MonotaRO (3064) Q4 2025 earnings summary

Executive summary

• Consolidated net sales for FY2025 reached ¥333.88 billion, up 15.9% year-over-year, with operating income at ¥46.192 billion, up 24.6%, and net income attributable to owners at ¥32.434 billion, up 23.1%.

• Customer acquisition, product expansion, and robust Enterprise and overseas business, especially in Korea and India, drove growth.

• Registered accounts reached 11.26 million and product lineup expanded to 28.8 million items.

Financial highlights

• Gross profit margin improved to 29.8% (up 0.3pt YoY), and SG&A expense ratio decreased to 16.0% (down 0.4pt YoY).

• Operating income margin improved to 13.8% (up 0.7pt YoY); ordinary income was ¥46.057 billion (up 23.4%).

• Dividend per share increased to ¥33.00 (from ¥19.00), with a payout ratio of 50.6%.

• Cash and cash equivalents at year-end: ¥46.995 billion, up from ¥30.37 billion.

• Distribution-related cost sales ratio decreased to 6.2%, 0.5pt lower than the previous year.

Outlook and guidance

• FY2026 consolidated net sales are projected at ¥381.379 billion (+14.2% YoY), with operating income of ¥53.069 billion (+14.9% YoY), and net income attributable to owners at ¥36.18 billion (+11.5% YoY).

• Annual dividend forecast for FY2026: ¥37.00 per share, maintaining a payout ratio above 50%.

• Royalty agreement with Zoro US revised to a fixed amount, resulting in a YoY decrease.

• Focus remains on customer acquisition, product expansion, and operational efficiency, with continued growth expected in overseas subsidiaries.