Headwaters Co.,Ltd - 4011.T - Fundamentals

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Breakdown	2018 12/31	2019 12/31	2020 12/31	2021 12/31	2022 12/31	2023 12/31	2024 12/31	2025 12/31	TTM
REVENUE	934	1,068	1,153	1,171	1,575	2,315	2,906	3,900	3,979	📊
Revenue Growth (1Y)	--	+14.33%	+8.00%	+1.57%	+34.43%	+47.03%	+25.52%	+34.21%	--	📊
Revenue Growth (5Y)	--	--	--	--	+68.61%	+116.82%	+151.99%	+232.97%	--	📊
Revenue Growth (10Y)	--	--	--	--	--	--	--	--	--	📊
Cost of Revenue	575	583	605	647	929	1,460	1,666	2,167	2,205	📊
Cost of Revenue Growth (1Y)	--	+1.28%	+3.85%	+6.90%	+43.59%	+57.15%	+14.10%	+30.10%	--	📊
Cost of Revenue Growth (5Y)	--	--	--	--	+61.45%	+150.50%	+175.24%	+234.96%	--	📊
Cost of Revenue Growth (10Y)	--	--	--	--	--	--	--	--	--	📊
Gross Profit	358	485	548	524	646	855	1,240	1,733	1,774	📊
Gross Profit Growth (1Y)	--	+35.29%	+13.00%	-4.32%	+23.13%	+32.46%	+45.02%	+39.73%	--	📊
Gross Profit Growth (5Y)	--	--	--	--	+80.10%	+76.34%	+126.31%	+230.51%	--	📊
Gross Profit Growth (10Y)	--	--	--	--	--	--	--	--	--	📊
Operating Expenses	313	364	378	433	536	760	932	1,503	1,386	📊
Operating Expenses Growth (1Y)	--	+16.40%	+3.86%	+14.38%	+23.72%	+41.96%	+22.61%	+61.30%	--	📊
Operating Expenses Growth (5Y)	--	--	--	--	+71.09%	+108.66%	+146.32%	+247.35%	--	📊
Operating Expenses Growth (10Y)	--	--	--	--	--	--	--	--	--	📊
Sell General Administrative	310	360	373	426	521	747	932	1,503	1,387	📊
Research and Development	6	9	8	2	15	13	0	0	--	📊
Other Income Expenses	6	364	378	433	536	0	0	0	-1	📊
EBITDA	55	126	162	71	118	110	327	257	322	📊
EBITDA Growth (1Y)	--	+129.40%	+28.75%	-56.23%	+66.95%	-7.04%	+197.27%	-21.49%	--	📊
EBITDA Growth (5Y)	--	--	--	--	+115.85%	-12.53%	+101.96%	+262.22%	--	📊
EBITDA Growth (10Y)	--	--	--	--	--	--	--	--	--	📊
Depreciation and Amortization	3	4	6	8	11	15	20	27	27	📊
Operating Income	45	121	170	91	110	95	308	229	388	📊
Operating Income Growth (1Y)	--	+165.39%	+40.60%	-46.08%	+20.35%	-13.78%	+224.64%	-25.56%	--	📊
Operating Income Growth (5Y)	--	--	--	--	+142.16%	-21.33%	+81.65%	+150.78%	--	📊
Operating Income Growth (10Y)	--	--	--	--	--	--	--	--	--	📊
Interest Expense	0	0	0	0	12	0	0	10	8	📊
Pre Tax Income	51	121	156	63	107	98	362	129	276	📊
Tax Provision	8	21	3	36	32	27	88	53	54	📊
NET INCOME	43	100	153	27	75	71	273	58	206	📊
Net Income Growth (1Y)	--	+130.39%	+52.88%	-82.34%	+177.92%	-5.93%	+285.92%	-78.69%	--	📊
Net Income Growth (5Y)	--	--	--	--	+72.85%	-29.42%	+78.16%	+115.00%	--	📊
Net Income Growth (10Y)	--	--	--	--	--	--	--	--	--	📊
Basic EPS	23.55	54.27	82.96	14.57	40.13	37.7	65.38	15.26	50.49	📊
Diluted EPS	23.55	54.27	82.96	13.07	37.26	33.98	65.19	13.96	49.28	📊
Basic Average Shares	2	2	2	2	2	2	4	4	4	📊
Diluted Average Shares	2	2	2	2	2	2	4	4	4	📊

