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ItokiITOKI CORPORATION7972東証プライムその他製品FY ending Dec 2025, consolidated, J-GAAP

Itoki revenue and profit

Out of every ¥100 of sales, about ¥9 is left as operating profit. Revenue changed +11.0% from the prior year, operating profit +35.8%.

Five-year trend

Revenue¥153.7B
FY ending Dec 2021: ¥115.9B¥115.9BFY ending Dec 2022: ¥123.3B¥123.3BFY ending Dec 2023: ¥133B¥133BFY ending Dec 2024: ¥138.5B¥138.5BFY ending Dec 2025: ¥153.7B¥153.7BFY21FY22FY23FY24FY25
Operating income¥13.7B
FY ending Dec 2021: ¥2.56B¥2.56BFY ending Dec 2022: ¥4.58B¥4.58BFY ending Dec 2023: ¥8.52B¥8.52BFY ending Dec 2024: ¥10.1B¥10.1BFY ending Dec 2025: ¥13.7B¥13.7BFY21FY22FY23FY24FY25
Operating margin8.9%
FY ending Dec 2021: 2.2%2.2%FY ending Dec 2022: 3.7%3.7%FY ending Dec 2023: 6.4%6.4%FY ending Dec 2024: 7.3%7.3%FY ending Dec 2025: 8.9%8.9%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin6.1%
Asset turnover1.22×
ROA7.5%
ROA7.5%
Financial leverage2.48×
ROE18.5%

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

Net margin6.1%
2021: 1.0%1.0%2022: 4.3%4.3%2023: 4.4%4.4%2024: 5.2%5.2%2025: 6.1%6.1%2122232425
Asset turnover1.22×
2021: 1.12×1.12×2022: 1.13×1.13×2023: 1.14×1.14×2024: 1.16×1.16×2025: 1.22×1.22×2122232425
ROA7.5%
2021: 1.1%1.1%2022: 4.8%4.8%2023: 5.1%5.1%2024: 6.0%6.0%2025: 7.5%7.5%2122232425
Financial leverage2.48×
2021: 2.35×2.35×2022: 2.34×2.34×2023: 2.27×2.27×2024: 2.36×2.36×2025: 2.48×2.48×2122232425
ROE18.5%
2021: 2.6%2.6%2022: 11.3%11.3%2023: 11.5%11.5%2024: 14.3%14.3%2025: 18.5%18.5%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20211.0%1.12×1.1%2.35×2.6%
20224.3%1.13×4.8%2.34×11.3%
20234.4%1.14×5.1%2.27×11.5%
20245.2%1.16×6.0%2.36×14.3%
20256.1%1.22×7.5%2.48×18.5%

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 ÷ revenue17.3%
2020: 22.6%22.6%2021: 21.1%21.1%2022: 20.3%20.3%2023: 18.6%18.6%2024: 18.9%18.9%2025: 17.3%17.3%202122232425
PPE ÷ total assets20.3%
2020: 24.9%24.9%2021: 23.5%23.5%2022: 21.7%21.7%2023: 21.1%21.1%2024: 21.7%21.7%2025: 20.3%20.3%202122232425
Goodwill ÷ parent equity1.3%
2020: 4.8%4.8%2021: 3.0%3.0%2022: 1.1%1.1%2023: 0.6%0.6%2024: 1.4%1.4%2025: 1.3%1.3%202122232425
Goodwill balance¥714M
2020: ¥2.09B¥2.09B2021: ¥1.32B¥1.32B2022: ¥517M¥517M2023: ¥341M¥341M2024: ¥671M¥671M2025: ¥714M¥714M202122232425

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¥2.29B
2020: ¥2.47B¥2.47B2021: ¥2.34B¥2.34B2022: ¥2.29B¥2.29B2023: ¥2.72B¥2.72B2024: ¥2.51B¥2.51B2025: ¥2.29B¥2.29B202122232425
R&D / revenue1.5%
2020: 2.1%2.1%2021: 2.0%2.0%2022: 1.9%1.9%2023: 2.0%2.0%2024: 1.8%1.8%2025: 1.5%1.5%202122232425
Receivable days—
2020: 84d84d2021: 84d84d202122232425
Payable days39d
2020: 61d61d2021: 61d61d2022: 60d60d2023: 55d55d2024: 38d38d2025: 39d39d202122232425

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
Revenue115,905123,324132,985138,460153,682
Cost of revenue74,18677,57580,74483,25988,870
Gross profit41,71945,74952,24055,20064,812
SG&A39,15841,16743,71745,12351,126
Operating income2,5604,5828,52310,07713,685
Pretax income1,5238,3728,37810,07114,099
Income tax5903,1912,4712,8484,699
Net income attributable to owners1,1665,2945,9057,1839,382
Operating margin2.2%3.7%6.4%7.3%8.9%

Balance sheet (reported items)

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

Assets

Cash 16%
Property, plant and equipment 20%
5%
5%
Other assets 54%

Funding

7%
Interest-bearing debt 21%
Other liabilities 28%
Equity 44%
0%

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¥15.8B¥25.4B¥23.7B¥21.5B¥20.8B
Total assets¥103.9B¥115.3B¥117.4B¥120.5B¥130.7B
Net assets¥45.1B¥49.9B¥55B¥49.3B¥56.8B
Share capital¥5.29B¥5.29B¥5.29B¥7.35B¥7.35B
Trade receivables¥26.8B————
Property, plant and equipment¥24.4B¥25B¥24.8B¥26.1B¥26.5B
Intangible assets excluding goodwill¥4.11B¥1.82B¥2.29B¥5.11B¥6.07B
Goodwill¥1.32B¥517M¥341M¥671M¥714M
Investment securities¥5.51B¥5.06B¥5.83B¥6.55B¥6.66B
Current assets¥57.8B¥71B¥73.3B¥70.6B¥79.4B
Current liabilities¥42.5B¥49.1B¥47.3B¥55.4B¥49.6B
Trade payables¥12.3B¥12.7B¥12.2B¥8.71B¥9.38B
Short-term borrowings¥9.68B¥9.46B¥8.49B¥21.3B¥12.8B
Long-term borrowings¥6.1B¥6.73B¥6.01B¥6.5B¥10.1B
Bonds¥60M——¥16M¥5B
Interest-bearing debt¥15.8Bderived——¥27.8Bderived¥27.9Bderived
Total liabilities¥58.8B¥65.4B¥62.4B¥71.2B¥73.9B
Non-controlling interests¥145M¥39M¥39M¥82M¥104M
Equity attributable to owners of parent¥44.3B¥49.2B¥53.5B¥47.2B¥54.2B
Retained earnings¥29.5B¥34.4B¥38.6B¥36.2B¥42.8B
Treasury stock-¥161M-¥134M-¥111M-¥8.08B-¥7.68B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第76期(2025/01/01－2025/12/31)

    ID S100XRIU2026-03-18Open

  • EDINET (FSA Japan)

    有価証券報告書－第75期(2024/01/01－2024/12/31)

    ID S100VGFT2025-03-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第74期(2023/01/01－2023/12/31)

    ID S100T4WS2024-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第73期(2022/01/01－2022/12/31)

    ID S100QF9H2023-03-23Open

  • EDINET (FSA Japan)

    有価証券報告書－第72期(令和3年1月1日－令和3年12月31日)

    ID S100NPM02022-03-24Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第71期(令和2年1月1日－令和2年12月31日)

    ID S100L6PG2021-04-16Open

Extracted from XBRL: 54 / Derived from other figures: 2

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