Financials

Modec: 25 fiscal years of results, 2001–2025

Revenue · FYE Dec 2025
¥717bn
Operating profit · FYE Dec 2025
¥68bn
Net profit · FYE Dec 2025
¥56bn
Total assets
¥745bn
Equity ratio
30.5%
Fiscal years on record
25 · 2001–2025

This page carries 25 fiscal years of results, from 2001 to 2025. Revenue is at its highest on record in the latest year filed. The company reported a net loss in 3 years: 2019, 2020, 2021.

Modec: long-term performance & turning pointsSales (revenue) and profit-margin ratio
Sales (¥ bn)Net margin (%)
Long-term results, every fiscal year on record (¥ bn). Scroll sideways for earlier years.
Fiscal year Unit 2001 FYE Dec 2002 FYE Dec 2003 FYE Dec 2004 FYE Dec 2005 FYE Dec 2006 FYE Dec 2007 FYE Dec 2008 FYE Dec 2009 FYE Dec 2010 FYE Dec 2011 FYE Dec 2012 FYE Dec 2013 FYE Dec 2014 FYE Dec 2015 FYE Dec 2016 FYE Dec 2017 FYE Dec 2018 FYE Dec 2019 FYE Dec 2020 FYE Dec 2021 FYE Dec 2022 FYE Dec 2023 FYE Dec 2024 FYE Dec 2025 FYE Dec
Revenue JPY ¥35bn¥31bn¥67bn¥52bn¥72bn¥99bn¥144bn¥144bn¥204bn¥147bn¥130bn¥187bn¥254bn¥379bn¥296bn¥230bn¥191bn¥222bn¥333bn¥310bn¥429bn¥364bn¥507bn¥662bn¥717bn
YoY % -9.0%+112.7%-22.3%+38.0%+38.4%+45.3%-0.2%+42.1%-28.2%-11.4%+43.8%+36.1%+48.8%-21.9%-22.2%-16.9%+16.1%+49.9%-6.8%+38.5%-15.3%+39.4%+30.6%+8.3%
Operating profit JPY ¥3.9bn¥3.5bn¥7.0bn¥2.0bn¥4.2bn¥3.6bn¥0.3bn¥3.5bn¥3.7bn¥8.6bn¥5.1bn¥18bn¥11bn¥15bn-¥4.8bn-¥16bn-¥35bn¥10bn¥27bn¥51bn¥69bn
YoY % -10.3%+100.0%-71.4%+110.0%-14.3%-91.7%+1066.7%+5.7%+132.4%-40.7%+252.9%-36.7%+30.7%-132.2%+174.0%+86.5%+34.1%
Ordinary profit JPY ¥5.8bn¥3.9bn¥3.2bn¥3.7bn¥5.4bn¥4.7bn¥7.8bn¥2.5bn¥7.5bn¥6.2bn¥5.1bn¥9.3bn¥16bn¥18bn¥13bn¥29bn
Net profit JPY ¥1.7bn¥1.7bn¥2.0bn¥2.2bn¥3.2bn¥3.3bn¥4.5bn¥1.4bn¥2.4bn¥2.7bn¥3.1bn¥5.1bn¥4.9bn¥5.4bn¥5.8bn¥21bn¥20bn¥22bn-¥18bn-¥13bn-¥50bn¥5.0bn¥14bn¥35bn¥57bn
YoY % 0.0%+17.6%+10.0%+45.5%+3.1%+36.4%-68.9%+71.4%+12.5%+14.8%+64.5%-3.9%+10.2%+7.4%+262.1%-7.1%+12.3%-183.1%+174.0%+154.7%+61.9%
Operating margin % 5.4%3.5%4.9%1.4%2.1%2.5%0.2%1.9%1.5%2.3%1.7%7.8%6.0%6.7%-1.4%-5.1%-8.2%2.8%5.4%7.7%9.6%
Net margin % 4.9%5.4%3.0%4.2%4.5%3.3%3.1%1.0%1.2%1.8%2.4%2.7%1.9%1.4%2.0%9.1%10.2%9.9%-5.5%-4.2%-11.7%1.4%2.7%5.3%7.9%
Standard Japanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPJapanese GAAPIFRSIFRSIFRSIFRSIFRSIFRSIFRSIFRSIFRS
Basis ConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidatedConsolidated
Cost structure Cost of sales SG&A Other operating costs Operating profit Operating margin

