Earnings quality
Compare earnings and operating cash flow for earnings quality.
Tokyu Fudosan Holdings Corporation
Ticker 3289 · 🇯🇵 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 13.4%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin13.4%
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
東急不動産ホールディングス株式会社 is a Japanese listed company. Its reportable segments include Strategic Investment, Urban Development, Real Estate Agents, Property Management And Operation.
- Strategic Investment
- Urban Development
- Real Estate Agents
- Property Management And Operation
- Description Of
- Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
- Description Of Amortization Of Goodwill Or Unamortized Balance Of Goodwill Not Allocated To
Segments Strategic Investment · Urban Development · Real Estate Agents · Property Management And Operation · 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* | — | — |
| Gross profit | — | — |
| Operating profit (loss) | ¥140.8B | ¥166.9B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥43.9B | ¥48.7B |
| Profit (loss) | ¥78.4B | ¥98.4B |
| Profit (loss) attributable to owners | ¥77.6B | ¥96.7B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥157.5B | ¥180.5B |
| Current assets | ¥1.4T | ¥1.5T |
| Non-current assets | ¥1.9T | ¥1.9T |
| Total assets | ¥3.3T | ¥3.4T |
| Short-term borrowings | ¥234.2B | ¥206.1B |
| Current liabilities | ¥621.3B | ¥525.5B |
| Non-current liabilities* | ¥1.8T | ¥2.0T |
| Total liabilities | ¥2.4T | ¥2.5T |
| 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 | ¥47.4B | ¥129.5B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | ¥1.5B | ¥55.8B |
| Net increase (decrease) in cash | -¥88.8B | ¥21.9B |
| Cash at end of period | ¥157.5B | ¥180.5B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | — | — | — | ¥1.2T | ¥1.2T | |
| Operating profit | ¥72.8B | ¥99.6B | ¥110.4B | ¥129.2B | ¥147.8B | |
| Profit to owners | — | — | — | ¥77.6B | ¥96.7B | |
| Total assets | ¥2.6T | ¥2.7T | ¥3.0T | ¥3.3T | ¥3.4T | |
| Cash & equivalents | — | — | ¥246.2B | ¥157.5B | ¥180.5B | |
| Owners’ equity | ¥643.3B | ¥700.7B | ¥771.9B | ¥842.1B | ¥916.6B |
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 (▲ +8.3%), so the top line did not break. Gross profit only slipped from — to —, while operating profit swung from ¥140.8B to ¥166.9B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥129.5B (prior ¥47.4B), and cash on the balance sheet rose to ¥180.5B from ¥157.5B. 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 ¥53.4B to ¥49.3B, consistent with heavy write-downs of past acquisitions’ carrying values.
The balance sheet got heavier on leverage. Total liabilities rose to ¥2.5T while owners’ equity fell to —. ROE moved from 9.9% to 11.2%, and the equity ratio from 25.3% to 26.3%. Employee count is 21,036 vs 21,898 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 S100YHXW
(東急不動産ホールディングス株式会社), period end 2026-03-31.