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Hamamatsu PhotonicsHAMAMATSU PHOTONICS K.K.6965東証プライム電気機器FY ending Sep 2025, consolidated, J-GAAP

Hamamatsu Photonics revenue and profit

Out of every ¥100 of sales, about ¥8 is left as operating profit. Revenue changed +4.0% from the prior year, operating profit -49.7%.

Five-year trend

Revenue¥212.1B
FY ending Sep 2021: ¥169B¥169BFY ending Sep 2022: ¥208.8B¥208.8BFY ending Sep 2023: ¥221.4B¥221.4BFY ending Sep 2024: ¥204B¥204BFY ending Sep 2025: ¥212.1B¥212.1BFY21FY22FY23FY24FY25
Operating income¥16.2B
FY ending Sep 2021: ¥34.3B¥34.3BFY ending Sep 2022: ¥57B¥57BFY ending Sep 2023: ¥56.7B¥56.7BFY ending Sep 2024: ¥32.1B¥32.1BFY ending Sep 2025: ¥16.2B¥16.2BFY21FY22FY23FY24FY25
Operating margin7.6%
FY ending Sep 2021: 20.3%20.3%FY ending Sep 2022: 27.3%27.3%FY ending Sep 2023: 25.6%25.6%FY ending Sep 2024: 15.7%15.7%FY ending Sep 2025: 7.6%7.6%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin6.7%
Asset turnover0.48×
ROA3.2%
ROA3.2%
Financial leverage1.48×
ROE4.7%

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

Net margin6.7%
2021: 14.8%14.8%2022: 19.8%19.8%2023: 19.3%19.3%2024: 12.3%12.3%2025: 6.7%6.7%2122232425
Asset turnover0.48×
2021: 0.56×0.56×2022: 0.63×0.63×2023: 0.58×0.58×2024: 0.49×0.49×2025: 0.48×0.48×2122232425
ROA3.2%
2021: 8.3%8.3%2022: 12.4%12.4%2023: 11.1%11.1%2024: 6.0%6.0%2025: 3.2%3.2%2122232425
Financial leverage1.48×
2021: 1.29×1.29×2022: 1.33×1.33×2023: 1.37×1.37×2024: 1.38×1.38×2025: 1.48×1.48×2122232425
ROE4.7%
2021: 10.7%10.7%2022: 16.5%16.5%2023: 15.2%15.2%2024: 8.3%8.3%2025: 4.7%4.7%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
202114.8%0.56×8.3%1.29×10.7%
202219.8%0.63×12.4%1.33×16.5%
202319.3%0.58×11.1%1.37×15.2%
202412.3%0.49×6.0%1.38×8.3%
20256.7%0.48×3.2%1.48×4.7%

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 ÷ revenue71.0%
2020: 61.6%61.6%2021: 51.2%51.2%2022: 45.6%45.6%2023: 51.3%51.3%2024: 65.2%65.2%2025: 71.0%71.0%202122232425
PPE ÷ total assets33.1%
2020: 31.8%31.8%2021: 28.7%28.7%2022: 26.0%26.0%2023: 28.2%28.2%2024: 30.6%30.6%2025: 33.1%33.1%202122232425
Goodwill ÷ parent equity10.3%
2020: 0.6%0.6%2021: 0.5%0.5%2022: 0.5%0.5%2023: 0.3%0.3%2024: 9.9%9.9%2025: 10.3%10.3%202122232425
Goodwill balance¥30.1B
2020: ¥1.36B¥1.36B2021: ¥1.22B¥1.22B2022: ¥1.25B¥1.25B2023: ¥1.03B¥1.03B2024: ¥30.8B¥30.8B2025: ¥30.1B¥30.1B202122232425

