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Nagoya RailroadNagoya Railroad Co., Ltd.9048東証プライム陸運業FY ending Mar 2026, consolidated, J-GAAP

Nagoya Railroad revenue and profit

Out of every ¥100 of sales, about ¥5 is left as operating profit. Revenue changed +0.1% from the prior year, operating profit -14.0%.

Five-year trend

Revenue¥691.6B
FY ending Mar 2022: ¥490.9B¥490.9BFY ending Mar 2023: ¥551.5B¥551.5BFY ending Mar 2024: ¥601.1B¥601.1BFY ending Mar 2025: ¥690.7B¥690.7BFY ending Mar 2026: ¥691.6B¥691.6BFY22FY23FY24FY25FY26
Operating income¥36.2B
FY ending Mar 2022: ¥2.93B¥2.93BFY ending Mar 2023: ¥22.7B¥22.7BFY ending Mar 2024: ¥34.8B¥34.8BFY ending Mar 2025: ¥42.1B¥42.1BFY ending Mar 2026: ¥36.2B¥36.2BFY22FY23FY24FY25FY26
Operating margin5.2%
FY ending Mar 2022: 0.6%0.6%FY ending Mar 2023: 4.1%4.1%FY ending Mar 2024: 5.8%5.8%FY ending Mar 2025: 6.1%6.1%FY ending Mar 2026: 5.2%5.2%FY22FY23FY24FY25FY26

What drives ROE

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

Net margin3.3%
Asset turnover0.46×
ROA1.5%
ROA1.5%
Financial leverage4.27×
ROE6.5%

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

Net margin3.3%
2022: 1.9%1.9%2023: 3.4%3.4%2024: 4.1%4.1%2025: 5.5%5.5%2026: 3.3%3.3%2223242526
Asset turnover0.46×
2022: 0.41×0.41×2023: 0.46×0.46×2024: 0.47×0.47×2025: 0.50×0.50×2026: 0.46×0.46×2223242526
ROA1.5%
2022: 0.8%0.8%2023: 1.6%1.6%2024: 1.9%1.9%2025: 2.7%2.7%2026: 1.5%1.5%2223242526
Financial leverage4.27×
2022: 4.20×4.20×2023: 4.16×4.16×2024: 4.09×4.09×2025: 4.12×4.12×2026: 4.27×4.27×2223242526
ROE6.5%
2022: 3.3%3.3%2023: 6.5%6.5%2024: 7.9%7.9%2025: 11.3%11.3%2026: 6.5%6.5%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20221.9%0.41×0.8%4.20×3.3%
20233.4%0.46×1.6%4.16×6.5%
20244.1%0.47×1.9%4.09×7.9%
20255.5%0.50×2.7%4.12×11.3%
20263.3%0.46×1.5%4.27×6.5%

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 ÷ revenue158.5%
2021: 172.6%172.6%2022: 168.1%168.1%2023: 154.9%154.9%2024: 148.7%148.7%2025: 144.5%144.5%2026: 158.5%158.5%212223242526
PPE ÷ total assets69.2%
2021: 69.8%69.8%2022: 69.5%69.5%2023: 69.4%69.4%2024: 68.6%68.6%2025: 68.9%68.9%2026: 69.2%69.2%212223242526
Goodwill ÷ parent equity0.8%
2021: 0.3%0.3%2022: 0.2%0.2%2023: 0.5%0.5%2024: 0.7%0.7%2025: 0.6%0.6%2026: 0.8%0.8%212223242526
Goodwill balance¥3.05B
2021: ¥854M¥854M2022: ¥660M¥660M2023: ¥1.4B¥1.4B2024: ¥2.29B¥2.29B2025: ¥2.03B¥2.03B2026: ¥3.05B¥3.05B212223242526

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.

Receivable days—
2021: 47d47d212223242526

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
Revenue490,919551,504601,121690,720691,583
Cost of revenue—————
Gross profit—————
SG&A45,85550,51554,12562,37661,874
Operating income2,93222,73134,75042,07636,185
Pretax income16,06928,63434,54651,24038,779
Income tax5,7698,7939,13713,71519,954
Net income attributable to owners9,37018,85024,40037,73322,954
Operating margin0.6%4.1%5.8%6.1%5.2%

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 69%
1%
Investment securities 11%
Other assets 15%

Funding

5%
Interest-bearing debt 41%
Other liabilities 21%
Equity 33%
0%

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¥50.4B¥54.9B¥60B¥56.5B¥56.8B
Total assets¥1.19T¥1.23T¥1.3T¥1.45T¥1.58T
Net assets¥411.1B¥429.1B¥464.1B¥498.3B¥517.2B
Share capital¥101.2B¥101.2B¥101.2B¥101.2B¥101.2B
Property, plant and equipment¥825.2B¥854B¥893.6B¥998B¥1.1T
Intangible assets excluding goodwill¥11.1B¥11.9B¥14B¥15B¥17.7B
Goodwill¥660M¥1.4B¥2.29B¥2.03B¥3.05B
Investment securities¥101.7B¥104B¥128.2B¥147.1B¥170.2B
Current assets¥211.6B¥226.9B¥238.5B¥256.4B¥272.4B
Current liabilities¥264.5B¥304.1B¥308.9B¥356.4B¥370.3B
Trade payables¥67.1B¥73.4B¥74.8B¥90.7B¥84.9B
Short-term borrowings¥38.3B¥52.9B¥43.6B¥75.5B¥83.4B
Long-term borrowings¥155.3B¥155.9B¥179.6B¥194.5B¥262.7B
Bonds¥225.1B¥215B¥225B¥270B¥300B
Interest-bearing debt¥418.7Bderived¥423.8Bderived¥448.2Bderived¥540Bderived¥646.1Bderived
Total liabilities¥775.8B¥802.3B¥839.2B¥950.6B¥1.07T
Non-controlling interests¥27.8B¥24.7B¥25.6B¥36.6B¥32.2B
Equity attributable to owners of parent¥282.3B¥299.1B¥320.8B¥348B¥363.3B
Retained earnings¥142.8B¥158.1B¥179.5B¥211.9B¥226.8B
Treasury stock-¥113M-¥365M-¥233M-¥1.12B-¥1.01B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第162期(2025/04/01－2026/03/31)

    ID S100YHOL2026-06-24Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第161期(2024/04/01－2025/03/31)

    ID S100WDC72025-07-22Open

  • EDINET (FSA Japan)

    有価証券報告書－第160期(2023/04/01－2024/03/31)

    ID S100TR3Y2024-06-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第159期(2022/04/01－2023/03/31)

    ID S100R4Y42023-06-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第158期(令和3年4月1日－令和4年3月31日)

    ID S100OGY52022-06-29Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第157期(令和2年4月1日－令和3年3月31日)

    ID S100MYV12021-11-30Open

Extracted from XBRL: 53 / Derived from other figures: 2

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