Headwaters Co.,Ltd Income Statement

Financials in millions JPY. Fiscal year is January - December.

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2017	FY 2016
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '17 Dec 31, 2017	Dec '16 Dec 31, 2016
Revenue	3,520	2,905	2,315	1,574	922.38	830.63
Revenue Growth (YoY)	34.56%	25.49%	47.08%	70.65%	11.05%	-17.39%
Cost of Revenue	1,976	1,666	1,460	929	584.97	578.19
Gross Profit	1,544	1,239	855	645	337.41	252.44
Selling, General & Admin	1,355	932	760	535	-	-
Other Operating Expenses	-	-	-	-	317.47	376.13
Operating Expenses	1,355	932	760	535	320.38	378.81
Operating Income	189	307	95	110	17.03	-126.37
Interest Expense	-2	-	-	-	-0.85	-1.02
Other Non Operating Income (Expenses)	8	4	2	-4	3.37	-2
EBT Excluding Unusual Items	197	311	97	106	19.54	-129.39
Asset Writedown	16	49	-	-	-	-
Pretax Income	213	360	97	106	19.54	-129.39
Income Tax Expense	28	87	27	31	2.34	0.53
Earnings From Continuing Operations	185	273	70	75	17.2	-129.92
Net Income to Company	-	273	70	75	-	-
Minority Interest in Earnings	-13	-1	-	-	-	-
Net Income	172	272	70	75	17.2	-129.92
Net Income to Common	172	272	70	75	17.2	-129.92
Net Income Growth	6.17%	288.57%	-6.67%	335.94%	-	-
Shares Outstanding (Basic)	4	4	4	4	-	-
Shares Outstanding (Diluted)	4	4	4	4	-	-
Shares Change (YoY)	0.17%	0.29%	3.14%	-	-	-
EPS (Basic)	45.28	71.81	18.67	20.03	-	-
EPS (Diluted)	41.58	65.38	16.99	18.63	-	-
EPS Growth	6.56%	284.81%	-8.79%	-	-	-
Free Cash Flow	-	118	71	57	-	-
Free Cash Flow Per Share	-	28.28	17.07	14.13	-	-
Gross Margin	43.86%	42.65%	36.93%	40.98%	36.58%	30.39%
Operating Margin	5.37%	10.57%	4.10%	6.99%	1.85%	-15.21%
Profit Margin	4.89%	9.36%	3.02%	4.76%	1.86%	-15.64%
Free Cash Flow Margin	-	4.06%	3.07%	3.62%	-	-
EBITDA	212.75	327	110	121	19.93	-123.69
EBITDA Margin	6.04%	11.26%	4.75%	7.69%	2.16%	-14.89%
D&A For EBITDA	23.75	20	15	11	-	-
EBIT	189	307	95	110	17.03	-126.37
EBIT Margin	5.37%	10.57%	4.10%	6.99%	1.85%	-15.21%
Effective Tax Rate	13.15%	24.17%	27.83%	29.24%	-	-

Source: S&P Global Market Intelligence. Standard template. Financial Sources.