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U-Next HoldingsU-NEXT HOLDINGS9418東証プライム情報・通信業FY ending Aug 2025, consolidated, J-GAAP

U-Next Holdings revenue and profit

Out of every ¥100 of sales, about ¥8 is left as operating profit. Revenue changed +19.5% from the prior year, operating profit +8.5%.

Five-year trend

Revenue¥390.4B
FY ending Aug 2021: ¥208.4B¥208.4BFY ending Aug 2022: ¥237.9B¥237.9BFY ending Aug 2023: ¥276.3B¥276.3BFY ending Aug 2024: ¥326.8B¥326.8BFY ending Aug 2025: ¥390.4B¥390.4BFY21FY22FY23FY24FY25
Operating income¥31.6B
FY ending Aug 2021: ¥15.6B¥15.6BFY ending Aug 2022: ¥17.3B¥17.3BFY ending Aug 2023: ¥21.6B¥21.6BFY ending Aug 2024: ¥29.1B¥29.1BFY ending Aug 2025: ¥31.6B¥31.6BFY21FY22FY23FY24FY25
Operating margin8.1%
FY ending Aug 2021: 7.5%7.5%FY ending Aug 2022: 7.3%7.3%FY ending Aug 2023: 7.8%7.8%FY ending Aug 2024: 8.9%8.9%FY ending Aug 2025: 8.1%8.1%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin4.7%
Asset turnover1.60×
ROA7.5%
ROA7.5%
Financial leverage2.73×
ROE20.5%

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

Net margin4.7%
2021: 3.9%3.9%2022: 3.7%3.7%2023: 4.0%4.0%2024: 4.7%4.7%2025: 4.7%4.7%2122232425
Asset turnover1.60×
2021: 1.47×1.47×2022: 1.62×1.62×2023: 1.56×1.56×2024: 1.52×1.52×2025: 1.60×1.60×2122232425
ROA7.5%
2021: 5.7%5.7%2022: 5.9%5.9%2023: 6.2%6.2%2024: 7.2%7.2%2025: 7.5%7.5%2122232425
Financial leverage2.73×
2021: 4.27×4.27×2022: 4.03×4.03×2023: 3.27×3.27×2024: 2.87×2.87×2025: 2.73×2.73×2122232425
ROE20.5%
2021: 24.3%24.3%2022: 23.8%23.8%2023: 20.3%20.3%2024: 20.5%20.5%2025: 20.5%20.5%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20213.9%1.47×5.7%4.27×24.3%
20223.7%1.62×5.9%4.03×23.8%
20234.0%1.56×6.2%3.27×20.3%
20244.7%1.52×7.2%2.87×20.5%
20254.7%1.60×7.5%2.73×20.5%

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 ÷ revenue6.2%
2020: 10.9%10.9%2021: 9.2%9.2%2022: 8.0%8.0%2023: 6.7%6.7%2024: 6.4%6.4%2025: 6.2%6.2%202122232425
PPE ÷ total assets9.4%
2020: 15.3%15.3%2021: 13.6%13.6%2022: 12.5%12.5%2023: 9.2%9.2%2024: 9.2%9.2%2025: 9.4%9.4%202122232425
Goodwill ÷ parent equity41.1%
2020: 198.5%198.5%2021: 143.1%143.1%2022: 110.9%110.9%2023: 62.6%62.6%2024: 48.3%48.3%2025: 41.1%41.1%202122232425
Goodwill balance¥40B
2020: ¥50.6B¥50.6B2021: ¥47.3B¥47.3B2022: ¥44.3B¥44.3B2023: ¥42.6B¥42.6B2024: ¥39.5B¥39.5B2025: ¥40B¥40B202122232425

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.

