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Hakuyosha CompanyHakuyosha Company, Ltd.9731東証スタンダードサービス業FY ending Dec 2025, consolidated, J-GAAP

Hakuyosha Company revenue and profit

Out of every ¥100 of sales, about ¥5 is left as operating profit. Revenue changed +2.4% from the prior year, operating profit +4.4%.

Five-year trend

Revenue¥44.6B
FY ending Dec 2021: ¥35.1B¥35.1BFY ending Dec 2022: ¥39.2B¥39.2BFY ending Dec 2023: ¥43.3B¥43.3BFY ending Dec 2024: ¥43.6B¥43.6BFY ending Dec 2025: ¥44.6B¥44.6BFY21FY22FY23FY24FY25
Operating income¥2.4B
FY ending Dec 2021: -¥2.91B-¥2.91BFY ending Dec 2022: ¥665M¥665MFY ending Dec 2023: ¥1.81B¥1.81BFY ending Dec 2024: ¥2.29B¥2.29BFY ending Dec 2025: ¥2.4B¥2.4BFY21FY22FY23FY24FY25
Operating margin5.4%
FY ending Dec 2021: -8.3%-8.3%FY ending Dec 2022: 1.7%1.7%FY ending Dec 2023: 4.2%4.2%FY ending Dec 2024: 5.3%5.3%FY ending Dec 2025: 5.4%5.4%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin4.8%
Asset turnover1.31×
ROA6.3%
ROA6.3%
Financial leverage3.39×
ROE21.3%

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

Net margin4.8%
2022: 4.3%4.3%2023: 4.5%4.5%2024: 5.1%5.1%2025: 4.8%4.8%2122232425
Asset turnover1.31×
2022: 1.25×1.25×2023: 1.34×1.34×2024: 1.32×1.32×2025: 1.31×1.31×2122232425
ROA6.3%
2021: -4.0%-4.0%2022: 5.4%5.4%2023: 6.0%6.0%2024: 6.7%6.7%2025: 6.3%6.3%2122232425
Financial leverage3.39×
2022: 7.04×7.04×2023: 5.28×5.28×2024: 4.09×4.09×2025: 3.39×3.39×2122232425
ROE21.3%
2022: 37.9%37.9%2023: 31.8%31.8%2024: 27.5%27.5%2025: 21.3%21.3%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
2021——×-4.0%—×—
20224.3%1.25×5.4%7.04×37.9%
20234.5%1.34×6.0%5.28×31.8%
20245.1%1.32×6.7%4.09×27.5%
20254.8%1.31×6.3%3.39×21.3%

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 ÷ revenue32.7%
2020: 42.2%42.2%2021: 43.6%43.6%2022: 37.4%37.4%2023: 33.2%33.2%2024: 33.1%33.1%2025: 32.7%32.7%202122232425
PPE ÷ total assets41.3%
2020: 47.4%47.4%2021: 48.8%48.8%2022: 46.7%46.7%2023: 43.4%43.4%2024: 44.0%44.0%2025: 41.3%41.3%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—
2020: ¥53M¥53M2021: ¥50M¥50M2022: ¥51M¥51M2023: ¥53M¥53M2024: ¥55M¥55M202122232425
R&D / revenue—
2020: 0.1%0.1%2021: 0.1%0.1%2022: 0.1%0.1%2023: 0.1%0.1%2024: 0.1%0.1%202122232425
Cash conversion cycle—
2020: 63d63d2021: 56d56d202122232425
Receivable days—
2020: 36d36d2021: 37d37d202122232425
Inventory days66d
2020: 53d53d2021: 45d45d2022: 44d44d2023: 52d52d2024: 55d55d2025: 66d66d202122232425
Payable days25d
2020: 26d26d2021: 26d26d2022: 27d27d2023: 30d30d2024: 25d25d2025: 25d25d202122232425

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
Revenue35,13139,18043,27243,58044,625
Cost of revenue32,95834,11036,63836,92337,725
Gross profit2,1735,0696,6336,6576,899
SG&A5,0804,4044,8184,3614,502
Operating income-2,9076651,8152,2952,397
Pretax income-9272,3102,0172,9312,569
Income tax43469866672400
Net income attributable to owners-1,2491,6881,9452,2152,133
Operating margin-8.3%1.7%4.2%5.3%5.4%

Balance sheet (reported items)

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

Assets

4%
Inventories 19%
Property, plant and equipment 41%
1%
Investment securities 9%
Other assets 26%

Funding

7%
Other liabilities 56%
Equity 37%
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¥1.04B¥1.11B¥1.43B¥1.31B¥1.54B
Total assets¥31.4B¥31.4B¥33.2B¥32.8B¥35.3B
Net assets¥4.38B¥6.15B¥8.37B¥10.5B¥12.9B
Share capital¥2.41B¥2.41B¥2.41B¥2.41B¥2.41B
Trade receivables¥3.54B————
Inventories¥4.09B¥4.14B¥5.19B¥5.56B¥6.79B
Property, plant and equipment¥15.3B¥14.6B¥14.4B¥14.4B¥14.6B
Intangible assets excluding goodwill¥587M¥501M¥408M¥364M¥354M
Investment securities¥2B¥2.34B¥2.71B¥2.54B¥3B
Current assets¥9.31B¥10B¥11.6B¥11.8B¥13.6B
Current liabilities¥11.2B¥11.6B¥12.2B¥10.2B¥12B
Trade payables¥2.36B¥2.48B¥2.99B¥2.56B¥2.63B
Short-term borrowings¥2.89B¥2.58B¥3.35B¥1.78B¥1.69B
Long-term borrowings¥7.88B¥6.1B¥5.6B¥5.43B¥3.11B
Total liabilities¥27B¥25.2B¥24.8B¥22.2B¥22.4B
Non-controlling interests¥151M¥73M¥54M¥92M¥128M
Equity attributable to owners of parent¥3.73B¥5.19B¥7.04B¥9.08B¥11B
Retained earnings¥107M¥1.57B¥3.42B¥5.44B¥7.32B
Treasury stock-¥364M-¥364M-¥358M-¥334M-¥323M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第133期(2025/01/01－2025/12/31)

    ID S100XT2K2026-03-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第132期(2024/01/01－2024/12/31)

    ID S100VHPE2025-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第131期(2023/01/01－2023/12/31)

    ID S100T54S2024-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第130期(2022/01/01－2022/12/31)

    ID S100QGJA2023-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第129期(令和3年1月1日－令和3年12月31日)

    ID S100NQCQ2022-03-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第128期(令和2年1月1日－令和2年12月31日)

    ID S100L1DD2021-03-26Open

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

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