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Nippon Paint HoldingsNIPPON PAINT HOLDINGS CO.,LTD.4612東証プライム化学FY ending Dec 2025, consolidated, IFRS

Nippon Paint Holdings revenue and profit

Out of every ¥100 of sales, about ¥15 is left as operating profit. Revenue changed +8.3% from the prior year, operating profit +38.1%.

Five-year trend

Revenue¥1.77T
FY ending Dec 2021: ¥998.3B¥998.3BFY ending Dec 2022: ¥1.31T¥1.31TFY ending Dec 2023: ¥1.44T¥1.44TFY ending Dec 2024: ¥1.64T¥1.64TFY ending Dec 2025: ¥1.77T¥1.77TFY21FY22FY23FY24FY25
Operating income¥257.1B
FY ending Dec 2021: ¥87.6B¥87.6BFY ending Dec 2022: ¥111.9B¥111.9BFY ending Dec 2023: ¥168.7B¥168.7BFY ending Dec 2024: ¥186.2B¥186.2BFY ending Dec 2025: ¥257.1B¥257.1BFY21FY22FY23FY24FY25
Operating margin14.5%
FY ending Dec 2021: 8.8%8.8%FY ending Dec 2022: 8.5%8.5%FY ending Dec 2023: 11.7%11.7%FY ending Dec 2024: 11.4%11.4%FY ending Dec 2025: 14.5%14.5%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin10.1%
Asset turnover0.50×
ROA5.1%
ROA5.1%
Financial leverage2.09×
ROE10.6%

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

Net margin10.1%
2021: 6.8%6.8%2022: 6.1%6.1%2023: 8.2%8.2%2024: 7.7%7.7%2025: 10.1%10.1%2122232425
Asset turnover0.50×
2021: 0.51×0.51×2022: 0.60×0.60×2023: 0.56×0.56×2024: 0.57×0.57×2025: 0.50×0.50×2122232425
ROA5.1%
2021: 3.5%3.5%2022: 3.6%3.6%2023: 4.6%4.6%2024: 4.4%4.4%2025: 5.1%5.1%2122232425
Financial leverage2.09×
2021: 2.04×2.04×2022: 2.09×2.09×2023: 2.06×2.06×2024: 1.96×1.96×2025: 2.09×2.09×2122232425
ROE10.6%
2021: 7.0%7.0%2022: 7.5%7.5%2023: 9.5%9.5%2024: 8.5%8.5%2025: 10.6%10.6%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20216.8%0.51×3.5%2.04×7.0%
20226.1%0.60×3.6%2.09×7.5%
20238.2%0.56×4.6%2.06×9.5%
20247.7%0.57×4.4%1.96×8.5%
202510.1%0.50×5.1%2.09×10.6%

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 ÷ revenue31.7%
2020: 32.1%32.1%2021: 30.2%30.2%2022: 28.8%28.8%2023: 28.4%28.4%2024: 29.2%29.2%2025: 31.7%31.7%202122232425
PPE ÷ total assets14.0%
2020: 15.4%15.4%2021: 15.4%15.4%2022: 15.4%15.4%2023: 15.1%15.1%2024: 15.6%15.6%2025: 14.0%14.0%202122232425
Goodwill ÷ parent equity81.4%
2020: 74.7%74.7%2021: 68.0%68.0%2022: 71.9%71.9%2023: 66.1%66.1%2024: 61.0%61.0%2025: 81.4%81.4%202122232425
Goodwill balance¥1.47T
2020: ¥424.2B¥424.2B2021: ¥652.7B¥652.7B2022: ¥825.5B¥825.5B2023: ¥897.8B¥897.8B2024: ¥969B¥969B2025: ¥1.47T¥1.47T202122232425

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¥37B
2020: ¥18.4B¥18.4B2021: ¥24.3B¥24.3B2022: ¥28.1B¥28.1B2023: ¥30B¥30B2024: ¥32.9B¥32.9B2025: ¥37B¥37B202122232425
R&D / revenue2.1%
2020: 2.4%2.4%2021: 2.4%2.4%2022: 2.1%2.1%2023: 2.1%2.1%2024: 2.0%2.0%2025: 2.1%2.1%202122232425

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
Revenue998,2761,309,0211,442,5741,638,7201,774,231
Cost of revenue619,953821,487866,449981,2751,023,995
Gross profit378,323487,534576,124657,444750,235
SG&A294,322383,367420,247481,331502,558
Operating income87,615111,882168,745186,206257,104
Pretax income86,467104,495161,500180,081250,565
Income tax19,24525,04242,50252,84869,390
Net income attributable to owners67,56979,418118,476125,889179,800
Operating margin8.8%8.5%11.7%11.4%14.5%

Balance sheet (reported items)

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

Assets

Cash 10%
Property, plant and equipment 14%
Intangibles and goodwill 37%
Other assets 39%

Funding

Other liabilities 55%
Equity 45%

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¥138.8B¥242.6B¥289.6B¥288.3B¥424.3B
Total assets¥1.96T¥2.44T¥2.71T¥3.07T¥4.02T
Net assets¥968.7B¥1.16T¥1.37T¥1.61T¥1.82T
Share capital¥671.4B¥671.4B¥671.4B¥671.4B¥671.4B
Property, plant and equipment¥301.7B¥376.8B¥410B¥478.8B¥562.6B
Goodwill¥652.7B¥825.5B¥897.8B¥969B¥1.47T
Current assets¥600.7B¥765.6B¥889.6B¥1.06T¥1.28T
Total liabilities¥986.4B¥1.29T¥1.35T¥1.46T¥2.19T
Equity attributable to owners of parent¥959.5B¥1.15T¥1.36T¥1.59T¥1.8T
Retained earnings¥228B¥272.5B¥351.2B¥434.2B¥577.8B
Treasury stock-¥6.15B-¥6.1B-¥6.05B-¥6.01B-¥26.9B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第200期(2025/01/01－2025/12/31)

    ID S100XU2S2026-03-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第199期(2024/01/01－2024/12/31)

    ID S100VGVI2025-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第198期(2023/01/01－2023/12/31)

    ID S100T58G2024-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第197期(2022/01/01－2022/12/31)

    ID S100QGT02023-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第196期(令和3年1月1日－令和3年12月31日)

    ID S100NSDQ2022-03-30Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第195期(令和2年1月1日－令和2年12月31日)

    ID S100L5A12021-04-09Open

Extracted from XBRL: 45 / Derived from other figures: 1

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