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KOSE HoldingsKOSE Holdings Corporation4922東証プライム化学FY ending Dec 2025, consolidated, J-GAAP

KOSE Holdings revenue and profit

Out of every ¥100 of sales, about ¥6 is left as operating profit. Revenue changed +2.3% from the prior year, operating profit +6.4%.

Five-year trend

Revenue¥330.2B
FY ending Dec 2021: ¥225B¥225BFY ending Dec 2022: ¥289.1B¥289.1BFY ending Dec 2023: ¥300.4B¥300.4BFY ending Dec 2024: ¥322.8B¥322.8BFY ending Dec 2025: ¥330.2B¥330.2BFY21FY22FY23FY24FY25
Operating income¥18.5B
FY ending Dec 2021: ¥18.9B¥18.9BFY ending Dec 2022: ¥22.1B¥22.1BFY ending Dec 2023: ¥16B¥16BFY ending Dec 2024: ¥17.4B¥17.4BFY ending Dec 2025: ¥18.5B¥18.5BFY21FY22FY23FY24FY25
Operating margin5.6%
FY ending Dec 2021: 8.4%8.4%FY ending Dec 2022: 7.7%7.7%FY ending Dec 2023: 5.3%5.3%FY ending Dec 2024: 5.4%5.4%FY ending Dec 2025: 5.6%5.6%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin4.6%
Asset turnover0.85×
ROA3.9%
ROA3.9%
Financial leverage1.61×
ROE6.2%

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

Net margin4.6%
2021: 5.9%5.9%2022: 6.5%6.5%2023: 3.9%3.9%2024: 2.3%2.3%2025: 4.6%4.6%2122232425
Asset turnover0.85×
2021: 0.70×0.70×2022: 0.85×0.85×2023: 0.82×0.82×2024: 0.85×0.85×2025: 0.85×0.85×2122232425
ROA3.9%
2021: 4.2%4.2%2022: 5.5%5.5%2023: 3.2%3.2%2024: 2.0%2.0%2025: 3.9%3.9%2122232425
Financial leverage1.61×
2021: 1.42×1.42×2022: 1.48×1.48×2023: 1.54×1.54×2024: 1.58×1.58×2025: 1.61×1.61×2122232425
ROE6.2%
2021: 5.9%5.9%2022: 8.2%8.2%2023: 4.9%4.9%2024: 3.1%3.1%2025: 6.2%6.2%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20215.9%0.70×4.2%1.42×5.9%
20226.5%0.85×5.5%1.48×8.2%
20233.9%0.82×3.2%1.54×4.9%
20242.3%0.85×2.0%1.58×3.1%
20254.6%0.85×3.9%1.61×6.2%

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 ÷ revenue24.8%
2021: 22.5%22.5%2021: 26.5%26.5%2022: 22.1%22.1%2023: 20.4%20.4%2024: 22.8%22.8%2025: 24.8%24.8%212122232425
PPE ÷ total assets20.8%
2021: 20.4%20.4%2021: 18.6%18.6%2022: 17.8%17.8%2023: 16.5%16.5%2024: 19.1%19.1%2025: 20.8%20.8%212122232425
Goodwill ÷ parent equity2.3%
2021: 2.2%2.2%2021: 2.1%2.1%2022: 1.8%1.8%2023: 1.5%1.5%2024: 2.9%2.9%2025: 2.3%2.3%212122232425
Goodwill balance¥5.63B
2021: ¥4.72B¥4.72B2021: ¥4.62B¥4.62B2022: ¥4.36B¥4.36B2023: ¥3.62B¥3.62B2024: ¥6.97B¥6.97B2025: ¥5.63B¥5.63B212122232425

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¥6.93B
2021: ¥6B¥6B2021: ¥4.36B¥4.36B2022: ¥6.09B¥6.09B2023: ¥6.46B¥6.46B2024: ¥6.38B¥6.38B2025: ¥6.93B¥6.93B212122232425
R&D / revenue2.1%
2021: 2.1%2.1%2021: 1.9%1.9%2022: 2.1%2.1%2023: 2.2%2.2%2024: 2.0%2.0%2025: 2.1%2.1%212122232425
Receivable days62d
2021: 51d51d2021: 72d72d2022: 66d66d2023: 54d54d2024: 57d57d2025: 62d62d212122232425
Payable days33d
2021: 32d32d2021: 40d40d2022: 35d35d2023: 35d35d2024: 27d27d2025: 33d33d212122232425

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
Revenue224,983289,136300,406322,758330,193
Cost of revenue68,07883,62089,209100,185102,219
Gross profit156,905205,515211,197222,573227,974
SG&A138,052183,395195,211205,208209,507
Operating income18,85222,12015,98517,36418,467
Pretax income21,33527,86719,50618,65623,224
Income tax7,6338,3956,9749,7297,133
Net income attributable to owners13,34118,77111,6637,51015,114
Operating margin8.4%7.7%5.3%5.4%5.6%

Balance sheet (reported items)

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

Assets

Cash 23%
Receivables 14%
Property, plant and equipment 21%
8%
5%
Other assets 29%

Funding

2%
Other liabilities 20%
Equity 78%
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¥81.9B¥94.1B¥105.7B¥107.8B¥90.7B
Total assets¥320B¥359.6B¥371.7B¥386.8B¥393.5B
Net assets¥254.3B¥275.3B¥283B¥292.3B¥304.8B
Share capital¥4.85B¥4.85B¥4.85B¥4.85B¥4.85B
Trade receivables¥44.2B¥52.5B¥44.4B¥50B¥56.1B
Property, plant and equipment¥59.6B¥63.9B¥61.2B¥73.7B¥81.8B
Intangible assets excluding goodwill¥14.3B¥14.4B¥14.1B¥26.9B¥25.5B
Goodwill¥4.62B¥4.36B¥3.62B¥6.97B¥5.63B
Investment securities¥15.5B¥18B¥15.8B¥16.8B¥19.9B
Current assets¥217.3B¥244.5B¥256.7B¥240.3B¥228.9B
Current liabilities¥59.1B¥67.6B¥70.2B¥71.2B¥63.2B
Trade payables¥7.45B¥7.91B¥8.63B¥7.36B¥9.2B
Short-term borrowings¥600M¥1.36B¥500M¥831M¥799M
Total liabilities¥65.8B¥84.3B¥88.6B¥94.5B¥88.7B
Non-controlling interests¥15.9B¥16.4B¥16.9B¥20B¥20.6B
Equity attributable to owners of parent¥224.6B¥236B¥239.7B¥239.3B¥246.5B
Retained earnings¥228.8B¥240.1B¥243.8B¥243.3B¥250.5B
Treasury stock-¥9.09B-¥9.08B-¥9.07B-¥9.05B-¥9.03B

Sources

Show source documents (5)

  • EDINET (FSA Japan)

    有価証券報告書－第84期(2025/01/01－2025/12/31)

    ID S100XSUW2026-03-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第83期(2024/01/01－2024/12/31)

    ID S100VI3L2025-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第82期(2023/01/01－2023/12/31)

    ID S100T4ZN2024-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第81期(2022/01/01－2022/12/31)

    ID S100QHOZ2023-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第80期(令和3年4月1日－令和3年12月31日)

    ID S100NSBC2022-03-30Open

Extracted from XBRL: 53 / Derived from other figures: 1

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