Earnings quality
Compare earnings and operating cash flow for earnings quality.
Obayashi Corporation
Ticker 1802 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-24 · 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 7.5%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin7.5%
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
株式会社大林組 is a Japanese listed company. Its reportable segments include Domestic Civil Engineering, Overseas Building Construction, Overseas Civil Engineering, Real Estate.
- Domestic Civil Engineering
- Overseas Building Construction
- Overseas Civil Engineering
- Real Estate
- Operating Segments Not Included In
- Domestic Building Construction
- Construction
- Total Of
Segments Domestic Civil Engineering · Overseas Building Construction · Overseas Civil Engineering · Real Estate · Operating Segments Not Included In · Domestic Building Construction
Compare trends
Tel 03-5769-1017 · As of filing date 2026-06-24
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥2.6T | ¥2.6T |
| Cost of sales* | ¥2.3T | ¥2.2T |
| Gross profit | ¥295.4B | ¥364.7B |
| Operating profit (loss) | ¥142.5B | ¥194.7B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥60.3B | ¥71.6B |
| Profit (loss) | ¥149.6B | ¥177.8B |
| Profit (loss) attributable to owners | ¥145.4B | ¥173.8B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥380.2B | ¥416.0B |
| Current assets | ¥1.8T | ¥1.8T |
| Non-current assets | ¥1.2T | ¥1.4T |
| Total assets | ¥3.0T | ¥3.1T |
| Short-term borrowings | ¥97.5B | ¥75.2B |
| Current liabilities | ¥1.5T | ¥1.4T |
| Non-current liabilities* | ¥379.2B | ¥397.5B |
| Total liabilities | ¥1.8T | ¥1.8T |
| 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 | ¥84.2B | ¥252.9B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥50.4B | -¥141.4B |
| Net increase (decrease) in cash | ¥53.5B | ¥35.9B |
| Cash at end of period | ¥380.2B | ¥416.0B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥1.9T | ¥2.0T | ¥2.3T | ¥2.6T | ¥2.6T | |
| Operating profit | ¥49.8B | ¥100.8B | ¥91.5B | ¥152.2B | ¥204.2B | |
| Profit to owners | — | — | — | ¥145.4B | ¥173.8B | |
| Total assets | ¥2.4T | ¥2.6T | ¥3.0T | ¥3.0T | ¥3.1T | |
| Cash & equivalents | — | — | ¥326.7B | ¥380.2B | ¥416.0B | |
| Owners’ equity | ¥988.9B | ¥1.0T | ¥1.2T | ¥1.2T | ¥1.3T |
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 ¥2.6T to ¥2.6T (▼ -0.2%), so the top line did not break. Gross profit only slipped from ¥295.4B to ¥364.7B, while operating profit swung from ¥142.5B to ¥194.7B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥252.9B (prior ¥84.2B), and cash on the balance sheet rose to ¥416.0B from ¥380.2B. 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 ¥1.8T while owners’ equity fell to —. ROE moved from 12.6% to 14.4%, and the equity ratio from 38.1% to 40.0%. Employee count is 18,031 vs 17,305 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Capital structure held relatively steady.
Was this page helpful?
Source: EDINET S100YITC
(株式会社大林組), period end 2026-03-31.