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Definitive Analysis

Financial Statements

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Ticker

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Page: Company Financials

Hakuten Corporation

Ticker: 2173.T | Industry: Advertising Agencies | Sector: Communication Services
$979.00 -14.00 (-1.41%)
As of: 2026-01-29

Master Data Export


Enterprise Value

Metric 2024 2023 2022
Stock Price 581.25 347.75 374.75
Market Capitalization 8,999.12M 5,329.90M 5,715.36M
(-) Cash & Equivalents 2,729.01M 1,512.04M 1,572.39M
(+) Total Debt 2,080.03M 1,653.83M 1,694.57M
Enterprise Value 8,350.13M 5,471.69M 5,837.54M

Income Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
Revenue 18,845M 17,386M 18,845M 17,386M 13,943M 10,627M 7,272M 12,921M
Cost of Revenue 13,152M 12,253M 13,152M 12,254M 10,066M 7,497M 5,068M 9,283M
Gross Profit 5,693M 5,134M 5,693M 5,132M 3,877M 3,130M 2,204M 3,638M
Gross Profit Margin 30.2% 29.5% 30.2% 29.5% 27.8% 29.5% 30.3% 28.2%
R&D Expenses 0M 0M 0M 0M 0M 0M 0M 0M
SG&A Expenses 4,299M 3,844M 4,299M 3,843M 0M 2,585M 2,779M 2,980M
Operating Expenses 4,300M 3,854M 4,300M 3,855M 3,138M 2,598M 2,792M 2,992M
Operating Income (EBIT) 1,393M 1,280M 1,393M 1,277M 739M 533M -588M 646M
Operating Income Margin 7.4% 7.4% 7.4% 7.3% 5.3% 5.0% -8.1% 5.0%
Interest Income 0M 0M 0M 6M 0M 0M 0M 0M
Interest Expense 15M 6M 15M 0M 5M 11M 13M 9M
Net Interest Income -15M -6M -14M 6M -5M -11M -12M -9M
Unusual Items 3M -88M 1M -98M -15M 517M 298M -20M
EBT Excluding Unusual Items 1,379M 1,273M 1,379M 1,283M 734M 522M -600M 637M
Pre-Tax Income 1,382M 1,186M 1,380M 1,185M 719M 1,039M -302M 617M
Pre-Tax Margin 7.3% 6.8% 7.3% 6.8% 5.2% 9.8% -4.2% 4.8%
Income Tax Expense 380M 319M 379M 319M 165M 278M -112M 207M
Net Income 999M 867M 999M 866M 554M 761M -190M 410M
Net Income Margin 5.3% 5.0% 5.3% 5.0% 4.0% 7.2% -2.6% 3.2%
Depreciation & Amortization 98M 38M 139M 132M 103M 99M 163M 167M
EBITDA 1,492M 1,317M 1,532M 1,409M 842M 632M -424M 813M
EBITDA Margin 7.9% 7.6% 8.1% 8.1% 6.0% 5.9% -5.8% 6.3%
NOPAT 1,010M 936M 1,010M 933M 569M 390M -464M 429M
NOPAT Margin 5.4% 5.4% 5.4% 5.4% 4.1% 3.7% -6.4% 3.3%
Owner's Earnings 1,098M 623M 1,035M 486M 486M 777M -106M 436M
Owner's Earnings Margin 5.8% 3.6% 5.5% 2.8% 3.5% 7.3% -1.5% 3.4%
EPS (Basic) 64.54 56.32 64.52 56.36 36.06 48.62 -12.15 25.96
EPS (Diluted) 64.54 56.57 64.52 56.36 36.06 48.62 -12.15 25.95
Shares (Basic) 15M 15M 15M 15M 15M 16M 16M 16M
Shares (Diluted) 15M 15M 15M 15M 15M 16M 16M 16M

