Earnings quality
Compare earnings and operating cash flow for earnings quality.
Taisei Corporation
Ticker 1801 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-16 · Period end 2026-03-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
operating margin is 9.0%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin9.0%
Equity ratio—
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
大成建設株式会社 is a Japanese listed company. Its reportable segments include Building Construction, Civil Engineering, Real Estate Development, Operating Segments Not Included In.
- Building Construction
- Civil Engineering
- Real Estate Development
- Operating Segments Not Included In
- Total Of
- Description Of
- Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
- Description Of Impairment Loss Not Allocated To
Segments Building Construction · Civil Engineering · Real Estate Development · Operating Segments Not Included In · Total Of · Description Of
Compare trends
No phone/email found in this filing · Filing date 2026-06-16
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥2.2T | ¥2.1T |
| Cost of sales* | ¥1.9T | ¥1.8T |
| Gross profit | ¥231.1B | ¥330.1B |
| Operating profit (loss) | ¥120.2B | ¥188.0B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥50.3B | ¥71.6B |
| Profit (loss) | ¥127.9B | ¥174.8B |
| Profit (loss) attributable to owners | ¥123.8B | ¥170.0B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥296.0B | ¥273.0B |
| Current assets | ¥1.6T | ¥1.6T |
| Non-current assets | ¥829.1B | ¥1.1T |
| Total assets | ¥2.4T | ¥2.7T |
| Short-term borrowings | ¥115.2B | ¥162.0B |
| Current liabilities | ¥1.3T | ¥1.4T |
| Non-current liabilities* | ¥235.2B | ¥344.9B |
| Total liabilities | ¥1.5T | ¥1.7T |
| Equity attributable to owners | — | — |
| Total equity | — | — |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | -¥13.8B | ¥147.3B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥133.8B | ¥24.4B |
| Net increase (decrease) in cash | -¥134.8B | -¥23.0B |
| Cash at end of period | ¥296.0B | ¥273.0B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥1.5T | ¥1.6T | ¥1.8T | ¥2.2T | ¥2.1T | |
| Operating profit | ¥103.2B | ¥63.1B | ¥38.9B | ¥134.5B | ¥195.8B | |
| Profit to owners | — | — | — | ¥123.8B | ¥170.0B | |
| Total assets | ¥2.0T | ¥2.0T | ¥2.6T | ¥2.4T | ¥2.7T | |
| Cash & equivalents | — | — | ¥430.8B | ¥296.0B | ¥273.0B | |
| Owners’ equity | ¥872.8B | ¥833.9B | ¥961.0B | ¥900.7B | ¥989.9B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Mixed
The numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
On the income statement, revenue moved from ¥2.2T to ¥2.1T (▼ -3.0%), so the top line did not break. Gross profit only slipped from ¥231.1B to ¥330.1B, while operating profit swung from ¥120.2B to ¥188.0B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥147.3B (prior -¥13.8B), and cash on the balance sheet rose to ¥273.0B from ¥296.0B. When profits collapse but operating cash stays positive, read the notes for impairments and other non-cash charges before assuming the business stopped generating cash.
The balance sheet got heavier on leverage. Total liabilities rose to ¥1.7T while owners’ equity fell to —. ROE moved from 13.8% to 18.7%, and the equity ratio from 35.7% to 34.9%. Employee count is 18,503 vs 16,382 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 35.7% to 34.9%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100YBGF
(大成建設株式会社), period end 2026-03-31.