Financials
Ownership
Capital Allocation Signals 1
Material Events
Income Statement
Balance Sheet
Cash Flow
Ratios & Growth
Metric
FY 2025
EDINET โ
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
FY 2020
EDINET โ
Net Sales
ยฅ41.5B
ยฅ37.5B
ยฅ34.0B
ยฅ32.8B
ยฅ32.6B
ยฅ35.3B
Cost of Sales
ยฅ18.9B
ยฅ17.6B
ยฅ16.3B
ยฅ16.7B
ยฅ17.3B
ยฅ20.6B
Gross Profit
ยฅ22.6B
ยฅ19.9B
ยฅ17.7B
ยฅ16.1B
ยฅ15.3B
ยฅ14.7B
SG&A
ยฅ16.9B
ยฅ14.2B
ยฅ13.1B
ยฅ12.8B
ยฅ12.6B
ยฅ12.9B
Operating Income
ยฅ4.2B
ยฅ5.5B
ยฅ4.6B
ยฅ3.6B
ยฅ2.1B
ยฅ241M
Non-Operating Income
ยฅ20M
ยฅ12M
ยฅ16M
ยฅ20M
ยฅ12M
ยฅ18M
Dividend Income
ยฅ763M
ยฅ4.3B
ยฅ810M
โ
โ
โ
Interest Income
ยฅ12M
ยฅ5M
ยฅ4M
โ
โ
โ
Non-Operating Expenses
ยฅ149M
ยฅ91M
ยฅ72M
ยฅ146M
ยฅ174M
ยฅ242M
Interest Expense
ยฅ153M
ยฅ78M
ยฅ71M
โ
โ
โ
Ordinary Income
ยฅ2.3B
ยฅ6.5B
ยฅ2.3B
โ
โ
โ
Pre-tax Income
ยฅ4.2B
ยฅ5.4B
ยฅ4.6B
ยฅ3.5B
ยฅ1.9B
ยฅ58M
Income Taxes
ยฅ647M
ยฅ660M
ยฅ658M
โ
โ
โ
Current Tax
ยฅ654M
ยฅ643M
ยฅ721M
โ
โ
โ
Deferred Tax
ยฅ-6M
ยฅ16M
ยฅ-61M
โ
โ
โ
Net Income (owners)
ยฅ1.6B
ยฅ3.7B
ยฅ2.8B
ยฅ1.9B
ยฅ918M
ยฅ-996M
Minority Interest
ยฅ398M
ยฅ362M
ยฅ294M
ยฅ164M
ยฅ101M
ยฅ66M
Comprehensive Income
ยฅ2.2B
ยฅ4.4B
ยฅ3.7B
ยฅ2.0B
ยฅ1.0B
ยฅ-2.3B
EBITDA
ยฅ6.0B
ยฅ7.2B
ยฅ6.3B
ยฅ5.4B
ยฅ4.9B
ยฅ3.0B
EPS
ยฅ14.97
ยฅ34.38
ยฅ25.51
ยฅ17.40
ยฅ8.73
ยฅ-9.50
Shares Outstanding
110.9M
106.5M
109.5M
111.6M
111.6M
104.9M
Shares Issued (total)
110.9M
109.0M
113.1M
113.1M
113.1M
113.1M
Treasury Shares
0.0M
2.5M
3.6M
1.5M
1.5M
8.1M
Metric
FY 2025
EDINET โ
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
FY 2020
EDINET โ
Total Assets
ยฅ41.0B
ยฅ33.2B
ยฅ30.8B
ยฅ29.0B
ยฅ30.1B
ยฅ41.1B
Current Assets
ยฅ17.6B
ยฅ13.9B
ยฅ12.7B
ยฅ10.6B
ยฅ9.7B
ยฅ11.4B
Cash & Deposits
ยฅ11.4B
ยฅ8.6B
ยฅ7.4B
ยฅ6.1B
ยฅ4.9B
ยฅ6.4B
Trade Receivables
ยฅ1.6B
ยฅ1.5B
ยฅ1.2B
โ
โ
โ
Non-Current Assets
ยฅ23.4B
ยฅ19.2B
ยฅ18.1B
ยฅ18.3B
ยฅ20.3B
ยฅ29.7B
PP&E
ยฅ667M
ยฅ653M
ยฅ604M
ยฅ599M
ยฅ637M
ยฅ14.0B
Goodwill
ยฅ12.0B
ยฅ9.3B
ยฅ9.3B
ยฅ9.3B
ยฅ9.4B
ยฅ9.4B
