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Shinagawa RefraSHINAGAWA REFRA CO., LTD.5351東証プライムガラス・土石製品FY ending Mar 2026, consolidated, J-GAAP

Shinagawa Refra revenue and profit

Out of every ¥100 of sales, about ¥8 is left as operating profit. Revenue changed +23.4% from the prior year, operating profit +2.5%.

Five-year trend

Revenue¥177.7B
FY ending Mar 2022: ¥110.8B¥110.8BFY ending Mar 2023: ¥125B¥125BFY ending Mar 2024: ¥144.2B¥144.2BFY ending Mar 2025: ¥144.1B¥144.1BFY ending Mar 2026: ¥177.7B¥177.7BFY22FY23FY24FY25FY26
Operating income¥13.6B
FY ending Mar 2022: ¥10.1B¥10.1BFY ending Mar 2023: ¥10.8B¥10.8BFY ending Mar 2024: ¥13.9B¥13.9BFY ending Mar 2025: ¥13.3B¥13.3BFY ending Mar 2026: ¥13.6B¥13.6BFY22FY23FY24FY25FY26
Operating margin7.7%
FY ending Mar 2022: 9.1%9.1%FY ending Mar 2023: 8.7%8.7%FY ending Mar 2024: 9.6%9.6%FY ending Mar 2025: 9.2%9.2%FY ending Mar 2026: 7.7%7.7%FY22FY23FY24FY25FY26

What drives ROE

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

Net margin14.7%
Asset turnover0.83×
ROA12.2%
ROA12.2%
Financial leverage2.45×
ROE29.9%

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

Net margin14.7%
2022: 4.8%4.8%2023: 6.6%6.6%2024: 10.6%10.6%2025: 6.8%6.8%2026: 14.7%14.7%2223242526
Asset turnover0.83×
2022: 0.93×0.93×2023: 0.95×0.95×2024: 0.96×0.96×2025: 0.82×0.82×2026: 0.83×0.83×2223242526
ROA12.2%
2022: 4.4%4.4%2023: 6.3%6.3%2024: 10.2%10.2%2025: 5.6%5.6%2026: 12.2%12.2%2223242526
Financial leverage2.45×
2022: 2.05×2.05×2023: 2.14×2.14×2024: 2.13×2.13×2025: 2.23×2.23×2026: 2.45×2.45×2223242526
ROE29.9%
2022: 9.1%9.1%2023: 13.5%13.5%2024: 21.8%21.8%2025: 12.5%12.5%2026: 29.9%29.9%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20224.8%0.93×4.4%2.05×9.1%
20236.6%0.95×6.3%2.14×13.5%
202410.6%0.96×10.2%2.13×21.8%
20256.8%0.82×5.6%2.23×12.5%
202614.7%0.83×12.2%2.45×29.9%

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 ÷ revenue26.4%
2021: 27.7%27.7%2022: 26.5%26.5%2023: 28.3%28.3%2024: 26.0%26.0%2025: 32.4%32.4%2026: 26.4%26.4%212223242526
PPE ÷ total assets20.2%
2021: 25.2%25.2%2022: 24.5%24.5%2023: 24.6%24.6%2024: 24.2%24.2%2025: 23.9%23.9%2026: 20.2%20.2%212223242526
Goodwill ÷ parent equity30.4%
2023: 1.7%1.7%2024: 2.1%2.1%2025: 18.3%18.3%2026: 30.4%30.4%212223242526
Goodwill balance¥28.1B
2023: ¥1.12B¥1.12B2024: ¥1.6B¥1.6B2025: ¥15B¥15B2026: ¥28.1B¥28.1B212223242526

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¥1.7B
2021: ¥1.15B¥1.15B2022: ¥1.24B¥1.24B2023: ¥1.38B¥1.38B2024: ¥1.55B¥1.55B2025: ¥1.59B¥1.59B2026: ¥1.7B¥1.7B212223242526
R&D / revenue1.0%
2021: 1.2%1.2%2022: 1.1%1.1%2023: 1.1%1.1%2024: 1.1%1.1%2025: 1.1%1.1%2026: 1.0%1.0%212223242526
Receivable days—
2021: 112d112d212223242526
Payable days52d
2021: 56d56d2022: 65d65d2023: 73d73d2024: 59d59d2025: 69d69d2026: 52d52d212223242526

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 Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Revenue110,784124,963144,175144,072177,738
Cost of revenue86,22797,550111,142108,928134,748
Gross profit24,55627,41333,03235,14342,990
SG&A14,44916,56819,14421,86529,380
Operating income10,10710,84413,88713,27813,609
Pretax income9,41312,47822,61114,84043,368
Income tax2,6003,7106,8394,72517,143
Net income attributable to owners5,3088,30715,2809,77826,071
Operating margin9.1%8.7%9.6%9.2%7.7%

Balance sheet (reported items)

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

Assets

Cash 11%
Property, plant and equipment 20%
Intangibles and goodwill 33%
6%
Other assets 30%

Funding

8%
Other liabilities 42%
Equity 50%
0%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Mar 2022FY ending Mar 2023FY ending Mar 2024FY ending Mar 2025FY ending Mar 2026
Cash and equivalents¥16.8B¥18.2B¥21.3B¥26.6B¥26.2B
Total assets¥119.7B¥143.9B¥155.1B¥195.2B¥231.8B
Net assets¥63.2B¥71.4B¥87B¥93.8B¥115.9B
Share capital¥3.3B¥3.3B¥3.3B¥3.3B¥3.3B
Property, plant and equipment¥29.3B¥35.4B¥37.5B¥46.6B¥46.9B
Intangible assets excluding goodwill¥741M¥4.56B¥5.22B¥28.1B¥49.1B
Goodwill—¥1.12B¥1.6B¥15B¥28.1B
Investment securities¥7.15B¥8.4B¥9.75B¥9.22B¥13B
Current assets¥78.7B¥91.7B¥97.6B¥107B¥117.4B
Current liabilities¥39.4B¥55.4B¥53.5B¥58B¥66.7B
Trade payables¥15.3B¥19.6B¥18.1B¥20.7B¥19.4B
Short-term borrowings¥10.4B¥22.1B¥19.1B¥24.9B¥16.6B
Long-term borrowings¥12.4B¥12B¥8.57B¥32.6B¥22.4B
Total liabilities¥56.5B¥72.5B¥68.2B¥101.4B¥115.9B
Non-controlling interests¥3.07B¥3.31B¥3.54B¥4.83B¥8.98B
Equity attributable to owners of parent¥58.3B¥64.8B¥75.4B¥81.6B¥92.7B
Retained earnings¥54.8B¥61.3B¥74.2B¥80.3B¥91.7B
Treasury stock-¥265M-¥245M-¥2.5B-¥2.43B-¥2.38B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第192期(2025/04/01－2026/03/31)

    ID S100YFV62026-06-22Open

  • EDINET (FSA Japan)

    有価証券報告書－第191期(2024/04/01－2025/03/31)

    ID S100W6X82025-06-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第190期(2023/04/01－2024/03/31)

    ID S100TUMW2024-06-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第189期(2022/04/01－2023/03/31)

    ID S100R7JT2023-06-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第188期(令和3年4月1日－令和4年3月31日)

    ID S100OKT72022-06-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第187期(令和2年4月1日－令和3年3月31日)

    ID S100LURW2021-06-29Open

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

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