Vizora日本語

NoritzNORITZ CORPORATION5943東証プライム金属製品FY ending Dec 2025, consolidated, J-GAAP

Noritz revenue and profit

Out of every ¥100 of sales, about ¥2 is left as operating profit. Revenue changed -0.1% from the prior year, operating profit +79.5%.

Five-year trend

Revenue¥202B
FY ending Dec 2021: ¥178.1B¥178.1BFY ending Dec 2022: ¥211B¥211BFY ending Dec 2023: ¥201.9B¥201.9BFY ending Dec 2024: ¥202.2B¥202.2BFY ending Dec 2025: ¥202B¥202BFY21FY22FY23FY24FY25
Operating income¥4.3B
FY ending Dec 2021: ¥2.5B¥2.5BFY ending Dec 2022: ¥6.89B¥6.89BFY ending Dec 2023: ¥3.84B¥3.84BFY ending Dec 2024: ¥2.4B¥2.4BFY ending Dec 2025: ¥4.3B¥4.3BFY21FY22FY23FY24FY25
Operating margin2.1%
FY ending Dec 2021: 1.4%1.4%FY ending Dec 2022: 3.3%3.3%FY ending Dec 2023: 1.9%1.9%FY ending Dec 2024: 1.2%1.2%FY ending Dec 2025: 2.1%2.1%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin1.7%
Asset turnover0.88×
ROA1.5%
ROA1.5%
Financial leverage2.30×
ROE3.4%

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

Net margin1.7%
2021: 3.1%3.1%2022: 2.3%2.3%2023: 0.4%0.4%2024: 2.2%2.2%2025: 1.7%1.7%2122232425
Asset turnover0.88×
2021: 0.92×0.92×2022: 1.03×1.03×2023: 0.95×0.95×2024: 0.94×0.94×2025: 0.88×0.88×2122232425
ROA1.5%
2021: 2.8%2.8%2022: 2.3%2.3%2023: 0.4%0.4%2024: 2.0%2.0%2025: 1.5%1.5%2122232425
Financial leverage2.30×
2021: 1.93×1.93×2022: 2.05×2.05×2023: 2.14×2.14×2024: 2.17×2.17×2025: 2.30×2.30×2122232425
ROE3.4%
2021: 5.4%5.4%2022: 4.8%4.8%2023: 0.9%0.9%2024: 4.4%4.4%2025: 3.4%3.4%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20213.1%0.92×2.8%1.93×5.4%
20222.3%1.03×2.3%2.05×4.8%
20230.4%0.95×0.4%2.14×0.9%
20242.2%0.94×2.0%2.17×4.4%
20251.7%0.88×1.5%2.30×3.4%

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 ÷ revenue20.3%
2020: 18.1%18.1%2021: 19.0%19.0%2022: 16.1%16.1%2023: 18.1%18.1%2024: 19.2%19.2%2025: 20.3%20.3%202122232425
PPE ÷ total assets17.3%
2020: 17.6%17.6%2021: 17.4%17.4%2022: 15.7%15.7%2023: 17.6%17.6%2024: 17.3%17.3%2025: 17.3%17.3%202122232425
Goodwill ÷ parent equity0.7%
2020: 1.7%1.7%2021: 1.5%1.5%2022: 1.4%1.4%2023: 1.2%1.2%2024: 1.0%1.0%2025: 0.7%0.7%202122232425
Goodwill balance¥737M
2020: ¥1.62B¥1.62B2021: ¥1.52B¥1.52B2022: ¥1.45B¥1.45B2023: ¥1.21B¥1.21B2024: ¥993M¥993M2025: ¥737M¥737M202122232425

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¥4.4B
2020: ¥4.71B¥4.71B2021: ¥4.52B¥4.52B2022: ¥4.37B¥4.37B2023: ¥4.44B¥4.44B2024: ¥4.61B¥4.61B2025: ¥4.4B¥4.4B202122232425
R&D / revenue2.2%
2020: 2.6%2.6%2021: 2.5%2.5%2022: 2.1%2.1%2023: 2.2%2.2%2024: 2.3%2.3%2025: 2.2%2.2%202122232425
Cash conversion cycle—
2020: 29d29d2021: 25d25d202122232425
Receivable days—
2020: 86d86d2021: 64d64d202122232425
Inventory days84d
2020: 51d51d2021: 66d66d2022: 82d82d2023: 89d89d2024: 85d85d2025: 84d84d202122232425
Payable days102d
2020: 107d107d2021: 105d105d2022: 123d123d2023: 104d104d2024: 99d99d2025: 102d102d202122232425

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
Revenue178,142210,966201,891202,204202,049
Cost of revenue120,949143,642138,066139,061138,349
Gross profit57,19367,32363,82463,14263,700
SG&A54,69360,43359,98460,74659,399
Operating income2,5006,8893,8402,3954,300
Pretax income8,9177,6873,0367,1265,543
Income tax3,2162,6391,8522,5221,929
Net income attributable to owners5,4794,8008684,3833,358
Operating margin1.4%3.3%1.9%1.2%2.1%

Balance sheet (reported items)

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

Assets

Cash 10%
Inventories 13%
Property, plant and equipment 17%
5%
Investment securities 18%
Other assets 37%

Funding

Trade payables 16%
Other liabilities 23%
Equity 61%

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¥43.2B¥35.1B¥25.2B¥27.3B¥22.9B
Total assets¥194.5B¥217B¥207.8B¥223.8B¥237.1B
Net assets¥116.2B¥119.7B¥126.7B¥136.9B¥145B
Share capital¥20.2B¥20.2B¥20.2B¥20.2B¥20.2B
Trade receivables¥31.3B————
Inventories¥22B¥32.2B¥33.8B¥32.3B¥31.8B
Property, plant and equipment¥33.9B¥34B¥36.5B¥38.8B¥41B
Intangible assets excluding goodwill¥9.36B¥9.69B¥9.76B¥10.6B¥10.7B
Goodwill¥1.52B¥1.45B¥1.21B¥993M¥737M
Investment securities¥32.3B¥32.7B¥32.7B¥36B¥42.5B
Current assets¥112B¥132.2B¥121.5B¥126.3B¥124.1B
Current liabilities¥58.6B¥80.2B¥66.8B¥68.6B¥71B
Trade payables¥34.9B¥48.4B¥39.3B¥37.7B¥38.5B
Short-term borrowings¥809M¥2.11B¥2.53B¥3.23B¥5.98B
Long-term borrowings¥40M——¥562M¥291M
Total liabilities¥78.3B¥97.3B¥81.1B¥86.8B¥92.1B
Non-controlling interests¥4.1B¥4.3B¥4.61B¥4.87B¥5.13B
Equity attributable to owners of parent¥100.6B¥99.9B¥98.3B¥100.5B¥99.5B
Retained earnings¥65B¥64.3B¥62.4B¥60.8B¥60.9B
Treasury stock-¥7.51B-¥7.49B-¥7.21B-¥3.54B-¥4.63B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第76期(2025/01/01－2025/12/31)

    ID S100XUKL2026-03-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第75期(2024/01/01－2024/12/31)

    ID S100VGXF2025-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第74期(2023/01/01－2023/12/31)

    ID S100T5D42024-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第73期(2022/01/01－2022/12/31)

    ID S100QI0P2023-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第72期(令和3年1月1日－令和3年12月31日)

    ID S100NROX2022-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第71期(令和2年1月1日－令和2年12月31日)

    ID S100L2302021-03-30Open

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