Headwaters Co., Ltd

4011・Growth Market・Information & Communication

Official website

Headwaters Co., Ltd

4011・Growth Market・Information & Communication

Official website

Headwaters Co., Ltd4011

Reference Indicators

Market Cap

75¥100M

P/E (Forecast)

26.7x

P/B

5.6x

Dividend Yield (Forecast)

0.00%

ROE

4.4%

EV/EBITDA

33.1x

Financial Summary

Unit: ¥M

Item	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Net Sales	1,171	1,574	2,315	2,905	3,900
Cost of Sales	647	929	1,459	1,665	2,167
Gross Profit	524	645	855	1,240	1,732
SG&A Expenses	432	535	760	932	1,503
Operating Income	91	110	94	307	229
Non-operating Income	1	5	3	54	15
Non-operating Expenses	—	9	0	0	116
Ordinary Income	93	106	98	362	128
Extraordinary Losses	30	—	—	—	0
Pre-tax Income	63	106	98	362	128
Income Taxes	36	31	27	87	52
Net Income	27	75	70	272	57
EBITDA	98	121	110	328	264
Gross Margin	44.8%	41.0%	36.9%	42.7%	44.4%
Operating Margin	7.8%	7.0%	4.1%	10.6%	5.9%
ROA	2.8%	6.4%	5.5%	15.2%	1.5%
ROE	3.5%	8.6%	7.7%	24.5%	4.4%