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K&O Energy GroupK&O Energy Group Inc.1663東証プライム鉱業FY ending Dec 2025, consolidated, J-GAAP

K&O Energy Group revenue and profit

Out of every ¥100 of sales, about ¥12 is left as operating profit. Revenue changed -1.2% from the prior year, operating profit +20.1%.

Five-year trend

Revenue¥91.4B
FY ending Dec 2021: ¥66.1B¥66.1BFY ending Dec 2022: ¥106.2B¥106.2BFY ending Dec 2023: ¥96.3B¥96.3BFY ending Dec 2024: ¥92.4B¥92.4BFY ending Dec 2025: ¥91.4B¥91.4BFY21FY22FY23FY24FY25
Operating income¥10.6B
FY ending Dec 2021: ¥3.94B¥3.94BFY ending Dec 2022: ¥7.3B¥7.3BFY ending Dec 2023: ¥9.67B¥9.67BFY ending Dec 2024: ¥8.82B¥8.82BFY ending Dec 2025: ¥10.6B¥10.6BFY21FY22FY23FY24FY25
Operating margin11.6%
FY ending Dec 2021: 6.0%6.0%FY ending Dec 2022: 6.9%6.9%FY ending Dec 2023: 10.0%10.0%FY ending Dec 2024: 9.5%9.5%FY ending Dec 2025: 11.6%11.6%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin9.2%
Asset turnover0.74×
ROA6.8%
ROA6.8%
Financial leverage1.27×
ROE8.6%

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

Net margin9.2%
2021: 4.3%4.3%2022: 4.5%4.5%2023: 6.7%6.7%2024: 6.7%6.7%2025: 9.2%9.2%2122232425
Asset turnover0.74×
2021: 0.67×0.67×2022: 1.02×1.02×2023: 0.87×0.87×2024: 0.80×0.80×2025: 0.74×0.74×2122232425
ROA6.8%
2021: 2.9%2.9%2022: 4.6%4.6%2023: 5.8%5.8%2024: 5.3%5.3%2025: 6.8%6.8%2122232425
Financial leverage1.27×
2021: 1.27×1.27×2022: 1.30×1.30×2023: 1.29×1.29×2024: 1.26×1.26×2025: 1.27×1.27×2122232425
ROE8.6%
2021: 3.6%3.6%2022: 5.9%5.9%2023: 7.5%7.5%2024: 6.8%6.8%2025: 8.6%8.6%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20214.3%0.67×2.9%1.27×3.6%
20224.5%1.02×4.6%1.30×5.9%
20236.7%0.87×5.8%1.29×7.5%
20246.7%0.80×5.3%1.26×6.8%
20259.2%0.74×6.8%1.27×8.6%

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 ÷ revenue47.1%
2020: 65.8%65.8%2021: 58.6%58.6%2022: 38.1%38.1%2023: 42.4%42.4%2024: 45.0%45.0%2025: 47.1%47.1%202122232425
PPE ÷ total assets33.7%
2020: 40.7%40.7%2021: 39.1%39.1%2022: 36.8%36.8%2023: 36.7%36.7%2024: 34.8%34.8%2025: 33.7%33.7%202122232425
Goodwill ÷ parent equity0.3%
2020: 0.7%0.7%2021: 0.6%0.6%2022: 0.5%0.5%2023: 0.4%0.4%2024: 0.3%0.3%2025: 0.3%0.3%202122232425
Goodwill balance¥267M
2020: ¥549M¥549M2021: ¥493M¥493M2022: ¥436M¥436M2023: ¥380M¥380M2024: ¥324M¥324M2025: ¥267M¥267M202122232425

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¥33M
2020: ¥241M¥241M2021: ¥226M¥226M2022: ¥219M¥219M2023: ¥211M¥211M2024: ¥182M¥182M2025: ¥33M¥33M202122232425
R&D / revenue0.0%
2020: 0.4%0.4%2021: 0.3%0.3%2022: 0.2%0.2%2023: 0.2%0.2%2024: 0.2%0.2%2025: 0.0%0.0%202122232425
Cash conversion cycle—
2020: 24d24d2021: 16d16d202122232425
Receivable days—
2020: 41d41d2021: 52d52d202122232425
Inventory days13d
2020: 13d13d2021: 11d11d2022: 7d7d2023: 11d11d2024: 12d12d2025: 13d13d202122232425
Payable days28d
2020: 31d31d2021: 47d47d2022: 42d42d2023: 32d32d2024: 35d35d2025: 28d28d202122232425

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
Revenue66,070106,20096,29892,42191,354
Cost of revenue52,61089,16876,44872,26169,569
Gross profit13,45917,03119,85020,15921,785
SG&A3,8944,0524,1755,0574,718
Operating income3,9377,3049,6688,82010,594
Pretax income4,2787,70010,2579,78113,130
Income tax1,1632,3473,0052,8613,893
Net income attributable to owners2,8464,7666,4646,1678,379
Operating margin6.0%6.9%10.0%9.5%11.6%

Balance sheet (reported items)

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

Assets

Cash 23%
2%
Property, plant and equipment 34%
1%
Investment securities 16%
Other assets 24%

Funding

4%
Other liabilities 11%
Equity 85%
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¥20.3B¥20.9B¥22.5B¥28.8B¥29.9B
Total assets¥99.1B¥109.8B¥111.4B¥119.4B¥127.8B
Net assets¥82.1B¥86.4B¥92.9B¥99.4B¥108.9B
Share capital¥8B¥8B¥8B¥8B¥8B
Trade receivables¥9.46B————
Inventories¥1.54B¥1.75B¥2.27B¥2.39B¥2.48B
Property, plant and equipment¥38.7B¥40.4B¥40.9B¥41.6B¥43B
Intangible assets excluding goodwill¥1.55B¥1.55B¥1.62B¥1.85B¥1.76B
Goodwill¥493M¥436M¥380M¥324M¥267M
Investment securities¥10.8B¥12.3B¥13B¥15.8B¥20B
Current assets¥36.8B¥42.9B¥44.4B¥49.2B¥53.1B
Current liabilities¥10.8B¥17.6B¥12.6B¥13.7B¥12.3B
Trade payables¥6.77B¥10.2B¥6.6B¥6.87B¥5.37B
Short-term borrowings¥391M¥371M¥357M¥346M¥331M
Long-term borrowings¥609M¥582M¥569M¥567M¥546M
Total liabilities¥17B¥23.4B¥18.5B¥20B¥18.9B
Non-controlling interests¥3.5B¥2.11B¥2.57B¥2.96B¥3.44B
Equity attributable to owners of parent¥78.1B¥83.2B¥88.8B¥93.9B¥101.1B
Retained earnings¥58.4B¥62.5B¥68B¥73.1B¥80.3B
Treasury stock-¥1.25B-¥1.23B-¥1.21B-¥1.19B-¥1.17B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

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

    ID S100XUMN2026-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第11期(2024/01/01－2024/12/31)

    ID S100VGJL2025-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第10期(2023/01/01－2023/12/31)

    ID S100T4WM2024-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第9期(2022/01/01－2022/12/31)

    ID S100QHCE2023-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第8期(令和3年1月1日－令和3年12月31日)

    ID S100NQRA2022-03-31Open

  • EDINET (FSA Japan)

    有価証券報告書－第7期(令和2年1月1日－令和2年12月31日)

    ID S100L1YZ2021-03-31Open

Extracted from XBRL: 55 / Derived from other figures: 1

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