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Kawasaki Heavy IndustriesKawasaki Heavy Industries,Ltd.7012東証プライム輸送用機器FY ending Mar 2026, consolidated, IFRS

Kawasaki Heavy Industries revenue and profit

Out of every ¥100 of sales, about ¥6 is left as operating profit. Revenue changed +8.5% from the prior year.

Five-year trend

Revenue¥2.31T
FY ending Mar 2022: ¥1.5T¥1.5TFY ending Mar 2023: ¥1.73T¥1.73TFY ending Mar 2024: ¥1.85T¥1.85TFY ending Mar 2025: ¥2.13T¥2.13TFY ending Mar 2026: ¥2.31T¥2.31TFY22FY23FY24FY25FY26
Operating income—
FY ending Mar 2022: ¥45.8B¥45.8BFY22FY23FY24FY25FY26
Operating margin—
FY ending Mar 2022: 3.1%3.1%FY22FY23FY24FY25FY26

What drives ROE

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

Net margin4.7%
Asset turnover0.73×
ROA3.4%
ROA3.4%
Financial leverage4.01×
ROE13.7%

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

Net margin4.7%
2022: 0.8%0.8%2023: 3.1%3.1%2024: 1.4%1.4%2025: 4.1%4.1%2026: 4.7%4.7%2223242526
Asset turnover0.73×
2022: 0.69×0.69×2023: 0.75×0.75×2024: 0.72×0.72×2025: 0.75×0.75×2026: 0.73×0.73×2223242526
ROA3.4%
2022: 0.6%0.6%2023: 2.3%2.3%2024: 1.0%1.0%2025: 3.1%3.1%2026: 3.4%3.4%2223242526
Financial leverage4.01×
2022: 4.30×4.30×2023: 4.28×4.28×2024: 4.25×4.25×2025: 4.26×4.26×2026: 4.01×4.01×2223242526
ROE13.7%
2022: 2.5%2.5%2023: 9.8%9.8%2024: 4.2%4.2%2025: 13.2%13.2%2026: 13.7%13.7%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20220.8%0.69×0.6%4.30×2.5%
20233.1%0.75×2.3%4.28×9.8%
20241.4%0.72×1.0%4.25×4.2%
20254.1%0.75×3.1%4.26×13.2%
20264.7%0.73×3.4%4.01×13.7%

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 ÷ revenue23.5%
2021: 30.2%30.2%2022: 29.6%29.6%2023: 26.1%26.1%2024: 26.8%26.8%2025: 24.2%24.2%2026: 23.5%23.5%212223242526
PPE ÷ total assets16.3%
2021: 21.5%21.5%2022: 20.4%20.4%2023: 18.4%18.4%2024: 18.5%18.5%2025: 17.1%17.1%2026: 16.3%16.3%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¥56.8B
2021: ¥44.9B¥44.9B2022: ¥47B¥47B2023: ¥50.7B¥50.7B2024: ¥53.3B¥53.3B2025: ¥48.9B¥48.9B2026: ¥56.8B¥56.8B212223242526
R&D / revenue2.5%
2021: 3.0%3.0%2022: 3.1%3.1%2023: 2.9%2.9%2024: 2.9%2.9%2025: 2.3%2.3%2026: 2.5%2.5%212223242526
Receivable days—
2021: 113d113d212223242526
Payable days—
2021: 70d70d2022: 70d70d212223242526

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
Revenue1,500,8791,725,6091,849,2872,129,3212,311,267
Cost of revenue1,247,6151,391,7871,537,0501,697,7841,856,349
Gross profit253,263333,822312,237431,537454,917
SG&A211,134252,311276,044306,963328,759
Operating income45,805————
Pretax income27,67070,34931,980107,518145,530
Income tax12,83415,0584,67017,19030,602
Net income attributable to owners12,63853,02925,37788,001108,157
Operating margin3.1%————

Balance sheet (reported items)

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

Assets

4%
Property, plant and equipment 16%
Other assets 80%

Funding

Other liabilities 71%
Equity 29%

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¥108.5B¥138.4B¥84.2B¥132.8B¥115.4B
Total assets¥2.17T¥2.46T¥2.68T¥3.02T¥3.32T
Net assets¥524.9B¥596.9B¥654.5B¥725.1B¥948.5B
Share capital¥104.5B¥104.5B¥104.5B¥104.5B¥104.5B
Property, plant and equipment¥444.4B¥451B¥496.3B¥515.7B¥542.9B
Intangible assets excluding goodwill¥23.4B————
Investment securities¥14.5B————
Current assets¥1.32T¥1.57T¥1.73T¥2.02T¥2.26T
Current liabilities¥987.3B————
Trade payables¥240B————
Short-term borrowings¥96.1B————
Long-term borrowings¥194.3B————
Bonds¥180B————
Interest-bearing debt¥470.4Bderived————
Total liabilities¥1.65T¥1.86T¥2.03T¥2.29T¥2.38T
Non-controlling interests¥19.3B————
Equity attributable to owners of parent¥505.5B¥576.2B¥634.1B¥702.9B¥878.1B
Retained earnings¥320.7B¥380.3B¥405.2B¥483.5B¥580.8B
Treasury stock-¥1.13B-¥1.11B-¥1.06B-¥4.09B-¥3.91B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    訂正有価証券報告書－第203期(2025/04/01－2026/03/31)

    ID S100YU102026-08-07Open

  • EDINET (FSA Japan)

    有価証券報告書－第202期(2024/04/01－2025/03/31)

    ID S100VWDC2025-06-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第201期(2023/04/01－2024/03/31)

    ID S100TOSU2024-06-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第200期(2022/04/01－2023/03/31)

    ID S100R4RQ2023-06-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第199期(令和3年4月1日－令和4年3月31日)

    ID S100O7VN2022-06-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第198期(令和2年4月1日－令和3年3月31日)

    ID S100LI2X2021-06-25Open

Extracted from XBRL: 41 / Derived from other figures: 1

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