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RS TechnologiesRS Technologies Co.,Ltd.3445東証プライム金属製品FY ending Dec 2025, consolidated, J-GAAP

RS Technologies revenue and profit

Out of every ¥100 of sales, about ¥19 is left as operating profit. Revenue changed +29.6% from the prior year, operating profit +8.9%.

Five-year trend

Revenue¥76.7B
FY ending Dec 2021: ¥34.6B¥34.6BFY ending Dec 2022: ¥49.9B¥49.9BFY ending Dec 2023: ¥51.9B¥51.9BFY ending Dec 2024: ¥59.2B¥59.2BFY ending Dec 2025: ¥76.7B¥76.7BFY21FY22FY23FY24FY25
Operating income¥14.3B
FY ending Dec 2021: ¥6.88B¥6.88BFY ending Dec 2022: ¥13B¥13BFY ending Dec 2023: ¥11.9B¥11.9BFY ending Dec 2024: ¥13.1B¥13.1BFY ending Dec 2025: ¥14.3B¥14.3BFY21FY22FY23FY24FY25
Operating margin18.6%
FY ending Dec 2021: 19.9%19.9%FY ending Dec 2022: 26.1%26.1%FY ending Dec 2023: 22.9%22.9%FY ending Dec 2024: 22.1%22.1%FY ending Dec 2025: 18.6%18.6%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin12.1%
Asset turnover0.40×
ROA4.8%
ROA4.8%
Financial leverage2.97×
ROE14.2%

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

Net margin12.1%
2021: 9.5%9.5%2022: 15.5%15.5%2023: 14.8%14.8%2024: 16.0%16.0%2025: 12.1%12.1%2122232425
Asset turnover0.40×
2021: 0.44×0.44×2022: 0.48×0.48×2023: 0.39×0.39×2024: 0.37×0.37×2025: 0.40×0.40×2122232425
ROA4.8%
2021: 4.2%4.2%2022: 7.5%7.5%2023: 5.7%5.7%2024: 5.9%5.9%2025: 4.8%4.8%2122232425
Financial leverage2.97×
2021: 2.97×2.97×2022: 2.89×2.89×2023: 2.76×2.76×2024: 2.86×2.86×2025: 2.97×2.97×2122232425
ROE14.2%
2021: 12.4%12.4%2022: 21.6%21.6%2023: 15.9%15.9%2024: 16.7%16.7%2025: 14.2%14.2%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20219.5%0.44×4.2%2.97×12.4%
202215.5%0.48×7.5%2.89×21.6%
202314.8%0.39×5.7%2.76×15.9%
202416.0%0.37×5.9%2.86×16.7%
202512.1%0.40×4.8%2.97×14.2%

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 ÷ revenue64.5%
2020: 94.5%94.5%2021: 83.7%83.7%2022: 62.7%62.7%2023: 68.1%68.1%2024: 77.0%77.0%2025: 64.5%64.5%202122232425
PPE ÷ total assets24.1%
2020: 41.1%41.1%2021: 36.7%36.7%2022: 24.5%24.5%2023: 25.1%25.1%2024: 25.0%25.0%2025: 24.1%24.1%202122232425
Goodwill ÷ parent equity—
2020: 1.4%1.4%2021: 0.9%0.9%2022: 0.3%0.3%202122232425
Goodwill balance—
2020: ¥348.2M¥348.2M2021: ¥227.6M¥227.6M2022: ¥113.8M¥113.8M202122232425

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¥2B
2020: ¥933.3M¥933.3M2021: ¥1.31B¥1.31B2022: ¥1.66B¥1.66B2023: ¥1.64B¥1.64B2024: ¥1.65B¥1.65B2025: ¥2B¥2B202122232425
R&D / revenue2.6%
2020: 3.7%3.7%2021: 3.8%3.8%2022: 3.3%3.3%2023: 3.2%3.2%2024: 2.8%2.8%2025: 2.6%2.6%202122232425
Receivable days106d
2020: 90d90d2021: 100d100d2022: 85d85d2023: 89d89d2024: 144d144d2025: 106d106d202122232425
Payable days68d
2020: 62d62d2021: 69d69d2022: 75d75d2023: 55d55d2024: 76d76d2025: 68d68d202122232425

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
Revenue34,62149,86551,89359,20076,707
Cost of revenue22,75031,43234,47939,82053,122
Gross profit11,87118,43217,41419,38023,585
SG&A4,9955,4145,5196,2719,303
Operating income6,87613,01911,89413,10814,281
Pretax income7,42915,16114,98517,16816,868
Income tax2,6922,4243,6004,1684,327
Net income attributable to owners3,3047,7397,7039,4469,297
Operating margin19.9%26.1%22.9%22.1%18.6%

Balance sheet (reported items)

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

Assets

Cash 47%
Receivables 11%
Property, plant and equipment 24%
0%
Investment securities 9%
Other assets 9%

Funding

5%
Other liabilities 20%
Equity 75%

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¥21.6B¥66.7B¥69.6B¥83.8B¥95.9B
Total assets¥79B¥127.6B¥140.7B¥182.1B¥205.2B
Net assets¥55B¥101.5B¥115.4B¥135.5B¥153.3B
Share capital¥5.44B¥5.58B¥5.64B¥5.7B¥5.86B
Trade receivables¥9.52B¥11.7B¥12.7B¥23.4B¥22.3B
Property, plant and equipment¥29B¥31.3B¥35.3B¥45.6B¥49.5B
Intangible assets excluding goodwill¥417.2M¥270.5M¥266.3M¥689M¥669M
Goodwill¥227.6M¥113.8M———
Investment securities¥3.42B¥5.22B¥7.5B¥8.42B¥17.6B
Current assets¥45.9B¥90.5B¥96.4B¥124.9B¥135.4B
Current liabilities¥14.2B¥17.6B¥18.3B¥34.8B¥31.3B
Trade payables¥4.32B¥6.47B¥5.17B¥8.3B¥9.89B
Short-term borrowings¥1.11B¥3B¥2B¥7.4B¥3.7B
Long-term borrowings¥5.1B¥3.51B¥2.09B¥743M¥14.1B
Total liabilities¥24B¥26.1B¥25.2B¥46.6B¥51.9B
Non-controlling interests¥26.1B¥54.4B¥59.2B¥67B¥73.1B
Equity attributable to owners of parent¥26.6B¥45B¥52.1B¥60.8B¥69.8B
Retained earnings¥16.3B¥23.7B¥30.9B¥39.6B¥48B
Treasury stock-¥1.6M-¥1.8M-¥1.8M-¥2M-¥2M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第16期(2025/01/01－2025/12/31)

    ID S100XUA22026-03-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第15期(2024/01/01－2024/12/31)

    ID S100VINC2025-03-31Open

  • EDINET (FSA Japan)

    有価証券報告書－第14期(2023/01/01－2023/12/31)

    ID S100T64D2024-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第13期(2022/01/01－2022/12/31)

    ID S100QHYF2023-03-31Open

  • EDINET (FSA Japan)

    有価証券報告書－第12期(令和3年1月1日－令和3年12月31日)

    ID S100NSYK2022-03-31Open

  • EDINET (FSA Japan)

    有価証券報告書－第11期(令和2年1月1日－令和2年12月31日)

    ID S100L2RT2021-03-30Open

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

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