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MikikogyoMIKIKOGYO CO.,LTD.1718東証スタンダード建設業FY ending Dec 2025, consolidated, J-GAAP

Mikikogyo revenue and profit

Out of every ¥100 of sales, about ¥7 is left as operating profit. Revenue changed +32.5% from the prior year, operating profit +127.7%.

Five-year trend

Revenue¥36.2B
FY ending Dec 2021: ¥26.4B¥26.4BFY ending Dec 2022: ¥30.8B¥30.8BFY ending Dec 2023: ¥32.2B¥32.2BFY ending Dec 2024: ¥27.3B¥27.3BFY ending Dec 2025: ¥36.2B¥36.2BFY21FY22FY23FY24FY25
Operating income¥2.58B
FY ending Dec 2021: ¥1.27B¥1.27BFY ending Dec 2022: ¥1.1B¥1.1BFY ending Dec 2023: ¥1.32B¥1.32BFY ending Dec 2024: ¥1.13B¥1.13BFY ending Dec 2025: ¥2.58B¥2.58BFY21FY22FY23FY24FY25
Operating margin7.1%
FY ending Dec 2021: 4.8%4.8%FY ending Dec 2022: 3.6%3.6%FY ending Dec 2023: 4.1%4.1%FY ending Dec 2024: 4.2%4.2%FY ending Dec 2025: 7.1%7.1%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin4.3%
Asset turnover1.01×
ROA4.4%
ROA4.4%
Financial leverage2.20×
ROE9.7%

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

Net margin4.3%
2021: 2.8%2.8%2022: 2.4%2.4%2023: 2.6%2.6%2024: 2.4%2.4%2025: 4.3%4.3%2122232425
Asset turnover1.01×
2021: 0.86×0.86×2022: 1.00×1.00×2023: 1.05×1.05×2024: 0.87×0.87×2025: 1.01×1.01×2122232425
ROA4.4%
2021: 2.4%2.4%2022: 2.4%2.4%2023: 2.7%2.7%2024: 2.1%2.1%2025: 4.4%4.4%2122232425
Financial leverage2.20×
2021: 2.19×2.19×2022: 2.16×2.16×2023: 2.05×2.05×2024: 2.04×2.04×2025: 2.20×2.20×2122232425
ROE9.7%
2021: 5.2%5.2%2022: 5.2%5.2%2023: 5.6%5.6%2024: 4.3%4.3%2025: 9.7%9.7%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20212.8%0.86×2.4%2.19×5.2%
20222.4%1.00×2.4%2.16×5.2%
20232.6%1.05×2.7%2.05×5.6%
20242.4%0.87×2.1%2.04×4.3%
20254.3%1.01×4.4%2.20×9.7%

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: 57.5%57.5%2021: 59.9%59.9%2022: 50.5%50.5%2023: 47.3%47.3%2024: 54.6%54.6%2025: 42.5%42.5%202122232425
PPE ÷ total assets39.5%
2020: 57.5%57.5%2021: 51.7%51.7%2022: 50.1%50.1%2023: 50.5%50.5%2024: 45.7%45.7%2025: 39.5%39.5%202122232425
Goodwill ÷ parent equity1.0%
2024: 1.4%1.4%2025: 1.0%1.0%202122232425
Goodwill balance¥163.3M
2024: ¥225.6M¥225.6M2025: ¥163.3M¥163.3M202122232425

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.

Inventory days112d
2020: 82d82d2021: 106d106d2022: 83d83d2023: 84d84d2024: 124d124d2025: 112d112d202122232425

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
Revenue26,37030,75932,20327,29236,152
Cost of revenue20,46324,96426,28821,11228,169
Gross profit5,9085,7955,9166,1807,983
SG&A4,6414,6934,5995,0465,399
Operating income1,2671,1021,3161,1352,583
Pretax income1,2671,2491,3451,1552,598
Income tax401412431406859
Net income attributable to owners7317358406581,572
Operating margin4.8%3.6%4.1%4.2%7.1%

Balance sheet (reported items)

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

Assets

7%
Inventories 22%
Property, plant and equipment 40%
1%
3%
Other assets 27%

Funding

Other liabilities 50%
Equity 50%

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¥2.88B¥2.87B¥1.8B¥2.4B¥2.83B
Total assets¥30.6B¥31B¥30.1B¥32.6B¥38.9B
Net assets¥15.9B¥16.6B¥17.4B¥17.9B¥19.5B
Share capital¥764.8M¥764.8M¥764.8M¥764.8M¥764.8M
Inventories¥5.94B¥5.66B¥6.03B¥7.15B¥8.65B
Property, plant and equipment¥15.8B¥15.5B¥15.2B¥14.9B¥15.4B
Intangible assets excluding goodwill¥77M¥82.1M¥69.6M¥284.9M¥203.8M
Goodwill———¥225.6M¥163.3M
Investment securities¥565.9M¥588.4M¥686.5M¥770.6M¥1.03B
Current assets¥13.2B¥13.8B¥13.3B¥15.5B¥21.1B
Current liabilities¥10.4B¥11.3B¥8.84B¥9.08B¥14.4B
Short-term borrowings¥1.7B¥1.75B¥3.15B¥2.13B¥5.52B
Long-term borrowings¥2.36B¥1.5B¥1.94B¥3.48B¥2.72B
Bonds¥300M—¥300M¥300M—
Interest-bearing debt¥4.36Bderived—¥5.39Bderived¥5.91Bderived—
Total liabilities¥14.7B¥14.4B¥12.7B¥14.7B¥19.4B
Non-controlling interests¥1.91B¥2B¥2.07B¥2.15B¥2.31B
Equity attributable to owners of parent¥13.9B¥14.6B¥15.2B¥15.6B¥16.9B
Retained earnings¥12.6B¥13.2B¥13.8B¥14.2B¥15.5B
Treasury stock-¥110.4M-¥110.4M-¥111M-¥111.4M-¥112.1M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第64期(2025/01/01－2025/12/31)

    ID S100XTPB2026-03-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第63期(2024/01/01－2024/12/31)

    ID S100VGUY2025-03-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第62期(2023/01/01－2023/12/31)

    ID S100T4AL2024-03-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第61期(2022/01/01－2022/12/31)

    ID S100QFT32023-03-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第60期(令和3年1月1日－令和3年12月31日)

    ID S100NQH72022-03-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第59期(令和2年1月1日－令和2年12月31日)

    ID S100L1GX2021-03-26Open

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

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