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Ichinen HoldingsICHINEN HOLDINGS CO.,LTD.9619東証プライムサービス業FY ending Mar 2026, consolidated, J-GAAP

Ichinen Holdings revenue and profit

Out of every ¥100 of sales, about ¥7 is left as operating profit. Revenue changed +4.7% from the prior year, operating profit +6.3%.

Five-year trend

Revenue¥162.3B
FY ending Mar 2022: ¥120.6B¥120.6BFY ending Mar 2023: ¥127.8B¥127.8BFY ending Mar 2024: ¥138.3B¥138.3BFY ending Mar 2025: ¥154.9B¥154.9BFY ending Mar 2026: ¥162.3B¥162.3BFY22FY23FY24FY25FY26
Operating income¥10.9B
FY ending Mar 2022: ¥8.62B¥8.62BFY ending Mar 2023: ¥8.86B¥8.86BFY ending Mar 2024: ¥9.04B¥9.04BFY ending Mar 2025: ¥10.3B¥10.3BFY ending Mar 2026: ¥10.9B¥10.9BFY22FY23FY24FY25FY26
Operating margin6.7%
FY ending Mar 2022: 7.1%7.1%FY ending Mar 2023: 6.9%6.9%FY ending Mar 2024: 6.5%6.5%FY ending Mar 2025: 6.6%6.6%FY ending Mar 2026: 6.7%6.7%FY22FY23FY24FY25FY26

What drives ROE

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

Net margin4.7%
Asset turnover0.78×
ROA3.7%
ROA3.7%
Financial leverage3.19×
ROE11.7%

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

Net margin4.7%
2022: 4.7%4.7%2023: 4.6%4.6%2024: 8.9%8.9%2025: 4.3%4.3%2026: 4.7%4.7%2223242526
Asset turnover0.78×
2022: 0.72×0.72×2023: 0.75×0.75×2024: 0.74×0.74×2025: 0.76×0.76×2026: 0.78×0.78×2223242526
ROA3.7%
2022: 3.4%3.4%2023: 3.5%3.5%2024: 6.5%6.5%2025: 3.3%3.3%2026: 3.7%3.7%2223242526
Financial leverage3.19×
2022: 4.00×4.00×2023: 3.82×3.82×2024: 3.57×3.57×2025: 3.39×3.39×2026: 3.19×3.19×2223242526
ROE11.7%
2022: 13.4%13.4%2023: 13.3%13.3%2024: 23.3%23.3%2025: 11.1%11.1%2026: 11.7%11.7%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20224.7%0.72×3.4%4.00×13.4%
20234.6%0.75×3.5%3.82×13.3%
20248.9%0.74×6.5%3.57×23.3%
20254.3%0.76×3.3%3.39×11.1%
20264.7%0.78×3.7%3.19×11.7%

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 ÷ revenue61.9%
2021: 73.0%73.0%2022: 71.2%71.2%2023: 66.2%66.2%2024: 68.2%68.2%2025: 62.1%62.1%2026: 61.9%61.9%212223242526
PPE ÷ total assets47.5%
2021: 50.8%50.8%2022: 51.0%51.0%2023: 49.2%49.2%2024: 46.5%46.5%2025: 46.8%46.8%2026: 47.5%47.5%212223242526
Goodwill ÷ parent equity—
2021: 3.1%3.1%2022: 2.2%2.2%2023: 1.5%1.5%2024: 0.8%0.8%2025: 0.3%0.3%212223242526
Goodwill balance—
2021: ¥1.19B¥1.19B2022: ¥947M¥947M2023: ¥700M¥700M2024: ¥453M¥453M2025: ¥217M¥217M212223242526

