Earnings quality
Compare earnings and operating cash flow for earnings quality.
Kirin Holdings Company, Limited
Ticker 2503 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-03-27 · 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 36.8%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio36.8%
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
キリンホールディングス株式会社 is a Japanese listed company. Its reportable segments include Alcoholic Beverages, Health Science, Non Alcoholic Beverages, Pharmaceuticals.
- Alcoholic Beverages
- Health Science
- Non Alcoholic Beverages
- Pharmaceuticals
- Operating Segments Not Included In
Segments Alcoholic Beverages · Health Science · Non Alcoholic Beverages · Pharmaceuticals · Operating Segments Not Included In
Compare trends
No phone/email found in this filing · Filing date 2026-03-27
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥1.1T | ¥1.2T |
| Operating profit (loss) | ¥125.3B | ¥209.7B |
| Finance income | ¥14.6B | ¥10.7B |
| Finance costs | ¥18.0B | ¥18.3B |
| Income tax expense | ¥53.9B | ¥59.7B |
| Profit (loss) | ¥85.8B | ¥178.2B |
| Profit (loss) attributable to owners | ¥58.2B | ¥147.5B |
| Basic EPS (¥) | 71.87 | 182.13 |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash and cash equivalents | ¥118.6B | ¥125.3B |
| Current assets | ¥1.0T | ¥1.1T |
| Non-current assets | ¥2.3T | ¥2.4T |
| Total assets | ¥3.4T | ¥3.5T |
| Short-term borrowings | — | — |
| Current liabilities | ¥744.1B | ¥779.0B |
| Non-current liabilities* | ¥1.1T | ¥1.1T |
| Total liabilities | ¥1.8T | ¥1.9T |
| Equity attributable to owners | ¥1.2T | ¥1.3T |
| Total equity | ¥1.5T | ¥1.6T |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash flows from operating activities | ¥242.8B | ¥295.4B |
| Cash flows from investing activities | -¥329.4B | -¥185.0B |
| Cash flows from financing activities | ¥58.1B | -¥110.5B |
| Net increase (decrease) in cash | -¥12.8B | ¥17.4B |
| Cash at end of period | ¥118.6B | ¥125.3B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | ¥1.8T | ¥2.0T | ¥2.1T | ¥2.3T | ¥2.4T | |
| Operating profit | — | — | — | ¥125.3B | ¥209.7B | |
| Profit to owners | ¥59.8B | ¥111.0B | ¥112.7B | ¥58.2B | ¥147.5B | |
| Total assets | ¥2.5T | ¥2.5T | ¥2.9T | ¥3.4T | ¥3.5T | |
| Cash & equivalents | ¥149.5B | ¥88.1B | ¥131.4B | ¥118.6B | ¥125.3B | |
| Owners’ equity | ¥894.2B | ¥980.0B | ¥1.1T | ¥1.2T | ¥1.3T |
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 ¥1.2T, while operating profit swung from ¥125.3B to ¥209.7B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥295.4B (prior ¥242.8B), and cash on the balance sheet rose to ¥125.3B from ¥118.6B. 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 ¥1.9T while owners’ equity fell to ¥1.3T. ROE moved from 5.0% to 12.0%, and the equity ratio from 35.2% to 36.8%.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Capital structure held relatively steady.
Was this page helpful?
Source: EDINET S100XTVS
(キリンホールディングス株式会社), period end 2025-12-31.