Intangible Assets
ยฅ2.7B
ยฅ2.1B
ยฅ2.2B
ยฅ2.4B
ยฅ2.2B
ยฅ2.3B
Investment Securities
ยฅ1.1B
ยฅ498M
ยฅ374M
โ
โ
โ
Deferred Tax Assets
ยฅ468M
ยฅ721M
ยฅ584M
ยฅ617M
ยฅ984M
ยฅ646M
Total Liabilities
ยฅ24.2B
ยฅ18.8B
ยฅ17.9B
ยฅ17.6B
ยฅ21.4B
ยฅ36.2B
Current Liabilities
ยฅ14.1B
ยฅ10.1B
ยฅ13.1B
ยฅ11.7B
ยฅ15.0B
ยฅ15.9B
ST Debt
ยฅ5.2B
ยฅ2.8B
ยฅ6.2B
โ
โ
โ
Taxes Payable
ยฅ372M
ยฅ359M
ยฅ512M
โ
โ
โ
Non-Current Liabilities
ยฅ10.1B
ยฅ8.7B
ยฅ4.8B
ยฅ5.9B
ยฅ6.4B
ยฅ20.2B
Total LT Borrowings
ยฅ6.6B
ยฅ5.8B
ยฅ1.3B
โ
โ
โ
Deferred Tax Liab.
ยฅ398M
ยฅ223M
ยฅ386M
ยฅ269M
ยฅ256M
ยฅ362M
Total Equity
ยฅ16.8B
ยฅ14.4B
ยฅ12.9B
ยฅ11.3B
ยฅ8.6B
ยฅ4.9B
Capital Stock
ยฅ1.4B
ยฅ1.4B
ยฅ1.4B
โ
โ
โ
Capital Surplus
ยฅ3.7B
ยฅ2.7B
ยฅ4.6B
ยฅ4.5B
ยฅ3.9B
ยฅ1.9B
Retained Earnings
ยฅ9.4B
ยฅ9.4B
ยฅ7.4B
ยฅ5.5B
ยฅ4.4B
ยฅ4.0B
Treasury Stock
ยฅ0M
ยฅ-1.2B
ยฅ-1.5B
ยฅ-320M
ยฅ-320M
ยฅ-1.7B
AOCI
ยฅ-872M
ยฅ-1.0B
ยฅ-1.7B
ยฅ-1.9B
ยฅ-1.9B
ยฅ-1.7B
Equity (owners)
ยฅ13.6B
ยฅ11.3B
ยฅ10.2B
ยฅ9.2B
ยฅ7.5B
ยฅ3.8B
Minority Interests
ยฅ3.2B
ยฅ3.1B
ยฅ2.8B
ยฅ2.2B
ยฅ1.2B
ยฅ1.2B
Total Interest-Bearing Debt โ
ยฅ11.8B
ยฅ8.6B
ยฅ7.4B
โ
โ
โ
Net Cash โ
ยฅ-442M
ยฅ43M
ยฅ-47M
ยฅ6.1B
ยฅ4.9B
ยฅ6.4B
NCAV โ
ยฅ-6.6B
ยฅ-4.9B
ยฅ-5.2B
ยฅ-7.0B
ยฅ-11.7B
ยฅ-24.8B
NCAV/Share
ยฅ-60
ยฅ-46
ยฅ-48
ยฅ-63
ยฅ-105
ยฅ-236
BV/Share
ยฅ123
ยฅ106
ยฅ93
ยฅ82
ยฅ67
ยฅ36
Metric
FY 2025
EDINET โ
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
FY 2020
EDINET โ
Operating CF
ยฅ5.2B
ยฅ5.6B
ยฅ4.3B
ยฅ3.5B
ยฅ4.3B
ยฅ4.0B
D&A
ยฅ1.8B
ยฅ1.7B
ยฅ1.7B
ยฅ1.7B
ยฅ2.9B
ยฅ2.8B
Investing CF
ยฅ-5.2B
ยฅ-1.9B
ยฅ286M
ยฅ-269M
ยฅ-728M
ยฅ2.0B
CapEx
ยฅ87M
ยฅ173M
ยฅ123M
ยฅ135M
ยฅ330M
ยฅ222M
Purchase Investments
ยฅ-601M
ยฅ-300M
ยฅ-79M
ยฅ-169M
โ
โ
Financing CF
ยฅ-194M
ยฅ-2.5B
ยฅ-3.4B
ยฅ-2.1B
ยฅ-5.1B
ยฅ-1.6B
Free Cash Flow
ยฅ5.2B
ยฅ5.5B
ยฅ4.2B
ยฅ3.4B
ยฅ4.0B
ยฅ3.7B
Net Change in Cash
ยฅ-232M
ยฅ1.2B
ยฅ1.3B
ยฅ1.2B
ยฅ-1.5B
ยฅ4.3B
Metric
FY 2025
EDINET โ
FY 2024
EDINET โ
FY 2023
EDINET โ
FY 2022
EDINET โ
FY 2021
EDINET โ
FY 2020
EDINET โ