Cash conversion cycle12d
2020: 0d0d2021: 5d5d2022: 6d6d2023: 12d12d2024: 12d12d2025: 12d12d202122232425
Receivable days46d
2020: 38d38d2021: 38d38d2022: 40d40d2023: 42d42d2024: 46d46d2025: 46d46d202122232425
Inventory days17d
2020: 20d20d2021: 20d20d2022: 19d19d2023: 20d20d2024: 20d20d2025: 17d17d202122232425
Payable days51d
2020: 57d57d2021: 52d52d2022: 52d52d2023: 50d50d2024: 54d54d2025: 51d51d202122232425

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 Aug 2021FY ending Aug 2022FY ending Aug 2023FY ending Aug 2024FY ending Aug 2025
Revenue208,351237,927276,344326,754390,408
Cost of revenue126,771153,426179,864209,598261,583
Gross profit81,57984,50096,480117,155128,825
SG&A65,97167,17874,91488,04497,253
Operating income15,60817,32121,56529,11031,571
Pretax income14,12114,93419,28427,35630,101
Income tax6,0846,2477,31811,08810,734
Net income attributable to owners8,0448,68710,95915,35718,395
Operating margin7.5%7.3%7.8%8.9%8.1%

Balance sheet (reported items)

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

Assets

Cash 22%
Receivables 19%
5%
Property, plant and equipment 9%
Intangibles and goodwill 36%
0%
Other assets 9%

Funding

Trade payables 14%
Other liabilities 44%
Equity 42%

Each bar totals 100% of assets; other is the residual.

ItemFY ending Aug 2021FY ending Aug 2022FY ending Aug 2023FY ending Aug 2024FY ending Aug 2025
Cash and equivalents¥21.6B¥26.4B¥52.1B¥52.7B¥56.9B
Total assets¥141.3B¥153B¥200.5B¥229B¥259.8B
Net assets¥33.3B¥40.3B¥77.7B¥92B¥108.7B
Share capital¥96M¥96M¥97M¥99M¥99M
Trade receivables¥21.5B¥26B¥32B¥41.2B¥48.9B
Inventories¥6.87B¥7.81B¥9.71B¥11.3B¥12.2B
Property, plant and equipment¥19.2B¥19.1B¥18.4B¥21.1B¥24.4B
Intangible assets excluding goodwill¥52.4B¥49.8B¥48.7B¥47.2B¥53.2B
Goodwill¥47.3B¥44.3B¥42.6B¥39.5B¥40B
Investment securities¥933M¥1.16B¥1.31B¥1.13B¥1.51B
Current assets¥60.7B¥75.4B¥121.2B¥150.2B¥172.4B
Current liabilities¥40.8B¥51.8B¥55.5B¥71.5B¥79.8B
Trade payables¥18.2B¥22B¥24.5B¥31B¥36.6B
Long-term borrowings¥59.4B¥54B¥51B¥49.8B¥55.7B
Bonds——¥10B¥10B¥10B
Total liabilities¥108B¥112.7B¥122.8B¥136.9B¥151.1B
Non-controlling interests¥3M¥2M¥9.26B¥10.2B¥11.1B
Equity attributable to owners of parent¥33.1B¥40B¥68B¥81.7B¥97.4B
Retained earnings¥21.9B¥28.8B¥38.1B¥51.8B¥67.5B
Treasury stock¥0¥0¥0¥0¥0

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第18期(2024/09/01－2025/08/31)

    ID S100X6EF2025-11-26Open

  • EDINET (FSA Japan)

    有価証券報告書－第17期(2023/09/01－2024/08/31)

    ID S100UV9Z2024-11-29Open

  • EDINET (FSA Japan)

    有価証券報告書－第16期(2022/09/01－2023/08/31)

    ID S100SDMN2023-11-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第15期(令和3年9月1日－令和4年8月31日)

    ID S100PPPX2022-11-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第14期(令和2年9月1日－令和3年8月31日)

    ID S100MYO72021-11-30Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第13期(令和1年9月1日－令和2年8月31日)

    ID S100KCOP2020-12-15Open

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