| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| Revenue / Net Sales | ¥33569.7B | ¥31958.3B | +5.0% |
| Operating Income | ¥3502.1B | ¥3301.6B | +6.1% |
| Profit Before Tax | ¥3666.3B | ¥3405.9B | +7.6% |
| Net Income | ¥2767.3B | ¥2609.5B | +6.0% |
| ROE | 7.2% | 7.8% | - |
FY2026 delivered Revenue of ¥3兆3,569B (YoY +¥1,611B +5.0%), Operating Income of ¥3,502B (YoY +¥201B +6.1%), Profit Before Tax of ¥3,666B (YoY +¥260B +7.6%), and Net Income of ¥2,767B (YoY +¥158B +6.0%), achieving steady top-line and bottom-line growth. Operating margin improved to 10.4% from 10.3% a year earlier (+0.1pt), driven by successful pricing and cost control. Net margin remained stable at 8.2% (prior year 8.2%), with non-operating items contributing modestly to cause Profit Before Tax growth to outpace Operating Income. Total assets expanded to ¥6兆537B (YoY +¥8,039B +15.3%), and net assets increased to ¥3兆8,444B (YoY +¥4,917B +14.7%), maintaining a high Equity Ratio of 63.4% and a robust financial position. ROE remained steady at 7.2%, with asset growth depressing turnover and offsetting profitability improvements. Full Year guidance assumes Revenue ¥3兆4,700B, Operating Income ¥3,650B, and Net Income ¥2,800B, implying continued conservative earnings growth. Dividend is announced at ¥75 per share annually (interim paid ¥70, guidance ¥37.5 may refer to interim only), with a Payout Ratio of 31.5%, indicating high sustainability.
[Revenue] Revenue was ¥3兆3,569B (YoY +5.0%), showing solid growth. Segment-level disclosure was not confirmed, but pricing rollout and volume/mix maintenance supported the top line. Gross margin is not disclosed, but the improvement in Operating Income margin suggests reductions in cost of goods sold ratio or restraint in SG&A. Total assets expanded at a pace well above Revenue growth (YoY +15.3%), with Total Asset Turnover declining to 0.56x from 0.61x, indicating scope to improve asset efficiency.
[Profitability] Operating Income was ¥3,502B (YoY +6.1%), with an Operating margin of 10.4% (prior year 10.3%, +0.1pt), delivering profit growth exceeding Revenue growth. SG&A detail is not disclosed, but the faster rise in Operating Income than Revenue suggests fixed-cost absorption and improved cost management. Profit Before Tax was ¥3,666B (+7.6%), with a Profit Before Tax margin of 10.9%, representing a +0.5pt gap versus Operating margin, implying non-operating items contributed approximately ¥164B positively. This is corroborated by an interest burden factor of 1.047 exceeding Operating Income, suggesting recorded financial income or valuation gains may have temporarily boosted profits. Net Income was ¥2,767B (+6.0%), with Net margin 8.2% (prior year 8.2%, flat). Effective tax rate is about 24.5%, a standard level. The divergence between Ordinary Income and Net Income is small given the absence of significant extraordinary items; the tax burden factor 0.755 is the main determinant. In conclusion, the company achieved top- and bottom-line growth with margin improvement, but increasing reliance on non-operating factors is a monitoring point.
[Profitability] Operating margin improved to 10.4% (prior year 10.3%, +0.1pt), supported by pricing penetration and cost management. Net margin remained at 8.2% (prior year 8.2%), maintaining a tax burden factor of 0.755 at a standard level. ROE is 7.2%, broadly unchanged from the prior year, decomposed as Net margin 8.2% × Total Asset Turnover 0.56 × Financial Leverage 1.57; asset growth suppressed turnover and constrained ROE improvement. [Cash Quality] Total assets expanded to ¥6兆537B (YoY +15.3%), with Total Asset Turnover falling to 0.56x (prior 0.61x). Improving working capital management is the next priority. [Investment Efficiency] While Operating Income rose +6.1%—outpacing top-line—limited improvement in asset turnover means raising ROIC will require enhancing asset efficiency. [Financial Soundness] Equity Ratio is 63.4% (prior 63.8%), net assets rose to ¥3兆8,444B (YoY +14.7%), indicating a strong balance sheet. Estimated liabilities are about ¥2兆2,093B, maintaining a conservative capital structure.
