Earnings quality
Compare earnings and operating cash flow for earnings quality.
Ajinomoto Co., Inc.
Ticker 2802 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-12 · Period end 2026-03-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 12.6%; equity ratio is 42.5%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin12.6%
Equity ratio42.5%
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
味の素株式会社 is a Japanese listed company. Its reportable segments include Operating Segments Not Included In, Total Of, Other, Healthcare And Others.
- Operating Segments Not Included In
- Total Of
- Other
- Healthcare And Others
- Frozen Foods
- Seasonings And Foods
- Disclosure Of Changes In
Segments Operating Segments Not Included In · Total Of · Other · Healthcare And Others · Frozen Foods · Seasonings And Foods
Compare trends
No phone/email found in this filing · Filing date 2026-06-12
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥1.5T | ¥1.6T |
| Cost of sales* | ¥979.8B | ¥986.6B |
| Gross profit | ¥550.8B | ¥597.1B |
| Operating profit (loss) | ¥114.0B | ¥199.4B |
| Finance income | ¥8.8B | ¥9.0B |
| Finance costs | ¥14.4B | ¥12.3B |
| Income tax expense | ¥27.6B | ¥51.1B |
| Profit (loss) | ¥80.8B | ¥145.1B |
| Profit (loss) attributable to owners | ¥70.3B | ¥134.7B |
| Basic EPS (¥) | 69.77 | 138.36 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥164.8B | ¥106.7B |
| Current assets | ¥701.3B | ¥704.2B |
| Non-current assets | ¥1.0T | ¥1.1T |
| Total assets | ¥1.7T | ¥1.8T |
| Short-term borrowings | ¥5.9B | ¥6.3B |
| Current liabilities | ¥384.6B | ¥449.1B |
| Non-current liabilities* | ¥523.3B | ¥519.0B |
| Total liabilities | ¥907.9B | ¥968.1B |
| Equity attributable to owners | ¥746.8B | ¥770.8B |
| Total equity | ¥813.3B | ¥844.3B |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥209.9B | ¥239.4B |
| Cash flows from investing activities | -¥77.4B | -¥84.2B |
| Cash flows from financing activities | -¥137.7B | -¥225.6B |
| Net increase (decrease) in cash | -¥6.8B | -¥58.1B |
| Cash at end of period | ¥164.8B | ¥106.7B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥1.1T | ¥1.4T | ¥1.4T | ¥1.5T | ¥1.6T | |
| Operating profit | — | — | — | ¥114.0B | ¥199.4B | |
| Profit to owners | ¥75.7B | ¥94.1B | ¥87.1B | ¥70.3B | ¥134.7B | |
| Total assets | ¥1.5T | ¥1.5T | ¥1.8T | ¥1.7T | ¥1.8T | |
| Cash & equivalents | ¥151.5B | ¥132.8B | ¥171.5B | ¥164.8B | ¥106.7B | |
| Owners’ equity | — | — | — | ¥746.8B | ¥770.8B |
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 ¥1.5T to ¥1.6T (▲ +3.5%), so the top line did not break. Gross profit only slipped from ¥550.8B to ¥597.1B, while operating profit swung from ¥114.0B to ¥199.4B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥239.4B (prior ¥209.9B), and cash on the balance sheet rose to ¥106.7B from ¥164.8B. 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 ¥968.1B while owners’ equity fell to ¥770.8B. ROE moved from 9.0% to 17.7%, and the equity ratio from 43.4% to 42.5%. Employee count is 34,787 vs 34,860 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 43.4% to 42.5%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100Y992
(味の素株式会社), period end 2026-03-31.