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PigeonPIGEON CORPORATION7956東証プライムその他製品FY ending Dec 2025, consolidated, J-GAAP

Pigeon revenue and profit

Out of every ¥100 of sales, about ¥12 is left as operating profit. Revenue changed +4.8% from the prior year, operating profit +8.4%.

Five-year trend

Revenue¥109.2B
FY ending Dec 2021: ¥93.1B¥93.1BFY ending Dec 2022: ¥94.9B¥94.9BFY ending Dec 2023: ¥94.5B¥94.5BFY ending Dec 2024: ¥104.2B¥104.2BFY ending Dec 2025: ¥109.2B¥109.2BFY21FY22FY23FY24FY25
Operating income¥13.2B
FY ending Dec 2021: ¥13.3B¥13.3BFY ending Dec 2022: ¥12.2B¥12.2BFY ending Dec 2023: ¥10.7B¥10.7BFY ending Dec 2024: ¥12.1B¥12.1BFY ending Dec 2025: ¥13.2B¥13.2BFY21FY22FY23FY24FY25
Operating margin12.1%
FY ending Dec 2021: 14.3%14.3%FY ending Dec 2022: 12.8%12.8%FY ending Dec 2023: 11.4%11.4%FY ending Dec 2024: 11.7%11.7%FY ending Dec 2025: 12.1%12.1%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin7.9%
Asset turnover1.00×
ROA7.8%
ROA7.8%
Financial leverage1.63×
ROE12.8%

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

Net margin7.9%
2021: 9.4%9.4%2022: 9.0%9.0%2023: 7.9%7.9%2024: 8.0%8.0%2025: 7.9%7.9%2122232425
Asset turnover1.00×
2021: 0.95×0.95×2022: 0.95×0.95×2023: 0.93×0.93×2024: 1.00×1.00×2025: 1.00×1.00×2122232425
ROA7.8%
2021: 9.0%9.0%2022: 8.6%8.6%2023: 7.3%7.3%2024: 8.0%8.0%2025: 7.8%7.8%2122232425
Financial leverage1.63×
2021: 1.40×1.40×2022: 1.43×1.43×2023: 1.47×1.47×2024: 1.55×1.55×2025: 1.63×1.63×2122232425
ROE12.8%
2021: 12.5%12.5%2022: 12.3%12.3%2023: 10.8%10.8%2024: 12.4%12.4%2025: 12.8%12.8%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20219.4%0.95×9.0%1.40×12.5%
20229.0%0.95×8.6%1.43×12.3%
20237.9%0.93×7.3%1.47×10.8%
20248.0%1.00×8.0%1.55×12.4%
20257.9%1.00×7.8%1.63×12.8%

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 ÷ revenue27.2%
2020: 23.4%23.4%2021: 29.1%29.1%2022: 31.7%31.7%2023: 33.8%33.8%2024: 29.6%29.6%2025: 27.2%27.2%202122232425
PPE ÷ total assets27.0%
2020: 24.9%24.9%2021: 27.6%27.6%2022: 29.6%29.6%2023: 31.8%31.8%2024: 28.5%28.5%2025: 27.0%27.0%202122232425
Goodwill ÷ parent equity—
2020: 0.9%0.9%2021: 0.8%0.8%2022: 0.5%0.5%2023: 0.3%0.3%2024: 0.0%0.0%202122232425
Goodwill balance—
2020: ¥647M¥647M2021: ¥534M¥534M2022: ¥380M¥380M2023: ¥215M¥215M2024: ¥20M¥20M202122232425

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¥3.51B
2020: ¥3.12B¥3.12B2021: ¥3.6B¥3.6B2022: ¥3.79B¥3.79B2023: ¥3.65B¥3.65B2024: ¥3.42B¥3.42B2025: ¥3.51B¥3.51B202122232425
R&D / revenue3.2%
2020: 3.1%3.1%2021: 3.9%3.9%2022: 4.0%4.0%2023: 3.9%3.9%2024: 3.3%3.3%2025: 3.2%3.2%202122232425
Receivable days62d
2020: 55d55d2021: 64d64d2022: 61d61d2023: 56d56d2024: 64d64d2025: 62d62d202122232425
Payable days34d
2020: 35d35d2021: 30d30d2022: 37d37d2023: 27d27d2024: 36d36d2025: 34d34d202122232425

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
Revenue93,08094,92194,461104,171109,170
Cost of revenue49,00850,08749,00852,79954,331
Gross profit44,07244,83445,45251,37254,839
SG&A30,73532,63834,72639,23341,680
Operating income13,33612,19510,72612,13913,158
Pretax income13,53113,14311,15412,87213,318
Income tax4,5524,3813,5924,3164,481
Net income attributable to owners8,7858,5817,4238,3718,570
Operating margin14.3%12.8%11.4%11.7%12.1%

Balance sheet (reported items)

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

Assets

Cash 36%
Receivables 17%
Property, plant and equipment 27%
1%
0%
Other assets 19%

Funding

5%
Other liabilities 17%
Equity 78%

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¥35.2B¥34.3B¥34.4B¥39.2B¥39.6B
Total assets¥98B¥101.7B¥100.4B¥108.3B¥110.1B
Net assets¥76.8B¥80B¥81.1B¥84.6B¥85.9B
Share capital¥5.2B¥5.2B¥5.2B¥5.2B¥5.2B
Trade receivables¥16.3B¥16B¥14.4B¥18.4B¥18.6B
Property, plant and equipment¥27.1B¥30.1B¥32B¥30.8B¥29.7B
Intangible assets excluding goodwill¥2.57B¥2.31B¥1.48B¥1.29B¥1.18B
Goodwill¥534M¥380M¥215M¥20M—
Investment securities¥532M¥547M¥558M¥553M¥561M
Current assets¥66.3B¥67.1B¥64.8B¥73.5B¥76.6B
Current liabilities¥15.1B¥15.6B¥13.5B¥17.4B¥18.1B
Trade payables¥4.09B¥5.07B¥3.64B¥5.2B¥5.12B
Short-term borrowings——¥76M——
Total liabilities¥21.2B¥21.8B¥19.4B¥23.7B¥24.2B
Non-controlling interests¥2.92B¥3.26B¥3.5B¥3.46B¥2.97B
Equity attributable to owners of parent¥70.1B¥69.7B¥67.9B¥67.1B¥66.7B
Retained earnings¥61.2B¥60.8B¥59B¥58.3B¥57.7B
Treasury stock-¥1.48B-¥1.39B-¥1.49B-¥1.49B-¥1.36B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第69期(2025/01/01－2025/12/31)

    ID S100XS402026-03-19Open

  • EDINET (FSA Japan)

    有価証券報告書－第68期(2024/01/01－2024/12/31)

    ID S100VHAD2025-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第67期(2023/01/01－2023/12/31)

    ID S100T5CY2024-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第66期(2022/01/01－2022/12/31)

    ID S100QHPQ2023-03-31Open

  • EDINET (FSA Japan)

    有価証券報告書－第65期(令和3年1月1日－令和3年12月31日)

    ID S100NRXY2022-03-31Open

  • EDINET (FSA Japan)

    有価証券報告書－第64期(令和2年1月1日－令和2年12月31日)

    ID S100L38X2021-03-31Open

Extracted from XBRL: 52 / Derived from other figures: 1

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