Earnings quality
Compare earnings and operating cash flow for earnings quality.
Mitsubishi Chemical Group Corporation
Ticker 4188 · 🇯🇵 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 30.0%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio30.0%
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
三菱ケミカルグループ株式会社 is a Japanese listed company. Its reportable segments include Basic Materials And Polymers, Industrial Gases, MMAAnd Derivatives, Specialty Materials.
- Basic Materials And Polymers
- Industrial Gases
- MMAAnd Derivatives
- Specialty Materials
- Operating Segments Not Included In
Segments Basic Materials And Polymers · Industrial Gases · MMAAnd Derivatives · Specialty Materials · Operating Segments Not Included In
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 | ¥1.0T | ¥1.1T |
| Operating profit (loss) | ¥141.6B | ¥30.1B |
| Finance income | ¥8.1B | ¥9.2B |
| Finance costs | ¥50.4B | ¥38.6B |
| Income tax expense | ¥41.2B | ¥17.1B |
| Profit (loss) | ¥105.6B | ¥78.4B |
| Profit (loss) attributable to owners | ¥45.0B | ¥11.8B |
| Basic EPS (¥) | 31.64 | 8.63 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥326.1B | ¥527.1B |
| Current assets | ¥2.1T | ¥2.1T |
| Non-current assets | ¥3.8T | ¥3.8T |
| Total assets | ¥5.9T | ¥5.9T |
| Short-term borrowings | — | — |
| Current liabilities | ¥1.5T | ¥1.4T |
| Non-current liabilities* | ¥2.1T | ¥2.1T |
| Total liabilities | ¥3.6T | ¥3.5T |
| Equity attributable to owners | ¥1.7T | ¥1.8T |
| Total equity | ¥2.3T | ¥2.4T |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥552.8B | ¥436.3B |
| Cash flows from investing activities | -¥275.4B | ¥124.5B |
| Cash flows from financing activities | -¥246.7B | -¥375.2B |
| Net increase (decrease) in cash | ¥28.1B | ¥203.9B |
| Cash at end of period | ¥326.1B | ¥527.1B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥4.0T | ¥4.6T | ¥4.4T | ¥3.9T | ¥3.7T | |
| Operating profit | — | — | — | ¥141.6B | ¥30.1B | |
| Profit to owners | ¥177.2B | ¥96.5B | ¥119.6B | ¥45.0B | ¥11.8B | |
| Total assets | ¥5.6T | ¥5.8T | ¥6.1T | ¥5.9T | ¥5.9T | |
| Cash & equivalents | ¥245.8B | ¥297.2B | ¥294.9B | ¥326.1B | ¥527.1B | |
| Owners’ equity | ¥1.5T | ¥1.6T | ¥1.8T | ¥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 ¥1.0T to ¥1.1T, while operating profit swung from ¥141.6B to ¥30.1B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥436.3B (prior ¥552.8B), and cash on the balance sheet rose to ¥527.1B from ¥326.1B. 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 ¥3.5T while owners’ equity fell to ¥1.8T. ROE moved from 2.6% to 0.7%, and the equity ratio from 29.5% to 30.0%. Employee count is 56,678 vs 63,258 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 S100YFSR
(三菱ケミカルグループ株式会社), period end 2026-03-31.