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Tigers PolymerTIGERS POLYMER CORPORATION4231東証スタンダード化学FY ending Mar 2026, consolidated, J-GAAP

Tigers Polymer revenue and profit

Out of every ¥100 of sales, about ¥6 is left as operating profit. Revenue changed +1.6% from the prior year, operating profit +6.4%.

Five-year trend

Revenue¥50.1B
FY ending Mar 2022: ¥40.9B¥40.9BFY ending Mar 2023: ¥45.3B¥45.3BFY ending Mar 2024: ¥47.9B¥47.9BFY ending Mar 2025: ¥49.3B¥49.3BFY ending Mar 2026: ¥50.1B¥50.1BFY22FY23FY24FY25FY26
Operating income¥3.01B
FY ending Mar 2022: ¥1.28B¥1.28BFY ending Mar 2023: ¥1.09B¥1.09BFY ending Mar 2024: ¥3.19B¥3.19BFY ending Mar 2025: ¥2.83B¥2.83BFY ending Mar 2026: ¥3.01B¥3.01BFY22FY23FY24FY25FY26
Operating margin6.0%
FY ending Mar 2022: 3.1%3.1%FY ending Mar 2023: 2.4%2.4%FY ending Mar 2024: 6.7%6.7%FY ending Mar 2025: 5.7%5.7%FY ending Mar 2026: 6.0%6.0%FY22FY23FY24FY25FY26

What drives ROE

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

Net margin4.7%
Asset turnover0.81×
ROA3.8%
ROA3.8%
Financial leverage1.69×
ROE6.5%

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

Net margin4.7%
2022: 2.0%2.0%2023: 1.8%1.8%2024: 6.3%6.3%2025: 6.9%6.9%2026: 4.7%4.7%2223242526
Asset turnover0.81×
2022: 0.86×0.86×2023: 0.91×0.91×2024: 0.88×0.88×2025: 0.83×0.83×2026: 0.81×0.81×2223242526
ROA3.8%
2022: 1.7%1.7%2023: 1.6%1.6%2024: 5.6%5.6%2025: 5.7%5.7%2026: 3.8%3.8%2223242526
Financial leverage1.69×
2022: 1.56×1.56×2023: 1.61×1.61×2024: 1.68×1.68×2025: 1.70×1.70×2026: 1.69×1.69×2223242526
ROE6.5%
2022: 2.7%2.7%2023: 2.7%2.7%2024: 9.4%9.4%2025: 9.7%9.7%2026: 6.5%6.5%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
20222.0%0.86×1.7%1.56×2.7%
20231.8%0.91×1.6%1.61×2.7%
20246.3%0.88×5.6%1.68×9.4%
20256.9%0.83×5.7%1.70×9.7%
20264.7%0.81×3.8%1.69×6.5%

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 ÷ revenue36.9%
2021: 39.5%39.5%2022: 36.8%36.8%2023: 35.3%35.3%2024: 35.3%35.3%2025: 34.9%34.9%2026: 36.9%36.9%212223242526
PPE ÷ total assets29.7%
2021: 32.9%32.9%2022: 31.6%31.6%2023: 31.1%31.1%2024: 29.5%29.5%2025: 28.2%28.2%2026: 29.7%29.7%212223242526

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¥1.47B
2021: ¥1.1B¥1.1B2022: ¥1.08B¥1.08B2023: ¥1.12B¥1.12B2024: ¥1.19B¥1.19B2025: ¥1.29B¥1.29B2026: ¥1.47B¥1.47B212223242526
R&D / revenue2.9%
2021: 3.0%3.0%2022: 2.6%2.6%2023: 2.5%2.5%2024: 2.5%2.5%2025: 2.6%2.6%2026: 2.9%2.9%212223242526
Receivable days75d
2021: 92d92d2022: 91d91d2023: 86d86d2024: 74d74d2025: 70d70d2026: 75d75d212223242526
Payable days25d
2021: 26d26d2022: 29d29d2023: 26d26d2024: 23d23d2025: 24d24d2026: 25d25d212223242526

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
Revenue40,87945,28547,86349,33650,133
Cost of revenue33,58637,86638,00839,40339,462
Gross profit7,2937,4199,8559,93310,671
SG&A6,0136,3286,6617,1007,657
Operating income1,2801,0913,1942,8333,015
Pretax income1,8441,8744,5103,3213,748
Income tax8137601,064-4571,062
Net income attributable to owners8328163,0203,3842,353
Operating margin3.1%2.4%6.7%5.7%6.0%

Balance sheet (reported items)

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

Assets

Cash 23%
Receivables 16%
Property, plant and equipment 30%
0%
Investment securities 10%
Other assets 21%

Funding

4%
Other liabilities 16%
Equity 80%

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¥9.02B¥10.3B¥13.9B¥14.2B¥14.5B
Total assets¥47.6B¥51.4B¥57.3B¥61.1B¥62.3B
Net assets¥33.7B¥36.9B¥42.3B¥47B¥49.9B
Share capital¥4.15B¥4.15B¥4.15B¥4.15B¥4.15B
Trade receivables¥10.2B¥10.7B¥9.64B¥9.53B¥10.3B
Property, plant and equipment¥15.1B¥16B¥16.9B¥17.2B¥18.5B
Intangible assets excluding goodwill¥625M¥510.3M¥412.6M¥269.6M¥129.2M
Investment securities¥3.41B¥3.62B¥5.03B¥4.92B¥5.93B
Current assets¥27.9B¥30.7B¥34.1B¥36.7B¥35.8B
Current liabilities¥9.57B¥10.2B¥10.6B¥10.8B¥9.94B
Trade payables¥2.68B¥2.67B¥2.4B¥2.56B¥2.7B
Short-term borrowings¥650M¥1.65B¥1.65B¥1.65B¥1.65B
Long-term borrowings¥1.55B¥1.35B¥1B¥150M¥250M
Total liabilities¥14B¥14.5B¥15B¥14.2B¥12.4B
Non-controlling interests¥1.66B¥2.04B¥2.35B¥2.78B¥2.89B
Equity attributable to owners of parent¥30.5B¥31B¥33.6B¥35.9B¥37B
Retained earnings¥22.5B¥23B¥25.7B¥28.1B¥29.4B
Treasury stock-¥103.3M-¥103.4M-¥103.6M-¥229.6M-¥476.7M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第84期(2025/04/01－2026/03/31)

    ID S100YK4M2026-06-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第83期(2024/04/01－2025/03/31)

    ID S100W2562025-06-25Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第82期(2023/04/01－2024/03/31)

    ID S100VDKM2025-03-12Open

  • EDINET (FSA Japan)

    有価証券報告書－第81期(2022/04/01－2023/03/31)

    ID S100QWSI2023-06-21Open

  • EDINET (FSA Japan)

    有価証券報告書－第80期(令和3年4月1日－令和4年3月31日)

    ID S100O83K2022-06-22Open

  • EDINET (FSA Japan)

    有価証券報告書－第79期(令和2年4月1日－令和3年3月31日)

    ID S100LKDE2021-06-23Open

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

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