Balance Sheet

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
Cash & Cash Equivalents 2,642.00M 2,539.00M 2,642.00M 2,527.00M 1,029.16M 1,578.38M 2,013.89M 837.74M
Short-Term Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Cash & Short-Term Investments 2,642.00M 2,539.00M 2,642.00M 2,527.00M 1,029.16M 1,578.38M 2,013.89M 837.74M
Net Receivables 3,045.00M 1,645.00M 3,045.00M 2,626.00M 0.00M 0.00M 1,495.20M 2,147.42M
Inventory 602.00M 833.00M 602.00M 852.00M 264.81M 173.40M 195.43M 325.86M
Other Current Assets 205.00M 332.00M 205.00M 367.00M 156.43M 152.59M 162.39M 205.45M
Total Current Assets 6,494.00M 5,349.00M 6,494.00M 6,372.00M 1,450.40M 1,904.37M 3,866.91M 3,516.48M
Property, Plant & Equipment 685.00M 653.00M 685.00M 652.39M 683.49M 525.38M 353.93M 466.34M
Goodwill 72.00M 0.00M 72.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Intangible Assets 104.00M 104.00M 104.00M 111.00M 130.88M 44.39M 96.07M 243.90M
Long-Term Investments 403.00M 382.00M 403.00M 405.00M 8.70M 9.46M 9.23M 8.27M
Tax Assets 0.00M 0.00M 0.00M 0.00M 96.81M 88.51M 119.64M 135.47M
Other Non-Current Assets 143.00M 28.00M 143.00M 126.61M 2.05M 1.78M 1.51M 2.29M
Other Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Non-Current Assets 1,407.00M 1,167.00M 1,407.00M 1,295.00M 921.94M 669.53M 580.37M 856.26M
Total Assets 7,901.00M 6,516.00M 7,901.00M 7,667.00M 2,372.33M 2,573.90M 4,447.28M 4,372.74M
Accounts Payable 1,108.00M 808.00M 1,108.00M 1,431.00M 1,163.04M 945.80M 493.81M 715.73M
Short-Term Debt 459.00M 499.00M 459.00M 500.00M 922.10M 766.94M 1,934.28M 1,234.98M
Tax Payables 0.00M 0.00M 0.00M 245.63M 63.90M 280.89M 22.65M 119.88M
Deferred Revenue 0.00M 0.00M 0.00M 0.00M 265.12M 618.89M 139.98M 746.32M
Other Current Liabilities 1,320.00M 823.00M 1,320.00M 1,073.00M 623.40M 410.27M 605.88M 675.91M
Total Current Liabilities 2,887.00M 2,130.00M 2,887.00M 3,249.63M 3,037.56M 3,022.79M 3,196.60M 3,492.81M
Long-Term Debt 1,261.00M 1,356.00M 1,261.00M 1,688.00M 150.15M 272.25M 356.67M 54.28M
Capital Lease Obligations 18.00M 19.00M 18.00M 24.00M 19.53M 10.79M 7.79M 23.22M
Deferred Tax Liabilities 0.00M 0.00M 0.00M 0.00M 0.00M 1.52M 40.02M 0.00M
Other Non-Current Liabilities 37.00M 21.00M 37.00M 44.00M 7.68M 6.83M 0.00M 0.34M
Total Non-Current Liabilities 1,316.00M 1,396.00M 1,316.00M 1,756.00M 177.35M 291.39M 404.48M 77.84M
Total Liabilities 4,203.00M 3,526.00M 4,203.00M 5,005.63M 3,214.91M 3,314.18M 3,601.08M 3,570.65M
Preferred Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock 239.00M 239.00M 239.00M 222.00M 205.48M 190.33M 185.77M 181.05M
Retained Earnings 2,996.00M 2,573.00M 2,996.00M 2,338.00M 1,737.90M 1,341.44M 580.64M 856.29M
Accumulated OCI 1.00M 0.00M 1.00M 2.00M 0.00M 4.00M 4.00M 18.00M
Minority Interest 5.00M 2.00M 5.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Shareholders’ Equity 3,236.00M 2,812.00M 3,236.00M 2,562.00M 1,943.39M 1,535.78M 770.40M 1,055.34M
Total Equity 3,241.00M 2,814.00M 3,241.00M 2,562.00M 1,943.39M 1,535.78M 770.40M 1,055.34M
Total Liabilities & Equity 7,444.00M 6,340.00M 7,444.00M 7,567.63M 5,158.29M 4,849.95M 4,371.49M 4,625.99M
Tangible Assets 7,725.00M 6,412.00M 7,725.00M 7,556.00M 2,241.45M 2,529.51M 4,351.21M 4,128.84M
Tangible Equity 3,065.00M 2,710.00M 3,065.00M 2,451.00M 1,812.50M 1,491.39M 674.34M 811.45M
Tangible Book Value 3,065.00M 2,710.00M 3,065.00M 2,451.00M 1,812.50M 1,491.39M 674.34M 811.45M
Total Investments 403.00M 382.00M 403.00M 405.00M 8.70M 9.46M 9.23M 8.27M
Net Debt -922.00M -684.00M -922.00M -339.00M 43.10M -539.19M 277.06M 451.52M

Capital Metrics

Metric MRQ MRQ-1 2024-12-31 2023-12-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
Working Capital 3,263.0M 3,155.0M 3,263.0M 3,096.0M 1,241.3M 1,361.3M 754.9M 461.1M
Total Capital 5,092.0M 4,803.0M 5,092.0M 4,853.0M 3,083.6M 2,794.5M 3,272.4M 2,567.5M
Capital Employed 4,670.0M 4,322.0M 4,670.0M 4,391.0M 2,163.3M 2,030.9M 1,335.3M 1,317.4M
Invested Capital 2,450.0M 2,264.0M 2,450.0M 2,326.0M 2,054.4M 1,216.2M 1,258.5M 1,729.7M

