Income Statement Ray Corporation

Stocks

4317

JP3979230004

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Delayed Japan Exchange Other stock markets 04:30:00 10/08/26 pm AEST			5-day change	1st Jan Change
542.00 ^JPY	+0.56%		+8.18%	-16.23%

03/03	Tranche Update on Ray Corporation's Equity Buyback Plan announced on April 23, 2025.	CI
28/02	Ray Corporation's Equity Buyback announced on April 23, 2025, has expired.	CI

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Published financial data: RAY CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: February	2022	2023	2024	2025	2026
Revenues	11.05B	12.45B	11.22B	10.46B	13.42B
Total Revenues	11.05B	12.45B	11.22B	10.46B	13.42B
Cost of Goods Sold, Total	7.4B	8.3B	7.43B	6.9B	8.48B
Gross Profit	3.65B	4.15B	3.79B	3.55B	4.94B
Selling General & Admin Expenses, Total	2.72B	2.75B	2.64B	2.62B	3.18B
Provision for Bad Debts	-	-1M	-59M	-33M	-30M
Other Operating Expenses, Total	2.72B	2.75B	2.58B	2.59B	3.16B
Operating Income	929M	1.4B	1.21B	960M	1.79B
Interest Expense, Total	-7M	-7M	-5M	-5M	-7M
Interest And Investment Income	1M	1M	1M	2M	4M
Net Interest Expenses	-6M	-6M	-4M	-3M	-3M
Income (Loss) On Equity Invest.	-16M	9M	70M	96M	117M
Other Non Operating Income (Expenses)	123M	1M	14M	0	7M
EBT, Excl. Unusual Items	1.03B	1.4B	1.29B	1.05B	1.91B
Gain (Loss) On Sale Of Investments	1M	-	19M	-3M	-
Gain (Loss) On Sale Of Assets	-	-4M	-	-3M	1M
Asset Writedown	-	-6M	-	-8M	-2M
Other Unusual Items	-176M	-179M	-94M	-1M	0
EBT, Incl. Unusual Items	855M	1.22B	1.22B	1.04B	1.91B
Income Tax Expense	436M	500M	399M	293M	604M
Earnings From Continuing Operations	419M	715M	818M	745M	1.3B
Net Income to Company	419M	715M	818M	745M	1.3B
Net Income - (IS)	419M	715M	818M	745M	1.3B
Net Income to Common Incl Extra Items	419M	715M	818M	745M	1.3B
Net Income to Common Excl. Extra Items	419M	715M	818M	745M	1.3B
Per Share Items
Net EPS - Basic	29.24	49.9	57.27	54.05	98.53
Basic EPS - Continuing Operations	29.24	49.9	57.27	54.05	98.53
Basic Weighted Average Shares Outstanding	14.33M	14.33M	14.28M	13.78M	13.22M
Net EPS - Diluted	29.24	49.9	57.27	54.05	98.53
Diluted EPS - Continuing Operations	29.24	49.9	57.27	54.05	98.53
Diluted Weighted Average Shares Outstanding	14.33M	14.33M	14.28M	13.78M	13.22M
Normalized Basic EPS	44.93	61.24	56.53	47.74	90.17
Normalized Diluted EPS	44.93	61.24	56.53	47.74	90.17
Dividend Per Share	10	15	15	15	20
Payout Ratio	16.95	19.86	26.16	28.19	15.35
Supplemental Items
EBITDA	1.44B	1.87B	1.67B	1.48B	2.46B
EBITA	929M	1.4B	1.21B	960M	1.79B
EBIT	929M	1.4B	1.21B	960M	1.79B
Effective Tax Rate - (Ratio)	50.99	41.15	32.79	28.23	31.67
Normalized Net Income	644M	878M	808M	658M	1.19B
Non-Cash Pension Expense	58M	59M	62M	64M	66M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	-	-	-	-	-