Return on Equity (ROE) โ
10.4%
27.0%
23.4%
19.4%
13.5%
-20.3%
Return on Assets (ROA) โ
4.4%
11.5%
9.5%
6.6%
2.6%
-2.4%
Gross Margin โ
54.4%
53.1%
52.1%
49.0%
47.0%
41.5%
Operating Margin โ
10.1%
14.6%
13.6%
11.1%
6.3%
0.7%
Net Margin โ
3.9%
9.9%
8.4%
5.9%
2.8%
-2.8%
Current Ratio โ
1.25x
1.38x
0.97x
0.91x
0.65x
0.71x
Quick Ratio โ
1.25x
1.38x
0.97x
0.91x
0.65x
0.71x
Revenue / Share โ
ยฅ374
ยฅ352
ยฅ310
ยฅ294
ยฅ293
ยฅ336
BV/Share โ
ยฅ123
ยฅ106
ยฅ93
ยฅ82
ยฅ67
ยฅ36
NCAV/Share โ
ยฅ-60
ยฅ-46
ยฅ-48
ยฅ-63
ยฅ-105
ยฅ-236
EPS โ
ยฅ14.97
ยฅ34.38
ยฅ25.51
ยฅ17.40
ยฅ8.73
ยฅ-9.50
DPS โ
ยฅ16.00
ยฅ12.20
ยฅ11.30
ยฅ7.70
ยฅ7.40
ยฅ7.20
Payout Ratio โ
106.9%
35.5%
44.3%
44.3%
84.8%
โ
FCF/Share โ
ยฅ46.50
ยฅ51.32
ยฅ38.55
ยฅ30.61
ยฅ35.73
ยฅ35.72
Market Valuation
Avg daily close price for calendar year ร most recently reported EPS / DPS
Metric
CY2023
CY2024
CY2025
Avg P/E โ
16.7ร
EPS from 2023-12
15.0ร
EPS from 2024-12
34.1ร
EPS from 2025-12
Avg Div Yield โ
2.66%
DPS from 2023-12
2.37%
DPS from 2024-12
3.13%
DPS from 2025-12
Avg Daily Close
ยฅ425
ยฅ516
ยฅ511
Growth Rates (CAGR)
Metric
3yr CAGR (FY2022โ2025)
5yr CAGR (FY2020โ2025)
Stock Price
+10.2%
โ
Sales
+8.2%
+3.3%
FCF/Share
+15.0%
+5.4%
EPS
-4.9%
โ
DPS
+27.6%
+17.3%
BV/Share
+14.3%
+27.9%
NCAV/Share
โ
โ
Capital Allocation Signals 1
Date
Type
Amount
Summary
2026-06-03
16:00
Other
17.2%
Two entities, Tokio K.K. and Yuuki K.K., are acquiring a combined 19.1 million shares (17.24% of voting rights) of Link โฆ
Summary
Two entities, Tokio K.K. and Yuuki K.K., are acquiring a combined 19.1 million shares (17.24% of voting rights) of Link (code 2170) from existing shareholder Phoenix K.K. on June 4, 2026. The acquisition constitutes a prescribed 'bulk purchasing act equivalent to a tender offer' under the Financial Instruments and Exchange Act, with each entity acquiring 9.55 million shares (8.62% each) for purposes of becoming stable long-term shareholders.
