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Trend MicroTrend Micro Incorporated4704東証プライム情報・通信業FY ending Dec 2025, consolidated, J-GAAP

Trend Micro revenue and profit

Out of every ¥100 of sales, about ¥21 is left as operating profit. Revenue changed +1.2% from the prior year, operating profit +20.1%.

Five-year trend

Revenue¥276B
FY ending Dec 2021: ¥190.4B¥190.4BFY ending Dec 2022: ¥223.8B¥223.8BFY ending Dec 2023: ¥248.7B¥248.7BFY ending Dec 2024: ¥272.6B¥272.6BFY ending Dec 2025: ¥276B¥276BFY21FY22FY23FY24FY25
Operating income¥57.8B
FY ending Dec 2021: ¥43.6B¥43.6BFY ending Dec 2022: ¥31.3B¥31.3BFY ending Dec 2023: ¥32.6B¥32.6BFY ending Dec 2024: ¥48.1B¥48.1BFY ending Dec 2025: ¥57.8B¥57.8BFY21FY22FY23FY24FY25
Operating margin20.9%
FY ending Dec 2021: 22.9%22.9%FY ending Dec 2022: 14.0%14.0%FY ending Dec 2023: 13.1%13.1%FY ending Dec 2024: 17.6%17.6%FY ending Dec 2025: 20.9%20.9%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin12.5%
Asset turnover0.67×
ROA8.4%
ROA8.4%
Financial leverage5.51×
ROE46.2%

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

Net margin12.5%
2021: 20.2%20.2%2022: 13.3%13.3%2023: 4.3%4.3%2024: 12.6%12.6%2025: 12.5%12.5%2122232425
Asset turnover0.67×
2021: 0.45×0.45×2022: 0.50×0.50×2023: 0.52×0.52×2024: 0.61×0.61×2025: 0.67×0.67×2122232425
ROA8.4%
2021: 9.1%9.1%2022: 6.7%6.7%2023: 2.2%2.2%2024: 7.7%7.7%2025: 8.4%8.4%2122232425
Financial leverage5.51×
2021: 1.95×1.95×2022: 2.12×2.12×2023: 2.57×2.57×2024: 3.69×3.69×2025: 5.51×5.51×2122232425
ROE46.2%
2021: 17.8%17.8%2022: 14.2%14.2%2023: 5.7%5.7%2024: 28.4%28.4%2025: 46.2%46.2%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
202120.2%0.45×9.1%1.95×17.8%
202213.3%0.50×6.7%2.12×14.2%
20234.3%0.52×2.2%2.57×5.7%
202412.6%0.61×7.7%3.69×28.4%
202512.5%0.67×8.4%5.51×46.2%

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 ÷ revenue1.7%
2020: 4.6%4.6%2021: 4.2%4.2%2022: 3.2%3.2%2023: 2.6%2.6%2024: 2.0%2.0%2025: 1.7%1.7%202122232425
PPE ÷ total assets1.1%
2020: 2.1%2.1%2021: 1.9%1.9%2022: 1.5%1.5%2023: 1.3%1.3%2024: 1.4%1.4%2025: 1.1%1.1%202122232425
Goodwill ÷ parent equity2.0%
2020: 2.4%2.4%2021: 1.3%1.3%2022: 0.5%0.5%2023: 2.1%2.1%2024: 3.2%3.2%2025: 2.0%2.0%202122232425
Goodwill balance¥1.55B
2020: ¥4.78B¥4.78B2021: ¥2.82B¥2.82B2022: ¥1.09B¥1.09B2023: ¥3.66B¥3.66B2024: ¥2.27B¥2.27B2025: ¥1.55B¥1.55B202122232425

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¥6.65B
2020: ¥7.34B¥7.34B2021: ¥4.68B¥4.68B2022: ¥5.4B¥5.4B2023: ¥4.66B¥4.66B2024: ¥5.84B¥5.84B2025: ¥6.65B¥6.65B202122232425
R&D / revenue2.4%
2020: 4.2%4.2%2021: 2.5%2.5%2022: 2.4%2.4%2023: 1.9%1.9%2024: 2.1%2.1%2025: 2.4%2.4%202122232425
Cash conversion cycle—
2020: 123d123d2021: 125d125d202122232425
Receivable days—
2020: 99d99d2021: 103d103d202122232425
Inventory days58d
2020: 33d33d2021: 32d32d2022: 29d29d2023: 38d38d2024: 47d47d2025: 58d58d202122232425
Payable days17d
2020: 9d9d2021: 10d10d2022: 15d15d2023: 16d16d2024: 20d20d2025: 17d17d202122232425

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
Revenue190,359223,795248,691272,638275,984
Cost of revenue42,01754,30063,66264,98063,717
Gross profit148,341169,494185,028207,657212,267
SG&A104,700138,154152,426159,551154,490
Operating income43,64131,34032,60248,10557,777
Pretax income52,37141,89731,97855,58052,331
Income tax14,75512,94421,22121,04818,230
Net income attributable to owners38,36729,84310,73134,35834,523
Operating margin22.9%14.0%13.1%17.6%20.9%

Balance sheet (reported items)

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

Assets

Cash 55%
2%
1%
7%
1%
Other assets 34%

Funding

1%
Other liabilities 68%
Equity 31%
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¥225.7B¥207.6B¥261.3B¥187.4B¥230.5B
Total assets¥420.5B¥470.8B¥492.6B¥400.3B¥422.2B
Net assets¥221.4B¥228.7B¥214.4B¥119.4B¥131.1B
Share capital¥19.4B¥19.6B¥19.9B¥19.9B¥19.9B
Trade receivables¥53.5B————
Inventories¥3.7B¥4.25B¥6.66B¥8.46B¥10B
Property, plant and equipment¥7.93B¥7.09B¥6.49B¥5.55B¥4.8B
Intangible assets excluding goodwill¥25.4B¥24.3B¥31.9B¥31.4B¥28B
Goodwill¥2.82B¥1.09B¥3.66B¥2.27B¥1.55B
Investment securities¥26.1B¥70.3B¥16.9B¥4.52B¥4.73B
Current assets¥321.7B¥319.9B¥388.9B¥307.8B¥332.7B
Current liabilities¥133.6B¥232.3B¥265.1B¥267.3B¥278.5B
Trade payables¥1.17B¥2.16B¥2.73B¥3.63B¥2.97B
Total liabilities¥199B¥242.1B¥278.2B¥280.9B¥291.1B
Non-controlling interests¥789M¥18M¥33M—¥498M
Equity attributable to owners of parent¥216B¥203.7B¥170.6B¥71.5B¥77.8B
Retained earnings¥175.5B¥166.6B¥156.3B¥90.5B¥100.9B
Treasury stock-¥5.66B-¥10.3B-¥33.8B-¥66.8B-¥71.9B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第37期(2025/01/01－2025/12/31)

    ID S100XUHN2026-03-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第36期(2024/01/01－2024/12/31)

    ID S100VHSE2025-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第35期(2023/01/01－2023/12/31)

    ID S100T5XZ2024-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第34期(2022/01/01－2022/12/31)

    ID S100QH042023-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第33期(令和3年1月1日－令和3年12月31日)

    ID S100NRUA2022-03-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第32期(令和2年1月1日－令和2年12月31日)

    ID S100L13Q2021-03-25Open

Extracted from XBRL: 53 / Derived from other figures: 1

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