Earnings quality
Compare earnings and operating cash flow for earnings quality.
Asahi Kasei Corporation
Ticker 3407 · 🇯🇵 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 7.5%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin7.5%
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
旭化成株式会社 is a Japanese listed company. Its reportable segments include Health Care, Homes, Material, Operating Segments Not Included In.
- Health Care
- Homes
- Material
- Operating Segments Not Included In
- Other
- Total Of
- Goodwill Amortization And Unamortized Balance Of Goodwill For Each
- Description Of
Segments Health Care · Homes · Material · Operating Segments Not Included In · Other · Total Of
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 | ¥3.0T | ¥3.1T |
| Cost of sales* | ¥2.1T | ¥2.1T |
| Gross profit | ¥958.3B | ¥1.0T |
| Operating profit (loss) | ¥211.9B | ¥231.2B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥54.2B | ¥51.1B |
| Profit (loss) | ¥140.4B | ¥163.5B |
| Profit (loss) attributable to owners | ¥135.0B | ¥158.8B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥390.0B | ¥372.1B |
| Current assets | ¥1.8T | ¥1.9T |
| Non-current assets | ¥2.2T | ¥2.3T |
| Total assets | ¥4.0T | ¥4.1T |
| Short-term borrowings | ¥203.2B | ¥99.9B |
| Current liabilities | ¥964.6B | ¥793.1B |
| Non-current liabilities* | ¥1.1T | ¥1.2T |
| Total liabilities | ¥2.1T | ¥2.0T |
| 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 | ¥301.5B | ¥303.1B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | ¥144.6B | -¥245.4B |
| Net increase (decrease) in cash | ¥56.4B | -¥18.0B |
| Cash at end of period | ¥390.0B | ¥372.1B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥2.5T | ¥2.7T | ¥2.8T | ¥3.0T | ¥3.1T | |
| Operating profit | ¥212.1B | ¥120.9B | ¥90.1B | ¥193.5B | ¥230.4B | |
| Profit to owners | — | — | — | ¥135.0B | ¥158.8B | |
| Total assets | ¥3.3T | ¥3.5T | ¥3.7T | ¥4.0T | ¥4.1T | |
| Cash & equivalents | — | — | ¥333.5B | ¥390.0B | ¥372.1B | |
| Owners’ equity | ¥1.7T | ¥1.7T | ¥1.8T | ¥1.9T | ¥2.2T |
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 ¥3.0T to ¥3.1T (▲ +1.2%), so the top line did not break. Gross profit only slipped from ¥958.3B to ¥1.0T, while operating profit swung from ¥211.9B to ¥231.2B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥303.1B (prior ¥301.5B), and cash on the balance sheet rose to ¥372.1B from ¥390.0B. 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.
Goodwill on the balance sheet fell from ¥389.6B to ¥383.8B, consistent with heavy write-downs of past acquisitions’ carrying values.
The balance sheet got heavier on leverage. Total liabilities rose to ¥2.0T while owners’ equity fell to —. ROE moved from 7.4% to 8.0%, and the equity ratio from 46.3% to 50.5%. Employee count is 47,895 vs 50,352 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 S100YGRD
(旭化成株式会社), period end 2026-03-31.