Earnings quality
Compare earnings and operating cash flow for earnings quality.
Kyowa Kirin Co., Ltd.
Ticker 4151 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-03-10 · 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 80.6%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio80.6%
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
協和キリン株式会社 is a Japanese listed company. Its reportable segments include Pharmaceuticals.
- Pharmaceuticals
Segments Pharmaceuticals
Compare trends
Tel 03-5205-7200 · As of filing date 2026-03-10
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥362.9B | ¥368.9B |
| Operating profit (loss) | — | — |
| Finance income | ¥1.8B | ¥4.7B |
| Finance costs | ¥7.5B | ¥3.6B |
| Income tax expense | ¥23.6B | ¥20.2B |
| Profit (loss) | ¥59.9B | ¥67.0B |
| Profit (loss) attributable to owners | ¥59.9B | ¥67.0B |
| Basic EPS (¥) | 113.06 | 128.07 |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash and cash equivalents | ¥244.7B | ¥218.8B |
| Current assets | ¥504.0B | ¥493.3B |
| Non-current assets | ¥563.3B | ¥614.5B |
| Total assets | ¥1.1T | ¥1.1T |
| Short-term borrowings | — | — |
| Current liabilities | ¥164.7B | ¥181.1B |
| Non-current liabilities* | ¥51.9B | ¥33.5B |
| Total liabilities | ¥216.6B | ¥214.5B |
| Equity attributable to owners | ¥850.8B | ¥893.3B |
| Total equity | ¥850.8B | ¥893.3B |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash flows from operating activities | ¥67.9B | ¥96.6B |
| Cash flows from investing activities | -¥142.4B | -¥89.2B |
| Cash flows from financing activities | -¥84.7B | -¥36.9B |
| Net increase (decrease) in cash | -¥158.4B | -¥25.9B |
| Cash at end of period | ¥244.7B | ¥218.8B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | ¥352.2B | ¥398.4B | ¥442.2B | ¥495.6B | ¥496.8B | |
| Profit to owners | ¥52.3B | ¥53.6B | ¥81.2B | ¥59.9B | ¥67.0B | |
| Total assets | ¥921.9B | ¥939.9B | ¥1.0T | ¥1.1T | ¥1.1T | |
| Cash & equivalents | ¥335.1B | ¥339.2B | ¥403.1B | ¥244.7B | ¥218.8B | |
| Owners’ equity | ¥737.2B | ¥762.8B | ¥836.4B | ¥850.8B | ¥893.3B |
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 ¥362.9B to ¥368.9B, while operating profit swung from — to — — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥96.6B (prior ¥67.9B), and cash on the balance sheet rose to ¥218.8B from ¥244.7B. 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 ¥214.5B while owners’ equity fell to ¥893.3B. ROE moved from 7.1% to 7.7%, and the equity ratio from 79.7% to 80.6%. Employee count is 5,161 vs 5,669 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 S100XPTY
(協和キリン株式会社), period end 2025-12-31.