Deadline: 2026-06-04
% of Shares: 17.2%
Shares: 19,100,000
Source (JP)
ๆ ชๅผไผ็คพใใญใชๅใณๆ ชๅผไผ็คพใฆใฆใญใใๅฝ็คพๆ ชไธปใงใใๆ ชๅผไผ็คพใใงใใใฏในใใใๅฝ็คพๆ ชๅผใๅๅพใใ...ๆฌๆ ชๅผๅๅพใฏใ่ญฐๆฑบๆจฉใใผในใง๏ผ๏ผ
ไปฅไธใฎๅๅพใจใชใใ้่ๅๅๅๅผๆณ็ฌฌ167ๆก็ฌฌ1้
ๅใณๅๆณๆฝ่กไปค็ฌฌ31ๆกใซ่ฆๅฎใใใๅ
ฌ้่ฒทไปใซๆบใใ่ก็บใจใใฆๆฟไปคใงๅฎใใ่ฒท้ใ่ก็บใใซ่ฉฒๅฝ
ๅ
ฌ้่ฒทไปใซๆบใใ่ก็บใจใใฆๆฟไปคใงๅฎใใ่ฒท้ใ่ก็บใซ้ขใใใ็ฅใใ
TDnet PDF
Top 10 Shareholders
Ownership DNA
Large Shareholder Reports 11
#
Shareholder
Shares (thou.)
% of Total
1
ๆ ชๅผไผ็คพใใงใใใฏใน
36,500,000
2
ๅๅ ๅฝฐ
6,514,600
3
The Master Trust Bank of Japan, Ltd. (Trust Account)
ๆฅๆฌใในใฟใผใใฉในใไฟก่จ้่กๆ ชๅผไผ็คพ๏ผไฟก่จๅฃ๏ผ
4,960,700
4
ใชใณใฏใขใณใใขใใใผใทใงใณๅพๆฅญๅกๆๆ ชไผ
4,428,442
5
ๆฆๅ ๆธ
ๅญ
2,951,600
6
ๅไธ ่ฑๆจน
2,930,000
7
Custody Bank of Japan, Ltd. (Trust Account)
ๆ ชๅผไผ็คพๆฅๆฌใซในใใใฃ้่ก๏ผไฟก่จๅฃ๏ผ
2,422,700
8
ๅฐ็ฌน ่ณๅคฎ
2,200,000
9
ๆ ชๅผไผ็คพFCE
1,622,000
10
็ฐไธญ ๅผฆ
1,592,290
Domestic Nominees
6.7%
-2.7% vs 2024
Trust bank custodians โ GPIF, pensions, investment trusts
Foreign Custodians
0.0%
+0.0% vs 2024
Sub-custodians for foreign asset managers
Direct / Strategic
52.9%
-10.2% vs 2024
Named entities with disclosed investment intent
Shareholder
Trend
2021
2022
2023
2024
2025
ๅผไผ็คพใใงใใใฏใน
75.30%
37.65%
38.37%
38.51%
32.90%
-5.61%
ๅๅ ๅฝฐ
12.32%
6.16%
6.28%
6.46%
5.87%
-0.59%
The Master Trust Bank of Japan, Ltd. (Trust Account)
ๆฅๆฌใในใฟใผใใฉในใไฟก่จ้่ก
7.02%
5.79%
6.18%
5.94%
4.47%
-1.47%
ใชใณใฏใขใณใใขใใใผใทใงใณๅพๆฅญๅกๆๆ ชไผ
12.10%
5.86%
6.04%
6.04%
3.99%
-2.05%
ๆฆๅ ๆธ
ๅญ
6.58%
3.30%
3.36%
3.46%
2.66%
-0.80%
ๅไธ ่ฑๆจน
6.58%
3.30%
3.36%
3.46%
2.64%
-0.82%
Custody Bank of Japan, Ltd. (Trust Account)
ๆฅๆฌใซในใใใฃ้่ก
โ
0.93%
1.96%
3.45%
2.18%
-1.27%
ๅฐ็ฌน ่ณๅคฎ
5.36%
2.69%
2.74%
2.82%
1.98%
-0.84%
ๅผไผ็คพFCE
โ
โ
โ
1.52%
1.46%
-0.06%
็ฐไธญ ๅผฆ
NEW ENTRY
โ
โ
โ
โ
โ
1.44%
NEW
ใชใณใฏใขใณใใขใใใผใทใงใณๅฝนๅกๆๆ ชไผ
last seen 2024
Exited Top 10
1.76%
0.81%
0.78%
0.83%
โ
Nomura Securities Co., Ltd.
