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Ishihara Sangyo KaishaISHIHARA SANGYO KAISHA, LTD.4028東証プライム化学FY ending Mar 2026, consolidated, J-GAAP

Ishihara Sangyo Kaisha revenue and profit

Out of every ¥100 of sales, about ¥12 is left as operating profit. Revenue changed +6.7% from the prior year, operating profit +82.0%.

Five-year trend

Revenue¥154.9B
FY ending Mar 2022: ¥111B¥111BFY ending Mar 2023: ¥131.2B¥131.2BFY ending Mar 2024: ¥138.5B¥138.5BFY ending Mar 2025: ¥145.2B¥145.2BFY ending Mar 2026: ¥154.9B¥154.9BFY22FY23FY24FY25FY26
Operating income¥19.1B
FY ending Mar 2022: ¥11.6B¥11.6BFY ending Mar 2023: ¥8.63B¥8.63BFY ending Mar 2024: ¥11.5B¥11.5BFY ending Mar 2025: ¥10.5B¥10.5BFY ending Mar 2026: ¥19.1B¥19.1BFY22FY23FY24FY25FY26
Operating margin12.3%
FY ending Mar 2022: 10.4%10.4%FY ending Mar 2023: 6.6%6.6%FY ending Mar 2024: 8.3%8.3%FY ending Mar 2025: 7.2%7.2%FY ending Mar 2026: 12.3%12.3%FY22FY23FY24FY25FY26

What drives ROE

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

Net margin10.7%
Asset turnover0.67×
ROA7.1%
ROA7.1%
Financial leverage2.04×
ROE14.6%

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

Net margin10.7%
2022: 10.5%10.5%2023: 5.3%5.3%2024: 5.8%5.8%2025: 5.8%5.8%2026: 10.7%10.7%2223242526
Asset turnover0.67×
2022: 0.60×0.60×2023: 0.68×0.68×2024: 0.65×0.65×2025: 0.65×0.65×2026: 0.67×0.67×2223242526
ROA7.1%
2022: 6.3%6.3%2023: 3.6%3.6%2024: 3.7%3.7%2025: 3.7%3.7%2026: 7.1%7.1%2223242526
Financial leverage2.04×
2022: 2.02×2.02×2023: 2.07×2.07×2024: 2.16×2.16×2025: 2.14×2.14×2026: 2.04×2.04×2223242526
ROE14.6%
2022: 12.7%12.7%2023: 7.4%7.4%2024: 8.1%8.1%2025: 8.0%8.0%2026: 14.6%14.6%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
202210.5%0.60×6.3%2.02×12.7%
20235.3%0.68×3.6%2.07×7.4%
20245.8%0.65×3.7%2.16×8.1%
20255.8%0.65×3.7%2.14×8.0%
202610.7%0.67×7.1%2.04×14.6%

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 ÷ revenue34.5%
2021: 46.3%46.3%2022: 41.9%41.9%2023: 35.6%35.6%2024: 30.0%30.0%2025: 32.1%32.1%2026: 34.5%34.5%212223242526
PPE ÷ total assets22.3%
2021: 26.2%26.2%2022: 25.1%25.1%2023: 23.1%23.1%2024: 18.5%18.5%2025: 20.7%20.7%2026: 22.3%22.3%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¥11.2B
2021: ¥8.64B¥8.64B2022: ¥8.16B¥8.16B2023: ¥9.16B¥9.16B2024: ¥9.76B¥9.76B2025: ¥10.7B¥10.7B2026: ¥11.2B¥11.2B212223242526
R&D / revenue7.3%
2021: 8.5%8.5%2022: 7.4%7.4%2023: 7.0%7.0%2024: 7.0%7.0%2025: 7.4%7.4%2026: 7.3%7.3%212223242526
Receivable days—
2021: 123d123d212223242526
Payable days40d
2021: 72d72d2022: 78d78d2023: 85d85d2024: 76d76d2025: 51d51d2026: 40d40d212223242526

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
Revenue110,955131,238138,456145,196154,897
Cost of revenue78,29797,973101,354105,665105,231
Gross profit32,65733,26537,10139,53149,666
SG&A21,10024,63325,60929,04830,588
Operating income11,5578,63111,49110,48219,077
Pretax income13,0919,4999,51210,80620,229
Income tax1,4012,5511,4952,3443,581
Net income attributable to owners11,6906,9477,9888,41016,636
Operating margin10.4%6.6%8.3%7.2%12.3%

Balance sheet (reported items)

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

Assets

Cash 12%
Property, plant and equipment 22%
1%
6%
Other assets 59%

Funding

5%
Interest-bearing debt 22%
Other liabilities 19%
Equity 54%
0%

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¥27.1B¥17.7B¥20B¥24.9B¥29.4B
Total assets¥185.8B¥201.9B¥224.3B¥225.1B¥240.4B
Net assets¥91.9B¥97.4B¥106.1B¥114.4B¥129.2B
Share capital¥43.4B¥43.4B¥43.4B¥43.4B¥43.4B
Property, plant and equipment¥46.5B¥46.7B¥41.6B¥46.6B¥53.5B
Intangible assets excluding goodwill¥1.02B¥1.4B¥2.05B¥1.88B¥2.31B
Investment securities¥7.46B¥8.11B¥9.65B¥11.5B¥13.6B
Current assets¥121.4B¥137.5B¥161.2B¥154.8B¥161.8B
Current liabilities¥46.7B¥59.2B¥53.1B¥46.7B¥52B
Trade payables¥16.7B¥22.7B¥21B¥14.8B¥11.4B
Short-term borrowings¥7.77B¥13.5B¥7.68B¥7.68B¥7.68B
Long-term borrowings¥24.8B¥25.6B¥47.8B¥49B¥45.4B
Bonds¥3.9B¥2.96B¥1.99B¥1.78B¥924M
Interest-bearing debt¥36.5Bderived¥42.1Bderived¥57.5Bderived¥58.5Bderived¥54Bderived
Total liabilities¥93.9B¥104.5B¥118.2B¥110.6B¥111.2B
Non-controlling interests——¥48M¥175M¥187M
Equity attributable to owners of parent¥91.9B¥95.5B¥101.9B¥107.7B¥120.2B
Retained earnings¥38.6B¥44.1B¥50.5B¥56.2B¥68.7B
Treasury stock-¥734M-¥2.71B-¥2.65B-¥2.59B-¥3.14B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第103期(2025/04/01－2026/03/31)

    ID S100YIFO2026-06-24Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第102期(2024/04/01－2025/03/31)

    ID S100WKV82025-08-22Open

  • EDINET (FSA Japan)

    有価証券報告書－第101期(2023/04/01－2024/03/31)

    ID S100TUK72024-06-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第100期(2022/04/01－2023/03/31)

    ID S100R8H22023-06-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第99期(令和3年4月1日－令和4年3月31日)

    ID S100OKT22022-06-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第98期(令和2年4月1日－令和3年3月31日)

    ID S100LSE82021-06-28Open

Extracted from XBRL: 53 / Derived from other figures: 2

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