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MoritoMORITO CO.,LTD.9837東証プライム卸売業FY ending Nov 2025, consolidated, J-GAAP

Morito revenue and profit

Out of every ¥100 of sales, about ¥6 is left as operating profit. Revenue changed +17.2% from the prior year, operating profit +16.2%.

Five-year trend

Revenue¥56.9B
FY ending Nov 2021: ¥43.6B¥43.6BFY ending Nov 2022: ¥48.5B¥48.5BFY ending Nov 2023: ¥48.5B¥48.5BFY ending Nov 2024: ¥48.5B¥48.5BFY ending Nov 2025: ¥56.9B¥56.9BFY21FY22FY23FY24FY25
Operating income¥3.33B
FY ending Nov 2021: ¥1.62B¥1.62BFY ending Nov 2022: ¥2.12B¥2.12BFY ending Nov 2023: ¥2.46B¥2.46BFY ending Nov 2024: ¥2.87B¥2.87BFY ending Nov 2025: ¥3.33B¥3.33BFY21FY22FY23FY24FY25
Operating margin5.9%
FY ending Nov 2021: 3.7%3.7%FY ending Nov 2022: 4.4%4.4%FY ending Nov 2023: 5.1%5.1%FY ending Nov 2024: 5.9%5.9%FY ending Nov 2025: 5.9%5.9%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin5.1%
Asset turnover1.05×
ROA5.4%
ROA5.4%
Financial leverage1.63×
ROE8.8%

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

Net margin5.1%
2021: 3.2%3.2%2022: 3.5%3.5%2023: 4.6%4.6%2024: 5.3%5.3%2025: 5.1%5.1%2122232425
Asset turnover1.05×
2021: 0.95×0.95×2022: 1.01×1.01×2023: 0.95×0.95×2024: 0.93×0.93×2025: 1.05×1.05×2122232425
ROA5.4%
2021: 3.1%3.1%2022: 3.5%3.5%2023: 4.4%4.4%2024: 5.0%5.0%2025: 5.4%5.4%2122232425
Financial leverage1.63×
2021: 1.46×1.46×2022: 1.52×1.52×2023: 1.58×1.58×2024: 1.58×1.58×2025: 1.63×1.63×2122232425
ROE8.8%
2021: 4.5%4.5%2022: 5.3%5.3%2023: 6.9%6.9%2024: 7.8%7.8%2025: 8.8%8.8%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20213.2%0.95×3.1%1.46×4.5%
20223.5%1.01×3.5%1.52×5.3%
20234.6%0.95×4.4%1.58×6.9%
20245.3%0.93×5.0%1.58×7.8%
20255.1%1.05×5.4%1.63×8.8%

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 ÷ revenue18.7%
2020: 23.5%23.5%2021: 22.6%22.6%2022: 21.0%21.0%2023: 20.7%20.7%2024: 20.1%20.1%2025: 18.7%18.7%202122232425
PPE ÷ total assets19.2%
2020: 21.9%21.9%2021: 21.5%21.5%2022: 20.2%20.2%2023: 19.5%19.5%2024: 18.6%18.6%2025: 19.2%19.2%202122232425
Goodwill ÷ parent equity10.6%
2020: 8.4%8.4%2021: 7.7%7.7%2022: 8.5%8.5%2023: 7.6%7.6%2024: 6.4%6.4%2025: 10.6%10.6%202122232425
Goodwill balance¥3.53B
2020: ¥2.56B¥2.56B2021: ¥2.43B¥2.43B2022: ¥2.71B¥2.71B2023: ¥2.5B¥2.5B2024: ¥2.13B¥2.13B2025: ¥3.53B¥3.53B202122232425

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—
2020: 89d89d2021: 70d70d202122232425
Payable days39d
2020: 52d52d2021: 41d41d2022: 48d48d2023: 38d38d2024: 37d37d2025: 39d39d202122232425

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 Nov 2021FY ending Nov 2022FY ending Nov 2023FY ending Nov 2024FY ending Nov 2025
Revenue43,63748,47848,53048,53756,867
Cost of revenue32,23635,99135,26434,39939,480
Gross profit11,40112,48713,26514,13817,387
SG&A9,78110,37010,80111,26914,054
Operating income1,6202,1172,4642,8693,334
Pretax income2,1222,6173,1923,8794,255
Income tax7159439741,3071,338
Net income attributable to owners1,4071,6742,2182,5722,917
Operating margin3.7%4.4%5.1%5.9%5.9%

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 19%
Intangibles and goodwill 16%
Investment securities 12%
Other assets 36%

Funding

8%
3%
Other liabilities 17%
Equity 72%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Nov 2021FY ending Nov 2022FY ending Nov 2023FY ending Nov 2024FY ending Nov 2025
Cash and equivalents¥11B¥10.4B¥13B¥15.5B¥9.4B
Total assets¥45.9B¥50.3B¥51.4B¥52.5B¥55.5B
Net assets¥33.9B¥36.7B¥38.5B¥39.3B¥39.8B
Share capital¥3.53B¥3.53B¥3.53B¥3.53B¥3.53B
Trade receivables¥8.36B————
Property, plant and equipment¥9.88B¥10.2B¥10B¥9.78B¥10.6B
Intangible assets excluding goodwill¥3.47B¥3.87B¥3.56B¥3.09B¥5.6B
Goodwill¥2.43B¥2.71B¥2.5B¥2.13B¥3.53B
Investment securities¥4.49B¥4.47B¥5.42B¥6.39B¥6.59B
Current assets¥27B¥30.5B¥31.1B¥32B¥31B
Current liabilities¥7.51B¥9.31B¥8.59B¥8.89B¥10.2B
Trade payables¥3.6B¥4.68B¥3.66B¥3.45B¥4.21B
Short-term borrowings¥50M¥50M¥50M¥50M¥600M
Long-term borrowings¥1.7B¥1.42B¥1.17B¥863.3M¥1.05B
Bonds————¥300M
Interest-bearing debt————¥1.95Bderived
Total liabilities¥12B¥13.6B¥13B¥13.2B¥15.7B
Equity attributable to owners of parent¥31.5B¥31.9B¥32.7B¥33.1B¥33.2B
Retained earnings¥26.7B¥27.5B¥28.5B¥29.6B¥30.7B
Treasury stock-¥2.29B-¥2.17B-¥2.44B-¥3.04B-¥962.9M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第88期(2024/12/01－2025/11/30)

    ID S100XMFU2026-02-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第87期(2023/12/01－2024/11/30)

    ID S100VBDS2025-02-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第86期(2022/12/01－2023/11/30)

    ID S100SZ2R2024-02-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第85期(2021/12/01－2022/11/30)

    ID S100QAT72023-02-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第84期(令和2年12月1日－令和3年11月30日)

    ID S100NKT52022-02-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第83期(令和1年12月1日－令和2年11月30日)

    ID S100KV5T2021-02-25Open

Extracted from XBRL: 52 / Derived from other figures: 2

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