Earnings quality
Compare earnings and operating cash flow for earnings quality.
DeNA Co., Ltd.
Ticker 2432 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-26 · Period end 2026-03-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
equity ratio is 69.8%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio69.8%
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
株式会社ディー・エヌ・エー is a Japanese listed company. Its reportable segments include Game Business, Healthcare And Medical Business, Live Streaming Business, New Businesses And Others.
- Game Business
- Healthcare And Medical Business
- Live Streaming Business
- New Businesses And Others
- Sports Smart City Business
- Disclosure Of Changes In
Segments Game Business · Healthcare And Medical Business · Live Streaming Business · New Businesses And Others · Sports Smart City Business · Disclosure Of Changes In
Compare trends
Tel 03-6758-7200 · As of filing date 2026-06-26
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥92.6B | ¥79.4B |
| Operating profit (loss) | ¥29.0B | ¥18.7B |
| Finance income | ¥1.7B | ¥2.0B |
| Finance costs | ¥1.2B | ¥3.8B |
| Income tax expense | ¥8.9B | ¥7.3B |
| Profit (loss) | ¥23.0B | ¥18.4B |
| Profit (loss) attributable to owners | ¥24.2B | ¥19.0B |
| Basic EPS (¥) | 217.24 | 171.36 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥92.8B | ¥103.0B |
| Current assets | ¥142.7B | ¥144.7B |
| Non-current assets | ¥251.5B | ¥188.6B |
| Total assets | ¥394.2B | ¥333.2B |
| Short-term borrowings | ¥31.0B | ¥2.4B |
| Current liabilities | ¥88.8B | ¥64.4B |
| Non-current liabilities* | ¥52.5B | ¥28.1B |
| Total liabilities | ¥141.3B | ¥92.5B |
| Equity attributable to owners | ¥241.7B | ¥232.6B |
| Total equity | ¥252.9B | ¥240.8B |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥39.0B | ¥33.4B |
| Cash flows from investing activities | -¥12.3B | ¥34.8B |
| Cash flows from financing activities | -¥5.4B | -¥58.1B |
| Net increase (decrease) in cash | — | — |
| Cash at end of period | ¥92.8B | ¥103.0B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥130.9B | ¥134.9B | ¥136.7B | ¥164.0B | ¥147.7B | |
| Operating profit | ¥11.5B | ¥4.2B | -¥28.3B | ¥29.0B | ¥18.7B | |
| Profit to owners | ¥30.5B | ¥8.9B | -¥28.7B | ¥24.2B | ¥19.0B | |
| Total assets | ¥340.6B | ¥348.9B | ¥335.7B | ¥394.2B | ¥333.2B | |
| Cash & equivalents | ¥78.3B | ¥97.7B | ¥71.4B | ¥92.8B | ¥103.0B | |
| Owners’ equity | — | — | — | ¥241.7B | ¥232.6B |
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 — to — (—), so the top line did not break. Gross profit only slipped from ¥92.6B to ¥79.4B, while operating profit swung from ¥29.0B to ¥18.7B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥33.4B (prior ¥39.0B), and cash on the balance sheet rose to ¥103.0B from ¥92.8B. 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.
Goodwill on the balance sheet fell from ¥30.4B to ¥20.7B, consistent with heavy write-downs of past acquisitions’ carrying values.
The balance sheet got heavier on leverage. Total liabilities rose to ¥92.5B while owners’ equity fell to ¥232.6B. ROE moved from 10.7% to 8.0%, and the equity ratio from 61.3% to 69.8%. Employee count is 2,483 vs 2,572 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 S100YLDV
(株式会社ディー・エヌ・エー), period end 2026-03-31.