Where each yen of revenue goes — cost of sales, SG&A and what is left as operating profit (¥ bn, stacked)

Revenue and its cost lines, every year the breakdown was filed (¥ bn).
Fiscal year Unit 2005 *1 FYE Dec 2006 *1 FYE Dec 2007 *1 FYE Dec 2008 *1 FYE Dec 2009 *1 FYE Dec 2010 *1 FYE Dec 2011 *1 FYE Dec 2012 *1 FYE Dec 2013 *1 FYE Dec 2014 *1 FYE Dec 2015 *1 FYE Dec 2016 *1 FYE Dec 2017 *1 FYE Dec 2018 *1 FYE Dec 2019 *1 FYE Dec 2020 *1 FYE Dec 2021 *1 FYE Dec 2022 *1 FYE Dec 2023 *1 FYE Dec 2024 *1 FYE Dec 2025 *1 FYE Dec
Revenue JPY ¥72bn¥99bn¥144bn¥144bn¥204bn¥147bn¥130bn¥187bn¥254bn¥379bn¥296bn¥230bn¥191bn¥222bn¥333bn¥310bn¥429bn¥364bn¥507bn¥662bn¥717bn
YoY % +38.4%+45.3%-0.3%+42.1%-28.2%-11.4%+43.8%+36.1%+48.8%-21.9%-22.2%-16.9%+16.1%+49.9%-6.8%+38.5%-15.3%+39.5%+30.6%+8.3%
Cost of sales JPY ¥63bn¥90bn¥127bn¥131bn¥193bn¥135bn¥122bn¥173bn¥238bn¥357bn¥276bn¥198bn¥166bn¥195bn¥325bn¥318bn¥454bn¥355bn¥472bn¥600bn¥630bn
SG&A JPY ¥4.7bn¥5.9bn¥9.9bn¥11bn¥7.4bn¥8.5bn¥7.3bn¥10bn¥13bn¥13bn¥15bn¥14bn¥13bn¥12bn¥12bn¥16bn¥16bn¥20bn¥27bn¥35bn¥40bn
Other operating costs JPY -¥8.2bn-¥5.9bn-¥21bn-¥19bn-¥24bn-¥21bn
Operating profit JPY ¥3.9bn¥3.5bn¥7.0bn¥2.0bn¥4.2bn¥3.6bn¥0.3bn¥3.5bn¥3.7bn¥8.6bn¥5.1bn¥18bn¥11bn¥15bn-¥4.8bn-¥16bn-¥35bn¥10.0bn¥27bn¥51bn¥68bn
YoY % -10.3%+99.2%-71.6%+111.3%-14.5%-91.8%+1084.3%+6.7%+131.3%-40.8%+255.0%-36.5%+30.4%-132.4%+173.7%+86.6%+34.1%
Operating margin % 5.4%3.5%4.8%1.4%2.0%2.4%0.2%1.9%1.5%2.3%1.7%7.8%6.0%6.7%-1.5%-5.1%-8.1%2.7%5.4%7.7%9.6%
Change pp -1.9pp+1.3pp-3.4pp+0.6pp+0.4pp-2.2pp+1.7pp-0.4pp+0.8pp-0.6pp+6.1pp-1.8pp+0.7pp-8.2pp-3.6pp-3.0pp+10.8pp+2.7pp+2.3pp+1.9pp
  • *1 Securities report (yuka shoken hokokusho), as filed
Balance sheet Total assets Equity Interest-bearing debt Equity ratio

Total assets, equity and interest-bearing debt (¥ bn), with the equity ratio (%)

