Hikari Business FormHIKARI BUSINESS FORM CO., LTD.3948東証スタンダードパルプ・紙FY ending Dec 2025, non-consolidated, J-GAAP
Out of every ¥100 of sales, about ¥2 is left as operating profit. Revenue changed -2.2% from the prior year, operating profit +13.2%.
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 | 8.6% | 0.89× | 7.6% | 1.40× | 10.7% |
| 2022 | 10.6% | 1.06× | 11.2% | 1.38× | 15.5% |
| 2023 | 7.6% | 0.85× | 6.4% | 1.30× | 8.4% |
| 2024 | 2.0% | 0.70× | 1.4% | 1.25× | 1.8% |
| 2025 | 2.0% | 0.68× | 1.3% | 1.29× | 1.7% |
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
| Item | FY ending Dec 2021 | FY ending Dec 2022 | FY ending Dec 2023 | FY ending Dec 2024 | FY ending Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 9,565 | 11,995 | 9,876 | 7,915 | 7,744 |
| Cost of revenue | 7,035 | 8,549 | 7,152 | 6,301 | 6,093 |
| Gross profit | 2,530 | 3,446 | 2,724 | 1,614 | 1,651 |
| SG&A | 1,331 | 1,478 | 1,454 | 1,436 | 1,449 |
| Operating income | 1,200 | 1,969 | 1,270 | 179 | 202 |
| Pretax income | 1,208 | 1,862 | 1,101 | 266 | 259 |
| Income tax | 389 | 590 | 353 | 104 | 107 |
| Net income attributable to owners | 819 | 1,272 | 748 | 161 | 152 |
| Operating margin | 12.5% | 16.4% | 12.9% | 2.3% | 2.6% |
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 | ¥3.15B | ¥4.09B | ¥3.98B | ¥3.81B | ¥3.31B |
| Total assets | ¥10.8B | ¥11.9B | ¥11.4B | ¥11.1B | ¥11.6B |
| Net assets | ¥7.91B | ¥8.92B | ¥9.43B | ¥9.34B | ¥9.37B |
| Share capital | ¥798.3M | ¥798.3M | ¥798.3M | ¥798.3M | ¥798.3M |
| Property, plant and equipment | ¥4.23B | ¥3.98B | ¥3.88B | ¥3.74B | ¥3.94B |
| Intangible assets excluding goodwill | ¥34.5M | ¥32.8M | ¥26.3M | ¥15.8M | ¥15.6M |
| Investment securities | ¥955.5M | ¥1.02B | ¥1.2B | ¥1.23B | ¥1.81B |
| Current assets | ¥4.88B | ¥6.09B | ¥5.43B | ¥5.26B | ¥4.89B |
| Current liabilities | ¥2.32B | ¥2.55B | ¥1.47B | ¥1.3B | ¥1.37B |
| Total liabilities | ¥2.89B | ¥2.96B | ¥1.95B | ¥1.76B | ¥2.18B |
| Equity attributable to owners of parent | ¥7.69B | ¥8.76B | ¥9.08B | ¥8.93B | ¥8.66B |
| Retained earnings | ¥6.32B | ¥7.39B | ¥7.85B | ¥7.72B | ¥7.65B |
| Treasury stock | -¥34.5M | -¥34.2M | -¥174.5M | -¥192.8M | -¥396.6M |
EDINET (FSA Japan)
有価証券報告書－第58期(2025/01/01－2025/12/31)
EDINET (FSA Japan)
有価証券報告書－第57期(2024/01/01－2024/12/31)
EDINET (FSA Japan)
有価証券報告書－第56期(2023/01/01－2023/12/31)
EDINET (FSA Japan)
有価証券報告書－第55期(2022/01/01－2022/12/31)
EDINET (FSA Japan)
有価証券報告書－第54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53期(令和2年1月1日－令和2年12月31日)
Extracted from XBRL: 46 / Derived from other figures: 1
Spotted an error? Report it (corrections keep the original record)
Markdown with figures, units, periods and sources, ready to paste into ChatGPT or Claude.