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Tokyo Ohka KogyoTOKYO OHKA KOGYO CO., LTD.4186東証プライム化学FY ending Dec 2025, consolidated, J-GAAP

Tokyo Ohka Kogyo revenue and profit

Out of every ¥100 of sales, about ¥20 is left as operating profit. Revenue changed +17.9% from the prior year, operating profit +43.2%.

Five-year trend

Revenue¥237B
FY ending Dec 2021: ¥140.1B¥140.1BFY ending Dec 2022: ¥175.4B¥175.4BFY ending Dec 2023: ¥162.3B¥162.3BFY ending Dec 2024: ¥201B¥201BFY ending Dec 2025: ¥237B¥237BFY21FY22FY23FY24FY25
Operating income¥47.4B
FY ending Dec 2021: ¥20.7B¥20.7BFY ending Dec 2022: ¥30.2B¥30.2BFY ending Dec 2023: ¥22.7B¥22.7BFY ending Dec 2024: ¥33.1B¥33.1BFY ending Dec 2025: ¥47.4B¥47.4BFY21FY22FY23FY24FY25
Operating margin20.0%
FY ending Dec 2021: 14.8%14.8%FY ending Dec 2022: 17.2%17.2%FY ending Dec 2023: 14.0%14.0%FY ending Dec 2024: 16.5%16.5%FY ending Dec 2025: 20.0%20.0%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin14.1%
Asset turnover0.77×
ROA10.8%
ROA10.8%
Financial leverage1.66×
ROE17.9%

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

Net margin14.1%
2021: 12.7%12.7%2022: 11.2%11.2%2023: 7.8%7.8%2024: 11.3%11.3%2025: 14.1%14.1%2122232425
Asset turnover0.77×
2021: 0.64×0.64×2022: 0.77×0.77×2023: 0.66×0.66×2024: 0.75×0.75×2025: 0.77×0.77×2122232425
ROA10.8%
2021: 8.2%8.2%2022: 8.6%8.6%2023: 5.2%5.2%2024: 8.5%8.5%2025: 10.8%10.8%2122232425
Financial leverage1.66×
2021: 1.52×1.52×2022: 1.52×1.52×2023: 1.54×1.54×2024: 1.59×1.59×2025: 1.66×1.66×2122232425
ROE17.9%
2021: 12.4%12.4%2022: 13.2%13.2%2023: 8.0%8.0%2024: 13.5%13.5%2025: 17.9%17.9%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
202112.7%0.64×8.2%1.52×12.4%
202211.2%0.77×8.6%1.52×13.2%
20237.8%0.66×5.2%1.54×8.0%
202411.3%0.75×8.5%1.59×13.5%
202514.1%0.77×10.8%1.66×17.9%

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 ÷ revenue46.5%
2020: 45.2%45.2%2021: 40.6%40.6%2022: 37.6%37.6%2023: 45.1%45.1%2024: 44.8%44.8%2025: 46.5%46.5%202122232425
PPE ÷ total assets32.9%
2020: 26.4%26.4%2021: 26.2%26.2%2022: 27.7%27.7%2023: 29.1%29.1%2024: 31.9%31.9%2025: 32.9%32.9%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¥15.7B
2020: ¥9.54B¥9.54B2021: ¥9.8B¥9.8B2022: ¥11B¥11B2023: ¥12.7B¥12.7B2024: ¥14.5B¥14.5B2025: ¥15.7B¥15.7B202122232425
R&D / revenue6.6%
2020: 8.1%8.1%2021: 7.0%7.0%2022: 6.3%6.3%2023: 7.8%7.8%2024: 7.2%7.2%2025: 6.6%6.6%202122232425
Receivable days—
2020: 82d82d2021: 88d88d202122232425
Payable days73d
2020: 66d66d2021: 78d78d2022: 70d70d2023: 71d71d2024: 77d77d2025: 73d73d202122232425

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
Revenue140,055175,434162,270200,966237,029
Cost of revenue90,529112,319104,319127,521147,588
Gross profit49,52563,11557,95073,44489,440
SG&A28,81732,93435,24340,35342,054
Operating income20,70730,18122,70633,09047,386
Pretax income25,79930,79021,91835,15850,292
Income tax6,2737,6345,8658,10511,104
Net income attributable to owners17,74819,69312,71222,68333,345
Operating margin14.8%17.2%14.0%16.5%20.0%

Balance sheet (reported items)

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

Assets

Cash 21%
Property, plant and equipment 33%
1%
Investment securities 9%
Other assets 36%

Funding

Trade payables 9%
8%
Other liabilities 11%
Equity 72%

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¥41.5B¥40.9B¥42.8B¥56.4B¥69.2B
Total assets¥217.3B¥238.1B¥251.9B¥281.9B¥335.3B
Net assets¥165.2B¥181B¥195.5B¥213.5B¥242.3B
Share capital¥14.6B¥14.6B¥14.6B¥14.6B¥14.6B
Trade receivables¥33.9B————
Property, plant and equipment¥56.9B¥66B¥73.2B¥89.9B¥110.2B
Intangible assets excluding goodwill¥837M¥1.29B¥1.39B¥1.81B¥1.83B
Investment securities¥16.5B¥16.1B¥22.8B¥22.1B¥31.9B
Current assets¥118.9B¥130.6B¥134.3B¥151.8B¥172.8B
Current liabilities¥39.7B¥40.8B¥38.6B¥54.1B¥59.4B
Trade payables¥19.3B¥21.6B¥20.3B¥26.9B¥29.5B
Short-term borrowings¥3.9B—¥486M¥4.44B¥383M
Long-term borrowings¥6.71B¥10.2B¥10B¥6.1B¥16.1B
Bonds————¥10B
Interest-bearing debt————¥26.5Bderived
Total liabilities¥52.1B¥57.1B¥56.4B¥68.5B¥93B
Non-controlling interests¥9.15B¥11B¥11.7B¥12.8B¥14.6B
Equity attributable to owners of parent¥142.8B¥156.2B¥162.6B¥173.8B¥198.3B
Retained earnings¥124.8B¥137.6B¥143.6B¥159.3B¥184.4B
Treasury stock-¥11.8B-¥11.3B-¥10.9B-¥15.8B-¥16.6B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第96期(2025/01/01－2025/12/31)

    ID S100XT0N2026-03-24Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第95期(2024/01/01－2024/12/31)

    ID S100W8ND2025-06-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第94期(2023/01/01－2023/12/31)

    ID S100T5DY2024-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第93期(2022/01/01－2022/12/31)

    ID S100QHTX2023-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第92期(令和3年1月1日－令和3年12月31日)

    ID S100NRX32022-03-30Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第91期(令和2年1月1日－令和2年12月31日)

    ID S100LFVD2021-05-31Open

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

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