Balance-sheet totals, every year on record (¥ bn).
Fiscal year Unit 2012 *1 FYE Dec 2013 *1 FYE Dec 2014 *1 FYE Dec 2015 *1 FYE Dec 2016 *1 FYE Dec 2017 *1 FYE Dec 2018 *1 FYE Dec 2019 *1 FYE Dec 2020 *1 FYE Dec 2021 *1 FYE Dec 2022 *1 FYE Dec 2023 *1 FYE Dec 2024 *1 FYE Dec 2025 *1 FYE Dec
Total assets JPY ¥154bn¥216bn¥348bn¥354bn¥333bn¥321bn¥343bn¥383bn¥358bn¥390bn¥416bn¥551bn¥711bn¥745bn
YoY % +40.0%+61.6%+1.7%-6.0%-3.6%+6.9%+11.6%-6.7%+9.1%+6.7%+32.5%+29.0%+4.8%
Equity JPY ¥60bn¥80bn¥110bn¥102bn¥123bn¥137bn¥153bn¥122bn¥91bn¥57bn¥108bn¥141bn¥187bn¥227bn
YoY % +33.2%+36.3%-7.4%+21.2%+10.9%+11.8%-20.2%-24.9%-37.5%+88.4%+30.7%+32.6%+21.8%
Interest-bearing debt JPY ¥56bn¥50bn¥35bn¥31bn¥25bn¥13bn¥49bn¥52bn¥81bn¥81bn¥66bn
Equity ratio % 39.2%37.3%31.5%28.7%36.9%42.5%44.5%31.8%25.6%14.7%25.9%25.5%26.3%30.5%
Change pp -1.9pp-5.8pp-2.8pp+8.2pp+5.6pp+2.0pp-12.7pp-6.2pp-10.9pp+11.2pp-0.4pp+0.8pp+4.2pp
  • *1 Securities report (yuka shoken hokokusho), as filed
Cash flow Operating CF Investing CF Financing CF

Cash generated by operations, spent on investment and raised or repaid in financing (¥ bn)

Cash flows as filed, every year on record (¥ bn). A negative figure is cash out.
Fiscal year Unit 2001 *1 FYE Dec 2002 *1 FYE Dec 2003 *1 FYE Dec 2004 *1 FYE Dec 2005 *1 FYE Dec 2006 *1 FYE Dec 2007 *1 FYE Dec 2008 *1 FYE Dec 2009 *1 FYE Dec 2010 *1 FYE Dec 2011 *1 FYE Dec 2012 *1 FYE Dec 2013 *1 FYE Dec 2014 *1 FYE Dec 2015 *1 FYE Dec 2016 *1 FYE Dec 2017 *1 FYE Dec 2018 *1 FYE Dec 2019 *1 FYE Dec 2020 *1 FYE Dec 2021 *1 FYE Dec 2022 *1 FYE Dec 2023 *1 FYE Dec 2024 *1 FYE Dec 2025 *1 FYE Dec
Operating CF JPY ¥5.8bn-¥1.8bn¥5.5bn¥9.6bn¥12bn¥12bn¥3.8bn¥29bn-¥37bn¥7.5bn¥4.8bn¥23bn-¥13bn¥12bn¥8.5bn¥30bn-¥3.3bn¥45bn-¥3.2bn¥31bn¥18bn-¥28bn¥69bn¥89bn¥38bn
YoY % -131.1%+76.5%+23.4%-1.4%-67.5%+655.5%-228.8%-36.1%+377.8%-156.3%-31.4%+258.7%-110.9%-107.2%-40.9%-251.2%+28.7%-56.9%
Investing CF JPY -¥3.6bn¥0.2bn-¥8.6bn-¥14bn-¥22bn-¥20bn-¥9.9bn-¥7.0bn¥22bn-¥22bn¥21bn-¥3.2bn-¥20bn-¥18bn-¥13bn-¥38bn-¥3.6bn-¥4.2bn¥26bn-¥0.7bn-¥25bn-¥7.5bn-¥30bn-¥19bn¥0.9bn
Financing CF JPY ¥2.4bn-¥1.3bn¥7.3bn¥5.2bn¥19bn¥12bn-¥0.5bn¥5.5bn-¥0.3bn¥7.7bn-¥21bn-¥5.9bn¥11bn¥12bn¥31bn-¥6.9bn-¥5.7bn-¥17bn-¥21bn-¥14bn¥30bn-¥6.5bn¥34bn-¥29bn-¥30bn
Cash & equivalents JPY ¥10bn¥6.9bn¥14bn¥14bn¥25bn¥29bn¥21bn¥45bn¥32bn¥12bn¥17bn¥33bn¥22bn¥31bn¥58bn¥42bn¥28bn¥51bn¥52bn¥65bn¥95bn¥65bn¥144bn¥198bn¥208bn
YoY % -32.6%+101.3%+1.9%+78.2%+15.0%-25.6%+108.5%-29.5%-61.5%+42.9%+92.6%-34.7%+40.6%+89.2%-27.2%-32.9%+79.2%+2.7%+24.2%+46.4%-31.0%+120.0%+37.8%+4.8%
  • *1 Securities report (yuka shoken hokokusho), as filed
Key ratios Operating margin Net margin ROE Equity ratio

