Casio Computer Co (6952) Q4 2025 earnings summary

Executive summary

• FY March 2025 net sales declined 2.6% year-over-year to JPY 261.8 billion, with operating profit flat at JPY 14.2 billion and net profit down 32.3% to JPY 8.1 billion.

• Q4 net sales were JPY 66 billion, down 2.3%, but operating profit rose 25.9% to JPY 3 billion; net profit nearly doubled to JPY 3.8 billion.

• Structural reforms included exiting unprofitable businesses, optimizing personnel, and focusing on core segments.

• Timepieces segment saw growth outside China, with G-SHOCK metal models gaining share and strong D2C and India/ASEAN growth.

• Ransomware attack in Q3/FY25 disrupted operations, impacting procurement, production, and shipments until business normalized in Q4.

Financial highlights

• Operating profit margin for the year was 5.4%; Q4 margin was 4.6%.

• EPS for the year was JPY 35.22; Q4 EPS was JPY 16.67.

• ROE for the year was 3.6%; target for FY26 is 7–8%.

• Ordinary profit for the year fell 21.1% to JPY 14.1 billion.

• Equity ratio was 64–66%; net cash at year-end was JPY 98.8–140.4 billion.

Outlook and guidance

• FY March 2026 forecast: net sales JPY 270 billion (+3.1%), operating profit JPY 24 billion (+68.6%), net income JPY 16.5 billion (+104.6%), EPS JPY 72.35.

• Timepieces expected to grow to JPY 176 billion in sales, OPM 14.2%; EdTech to JPY 64 billion, OPM 12.5%.

• U.S. tariff policy impact not included in forecast due to uncertainty.

• Focus on returning core businesses to growth, creating new businesses, and strengthening management foundation.

• ROIC target ~6%; average dividend payout ratio just over 60% over next 3 years.