%2026: 42.8%42.8%212223242526
Goodwill ÷ parent equity2.4%
2021: 1.4%1.4%2022: 1.1%1.1%2023: 0.8%0.8%2024: 0.5%0.5%2025: 2.9%2.9%2026: 2.4%2.4%212223242526
Goodwill balance¥6.21B
2021: ¥2.7B¥2.7B2022: ¥2.2B¥2.2B2023: ¥1.69B¥1.69B2024: ¥1.18B¥1.18B2025: ¥7.23B¥7.23B2026: ¥6.21B¥6.21B212223242526

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 days—
2021: 27d27d2022: 42d42d2023: 40d40d2024: 41d41d2025: 40d40d212223242526
Payable days—
2021: 34d34d2022: 69d69d2023: 64d64d2024: 78d78d212223242526

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 Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue518,447628,089657,400681,759680,215
Cost of revenue299,766362,641369,792374,403372,042
Gross profit218,680265,447287,608307,356308,172
SG&A217,939254,059261,420272,526275,785
Operating income74011,38826,18834,83032,386
Pretax income15,58621,14622,28951,33035,476
Income tax5,5663,147-1,83915,6464,644
Net income attributable to owners9,87216,38221,90534,84229,950
Operating margin0.1%1.8%4.0%5.1%4.8%

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 43%
8%
Investment securities 13%
Other assets 28%

Funding

Other liabilities 54%
Equity 46%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥33.2B¥57B¥66.4B¥54.9B¥57.8B
Total assets¥654.6B¥686.4B¥710.1B¥730.5B¥714.7B
Net assets¥260.9B¥272.8B¥294B¥313.4B¥325.4B
Share capital¥17.8B¥17.8B¥17.8B¥17.8B¥17.8B
Trade receivables¥59.9B¥68.6B¥74.7B¥74.8B—
Property, plant and equipment¥301.2B¥303.3B¥292.8B¥318.8B¥306.2B
Intangible assets excluding goodwill¥16.4B¥19.8B¥26B¥48.4B¥47.3B
Goodwill¥2.2B¥1.69B¥1.18B¥7.23B¥6.21B
Investment securities¥104.2B¥101.2B¥104B¥97B¥94.8B
Current assets¥129.7B¥161.4B¥180.1B¥169.5B¥169.2B
Current liabilities¥147.7B¥176.1B¥190.6B¥233.8B¥201.6B
Trade payables¥56.8B¥63.7B¥78.9B——
Long-term borrowings¥154.3B¥143.9B¥143.5B¥98.2B¥106.8B
Bonds¥20B¥20B¥10B¥10B¥10B
Total liabilities¥393.6B¥413.6B¥416.1B¥417.1B¥389.3B
Non-controlling interests¥22.9B¥22.8B¥24B¥12.7B¥14B
Equity attributable to owners of parent¥202B¥206.2B¥223.7B¥248.4B¥258.4B
Retained earnings¥92.3B¥105.5B¥125B¥155.6B¥180.2B
Treasury stock-¥3.15B-¥11.9B-¥13.8B-¥5.55B-¥20.3B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第107期(2025/04/01－2026/03/31)

    ID S100YDD02026-06-23Open

  • EDINET (FSA Japan)

    有価証券報告書－第106期(2024/04/01－2025/03/31)

    ID S100W06B2025-06-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第105期(2023/04/01－2024/03/31)

    ID S100TQI42024-06-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第104期(2022/04/01－2023/03/31)

    ID S100R4BV2023-06-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第103期(令和3年4月1日－令和4年3月31日)

    ID S100O8HR2022-06-22Open

  • EDINET (FSA Japan)

    有価証券報告書－第102期(令和2年4月1日－令和3年3月31日)

    ID S100LKVZ2021-06-22Open

Extracted from XBRL: 53 / Derived from other figures: 1

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