Profitability and balance-sheet strength (%). ROE uses year-end equity.

Ratios by fiscal year (%), with the year-on-year move in percentage points. Derived from the filed figures above.
Fiscal year Unit 2001 *1 FYE Dec 2002 *1 FYE Dec 2003 *1 FYE Dec 2004 *1 FYE Dec 2005 *1 FYE Dec 2006 *1 FYE Dec 2007 *1 FYE Dec 2008 *1 FYE Dec 2009 *1 FYE Dec 2010 *1 FYE Dec 2011 *1 FYE Dec 2012 *1 FYE Dec 2013 *1 FYE Dec 2014 *1 FYE Dec 2015 *1 FYE Dec 2016 *1 FYE Dec 2017 *1 FYE Dec 2018 *1 FYE Dec 2019 *1 FYE Dec 2020 *1 FYE Dec 2021 *1 FYE Dec 2022 *1 FYE Dec 2023 *1 FYE Dec 2024 *1 FYE Dec 2025 *1 FYE Dec
Operating margin % 5.4%3.5%4.8%1.4%2.0%2.4%0.2%1.9%1.5%2.3%1.7%7.8%6.0%6.7%-1.5%-5.1%-8.1%2.7%5.4%7.7%9.6%
Change pp -1.9pp+1.3pp-3.4pp+0.6pp+0.4pp-2.2pp+1.7pp-0.4pp+0.8pp-0.6pp+6.1pp-1.8pp+0.7pp-8.2pp-3.6pp-3.0pp+10.8pp+2.7pp+2.3pp+1.9pp
Net margin % 5.0%5.4%3.0%4.3%4.5%3.3%3.1%0.9%1.2%1.9%2.4%2.7%1.9%1.4%2.0%9.1%10.2%9.9%-5.5%-4.2%-11.7%1.4%2.7%5.3%7.9%
Change pp +0.4pp-2.4pp+1.3pp+0.2pp-1.2pp-0.2pp-2.2pp+0.3pp+0.7pp+0.5pp+0.3pp-0.8pp-0.5pp+0.6pp+7.1pp+1.1pp-0.3pp-15.4pp+1.3pp-7.5pp+13.1pp+1.3pp+2.6pp+2.6pp
ROE % 8.5%6.1%4.9%5.7%17.1%14.3%14.3%-15.0%-14.3%-88.1%4.6%9.7%18.7%24.8%
Change pp -2.4pp-1.2pp+0.8pp+11.4pp-2.8pp0.0pp-29.3pp+0.7pp-73.8pp+92.7pp+5.1pp+9.0pp+6.1pp
Equity ratio % 39.2%37.3%31.5%28.7%36.9%42.5%44.5%31.8%25.6%14.7%25.9%25.5%26.3%30.5%
Change pp -1.9pp-5.8pp-2.8pp+8.2pp+5.6pp+2.0pp-12.7pp-6.2pp-10.9pp+11.2pp-0.4pp+0.8pp+4.2pp
  • *1 Securities report (yuka shoken hokokusho), as filed
Revenue in US dollars Revenue (US$m)

The revenue line above, converted at the average ¥/US$ rate of each figure’s own year — never today’s.

Between 2001–2025, Modec’s revenue grew 21-fold in yen (13.5% a year). Converted at each year’s own average rate, the same span is 17-fold in dollars (12.5% a year), from $284m to $4.8bn. The dollar figure grew more slowly because the yen weakened over the period: part of the growth an investor sees in yen does not survive translation into dollars.

