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World HoldingsWORLD HOLDINGS CO.,LTD.2429東証プライムサービス業FY ending Dec 2025, consolidated, J-GAAP

World Holdings revenue and profit

Out of every ¥100 of sales, about ¥4 is left as operating profit. Revenue changed +17.4% from the prior year, operating profit +25.9%.

Five-year trend

Revenue¥284.4B
FY ending Dec 2021: ¥154.7B¥154.7BFY ending Dec 2022: ¥183.6B¥183.6BFY ending Dec 2023: ¥213.7B¥213.7BFY ending Dec 2024: ¥242.2B¥242.2BFY ending Dec 2025: ¥284.4B¥284.4BFY21FY22FY23FY24FY25
Operating income¥10.8B
FY ending Dec 2021: ¥7.48B¥7.48BFY ending Dec 2022: ¥8.93B¥8.93BFY ending Dec 2023: ¥10.4B¥10.4BFY ending Dec 2024: ¥8.59B¥8.59BFY ending Dec 2025: ¥10.8B¥10.8BFY21FY22FY23FY24FY25
Operating margin3.8%
FY ending Dec 2021: 4.8%4.8%FY ending Dec 2022: 4.9%4.9%FY ending Dec 2023: 4.8%4.8%FY ending Dec 2024: 3.5%3.5%FY ending Dec 2025: 3.8%3.8%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin2.3%
Asset turnover1.58×
ROA3.7%
ROA3.7%
Financial leverage3.83×
ROE14.1%

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

Net margin2.3%
2021: 3.0%3.0%2022: 2.9%2.9%2023: 2.9%2.9%2024: 2.1%2.1%2025: 2.3%2.3%2122232425
Asset turnover1.58×
2021: 1.59×1.59×2022: 1.66×1.66×2023: 1.51×1.51×2024: 1.45×1.45×2025: 1.58×1.58×2122232425
ROA3.7%
2021: 4.8%4.8%2022: 4.8%4.8%2023: 4.4%4.4%2024: 3.0%3.0%2025: 3.7%3.7%2122232425
Financial leverage3.83×
2021: 3.09×3.09×2022: 3.29×3.29×2023: 3.73×3.73×2024: 3.94×3.94×2025: 3.83×3.83×2122232425
ROE14.1%
2021: 14.7%14.7%2022: 15.9%15.9%2023: 16.4%16.4%2024: 11.8%11.8%2025: 14.1%14.1%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20213.0%1.59×4.8%3.09×14.7%
20222.9%1.66×4.8%3.29×15.9%
20232.9%1.51×4.4%3.73×16.4%
20242.1%1.45×3.0%3.94×11.8%
20252.3%1.58×3.7%3.83×14.1%

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 ÷ revenue8.5%
2020: 3.7%3.7%2021: 3.5%3.5%2022: 3.3%3.3%2023: 4.5%4.5%2024: 4.5%4.5%2025: 8.5%8.5%202122232425
PPE ÷ total assets13.0%
2020: 6.7%6.7%2021: 5.6%5.6%2022: 4.9%4.9%2023: 6.1%6.1%2024: 6.3%6.3%2025: 13.0%13.0%202122232425
Goodwill ÷ parent equity14.2%
2020: 0.4%0.4%2021: 1.9%1.9%2022: 11.4%11.4%2023: 22.9%22.9%2024: 18.3%18.3%2025: 14.2%14.2%202122232425
Goodwill balance¥7.04B
2020: ¥104M¥104M2021: ¥592M¥592M2022: ¥4.06B¥4.06B2023: ¥9.21B¥9.21B2024: ¥8.13B¥8.13B2025: ¥7.04B¥7.04B202122232425

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.

Receivable days38d
2020: 33d33d2021: 37d37d2022: 37d37d2023: 43d43d2024: 40d40d2025: 38d38d202122232425
Payable days3d
2020: 3d3d2021: 4d4d2022: 3d3d2023: 2d2d2024: 3d3d2025: 3d3d202122232425

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
Revenue154,704183,640213,742242,226284,350
Cost of revenue128,073151,953176,122203,438238,963
Gross profit26,63131,68737,61938,78745,386
SG&A19,14922,75827,25430,19434,566
Operating income7,4818,92910,3658,59310,820
Pretax income7,5118,45510,1208,95610,929
Income tax2,7322,9513,7703,7103,750
Net income attributable to owners4,6265,3416,2044,9816,620
Operating margin4.8%4.9%4.8%3.5%3.8%

Balance sheet (reported items)

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

Assets

Cash 21%
Receivables 16%
Property, plant and equipment 13%
8%
3%
Other assets 39%

Funding

1%
Other liabilities 70%
Equity 29%
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¥30.7B¥35.1B¥40.8B¥42.5B¥38.9B
Total assets¥97.3B¥123.6B¥159.2B¥174.4B¥185.7B
Net assets¥33.2B¥37.2B¥42.9B¥47.5B¥53.3B
Share capital¥1.25B¥1.31B¥1.35B¥1.92B¥1.93B
Trade receivables¥15.7B¥18.8B¥25.1B¥26.6B¥30B
Property, plant and equipment¥5.47B¥6.03B¥9.71B¥10.9B¥24.2B
Intangible assets excluding goodwill¥776M¥4.25B¥9.48B¥8.38B¥7.37B
Goodwill¥592M¥4.06B¥9.21B¥8.13B¥7.04B
Investment securities¥1.43B¥1.23B¥1.58B¥1.44B¥4.76B
Current assets¥86.1B¥108.3B¥133.9B¥148.6B¥143.5B
Current liabilities¥47.2B¥55.5B¥76.8B¥85.2B¥82.6B
Trade payables¥1.26B¥1.23B¥1.19B¥1.47B¥1.64B
Short-term borrowings¥25.4B¥30.8B¥45.9B¥51B¥47.6B
Long-term borrowings¥13.8B¥25.1B¥32.9B¥34.9B¥40.2B
Total liabilities¥64B¥86.4B¥116.3B¥126.9B¥132.3B
Non-controlling interests¥1.63B¥1.71B¥2.61B¥2.78B¥3.58B
Equity attributable to owners of parent¥31.5B¥35.6B¥40.2B¥44.5B¥49.4B
Retained earnings¥28.9B¥32.9B¥37.5B¥40.6B¥45.5B
Treasury stock-¥119M-¥119M-¥119M-¥119M-¥119M

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第33期(2025/01/01－2025/12/31)

    ID S100XRUO2026-03-18Open

  • EDINET (FSA Japan)

    有価証券報告書－第32期(2024/01/01－2024/12/31)

    ID S100VIX22025-03-31Open

  • EDINET (FSA Japan)

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

    ID S100T45U2024-03-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第30期(2022/01/01－2022/12/31)

    ID S100QGCW2023-03-27Open

  • EDINET (FSA Japan)

    有価証券報告書－第29期(令和3年1月1日－令和3年12月31日)

    ID S100NOPI2022-03-22Open

  • EDINET (FSA Japan)

    有価証券報告書－第28期(令和2年1月1日－令和2年12月31日)

    ID S100KZT52021-03-22Open

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