Fiscal Period: February	2022	2023	2024	2025	2026
Assets
Cash And Equivalents	3.61B	3.14B	2.83B	2.87B	3.06B
Total Cash And Short Term Investments	3.61B	3.14B	2.83B	2.87B	3.06B
Accounts Receivable, Total	2.8B	2.98B	2.85B	1.92B	1.86B
Total Receivables	2.8B	2.98B	2.85B	1.92B	1.86B
Inventory	242M	213M	262M	423M	965M
Prepaid Expenses	95M	99M	112M	109M	124M
Deferred Tax Assets Current	-	-	-	-	-
Other Current Assets, Total	22M	176M	101M	41M	30M
Total Current Assets	6.76B	6.6B	6.15B	5.36B	6.04B
Net Property Plant And Equipment	2.57B	2.5B	2.68B	3.14B	3.96B
Long-term Investments	308M	309M	399M	490M	714M
Goodwill	-	-	-	-	-
Other Intangibles, Total	40M	25M	18M	12M	11M
Loans Receivable Long-Term	5M	5M	5M	5M	5M
Deferred Tax Assets Long-Term	106M	135M	141M	118M	171M
Other Long-Term Assets, Total	2M	2M	-	1M	2M
Total Assets	9.79B	9.58B	9.4B	9.12B	10.91B
Liabilities
Accounts Payable, Total	946M	743M	894M	594M	687M
Accrued Expenses, Total	333M	337M	382M	313M	513M
Short-term Borrowings	1.47B	920M	780M	600M	400M
Current Portion of Long-Term Debt	50M	25M	-	-	-
Current Portion of Leases	256M	181M	105M	75M	62M
Current Income Taxes Payable	868M	1.05B	425M	511M	1.13B
Other Current Liabilities	22M	21M	38M	60M	50M
Total Current Liabilities	3.94B	3.27B	2.62B	2.15B	2.85B
Long-Term Debt	25M	-	-	-	-
Long-Term Leases	250M	166M	130M	93M	100M
Deferred Tax Liability Non Current	-	-	-	-	-
Other Non Current Liabilities	98M	98M	95M	79M	188M
Total Liabilities	4.32B	3.54B	2.85B	2.32B	3.13B
Common Stock, Total	471M	471M	471M	471M	471M
Additional Paid In Capital	726M	726M	726M	726M	727M
Retained Earnings	4.28B	4.85B	5.45B	5.98B	7.09B
Treasury Stock	-	-	-99M	-387M	-520M
Comprehensive Income and Other	1M	-	1M	-	6M
Total Common Equity	5.47B	6.04B	6.55B	6.8B	7.77B
Minority Interest	-	-	-	-	-
Total Equity	5.47B	6.04B	6.55B	6.8B	7.77B
Total Liabilities And Equity	9.79B	9.58B	9.4B	9.12B	10.91B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	14.33M	14.33M	14.02M	13.42M	13.16M
ECS Total Common Shares Outstanding	14.33M	14.33M	14.09M	13.43M	13.16M
Book Value / Share	381.96	421.87	464.88	505.93	590.76
Tangible Book Value	5.43B	6.02B	6.53B	6.78B	7.76B
Tangible Book Value Per Share	379.16	420.13	463.61	505.04	589.93
Total Debt	2.05B	1.29B	1.02B	768M	562M
Net Debt	-1.56B	-1.85B	-1.82B	-2.1B	-2.5B
Minority Interest, Total (Incl. Fin. Div)	-	-	-	-	-
Inventories - Raw Materials, Total	5M	6M	5M	4M	6M
Inventories - Work In Process, Total	236M	207M	257M	418M	959M
Inventories - Others	1M	-	-	1M	-
Full Time Employees	386	399	407	403	424
Accumulated Allowance for Doubtful Accounts (Supple)	2M	3M	3M	2M	-
Order Backlog	2.15B	1.86B	1.68B	3.01B	4.16B