Revenue in millions of US dollars, converted at each year’s own average rate, with the yen figure as filed and the rate applied.
Fiscal year Unit 2001 *4 FYE Dec 2002 *4 FYE Dec 2003 *4 FYE Dec 2004 *4 FYE Dec 2005 *4 FYE Dec 2006 *4 FYE Dec 2007 *4 FYE Dec 2008 *4 FYE Dec 2009 *4 FYE Dec 2010 *4 FYE Dec 2011 *4 FYE Dec 2012 *4 FYE Dec 2013 *4 FYE Dec 2014 *4 FYE Dec 2015 *4 FYE Dec 2016 *4 FYE Dec 2017 *4 FYE Dec 2018 *4 FYE Dec 2019 *4 FYE Dec 2020 *4 FYE Dec 2021 *4 FYE Dec 2022 *4 FYE Dec 2023 *4 FYE Dec 2024 *4 FYE Dec 2025 *4 FYE Dec
Revenue USD $284m$251m$576m$480m$650m$852m$1.2bn$1.4bn$2.2bn$1.7bn$1.6bn$2.3bn$2.6bn$3.6bn$2.4bn$2.1bn$1.7bn$2.0bn$3.1bn$2.9bn$3.9bn$2.8bn$3.6bn$4.4bn$4.8bn
YoY % -11.7%+129.9%-16.7%+35.5%+31.1%+43.5%+13.7%+57.0%-23.4%-2.5%+43.8%+11.3%+37.2%-31.7%-13.5%-19.3%+17.9%+51.8%-4.9%+34.7%-29.2%+30.4%+21.1%+9.6%
Revenue as filed JPY ¥35bn¥31bn¥67bn¥52bn¥72bn¥99bn¥144bn¥144bn¥204bn¥147bn¥130bn¥187bn¥254bn¥379bn¥296bn¥230bn¥191bn¥222bn¥333bn¥310bn¥429bn¥364bn¥507bn¥662bn¥717bn
Rate applied ¥/US$ ¥121.52¥125.28¥115.92¥108.16¥110.15¥116.28¥117.77¥103.33¥93.53¥87.77¥79.78¥79.79¥97.60¥105.84¥121.02¥108.84¥112.16¥110.40¥109.01¥106.78¥109.78¥131.37¥140.51¥151.50¥149.65
  • *1 1949-1971: Fixed Bretton Woods peg ¥360/$ (Dodge Line 1949; Smithsonian ¥308 from Dec 1971).
  • *2 1972: Smithsonian peg ¥308/$ (held until Feb 1973 float).
  • *3 1973-1979: JIL (Japan Institute for Labour Policy and Training) g0001.xlsx — fiscal-year (Apr–Mar) basis, integer-rounded. PROVISIONAL; upgrade to BOJ FXERM07 calendar-year later.
  • *4 1980-2026: Bank of Japan stat-search FM08'FXERM07 (Tokyo market, USD/JPY spot, 17:00 fixing, monthly average) — calendar-year average of monthly averages.
  • *5 Provisional — part-year average, not a full calendar year.

Every rate used, and where it comes from →

Reporting basis

Which accounting standard each stretch of the series was filed under, and whether the accounts are consolidated.

The series crosses 2 reporting regimes — consolidated Japanese GAAP for 2001–2016; and consolidated IFRS for 2017–2025. Figures are not strictly comparable across a change of basis: consolidation in particular adds subsidiaries that were previously outside the accounts.

Reporting regimes across the long series, oldest first.
Fiscal years Standard Basis Years
2001–2016 Japanese GAAP consolidated 16
2017–2025 IFRS consolidated 9
Download the long-term series (CSV) → Compiled from securities reports and other public filings. We do not guarantee accuracy or currency, and do not track post-filing corrections. Check the primary sources before relying on these figures.

All figures are in Japanese yen as filed. Where a foreign-currency comparison is needed elsewhere on this site, yen amounts are converted at the average rate of each figure's own year — not today's rate. Exchange rates & sources →

Read the company history → 日本語版(詳細)— full financial data in Japanese →



Data API

Modec’s history, financials, executives and shareholders are published as static JSON — no key, plain GET. Full specification →

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