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 2025	FY 2024	FY 2023	FY 2022	FY 2017
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '17 Dec 31, 2017
Revenue	4,423	3,900	2,905	2,315	1,574	922.38
Revenue Growth (YoY)	50.65%	34.25%	25.49%	47.08%	70.65%	11.05%
Cost of Revenue	2,422	2,167	1,666	1,460	929	584.97
Gross Profit	2,001	1,733	1,239	855	645	337.41
Selling, General & Admin	1,568	1,503	932	760	535	-
Other Operating Expenses	-	-	-	-	-	317.47
Operating Expenses	1,568	1,503	932	760	535	320.38
Operating Income	432.62	230	307	95	110	17.03
Interest Expense	-18	-10	-	-	-	-0.85
Interest & Investment Income	4.58	2	-	-	-	-
Earnings From Equity Investments	-95	-40	-	-	-	-
Currency Exchange Gain (Loss)	-5.15	-1	-	-	-	-
Other Non Operating Income (Expenses)	-59.18	4	4	2	-4	3.37
EBT Excluding Unusual Items	259.87	185	311	97	106	19.54
Asset Writedown	-79	-58	49	-	-	-
Pretax Income	180.87	127	360	97	106	19.54
Income Tax Expense	72	52	87	27	31	2.34
Earnings From Continuing Operations	108.87	75	273	70	75	17.2
Net Income to Company	-	75	273	70	75	-
Minority Interest in Earnings	-19.25	-18	-1	-	-	-
Net Income	89.62	57	272	70	75	17.2
Net Income to Common	89.62	57	272	70	75	17.2
Net Income Growth	-44.50%	-79.04%	288.57%	-6.67%	335.94%	-
Shares Outstanding (Basic)	4	4	4	4	4	-
Shares Outstanding (Diluted)	4	4	4	4	4	-
Shares Change (YoY)	11.13%	-0.17%	0.29%	3.14%	-	-
EPS (Basic)	23.45	14.96	71.81	18.67	20.03	-
EPS (Diluted)	21.39	13.84	65.38	16.99	18.63	-
EPS Growth	-46.24%	-78.83%	284.81%	-8.79%	-	-
Free Cash Flow	-	-60	118	71	57	-
Free Cash Flow Per Share	-	-14.40	28.28	17.07	14.13	-
Gross Margin	45.24%	44.44%	42.65%	36.93%	40.98%	36.58%
Operating Margin	9.78%	5.90%	10.57%	4.10%	6.99%	1.85%
Profit Margin	2.03%	1.46%	9.36%	3.02%	4.76%	1.86%
Free Cash Flow Margin	-	-1.54%	4.06%	3.07%	3.62%	-
EBITDA	471.37	265	327	110	121	19.93
EBITDA Margin	10.66%	6.79%	11.26%	4.75%	7.69%	2.16%
D&A For EBITDA	38.75	35	20	15	11	-
EBIT	432.62	230	307	95	110	17.03
EBIT Margin	9.78%	5.90%	10.57%	4.10%	6.99%	1.85%
Effective Tax Rate	39.81%	40.95%	24.17%	27.83%	29.24%	-

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