Noritsu Koki Co (7744) Q4 2025 earnings summary

Executive summary

• FY25 revenue increased 11.9% year-over-year to ¥119,223 million, with operating profit up 4.2% to ¥20,815 million, while net profit declined 3.0% due to the absence of a prior-year gain from share sales.

• AlphaTheta and JLab posted higher revenue and profit, offsetting declines at Teibow group.

• Shareholder returns were robust, with a 50% payout ratio and a total return ratio of 63% including buybacks.

• Comprehensive income declined to ¥15,569 million from ¥22,323 million year-over-year, mainly due to lower other comprehensive income.

• A 3-for-1 stock split was executed effective July 1, 2025, impacting per-share metrics and dividend calculations.

Financial highlights

• Gross profit rose to ¥59,697 million from ¥52,661 million year-over-year.

• Operating EBITDA reached ¥25,726 million, up 5.9% year-over-year.

• Net profit fell 3.0% to ¥15,639 million due to the absence of a ¥1.9 billion gain from share sales in FY24.

• Basic earnings per share were ¥146.95, and diluted EPS was ¥142.74, both adjusted for the stock split.

• Cash and cash equivalents at year-end were ¥97,399 million, up from ¥92,856 million.

Outlook and guidance

• FY26 forecasts project revenue growth of 40.6% to ¥167,600 million and operating profit up 24.9% to ¥26,000 million.

• Net profit is expected to rise 7.4% to ¥16,800 million, with the inclusion of SENQCIA as a new subsidiary from February.

• Operating EBITDA for FY26 is projected at ¥35,500 million, a 38.0% increase.

• FY26 basic earnings per share are forecast at ¥156.43.

• Annual dividend forecast is ¥75, with a total return ratio of 66% including share buybacks.