Earnings quality
Compare earnings and operating cash flow for earnings quality.
Meiji Holdings Co., Ltd.
Ticker 2269 · 🇯🇵 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 7.9%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin7.9%
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
明治ホールディングス株式会社 is a Japanese listed company. Its reportable segments include Pharmaceuticals, Food, Total Of, Other.
- Pharmaceuticals
- Food
- Total Of
- Other
- Description Of
- Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
Segments Pharmaceuticals · Food · Total Of · Other · 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 2026-06-24
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥1.2T | ¥1.2T |
| Cost of sales* | ¥815.0B | ¥814.6B |
| Gross profit | ¥339.1B | ¥359.0B |
| Operating profit (loss) | ¥84.7B | ¥93.3B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥28.4B | ¥29.2B |
| Profit (loss) | ¥54.1B | ¥38.8B |
| Profit (loss) attributable to owners | ¥50.8B | ¥35.1B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥66.4B | ¥49.6B |
| Current assets | ¥540.8B | ¥585.4B |
| Non-current assets | ¥643.7B | ¥676.4B |
| Total assets | ¥1.2T | ¥1.3T |
| Short-term borrowings | ¥25.4B | ¥21.3B |
| Current liabilities | ¥307.1B | ¥313.3B |
| Non-current liabilities* | ¥85.6B | ¥130.9B |
| Total liabilities | ¥392.7B | ¥444.2B |
| 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 | ¥69.0B | ¥56.5B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥61.7B | ¥34.6B |
| Net increase (decrease) in cash | -¥33.8B | -¥17.2B |
| Cash at end of period | ¥66.4B | ¥49.6B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥1.0T | ¥1.1T | ¥1.1T | ¥1.2T | ¥1.2T | |
| Operating profit | ¥94.0B | ¥74.2B | ¥76.0B | ¥82.0B | ¥96.6B | |
| Profit to owners | — | — | — | ¥50.8B | ¥35.1B | |
| Total assets | ¥1.1T | ¥1.1T | ¥1.2T | ¥1.2T | ¥1.3T | |
| Cash & equivalents | — | — | ¥102.8B | ¥66.4B | ¥49.6B | |
| Owners’ equity | ¥713.0B | ¥751.3B | ¥787.8B | ¥791.8B | ¥817.6B |
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 ¥1.2T to ¥1.2T (▲ +1.7%), so the top line did not break. Gross profit only slipped from ¥339.1B to ¥359.0B, while operating profit swung from ¥84.7B to ¥93.3B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥56.5B (prior ¥69.0B), and cash on the balance sheet rose to ¥49.6B from ¥66.4B. 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 ¥444.2B while owners’ equity fell to —. ROE moved from 6.8% to 4.6%, and the equity ratio from 63.2% to 61.2%. Employee count is 17,103 vs 17,231 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 63.2% to 61.2%; the balance sheet absorbed a heavy loss year.
Was this page helpful?
Source: EDINET S100YILP
(明治ホールディングス株式会社), period end 2026-03-31.