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HokuetsuHokuetsu Corporation3865東証プライムパルプ・紙FY ending Mar 2026, consolidated, J-GAAP

Hokuetsu revenue and profit

Out of every ¥100 of sales, about ¥3 is left as operating profit. Revenue changed -5.9% from the prior year, operating profit -61.8%.

Five-year trend

Revenue¥287.7B
FY ending Mar 2022: ¥261.6B¥261.6BFY ending Mar 2023: ¥301.2B¥301.2BFY ending Mar 2024: ¥297.1B¥297.1BFY ending Mar 2025: ¥305.7B¥305.7BFY ending Mar 2026: ¥287.7B¥287.7BFY22FY23FY24FY25FY26
Operating income¥7.54B
FY ending Mar 2022: ¥20.5B¥20.5BFY ending Mar 2023: ¥17.3B¥17.3BFY ending Mar 2024: ¥15.3B¥15.3BFY ending Mar 2025: ¥19.7B¥19.7BFY ending Mar 2026: ¥7.54B¥7.54BFY22FY23FY24FY25FY26
Operating margin2.6%
FY ending Mar 2022: 7.8%7.8%FY ending Mar 2023: 5.7%5.7%FY ending Mar 2024: 5.1%5.1%FY ending Mar 2025: 6.5%6.5%FY ending Mar 2026: 2.6%2.6%FY22FY23FY24FY25FY26

What drives ROE

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

Net margin2.5%
Asset turnover0.69×
ROA1.7%
ROA1.7%
Financial leverage1.92×
ROE3.3%

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

Net margin2.5%
2022: 8.1%8.1%2023: 2.8%2.8%2024: 2.8%2.8%2025: 5.1%5.1%2026: 2.5%2.5%2223242526
Asset turnover0.69×
2022: 0.69×0.69×2023: 0.79×0.79×2024: 0.74×0.74×2025: 0.73×0.73×2026: 0.69×0.69×2223242526
ROA1.7%
2022: 5.6%5.6%2023: 2.2%2.2%2024: 2.1%2.1%2025: 3.7%3.7%2026: 1.7%1.7%2223242526
Financial leverage1.92×
2022: 1.80×1.80×2023: 1.81×1.81×2024: 1.87×1.87×2025: 1.87×1.87×2026: 1.92×1.92×2223242526
ROE3.3%
2022: 10.1%10.1%2023: 3.9%3.9%2024: 3.9%3.9%2025: 6.9%6.9%2026: 3.3%3.3%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20228.1%0.69×5.6%1.80×10.1%
20232.8%0.79×2.2%1.81×3.9%
20242.8%0.74×2.1%1.87×3.9%
20255.1%0.73×3.7%1.87×6.9%
20262.5%0.69×1.7%1.92×3.3%

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 ÷ revenue44.5%
2021: 56.8%56.8%2022: 44.1%44.1%2023: 38.9%38.9%2024: 39.2%39.2%2025: 39.9%39.9%2026: 44.5%44.5%212223242526
PPE ÷ total assets30.5%
2021: 34.8%34.8%2022: 30.6%30.6%2023: 30.1%30.1%2024: 28.0%28.0%2025: 29.1%29.1%2026: 30.5%30.5%212223242526

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¥904M
2021: ¥666M¥666M2022: ¥614M¥614M2023: ¥702M¥702M2024: ¥745M¥745M2025: ¥805M¥805M2026: ¥904M¥904M212223242526
R&D / revenue0.3%
2021: 0.3%0.3%2022: 0.2%0.2%2023: 0.2%0.2%2024: 0.3%0.3%2025: 0.3%0.3%2026: 0.3%0.3%212223242526
Receivable days—
2021: 81d81d212223242526
Payable days36d
2021: 35d35d2022: 37d37d2023: 33d33d2024: 35d35d2025: 37d37d2026: 36d36d212223242526

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 Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue261,616301,204297,056305,718287,736
Cost of revenue200,490237,186236,908236,920231,277
Gross profit61,12564,01860,14868,79856,458
SG&A40,67046,72944,88049,07048,919
Operating income20,45517,28815,26719,7277,539
Pretax income27,35813,7575,86021,53811,525
Income tax6,0855,354-2,6415,8624,071
Net income attributable to owners21,2068,3258,38715,5297,299
Operating margin7.8%5.7%5.1%6.5%2.6%

Balance sheet (reported items)

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

Assets

6%
Property, plant and equipment 31%
1%
Investment securities 16%
Other assets 46%

Funding

5%
Interest-bearing debt 17%
Other liabilities 18%
Equity 60%

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

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥30.3B¥18.1B¥22.1B¥25.1B¥26.4B
Total assets¥377B¥388.4B¥415.7B¥418.9B¥420.6B
Net assets¥217B¥225.9B¥252.5B¥265.9B¥252.7B
Share capital¥42B¥42B¥42B¥42B¥42B
Property, plant and equipment¥115.4B¥117.1B¥116.5B¥122B¥128.2B
Intangible assets excluding goodwill¥2.41B¥2.47B¥2.54B¥3.23B¥3.6B
Investment securities¥22B¥22.3B¥31.9B¥30.6B¥68.7B
Current assets¥160.3B¥170.8B¥179.9B¥179.5B¥189.3B
Current liabilities¥91.8B¥85.9B¥82.2B¥82B¥88.7B
Trade payables¥20.4B¥21.3B¥22.9B¥24.2B¥23B
Short-term borrowings¥40.7B¥17.1B¥25.9B¥27.2B¥7.98B
Long-term borrowings¥33.5B¥54.9B¥44.7B¥35.2B¥47.9B
Bonds¥20B¥10B¥25B¥25B¥15B
Interest-bearing debt¥94.2Bderived¥82Bderived¥95.6Bderived¥87.4Bderived¥70.9Bderived
Total liabilities¥160B¥162.5B¥163.2B¥153B¥167.8B
Non-controlling interests¥644M¥649M¥676M¥741M¥858M
Equity attributable to owners of parent¥209.3B¥213.2B¥217.9B¥229.2B¥206.9B
Retained earnings¥131.6B¥135.5B¥140.5B¥151.8B¥122.8B
Treasury stock-¥9.64B-¥9.63B-¥9.59B-¥9.57B-¥3.06B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第188期(2025/04/01－2026/03/31)

    ID S100YITB2026-06-25Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第187期(2024/04/01－2025/03/31)

    ID S100WC632025-07-10Open

  • EDINET (FSA Japan)

    有価証券報告書－第186期(2023/04/01－2024/03/31)

    ID S100TT3P2024-06-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第185期(2022/04/01－2023/03/31)

    ID S100R6PJ2023-06-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第184期(令和3年4月1日－令和4年3月31日)

    ID S100ODRU2022-06-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第183期(令和2年4月1日－令和3年3月31日)

    ID S100LM7P2021-06-29Open

Extracted from XBRL: 55 / Derived from other figures: 2

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