Earnings quality
Compare earnings and operating cash flow for earnings quality.
Asahi Group Holdings, Ltd.
Ticker 2502 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-07-27 · Period end 2025-12-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
equity ratio is 49.8%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio49.8%
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
アサヒグループホールディングス株式会社 is a Japanese listed company. Its reportable segments include Europe, Total Of, Operating Segments Not Included In, Japan East Asia.
- Europe
- Total Of
- Operating Segments Not Included In
- Japan East Asia
- Asia Pacific
- Disclosure Of Changes In
Segments Europe · Total Of · Operating Segments Not Included In · Japan East Asia · Asia Pacific · Disclosure Of Changes In
Compare trends
No phone/email found in this filing · Filing date 2026-07-27
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥1.1T | ¥1.1T |
| Operating profit (loss) | ¥269.1B | ¥185.9B |
| Finance income | ¥18.2B | ¥21.9B |
| Finance costs | ¥20.8B | ¥28.5B |
| Income tax expense | ¥73.8B | ¥56.5B |
| Profit (loss) | ¥193.2B | ¥122.8B |
| Profit (loss) attributable to owners | ¥192.1B | ¥121.6B |
| Basic EPS (¥) | 126.66 | 81.29 |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash and cash equivalents | ¥84.0B | ¥156.4B |
| Current assets | ¥857.9B | ¥1.0T |
| Non-current assets | ¥4.5T | ¥5.0T |
| Total assets | ¥5.4T | ¥6.0T |
| Short-term borrowings | — | — |
| Current liabilities | ¥1.5T | ¥1.8T |
| Non-current liabilities* | ¥1.2T | ¥1.2T |
| Total liabilities | ¥2.7T | ¥3.0T |
| Equity attributable to owners | ¥2.7T | ¥3.0T |
| Total equity | ¥2.7T | ¥3.0T |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash flows from operating activities | ¥403.7B | ¥104.8B |
| Cash flows from investing activities | -¥118.7B | -¥200.5B |
| Cash flows from financing activities | -¥272.8B | ¥125.9B |
| Net increase (decrease) in cash | ¥24.0B | ¥72.4B |
| Cash at end of period | ¥84.0B | ¥156.4B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | ¥2.2T | ¥2.5T | ¥2.8T | ¥2.9T | ¥2.9T | |
| Operating profit | — | — | — | ¥269.1B | ¥185.9B | |
| Profit to owners | ¥153.5B | ¥151.6B | ¥164.1B | ¥192.1B | ¥121.6B | |
| Total assets | ¥4.5T | ¥4.8T | ¥5.3T | ¥5.4T | ¥6.0T | |
| Cash & equivalents | ¥52.7B | ¥37.4B | ¥59.9B | ¥84.0B | ¥156.4B | |
| Owners’ equity | ¥1.8T | ¥2.1T | ¥2.5T | ¥2.7T | ¥3.0T |
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 ¥1.1T to ¥1.1T, while operating profit swung from ¥269.1B to ¥185.9B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥104.8B (prior ¥403.7B), and cash on the balance sheet rose to ¥156.4B from ¥84.0B. 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 ¥3.0T while owners’ equity fell to ¥3.0T. ROE moved from 7.5% to 4.3%, and the equity ratio from 49.4% to 49.8%. Employee count is 28,560 vs 28,173 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 S100YSGA
(アサヒグループホールディングス株式会社), period end 2025-12-31.