Breakdown

2018

12/31

2019

12/31

2020

12/31

2021

12/31

2022

12/31

2023

12/31

2024

12/31

2025

12/31

TTM

REVENUE

934

1,068

1,153

1,171

1,575

2,315

2,906

3,900

3,979

📊

Revenue Growth (1Y)

+14.33%

+8.00%

+1.57%

+34.43%

+47.03%

+25.52%

+34.21%

📊

Revenue Growth (5Y)

+68.61%

+116.82%

+151.99%

+232.97%

📊

Revenue Growth (10Y)

📊

Cost of Revenue

575

583

605

647

929

1,460

1,666

2,167

2,205

📊

Cost of Revenue Growth (1Y)

+1.28%

+3.85%

+6.90%

+43.59%

+57.15%

+14.10%

+30.10%

📊

Cost of Revenue Growth (5Y)

+61.45%

+150.50%

+175.24%

+234.96%

📊

Cost of Revenue Growth (10Y)

📊

Gross Profit

358

485

548

524

646

855

1,240

1,733

1,774

📊

Gross Profit Growth (1Y)

+35.29%

+13.00%

-4.32%

+23.13%

+32.46%

+45.02%

+39.73%

📊

Gross Profit Growth (5Y)

+80.10%

+76.34%

+126.31%

+230.51%

📊

Gross Profit Growth (10Y)

📊

Operating Expenses

313

364

378

433

536

760

932

1,503

1,386

📊

Operating Expenses Growth (1Y)

+16.40%

+3.86%

+14.38%

+23.72%

+41.96%

+22.61%

+61.30%

📊

Operating Expenses Growth (5Y)

+71.09%

+108.66%

+146.32%

+247.35%

📊

Operating Expenses Growth (10Y)

📊

Sell General Administrative

310

360

373

426

521

747

932

1,503

1,387

📊

Research and Development

📊

Other Income Expenses

364

378

433

536

-1

📊

EBITDA

126

162

118

110

327

257

322

📊

EBITDA Growth (1Y)

+129.40%

+28.75%

-56.23%

+66.95%

-7.04%

+197.27%

-21.49%

📊

EBITDA Growth (5Y)

+115.85%

-12.53%

+101.96%

+262.22%

📊

EBITDA Growth (10Y)

📊

Depreciation and Amortization

📊

Operating Income

121

170

110

308

229

388

📊

Operating Income Growth (1Y)

+165.39%

+40.60%

-46.08%

+20.35%

-13.78%

+224.64%

-25.56%

📊

Operating Income Growth (5Y)

+142.16%

-21.33%

+81.65%

+150.78%

📊

Operating Income Growth (10Y)

📊

Interest Expense

📊

Pre Tax Income

121

156

107

362

129

276

📊

Tax Provision

📊

NET INCOME

100

153

273

206

📊

Net Income Growth (1Y)

+130.39%

+52.88%

-82.34%

+177.92%

-5.93%

+285.92%

-78.69%

📊

Net Income Growth (5Y)

+72.85%

-29.42%

+78.16%

+115.00%

📊

Net Income Growth (10Y)

