Vizora日本語

PilotPILOT CORPORATION7846東証プライムその他製品FY ending Dec 2025, consolidated, J-GAAP

Pilot revenue and profit

Out of every ¥100 of sales, about ¥13 is left as operating profit. Revenue changed +0.2% from the prior year, operating profit -6.5%.

Five-year trend

Revenue¥126.4B
FY ending Dec 2021: ¥103.1B¥103.1BFY ending Dec 2022: ¥112.8B¥112.8BFY ending Dec 2023: ¥118.6B¥118.6BFY ending Dec 2024: ¥126.2B¥126.2BFY ending Dec 2025: ¥126.4B¥126.4BFY21FY22FY23FY24FY25
Operating income¥16.6B
FY ending Dec 2021: ¥19.3B¥19.3BFY ending Dec 2022: ¥21.2B¥21.2BFY ending Dec 2023: ¥19B¥19BFY ending Dec 2024: ¥17.8B¥17.8BFY ending Dec 2025: ¥16.6B¥16.6BFY21FY22FY23FY24FY25
Operating margin13.2%
FY ending Dec 2021: 18.8%18.8%FY ending Dec 2022: 18.8%18.8%FY ending Dec 2023: 16.0%16.0%FY ending Dec 2024: 14.1%14.1%FY ending Dec 2025: 13.2%13.2%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin9.5%
Asset turnover0.71×
ROA6.8%
ROA6.8%
Financial leverage1.31×
ROE8.8%

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

Net margin9.5%
2021: 13.8%13.8%2022: 14.0%14.0%2023: 11.5%11.5%2024: 12.0%12.0%2025: 9.5%9.5%2122232425
Asset turnover0.71×
2021: 0.72×0.72×2022: 0.75×0.75×2023: 0.73×0.73×2024: 0.74×0.74×2025: 0.71×0.71×2122232425
ROA6.8%
2021: 10.0%10.0%2022: 10.5%10.5%2023: 8.5%8.5%2024: 8.8%8.8%2025: 6.8%6.8%2122232425
Financial leverage1.31×
2021: 1.35×1.35×2022: 1.33×1.33×2023: 1.31×1.31×2024: 1.30×1.30×2025: 1.31×1.31×2122232425
ROE8.8%
2021: 13.5%13.5%2022: 14.0%14.0%2023: 11.0%11.0%2024: 11.5%11.5%2025: 8.8%8.8%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
202113.8%0.72×10.0%1.35×13.5%
202214.0%0.75×10.5%1.33×14.0%
202311.5%0.73×8.5%1.31×11.0%
202412.0%0.74×8.8%1.30×11.5%
20259.5%0.71×6.8%1.31×8.8%

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 ÷ revenue36.6%
2020: 31.1%31.1%2021: 27.4%27.4%2022: 27.5%27.5%2023: 32.0%32.0%2024: 34.9%34.9%2025: 36.6%36.6%202122232425
PPE ÷ total assets25.7%
2020: 21.9%21.9%2021: 19.7%19.7%2022: 19.8%19.8%2023: 22.8%22.8%2024: 24.9%24.9%2025: 25.7%25.7%202122232425
Goodwill ÷ parent equity0.9%
2024: 1.0%1.0%2025: 0.9%0.9%202122232425
Goodwill balance¥1.27B
2024: ¥1.3B¥1.3B2025: ¥1.27B¥1.27B202122232425

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¥2.46B
2020: ¥1.47B¥1.47B2021: ¥1.65B¥1.65B2022: ¥1.85B¥1.85B2023: ¥2.06B¥2.06B2024: ¥2.2B¥2.2B2025: ¥2.46B¥2.46B202122232425
R&D / revenue1.9%
2020: 1.7%1.7%2021: 1.6%1.6%2022: 1.6%1.6%2023: 1.7%1.7%2024: 1.7%1.7%2025: 1.9%1.9%202122232425
Receivable days76d
2020: 79d79d2021: 80d80d2022: 74d74d2023: 75d75d2024: 75d75d2025: 76d76d202122232425
Payable days63d
2020: 84d84d2021: 106d106d2022: 99d99d2023: 78d78d2024: 67d67d2025: 63d63d202122232425

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
Revenue103,057112,850118,590126,168126,391
Cost of revenue48,86452,73856,71261,44061,944
Gross profit54,19360,11261,87864,72864,447
SG&A34,86738,86742,87546,92247,797
Operating income19,32521,24419,00317,80516,649
Pretax income20,50122,63820,23921,38318,545
Income tax6,1426,7826,4806,1506,404
Net income attributable to owners14,27015,77313,66115,18112,064
Operating margin18.8%18.8%16.0%14.1%13.2%

Balance sheet (reported items)

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

Assets

Cash 21%
Receivables 15%
Property, plant and equipment 26%
5%
4%
Other assets 29%

Funding

6%
Other liabilities 13%
Equity 81%
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¥45.8B¥45.4B¥38.3B¥39.1B¥38.6B
Total assets¥143.2B¥156.5B¥166.5B¥176.7B¥179.9B
Net assets¥102.3B¥118B¥132.3B¥141.6B¥146.1B
Share capital¥2.34B¥2.34B¥2.34B¥2.34B¥2.34B
Trade receivables¥22.5B¥22.7B¥24.2B¥25.8B¥26.4B
Property, plant and equipment¥28.2B¥31B¥37.9B¥44B¥46.2B
Intangible assets excluding goodwill¥6.31B¥6.27B¥6.33B¥7.73B¥7.61B
Goodwill———¥1.3B¥1.27B
Investment securities¥3.96B¥5.73B¥7.86B¥8.94B¥8.09B
Current assets¥98.9B¥106.6B¥107.1B¥108.3B¥110.2B
Current liabilities¥39.1B¥36.8B¥31.6B¥32.7B¥27.3B
Trade payables¥14.2B¥14.4B¥12.1B¥11.2B¥10.7B
Short-term borrowings¥2.72B¥4.44B¥1.73B¥370M¥582M
Long-term borrowings¥41M¥16M¥494M¥166M¥4B
Total liabilities¥40.8B¥38.6B¥34.1B¥35.1B¥33.8B
Non-controlling interests¥1.29B¥1.44B¥1.94B¥1.73B¥634M
Equity attributable to owners of parent¥105.8B¥118.8B¥128.5B¥135.6B¥137.4B
Retained earnings¥106.4B¥119.4B¥129.1B¥136.1B¥143.5B
Treasury stock-¥10.9B-¥10.9B-¥10.9B-¥10.7B-¥16.6B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第24期(2025/01/01－2025/12/31)

    ID S100XU5I2026-03-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第23期(2024/01/01－2024/12/31)

    ID S100VHM62025-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第22期(2023/01/01－2023/12/31)

    ID S100T4Z12024-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第21期(2022/01/01－2022/12/31)

    ID S100QIC02023-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第20期(令和3年1月1日－令和3年12月31日)

    ID S100NRXT2022-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第19期(令和2年1月1日－令和2年12月31日)

    ID S100L2K12021-03-30Open

Extracted from XBRL: 55 / Derived from other figures: 1

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