Musashino KogyoMusashino Kogyo Co., Ltd.9635東証スタンダードサービス業FY ending Mar 2026, consolidated, J-GAAP

Musashino Kogyo revenue and profit

Out of every ¥100 of sales, about ¥5 is left as operating profit. Revenue changed -2.5% from the prior year, operating profit -1.5%.

Five-year trend

Revenue¥1.33B
FY ending Mar 2022: ¥1.29B¥1.29BFY ending Mar 2023: ¥1.38B¥1.38BFY ending Mar 2024: ¥1.28B¥1.28BFY ending Mar 2025: ¥1.36B¥1.36BFY ending Mar 2026: ¥1.33B¥1.33BFY22FY23FY24FY25FY26
Operating income¥68.3M
FY ending Mar 2022: ¥79.7M¥79.7MFY ending Mar 2023: ¥51.8M¥51.8MFY ending Mar 2024: ¥20.8M¥20.8MFY ending Mar 2025: ¥69.3M¥69.3MFY ending Mar 2026: ¥68.3M¥68.3MFY22FY23FY24FY25FY26
Operating margin5.1%
FY ending Mar 2022: 6.2%6.2%FY ending Mar 2023: 3.8%3.8%FY ending Mar 2024: 1.6%1.6%FY ending Mar 2025: 5.1%5.1%FY ending Mar 2026: 5.1%5.1%FY22FY23FY24FY25FY26

What drives ROE

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

Net margin27.1%
Asset turnover0.21×
ROA5.8%
ROA5.8%
Financial leverage4.52×
ROE26.3%

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

Net margin27.1%
2022: 3.9%3.9%2023: 2.9%2.9%2024: 0.4%0.4%2025: 4.8%4.8%2026: 27.1%27.1%2223242526
Asset turnover0.21×
2022: 0.22×0.22×2023: 0.23×0.23×2024: 0.21×0.21×2025: 0.23×0.23×2026: 0.21×0.21×2223242526
ROA5.8%
2022: 0.8%0.8%2023: 0.7%0.7%2024: 0.1%0.1%2025: 1.1%1.1%2026: 5.8%5.8%2223242526
Financial leverage4.52×
2022: 5.54×5.54×2023: 5.42×5.42×2024: 5.31×5.31×2025: 5.20×5.20×2026: 4.52×4.52×2223242526
ROE26.3%
2022: 4.6%4.6%2023: 3.7%3.7%2024: 0.4%0.4%2025: 5.6%5.6%2026: 26.3%26.3%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20223.9%0.22×0.8%5.54×4.6%
20232.9%0.23×0.7%5.42×3.7%
20240.4%0.21×0.1%5.31×0.4%
20254.8%0.23×1.1%5.20×5.6%
202627.1%0.21×5.8%4.52×26.3%

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 ÷ revenue334.1%
2021: 360.7%360.7%2022: 344.3%344.3%2023: 320.4%320.4%2024: 344.3%344.3%2025: 323.5%323.5%2026: 334.1%334.1%212223242526
PPE ÷ total assets70.2%
2021: 73.3%73.3%2022: 74.2%74.2%2023: 74.2%74.2%2024: 73.9%73.9%2025: 72.7%72.7%2026: 70.2%70.2%212223242526

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 days1d
2021: 3d3d2022: 1d1d2023: 2d2d2024: 1d1d2025: 1d1d2026: 1d1d212223242526

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
Revenue1,2911,3801,2821,3641,331
Cost of revenue603645649684599
Gross profit687734633680731
SG&A608683613611663
Operating income8052216968
Pretax income78351783436
Income tax28-6121876
Net income attributable to owners5041565360
Operating margin6.2%3.8%1.6%5.1%5.1%

Balance sheet (reported items)

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

Assets

Cash 19%
0%
Property, plant and equipment 70%
1%
6%
4%

Funding

Other liabilities 37%
Equity 63%

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¥759.2M¥743.3M¥758.3M¥861.3M¥1.17B
Total assets¥5.99B¥5.95B¥5.98B¥6.07B¥6.34B
Net assets¥3.54B¥3.58B¥3.58B¥3.62B¥3.98B
Share capital¥1B¥1B¥1B¥1B¥1B
Inventories¥2.1M¥3.1M¥1.9M¥1.2M¥1.1M
Property, plant and equipment¥4.44B¥4.42B¥4.42B¥4.41B¥4.45B
Intangible assets excluding goodwill¥78.4M¥76.2M¥83M¥85.8M¥84.1M
Investment securities¥461M¥434.8M¥434.7M¥447.6M¥375.5M
Current assets¥859.6M¥842.4M¥874.2M¥950.5M¥1.32B
Current liabilities¥323.7M¥320.9M¥331.7M¥380.3M¥357.1M
Short-term borrowings¥57.7M¥57.7M¥52.3M¥50.7M¥52.1M
Long-term borrowings¥340.6M¥283M¥285.1M¥261.1M¥209M
Total liabilities¥2.45B¥2.38B¥2.4B¥2.46B¥2.36B
Equity attributable to owners of parent¥1.08B¥1.12B¥1.13B¥1.19B¥1.55B
Retained earnings¥85.8M¥126.3M¥131M¥196M¥556.4M
Treasury stock-¥8.7M-¥8.7M-¥8.7M-¥9.2M-¥9.4M

Sources

Show source documents (6)
  • EDINET (FSA Japan)

    有価証券報告書-第155期(2025/04/01-2026/03/31)

    ID S100YKI62026-06-25Open
  • EDINET (FSA Japan)

    有価証券報告書-第154期(2024/04/01-2025/03/31)

    ID S100W9PP2025-06-30Open
  • EDINET (FSA Japan)

    有価証券報告書-第153期(2023/04/01-2024/03/31)

    ID S100TX102024-06-28Open
  • EDINET (FSA Japan)

    有価証券報告書-第152期(2022/04/01-2023/03/31)

    ID S100RA0N2023-06-30Open
  • EDINET (FSA Japan)

    有価証券報告書-第151期(令和3年4月1日-令和4年3月31日)

    ID S100OMVP2022-06-30Open
  • EDINET (FSA Japan)

    有価証券報告書-第150期(令和2年4月1日-令和3年3月31日)

    ID S100LV9H2021-06-30Open

Extracted from XBRL: 47 / Derived from other figures: 1

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