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Tokai CarbonTOKAI CARBON CO., LTD.5301東証プライムガラス・土石製品FY ending Dec 2025, consolidated, J-GAAP

Tokai Carbon revenue and profit

Out of every ¥100 of sales, about ¥8 is left as operating profit. Revenue changed -7.8% from the prior year, operating profit +33.3%.

Five-year trend

Revenue¥323B
FY ending Dec 2021: ¥258.9B¥258.9BFY ending Dec 2022: ¥340.4B¥340.4BFY ending Dec 2023: ¥363.9B¥363.9BFY ending Dec 2024: ¥350.1B¥350.1BFY ending Dec 2025: ¥323B¥323BFY21FY22FY23FY24FY25
Operating income¥25.9B
FY ending Dec 2021: ¥24.6B¥24.6BFY ending Dec 2022: ¥40.6B¥40.6BFY ending Dec 2023: ¥38.7B¥38.7BFY ending Dec 2024: ¥19.4B¥19.4BFY ending Dec 2025: ¥25.9B¥25.9BFY21FY22FY23FY24FY25
Operating margin8.0%
FY ending Dec 2021: 9.5%9.5%FY ending Dec 2022: 11.9%11.9%FY ending Dec 2023: 10.6%10.6%FY ending Dec 2024: 5.5%5.5%FY ending Dec 2025: 8.0%8.0%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin6.2%
Asset turnover0.49×
ROA3.1%
ROA3.1%
Financial leverage3.70×
ROE11.3%

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

Net margin6.2%
2021: 6.2%6.2%2022: 6.6%6.6%2023: 7.0%7.0%2025: 6.2%6.2%2122232425
Asset turnover0.49×
2021: 0.51×0.51×2022: 0.63×0.63×2023: 0.60×0.60×2025: 0.49×0.49×2122232425
ROA3.1%
2021: 3.1%3.1%2022: 4.1%4.1%2023: 4.2%4.2%2024: -8.8%-8.8%2025: 3.1%3.1%2122232425
Financial leverage3.70×
2021: 2.48×2.48×2022: 2.56×2.56×2023: 2.67×2.67×2025: 3.70×3.70×2122232425
ROE11.3%
2021: 7.8%7.8%2022: 10.5%10.5%2023: 11.2%11.2%2025: 11.3%11.3%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20216.2%0.51×3.1%2.48×7.8%
20226.6%0.63×4.1%2.56×10.5%
20237.0%0.60×4.2%2.67×11.2%
2024——×-8.8%—×—
20256.2%0.49×3.1%3.70×11.3%

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 ÷ revenue89.9%
2020: 62.0%62.0%2021: 55.7%55.7%2022: 53.5%53.5%2023: 61.5%61.5%2024: 76.0%76.0%2025: 89.9%89.9%202122232425
PPE ÷ total assets43.7%
2020: 27.2%27.2%2021: 28.1%28.1%2022: 31.6%31.6%2023: 35.0%35.0%2024: 41.3%41.3%2025: 43.7%43.7%202122232425
Goodwill ÷ parent equity14.6%
2020: 30.7%30.7%2021: 26.9%26.9%2022: 24.2%24.2%2023: 20.7%20.7%2024: 17.8%17.8%2025: 14.6%14.6%202122232425
Goodwill balance¥26.7B
2020: ¥60.3B¥60.3B2021: ¥55.6B¥55.6B2022: ¥52.8B¥52.8B2023: ¥49.2B¥49.2B2024: ¥30.4B¥30.4B2025: ¥26.7B¥26.7B202122232425

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¥4.43B
2020: ¥2.68B¥2.68B2021: ¥2.82B¥2.82B2022: ¥3.17B¥3.17B2023: ¥3.6B¥3.6B2024: ¥4.33B¥4.33B2025: ¥4.43B¥4.43B202122232425
R&D / revenue1.4%
2020: 1.3%1.3%2021: 1.1%1.1%2022: 0.9%0.9%2023: 1.0%1.0%2024: 1.2%1.2%2025: 1.4%1.4%202122232425
Receivable days75d
2020: 75d75d2021: 80d80d2022: 70d70d2023: 66d66d2024: 72d72d2025: 75d75d202122232425
Payable days31d
2020: 37d37d2021: 43d43d2022: 42d42d2023: 35d35d2024: 31d31d2025: 31d31d202122232425

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
Revenue258,874340,371363,946350,114322,960
Cost of revenue188,142246,318265,218269,478243,220
Gross profit70,73294,05298,72780,63579,740
SG&A46,08553,46359,99861,24853,890
Operating income24,64740,58838,72819,38625,850
Pretax income23,35442,11141,998-47,39530,918
Income tax3,24814,78213,2435,3047,644
Net income attributable to owners16,10522,41825,468-56,48520,078
Operating margin9.5%11.9%10.6%5.5%8.0%

Balance sheet (reported items)

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

Assets

Cash 10%
Receivables 10%
Property, plant and equipment 44%
Intangibles and goodwill 13%
6%
Other assets 17%

Funding

3%
Interest-bearing debt 21%
Other liabilities 23%
Equity 53%

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¥64.4B¥49.4B¥56.5B¥65.1B¥64.3B
Total assets¥512.5B¥576.5B¥640B¥643.5B¥664B
Net assets¥256.6B¥300.9B¥360.1B¥324.7B¥352.8B
Share capital¥20.4B¥20.4B¥20.4B¥20.4B¥20.4B
Trade receivables¥56.7B¥65.2B¥65.5B¥69.2B¥66.8B
Property, plant and equipment¥144.2B¥181.9B¥223.8B¥266.1B¥290.4B
Intangible assets excluding goodwill¥123.3B¥118.8B¥117.1B¥67.4B¥61.5B
Goodwill¥55.6B¥52.8B¥49.2B¥30.4B¥26.7B
Investment securities¥21.8B¥22.5B¥31B¥33.3B¥40.3B
Current assets¥215.1B¥246.7B¥262.9B¥270.6B¥258.8B
Current liabilities¥130.4B¥146.7B¥137B¥148.1B¥126.7B
Trade payables¥22.3B¥28.1B¥25.7B¥23.1B¥20.4B
Short-term borrowings¥2B¥10.9B¥7B¥6.22B¥7.81B
Long-term borrowings¥38.5B¥35.7B¥41.4B¥52.3B¥65B
Bonds¥55B¥55B¥55B¥65B¥65B
Interest-bearing debt¥95.5Bderived¥101.6Bderived¥103.4Bderived¥123.5Bderived¥137.8Bderived
Total liabilities¥255.9B¥275.6B¥279.9B¥318.8B¥311.2B
Non-controlling interests¥27.4B¥32B¥35.6B¥35.6B¥34.5B
Equity attributable to owners of parent¥206.3B¥218.8B¥237.2B¥170.7B¥183.1B
Retained earnings¥175.7B¥191.8B¥210.2B¥146.7B¥160.3B
Treasury stock-¥7.24B-¥7.24B-¥7.22B-¥7.07B-¥7.05B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第164期(2025/01/01－2025/12/31)

    ID S100XU852026-03-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第163期(2024/01/01－2024/12/31)

    ID S100VHHO2025-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第162期(2023/01/01－2023/12/31)

    ID S100T61I2024-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第161期(2022/01/01－2022/12/31)

    ID S100QI8M2023-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第160期(令和3年1月1日－令和3年12月31日)

    ID S100NSQQ2022-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第159期(令和2年1月1日－令和2年12月31日)

    ID S100L2LM2021-03-30Open

Extracted from XBRL: 55 / Derived from other figures: 2

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