Earnings quality
Compare earnings and operating cash flow for earnings quality.
Kajima Corporation
Ticker 1812 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-24 · Period end 2026-03-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 7.8%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin7.8%
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
鹿島建設株式会社 is a Japanese listed company. Its reportable segments include Construction, Development, Domestic Associate Companies, Engineering.
- Construction
- Development
- Domestic Associate Companies
- Engineering
- Overseas Associate Companies
- Total Of
- Description Of
- Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
Segments Construction · Development · Domestic Associate Companies · Engineering · Overseas Associate Companies · Total Of
Compare trends
No phone/email found in this filing · Filing date 2026-06-24
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥2.9T | ¥3.1T |
| Cost of sales* | ¥2.6T | ¥2.6T |
| Gross profit | ¥323.2B | ¥425.9B |
| Operating profit (loss) | ¥151.9B | ¥240.8B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥49.6B | ¥76.6B |
| Profit (loss) | ¥126.5B | ¥178.8B |
| Profit (loss) attributable to owners | ¥125.8B | ¥177.3B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥349.5B | ¥392.3B |
| Current assets | ¥2.1T | ¥2.2T |
| Non-current assets | ¥1.3T | ¥1.4T |
| Total assets | ¥3.5T | ¥3.6T |
| Short-term borrowings | ¥379.1B | ¥387.2B |
| Current liabilities | ¥1.7T | ¥1.6T |
| Non-current liabilities* | ¥479.6B | ¥583.4B |
| Total liabilities | ¥2.2T | ¥2.2T |
| 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 | ¥30.6B | ¥114.6B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | ¥61.7B | -¥30.5B |
| Net increase (decrease) in cash | -¥8.0M | ¥43.3B |
| Cash at end of period | ¥349.5B | ¥392.3B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥2.1T | ¥2.4T | ¥2.7T | ¥2.9T | ¥3.1T | |
| Operating profit | ¥152.1B | ¥156.7B | ¥150.1B | ¥160.7B | ¥240.4B | |
| Profit to owners | — | — | — | ¥125.8B | ¥177.3B | |
| Total assets | ¥2.3T | ¥2.8T | ¥3.1T | ¥3.5T | ¥3.6T | |
| Cash & equivalents | — | — | ¥350.1B | ¥349.5B | ¥392.3B | |
| Owners’ equity | ¥953.6B | ¥1.1T | ¥1.2T | ¥1.3T | ¥1.4T |
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 ¥2.9T to ¥3.1T (▲ +5.3%), so the top line did not break. Gross profit only slipped from ¥323.2B to ¥425.9B, while operating profit swung from ¥151.9B to ¥240.8B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥114.6B (prior ¥30.6B), and cash on the balance sheet rose to ¥392.3B from ¥349.5B. 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.
Goodwill on the balance sheet fell from ¥2.6B to ¥1.9B, consistent with heavy write-downs of past acquisitions’ carrying values.
The balance sheet got heavier on leverage. Total liabilities rose to ¥2.2T while owners’ equity fell to —. ROE moved from 10.2% to 13.3%, and the equity ratio from 36.4% to 39.0%. Employee count is 21,170 vs 21,029 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 S100YGGI
(鹿島建設株式会社), period end 2026-03-31.