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Tsumura &TSUMURA & CO.4540東証プライム医薬品FY ending Mar 2026, consolidated, J-GAAP

Tsumura & revenue and profit

Out of every ¥100 of sales, about ¥18 is left as operating profit. Revenue changed +6.4% from the prior year, operating profit -12.2%.

Five-year trend

Revenue¥192.6B
FY ending Mar 2022: ¥129.5B¥129.5BFY ending Mar 2023: ¥140B¥140BFY ending Mar 2024: ¥150.8B¥150.8BFY ending Mar 2025: ¥181.1B¥181.1BFY ending Mar 2026: ¥192.6B¥192.6BFY22FY23FY24FY25FY26
Operating income¥35.2B
FY ending Mar 2022: ¥22.4B¥22.4BFY ending Mar 2023: ¥20.9B¥20.9BFY ending Mar 2024: ¥20B¥20BFY ending Mar 2025: ¥40.1B¥40.1BFY ending Mar 2026: ¥35.2B¥35.2BFY22FY23FY24FY25FY26
Operating margin18.3%
FY ending Mar 2022: 17.3%17.3%FY ending Mar 2023: 14.9%14.9%FY ending Mar 2024: 13.3%13.3%FY ending Mar 2025: 22.2%22.2%FY ending Mar 2026: 18.3%18.3%FY22FY23FY24FY25FY26

What drives ROE

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

Net margin14.6%
Asset turnover0.36×
ROA5.3%
ROA5.3%
Financial leverage1.91×
ROE10.2%

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

Net margin14.6%
2022: 14.5%14.5%2023: 11.8%11.8%2024: 11.1%11.1%2025: 17.9%17.9%2026: 14.6%14.6%2223242526
Asset turnover0.36×
2022: 0.37×0.37×2023: 0.37×0.37×2024: 0.37×0.37×2025: 0.41×0.41×2026: 0.36×0.36×2223242526
ROA5.3%
2022: 5.4%5.4%2023: 4.4%4.4%2024: 4.0%4.0%2025: 7.3%7.3%2026: 5.3%5.3%2223242526
Financial leverage1.91×
2022: 1.55×1.55×2023: 1.61×1.61×2024: 1.70×1.70×2025: 1.73×1.73×2026: 1.91×1.91×2223242526
ROE10.2%
2022: 8.3%8.3%2023: 7.1%7.1%2024: 6.9%6.9%2025: 12.5%12.5%2026: 10.2%10.2%2223242526
PeriodNet marginAsset turnoverROAFinancial leverageROE
202214.5%0.37×5.4%1.55×8.3%
202311.8%0.37×4.4%1.61×7.1%
202411.1%0.37×4.0%1.70×6.9%
202517.9%0.41×7.3%1.73×12.5%
202614.6%0.36×5.3%1.91×10.2%

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 ÷ revenue86.7%
2021: 72.3%72.3%2022: 69.5%69.5%2023: 66.7%66.7%2024: 69.0%69.0%2025: 70.8%70.8%2026: 86.7%86.7%212223242526
PPE ÷ total assets28.2%
2021: 26.4%26.4%2022: 25.7%25.7%2023: 23.5%23.5%2024: 24.3%24.3%2025: 27.6%27.6%2026: 28.2%28.2%212223242526
Goodwill ÷ parent equity6.3%
2021: 3.7%3.7%2022: 3.8%3.8%2023: 3.6%3.6%2024: 3.4%3.4%2025: 3.2%3.2%2026: 6.3%6.3%212223242526
Goodwill balance¥17.7B
2021: ¥7.88B¥7.88B2022: ¥8.51B¥8.51B2023: ¥8.48B¥8.48B2024: ¥8.35B¥8.35B2025: ¥8.51B¥8.51B2026: ¥17.7B¥17.7B212223242526

