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Hotland HoldingsHOTLAND HOLDINGS Co., Ltd.3196東証プライム小売業FY ending Dec 2025, consolidated, J-GAAP

Hotland Holdings revenue and profit

Out of every ¥100 of sales, about ¥3 is left as operating profit. Revenue changed +10.7% from the prior year, operating profit -29.9%.

Five-year trend

Revenue¥51B
FY ending Dec 2021: ¥29.7B¥29.7BFY ending Dec 2022: ¥32.2B¥32.2BFY ending Dec 2023: ¥38.7B¥38.7BFY ending Dec 2024: ¥46.1B¥46.1BFY ending Dec 2025: ¥51B¥51BFY21FY22FY23FY24FY25
Operating income¥1.78B
FY ending Dec 2021: ¥970M¥970MFY ending Dec 2022: ¥1.74B¥1.74BFY ending Dec 2023: ¥2.24B¥2.24BFY ending Dec 2024: ¥2.55B¥2.55BFY ending Dec 2025: ¥1.78B¥1.78BFY21FY22FY23FY24FY25
Operating margin3.5%
FY ending Dec 2021: 3.3%3.3%FY ending Dec 2022: 5.4%5.4%FY ending Dec 2023: 5.8%5.8%FY ending Dec 2024: 5.5%5.5%FY ending Dec 2025: 3.5%3.5%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin0.8%
Asset turnover1.65×
ROA1.3%
ROA1.3%
Financial leverage2.78×
ROE3.6%

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

Net margin0.8%
2021: 7.0%7.0%2022: 4.2%4.2%2023: 2.6%2.6%2024: 4.0%4.0%2025: 0.8%0.8%2122232425
Asset turnover1.65×
2021: 1.39×1.39×2022: 1.48×1.48×2023: 1.69×1.69×2024: 1.77×1.77×2025: 1.65×1.65×2122232425
ROA1.3%
2021: 9.8%9.8%2022: 6.3%6.3%2023: 4.5%4.5%2024: 7.1%7.1%2025: 1.3%1.3%2122232425
Financial leverage2.78×
2021: 2.63×2.63×2022: 2.49×2.49×2023: 2.44×2.44×2024: 2.55×2.55×2025: 2.78×2.78×2122232425
ROE3.6%
2021: 25.6%25.6%2022: 15.6%15.6%2023: 10.9%10.9%2024: 18.1%18.1%2025: 3.6%3.6%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20217.0%1.39×9.8%2.63×25.6%
20224.2%1.48×6.3%2.49×15.6%
20232.6%1.69×4.5%2.44×10.9%
20244.0%1.77×7.1%2.55×18.1%
20250.8%1.65×1.3%2.78×3.6%

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 ÷ revenue23.0%
2020: 19.8%19.8%2021: 23.2%23.2%2022: 22.3%22.3%2023: 20.3%20.3%2024: 20.2%20.2%2025: 23.0%23.0%202122232425
PPE ÷ total assets35.1%
2020: 31.4%31.4%2021: 32.3%32.3%2022: 32.5%32.5%2023: 33.1%33.1%2024: 32.7%32.7%2025: 35.1%35.1%202122232425
Goodwill ÷ parent equity13.7%
2020: 7.0%7.0%2021: 9.9%9.9%2022: 7.7%7.7%2023: 6.7%6.7%2024: 9.7%9.7%2025: 13.7%13.7%202122232425
Goodwill balance¥1.53B
2020: ¥423.3M¥423.3M2021: ¥804.6M¥804.6M2022: ¥718.7M¥718.7M2023: ¥632.8M¥632.8M2024: ¥1.07B¥1.07B2025: ¥1.53B¥1.53B202122232425

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¥32M
2020: ¥17.5M¥17.5M2021: ¥36.3M¥36.3M2022: ¥36.5M¥36.5M2023: ¥33M¥33M2024: ¥30.9M¥30.9M2025: ¥32M¥32M202122232425
R&D / revenue0.1%
2020: 0.1%0.1%2021: 0.1%0.1%2022: 0.1%0.1%2023: 0.1%0.1%2024: 0.1%0.1%2025: 0.1%0.1%202122232425
Receivable days—
2020: 33d33d2021: 30d30d202122232425
Payable days46d
2020: 35d35d2021: 42d42d2022: 39d39d2023: 39d39d2024: 46d46d2025: 46d46d202122232425

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
Revenue29,67932,16338,71046,12651,041
Cost of revenue11,60513,59916,54720,25722,404
Gross profit18,07318,56422,16325,86928,637
SG&A17,10316,82019,92823,32426,852
Operating income9701,7442,2352,5451,785
Pretax income3,1841,9071,6512,6701,192
Income tax1,017559608624628
Net income attributable to owners2,0791,3581,0211,849405
Operating margin3.3%5.4%5.8%5.5%3.5%

Balance sheet (reported items)

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

Assets

Cash 14%
Property, plant and equipment 35%
Intangibles and goodwill 10%
1%
Other assets 40%

Funding

Trade payables 9%
Other liabilities 55%
Equity 36%

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¥3.02B¥3.21B¥2.73B¥3.58B¥4.65B
Total assets¥21.3B¥22.1B¥23.7B¥28.5B¥33.5B
Net assets¥9.13B¥10.7B¥10.8B¥12.5B¥12.2B
Share capital¥3.3B¥3.31B¥3.31B¥3.31B¥3.31B
Trade receivables¥2.42B————
Property, plant and equipment¥6.89B¥7.17B¥7.84B¥9.32B¥11.8B
Intangible assets excluding goodwill¥914.4M¥796.8M¥721.3M¥1.12B¥1.64B
Goodwill¥804.6M¥718.7M¥632.8M¥1.07B¥1.53B
Investment securities¥53.1M¥53M¥266.2M¥376.1M¥407.3M
Current assets¥9.4B¥9.64B¥10.1B¥11.9B¥13.9B
Current liabilities¥7.84B¥6.73B¥9.06B¥10.4B¥11.4B
Trade payables¥1.34B¥1.46B¥1.77B¥2.53B¥2.85B
Short-term borrowings¥1.02B¥207.2M¥2.01B¥1.92B¥1.54B
Long-term borrowings¥2.87B¥3.2B¥2.15B¥3.58B¥7.64B
Total liabilities¥12.2B¥11.4B¥13B¥16B¥21.3B
Non-controlling interests¥449.2M¥484.6M¥472.6M¥705.5M¥847.6M
Equity attributable to owners of parent¥8.11B¥9.34B¥9.4B¥11.1B¥11.2B
Retained earnings¥1.62B¥2.83B¥3.7B¥5.33B¥5.46B
Treasury stock-¥326K-¥326K-¥786.1M-¥758.5M-¥758.5M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第35期(2025/01/01－2025/12/31)

    ID S100XU8Z2026-03-26Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第34期(2024/01/01－2024/12/31)

    ID S100VUY92025-05-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第33期(2023/01/01－2023/12/31)

    ID S100T5UH2024-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第32期(2022/01/01－2022/12/31)

    ID S100QIUQ2023-03-31Open

  • EDINET (FSA Japan)

    有価証券報告書－第31期(令和3年1月1日－令和3年12月31日)

    ID S100NSY42022-03-31Open

  • EDINET (FSA Japan)

    有価証券報告書－第30期(令和2年1月1日－令和2年12月31日)

    ID S100L2AA2021-03-29Open

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