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ToagoseiTOAGOSEI CO., LTD.4045東証プライム化学FY ending Dec 2025, consolidated, J-GAAP

Toagosei revenue and profit

Out of every ¥100 of sales, about ¥9 is left as operating profit. Revenue changed -3.2% from the prior year, operating profit -0.4%.

Five-year trend

Revenue¥162.3B
FY ending Dec 2021: ¥156.3B¥156.3BFY ending Dec 2022: ¥160.8B¥160.8BFY ending Dec 2023: ¥159.4B¥159.4BFY ending Dec 2024: ¥167.6B¥167.6BFY ending Dec 2025: ¥162.3B¥162.3BFY21FY22FY23FY24FY25
Operating income¥14.2B
FY ending Dec 2021: ¥17.7B¥17.7BFY ending Dec 2022: ¥14.4B¥14.4BFY ending Dec 2023: ¥12.5B¥12.5BFY ending Dec 2024: ¥14.2B¥14.2BFY ending Dec 2025: ¥14.2B¥14.2BFY21FY22FY23FY24FY25
Operating margin8.7%
FY ending Dec 2021: 11.3%11.3%FY ending Dec 2022: 8.9%8.9%FY ending Dec 2023: 7.8%7.8%FY ending Dec 2024: 8.5%8.5%FY ending Dec 2025: 8.7%8.7%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin7.9%
Asset turnover0.57×
ROA4.5%
ROA4.5%
Financial leverage1.48×
ROE6.7%

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

Net margin7.9%
2021: 8.8%8.8%2022: 7.8%7.8%2023: 7.6%7.6%2024: 7.1%7.1%2025: 7.9%7.9%2122232425
Asset turnover0.57×
2021: 0.60×0.60×2022: 0.61×0.61×2023: 0.59×0.59×2024: 0.61×0.61×2025: 0.57×0.57×2122232425
ROA4.5%
2021: 5.3%5.3%2022: 4.8%4.8%2023: 4.5%4.5%2024: 4.3%4.3%2025: 4.5%4.5%2122232425
Financial leverage1.48×
2021: 1.37×1.37×2022: 1.37×1.37×2023: 1.39×1.39×2024: 1.43×1.43×2025: 1.48×1.48×2122232425
ROE6.7%
2021: 7.3%7.3%2022: 6.5%6.5%2023: 6.3%6.3%2024: 6.2%6.2%2025: 6.7%6.7%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20218.8%0.60×5.3%1.37×7.3%
20227.8%0.61×4.8%1.37×6.5%
20237.6%0.59×4.5%1.39×6.3%
20247.1%0.61×4.3%1.43×6.2%
20257.9%0.57×4.5%1.48×6.7%

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 ÷ revenue79.5%
2020: 58.7%58.7%2021: 50.0%50.0%2022: 56.4%56.4%2023: 60.6%60.6%2024: 66.7%66.7%2025: 79.5%79.5%202122232425
PPE ÷ total assets44.6%
2020: 32.4%32.4%2021: 30.2%30.2%2022: 34.2%34.2%2023: 35.5%35.5%2024: 40.2%40.2%2025: 44.6%44.6%202122232425

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¥6.71B
2020: ¥4.04B¥4.04B2021: ¥4.39B¥4.39B2022: ¥4.75B¥4.75B2023: ¥5.04B¥5.04B2024: ¥5.82B¥5.82B2025: ¥6.71B¥6.71B202122232425
R&D / revenue4.1%
2020: 3.0%3.0%2021: 2.8%2.8%2022: 3.0%3.0%2023: 3.2%3.2%2024: 3.5%3.5%2025: 4.1%4.1%202122232425
Cash conversion cycle114d
2020: 128d128d2021: 116d116d2022: 131d131d2023: 114d114d2024: 110d110d2025: 114d114d202122232425
Receivable days85d
2020: 109d109d2021: 113d113d2022: 113d113d2023: 97d97d2024: 92d92d2025: 85d85d202122232425
Inventory days81d
2020: 65d65d2021: 64d64d2022: 79d79d2023: 77d77d2024: 74d74d2025: 81d81d202122232425
Payable days52d
2020: 46d46d2021: 60d60d2022: 61d61d2023: 59d59d2024: 56d56d2025: 52d52d202122232425

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
Revenue156,313160,825159,371167,594162,312
Cost of revenue110,974117,891118,004121,881115,179
Gross profit45,33942,93341,36745,71247,133
SG&A27,66328,55128,86731,47832,952
Operating income17,67614,38212,49914,23314,180
Pretax income18,80117,31417,09416,55317,345
Income tax4,8214,5604,8624,5894,504
Net income attributable to owners13,77112,49412,17911,87712,766
Operating margin11.3%8.9%7.8%8.5%8.7%

Balance sheet (reported items)

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

Assets

Cash 10%
Receivables 13%
Inventories 9%
Property, plant and equipment 45%
2%
Investment securities 12%
Other assets 9%

Funding

6%
7%
Other liabilities 12%
Equity 75%
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¥46.5B¥44.8B¥47.6B¥40.4B¥28.8B
Total assets¥259B¥265.1B¥272.3B¥278B¥289.1B
Net assets¥206.6B¥210.8B¥212.5B¥213.7B¥215.9B
Share capital¥20.9B¥20.9B¥20.9B¥20.9B¥20.9B
Trade receivables¥48.5B¥49.8B¥42.2B¥42.4B¥38B
Inventories¥19.4B¥25.5B¥24.8B¥24.7B¥25.5B
Property, plant and equipment¥78.2B¥90.8B¥96.5B¥111.9B¥129.1B
Intangible assets excluding goodwill¥1.67B¥1.59B¥1.58B¥1.67B¥4.72B
Investment securities¥28.7B¥28.5B¥32.9B¥34B¥36B
Current assets¥145.2B¥139B¥134.9B¥122.8B¥110.6B
Current liabilities¥36.7B¥37.8B¥41.5B¥48.8B¥47.4B
Trade payables¥18.4B¥19.7B¥19.1B¥18.7B¥16.5B
Short-term borrowings¥2.48B¥2.48B¥2.5B¥6.21B¥6.87B
Long-term borrowings¥8.73B¥8.59B¥8.6B¥4.83B¥3.77B
Bonds————¥10B
Interest-bearing debt————¥20.6Bderived
Total liabilities¥52.3B¥54.3B¥59.8B¥64.4B¥73.2B
Non-controlling interests¥4.85B¥4.84B¥1.01B¥1.08B¥1.14B
Equity attributable to owners of parent¥189.4B¥193.1B¥193.8B¥191.6B¥190.5B
Retained earnings¥153.7B¥158.2B¥159.6B¥157.9B¥156.4B
Treasury stock-¥230M-¥1.08B-¥786M-¥1.38B-¥957M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第113期(2025/01/01－2025/12/31)

    ID S100XTI82026-03-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第112期(2024/01/01－2024/12/31)

    ID S100VHCL2025-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第111期(2023/01/01－2023/12/31)

    ID S100T5RS2024-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第110期(2022/01/01－2022/12/31)

    ID S100QGEV2023-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第109期(令和3年1月1日－令和3年12月31日)

    ID S100NRU22022-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第108期(令和2年1月1日－令和2年12月31日)

    ID S100L2TI2021-03-30Open

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

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