Image MagicIMAGE MAGIC Inc.7793東証グロースその他製品FY ending Dec 2025, non-consolidated, J-GAAP

Image Magic revenue and profit

Out of every ¥100 of sales, about ¥6 is left as operating profit. Revenue changed +21.0% from the prior year, operating profit +26.4%.

Five-year trend

Revenue¥9.4B
FY ending Apr 2023: ¥5.29B¥5.29BFY ending Dec 2023: ¥4.38B¥4.38BFY ending Dec 2024: ¥7.77B¥7.77BFY ending Dec 2025: ¥9.4B¥9.4BFY23FY23FY24FY25
Operating income¥556M
FY ending Apr 2023: ¥69.5M¥69.5MFY ending Dec 2023: ¥344.1M¥344.1MFY ending Dec 2024: ¥439.8M¥439.8MFY ending Dec 2025: ¥556M¥556MFY23FY23FY24FY25
Operating margin5.9%
FY ending Apr 2023: 1.3%1.3%FY ending Dec 2023: 7.9%7.9%FY ending Dec 2024: 5.7%5.7%FY ending Dec 2025: 5.9%5.9%FY23FY23FY24FY25

What drives ROE

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

Net margin3.5%
Asset turnover2.88×
ROA10.1%
ROA10.1%
Financial leverage1.69×
ROE17.1%

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

Net margin3.5%
2023: 0.9%0.9%2023: 5.0%5.0%2024: 3.3%3.3%2025: 3.5%3.5%23232425
Asset turnover2.88×
2023: 2.27×2.27×2023: 1.63×1.63×2024: 2.72×2.72×2025: 2.88×2.88×23232425
ROA10.1%
2023: 2.1%2.1%2023: 8.2%8.2%2024: 9.1%9.1%2025: 10.1%10.1%23232425
Financial leverage1.69×
2023: 1.78×1.78×2023: 1.75×1.75×2024: 1.71×1.71×2025: 1.69×1.69×23232425
ROE17.1%
2023: 3.7%3.7%2023: 14.4%14.4%2024: 15.5%15.5%2025: 17.1%17.1%23232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20230.9%2.27×2.1%1.78×3.7%
20235.0%1.63×8.2%1.75×14.4%
20243.3%2.72×9.1%1.71×15.5%
20253.5%2.88×10.1%1.69×17.1%

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 ÷ revenue11.1%
2023: 13.6%13.6%2023: 16.2%16.2%2024: 11.5%11.5%2025: 11.1%11.1%23232425
PPE ÷ total assets29.8%
2023: 30.9%30.9%2023: 26.5%26.5%2024: 29.6%29.6%2025: 29.8%29.8%23232425

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¥98.3M
2023: ¥36.2M¥36.2M2024: ¥103M¥103M2025: ¥98.3M¥98.3M23232425
R&D / revenue1.0%
2023: 0.8%0.8%2024: 1.3%1.3%2025: 1.0%1.0%23232425

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 Apr 2023FY ending Dec 2023FY ending Dec 2024FY ending Dec 2025
Revenue5,2924,3777,7679,402
Cost of revenue3,5972,7464,8075,608
Gross profit1,6941,6312,9603,794
SG&A1,6251,2862,5203,238
Operating income69344440556
Pretax income75301381435
Income tax2681122105
Net income attributable to owners49220259330
Operating margin1.3%7.9%5.7%5.9%

Balance sheet (reported items)

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

Assets

Cash 33%
Property, plant and equipment 30%
2%
Other assets 35%

Funding

Other liabilities 41%
Equity 59%

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

ItemFY ending Apr 2023FY ending Dec 2023FY ending Dec 2024FY ending Dec 2025
Cash and equivalents¥679.5M¥862.5M¥940.9M¥1.17B
Total assets¥2.34B¥2.69B¥3.02B¥3.51B
Net assets¥1.31B¥1.53B¥1.81B¥2.06B
Share capital¥301.8M¥302.2M¥309.8M¥348M
Property, plant and equipment¥721.4M¥710.9M¥896.2M¥1.05B
Intangible assets excluding goodwill¥59.8M¥67.9M¥88.3M¥52.6M
Current assets¥1.43B¥1.76B¥1.87B¥2.26B
Current liabilities¥782.6M¥819.9M¥971M¥1.29B
Long-term borrowings¥145.3M¥249.3M¥155M¥84.2M
Total liabilities¥1.02B¥1.15B¥1.21B¥1.45B
Equity attributable to owners of parent¥1.31B¥1.53B¥1.81B¥2.06B
Retained earnings¥535.7M¥756M¥1.01B¥1.27B
Treasury stock-¥73K-¥107K-¥107K-¥87.4M

Sources

Show source documents (3)
  • EDINET (FSA Japan)

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

    ID S100XVC12026-03-30Open
  • EDINET (FSA Japan)

    有価証券報告書-第30期(2024/01/01-2024/12/31)

    ID S100VIQG2025-03-31Open
  • EDINET (FSA Japan)

    有価証券報告書-第29期(2023/05/01-2023/12/31)

    ID S100T6I12024-03-29Open

Extracted from XBRL: 46 / Derived from other figures: 2

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