Cash Flow Statement

Metric TTM TTM-1 2024-12-31 2023-12-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
Net Income 999.00M 1,174.81M 999.00M 866.00M 719.02M 1,038.81M -302.25M 617.00M
Depreciation & Amortization 0.00M 36.06M 139.00M 132.00M 103.29M 99.43M 163.13M 166.78M
Deferred Income Tax 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Stock-Based Compensation 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Change in Working Capital 0.00M 522.71M 12.00M -377.33M -413.87M -256.42M 286.26M -144.16M
Accounts Receivable 0.00M -363.21M -392.00M -76.00M 0.00M -938.00M 794.00M 119.00M
Inventory 0.00M 110.56M 322.00M -784.00M -91.41M 18.86M 130.42M -115.79M
Accounts Payable 0.00M 431.92M 0.00M 268.07M 0.00M 476.81M -221.92M -312.68M
Other Working Capital 0.00M 343.45M 82.00M 214.60M 0.00M 40.00M -617.00M 168.00M
Other Non-Cash Items -999.00M -313.96M -50.00M 832.67M 86.14M -163.16M -98.21M -33.07M
Net Cash from Operating Activities 0.00M 1,419.62M 1,100.00M 1,453.33M 114.07M 487.78M 167.13M 405.61M
Capital Expenditures (PPE) 0.00M -281.64M -103.00M -512.00M -170.94M -83.51M -79.07M -140.69M
Acquisitions (Net) 0.00M 1.12M -167.00M 0.00M 0.00M 586.15M 137.25M 0.00M
Purchases of Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Sales / Maturities of Investments 0.00M 1.59M 0.00M 1.59M 0.00M 0.00M 0.00M 0.15M
Other Investing Activities 0.00M 2.19M 101.00M -322.92M -164.55M 10.64M 49.82M -42.90M
Net Cash from Investing Activities 0.00M -276.74M -169.00M -833.33M -334.39M 513.70M 108.00M -183.43M
Net Debt Issuance 0.00M 227.34M -471.00M -266.00M 33.06M -1,448.99M 986.26M 194.80M
Long-Term Debt Issuance 0.00M 1,939.84M -471.00M -266.00M -266.94M -248.99M 213.69M -581.87M
Short-Term Debt Issuance 0.00M -1,712.50M 0.00M -770.00M 300.00M -1,200.00M 788.00M 776.67M
Net Stock Issuance 0.00M -1.21M 0.00M -199.00M -199.59M 13.36M 0.00M -96.93M
Common Stock Issuance 0.00M -0.70M 0.00M 0.00M 0.00M 13.36M 0.00M 0.01M
Common Stock Repurchased 0.00M -0.51M 0.00M -199.00M -199.59M 0.00M 0.00M -96.94M
Preferred Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Dividends Paid 0.00M -0.03M -340.00M -104.00M -156.90M -1.35M -85.25M -86.79M
Common Dividends Paid 0.00M -0.03M -340.00M -78.56M -156.90M -1.35M -85.25M -86.79M
Preferred Dividends Paid 0.00M 0.00M 0.00M -25.44M 0.00M 0.00M 0.00M 0.00M
Other Financing Activities 0.00M 1.03M -5.00M 1,601.70M -5.47M 0.00M 0.00M -23.49M
Net Cash from Financing Activities 0.00M 227.13M -816.00M 1,032.70M -328.90M -1,436.99M 901.01M -12.41M
Effect of FX on Cash 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Change in Cash 0.00M 1,370.01M 0.00M 0.00M -549.23M -435.51M 1,176.15M 209.77M
Cash at Beginning of Period 0.00M 1,157.67M 0.00M 1,578.38M 1,578.38M 2,013.89M 837.74M 627.97M
Cash at End of Period 0.00M 2,527.68M 0.00M 2,527.68M 1,029.16M 1,578.38M 2,013.89M 837.74M
Operating Cash Flow 0.00M 1,419.62M 1,100.00M 1,453.33M 114.07M 487.78M 167.13M 405.61M
Capital Expenditure 0.00M -281.64M -103.00M -512.00M -170.94M -83.51M -79.07M -140.69M
Free Cash Flow 0.00M 1,137.98M 997.00M 941.33M -56.88M 404.27M 88.06M 264.93M

Free Cash Flow

Metric TTM TTM-1 2024-12-31 2023-12-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
EBITDA 1,492.78M 1,686.82M 1,533.00M 1,421.00M 3,980.26M 644.63M -411.46M 825.00M
(-) Tax Adjustment 410.31M 386.19M 421.02M 382.53M 915.54M 172.52M -144.01M 276.95M
(-) Change In Working Capital 0.00M 522.71M 12.00M -377.33M -413.87M -256.42M 286.26M -144.16M
(-) Capital Expenditure 0.00M -281.64M -103.00M -512.00M -170.94M -83.51M -79.07M -140.69M
Unlevered Free Cash Flow 1,082.47M 496.28M 996.98M 903.80M 3,307.64M 645.03M -632.77M 551.53M
(-) Net Interest Income After Taxes -10.51M -4.17M -10.48M 4.38M -4.15M -7.77M -7.98M -5.73M
Net Debt Issuance 0.00M 227.34M -471.00M -266.00M 33.06M -1,448.99M 986.26M 194.80M
Levered Free Cash Flow 1,092.99M 727.79M 536.46M 633.42M 3,344.85M -796.19M 361.46M 752.05M