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Yamazaki BakingYAMAZAKI BAKING CO., LTD.2212東証プライム食料品FY ending Dec 2025, consolidated, J-GAAP

Yamazaki Baking revenue and profit

Out of every ¥100 of sales, about ¥5 is left as operating profit. Revenue changed +5.4% from the prior year, operating profit +17.9%.

Five-year trend

Revenue¥1.31T
FY ending Dec 2021: ¥1.05T¥1.05TFY ending Dec 2022: ¥1.08T¥1.08TFY ending Dec 2023: ¥1.18T¥1.18TFY ending Dec 2024: ¥1.24T¥1.24TFY ending Dec 2025: ¥1.31T¥1.31TFY21FY22FY23FY24FY25
Operating income¥61.1B
FY ending Dec 2021: ¥18.4B¥18.4BFY ending Dec 2022: ¥22B¥22BFY ending Dec 2023: ¥42B¥42BFY ending Dec 2024: ¥51.9B¥51.9BFY ending Dec 2025: ¥61.1B¥61.1BFY21FY22FY23FY24FY25
Operating margin4.7%
FY ending Dec 2021: 1.7%1.7%FY ending Dec 2022: 2.0%2.0%FY ending Dec 2023: 3.6%3.6%FY ending Dec 2024: 4.2%4.2%FY ending Dec 2025: 4.7%4.7%FY21FY22FY23FY24FY25

What drives ROE

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

Net margin3.1%
Asset turnover1.46×
ROA4.6%
ROA4.6%
Financial leverage2.51×
ROE11.4%

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

Net margin3.1%
2021: 1.0%1.0%2022: 1.1%1.1%2023: 2.6%2.6%2024: 2.9%2.9%2025: 3.1%3.1%2122232425
Asset turnover1.46×
2021: 1.39×1.39×2022: 1.42×1.42×2023: 1.51×1.51×2024: 1.49×1.49×2025: 1.46×1.46×2122232425
ROA4.6%
2021: 1.4%1.4%2022: 1.6%1.6%2023: 3.9%3.9%2024: 4.3%4.3%2025: 4.6%4.6%2122232425
Financial leverage2.51×
2021: 2.40×2.40×2022: 2.40×2.40×2023: 2.38×2.38×2024: 2.45×2.45×2025: 2.51×2.51×2122232425
ROE11.4%
2021: 3.3%3.3%2022: 3.9%3.9%2023: 9.2%9.2%2024: 10.6%10.6%2025: 11.4%11.4%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
20211.0%1.39×1.4%2.40×3.3%
20221.1%1.42×1.6%2.40×3.9%
20232.6%1.51×3.9%2.38×9.2%
20242.9%1.49×4.3%2.45×10.6%
20253.1%1.46×4.6%2.51×11.4%

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 ÷ revenue28.3%
2020: 31.1%31.1%2021: 31.2%31.2%2022: 30.9%30.9%2023: 29.6%29.6%2024: 28.8%28.8%2025: 28.3%28.3%202122232425
PPE ÷ total assets39.9%
2020: 44.2%44.2%2021: 43.4%43.4%2022: 43.8%43.8%2023: 43.3%43.3%2024: 41.5%41.5%2025: 39.9%39.9%202122232425
Goodwill ÷ parent equity1.5%
2020: 3.8%3.8%2021: 3.4%3.4%2022: 3.3%3.3%2023: 2.7%2.7%2024: 2.1%2.1%2025: 1.5%1.5%202122232425
Goodwill balance¥5.72B
2020: ¥12B¥12B2021: ¥10.8B¥10.8B2022: ¥10.5B¥10.5B2023: ¥9.05B¥9.05B2024: ¥7.17B¥7.17B2025: ¥5.72B¥5.72B202122232425

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¥9.45B
2020: ¥7.98B¥7.98B2021: ¥8.26B¥8.26B2022: ¥8.48B¥8.48B2023: ¥8.84B¥8.84B2024: ¥9.31B¥9.31B2025: ¥9.45B¥9.45B202122232425
R&D / revenue0.7%
2020: 0.8%0.8%2021: 0.8%0.8%2022: 0.8%0.8%2023: 0.8%0.8%2024: 0.7%0.7%2025: 0.7%0.7%202122232425
Receivable days—
2020: 41d41d2021: 40d40d202122232425
Payable days39d
2020: 42d42d2021: 41d41d2022: 42d42d2023: 41d41d2024: 40d40d2025: 39d39d202122232425

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
Revenue1,052,9721,077,0091,175,5621,244,4881,311,430
Cost of revenue685,116733,401796,516839,233883,025
Gross profit367,855343,607379,046405,255428,404
SG&A349,496321,574337,084353,381367,263
Operating income18,35922,03241,96251,87361,141
Pretax income19,95523,21845,82155,63661,569
Income tax7,4758,72814,19017,50218,111
Net income attributable to owners10,37812,36830,16836,01540,893
Operating margin1.7%2.0%3.6%4.2%4.7%

Balance sheet (reported items)

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

Assets

Cash 17%
Property, plant and equipment 40%
2%
Investment securities 9%
Other assets 32%

Funding

Trade payables 10%
Other liabilities 35%
Equity 55%

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¥133.5B¥119.6B¥129.6B¥145.9B¥155.4B
Total assets¥757.4B¥758B¥802B¥865.1B¥931.9B
Net assets¥382.2B¥407.9B¥446.1B¥460.5B¥510.8B
Share capital¥11B¥11B¥11B¥11B¥11B
Trade receivables¥114.6B————
Property, plant and equipment¥328.5B¥332.4B¥347.6B¥358.6B¥371.6B
Intangible assets excluding goodwill¥22.3B¥23.4B¥21.4B¥19.2B¥18.1B
Goodwill¥10.8B¥10.5B¥9.05B¥7.17B¥5.72B
Investment securities¥65.2B¥65.9B¥80.6B¥76.7B¥85.9B
Current assets¥290B¥291.3B¥314.8B¥341.4B¥365.5B
Current liabilities¥235.3B¥237.3B¥257.9B¥270B¥274.2B
Trade payables¥76.4B¥83.5B¥89.2B¥91.4B¥94.4B
Short-term borrowings¥60.9B¥55.8B¥55.6B¥60.3B¥56.1B
Long-term borrowings¥29.2B¥22.8B¥16.7B¥32.4B¥39.3B
Total liabilities¥375.1B¥350.1B¥355.9B¥404.6B¥421.1B
Non-controlling interests¥39.6B¥44.2B¥46B¥48.3B¥50.9B
Equity attributable to owners of parent¥315.9B¥316.6B¥337.9B¥343.4B¥371.8B
Retained earnings¥310.1B¥317.8B¥343.4B¥374.6B¥406.6B
Treasury stock-¥14.8B-¥21.9B-¥26.2B-¥51.9B-¥55.5B

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第78期(2025/01/01－2025/12/31)

    ID S100XQ5C2026-03-24Open

  • EDINET (FSA Japan)

    有価証券報告書－第77期(2024/01/01－2024/12/31)

    ID S100VGD62025-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第76期(2023/01/01－2023/12/31)

    ID S100T3GA2024-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第75期(2022/01/01－2022/12/31)

    ID S100QFX12023-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第74期(令和3年1月1日－令和3年12月31日)

    ID S100NQEM2022-03-30Open

  • EDINET (FSA Japan)

    有価証券報告書－第73期(令和2年1月1日－令和2年12月31日)

    ID S100L0QZ2021-03-30Open

Extracted from XBRL: 54 / Derived from other figures: 1

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