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Japan EcosystemJapan Ecosystem Co., Ltd.9249東証スタンダードサービス業FY ending Sep 2025, consolidated, J-GAAP

Japan Ecosystem revenue and profit

Out of every ¥100 of sales, about ¥4 is left as operating profit. Revenue changed +21.1% from the prior year, operating profit -42.5%.

Five-year trend

Revenue¥11.3B
FY ending Sep 2021: ¥6.99B¥6.99BFY ending Sep 2022: ¥7.22B¥7.22BFY ending Sep 2023: ¥7.58B¥7.58BFY ending Sep 2024: ¥9.3B¥9.3BFY ending Sep 2025: ¥11.3B¥11.3BFY21FY22FY23FY24FY25
Operating income¥437.2M
FY ending Sep 2021: ¥770.7M¥770.7MFY ending Sep 2022: ¥798.8M¥798.8MFY ending Sep 2023: ¥635.7M¥635.7MFY ending Sep 2024: ¥760.3M¥760.3MFY ending Sep 2025: ¥437.2M¥437.2MFY21FY22FY23FY24FY25
Operating margin3.9%
FY ending Sep 2021: 11.0%11.0%FY ending Sep 2022: 11.1%11.1%FY ending Sep 2023: 8.4%8.4%FY ending Sep 2024: 8.2%8.2%FY ending Sep 2025: 3.9%3.9%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin2.7%
Asset turnover0.97×
ROA2.6%
ROA2.6%
Financial leverage2.12×
ROE5.5%

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

Net margin2.7%
2021: 8.2%8.2%2022: 5.7%5.7%2023: 11.5%11.5%2024: 6.7%6.7%2025: 2.7%2.7%2122232425
Asset turnover0.97×
2021: 1.16×1.16×2022: 1.15×1.15×2023: 1.02×1.02×2024: 1.05×1.05×2025: 0.97×0.97×2122232425
ROA2.6%
2021: 9.5%9.5%2022: 6.5%6.5%2023: 11.8%11.8%2024: 7.0%7.0%2025: 2.6%2.6%2122232425
Financial leverage2.12×
2021: 2.92×2.92×2022: 2.16×2.16×2023: 1.82×1.82×2024: 1.80×1.80×2025: 2.12×2.12×2122232425
ROE5.5%
2021: 27.8%27.8%2022: 14.1%14.1%2023: 21.4%21.4%2024: 12.6%12.6%2025: 5.5%5.5%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20218.2%1.16×9.5%2.92×27.8%
20225.7%1.15×6.5%2.16×14.1%
202311.5%1.02×11.8%1.82×21.4%
20246.7%1.05×7.0%1.80×12.6%
20252.7%0.97×2.6%2.12×5.5%

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 ÷ revenue75.3%
2020: 57.7%57.7%2021: 47.5%47.5%2022: 45.9%45.9%2023: 49.6%49.6%2024: 55.1%55.1%2025: 75.3%75.3%202122232425
PPE ÷ total assets60.9%
2020: 58.1%58.1%2021: 55.1%55.1%2022: 51.1%51.1%2023: 44.8%44.8%2024: 55.3%55.3%2025: 60.9%60.9%202122232425

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¥49.6M
2020: ¥21.8M¥21.8M2021: ¥71.6M¥71.6M2022: ¥48.1M¥48.1M2023: ¥49.7M¥49.7M2024: ¥74M¥74M2025: ¥49.6M¥49.6M202122232425
R&D / revenue0.4%
2020: 0.4%0.4%2021: 1.0%1.0%2022: 0.7%0.7%2023: 0.7%0.7%2024: 0.8%0.8%2025: 0.4%0.4%202122232425
Inventory days46d
2020: 40d40d2021: 24d24d2022: 25d25d2023: 26d26d2024: 18d18d2025: 46d46d202122232425
Payable days25d
2022: 12d12d2023: 20d20d2024: 29d29d2025: 25d25d202122232425

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 Sep 2021FY ending Sep 2022FY ending Sep 2023FY ending Sep 2024FY ending Sep 2025
Revenue6,9867,2217,5789,30211,261
Cost of revenue5,0615,1585,3746,7408,283
Gross profit1,9252,0622,2032,5622,978
SG&A1,1551,2641,5681,8022,541
Operating income771799636760437
Pretax income8016551,277836762
Income tax215241379196442
Net income attributable to owners572408875620302
Operating margin11.0%11.1%8.4%8.2%3.9%

Balance sheet (reported items)

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

Assets

3%
7%
Property, plant and equipment 61%
3%
2%
Other assets 24%

Funding

4%
Other liabilities 55%
Equity 41%

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

ItemFY ending Sep 2021FY ending Sep 2022FY ending Sep 2023FY ending Sep 2024FY ending Sep 2025
Cash and equivalents¥691.5M¥1.1B¥1.85B¥802.3M¥423.7M
Total assets¥6.02B¥6.49B¥8.38B¥9.26B¥13.9B
Net assets¥2.12B¥3.8B¥4.54B¥5.47B¥5.68B
Share capital¥88.9M¥761.2M¥762.3M¥1B¥1.01B
Inventories¥338.9M¥352.8M¥389.5M¥337.1M¥1.05B
Property, plant and equipment¥3.32B¥3.31B¥3.76B¥5.12B¥8.48B
Intangible assets excluding goodwill¥96.3M¥107.6M¥198.9M¥183.9M¥358.8M
Investment securities¥74.1M¥223.5M¥227.5M¥182M¥297.5M
Current assets¥2.33B¥2.58B¥3.82B¥3.26B¥4.22B
Current liabilities¥2.04B¥1.38B¥2.38B¥2.3B¥2.64B
Trade payables—¥172.3M¥300.8M¥539.1M¥573.1M
Short-term borrowings¥350M¥10M¥310M¥400M¥300M
Long-term borrowings¥1.46B¥975.4M¥1.08B¥911.7M¥4.87B
Bonds¥229M¥172M¥115M¥58M—
Interest-bearing debt¥2.04Bderived¥1.16Bderived¥1.51Bderived¥1.37Bderived—
Total liabilities¥3.91B¥2.69B¥3.84B¥3.79B¥8.25B
Non-controlling interests¥51.7M¥56.7M¥80.1M¥79.5M¥97.5M
Equity attributable to owners of parent¥2.06B¥3.74B¥4.44B¥5.39B¥5.55B
Retained earnings¥1.97B¥2.3B¥3B¥3.48B¥3.63B
Treasury stock———-¥331K-¥530K

Sources

Show source documents (5)

  • EDINET (FSA Japan)

    有価証券報告書－第28期(2024/10/01－2025/09/30)

    ID S100XCE02025-12-23Open

  • EDINET (FSA Japan)

    有価証券報告書－第27期(2023/10/01－2024/09/30)

    ID S100V0W82024-12-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第26期(2022/10/01－2023/09/30)

    ID S100SJZ42023-12-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第25期(令和3年10月1日－令和4年9月30日)

    ID S100PVT72022-12-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第24期(令和2年10月1日－令和3年9月30日)

    ID S100N4L82021-12-23Open

Extracted from XBRL: 54 / Derived from other figures: 1

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