Fiscal Period: February	2022	2023	2024	2025	2026
Net Income	855M	1.22B	1.22B	1.04B	1.91B
Depreciation & Amortization - CF	514M	467M	458M	521M	677M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Depreciation & Amortization, Total	514M	467M	458M	521M	677M
(Gain) Loss From Sale Of Asset	-	6M	-	8M	1M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	3M	-
(Income) Loss On Equity Investments - (CF)	16M	-9M	-70M	-96M	-117M
Other Operating Activities, Total	357M	-439M	-907M	-294M	-223M
Change In Accounts Receivable	-1.18B	-180M	127M	932M	59M
Change In Inventories	-23M	28M	-48M	-161M	-542M
Change In Accounts Payable	256M	-203M	151M	-299M	92M
Change in Other Net Operating Assets	229M	-164M	118M	34M	486M
Cash from Operations	1.03B	721M	1.05B	1.69B	2.34B
Capital Expenditure	-87M	-170M	-662M	-842M	-1.39B
Sale of Property, Plant, and Equipment	-	-	-	-	14M
Sale (Purchase) of Intangible assets	-2M	-8M	-	-	-1M
Investment in Marketable and Equity Securities, Total	16M	8M	2M	9M	-7M
Other Investing Activities, Total	24M	-	-8M	-3M	-131M
Cash from Investing	-49M	-170M	-668M	-836M	-1.51B
Short Term Debt Issued, Total	11.46B	8.53B	6.75B	5.14B	4B
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	11.46B	8.53B	6.75B	5.14B	4B
Short Term Debt Repaid, Total	-11.46B	-9.08B	-6.89B	-5.32B	-4.2B
Long-Term Debt Repaid, Total	-25M	-50M	-25M	-	-
Total Debt Repaid	-11.48B	-9.13B	-6.92B	-5.32B	-4.2B
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-	-	-117M	-309M	-153M
Common Dividends Paid	-71M	-142M	-214M	-210M	-200M
Common & Preferred Stock Dividends Paid	-71M	-142M	-214M	-210M	-200M
Other Financing Activities, Total	-292M	-276M	-190M	-114M	-84M
Cash from Financing	-388M	-1.02B	-686M	-813M	-637M
Miscellaneous Cash Flow Adjustments	-1M	-	-	-1M	-
Net Change in Cash	590M	-467M	-308M	36M	193M
Supplemental Items
Cash Interest Paid	7M	7M	5M	5M	7M
Cash Income Tax Paid (Refund)	-221M	439M	814M	295M	223M
Levered Free Cash Flow	1.04B	829M	284M	848M	820M
Unlevered Free Cash Flow	1.04B	833M	288M	851M	824M
Change In Net Working Capital	-34M	331M	266M	-572M	-417M
Net Debt Issued / Repaid	-25M	-600M	-165M	-180M	-200M

