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Nisshinbo HoldingsNisshinbo Holdings Inc.3105東証プライム電気機器FY ending Dec 2025, consolidated, J-GAAP

Nisshinbo Holdings revenue and profit

Out of every ¥100 of sales, about ¥5 is left as operating profit. Revenue changed +1.5% from the prior year, operating profit +59.2%.

Five-year trend

Revenue¥502.3B
FY ending Dec 2021: ¥510.6B¥510.6BFY ending Dec 2022: ¥516.1B¥516.1BFY ending Dec 2023: ¥541.2B¥541.2BFY ending Dec 2024: ¥494.7B¥494.7BFY ending Dec 2025: ¥502.3B¥502.3BFY21FY22FY23FY24FY25
Operating income¥26.4B
FY ending Dec 2021: ¥21.8B¥21.8BFY ending Dec 2022: ¥15.4B¥15.4BFY ending Dec 2023: ¥12.5B¥12.5BFY ending Dec 2024: ¥16.6B¥16.6BFY ending Dec 2025: ¥26.4B¥26.4BFY21FY22FY23FY24FY25
Operating margin5.3%
FY ending Dec 2021: 4.3%4.3%FY ending Dec 2022: 3.0%3.0%FY ending Dec 2023: 2.3%2.3%FY ending Dec 2024: 3.4%3.4%FY ending Dec 2025: 5.3%5.3%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin2.8%
Asset turnover0.75×
ROA2.1%
ROA2.1%
Financial leverage3.16×
ROE6.5%

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

Net margin2.8%
2021: 4.9%4.9%2022: 3.8%3.8%2024: 2.1%2.1%2025: 2.8%2.8%2122232425
Asset turnover0.75×
2021: 0.84×0.84×2022: 0.85×0.85×2024: 0.73×0.73×2025: 0.75×0.75×2122232425
ROA2.1%
2021: 4.1%4.1%2022: 3.2%3.2%2023: -3.1%-3.1%2024: 1.5%1.5%2025: 2.1%2.1%2122232425
Financial leverage3.16×
2021: 2.68×2.68×2022: 2.68×2.68×2024: 3.27×3.27×2025: 3.16×3.16×2122232425
ROE6.5%
2021: 11.0%11.0%2022: 8.7%8.7%2024: 5.0%5.0%2025: 6.5%6.5%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20214.9%0.84×4.1%2.68×11.0%
20223.8%0.85×3.2%2.68×8.7%
2023——×-3.1%—×—
20242.1%0.73×1.5%3.27×5.0%
20252.8%0.75×2.1%3.16×6.5%

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 ÷ revenue33.4%
2020: 37.0%37.0%2021: 33.8%33.8%2022: 34.5%34.5%2023: 31.8%31.8%2024: 36.1%36.1%2025: 33.4%33.4%202122232425
PPE ÷ total assets25.1%
2020: 29.1%29.1%2021: 28.6%28.6%2022: 28.9%28.9%2023: 25.5%25.5%2024: 26.2%26.2%2025: 25.1%25.1%202122232425
Goodwill ÷ parent equity0.3%
2020: 2.2%2.2%2021: 1.5%1.5%2022: 0.5%0.5%2023: 0.5%0.5%2024: 0.5%0.5%2025: 0.3%0.3%202122232425
Goodwill balance¥548M
2020: ¥4.59B¥4.59B2021: ¥3.3B¥3.3B2022: ¥1.26B¥1.26B2023: ¥949M¥949M2024: ¥1.08B¥1.08B2025: ¥548M¥548M202122232425

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¥23.3B
2020: ¥23.4B¥23.4B2021: ¥23.7B¥23.7B2022: ¥25.9B¥25.9B2023: ¥27.3B¥27.3B2024: ¥25.3B¥25.3B2025: ¥23.3B¥23.3B202122232425
R&D / revenue4.6%
2020: 5.1%5.1%2021: 4.6%4.6%2022: 5.0%5.0%2023: 5.0%5.0%2024: 5.1%5.1%2025: 4.6%4.6%202122232425
Receivable days—
2020: 80d80d2021: 76d76d202122232425
Payable days39d
2020: 40d40d2021: 41d41d2022: 43d43d2023: 35d35d2024: 36d36d2025: 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
Revenue510,643516,085541,211494,746502,339
Cost of revenue395,161400,737421,841385,413384,789
Gross profit115,482115,348119,369109,332117,550
SG&A93,69399,913106,91692,75191,149
Operating income21,78815,43512,45316,58126,401
Pretax income22,89625,758-21,89523,91925,002
Income tax-3,2915,844-2,25412,96610,105
Net income attributable to owners24,81619,740-20,04510,27713,920
Operating margin4.3%3.0%2.3%3.4%5.3%

Balance sheet (reported items)

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

Assets

7%
Property, plant and equipment 25%
2%
Investment securities 10%
Other assets 56%

Funding

6%
Other liabilities 47%
Equity 47%
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¥42.6B¥45.1B¥49.9B¥50.4B¥44.1B
Total assets¥604.8B¥616.3B¥675B¥680.1B¥667.8B
Net assets¥272.6B¥278.5B¥277.5B¥297.8B¥316.6B
Share capital¥27.7B¥27.7B¥27.8B¥27.8B¥27.8B
Trade receivables¥106.9B————
Property, plant and equipment¥172.7B¥178.1B¥172B¥178.5B¥167.9B
Intangible assets excluding goodwill¥14.5B¥13.9B¥12.5B¥13.4B¥10.9B
Goodwill¥3.3B¥1.26B¥949M¥1.08B¥548M
Investment securities¥74.5B¥60.5B¥68.6B¥69.9B¥70.3B
Current assets¥304.2B¥325B¥366.5B¥371.1B¥370.1B
Current liabilities¥200.4B¥259.6B¥247.8B¥198.9B¥181.7B
Trade payables¥44.6B¥46.9B¥40.5B¥38.3B¥41.1B
Short-term borrowings¥41.1B¥59.3B¥83.9B¥47.3B¥19.9B
Long-term borrowings¥54B¥10.9B¥88.7B¥130.2B¥116.5B
Total liabilities¥332.2B¥337.8B¥397.6B¥382.3B¥351.2B
Non-controlling interests¥13.4B¥14.7B¥26.8B¥28B¥29.3B
Equity attributable to owners of parent¥225.5B¥230.1B¥204.7B¥209.7B¥217.4B
Retained earnings¥193.9B¥196.8B¥171.2B¥176.2B¥184.8B
Treasury stock-¥16B-¥13.2B-¥13.2B-¥13.2B-¥14.2B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第183期(2025/01/01－2025/12/31)

    ID S100XT052026-03-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第182期(2024/01/01－2024/12/31)

    ID S100VGXL2025-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第181期(2023/01/01－2023/12/31)

    ID S100T62Z2024-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第180期(2022/01/01－2022/12/31)

    ID S100QE3N2023-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第179期(令和3年1月1日－令和3年12月31日)

    ID S100NOGG2022-03-30Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第178期(令和2年1月1日－令和2年12月31日)

    ID S100L4SI2021-04-08Open

Extracted from XBRL: 54 / Derived from other figures: 1

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