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Nippon DenkoNippon Denko Co., Ltd.5563東証プライム鉄鋼FY ending Dec 2025, consolidated, J-GAAP

Nippon Denko revenue and profit

Out of every ¥100 of sales, about ¥7 is left as operating profit. Revenue changed -1.2% from the prior year, operating profit -24.7%.

Five-year trend

Revenue¥77.3B
FY ending Dec 2021: ¥66B¥66BFY ending Dec 2022: ¥79.3B¥79.3BFY ending Dec 2023: ¥78.4B¥78.4BFY ending Dec 2024: ¥78.2B¥78.2BFY ending Dec 2025: ¥77.3B¥77.3BFY21FY22FY23FY24FY25
Operating income¥5.16B
FY ending Dec 2021: ¥8.44B¥8.44BFY ending Dec 2022: ¥8.81B¥8.81BFY ending Dec 2023: ¥4.7B¥4.7BFY ending Dec 2024: ¥6.86B¥6.86BFY ending Dec 2025: ¥5.16B¥5.16BFY21FY22FY23FY24FY25
Operating margin6.7%
FY ending Dec 2021: 12.8%12.8%FY ending Dec 2022: 11.1%11.1%FY ending Dec 2023: 6.0%6.0%FY ending Dec 2024: 8.8%8.8%FY ending Dec 2025: 6.7%6.7%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin1.8%
Asset turnover0.79×
ROA1.4%
ROA1.4%
Financial leverage1.46×
ROE2.1%

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

Net margin1.8%
2021: 11.8%11.8%2022: 10.0%10.0%2023: 5.5%5.5%2024: 4.0%4.0%2025: 1.8%1.8%2122232425
Asset turnover0.79×
2021: 0.69×0.69×2022: 0.79×0.79×2023: 0.76×0.76×2024: 0.77×0.77×2025: 0.79×0.79×2122232425
ROA1.4%
2021: 8.1%8.1%2022: 7.9%7.9%2023: 4.2%4.2%2024: 3.1%3.1%2025: 1.4%1.4%2122232425
Financial leverage1.46×
2021: 1.50×1.50×2022: 1.55×1.55×2023: 1.55×1.55×2024: 1.49×1.49×2025: 1.46×1.46×2122232425
ROE2.1%
2021: 12.2%12.2%2022: 12.3%12.3%2023: 6.5%6.5%2024: 4.6%4.6%2025: 2.1%2.1%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
202111.8%0.69×8.1%1.50×12.2%
202210.0%0.79×7.9%1.55×12.3%
20235.5%0.76×4.2%1.55×6.5%
20244.0%0.77×3.1%1.49×4.6%
20251.8%0.79×1.4%1.46×2.1%

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 ÷ revenue35.3%
2020: 41.5%41.5%2021: 35.5%35.5%2022: 33.3%33.3%2023: 34.3%34.3%2024: 34.8%34.8%2025: 35.3%35.3%202122232425
PPE ÷ total assets29.2%
2020: 26.0%26.0%2021: 24.4%24.4%2022: 25.2%25.2%2023: 26.7%26.7%2024: 26.6%26.6%2025: 29.2%29.2%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¥683M
2020: ¥345M¥345M2021: ¥353M¥353M2022: ¥559M¥559M2024: ¥588M¥588M2025: ¥683M¥683M202122232425
R&D / revenue0.9%
2020: 0.6%0.6%2021: 0.5%0.5%2022: 0.7%0.7%2024: 0.8%0.8%2025: 0.9%0.9%202122232425
Receivable days51d
2020: 99d99d2021: 108d108d2022: 54d54d2023: 51d51d2024: 54d54d2025: 51d51d202122232425
Payable days19d
2020: 36d36d2021: 49d49d2022: 43d43d2023: 23d23d2024: 33d33d2025: 19d19d202122232425

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
Revenue65,97879,34178,39078,23577,277
Cost of revenue51,61763,96167,04264,62664,789
Gross profit14,36115,38011,34713,60812,487
SG&A5,9246,5646,6516,7517,326
Operating income8,4368,8154,6966,8565,161
Pretax income6,14610,4152,9064,7472,515
Income tax-1,6262,453-1,4231,6021,097
Net income attributable to owners7,7687,9494,3303,1441,418
Operating margin12.8%11.1%6.0%8.8%6.7%

Balance sheet (reported items)

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

Assets

6%
Receivables 12%
Property, plant and equipment 29%
1%
Investment securities 21%
Other assets 31%

Funding

4%
Other liabilities 20%
Equity 76%
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¥9.76B¥8.89B¥7.85B¥5.93B¥6.01B
Total assets¥95.9B¥104.9B¥100.8B¥102.2B¥93.4B
Net assets¥64.3B¥69.2B¥71.4B¥73.7B¥71B
Share capital¥11.1B¥11.1B¥11.1B¥11.1B¥11.1B
Trade receivables¥19.4B¥11.7B¥11B¥11.7B¥10.9B
Property, plant and equipment¥23.4B¥26.4B¥26.9B¥27.2B¥27.3B
Intangible assets excluding goodwill¥139M¥164M¥362M¥543M¥812M
Investment securities¥10.4B¥14.3B¥13.3B¥12.3B¥19.2B
Current assets¥53.5B¥56.9B¥51.6B¥54B¥44.4B
Current liabilities¥17.3B¥24.9B¥16.1B¥18.8B¥14B
Trade payables¥6.96B¥7.62B¥4.23B¥5.79B¥3.44B
Short-term borrowings¥2B¥8B¥2B¥4B¥3.5B
Long-term borrowings¥8.75B¥6.19B¥8.87B¥5.5B¥4.38B
Total liabilities¥31.6B¥35.7B¥29.3B¥28.5B¥22.4B
Non-controlling interests¥68M¥37M———
Equity attributable to owners of parent¥63.7B¥65.8B¥67.2B¥69B¥65B
Retained earnings¥31.2B¥36.2B¥38.7B¥40.5B¥40.2B
Treasury stock¥0-¥3B¥0-¥1M-¥3.87B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第126期(2025/01/01－2025/12/31)

    ID S100XUK72026-03-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第125期(2024/01/01－2024/12/31)

    ID S100VHVE2025-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第124期(2023/01/01－2023/12/31)

    ID S100T63P2024-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第123期(2022/01/01－2022/12/31)

    ID S100QIHV2023-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第122期(令和3年1月1日－令和3年12月31日)

    ID S100NSJ22022-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第121期(令和2年1月1日－令和2年12月31日)

    ID S100L2YY2021-03-30Open

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