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¥8.48B
2021: ¥6.63B¥6.63B2022: ¥7.31B¥7.31B2023: ¥7.59B¥7.59B2024: ¥8.29B¥8.29B2025: ¥8.36B¥8.36B2026: ¥8.48B¥8.48B212223242526
R&D / revenue4.4%
2021: 5.7%5.7%2022: 5.6%5.6%2023: 5.4%5.4%2024: 5.5%5.5%2025: 4.6%4.6%2026: 4.4%4.4%212223242526
Receivable days137d
2021: 152d152d2022: 155d155d2023: 151d151d2024: 162d162d2025: 137d137d2026: 137d137d212223242526
Payable days114d
2021: 56d56d2022: 79d79d2023: 84d84d2024: 88d88d2025: 98d98d2026: 114d114d212223242526

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
Revenue129,546140,043150,845181,093192,615
Cost of revenue63,08171,76282,02890,509101,098
Gross profit66,46568,28168,81690,58391,516
SG&A44,08847,36548,79950,45856,296
Operating income22,37620,91620,01740,12535,219
Pretax income25,56323,01823,73645,55941,036
Income tax6,1675,6325,68911,03510,793
Net income attributable to owners18,83616,48216,70732,42828,117
Operating margin17.3%14.9%13.3%22.2%18.3%

Balance sheet (reported items)

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

Assets

Cash 13%
Receivables 12%
Property, plant and equipment 28%
Intangibles and goodwill 12%
1%
Other assets 34%

Funding

5%
Interest-bearing debt 21%
Other liabilities 11%
Equity 63%
0%

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¥67.5B¥94.7B¥78B¥73.1B¥78.3B
Total assets¥351B¥396.8B¥428.3B¥464.4B¥592.8B
Net assets¥258.1B¥272.2B¥295.4B¥330.1B¥371.6B
Share capital¥30.1B¥30.1B¥30.1B¥30.1B¥30.1B
Trade receivables¥54.9B¥58.1B¥67.1B¥68B¥72.3B
Property, plant and equipment¥90B¥93.4B¥104.1B¥128.2B¥166.9B
Intangible assets excluding goodwill¥12.3B¥14.6B¥17.3B¥18.2B¥50.4B
Goodwill¥8.51B¥8.48B¥8.35B¥8.51B¥17.7B
Investment securities¥10.2B¥11.2B¥15.2B¥10.3B¥7.48B
Current assets¥229.4B¥268.3B¥281.3B¥295.7B¥349.2B
Current liabilities¥45.9B¥47.2B¥68.6B¥61.9B¥83.3B
Trade payables¥13.7B¥16.4B¥19.8B¥24.3B¥31.5B
Short-term borrowings¥10.3B¥10.3B¥10.3B¥5.29B¥3.33B
Long-term borrowings¥9.38B¥9.38B¥9.38B¥20.1B¥77.5B
Bonds¥30B¥60B¥45B¥45B¥45B
Interest-bearing debt¥49.7Bderived¥79.7Bderived¥64.7Bderived¥70.3Bderived¥125.8Bderived
Total liabilities¥92.9B¥124.6B¥132.9B¥134.3B¥221.2B
Non-controlling interests¥18.3B¥20.2B¥24.6B¥29.6B¥49.9B
Equity attributable to owners of parent¥226.1B¥237B¥247.3B¥269.9B¥282.5B
Retained earnings¥182.9B¥194.2B¥205.8B¥229.2B¥247B
Treasury stock-¥682M-¥1.07B-¥2.38B-¥3.24B-¥8.12B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第90期(2025/04/01－2026/03/31)

    ID S100YFC12026-06-23Open

  • EDINET (FSA Japan)

    有価証券報告書－第89期(2024/04/01－2025/03/31)

    ID S100VZNA2025-06-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第88期(2023/04/01－2024/03/31)

    ID S100TQX72024-06-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第87期(2022/04/01－2023/03/31)

    ID S100R6RG2023-06-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第86期(令和3年4月1日－令和4年3月31日)

    ID S100OG6Z2022-06-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第85期(令和2年4月1日－令和3年3月31日)

    ID S100LRTY2021-06-29Open

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

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