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Kyowa Electronic InstrumentsKYOWA ELECTRONIC INSTRUMENTS CO.,LTD.6853東証スタンダード電気機器FY ending Dec 2025, consolidated, J-GAAP

Kyowa Electronic Instruments revenue and profit

Out of every ¥100 of sales, about ¥8 is left as operating profit. Revenue changed +6.0% from the prior year, operating profit +2.2%.

Five-year trend

Revenue¥16.3B
FY ending Dec 2021: ¥14.5B¥14.5BFY ending Dec 2022: ¥13.8B¥13.8BFY ending Dec 2023: ¥14.9B¥14.9BFY ending Dec 2024: ¥15.4B¥15.4BFY ending Dec 2025: ¥16.3B¥16.3BFY21FY22FY23FY24FY25
Operating income¥1.39B
FY ending Dec 2021: ¥863.4M¥863.4MFY ending Dec 2022: ¥646.4M¥646.4MFY ending Dec 2023: ¥1.11B¥1.11BFY ending Dec 2024: ¥1.36B¥1.36BFY ending Dec 2025: ¥1.39B¥1.39BFY21FY22FY23FY24FY25
Operating margin8.5%
FY ending Dec 2021: 6.0%6.0%FY ending Dec 2022: 4.7%4.7%FY ending Dec 2023: 7.4%7.4%FY ending Dec 2024: 8.8%8.8%FY ending Dec 2025: 8.5%8.5%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin6.4%
Asset turnover0.68×
ROA4.3%
ROA4.3%
Financial leverage1.41×
ROE6.1%

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

Net margin6.4%
2021: 4.8%4.8%2022: 4.2%4.2%2023: 6.0%6.0%2024: 6.9%6.9%2025: 6.4%6.4%2122232425
Asset turnover0.68×
2021: 0.60×0.60×2022: 0.57×0.57×2023: 0.61×0.61×2024: 0.63×0.63×2025: 0.68×0.68×2122232425
ROA4.3%
2021: 2.9%2.9%2022: 2.4%2.4%2023: 3.7%3.7%2024: 4.4%4.4%2025: 4.3%4.3%2122232425
Financial leverage1.41×
2021: 1.49×1.49×2022: 1.48×1.48×2023: 1.47×1.47×2024: 1.43×1.43×2025: 1.41×1.41×2122232425
ROE6.1%
2021: 4.3%4.3%2022: 3.5%3.5%2023: 5.4%5.4%2024: 6.3%6.3%2025: 6.1%6.1%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20214.8%0.60×2.9%1.49×4.3%
20224.2%0.57×2.4%1.48×3.5%
20236.0%0.61×3.7%1.47×5.4%
20246.9%0.63×4.4%1.43×6.3%
20256.4%0.68×4.3%1.41×6.1%

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 ÷ revenue25.8%
2020: 36.6%36.6%2021: 33.5%33.5%2022: 33.1%33.1%2023: 29.5%29.5%2024: 27.7%27.7%2025: 25.8%25.8%202122232425
PPE ÷ total assets17.7%
2020: 21.5%21.5%2021: 20.2%20.2%2022: 18.9%18.9%2023: 17.9%17.9%2024: 17.7%17.7%2025: 17.7%17.7%202122232425

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¥1.01B
2020: ¥884.3M¥884.3M2021: ¥862.7M¥862.7M2022: ¥928.9M¥928.9M2023: ¥999.7M¥999.7M2024: ¥1.01B¥1.01B2025: ¥1.01B¥1.01B202122232425
R&D / revenue6.2%
2020: 6.4%6.4%2021: 5.9%5.9%2022: 6.7%6.7%2023: 6.7%6.7%2024: 6.6%6.6%2025: 6.2%6.2%202122232425
Receivable days—
2020: 139d139d2021: 120d120d202122232425
Payable days43d
2020: 54d54d2021: 58d58d2022: 65d65d2023: 69d69d2024: 53d53d2025: 43d43d202122232425

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
Revenue14,50313,82314,90115,35016,272
Cost of revenue9,4818,7999,2289,33610,050
Gross profit5,0235,0245,6736,0146,222
SG&A4,1594,3784,5664,6584,836
Operating income8636461,1081,3571,386
Pretax income1,0608041,3091,4891,527
Income tax349217398422494
Net income attributable to owners6955768991,0671,033
Operating margin6.0%4.7%7.4%8.8%8.5%

Balance sheet (reported items)

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

Assets

Cash 17%
Property, plant and equipment 18%
3%
Investment securities 9%
Other assets 53%

Funding

5%
Other liabilities 18%
Equity 77%

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¥7.33B¥7.35B¥5.79B¥5.93B¥4.16B
Total assets¥24B¥24.2B¥24.7B¥24.1B¥23.7B
Net assets¥17.1B¥17.1B¥17.7B¥18.2B¥18.2B
Share capital¥1.72B¥1.72B¥1.72B¥1.72B¥1.72B
Trade receivables¥4.79B————
Property, plant and equipment¥4.86B¥4.58B¥4.4B¥4.26B¥4.2B
Intangible assets excluding goodwill¥110.5M¥190.8M¥333.3M¥462.2M¥692.1M
Investment securities¥1.69B¥1.54B¥1.6B¥1.71B¥2.08B
Current assets¥16.2B¥16.8B¥17.2B¥16.5B¥15.5B
Current liabilities¥4.93B¥5.12B¥5B¥4.08B¥3.79B
Trade payables¥1.52B¥1.57B¥1.75B¥1.37B¥1.17B
Short-term borrowings¥1.6B¥1.6B¥1.2B¥700M¥400M
Long-term borrowings¥44.4M¥27.8M¥11.1M——
Total liabilities¥6.95B¥7.15B¥7B¥5.94B¥5.53B
Non-controlling interests¥108.1M¥131.4M¥62.8M——
Equity attributable to owners of parent¥16.2B¥16.4B¥16.8B¥17.3B¥16.7B
Retained earnings¥12.8B¥13B¥13.6B¥14B¥13.5B
Treasury stock-¥158.6M-¥258.6M-¥206.9M-¥187.8M-¥247.6M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第79期(2025/01/01－2025/12/31)

    ID S100XSGM2026-03-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第78期(2024/01/01－2024/12/31)

    ID S100VHGR2025-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第77期(2023/01/01－2023/12/31)

    ID S100T4TS2024-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第76期(2022/01/01－2022/12/31)

    ID S100QCP72023-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第75期(令和3年1月1日－令和3年12月31日)

    ID S100NS7C2022-03-30Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第74期(令和2年1月1日－令和2年12月31日)

    ID S100LUGR2021-06-30Open

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