Earnings quality
Compare earnings and operating cash flow for earnings quality.
JGC Holdings Corporation
Ticker 1963 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-19 · 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 4.7%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin4.7%
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
日揮ホールディングス株式会社 is a Japanese listed company. Its reportable segments include Engineering, Functional Materials Manufacturing, Operating Segments Not Included In, Total Of.
- Engineering
- Functional Materials Manufacturing
- Operating Segments Not Included In
- Total Of
- Description Of
- Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
Segments Engineering · Functional Materials Manufacturing · Operating Segments Not Included In · Total Of · 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 2026-06-19
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥858.1B | ¥745.3B |
| Cost of sales* | ¥839.2B | ¥681.1B |
| Gross profit | ¥18.9B | ¥64.1B |
| Operating profit (loss) | -¥11.5B | ¥35.4B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥8.7B | ¥18.9B |
| Profit (loss) | -¥459.0M | ¥41.9B |
| Profit (loss) attributable to owners | -¥398.0M | ¥41.8B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥332.8B | ¥400.5B |
| Current assets | ¥561.3B | ¥613.3B |
| Non-current assets | ¥222.9B | ¥225.5B |
| Total assets | ¥784.2B | ¥838.8B |
| Short-term borrowings | ¥250.0M | ¥325.0M |
| Current liabilities | ¥346.9B | ¥357.3B |
| Non-current liabilities* | ¥45.0B | ¥50.3B |
| Total liabilities | ¥391.9B | ¥407.6B |
| 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 | ¥46.8B | ¥79.9B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥15.0B | -¥11.0B |
| Net increase (decrease) in cash | ¥8.2B | ¥67.7B |
| Cash at end of period | ¥332.8B | ¥400.5B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥428.4B | ¥606.9B | ¥832.6B | ¥858.1B | ¥745.3B | |
| Operating profit | ¥30.0B | ¥50.6B | ¥358.0M | ¥11.3B | ¥58.2B | |
| Profit to owners | — | — | — | -¥398.0M | ¥41.8B | |
| Total assets | ¥694.3B | ¥713.1B | ¥792.3B | ¥784.2B | ¥838.8B | |
| Cash & equivalents | — | — | ¥324.5B | ¥332.8B | ¥400.5B | |
| Owners’ equity | ¥387.7B | ¥398.0B | ¥387.9B | ¥392.3B | ¥431.2B |
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 ¥858.1B to ¥745.3B (▼ -13.1%), so the top line did not break. Gross profit only slipped from ¥18.9B to ¥64.1B, while operating profit swung from -¥11.5B to ¥35.4B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥79.9B (prior ¥46.8B), and cash on the balance sheet rose to ¥400.5B from ¥332.8B. 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 ¥407.6B while owners’ equity fell to —. ROE moved from -0.1% to 10.2%, and the equity ratio from 49.8% to 51.2%. Employee count is 8,154 vs 8,365 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 S100YEFQ
(日揮ホールディングス株式会社), period end 2026-03-31.