้ๆ่จผๅธ
last seen 2021
Exited Top 10
3.76%
โ
โ
โ
โ
ๆฌ็ฐ ๅฏ
last seen 2023
Exited Top 10
โ
โ
0.77%
โ
โ
BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC)
last seen 2021
Exited Top 10
1.76%
โ
โ
โ
โ
SMBC Nikko Securities Inc.
SMBCๆฅ่่จผๅธ
last seen 2022
Exited Top 10
โ
0.89%
โ
โ
โ
Concentration (HHI)
โ
6153
1555
1621
1643
1180
5 fiscal years ยท top-10 holders per year ยท >2,500 HHI = high concentration ยท entity-resolved
โ CSV
Date Shareholder Stake Event Flag Demands Source
2026-06-11
Phoenix Co., Ltd.
15.68%
-20.29%
decrease
Passive
โ
2025-12-10
Phoenix Co., Ltd.
35.97%
correction
Passive
โ
2025-11-20
Phoenix Co., Ltd.
35.97%
-4.24%
change
Passive
โ
2025-09-03
Phoenix Co.,Ltd.
37.84%
correction
Passive
โ
2025-08-26
Phoenix Co.,Ltd.
37.84%
-1.37%
change
Passive
โ
2025-06-02
Phoenix Co.,Ltd.
39.21%
change
Passive
โ
2025-02-26
Phoenix Co., Ltd.
40.21%
+0.41%
change
Passive
โ
2024-05-30
Phoenix Co., Ltd.
39.8%
change
Passive
โ
2023-07-04
Phoenix Co., Ltd.
39.8%
change
Passive
โ
2023-07-04
Phoenix Co., Ltd.
39.8%
correction
Passive
โ
2023-07-04
Phoenix Co., Ltd.
39.8%
change
Passive
โ
Date
Category
Summary
Amount
2026-02-12
๐ฐ Capital Raise
Debt
The company's Board of Directors resolved on February 12, 2026 to enter into a syndicated loan agreement with financial covenants. The facility is a 6 billion yen unsecured revolving credit line maturing September 30, 2032, arranged by Mizuho Bank with participation from major Japanese banks. The agreement includes an operating income covenant requiring consecutive two-year periods starting from December 2026 fiscal year-end to maintain non-negative operating profit.
ยฅ6.0bn
โบ
Summary
The company's Board of Directors resolved on February 12, 2026 to enter into a syndicated loan agreement with financial covenants. The facility is a 6 billion yen unsecured revolving credit line maturing September 30, 2032, arranged by Mizuho Bank with participation from major Japanese banks. The agreement includes an operating income covenant requiring consecutive two-year periods starting from December 2026 fiscal year-end to maintain non-negative operating profit.
Counterparty: Mizuho Bank Co., Ltd. (Arranger/Agent); MUFG Bank, Sumitomo Mitsui Banking Corporation, Resona Bank (Participants)
่ฒกๅไธใฎ็น็ดใฎใใใทใณใธใฑใผใใญใผใณๅฅ็ดใ็ท ็ตใใใใจใๆฑบ่ญฐใใพใใใๅตๅใฎๅ
ๆฌใฎ้ก6,000็พไธๅใๅผๆธๆ้2032ๅนด๏ผๆ30ๆฅใ็กๆ
ไฟใ
โ