Cash flow statement disclosure was not confirmed; funding dynamics are analyzed from balance sheet movements. Net Income ¥2,767B coincided with a net assets increase of ¥4,917B, implying retained earnings and other comprehensive income accumulation as primary drivers. Dividends paid totaled ¥783B (¥70 per share) during the period, yielding a Payout Ratio of 31.5%, a conservative level. Total assets increased by ¥8,039B, seemingly absorbed by growth investments and working capital buildup. Given asset growth materially outpaced profit growth, optimizing the cash conversion cycle through improved inventory and receivables turnover is important. With an Equity Ratio of 63.4%, the firm has a solid funding base, enabling coexistence of growth investments and dividend payments from internal funds. The interest burden factor of 1.047 showing positive contribution suggests financial income or valuation gains may have temporarily boosted cash flow, and the sustainability of this effect should be monitored.
Operating Income ¥3,502B versus Profit Before Tax ¥3,666B implies non-operating items contributed about ¥164B positively. The interest burden factor of 1.047 exceeding Operating Income suggests financial income or securities valuation gains may have temporarily elevated profits. Ordinary Income is undisclosed so the precise composition of non-operating items is unknown, but the non-operating income ratio corresponds to roughly 0.5% of Revenue, limited in scale. The gap between Profit Before Tax and Net Income is explained by a tax burden factor of 0.755, with no apparent extraordinary items. Absence of Operating Cash Flow data limits accrual assessment, but asset growth suggests working capital may have increased; monitoring cash conversion of profits is necessary. Given improvements in Operating margin and cost management, recurring earning power appears solid, but if non-operating contributions prove transient, maintaining margins in subsequent periods will require attention.
Full Year guidance assumes Revenue ¥3兆4,700B (vs. current period +3.4%), Operating Income ¥3,650B (vs. current period +4.2%), and Net Income ¥2,800B (vs. current period +1.2%), implying conservative continued growth. Against the current Operating margin of 10.4%, the full year guidance implies 10.5% (¥3,650B ÷ ¥3兆4,700B), a +0.1pt improvement predicated on sustained pricing and deeper cost controls. Net Income growth lagging Operating Income growth (+1.2% vs. +4.2%) suggests assumptions about variability in non-operating items or tax burden. While non-operating items contributed positively in the current period, guidance appears conservative assuming a reduction in this effect. Progress rates are Revenue 96.8%, Operating Income 95.9%, and Net Income 98.8%, indicating the company is near full-year guidance with limited upside runway. The guidance lists a dividend of ¥37.5, but interim payments of ¥70 (interim ¥35 + year-end ¥35) have already been made, so the ¥37.5 likely refers only to interim. Actual annual dividends are expected to be ¥70 or higher, and on a full-year Net Income guidance base of ¥2,800B, the Payout Ratio would be around 30%, a sustainable level.
Interim dividends totalled ¥70 per share (interim ¥35 + year-end ¥35), with a Payout Ratio of 31.5% (dividends ¥783B ÷ Net Income ¥2,767B), a conservative level. Full-year dividend guidance lists ¥37.5, but ¥70 has already been paid during the period, so the ¥37.5 likely denotes interim only. Realistic annual dividends are expected to be at least ¥70, and on the FY Net Income guidance of ¥2,800B the Payout Ratio would remain around 30%. With an Equity Ratio of 63.4% and a strong balance sheet, dividend sustainability is high. No share buyback information was confirmed; shareholder return is dividend-focused. Substantial retained earnings capacity allows coexistence of growth investment and dividends.
