Earnings quality
Compare earnings and operating cash flow for earnings quality.
Shimizu Corporation
Ticker 1803 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-22 · Period end 2026-03-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 5.8%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin5.8%
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
清水建設株式会社 is a Japanese listed company. Its reportable segments include Real Estate Business Of The Corporation, Construction Business Of The Corporation, Total Of, Operating Segments Not Included In.
- Real Estate Business Of The Corporation
- Construction Business Of The Corporation
- Total Of
- Operating Segments Not Included In
- Description Of
- Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
- Description Of Impairment Loss Not Allocated To
Segments Real Estate Business Of The Corporation · Construction Business Of The Corporation · Total Of · Operating Segments Not Included In · Description Of · Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
Compare trends
No phone/email found in this filing · Filing date 2026-06-22
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥1.9T | ¥2.1T |
| Cost of sales* | ¥1.7T | ¥1.8T |
| Gross profit | ¥195.5B | ¥258.1B |
| Operating profit (loss) | ¥71.0B | ¥118.7B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥38.0B | ¥64.2B |
| Profit (loss) | ¥70.4B | ¥129.1B |
| Profit (loss) attributable to owners | ¥66.0B | ¥126.6B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥438.1B | ¥354.5B |
| Current assets | ¥1.5T | ¥1.6T |
| Non-current assets | ¥1.0T | ¥1.0T |
| Total assets | ¥2.5T | ¥2.7T |
| Short-term borrowings | ¥243.6B | ¥237.4B |
| Current liabilities | ¥1.2T | ¥1.2T |
| Non-current liabilities* | ¥391.9B | ¥412.9B |
| Total liabilities | ¥1.6T | ¥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 | ¥159.1B | ¥41.6B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥71.1B | -¥120.6B |
| Net increase (decrease) in cash | ¥98.9B | -¥83.7B |
| Cash at end of period | ¥438.1B | ¥354.5B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥1.5T | ¥1.9T | ¥2.0T | ¥1.9T | ¥2.1T | |
| Operating profit | ¥50.4B | ¥56.5B | -¥19.8B | ¥71.7B | ¥122.3B | |
| Profit to owners | — | — | — | ¥66.0B | ¥126.6B | |
| Total assets | ¥2.1T | ¥2.4T | ¥2.5T | ¥2.5T | ¥2.7T | |
| Cash & equivalents | — | — | ¥339.2B | ¥438.1B | ¥354.5B | |
| Owners’ equity | ¥875.2B | ¥907.3B | ¥948.1B | ¥923.9B | ¥1.0T |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Constructive
Sales and operating profit both moved in a healthier direction.
On the income statement, revenue moved from ¥1.9T to ¥2.1T (▲ +5.8%), so the top line did not break. Gross profit only slipped from ¥195.5B to ¥258.1B, while operating profit swung from ¥71.0B to ¥118.7B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥41.6B (prior ¥159.1B), and cash on the balance sheet rose to ¥354.5B from ¥438.1B. 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 7.6% to 13.8%, and the equity ratio from 34.1% to 36.8%. Employee count is 22,278 vs 21,286 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Capital structure held relatively steady.
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Source: EDINET S100YDXD
(清水建設株式会社), period end 2026-03-31.