HeadwatersHeadwaters Co.,Ltd4011東証グロース情報・通信業FY ending Dec 2025, consolidated, J-GAAP
Out of every ¥100 of sales, about ¥6 is left as operating profit. Revenue changed +34.2% from the prior year, operating profit -25.6%.
Net margin × asset turnover = ROA; ROA × financial leverage = ROE
Denominators: average assets and average equity. Derived from reported values; ROE is shown only for positive profit and equity.
| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE |
|---|---|---|---|---|---|
| 2021 | 2.3% | 1.20× | 2.8% | 1.22× | 3.4% |
| 2022 | 4.8% | 1.35× | 6.4% | 1.34× | 8.6% |
| 2023 | 3.1% | 1.88× | 5.7% | 1.34× | 7.7% |
| 2024 | 9.4% | 1.88× | 17.6% | 1.40× | 24.7% |
| 2025 | 1.5% | 1.38× | 2.0% | 2.19× | 4.5% |
Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.
Annual trends in tangible-asset ratios and goodwill balance.
Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition
Track R&D investment and how long operating capital remains tied up before sales turn into cash.
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.
| Item | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,171 | 1,575 | 2,315 | 2,906 | 3,900 |
| Cost of revenue | 647 | 929 | 1,460 | 1,666 | 2,167 |
| Gross profit | 524 | 646 | 855 | 1,240 | 1,733 |
| SG&A | 433 | 536 | 760 | 932 | 1,503 |
| Operating income | 91 | 110 | 95 | 308 | 229 |
| Pretax income | 63 | 107 | 98 | 362 | 128 |
| Income tax | 36 | 32 | 27 | 88 | 53 |
| Net income attributable to owners | 27 | 75 | 71 | 273 | 58 |
| Operating margin | 7.8% | 7.0% | 4.1% | 10.6% | 5.9% |
Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.
Each bar totals 100% of assets; other is the residual.
| Item | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
|---|---|---|---|---|---|
| Cash and equivalents | ¥765.6M | ¥818.6M | ¥897.9M | ¥843.2M | ¥625.1M |
| Total assets | ¥973.2M | ¥1.17B | ¥1.29B | ¥1.8B | ¥3.85B |
| Net assets | ¥800.3M | ¥875.4M | ¥961.7M | ¥1.27B | ¥1.35B |
| Share capital | ¥362.6M | ¥362.6M | ¥369M | ¥378.3M | ¥389.9M |
| Property, plant and equipment | ¥9.4M | ¥26.3M | ¥30.5M | ¥40M | ¥42.5M |
| Intangible assets excluding goodwill | — | ¥16.9M | ¥13.7M | ¥10M | ¥161.7M |
| Goodwill | — | — | — | — | ¥154.6M |
| Investment securities | — | — | — | ¥95M | ¥67.5M |
| Current assets | ¥927.8M | ¥1.1B | ¥1.23B | ¥1.46B | ¥1.58B |
| Current liabilities | ¥172.9M | ¥293.8M | ¥332.4M | ¥527.8M | ¥2.49B |
| Short-term borrowings | — | — | — | — | ¥1.9B |
| Total liabilities | ¥172.9M | ¥293.8M | ¥332.6M | ¥527.8M | ¥2.5B |
| Non-controlling interests | — | — | ¥3.2M | ¥5.5M | ¥23.9M |
| Equity attributable to owners of parent | ¥800.3M | ¥875.4M | ¥958.7M | ¥1.25B | ¥1.33B |
| Retained earnings | ¥85M | ¥160.2M | ¥230.8M | ¥503.6M | ¥561.3M |
| Treasury stock | — | — | -¥227K | -¥227K | -¥227K |
EDINET (FSA Japan)
有価証券報告書－第21期(2025/01/01－2025/12/31)
EDINET (FSA Japan)
有価証券報告書－第20期(2024/01/01－2024/12/31)
EDINET (FSA Japan)
有価証券報告書－第19期(2023/01/01－2023/12/31)
EDINET (FSA Japan)
有価証券報告書－第18期(2022/01/01－2022/12/31)
EDINET (FSA Japan)
有価証券報告書－第17期(令和3年1月1日－令和3年12月31日)
EDINET (FSA Japan)
有価証券報告書－第16期(令和2年1月1日－令和2年12月31日)
Extracted from XBRL: 48 / Derived from other figures: 1
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