Fiscal Period: February	2022	2023	2024	2025	2026
Profitability
Return on Assets	6.3	9.03	7.98	6.48	11.15
Return on Total Capital	7.83	11.78	10.17	7.93	14.05
Return On Equity %	7.9	12.42	12.99	11.17	17.89
Return on Common Equity	7.9	12.42	12.99	11.17	17.89
Margin Analysis
Gross Profit Margin %	33.03	33.33	33.76	33.97	36.83
SG&A Margin	24.62	22.1	23.49	25.11	23.74
EBITDA Margin %	13.06	15	14.88	14.16	18.36
EBITA Margin %	8.41	11.24	10.8	9.18	13.32
EBIT Margin %	8.41	11.24	10.8	9.18	13.32
Income From Continuing Operations Margin %	3.79	5.74	7.29	7.12	9.71
Net Income Margin %	3.79	5.74	7.29	7.12	9.71
Net Avail. For Common Margin %	3.79	5.74	7.29	7.12	9.71
Normalized Net Income Margin	5.83	7.05	7.2	6.29	8.89
Levered Free Cash Flow Margin	9.37	6.66	2.53	8.11	6.11
Unlevered Free Cash Flow Margin	9.41	6.69	2.56	8.14	6.14
Asset Turnover
Asset Turnover	1.2	1.29	1.18	1.13	1.34
Fixed Assets Turnover	4.13	4.91	4.33	3.59	3.78
Receivables Turnover (Average Receivables)	4.99	4.31	3.85	4.39	7.11
Inventory Turnover (Average Inventory)	32.18	36.48	31.3	20.16	12.21
Short Term Liquidity
Current Ratio	1.71	2.02	2.34	2.49	2.12
Quick Ratio	1.62	1.87	2.16	2.22	1.73
Operating Cash Flow to Current Liabilities	0.26	0.22	0.4	0.78	0.82
Days Sales Outstanding (Average Receivables)	73.09	84.61	94.96	83.13	51.34
Days Outstanding Inventory (Average Inventory)	11.34	10	11.69	18.11	29.88
Average Days Payable Outstanding	40.21	37.27	40.04	38.44	25.92
Cash Conversion Cycle (Average Days)	44.22	57.35	66.61	62.8	55.3
Long Term Solvency
Total Debt/Equity	37.47	21.37	15.5	11.3	7.23
Total Debt / Total Capital	27.26	17.61	13.42	10.15	6.74
LT Debt/Equity	5.02	2.75	1.98	1.37	1.29
Long-Term Debt / Total Capital	3.65	2.26	1.72	1.23	1.2
Total Liabilities / Total Assets	44.1	36.91	30.31	25.49	28.74
EBIT / Interest Expense	132.71	200	242.4	192	255.29
EBITDA / Interest Expense	206.14	266.71	334	296.2	352
(EBITDA - Capex) / Interest Expense	193.71	242.43	201.6	127.8	154
Total Debt / EBITDA	1.42	0.69	0.61	0.52	0.23
Net Debt / EBITDA	-1.08	-0.99	-1.09	-1.42	-1.01
Total Debt / (EBITDA - Capex)	1.51	0.76	1.01	1.2	0.52
Net Debt / (EBITDA - Capex)	-1.15	-1.09	-1.8	-3.28	-2.32
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	56.86	12.66	-9.86	-6.83	28.34
Gross Profit, 1 Yr. Growth %	132.93	13.7	-8.7	-6.26	39.13
EBITDA, 1 Yr. Growth %	-1.4K	29.38	-10.55	-11.32	66.37
EBITA, 1 Yr. Growth %	-231.4	50.7	-13.43	-20.79	86.15
EBIT, 1 Yr. Growth %	-231.4	50.7	-13.43	-20.79	86.15
Earnings From Cont. Operations, 1 Yr. Growth %	-214.17	70.64	14.41	-8.92	74.9
Net Income, 1 Yr. Growth %	-214.17	70.64	14.41	-8.92	74.9
Normalized Net Income, 1 Yr. Growth %	-315.93	36.31	-7.98	-18.5	81.2
Diluted EPS Before Extra, 1 Yr. Growth %	-214.17	70.64	14.77	-5.63	82.3
Accounts Receivable, 1 Yr. Growth %	71.53	6.44	-4.33	-32.7	-2.98
Inventory, 1 Yr. Growth %	11.01	-11.98	23	61.45	128.13
Net Property, Plant and Equip., 1 Yr. Growth %	-7.96	-2.53	7.23	16.92	26.35
Total Assets, 1 Yr. Growth %	13.22	-2.13	-1.91	-2.97	19.58
Tangible Book Value, 1 Yr. Growth %	7.01	10.8	8.5	3.84	14.42
Common Equity, 1 Yr. Growth %	6.71	10.45	8.35	3.74	14.38
Cash From Operations, 1 Yr. Growth %	21.08	-29.86	45.08	61.19	38.85
Capital Expenditures, 1 Yr. Growth %	-8.42	95.4	289.41	27.19	64.61
Levered Free Cash Flow, 1 Yr. Growth %	89.95	-19.96	-65.68	198.15	-3.35
Unlevered Free Cash Flow, 1 Yr. Growth %	89.67	-19.88	-65.49	196	-3.19
Dividend Per Share, 1 Yr. Growth %	100	50	0	0	33.33
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-3.73	32.94	0.77	-8.36	9.35
Gross Profit, 2 Yr. CAGR %	-1.88	62.74	1.89	-7.48	14.21
