Earnings quality
Compare earnings and operating cash flow for earnings quality.
Daiwa House Industry Co., Ltd.
Ticker 1925 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-17 · Period end 2026-03-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 11.0%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin11.0%
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
大和ハウス工業株式会社 is a Japanese listed company. Its reportable segments include Commercial Facilities, Condominiums, Environment And Energy, Logistics Business And Corporate Facilities.
- Commercial Facilities
- Condominiums
- Environment And Energy
- Logistics Business And Corporate Facilities
- Rental Housing
- Single Family Houses
- Operating Segments Not Included In
- Total Of
Segments Commercial Facilities · Condominiums · Environment And Energy · Logistics Business And Corporate Facilities · Rental Housing · Single Family Houses
Compare trends
No phone/email found in this filing · Filing date 2026-06-17
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥5.4T | ¥5.6T |
| Cost of sales* | ¥4.3T | ¥4.3T |
| Gross profit | ¥1.1T | ¥1.2T |
| Operating profit (loss) | ¥546.3B | ¥614.9B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥158.9B | ¥182.9B |
| Profit (loss) | ¥329.9B | ¥359.5B |
| Profit (loss) attributable to owners | ¥325.1B | ¥350.6B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥327.0B | ¥424.6B |
| Current assets | ¥3.9T | ¥4.7T |
| Non-current assets | ¥3.2T | ¥3.7T |
| Total assets | ¥7.0T | ¥8.4T |
| Short-term borrowings | ¥170.3B | ¥757.9B |
| Current liabilities | ¥1.8T | ¥2.7T |
| Non-current liabilities* | ¥2.5T | ¥2.7T |
| Total liabilities | ¥4.3T | ¥5.4T |
| 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 | ¥420.6B | ¥189.3B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥44.7B | ¥631.1B |
| Net increase (decrease) in cash | -¥112.6B | ¥97.6B |
| Cash at end of period | ¥327.0B | ¥424.6B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥4.4T | ¥4.9T | ¥5.2T | ¥5.4T | ¥5.6T | |
| Operating profit | ¥376.2B | ¥456.0B | ¥427.5B | ¥516.0B | ¥572.0B | |
| Profit to owners | — | — | — | ¥325.1B | ¥350.6B | |
| Total assets | ¥5.5T | ¥6.1T | ¥6.5T | ¥7.0T | ¥8.4T | |
| Cash & equivalents | — | — | ¥439.6B | ¥327.0B | ¥424.6B | |
| Owners’ equity | ¥2.1T | ¥2.4T | ¥2.5T | ¥2.7T | ¥3.0T |
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 ¥5.4T to ¥5.6T (▲ +2.6%), so the top line did not break. Gross profit only slipped from ¥1.1T to ¥1.2T, while operating profit swung from ¥546.3B to ¥614.9B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥189.3B (prior ¥420.6B), and cash on the balance sheet rose to ¥424.6B from ¥327.0B. 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 ¥5.4T while owners’ equity fell to —. ROE moved from 12.9% to 12.7%, and the equity ratio from 37.1% to 34.4%. Employee count is 55,712 vs 50,390 a year earlier.
Liquidity & leverage
Short-term borrowings jumped from ¥170.3B to ¥757.9B; watch refinancing and working-capital pressure even with a larger cash balance.
Capital buffer
Owners’ equity ratio fell from 37.1% to 34.4%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100YAZ5
(大和ハウス工業株式会社), period end 2026-03-31.