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Hokko Chemical IndustryHOKKO CHEMICAL INDUSTRY CO.,LTD.4992東証スタンダード化学FY ending Nov 2025, consolidated, J-GAAP

Hokko Chemical Industry revenue and profit

Out of every ¥100 of sales, about ¥10 is left as operating profit. Revenue changed +6.3% from the prior year, operating profit +8.2%.

Five-year trend

Revenue¥49.1B
FY ending Nov 2021: ¥40.3B¥40.3BFY ending Nov 2022: ¥44.9B¥44.9BFY ending Nov 2023: ¥45.2B¥45.2BFY ending Nov 2024: ¥46.2B¥46.2BFY ending Nov 2025: ¥49.1B¥49.1BFY21FY22FY23FY24FY25
Operating income¥4.91B
FY ending Nov 2021: ¥2.87B¥2.87BFY ending Nov 2022: ¥4.73B¥4.73BFY ending Nov 2023: ¥4.42B¥4.42BFY ending Nov 2024: ¥4.54B¥4.54BFY ending Nov 2025: ¥4.91B¥4.91BFY21FY22FY23FY24FY25
Operating margin10.0%
FY ending Nov 2021: 7.1%7.1%FY ending Nov 2022: 10.5%10.5%FY ending Nov 2023: 9.8%9.8%FY ending Nov 2024: 9.8%9.8%FY ending Nov 2025: 10.0%10.0%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin9.1%
Asset turnover0.69×
ROA6.2%
ROA6.2%
Financial leverage1.86×
ROE11.6%

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

Net margin9.1%
2021: 7.3%7.3%2022: 9.4%9.4%2023: 8.2%8.2%2024: 8.7%8.7%2025: 9.1%9.1%2122232425
Asset turnover0.69×
2021: 0.77×0.77×2022: 0.82×0.82×2023: 0.72×0.72×2024: 0.70×0.70×2025: 0.69×0.69×2122232425
ROA6.2%
2021: 5.6%5.6%2022: 7.7%7.7%2023: 6.0%6.0%2024: 6.0%6.0%2025: 6.2%6.2%2122232425
Financial leverage1.86×
2021: 1.87×1.87×2022: 1.85×1.85×2023: 1.89×1.89×2024: 1.85×1.85×2025: 1.86×1.86×2122232425
ROE11.6%
2021: 10.5%10.5%2022: 14.2%14.2%2023: 11.3%11.3%2024: 11.2%11.2%2025: 11.6%11.6%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20217.3%0.77×5.6%1.87×10.5%
20229.4%0.82×7.7%1.85×14.2%
20238.2%0.72×6.0%1.89×11.3%
20248.7%0.70×6.0%1.85×11.2%
20259.1%0.69×6.2%1.86×11.6%

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 ÷ revenue24.1%
2020: 22.0%22.0%2021: 22.7%22.7%2022: 26.2%26.2%2023: 24.3%24.3%2024: 22.9%22.9%2025: 24.1%24.1%202122232425
PPE ÷ total assets15.3%
2020: 18.1%18.1%2021: 17.6%17.6%2022: 20.4%20.4%2023: 16.3%16.3%2024: 16.2%16.2%2025: 15.3%15.3%202122232425
Goodwill ÷ parent equity0.3%
2020: 1.3%1.3%2021: 1.0%1.0%2022: 0.8%0.8%2023: 0.6%0.6%2024: 0.5%0.5%2025: 0.3%0.3%202122232425
Goodwill balance¥129M
2020: ¥324M¥324M2021: ¥285M¥285M2022: ¥246M¥246M2023: ¥207M¥207M2024: ¥168M¥168M2025: ¥129M¥129M202122232425

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¥1.7B
2022: ¥1.49B¥1.49B2023: ¥1.55B¥1.55B2024: ¥1.65B¥1.65B2025: ¥1.7B¥1.7B202122232425
R&D / revenue3.5%
2022: 3.3%3.3%2023: 3.4%3.4%2024: 3.6%3.6%2025: 3.5%3.5%202122232425
Receivable days—
2020: 104d104d2021: 103d103d202122232425
Payable days82d
2020: 70d70d2021: 78d78d2022: 62d62d2023: 64d64d2024: 60d60d2025: 82d82d202122232425

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 Nov 2021FY ending Nov 2022FY ending Nov 2023FY ending Nov 2024FY ending Nov 2025
Revenue40,28744,86445,22746,19549,125
Cost of revenue29,78432,85333,67134,12536,412
Gross profit10,50312,01111,55612,07012,713
SG&A7,4737,2847,1407,5307,800
Operating income2,8654,7274,4174,5404,913
Pretax income3,9395,7925,3895,5606,220
Income tax1,0121,5781,6651,5541,768
Net income attributable to owners2,9274,2143,7244,0064,452
Operating margin7.1%10.5%9.8%9.8%10.0%

Balance sheet (reported items)

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

Assets

Cash 17%
Property, plant and equipment 15%
1%
Investment securities 24%
Other assets 43%

Funding

Trade payables 11%
Other liabilities 21%
Equity 68%

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

ItemFY ending Nov 2021FY ending Nov 2022FY ending Nov 2023FY ending Nov 2024FY ending Nov 2025
Cash and equivalents¥4.32B¥4.81B¥6.63B¥9.71B¥13.2B
Total assets¥52B¥57.6B¥67.5B¥65.3B¥77.6B
Net assets¥34.2B¥38.2B¥46.8B¥46.2B¥52.9B
Share capital¥3.21B¥3.21B¥3.21B¥3.21B¥3.21B
Trade receivables¥11.3B————
Property, plant and equipment¥9.15B¥11.7B¥11B¥10.6B¥11.9B
Intangible assets excluding goodwill¥705M¥615M¥665M¥590M¥488M
Goodwill¥285M¥246M¥207M¥168M¥129M
Investment securities¥9.38B¥9.79B¥17B¥12.3B¥18.3B
Current assets¥32.5B¥34.7B¥37.7B¥40.7B¥45.3B
Current liabilities¥12.1B¥14.6B¥12.6B¥12.5B¥17.1B
Trade payables¥6.38B¥5.55B¥5.93B¥5.61B¥8.18B
Short-term borrowings¥225M¥97M———
Long-term borrowings¥1.4B—¥1B¥1B—
Total liabilities¥17.8B¥19.3B¥20.7B¥19.1B¥24.7B
Equity attributable to owners of parent¥27.8B¥31.5B¥34.6B¥37.2B¥39.5B
Retained earnings¥23.3B¥27B¥30.1B¥33.3B¥35.1B
Treasury stock-¥1.31B-¥1.31B-¥1.31B-¥1.91B-¥1.4B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    訂正有価証券報告書－第76期(2024/12/01－2025/11/30)

    ID S100XVAV2026-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第75期(2023/12/01－2024/11/30)

    ID S100VAKZ2025-02-26Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第74期(2022/12/01－2023/11/30)

    ID S100SYEH2024-02-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第73期(2021/12/01－2022/11/30)

    ID S100QA1J2023-02-22Open

  • EDINET (FSA Japan)

    有価証券報告書－第72期(令和2年12月1日－令和3年11月30日)

    ID S100NKU52022-02-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第71期(令和1年12月1日－令和2年11月30日)

    ID S100KUVU2021-02-25Open

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