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Hatsuho ShoujiHATSUHO SHOUJI CO.,LTD.7425東証スタンダード卸売業FY ending Dec 2025, consolidated, J-GAAP

Hatsuho Shouji revenue and profit

Out of every ¥100 of sales, about ¥4 is left as operating profit. Revenue changed +1.8% from the prior year, operating profit -5.6%.

Five-year trend

Revenue¥35.4B
FY ending Dec 2021: ¥29.9B¥29.9BFY ending Dec 2022: ¥31.8B¥31.8BFY ending Dec 2023: ¥34.4B¥34.4BFY ending Dec 2024: ¥34.8B¥34.8BFY ending Dec 2025: ¥35.4B¥35.4BFY21FY22FY23FY24FY25
Operating income¥1.22B
FY ending Dec 2021: ¥763.9M¥763.9MFY ending Dec 2022: ¥1.29B¥1.29BFY ending Dec 2023: ¥1.42B¥1.42BFY ending Dec 2024: ¥1.29B¥1.29BFY ending Dec 2025: ¥1.22B¥1.22BFY21FY22FY23FY24FY25
Operating margin3.4%
FY ending Dec 2021: 2.6%2.6%FY ending Dec 2022: 4.0%4.0%FY ending Dec 2023: 4.1%4.1%FY ending Dec 2024: 3.7%3.7%FY ending Dec 2025: 3.4%3.4%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin2.3%
Asset turnover1.60×
ROA3.8%
ROA3.8%
Financial leverage2.27×
ROE8.5%

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

Net margin2.3%
2021: 1.7%1.7%2022: 2.7%2.7%2023: 2.8%2.8%2024: 2.8%2.8%2025: 2.3%2.3%2122232425
Asset turnover1.60×
2021: 1.58×1.58×2022: 1.59×1.59×2023: 1.57×1.57×2024: 1.56×1.56×2025: 1.60×1.60×2122232425
ROA3.8%
2021: 2.6%2.6%2022: 4.3%4.3%2023: 4.5%4.5%2024: 4.4%4.4%2025: 3.8%3.8%2122232425
Financial leverage2.27×
2021: 2.70×2.70×2022: 2.71×2.71×2023: 2.67×2.67×2024: 2.47×2.47×2025: 2.27×2.27×2122232425
ROE8.5%
2021: 7.1%7.1%2022: 11.6%11.6%2023: 11.9%11.9%2024: 10.8%10.8%2025: 8.5%8.5%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20211.7%1.58×2.6%2.70×7.1%
20222.7%1.59×4.3%2.71×11.6%
20232.8%1.57×4.5%2.67×11.9%
20242.8%1.56×4.4%2.47×10.8%
20252.3%1.60×3.8%2.27×8.5%

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 ÷ revenue13.1%
2020: 12.6%12.6%2021: 12.1%12.1%2022: 11.9%11.9%2023: 12.6%12.6%2024: 13.2%13.2%2025: 13.1%13.1%202122232425
PPE ÷ total assets20.8%
2020: 20.2%20.2%2021: 19.0%19.0%2022: 17.9%17.9%2023: 19.1%19.1%2024: 21.1%21.1%2025: 20.8%20.8%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.

Receivable days—
2020: 77d77d2021: 73d73d202122232425
Payable days44d
2020: 99d99d2021: 108d108d2022: 122d122d2023: 109d109d2024: 83d83d2025: 44d44d202122232425

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
Revenue29,91031,79334,42234,82835,445
Cost of revenue24,91825,96528,20928,62629,209
Gross profit4,9915,8286,2136,2026,236
SG&A4,2274,5404,7914,9135,019
Operating income7641,2871,4211,2891,217
Pretax income9381,4311,5751,5781,436
Income tax337468507486502
Net income attributable to owners501855976974832
Operating margin2.6%4.0%4.1%3.7%3.4%

Balance sheet (reported items)

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

Assets

Cash 27%
Property, plant and equipment 21%
1%
1%
Other assets 50%

Funding

Trade payables 16%
Other liabilities 34%
Equity 50%
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¥5B¥5.53B¥6.08B¥5.74B¥6.13B
Total assets¥19B¥21.1B¥22.7B¥21.9B¥22.4B
Net assets¥7.96B¥8.77B¥9.69B¥10.6B¥11.3B
Share capital¥885.1M¥885.1M¥885.1M¥885.1M¥885.1M
Trade receivables¥6B————
Property, plant and equipment¥3.61B¥3.78B¥4.34B¥4.61B¥4.65B
Intangible assets excluding goodwill¥464.6M¥398.5M¥345.4M¥294.6M¥268.3M
Investment securities¥95.6M¥60.6M¥70M¥180.6M¥202.1M
Current assets¥13.4B¥15.5B¥16.5B¥15.5B¥16B
Current liabilities¥9.87B¥11.5B¥11.8B¥10.3B¥10.5B
Trade payables¥7.35B¥8.7B¥8.41B¥6.55B¥3.54B
Short-term borrowings¥370M¥370M¥370M¥320M¥320M
Long-term borrowings¥533.4M¥262.6M¥771.3M¥537.6M¥196.7M
Total liabilities¥11B¥12.3B¥13B¥11.3B¥11.1B
Non-controlling interests¥920.9M¥989.8M¥1.05B¥1.13B¥1.19B
Equity attributable to owners of parent¥7.03B¥7.77B¥8.63B¥9.43B¥10.1B
Retained earnings¥4.95B¥5.69B¥6.53B¥7.33B¥7.94B
Treasury stock-¥123.8M-¥123.8M-¥117.5M-¥113.4M-¥108.6M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第68期(2025/01/01－2025/12/31)

    ID S100XT3I2026-03-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第67期(2024/01/01－2024/12/31)

    ID S100VGMX2025-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第66期(2023/01/01－2023/12/31)

    ID S100T4HK2024-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第65期(2022/01/01－2022/12/31)

    ID S100QGEC2023-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第64期(令和3年1月1日－令和3年12月31日)

    ID S100NQFZ2022-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第63期(令和2年1月1日－令和2年12月31日)

    ID S100L0JM2021-03-29Open

Extracted from XBRL: 50 / Derived from other figures: 1

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