Earnings quality
Compare earnings and operating cash flow for earnings quality.
NEXON Co., Ltd.
Ticker 3659 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-03-24 · 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 75.0%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio75.0%
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
株式会社ネクソン is a Japanese listed company. Its reportable segments include China, Japan, Korea, North America.
- China
- Japan
- Korea
- North America
- Other
Segments China · Japan · Korea · North America · Other
Compare trends
No phone/email found in this filing · Filing date 2026-03-24
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥281.4B | ¥282.0B |
| Operating profit (loss) | ¥124.2B | ¥124.0B |
| Finance income | ¥79.7B | ¥37.2B |
| Finance costs | ¥3.4B | ¥10.5B |
| Income tax expense | ¥59.8B | ¥50.8B |
| Profit (loss) | ¥136.2B | ¥89.7B |
| Profit (loss) attributable to owners | ¥134.8B | ¥92.1B |
| Basic EPS (¥) | 161.79 | 114.48 |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash and cash equivalents | ¥331.9B | ¥498.9B |
| Current assets | ¥752.3B | ¥991.8B |
| Non-current assets | ¥504.5B | ¥418.3B |
| Total assets | ¥1.3T | ¥1.4T |
| Short-term borrowings | — | — |
| Current liabilities | ¥107.7B | ¥223.3B |
| Non-current liabilities* | ¥118.6B | ¥121.0B |
| Total liabilities | ¥226.2B | ¥344.3B |
| Equity attributable to owners | ¥1.0T | ¥1.1T |
| Total equity | ¥1.0T | ¥1.1T |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash flows from operating activities | ¥101.0B | ¥171.9B |
| Cash flows from investing activities | ¥7.4B | ¥102.2B |
| Cash flows from financing activities | -¥64.8B | -¥118.7B |
| Net increase (decrease) in cash | — | — |
| Cash at end of period | ¥331.9B | ¥498.9B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | ¥274.5B | ¥353.7B | ¥423.4B | ¥446.2B | ¥475.1B | |
| Operating profit | — | — | — | ¥124.2B | ¥124.0B | |
| Profit to owners | ¥114.9B | ¥100.3B | ¥70.6B | ¥134.8B | ¥92.1B | |
| Total assets | ¥986.6B | ¥1.0T | ¥1.1T | ¥1.3T | ¥1.4T | |
| Cash & equivalents | ¥365.2B | ¥409.4B | ¥280.5B | ¥331.9B | ¥498.9B | |
| Owners’ equity | ¥836.7B | ¥858.2B | ¥896.3B | ¥1.0T | ¥1.1T |
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 ¥281.4B to ¥282.0B, while operating profit swung from ¥124.2B to ¥124.0B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥171.9B (prior ¥101.0B), and cash on the balance sheet rose to ¥498.9B from ¥331.9B. 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 ¥344.3B while owners’ equity fell to ¥1.1T. ROE moved from 14.1% to 8.9%, and the equity ratio from 81.1% to 75.0%. Employee count is 9,834 vs 9,329 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 81.1% to 75.0%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100XSM4
(株式会社ネクソン), period end 2025-12-31.