Densan System Holdings Income Statement

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

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	68,131	61,256	59,591	53,479	50,356
Revenue Growth (YoY)	11.22%	2.79%	11.43%	6.20%	10.06%
Cost of Revenue	57,116	51,968	48,995	43,495	41,125
Gross Profit	11,015	9,288	10,596	9,984	9,231
Selling, General & Admin	7,389	6,892	6,525	6,501	6,037
Other Operating Expenses	-	46	39	39	34
Operating Expenses	7,409	6,975	6,631	6,570	6,091
Operating Income	3,606	2,313	3,965	3,414	3,140
Interest Expense	-22	-14	-11	-9	-5
Interest & Investment Income	230	138	36	50	46
Earnings From Equity Investments	-24	-16	-13	133	-
Currency Exchange Gain (Loss)	-13	-	-22	-27	-6
Other Non Operating Income (Expenses)	51	66	40	19	2
EBT Excluding Unusual Items	3,828	2,487	3,995	3,580	3,177
Gain (Loss) on Sale of Investments	-116	549	-429	-122	-103
Gain (Loss) on Sale of Assets	-2	45	4	38	-
Asset Writedown	1	-455	-403	-33	6
Other Unusual Items	-1	-1	-1	-206	-1
Pretax Income	3,710	2,625	3,166	3,257	3,079
Income Tax Expense	798	761	1,152	894	1,097
Earnings From Continuing Operations	2,912	1,864	2,014	2,363	1,982
Minority Interest in Earnings	-16	-14	-10	-15	-4
Net Income	2,896	1,850	2,004	2,348	1,978
Net Income to Common	2,896	1,850	2,004	2,348	1,978
Net Income Growth	56.54%	-7.69%	-14.65%	18.71%	3.29%
Shares Outstanding (Basic)	11	11	11	11	11
Shares Outstanding (Diluted)	11	11	11	11	11
Shares Change (YoY)	0.42%	-0.34%	-1.02%	0.03%	7.02%
EPS (Basic)	270.97	173.83	187.67	217.64	183.40
EPS (Diluted)	270.97	173.83	187.67	217.64	183.40
EPS Growth	55.88%	-7.37%	-13.77%	18.67%	-3.52%
Free Cash Flow	3,936	2,726	5,149	1,610	2,172
Free Cash Flow Per Share	368.28	256.14	482.19	149.24	201.39
Dividend Per Share	90.000	60.000	37.000	35.000	15.000
Dividend Growth	50.00%	62.16%	5.71%	133.33%	-46.43%
Gross Margin	16.17%	15.16%	17.78%	18.67%	18.33%
Operating Margin	5.29%	3.78%	6.65%	6.38%	6.24%
Profit Margin	4.25%	3.02%	3.36%	4.39%	3.93%
Free Cash Flow Margin	5.78%	4.45%	8.64%	3.01%	4.31%
EBITDA	4,435	3,209	4,798	4,211	3,889
EBITDA Margin	6.51%	5.24%	8.05%	7.87%	7.72%
D&A For EBITDA	829	896	833	797	749
EBIT	3,606	2,313	3,965	3,414	3,140
EBIT Margin	5.29%	3.78%	6.65%	6.38%	6.24%
Effective Tax Rate	21.51%	28.99%	36.39%	27.45%	35.63%

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