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KH NeochemKH Neochem Co.,Ltd.4189東証プライム化学FY ending Dec 2025, consolidated, J-GAAP

KH Neochem revenue and profit

Out of every ¥100 of sales, about ¥10 is left as operating profit. Revenue changed -3.9% from the prior year, operating profit -7.8%.

Five-year trend

Revenue¥115.1B
FY ending Dec 2021: ¥117.1B¥117.1BFY ending Dec 2022: ¥114.9B¥114.9BFY ending Dec 2023: ¥115.2B¥115.2BFY ending Dec 2024: ¥119.8B¥119.8BFY ending Dec 2025: ¥115.1B¥115.1BFY21FY22FY23FY24FY25
Operating income¥11.2B
FY ending Dec 2021: ¥19.7B¥19.7BFY ending Dec 2022: ¥12.5B¥12.5BFY ending Dec 2023: ¥9.95B¥9.95BFY ending Dec 2024: ¥12.2B¥12.2BFY ending Dec 2025: ¥11.2B¥11.2BFY21FY22FY23FY24FY25
Operating margin9.8%
FY ending Dec 2021: 16.8%16.8%FY ending Dec 2022: 10.8%10.8%FY ending Dec 2023: 8.6%8.6%FY ending Dec 2024: 10.2%10.2%FY ending Dec 2025: 9.8%9.8%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin6.8%
Asset turnover0.88×
ROA6.0%
ROA6.0%
Financial leverage1.96×
ROE11.7%

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

Net margin6.8%
2021: 11.7%11.7%2022: 7.0%7.0%2023: 5.9%5.9%2024: 7.0%7.0%2025: 6.8%6.8%2122232425
Asset turnover0.88×
2021: 0.96×0.96×2022: 0.91×0.91×2023: 0.90×0.90×2024: 0.94×0.94×2025: 0.88×0.88×2122232425
ROA6.0%
2021: 11.2%11.2%2022: 6.4%6.4%2023: 5.3%5.3%2024: 6.5%6.5%2025: 6.0%6.0%2122232425
Financial leverage1.96×
2021: 2.27×2.27×2022: 2.26×2.26×2023: 2.12×2.12×2024: 1.98×1.98×2025: 1.96×1.96×2122232425
ROE11.7%
2021: 25.5%25.5%2022: 14.4%14.4%2023: 11.3%11.3%2024: 13.0%13.0%2025: 11.7%11.7%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
202111.7%0.96×11.2%2.27×25.5%
20227.0%0.91×6.4%2.26×14.4%
20235.9%0.90×5.3%2.12×11.3%
20247.0%0.94×6.5%1.98×13.0%
20256.8%0.88×6.0%1.96×11.7%

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 ÷ revenue42.5%
2020: 50.5%50.5%2021: 33.4%33.4%2022: 39.8%39.8%2023: 40.6%40.6%2024: 41.7%41.7%2025: 42.5%42.5%202122232425
PPE ÷ total assets37.6%
2020: 40.9%40.9%2021: 32.1%32.1%2022: 34.8%34.8%2023: 37.6%37.6%2024: 38.0%38.0%2025: 37.6%37.6%202122232425
Goodwill ÷ parent equity1.1%
2020: 3.3%3.3%2021: 2.3%2.3%2022: 1.9%1.9%2023: 1.6%1.6%2024: 1.3%1.3%2025: 1.1%1.1%202122232425
Goodwill balance¥705M
2020: ¥1.38B¥1.38B2021: ¥1.24B¥1.24B2022: ¥1.11B¥1.11B2023: ¥974M¥974M2024: ¥840M¥840M2025: ¥705M¥705M202122232425

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¥1.34B
2020: ¥919M¥919M2021: ¥1B¥1B2022: ¥871M¥871M2023: ¥939M¥939M2024: ¥1.15B¥1.15B2025: ¥1.34B¥1.34B202122232425
R&D / revenue1.2%
2020: 1.2%1.2%2021: 0.9%0.9%2022: 0.8%0.8%2023: 0.8%0.8%2024: 1.0%1.0%2025: 1.2%1.2%202122232425
Receivable days—
2020: 104d104d2021: 103d103d202122232425
Payable days91d
2020: 85d85d2021: 110d110d2022: 123d123d2023: 101d101d2024: 94d94d2025: 91d91d202122232425

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
Revenue117,110114,880115,217119,758115,098
Cost of revenue84,87690,43493,27994,50490,232
Gross profit32,23324,44521,93725,25324,866
SG&A12,54711,98911,99113,05713,618
Operating income19,68512,4569,94612,19511,248
Pretax income19,78811,6349,72511,91810,793
Income tax5,9243,3822,7953,4472,839
Net income attributable to owners13,6918,0736,8268,3607,799
Operating margin16.8%10.8%8.6%10.2%9.8%

Balance sheet (reported items)

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

Assets

5%
Property, plant and equipment 38%
1%
7%
Other assets 49%

Funding

Trade payables 17%
Other liabilities 27%
Equity 56%

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¥16.9B¥10.9B¥9.68B¥7.16B¥6.72B
Total assets¥122.1B¥131.2B¥124.5B¥131.5B¥130.1B
Net assets¥57.5B¥62.1B¥66.5B¥71.9B¥72.6B
Share capital¥8.86B¥8.86B¥8.86B¥8.86B¥8.86B
Trade receivables¥33.2B————
Property, plant and equipment¥39.2B¥45.7B¥46.8B¥50B¥48.9B
Intangible assets excluding goodwill¥1.82B¥1.64B¥1.53B¥1.35B¥1.15B
Goodwill¥1.24B¥1.11B¥974M¥840M¥705M
Investment securities¥8.18B¥6.4B¥6.9B¥7.37B¥8.64B
Current assets¥70.3B¥74.2B¥66.2B¥69.4B¥67.3B
Current liabilities¥53.3B¥56.8B¥51.3B¥46.6B¥45.2B
Trade payables¥25.6B¥30.4B¥25.8B¥24.4B¥22.4B
Short-term borrowings¥10.2B¥9.87B¥9.82B¥9.75B¥9.95B
Bonds¥5B¥5B—¥5B¥5B
Total liabilities¥64.6B¥69.2B¥58B¥59.5B¥57.5B
Non-controlling interests¥2.59B¥2.72B¥2.75B¥2.83B¥2.95B
Equity attributable to owners of parent¥53.8B¥58.5B¥62B¥67B¥66.2B
Retained earnings¥38.8B¥43.7B¥47.2B¥52.3B¥56.5B
Treasury stock-¥132M-¥222M-¥267M-¥337M-¥5.36B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第16期(2025/01/01－2025/12/31)

    ID S100XT282026-03-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第15期(2024/01/01－2024/12/31)

    ID S100VGFI2025-03-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第14期(2023/01/01－2023/12/31)

    ID S100T3XF2024-03-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第13期(2022/01/01－2022/12/31)

    ID S100QFJ12023-03-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第12期(令和3年1月1日－令和3年12月31日)

    ID S100NQ6I2022-03-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第11期(令和2年1月1日－令和2年12月31日)

    ID S100L07K2021-03-23Open

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