Earnings quality
Compare earnings and operating cash flow for earnings quality.
Toray Industries, Inc.
Ticker 3402 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-22 · 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 51.8%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio51.8%
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
東レ株式会社 is a Japanese listed company. Its reportable segments include Fibers And Textiles, Performance Chemicals, Carbon Fiber Composite Materials, Environment And Engineering.
- Fibers And Textiles
- Performance Chemicals
- Carbon Fiber Composite Materials
- Environment And Engineering
- Life Science
- Total Of
- Operating Segments Not Included In
Segments Fibers And Textiles · Performance Chemicals · Carbon Fiber Composite Materials · Environment And Engineering · Life Science · Total Of
Compare trends
No phone/email found in this filing · Filing date 2026-06-22
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥505.9B | ¥520.0B |
| Operating profit (loss) | ¥127.5B | ¥97.2B |
| Finance income | ¥11.1B | ¥8.6B |
| Finance costs | ¥21.9B | ¥19.7B |
| Income tax expense | ¥27.6B | ¥18.2B |
| Profit (loss) | ¥86.7B | ¥89.4B |
| Profit (loss) attributable to owners | ¥77.9B | ¥79.5B |
| Basic EPS (¥) | 48.93 | 52.96 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥237.3B | ¥265.3B |
| Current assets | ¥1.5T | ¥1.5T |
| Non-current assets | ¥1.8T | ¥1.9T |
| Total assets | ¥3.3T | ¥3.5T |
| Short-term borrowings | — | — |
| Current liabilities | ¥857.5B | ¥858.0B |
| Non-current liabilities* | ¥614.5B | ¥691.2B |
| Total liabilities | ¥1.5T | ¥1.5T |
| Equity attributable to owners | ¥1.7T | ¥1.8T |
| Total equity | ¥1.8T | ¥1.9T |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥255.0B | ¥211.8B |
| Cash flows from investing activities | -¥63.2B | -¥66.9B |
| Cash flows from financing activities | -¥188.5B | -¥129.0B |
| Net increase (decrease) in cash | ¥1.4B | ¥28.0B |
| Cash at end of period | ¥237.3B | ¥265.3B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥2.2T | ¥2.5T | ¥2.5T | ¥2.6T | ¥2.6T | |
| Operating profit | — | — | — | ¥127.5B | ¥97.2B | |
| Profit to owners | ¥84.2B | ¥72.8B | ¥21.9B | ¥77.9B | ¥79.5B | |
| Total assets | ¥3.0T | ¥3.2T | ¥3.5T | ¥3.3T | ¥3.5T | |
| Cash & equivalents | ¥230.4B | ¥224.0B | ¥235.9B | ¥237.3B | ¥265.3B | |
| Owners’ equity | ¥1.4T | ¥1.5T | ¥1.7T | ¥1.7T | ¥1.8T |
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 ¥505.9B to ¥520.0B, while operating profit swung from ¥127.5B to ¥97.2B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥211.8B (prior ¥255.0B), and cash on the balance sheet rose to ¥265.3B from ¥237.3B. 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 ¥1.5T while owners’ equity fell to ¥1.8T. ROE moved from 4.5% to 4.5%, and the equity ratio from 51.9% to 51.8%. Employee count is 46,294 vs 47,914 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 51.9% to 51.8%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100YFG9
(東レ株式会社), period end 2026-03-31.