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KurarayKURARAY CO.,LTD.3405東証プライム化学FY ending Dec 2025, consolidated, J-GAAP

Kuraray revenue and profit

Out of every ¥100 of sales, about ¥7 is left as operating profit. Revenue changed -2.2% from the prior year, operating profit -30.8%.

Five-year trend

Revenue¥808.4B
FY ending Dec 2021: ¥629.4B¥629.4BFY ending Dec 2022: ¥756.4B¥756.4BFY ending Dec 2023: ¥780.9B¥780.9BFY ending Dec 2024: ¥826.9B¥826.9BFY ending Dec 2025: ¥808.4B¥808.4BFY21FY22FY23FY24FY25
Operating income¥58.9B
FY ending Dec 2021: ¥72.3B¥72.3BFY ending Dec 2022: ¥87.1B¥87.1BFY ending Dec 2023: ¥75.5B¥75.5BFY ending Dec 2024: ¥85.1B¥85.1BFY ending Dec 2025: ¥58.9B¥58.9BFY21FY22FY23FY24FY25
Operating margin7.3%
FY ending Dec 2021: 11.5%11.5%FY ending Dec 2022: 11.5%11.5%FY ending Dec 2023: 9.7%9.7%FY ending Dec 2024: 10.3%10.3%FY ending Dec 2025: 7.3%7.3%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin0.9%
Asset turnover0.62×
ROA0.6%
ROA0.6%
Financial leverage2.36×
ROE1.4%

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

Net margin0.9%
2021: 5.9%5.9%2022: 7.2%7.2%2023: 5.4%5.4%2024: 3.8%3.8%2025: 0.9%0.9%2122232425
Asset turnover0.62×
2021: 0.58×0.58×2022: 0.65×0.65×2023: 0.63×0.63×2024: 0.65×0.65×2025: 0.62×0.62×2122232425
ROA0.6%
2021: 3.4%3.4%2022: 4.7%4.7%2023: 3.4%3.4%2024: 2.5%2.5%2025: 0.6%0.6%2122232425
Financial leverage2.36×
2021: 2.10×2.10×2022: 2.16×2.16×2023: 2.20×2.20×2024: 2.22×2.22×2025: 2.36×2.36×2122232425
ROE1.4%
2021: 7.2%7.2%2022: 10.1%10.1%2023: 7.5%7.5%2024: 5.5%5.5%2025: 1.4%1.4%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20215.9%0.58×3.4%2.10×7.2%
20227.2%0.65×4.7%2.16×10.1%
20235.4%0.63×3.4%2.20×7.5%
20243.8%0.65×2.5%2.22×5.5%
20250.9%0.62×0.6%2.36×1.4%

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 ÷ revenue67.9%
2020: 79.3%79.3%2021: 72.3%72.3%2022: 67.8%67.8%2023: 67.5%67.5%2024: 65.4%65.4%2025: 67.9%67.9%202122232425
PPE ÷ total assets42.1%
2020: 40.8%40.8%2021: 41.7%41.7%2022: 42.0%42.0%2023: 42.0%42.0%2024: 41.9%41.9%2025: 42.1%42.1%202122232425
Goodwill ÷ parent equity9.8%
2020: 10.3%10.3%2021: 10.1%10.1%2022: 10.2%10.2%2023: 9.6%9.6%2024: 9.4%9.4%2025: 9.8%9.8%202122232425
Goodwill balance¥52.2B
2020: ¥51.1B¥51.1B2021: ¥52.6B¥52.6B2022: ¥56.1B¥56.1B2023: ¥55.4B¥55.4B2024: ¥53.6B¥53.6B2025: ¥52.2B¥52.2B202122232425

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¥28.4B
2020: ¥20.6B¥20.6B2021: ¥20.8B¥20.8B2022: ¥22.7B¥22.7B2023: ¥24.4B¥24.4B2024: ¥25.7B¥25.7B2025: ¥28.4B¥28.4B202122232425
R&D / revenue3.5%
2020: 3.8%3.8%2021: 3.3%3.3%2022: 3.0%3.0%2023: 3.1%3.1%2024: 3.1%3.1%2025: 3.5%3.5%202122232425
Receivable days—
2020: 79d79d2021: 79d79d202122232425
Payable days38d
2020: 35d35d2021: 43d43d2022: 37d37d2023: 33d33d2024: 39d39d2025: 38d38d202122232425

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
Revenue629,370756,376780,938826,895808,447
Cost of revenue425,234514,713540,956559,374561,939
Gross profit204,136241,663239,982267,520246,508
SG&A131,879154,524164,506182,439187,625
Operating income72,25687,13975,47585,08158,882
Pretax income58,69777,99761,27353,17619,821
Income tax20,33622,38818,98722,00014,769
Net income attributable to owners37,26254,30742,44631,7247,468
Operating margin11.5%11.5%9.7%10.3%7.3%

Balance sheet (reported items)

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

Assets

8%
Property, plant and equipment 42%
Intangibles and goodwill 13%
2%
Other assets 35%

Funding

4%
Interest-bearing debt 19%
Other liabilities 19%
Equity 58%
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¥151.5B¥127.6B¥133.7B¥121.7B¥108.3B
Total assets¥1.09T¥1.22T¥1.25T¥1.29T¥1.3T
Net assets¥579.6B¥668.5B¥736.2B¥781.8B¥755.2B
Share capital¥89B¥89B¥89B¥89B¥89B
Trade receivables¥135.8B————
Property, plant and equipment¥455.3B¥512.6B¥527B¥540.4B¥549.1B
Intangible assets excluding goodwill¥114.1B¥121.5B¥120.5B¥115.9B¥110.6B
Goodwill¥52.6B¥56.1B¥55.4B¥53.6B¥52.2B
Investment securities¥25.7B¥23.2B¥24B¥29.9B¥23.5B
Current assets¥470.2B¥533.9B¥551.7B¥565.3B¥578.4B
Current liabilities¥219.5B¥221.3B¥200.6B¥198.2B¥228.2B
Trade payables¥49.6B¥52.7B¥49.1B¥59.6B¥58.5B
Short-term borrowings¥34.5B¥34.5B¥40B¥23.9B¥45.1B
Long-term borrowings¥157.9B¥179.5B¥157.3B¥142.3B¥146.2B
Bonds¥60B¥60B¥60B¥50B¥50B
Interest-bearing debt¥252.4Bderived¥274Bderived¥257.3Bderived¥216.1Bderived¥241.3Bderived
Total liabilities¥511.4B¥553B¥518.3B¥509.4B¥548.3B
Non-controlling interests¥19.2B¥21.4B¥21.5B¥17.5B¥12.3B
Equity attributable to owners of parent¥520.1B¥550.3B¥576.7B¥571.4B¥530.1B
Retained earnings¥359.9B¥399.9B¥426.3B¥396.8B¥386.9B
Treasury stock-¥15.9B-¥25.7B-¥25.7B-¥1.46B-¥1.62B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第145期(2025/01/01－2025/12/31)

    ID S100XSSZ2026-03-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第144期(2024/01/01－2024/12/31)

    ID S100VGVW2025-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第143期(2023/01/01－2023/12/31)

    ID S100T5BD2024-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第142期(2022/01/01－2022/12/31)

    ID S100QH262023-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第141期(令和3年1月1日－令和3年12月31日)

    ID S100NPXO2022-03-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第140期(令和2年1月1日－令和2年12月31日)

    ID S100L0GG2021-03-25Open

Extracted from XBRL: 56 / Derived from other figures: 2

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