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HoribaHORIBA, Ltd.6856東証プライム電気機器FY ending Dec 2025, consolidated, J-GAAP

Horiba revenue and profit

Out of every ¥100 of sales, about ¥16 is left as operating profit. Revenue changed +5.0% from the prior year, operating profit +9.7%.

Five-year trend

Revenue¥333.1B
FY ending Dec 2021: ¥224.3B¥224.3BFY ending Dec 2022: ¥270.1B¥270.1BFY ending Dec 2023: ¥290.6B¥290.6BFY ending Dec 2024: ¥317.4B¥317.4BFY ending Dec 2025: ¥333.1B¥333.1BFY21FY22FY23FY24FY25
Operating income¥53B
FY ending Dec 2021: ¥32B¥32BFY ending Dec 2022: ¥45.8B¥45.8BFY ending Dec 2023: ¥47.3B¥47.3BFY ending Dec 2024: ¥48.3B¥48.3BFY ending Dec 2025: ¥53B¥53BFY21FY22FY23FY24FY25
Operating margin15.9%
FY ending Dec 2021: 14.3%14.3%FY ending Dec 2022: 17.0%17.0%FY ending Dec 2023: 16.3%16.3%FY ending Dec 2024: 15.2%15.2%FY ending Dec 2025: 15.9%15.9%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin11.1%
Asset turnover0.67×
ROA7.4%
ROA7.4%
Financial leverage1.77×
ROE13.1%

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

Net margin11.1%
2021: 9.5%9.5%2022: 12.6%12.6%2023: 13.9%13.9%2024: 10.6%10.6%2025: 11.1%11.1%2122232425
Asset turnover0.67×
2021: 0.60×0.60×2022: 0.69×0.69×2023: 0.67×0.67×2024: 0.68×0.68×2025: 0.67×0.67×2122232425
ROA7.4%
2021: 5.7%5.7%2022: 8.6%8.6%2023: 9.3%9.3%2024: 7.2%7.2%2025: 7.4%7.4%2122232425
Financial leverage1.77×
2021: 1.89×1.89×2022: 1.88×1.88×2023: 1.82×1.82×2024: 1.78×1.78×2025: 1.77×1.77×2122232425
ROE13.1%
2021: 10.9%10.9%2022: 16.2%16.2%2023: 16.9%16.9%2024: 12.9%12.9%2025: 13.1%13.1%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20219.5%0.60×5.7%1.89×10.9%
202212.6%0.69×8.6%1.88×16.2%
202313.9%0.67×9.3%1.82×16.9%
202410.6%0.68×7.2%1.78×12.9%
202511.1%0.67×7.4%1.77×13.1%

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 ÷ revenue39.7%
2020: 43.9%43.9%2021: 39.4%39.4%2022: 35.4%35.4%2023: 34.7%34.7%2024: 35.6%35.6%2025: 39.7%39.7%202122232425
PPE ÷ total assets25.5%
2020: 25.0%25.0%2021: 23.8%23.8%2022: 23.0%23.0%2023: 22.4%22.4%2024: 23.5%23.5%2025: 25.5%25.5%202122232425
Goodwill ÷ parent equity0.7%
2020: 0.5%0.5%2021: 0.5%0.5%2022: 0.3%0.3%2023: 0.5%0.5%2024: 0.4%0.4%2025: 0.7%0.7%202122232425
Goodwill balance¥1.98B
2020: ¥944M¥944M2021: ¥966M¥966M2022: ¥610M¥610M2023: ¥1.34B¥1.34B2024: ¥1.06B¥1.06B2025: ¥1.98B¥1.98B202122232425

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¥24.7B
2020: ¥15.6B¥15.6B2021: ¥16.7B¥16.7B2022: ¥18.6B¥18.6B2023: ¥20.4B¥20.4B2024: ¥23B¥23B2025: ¥24.7B¥24.7B202122232425
R&D / revenue7.4%
2020: 8.3%8.3%2021: 7.4%7.4%2022: 6.9%6.9%2023: 7.0%7.0%2024: 7.2%7.2%2025: 7.4%7.4%202122232425
Receivable days—
2020: 99d99d2021: 97d97d202122232425
Payable days38d
2020: 67d67d2021: 82d82d2022: 88d88d2023: 68d68d2024: 41d41d2025: 38d38d202122232425

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
Revenue224,314270,133290,558317,369333,081
Cost of revenue131,091153,459163,174180,514186,722
Gross profit93,222116,674127,383136,854146,359
SG&A61,17570,83080,08688,51493,318
Operating income32,04645,84347,29648,34053,040
Pretax income30,20447,27253,70348,83251,081
Income tax8,89113,19913,40015,23313,970
Net income attributable to owners21,31134,07240,30233,59137,090
Operating margin14.3%17.0%16.3%15.2%15.9%

Balance sheet (reported items)

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

Assets

Cash 31%
Property, plant and equipment 26%
2%
3%
Other assets 38%

Funding

4%
Interest-bearing debt 10%
Other liabilities 19%
Equity 67%

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¥133.9B¥138.8B¥130.6B¥144B¥162.5B
Total assets¥371.6B¥416.7B¥449B¥481.6B¥518.3B
Net assets¥204.5B¥240.8B¥283.7B¥314.7B¥348.6B
Share capital¥12B¥12B¥12B¥12B¥12B
Trade receivables¥59.9B————
Property, plant and equipment¥88.3B¥95.7B¥100.8B¥113B¥132.1B
Intangible assets excluding goodwill¥4.42B¥3.59B¥4.96B¥5.48B¥6.45B
Goodwill¥966M¥610M¥1.34B¥1.06B¥1.98B
Investment securities¥12.5B¥10.5B¥15.7B¥16B¥17.1B
Current assets¥258B¥296.5B¥318.6B¥336.8B¥352.2B
Current liabilities¥102.1B¥112.2B¥101.1B¥100.3B¥118B
Trade payables¥29.5B¥36.9B¥30.5B¥20.3B¥19.6B
Short-term borrowings¥25.1B¥12.4B¥5.7B¥9.01B¥12.2B
Long-term borrowings¥25.1B¥24.9B¥24.7B¥25.4B¥24.3B
Bonds¥30B¥30B¥30B¥30B¥15B
Interest-bearing debt¥80.2Bderived¥67.2Bderived¥60.4Bderived¥64.4Bderived¥51.5Bderived
Total liabilities¥167.1B¥175.9B¥165.3B¥166.9B¥169.6B
Non-controlling interests¥12M¥15M¥17M¥14M¥37M
Equity attributable to owners of parent¥196.2B¥223.5B¥253.1B¥269.6B¥295.7B
Retained earnings¥166.9B¥194B¥223.3B¥241.8B¥267.5B
Treasury stock-¥1.32B-¥1.19B-¥1.04B-¥2.84B-¥2.4B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第88期(2025/01/01－2025/12/31)

    ID S100XSIJ2026-03-23Open

  • EDINET (FSA Japan)

    有価証券報告書－第87期(2024/01/01－2024/12/31)

    ID S100VIZI2025-03-31Open

  • EDINET (FSA Japan)

    有価証券報告書－第86期(2023/01/01－2023/12/31)

    ID S100T3YZ2024-03-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第85期(2022/01/01－2022/12/31)

    ID S100QGCM2023-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第84期(令和3年1月1日－令和3年12月31日)

    ID S100NR162022-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第83期(令和2年1月1日－令和2年12月31日)

    ID S100L2832021-03-29Open

Extracted from XBRL: 56 / Derived from other figures: 2

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