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Sumitomo ForestrySumitomo Forestry Co.,Ltd.1911東証プライム建設業FY ending Dec 2025, consolidated, J-GAAP

Sumitomo Forestry revenue and profit

Out of every ¥100 of sales, about ¥7 is left as operating profit. Revenue changed +10.4% from the prior year, operating profit -13.3%.

Five-year trend

Revenue¥2.27T
FY ending Dec 2021: ¥1.39T¥1.39TFY ending Dec 2022: ¥1.67T¥1.67TFY ending Dec 2023: ¥1.73T¥1.73TFY ending Dec 2024: ¥2.05T¥2.05TFY ending Dec 2025: ¥2.27T¥2.27TFY21FY22FY23FY24FY25
Operating income¥168.7B
FY ending Dec 2021: ¥113.7B¥113.7BFY ending Dec 2022: ¥158.3B¥158.3BFY ending Dec 2023: ¥146.3B¥146.3BFY ending Dec 2024: ¥194.6B¥194.6BFY ending Dec 2025: ¥168.7B¥168.7BFY21FY22FY23FY24FY25
Operating margin7.4%
FY ending Dec 2021: 8.2%8.2%FY ending Dec 2022: 9.5%9.5%FY ending Dec 2023: 8.4%8.4%FY ending Dec 2024: 9.5%9.5%FY ending Dec 2025: 7.4%7.4%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin4.7%
Asset turnover0.94×
ROA4.4%
ROA4.4%
Financial leverage3.31×
ROE14.6%

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

Net margin4.7%
2021: 6.3%6.3%2022: 6.5%6.5%2023: 5.9%5.9%2024: 5.7%5.7%2025: 4.7%4.7%2122232425
Asset turnover0.94×
2021: 1.05×1.05×2022: 1.17×1.17×2023: 1.03×1.03×2024: 1.00×1.00×2025: 0.94×0.94×2122232425
ROA4.4%
2021: 6.6%6.6%2022: 7.6%7.6%2023: 6.1%6.1%2024: 5.7%5.7%2025: 4.4%4.4%2122232425
Financial leverage3.31×
2021: 2.98×2.98×2022: 2.95×2.95×2023: 2.95×2.95×2024: 3.11×3.11×2025: 3.31×3.31×2122232425
ROE14.6%
2021: 19.8%19.8%2022: 22.5%22.5%2023: 17.9%17.9%2024: 17.7%17.7%2025: 14.6%14.6%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20216.3%1.05×6.6%2.98×19.8%
20226.5%1.17×7.6%2.95×22.5%
20235.9%1.03×6.1%2.95×17.9%
20245.7%1.00×5.7%3.11×17.7%
20254.7%0.94×4.4%3.31×14.6%

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 ÷ revenue14.2%
2020: 22.1%22.1%2021: 13.3%13.3%2022: 11.9%11.9%2023: 13.1%13.1%2024: 13.9%13.9%2025: 14.2%14.2%202122232425
PPE ÷ total assets12.5%
2020: 17.0%17.0%2021: 14.0%14.0%2022: 12.9%12.9%2023: 12.4%12.4%2024: 12.6%12.6%2025: 12.5%12.5%202122232425
Goodwill ÷ parent equity4.7%
2020: 2.0%2.0%2021: 1.0%1.0%2022: 1.1%1.1%2023: 6.7%6.7%2024: 5.6%5.6%2025: 4.7%4.7%202122232425
Goodwill balance¥35.5B
2020: ¥6.56B¥6.56B2021: ¥4.56B¥4.56B2022: ¥5.91B¥5.91B2023: ¥41.3B¥41.3B2024: ¥38.9B¥38.9B2025: ¥35.5B¥35.5B202122232425

