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ShimanoSHIMANO INC.7309東証プライム輸送用機器FY ending Dec 2025, consolidated, J-GAAP

Shimano revenue and profit

Out of every ¥100 of sales, about ¥11 is left as operating profit. Revenue changed +3.4% from the prior year, operating profit -20.6%.

Five-year trend

Revenue¥466.2B
FY ending Dec 2021: ¥546.5B¥546.5BFY ending Dec 2022: ¥628.9B¥628.9BFY ending Dec 2023: ¥474.4B¥474.4BFY ending Dec 2024: ¥451B¥451BFY ending Dec 2025: ¥466.2B¥466.2BFY21FY22FY23FY24FY25
Operating income¥51.7B
FY ending Dec 2021: ¥148.3B¥148.3BFY ending Dec 2022: ¥169.2B¥169.2BFY ending Dec 2023: ¥83.7B¥83.7BFY ending Dec 2024: ¥65.1B¥65.1BFY ending Dec 2025: ¥51.7B¥51.7BFY21FY22FY23FY24FY25
Operating margin11.1%
FY ending Dec 2021: 27.1%27.1%FY ending Dec 2022: 26.9%26.9%FY ending Dec 2023: 17.6%17.6%FY ending Dec 2024: 14.4%14.4%FY ending Dec 2025: 11.1%11.1%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin7.3%
Asset turnover0.49×
ROA3.6%
ROA3.6%
Financial leverage1.37×
ROE4.9%

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

Net margin7.3%
2021: 21.2%21.2%2022: 20.4%20.4%2023: 12.9%12.9%2024: 16.9%16.9%2025: 7.3%7.3%2122232425
Asset turnover0.49×
2021: 0.77×0.77×2022: 0.82×0.82×2023: 0.56×0.56×2024: 0.49×0.49×2025: 0.49×0.49×2122232425
ROA3.6%
2021: 16.4%16.4%2022: 16.7%16.7%2023: 7.2%7.2%2024: 8.3%8.3%2025: 3.6%3.6%2122232425
Financial leverage1.37×
2021: 1.19×1.19×2022: 1.22×1.22×2023: 1.25×1.25×2024: 1.31×1.31×2025: 1.37×1.37×2122232425
ROE4.9%
2021: 19.5%19.5%2022: 20.3%20.3%2023: 9.0%9.0%2024: 10.9%10.9%2025: 4.9%4.9%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
202121.2%0.77×16.4%1.19×19.5%
202220.4%0.82×16.7%1.22×20.3%
202312.9%0.56×7.2%1.25×9.0%
202416.9%0.49×8.3%1.31×10.9%
20257.3%0.49×3.6%1.37×4.9%

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 ÷ revenue43.1%
2020: 35.0%35.0%2021: 25.5%25.5%2022: 23.4%23.4%2023: 33.3%33.3%2024: 40.5%40.5%2025: 43.1%43.1%202122232425
PPE ÷ total assets21.4%
2020: 22.4%22.4%2021: 19.8%19.8%2022: 17.8%17.8%2023: 18.1%18.1%2024: 19.1%19.1%2025: 21.4%21.4%202122232425
Goodwill ÷ parent equity0.2%
2020: 0.7%0.7%2021: 0.6%0.6%2022: 0.5%0.5%2023: 0.3%0.3%2024: 0.2%0.2%2025: 0.2%0.2%202122232425
Goodwill balance¥1.46B
2020: ¥3.59B¥3.59B2021: ¥3.27B¥3.27B2022: ¥3.06B¥3.06B2023: ¥1.9B¥1.9B2024: ¥1.66B¥1.66B2025: ¥1.46B¥1.46B202122232425

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¥16.3B
2020: ¥12.6B¥12.6B2021: ¥14.1B¥14.1B2022: ¥14B¥14B2023: ¥14.6B¥14.6B2024: ¥16.2B¥16.2B2025: ¥16.3B¥16.3B202122232425
R&D / revenue3.5%
2020: 3.3%3.3%2021: 2.6%2.6%2022: 2.2%2.2%2023: 3.1%3.1%2024: 3.6%3.6%2025: 3.5%3.5%202122232425
Receivable days30d
2020: 37d37d2021: 35d35d2022: 32d32d2023: 24d24d2024: 32d32d2025: 30d30d202122232425

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
Revenue546,515628,909474,362450,993466,243
Cost of revenue315,097363,264291,847278,690299,627
Gross profit231,417265,645182,515172,303166,616
SG&A83,12996,48698,861107,217114,938
Operating income148,287169,15883,65365,08551,677
Pretax income153,728174,11283,43898,59456,358
Income tax37,59645,67622,08522,02122,201
Net income attributable to owners115,937128,17861,14276,32933,991
Operating margin27.1%26.9%17.6%14.4%11.1%

Balance sheet (reported items)

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

Assets

Cash 50%
4%
Property, plant and equipment 22%
3%
3%
Other assets 18%

Funding

7%
Equity 93%
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¥357.8B¥417.3B¥482B¥530.3B¥472.8B
Total assets¥705.4B¥826.4B¥871.7B¥959B¥938.3B
Net assets¥616.7B¥741.1B¥802.4B¥883.6B¥869.5B
Share capital¥35.6B¥35.6B¥35.6B¥35.6B¥35.6B
Trade receivables¥52.2B¥55.2B¥31.6B¥39.9B¥38.5B
Property, plant and equipment¥139.4B¥147.2B¥158B¥182.7B¥201.1B
Intangible assets excluding goodwill¥16.1B¥19.8B¥22B¥25B¥29.3B
Goodwill¥3.27B¥3.06B¥1.9B¥1.66B¥1.46B
Investment securities¥14.1B¥19.7B¥23.8B¥25.9B¥29.3B
Current assets¥528.5B¥628.8B¥652.8B¥711.5B¥666.1B
Current liabilities¥81.5B¥78.6B¥61.8B¥55.8B¥58.9B
Short-term borrowings¥3.13B¥2.15B———
Long-term borrowings¥2M————
Total liabilities¥88.7B¥85.3B¥69.3B¥75.3B¥68.7B
Non-controlling interests¥659M¥986M¥1.23B¥1.22B¥1.25B
Equity attributable to owners of parent¥594.2B¥666.5B¥687.2B¥715.4B¥670.6B
Retained earnings¥566.3B¥638.1B¥647.2B¥675.4B¥630.7B
Treasury stock-¥13.3B-¥12.9B-¥1.26B-¥1.19B-¥1.1B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第119期(2025/01/01－2025/12/31)

    ID S100XQSE2026-03-17Open

  • EDINET (FSA Japan)

    有価証券報告書－第118期(2024/01/01－2024/12/31)

    ID S100VGFP2025-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第117期(2023/01/01－2023/12/31)

    ID S100T5J92024-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第116期(2022/01/01－2022/12/31)

    ID S100QH4Z2023-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第115期(令和3年1月1日－令和3年12月31日)

    ID S100NQC52022-03-31Open

  • EDINET (FSA Japan)

    有価証券報告書－第114期(令和2年1月1日－令和2年12月31日)

    ID S100L2032021-03-31Open

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

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