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¥18.4B
2020: ¥12.1B¥12.1B2021: ¥11.4B¥11.4B2022: ¥11.3B¥11.3B2023: ¥12.3B¥12.3B2024: ¥13.6B¥13.6B2025: ¥18.4B¥18.4B202122232425
R&D / revenue8.7%
2020: 8.7%8.7%2021: 6.7%6.7%2022: 5.4%5.4%2023: 5.6%5.6%2024: 6.6%6.6%2025: 8.7%8.7%202122232425
Receivable days80d
2020: 84d84d2021: 92d92d2022: 87d87d2023: 83d83d2024: 82d82d2025: 80d80d202122232425
Payable days23d
2020: 30d30d2021: 31d31d2022: 31d31d2023: 29d29d2024: 24d24d2025: 23d23d202122232425

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 Sep 2021FY ending Sep 2022FY ending Sep 2023FY ending Sep 2024FY ending Sep 2025
Revenue169,026208,803221,445203,961212,051
Cost of revenue85,63196,421101,439100,077110,669
Gross profit83,395112,381120,006103,884101,381
SG&A49,07755,39863,33071,76685,218
Operating income34,31856,98356,67632,11816,163
Pretax income34,75558,66858,52035,43520,716
Income tax9,53017,19115,48010,0346,153
Net income attributable to owners25,05341,29542,82525,14514,203
Operating margin20.3%27.3%25.6%15.7%7.6%

Balance sheet (reported items)

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

Assets

Cash 19%
Receivables 10%
Property, plant and equipment 33%
Intangibles and goodwill 14%
1%
Other assets 23%

Funding

2%
Other liabilities 27%
Equity 71%

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

ItemFY ending Sep 2021FY ending Sep 2022FY ending Sep 2023FY ending Sep 2024FY ending Sep 2025
Cash and equivalents¥90B¥123.1B¥114.4B¥92.6B¥86B
Total assets¥301.7B¥366.2B¥402.9B¥434.6B¥455B
Net assets¥237.6B¥281.9B¥320.1B¥333B¥323.5B
Share capital¥35B¥35B¥35.1B¥35.1B¥35.2B
Trade receivables¥42.5B¥49.8B¥50.5B¥45.7B¥46.6B
Property, plant and equipment¥86.5B¥95.2B¥113.6B¥132.9B¥150.7B
Intangible assets excluding goodwill¥4.85B¥5.36B¥5.14B¥35.7B¥34.6B
Goodwill¥1.22B¥1.25B¥1.03B¥30.8B¥30.1B
Investment securities¥3.91B¥3.71B¥4.23B¥4.39B¥4.73B
Current assets¥192.1B¥246B¥260.9B¥239B¥236.4B
Current liabilities¥52.3B¥69.5B¥68.5B¥80.7B¥108.5B
Trade payables¥7.37B¥8.13B¥7.93B¥6.56B¥6.85B
Short-term borrowings¥3.51B¥4.8B¥5.85B¥25.3B¥53.5B
Long-term borrowings¥3.24B¥4.63B¥5.54B¥8.52B¥10.6B
Total liabilities¥64.1B¥84.3B¥82.9B¥101.6B¥131.6B
Non-controlling interests¥1.05B¥1.34B¥1.41B¥1.7B¥1.93B
Equity attributable to owners of parent¥234.2B¥266.2B¥296.6B¥310.1B¥292.8B
Retained earnings¥185.2B¥217.2B¥247.9B¥261.3B¥249.3B
Treasury stock-¥20.8B-¥20.8B-¥20.8B-¥20.8B-¥26.2B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    訂正有価証券報告書－第78期(2024/10/01－2025/09/30)

    ID S100XDC22025-12-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第77期(2023/10/01－2024/09/30)

    ID S100UZ7A2024-12-20Open

  • EDINET (FSA Japan)

    有価証券報告書－第76期(2022/10/01－2023/09/30)

    ID S100SIVV2023-12-22Open

  • EDINET (FSA Japan)

    有価証券報告書－第75期(令和3年10月1日－令和4年9月30日)

    ID S100PTBM2022-12-16Open

  • EDINET (FSA Japan)

    有価証券報告書－第74期(令和2年10月1日－令和3年9月30日)

    ID S100N2I82021-12-17Open

  • EDINET (FSA Japan)

    有価証券報告書－第73期(令和1年10月1日－令和2年9月30日)

    ID S100KDZM2020-12-18Open

Extracted from XBRL: 55 / Derived from other figures: 1

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