📊

Basic EPS

23.55

54.27

82.96

14.57

40.13

37.7

65.38

15.26

50.49

📊

Diluted EPS

23.55

54.27

82.96

13.07

37.26

33.98

65.19

13.96

49.28

📊

Basic Average Shares

📊

Diluted Average Shares

📊

Breakdown	2018 12/31	2019 12/31	2020 12/31	2021 12/31	2022 12/31	2023 12/31	2024 12/31	2025 12/31	TTM
REVENUE	934	1,068	1,153	1,171	1,575	2,315	2,906	3,900	3,979	📊
Revenue Growth (1Y)	--	+14.33%	+8.00%	+1.57%	+34.43%	+47.03%	+25.52%	+34.21%	--	📊
Revenue Growth (5Y)	--	--	--	--	+68.61%	+116.82%	+151.99%	+232.97%	--	📊
Revenue Growth (10Y)	--	--	--	--	--	--	--	--	--	📊
Cost of Revenue	575	583	605	647	929	1,460	1,666	2,167	2,205	📊
Cost of Revenue Growth (1Y)	--	+1.28%	+3.85%	+6.90%	+43.59%	+57.15%	+14.10%	+30.10%	--	📊
Cost of Revenue Growth (5Y)	--	--	--	--	+61.45%	+150.50%	+175.24%	+234.96%	--	📊
Cost of Revenue Growth (10Y)	--	--	--	--	--	--	--	--	--	📊
Gross Profit	358	485	548	524	646	855	1,240	1,733	1,774	📊
Gross Profit Growth (1Y)	--	+35.29%	+13.00%	-4.32%	+23.13%	+32.46%	+45.02%	+39.73%	--	📊
Gross Profit Growth (5Y)	--	--	--	--	+80.10%	+76.34%	+126.31%	+230.51%	--	📊
Gross Profit Growth (10Y)	--	--	--	--	--	--	--	--	--	📊
Operating Expenses	313	364	378	433	536	760	932	1,503	1,386	📊
Operating Expenses Growth (1Y)	--	+16.40%	+3.86%	+14.38%	+23.72%	+41.96%	+22.61%	+61.30%	--	📊
Operating Expenses Growth (5Y)	--	--	--	--	+71.09%	+108.66%	+146.32%	+247.35%	--	📊
Operating Expenses Growth (10Y)	--	--	--	--	--	--	--	--	--	📊
Sell General Administrative	310	360	373	426	521	747	932	1,503	1,387	📊
Research and Development	6	9	8	2	15	13	0	0	--	📊
Other Income Expenses	6	364	378	433	536	0	0	0	-1	📊
EBITDA	55	126	162	71	118	110	327	257	322	📊
EBITDA Growth (1Y)	--	+129.40%	+28.75%	-56.23%	+66.95%	-7.04%	+197.27%	-21.49%	--	📊
EBITDA Growth (5Y)	--	--	--	--	+115.85%	-12.53%	+101.96%	+262.22%	--	📊
EBITDA Growth (10Y)	--	--	--	--	--	--	--	--	--	📊
Depreciation and Amortization	3	4	6	8	11	15	20	27	27	📊
Operating Income	45	121	170	91	110	95	308	229	388	📊
Operating Income Growth (1Y)	--	+165.39%	+40.60%	-46.08%	+20.35%	-13.78%	+224.64%	-25.56%	--	📊
Operating Income Growth (5Y)	--	--	--	--	+142.16%	-21.33%	+81.65%	+150.78%	--	📊
Operating Income Growth (10Y)	--	--	--	--	--	--	--	--	--	📊
Interest Expense	0	0	0	0	12	0	0	10	8	📊
Pre Tax Income	51	121	156	63	107	98	362	129	276	📊
Tax Provision	8	21	3	36	32	27	88	53	54	📊
NET INCOME	43	100	153	27	75	71	273	58	206	📊
Net Income Growth (1Y)	--	+130.39%	+52.88%	-82.34%	+177.92%	-5.93%	+285.92%	-78.69%	--	📊
Net Income Growth (5Y)	--	--	--	--	+72.85%	-29.42%	+78.16%	+115.00%	--	📊
Net Income Growth (10Y)	--	--	--	--	--	--	--	--	--	📊
Basic EPS	23.55	54.27	82.96	14.57	40.13	37.7	65.38	15.26	50.49	📊
Diluted EPS	23.55	54.27	82.96	13.07	37.26	33.98	65.19	13.96	49.28	📊
Basic Average Shares	2	2	2	2	2	2	4	4	4	📊
Diluted Average Shares	2	2	2	2	2	2	4	4	4	📊

Breakdown

2018

12/31

2019

12/31

2020

12/31

2021

12/31

2022

12/31

2023

12/31

2024

12/31

2025

12/31

TTM

REVENUE

934

1,068

1,153

1,171

1,575

2,315

2,906

3,900

3,979

📊

Revenue Growth (1Y)