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¥806M
2021: ¥367M¥367M2022: ¥369M¥369M2023: ¥557M¥557M2024: ¥551M¥551M2025: ¥546M¥546M2026: ¥806M¥806M212223242526
R&D / revenue0.5%
2021: 0.3%0.3%2022: 0.3%0.3%2023: 0.4%0.4%2024: 0.4%0.4%2025: 0.4%0.4%2026: 0.5%0.5%212223242526
Receivable days—
2021: 55d55d2022: 48d48d2023: 46d46d2024: 57d57d2025: 49d49d212223242526
Payable days45d
2021: 60d60d2022: 53d53d2023: 48d48d2024: 54d54d2025: 45d45d2026: 45d45d212223242526

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
Revenue120,644127,822138,253154,920162,254
Cost of revenue93,910100,001108,478120,896126,800
Gross profit26,73327,82029,77534,02435,454
SG&A18,11018,95920,73023,74424,527
Operating income8,6238,8619,04510,27910,926
Pretax income8,6688,98315,27210,19511,595
Income tax3,0213,0603,0063,5393,943
Net income attributable to owners5,6465,92312,2536,6577,652
Operating margin7.1%6.9%6.5%6.6%6.7%

Balance sheet (reported items)

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

Assets

5%
Property, plant and equipment 48%
0%
3%
Other assets 44%

Funding

8%
Interest-bearing debt 34%
Other liabilities 24%
Equity 34%

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¥10.9B¥9.98B¥8.37B¥9.16B¥10.6B
Total assets¥168.5B¥171.9B¥202.6B¥205.4B¥211.6B
Net assets¥43.7B¥48.4B¥61B¥65.4B¥72.1B
Share capital¥2.53B¥2.53B¥2.53B¥2.53B¥2.53B
Trade receivables¥15.8B¥16B¥21.6B¥20.8B—
Property, plant and equipment¥85.9B¥84.6B¥94.2B¥96.1B¥100.5B
Intangible assets excluding goodwill¥1.39B¥1.43B¥1.33B¥1.11B¥858M
Goodwill¥947M¥700M¥453M¥217M—
Investment securities¥4.69B¥4.67B¥6.86B¥6.05B¥6.82B
Current assets¥71.8B¥76.6B¥95B¥96.9B¥97.8B
Current liabilities¥52.6B¥57.3B¥63.6B¥57.5B¥67.9B
Trade payables¥13.5B¥13B¥16.1B¥15B¥15.8B
Short-term borrowings¥4.35B¥4.3B¥4.4B¥4.4B¥4.5B
Long-term borrowings¥52.4B¥51.6B¥58.4B¥52.6B¥48.9B
Bonds¥16.5B¥11.2B¥16B¥25.8B¥18.6B
Interest-bearing debt¥73.2Bderived¥67.1Bderived¥78.8Bderived¥82.8Bderived¥72Bderived
Total liabilities¥124.8B¥123.5B¥141.6B¥140B¥139.5B
Non-controlling interests——¥543M¥579M¥604M
Equity attributable to owners of parent¥42.2B¥47B¥58B¥62.3B¥68.3B
Retained earnings¥38.2B¥43B¥53.9B¥59.1B¥64.1B
Treasury stock-¥368M-¥245M-¥245M-¥1.08B-¥128M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第64期(2025/04/01－2026/03/31)

    ID S100YCGP2026-06-16Open

  • EDINET (FSA Japan)

    有価証券報告書－第63期(2024/04/01－2025/03/31)

    ID S100VXBB2025-06-17Open

  • EDINET (FSA Japan)

    有価証券報告書－第62期(2023/04/01－2024/03/31)

    ID S100TMUS2024-06-18Open

  • EDINET (FSA Japan)

    有価証券報告書－第61期(2022/04/01－2023/03/31)

    ID S100QYSD2023-06-20Open

  • EDINET (FSA Japan)

    有価証券報告書－第60期(令和3年4月1日－令和4年3月31日)

    ID S100O9N62022-06-17Open

  • EDINET (FSA Japan)

    有価証券報告書－第59期(令和2年4月1日－令和3年3月31日)

    ID S100LJHU2021-06-17Open

Extracted from XBRL: 52 / Derived from other figures: 2

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