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¥2.76B
2021: ¥2.49B¥2.49B2022: ¥2.58B¥2.58B2023: ¥2.88B¥2.88B2024: ¥2.82B¥2.82B2025: ¥2.76B¥2.76B202122232425
R&D / revenue0.1%
2021: 0.2%0.2%2022: 0.2%0.2%2023: 0.2%0.2%2024: 0.1%0.1%2025: 0.1%0.1%202122232425
Receivable days16d
2020: 52d52d2021: 27d27d2022: 25d25d2023: 22d22d2024: 19d19d2025: 16d16d202122232425
Payable days18d
2020: 63d63d2021: 35d35d2022: 30d30d2023: 30d30d2024: 23d23d2025: 18d18d202122232425

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
Revenue1,385,9301,669,7071,733,1692,053,6502,267,577
Cost of revenue1,063,9361,276,7371,324,3391,550,6981,742,931
Gross profit321,994392,970408,830502,952524,645
SG&A208,344234,717262,573308,364355,921
Operating income113,651158,253146,258194,588168,724
Pretax income133,932188,385160,856192,029180,228
Income tax29,41653,23035,11844,62441,910
Net income attributable to owners87,175108,672102,170116,528106,666
Operating margin8.2%9.5%8.4%9.5%7.4%

Balance sheet (reported items)

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

Assets

8%
4%
Property, plant and equipment 13%
4%
Investment securities 15%
Other assets 56%

Funding

4%
Interest-bearing debt 28%
Other liabilities 24%
Equity 44%

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¥170B¥147.4B¥174.8B¥206.3B¥208.6B
Total assets¥1.31T¥1.54T¥1.82T¥2.27T¥2.57T
Net assets¥540.1B¥682.6B¥826.5B¥1.02T¥1.14T
Share capital¥50.1B¥50.1B¥55.1B¥55.1B¥55.3B
Trade receivables¥103.8B¥112.5B¥103.2B¥104.7B¥99.3B
Property, plant and equipment¥184.2B¥198.8B¥226.3B¥286.1B¥322.7B
Intangible assets excluding goodwill¥20.7B¥22.9B¥76.1B¥81.4B¥76.1B
Goodwill¥4.56B¥5.91B¥41.3B¥38.9B¥35.5B
Investment securities¥181.4B¥203.6B¥229.7B¥268.9B¥377.3B
Current assets¥891.9B¥1.07T¥1.24T¥1.55T¥1.69T
Current liabilities¥421B¥494.1B¥596.8B¥661.8B¥729.6B
Trade payables¥103.4B¥105.5B¥107.5B¥97B¥87.4B
Short-term borrowings¥25B¥46B¥51.8B¥93.7B¥140.8B
Long-term borrowings¥168.3B¥187.8B¥230.3B¥413.9B¥532.2B
Bonds¥90.2B¥90.1B¥80.2B¥70.1B¥50.3B
Interest-bearing debt¥283.5Bderived¥323.9Bderived¥362.3Bderived¥577.7Bderived¥723.2Bderived
Total liabilities¥774.1B¥855B¥998.3B¥1.24T¥1.44T
Non-controlling interests¥44.4B¥54.9B¥72.3B¥103.5B¥132.8B
Equity attributable to owners of parent¥441.2B¥526.3B¥613.1B¥701B¥762.8B
Retained earnings¥359.6B¥447.2B¥524B¥613.8B¥688.5B
Treasury stock-¥2.36B-¥2.46B-¥2.52B-¥2.52B-¥6.56B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    訂正有価証券報告書－第86期(2025/01/01－2025/12/31)

    ID S100Y1XP2026-05-08Open

  • EDINET (FSA Japan)

    有価証券報告書－第85期(2024/01/01－2024/12/31)

    ID S100VIRG2025-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第84期(2023/01/01－2023/12/31)

    ID S100T4Z92024-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第83期(2022/01/01－2022/12/31)

    ID S100QHH72023-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第82期(令和3年1月1日－令和3年12月31日)

    ID S100NP592022-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第81期(令和2年4月1日－令和2年12月31日)

    ID S100L2ML2021-03-30Open

Extracted from XBRL: 56 / Derived from other figures: 2

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