EBITDA, 2 Yr. CAGR %	-6.23	310.12	7.58	-10.94	21.47
EBITA, 2 Yr. CAGR %	-5.21	40.72	14.22	-17.19	21.43
EBIT, 2 Yr. CAGR %	-5.21	40.72	14.22	-17.19	21.43
Earnings From Cont. Operations, 2 Yr. CAGR %	-23.77	39.58	39.72	2.08	26.21
Net Income, 2 Yr. CAGR %	-23.77	39.58	39.72	2.08	26.21
Normalized Net Income, 2 Yr. CAGR %	-0.96	71.56	12	-13.4	21.52
Diluted EPS Before Extra, 2 Yr. CAGR %	-23.77	39.58	39.95	4.07	31.17
Accounts Receivable, 2 Yr. CAGR %	-5.47	35.12	0.91	-19.76	-19.19
Inventory, 2 Yr. CAGR %	-4.08	-1.15	4.05	40.92	91.92
Net Property, Plant and Equip., 2 Yr. CAGR %	-7.04	-5.28	2.23	11.97	21.54
Total Assets, 2 Yr. CAGR %	2.43	5.26	-2.02	-2.44	7.72
Tangible Book Value, 2 Yr. CAGR %	-0.49	8.89	9.65	6.15	9
Common Equity, 2 Yr. CAGR %	-0.84	8.56	9.4	6.02	8.93
Cash From Operations, 2 Yr. CAGR %	-15.21	-7.85	0.87	52.92	49.6
Capital Expenditures, 2 Yr. CAGR %	-58.33	33.77	175.85	122.55	44.69
Levered Free Cash Flow, 2 Yr. CAGR %	-3.5	23.3	-47.59	1.15	69.76
Unlevered Free Cash Flow, 2 Yr. CAGR %	-3.32	23.28	-47.41	1.07	69.28
Dividend Per Share, 2 Yr. CAGR %	41.42	73.21	22.47	0	15.47
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-1.24	1.45	16.79	-1.83	2.53
Gross Profit, 3 Yr. CAGR %	-0.55	3.06	34.22	-0.9	5.99
EBITDA, 3 Yr. CAGR %	-0.88	4.39	146.87	0.87	9.69
EBITA, 3 Yr. CAGR %	0.99	10.63	19.68	1.1	8.48
EBIT, 3 Yr. CAGR %	1.14	10.63	19.68	1.1	8.48
Earnings From Cont. Operations, 3 Yr. CAGR %	-11.72	-0.28	30.63	21.15	22.15
Net Income, 3 Yr. CAGR %	-11.72	-0.28	30.63	21.15	22.15
Normalized Net Income, 3 Yr. CAGR %	5.39	10.17	39.4	0.74	10.77
Diluted EPS Before Extra, 3 Yr. CAGR %	-11.72	-0.28	30.76	22.72	25.46
Accounts Receivable, 3 Yr. CAGR %	-2.86	-1.66	20.43	-11.84	-14.52
Inventory, 3 Yr. CAGR %	-12.72	-6.79	6.32	20.46	65.47
Net Property, Plant and Equip., 3 Yr. CAGR %	-2.82	-5.56	-1.28	6.91	16.57
Total Assets, 3 Yr. CAGR %	3.32	0.89	2.81	-2.34	4.41
Tangible Book Value, 3 Yr. CAGR %	3.5	3.14	8.76	7.68	8.84
Common Equity, 3 Yr. CAGR %	3.19	2.79	8.49	7.48	8.74
Cash From Operations, 3 Yr. CAGR %	-19.91	-20.41	7.2	17.93	48.08
Capital Expenditures, 3 Yr. CAGR %	-32.11	-30.25	91	113.11	101.27
Levered Free Cash Flow, 3 Yr. CAGR %	-11.86	-9.33	-19.49	-6.44	-0.37
Unlevered Free Cash Flow, 3 Yr. CAGR %	-11.78	-9.19	-19.35	-6.46	-0.37
Dividend Per Share, 3 Yr. CAGR %	7.72	44.22	44.22	14.47	10.06
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-0.47	0.81	-0.44	-2.6	13.75
Gross Profit, 5 Yr. CAGR %	3.73	4.18	0.42	-1.29	25.82
EBITDA, 5 Yr. CAGR %	7.1	10.08	2.42	-2.03	85.89
EBITA, 5 Yr. CAGR %	20.41	19.48	6.09	-1.47	20.38
EBIT, 5 Yr. CAGR %	20.68	19.65	6.18	-1.47	20.38
Earnings From Cont. Operations, 5 Yr. CAGR %	14.06	13.84	6.08	0.66	28.84
Net Income, 5 Yr. CAGR %	14.06	13.84	6.08	0.66	28.84
Normalized Net Income, 5 Yr. CAGR %	23.95	20.48	7.98	0.06	31.95
Diluted EPS Before Extra, 5 Yr. CAGR %	11.68	11.95	6.15	1.44	30.92
Accounts Receivable, 5 Yr. CAGR %	-2.65	-3.31	-1.37	-9.34	2.66
Inventory, 5 Yr. CAGR %	-7.53	-7.23	-6.36	9.97	34.65
Net Property, Plant and Equip., 5 Yr. CAGR %	-1.78	-1.47	-0.83	1.09	7.28
Total Assets, 5 Yr. CAGR %	2.92	1.71	1.15	-0.46	4.75
Tangible Book Value, 5 Yr. CAGR %	8.32	6.52	5.92	4.33	8.86
Common Equity, 5 Yr. CAGR %	7.99	6.15	5.63	4.07	8.67
Cash From Operations, 5 Yr. CAGR %	-3.29	5.26	-12.17	3.35	22.49
Capital Expenditures, 5 Yr. CAGR %	-0.9	0.24	18.95	10.94	70.93
Levered Free Cash Flow, 5 Yr. CAGR %	0.59	24.38	-28.41	-5.27	8.5
Unlevered Free Cash Flow, 5 Yr. CAGR %	0.46	23.85	-28.27	-5.21	8.49
Dividend Per Share, 5 Yr. CAGR %	10.76	20.11	13.4	24.57	31.95