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Nicca ChemicalNICCA CHEMICAL CO.,LTD.4463東証スタンダード化学FY ending Dec 2025, consolidated, J-GAAP

Nicca Chemical revenue and profit

Out of every ¥100 of sales, about ¥7 is left as operating profit. Revenue changed +3.0% from the prior year, operating profit +9.3%.

Five-year trend

Revenue¥55.7B
FY ending Dec 2021: ¥48.5B¥48.5BFY ending Dec 2022: ¥50.6B¥50.6BFY ending Dec 2023: ¥50.2B¥50.2BFY ending Dec 2024: ¥54.1B¥54.1BFY ending Dec 2025: ¥55.7B¥55.7BFY21FY22FY23FY24FY25
Operating income¥3.85B
FY ending Dec 2021: ¥2.45B¥2.45BFY ending Dec 2022: ¥2.63B¥2.63BFY ending Dec 2023: ¥2.04B¥2.04BFY ending Dec 2024: ¥3.52B¥3.52BFY ending Dec 2025: ¥3.85B¥3.85BFY21FY22FY23FY24FY25
Operating margin6.9%
FY ending Dec 2021: 5.1%5.1%FY ending Dec 2022: 5.2%5.2%FY ending Dec 2023: 4.1%4.1%FY ending Dec 2024: 6.5%6.5%FY ending Dec 2025: 6.9%6.9%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin4.3%
Asset turnover0.82×
ROA3.5%
ROA3.5%
Financial leverage2.31×
ROE8.1%

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

Net margin4.3%
2021: 5.4%5.4%2022: 4.2%4.2%2023: 3.4%3.4%2024: 5.1%5.1%2025: 4.3%4.3%2122232425
Asset turnover0.82×
2021: 0.89×0.89×2022: 0.92×0.92×2023: 0.89×0.89×2024: 0.91×0.91×2025: 0.82×0.82×2122232425
ROA3.5%
2021: 4.8%4.8%2022: 3.8%3.8%2023: 3.0%3.0%2024: 4.6%4.6%2025: 3.5%3.5%2122232425
Financial leverage2.31×
2021: 2.30×2.30×2022: 2.25×2.25×2023: 2.17×2.17×2024: 2.16×2.16×2025: 2.31×2.31×2122232425
ROE8.1%
2021: 11.0%11.0%2022: 8.6%8.6%2023: 6.5%6.5%2024: 10.0%10.0%2025: 8.1%8.1%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20215.4%0.89×4.8%2.30×11.0%
20224.2%0.92×3.8%2.25×8.6%
20233.4%0.89×3.0%2.17×6.5%
20245.1%0.91×4.6%2.16×10.0%
20254.3%0.82×3.5%2.31×8.1%

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 ÷ revenue60.4%
2020: 57.6%57.6%2021: 48.0%48.0%2022: 44.3%44.3%2023: 43.6%43.6%2024: 44.4%44.4%2025: 60.4%60.4%202122232425
PPE ÷ total assets45.4%
2020: 44.6%44.6%2021: 42.7%42.7%2022: 39.9%39.9%2023: 38.5%38.5%2024: 38.5%38.5%2025: 45.4%45.4%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¥2.73B
2020: ¥2.02B¥2.02B2021: ¥2.17B¥2.17B2022: ¥2.25B¥2.25B2023: ¥2.3B¥2.3B2024: ¥2.55B¥2.55B2025: ¥2.73B¥2.73B202122232425
R&D / revenue4.9%
2020: 4.9%4.9%2021: 4.5%4.5%2022: 4.4%4.4%2023: 4.6%4.6%2024: 4.7%4.7%2025: 4.9%4.9%202122232425
Receivable days—
2020: 80d80d2021: 72d72d202122232425
Payable days65d
2020: 71d71d2021: 74d74d2022: 69d69d2023: 64d64d2024: 65d65d2025: 65d65d202122232425

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
Revenue48,47450,62750,16954,09955,705
Cost of revenue32,43134,45633,65234,80735,507
Gross profit16,04316,17116,51619,29120,197
SG&A13,58913,54314,47615,77216,350
Operating income2,4532,6282,0393,5193,847
Pretax income3,4613,2692,5253,9044,000
Income tax7381,0076488751,303
Net income attributable to owners2,5952,1141,6912,7542,384
Operating margin5.1%5.2%4.1%6.5%6.9%

Balance sheet (reported items)

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

Assets

Cash 14%
Property, plant and equipment 46%
1%
3%
Other assets 36%

Funding

8%
Other liabilities 40%
Equity 52%
0%

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¥6.37B¥6.26B¥7.98B¥8.88B¥10.4B
Total assets¥54.5B¥56.1B¥56.9B¥62.4B¥74.1B
Net assets¥27.3B¥30.4B¥32.8B¥36.6B¥38.4B
Share capital¥2.9B¥2.9B¥2.9B¥2.9B¥2.9B
Trade receivables¥9.62B————
Property, plant and equipment¥23.3B¥22.4B¥21.9B¥24B¥33.6B
Intangible assets excluding goodwill¥298M¥399M¥498M¥510M¥933M
Investment securities¥1.71B¥1.72B¥1.77B¥1.97B¥2.13B
Current assets¥27.6B¥29.9B¥31.1B¥34.2B¥35.7B
Current liabilities¥16.7B¥16B¥15.8B¥17.1B¥23B
Trade payables¥6.62B¥6.54B¥5.89B¥6.18B¥6.33B
Short-term borrowings¥5.66B¥4.3B¥4.1B¥4.3B¥9.3B
Long-term borrowings¥6.04B¥5.17B¥3.65B¥4.23B¥7.87B
Total liabilities¥27.2B¥25.7B¥24.1B¥25.8B¥35.7B
Non-controlling interests¥2.27B¥2.43B¥2.69B¥2.9B¥3.15B
Equity attributable to owners of parent¥23.7B¥25.4B¥26.6B¥28.7B¥30.3B
Retained earnings¥19.3B¥21B¥22.1B¥24.3B¥25.7B
Treasury stock-¥1.44B-¥1.45B-¥1.43B-¥1.41B-¥1.4B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    訂正有価証券報告書－第112期(2025/01/01－2025/12/31)

    ID S100Y1V92026-05-01Open

  • EDINET (FSA Japan)

    有価証券報告書－第111期(2024/01/01－2024/12/31)

    ID S100VIAV2025-03-28Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第110期(2023/01/01－2023/12/31)

    ID S100T8GZ2024-04-08Open

  • EDINET (FSA Japan)

    有価証券報告書－第109期(2022/01/01－2022/12/31)

    ID S100QHDE2023-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第108期(令和3年1月1日－令和3年12月31日)

    ID S100NQNT2022-03-28Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第107期(令和2年1月1日－令和2年12月31日)

    ID S100MGF02021-09-16Open

Extracted from XBRL: 52 / Derived from other figures: 1

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