+14.33%

+8.00%

+1.57%

+34.43%

+47.03%

+25.52%

+34.21%

📊

Revenue Growth (5Y)

+68.61%

+116.82%

+151.99%

+232.97%

📊

Revenue Growth (10Y)

📊

Cost of Revenue

575

583

605

647

929

1,460

1,666

2,167

2,205

📊

Cost of Revenue Growth (1Y)

+1.28%

+3.85%

+6.90%

+43.59%

+57.15%

+14.10%

+30.10%

📊

Cost of Revenue Growth (5Y)

+61.45%

+150.50%

+175.24%

+234.96%

📊

Cost of Revenue Growth (10Y)

📊

Gross Profit

358

485

548

524

646

855

1,240

1,733

1,774

📊

Gross Profit Growth (1Y)

+35.29%

+13.00%

-4.32%

+23.13%

+32.46%

+45.02%

+39.73%

📊

Gross Profit Growth (5Y)

+80.10%

+76.34%

+126.31%

+230.51%

📊

Gross Profit Growth (10Y)

📊

Operating Expenses

313

364

378

433

536

760

932

1,503

1,386

📊

Operating Expenses Growth (1Y)

+16.40%

+3.86%

+14.38%

+23.72%

+41.96%

+22.61%

+61.30%

📊

Operating Expenses Growth (5Y)

+71.09%

+108.66%

+146.32%

+247.35%

📊

Operating Expenses Growth (10Y)

📊

Sell General Administrative

310

360

373

426

521

747

932

1,503

1,387

📊

Research and Development

📊

Other Income Expenses

364

378

433

536

-1

📊

EBITDA

126

162

118

110

327

257

322

📊

EBITDA Growth (1Y)

+129.40%

+28.75%

-56.23%

+66.95%

-7.04%

+197.27%

-21.49%

📊

EBITDA Growth (5Y)

+115.85%

-12.53%

+101.96%

+262.22%

📊

EBITDA Growth (10Y)

📊

Depreciation and Amortization

📊

Operating Income

121

170

110

308

229

388

📊

Operating Income Growth (1Y)

+165.39%

+40.60%

-46.08%

+20.35%

-13.78%

+224.64%

-25.56%

📊

Operating Income Growth (5Y)

+142.16%

-21.33%

+81.65%

+150.78%

📊

Operating Income Growth (10Y)

📊

Interest Expense

📊

Pre Tax Income

121

156

107

362

129

276

📊

Tax Provision

📊

NET INCOME

100

153

273

206

📊

Net Income Growth (1Y)

+130.39%

+52.88%

-82.34%

+177.92%

-5.93%

+285.92%

-78.69%

📊

Net Income Growth (5Y)

+72.85%

-29.42%

+78.16%

+115.00%

📊

Net Income Growth (10Y)

📊

Basic EPS

23.55

54.27

82.96

14.57

40.13

37.7

65.38

15.26

50.49

📊

Diluted EPS

23.55

54.27

82.96

13.07

37.26

33.98

65.19

13.96

49.28

📊

Basic Average Shares

📊

Diluted Average Shares

📊

Ex-Dividend date	--
Payment date	--
Annual Dividend	--
Dividend Yield	--
Shareholders Yield	-17.82%
Next Earnings	--
Market cap	8.90B (JPY)
EPS (TTM)	50.49 (JPY)
P/E (TTM)	45.81 (JPY)
Last Close	2313.00

Next Earnings	--
Market cap	8.90B (JPY)
EPS (TTM)	50.49 (JPY)
P/E (TTM)	45.81 (JPY)
Last Close	2313.00 (JPY)

Ex-Dividend date	--
Payment date	--
Annual Dividend	--
Dividend Yield	--
Shareholders Yield	-17.82%
Next Earnings	--
Market cap	8.90B (JPY)
EPS (TTM)	50.49 (JPY)
P/E (TTM)	45.81 (JPY)
Last Close	2313.00

Next Earnings	--
Market cap	8.90B (JPY)
EPS (TTM)	50.49 (JPY)
P/E (TTM)	45.81 (JPY)
Last Close	2313.00 (JPY)