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Nippon CarbonNippon Carbon Co. , Ltd.5302東証プライムガラス・土石製品FY ending Dec 2025, consolidated, J-GAAP

Nippon Carbon revenue and profit

Out of every ¥100 of sales, about ¥13 is left as operating profit. Revenue changed -0.6% from the prior year, operating profit -23.9%.

Five-year trend

Revenue¥37.7B
FY ending Dec 2021: ¥31.6B¥31.6BFY ending Dec 2022: ¥35.8B¥35.8BFY ending Dec 2023: ¥37.9B¥37.9BFY ending Dec 2024: ¥38B¥38BFY ending Dec 2025: ¥37.7B¥37.7BFY21FY22FY23FY24FY25
Operating income¥4.81B
FY ending Dec 2021: ¥3.71B¥3.71BFY ending Dec 2022: ¥4.79B¥4.79BFY ending Dec 2023: ¥6.57B¥6.57BFY ending Dec 2024: ¥6.32B¥6.32BFY ending Dec 2025: ¥4.81B¥4.81BFY21FY22FY23FY24FY25
Operating margin12.7%
FY ending Dec 2021: 11.7%11.7%FY ending Dec 2022: 13.4%13.4%FY ending Dec 2023: 17.4%17.4%FY ending Dec 2024: 16.6%16.6%FY ending Dec 2025: 12.7%12.7%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin12.8%
Asset turnover0.45×
ROA5.8%
ROA5.8%
Financial leverage1.71×
ROE9.8%

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

Net margin12.8%
2021: 8.6%8.6%2022: 8.9%8.9%2023: 10.7%10.7%2024: 10.7%10.7%2025: 12.8%12.8%2122232425
Asset turnover0.45×
2021: 0.43×0.43×2022: 0.49×0.49×2023: 0.50×0.50×2024: 0.47×0.47×2025: 0.45×0.45×2122232425
ROA5.8%
2021: 3.8%3.8%2022: 4.3%4.3%2023: 5.3%5.3%2024: 5.1%5.1%2025: 5.8%5.8%2122232425
Financial leverage1.71×
2021: 1.69×1.69×2022: 1.69×1.69×2023: 1.70×1.70×2024: 1.72×1.72×2025: 1.71×1.71×2122232425
ROE9.8%
2021: 6.3%6.3%2022: 7.3%7.3%2023: 9.0%9.0%2024: 8.7%8.7%2025: 9.8%9.8%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20218.6%0.43×3.8%1.69×6.3%
20228.9%0.49×4.3%1.69×7.3%
202310.7%0.50×5.3%1.70×9.0%
202410.7%0.47×5.1%1.72×8.7%
202512.8%0.45×5.8%1.71×9.8%

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 ÷ revenue61.6%
2020: 75.1%75.1%2021: 61.8%61.8%2022: 54.5%54.5%2023: 51.8%51.8%2024: 60.2%60.2%2025: 61.6%61.6%202122232425
PPE ÷ total assets27.2%
2020: 28.4%28.4%2021: 26.8%26.8%2022: 26.3%26.3%2023: 25.0%25.0%2024: 27.8%27.8%2025: 27.2%27.2%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¥669M
2020: ¥406M¥406M2021: ¥368M¥368M2022: ¥369M¥369M2023: ¥403M¥403M2024: ¥578M¥578M2025: ¥669M¥669M202122232425
R&D / revenue1.8%
2020: 1.5%1.5%2021: 1.2%1.2%2022: 1.0%1.0%2023: 1.1%1.1%2024: 1.5%1.5%2025: 1.8%1.8%202122232425
Receivable days—
2020: 126d126d2021: 134d134d202122232425
Payable days39d
2020: 62d62d2021: 60d60d2022: 76d76d2023: 57d57d2024: 47d47d2025: 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 Dec 2021FY ending Dec 2022FY ending Dec 2023FY ending Dec 2024FY ending Dec 2025
Revenue31,57835,79937,86737,95637,735
Cost of revenue23,53925,95026,01626,47127,477
Gross profit8,0389,84911,85011,48510,257
SG&A4,3325,0585,2765,1655,448
Operating income3,7064,7916,5736,3194,809
Pretax income4,4315,2256,9796,8957,829
Income tax1,3701,5792,2322,0932,441
Net income attributable to owners2,7293,1944,0504,0784,830
Operating margin11.7%13.4%17.4%16.6%12.7%

Balance sheet (reported items)

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

Assets

Cash 18%
Property, plant and equipment 27%
0%
Investment securities 12%
Other assets 43%

Funding

4%
Other liabilities 22%
Equity 74%

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¥17.7B¥18.2B¥14.4B¥12.2B¥15B
Total assets¥72.7B¥74.2B¥78.5B¥82.3B¥85.6B
Net assets¥52.3B¥53.2B¥57.7B¥60.8B¥63.6B
Share capital¥7.4B¥7.4B¥7.4B¥7.4B¥7.4B
Trade receivables¥11.6B————
Property, plant and equipment¥19.5B¥19.5B¥19.6B¥22.9B¥23.3B
Intangible assets excluding goodwill¥264M¥240M¥215M¥182M¥137M
Investment securities¥5.17B¥4.57B¥8.67B¥10.4B¥10.2B
Current assets¥45.4B¥47.5B¥47.4B¥46.3B¥49.1B
Current liabilities¥17B¥19.2B¥17.9B¥18.5B¥18.6B
Trade payables¥3.9B¥5.42B¥4.09B¥3.44B¥2.91B
Short-term borrowings¥9.18B¥8.89B¥8.58B¥9.02B¥10.2B
Long-term borrowings¥1.39B¥200M¥278M¥196M¥180M
Total liabilities¥20.4B¥21B¥20.8B¥21.5B¥22B
Non-controlling interests¥7.27B¥7.65B¥8.23B¥8.8B¥9.21B
Equity attributable to owners of parent¥43.1B¥44B¥45.8B¥47.7B¥50.4B
Retained earnings¥29.8B¥30.7B¥32.6B¥34.5B¥37.1B
Treasury stock-¥2.01B-¥2.01B-¥2.01B-¥1.97B-¥1.97B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第167期(2025/01/01－2025/12/31)

    ID S100XT3M2026-03-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第166期(2024/01/01－2024/12/31)

    ID S100VH1I2025-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第165期(2023/01/01－2023/12/31)

    ID S100T5ID2024-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第164期(2022/01/01－2022/12/31)

    ID S100QGWN2023-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第163期(令和3年1月1日－令和3年12月31日)

    ID S100NRAN2022-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第162期(令和2年1月1日－令和2年12月31日)

    ID S100L0ZY2021-03-26Open

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