Risk of persistently low asset efficiency: Total assets expanded significantly YoY (+15.3%), while Total Asset Turnover declined to 0.56x (prior 0.61x), constraining ROE improvement. Buildup of working capital or inventory could be occurring; optimizing inventory and receivables turnover to improve the cash conversion cycle is a key challenge. If asset growth is not matched by revenue generation, ROE may remain stuck in the 7% range.
Volatility of non-operating items: Non-operating items contributed approximately ¥164B positively, with an interest burden factor of 1.047 exceeding Operating Income. Financial income or securities valuation gains may have temporarily boosted profits; if this effect diminishes next period, margins could fall. Full year guidance shows Net Income growth lagging Operating Income growth (+1.2% vs. +4.2%), which may already price in reduced non-operating contributions. Sustainable profit growth requires continued improvement in Operating margin.
Tug-of-war between price adjustments and cost increases: Operating margin improved by 0.1pt to 10.4%, but ongoing volatility in raw material, logistics, and labor costs means continued balancing between price realization and cost control. SG&A restraint has supported margins, but escalation of growth investments or headcount could raise fixed-cost ratios and compress margins. Guidance anticipates Operating margin of 10.5% (+0.1pt), but cost inflation requires ongoing monitoring.
Profitability & Returns
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| Return on Equity | -29.2% | 6.3% (3.2%–9.9%) | -35.5pt |
| Operating Margin | 10.4% | 7.8% (4.6%–12.3%) | +2.7pt |
| Net Margin | 8.2% | 5.2% (2.3%–8.2%) | +3.1pt |
Profitability ranks above median within the industry, with Operating and Net margins exceeding median. The ROE Delta is provided for reference; actual ROE of 7.2% exceeds the median 6.3% but falls short of the upper quartile 9.9%.
Growth & Capital Efficiency
| 指標 | 自社 | 中央値 (IQR) | Delta |
|---|---|---|---|
| Revenue Growth (YoY) | 5.0% | 3.7% (-0.4%–9.3%) | +1.3pt |
Revenue growth outpaces the median, maintaining a solid pace within the industry.
※Source: Company aggregation
Gap between margin improvement and asset efficiency: Operating margin improved to 10.4% (+0.1pt) reflecting pricing and cost measures. However, Total Asset Turnover declined to 0.56x (prior 0.61x), and asset growth offset margin gains leaving ROE at 7.2%. Versus peers, Operating and Net margins are above median, but ROE, while above median 6.3%, does not reach the upper quartile 9.9%; improving asset efficiency is key to further valuation uplift. Optimizing inventory and working capital to raise Total Asset Turnover and selective investments to boost EBIT margin are the primary levers to enhance ROE.
Contribution of non-operating items and earnings sustainability: Profit Before Tax growth (+7.6%) exceeded Operating Income growth (+6.1%), with non-operating items contributing about ¥164B. The interest burden factor of 1.047 exceeds Operating Income, suggesting financial income or valuation gains may have temporarily raised profits. Full year guidance assumes Operating Income growth +4.2% while Net Income growth is +1.2%, implying reduced non-operating contribution. Sustained earnings growth depends on continued Operating margin improvement and confirmation of Operating Cash Flow to assess cash conversion of profits.
Conservative dividend policy and financial stability: A Payout Ratio of 31.5% is conservative; Equity Ratio 63.4% and Net Assets ¥3兆8,444B underpin strong financial stability. Retained earnings capacity is ample to support both growth investment and dividends. Full year dividend guidance lists ¥37.5 although ¥70 has already been paid, suggesting actual annual payout will be ¥70 or higher. Given earnings growth and a strong balance sheet, downside risk of dividend cut is low and sustainability is high. There is scope to enhance Total Return Ratio through gradual increases in payout or introduction of share buybacks.
This report is an AI-generated financial analysis document produced by analyzing XBRL financial statement data. It does not constitute a recommendation to invest in any specific security. Industry benchmark data are compiled by the firm based on publicly disclosed financial statements and are provided for reference. Investment decisions are your responsibility; consult professional advisors as needed.