Earnings quality
Compare earnings and operating cash flow for earnings quality.
Astellas Pharma Inc.
Ticker 4503 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-16 · 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 51.3%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio51.3%
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
アステラス製薬株式会社 is a Japanese listed company. Its reportable segments include Pharmaceutical.
- Pharmaceutical
Segments Pharmaceutical
Compare trends
No phone/email found in this filing · Filing date 2026-06-16
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥1.6T | ¥1.7T |
| Operating profit (loss) | ¥41.0B | ¥382.6B |
| Finance income | ¥7.9B | ¥8.0B |
| Finance costs | ¥17.7B | ¥14.1B |
| Income tax expense | -¥19.5B | ¥85.0B |
| Profit (loss) | ¥50.7B | ¥291.6B |
| Profit (loss) attributable to owners | ¥50.7B | ¥291.5B |
| Basic EPS (¥) | 28.35 | 162.77 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥188.4B | ¥281.6B |
| Current assets | ¥1.2T | ¥1.4T |
| Non-current assets | ¥2.1T | ¥2.1T |
| Total assets | ¥3.3T | ¥3.6T |
| Short-term borrowings | — | — |
| Current liabilities | ¥1.1T | ¥1.2T |
| Non-current liabilities* | ¥764.7B | ¥517.8B |
| Total liabilities | ¥1.8T | ¥1.7T |
| Equity attributable to owners | ¥1.5T | ¥1.8T |
| Total equity | ¥1.5T | ¥1.8T |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥194.5B | ¥560.2B |
| Cash flows from investing activities | -¥89.4B | -¥66.7B |
| Cash flows from financing activities | -¥261.4B | -¥404.8B |
| Net increase (decrease) in cash | -¥147.3B | ¥93.2B |
| Cash at end of period | ¥188.4B | ¥281.6B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥1.3T | ¥1.5T | ¥1.6T | ¥1.9T | ¥2.1T | |
| Operating profit | — | — | — | ¥41.0B | ¥382.6B | |
| Profit to owners | ¥124.1B | ¥98.7B | ¥17.0B | ¥50.7B | ¥291.5B | |
| Total assets | ¥2.3T | ¥2.5T | ¥3.6T | ¥3.3T | ¥3.6T | |
| Cash & equivalents | ¥316.0B | ¥376.8B | ¥335.7B | ¥188.4B | ¥281.6B | |
| Owners’ equity | ¥1.5T | ¥1.5T | ¥1.6T | ¥1.5T | ¥1.8T |
How we read these numbers
From the notes
| Item | Amount | Note |
|---|---|---|
| Affiliates stock valuation loss | -¥60.6B | Parent-company special loss (特別損失) |
| Parent special losses (total) | -¥69.1B | Sum of 特別損失 on the parent-company statement |
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 ¥1.6T to ¥1.7T, while operating profit swung from ¥41.0B to ¥382.6B — the damage is concentrated below gross profit.
The notes flag material one-offs this year, including Affiliates stock valuation loss ¥60.6B, Parent special losses (total) ¥69.1B. Treat these as discrete charges when reading the earnings move.
The parent-company income statement also shows material special losses (valuation, spin-off, and affiliate support items).
Operating cash flow was ¥560.2B (prior ¥194.5B), with cash on the balance sheet at ¥281.6B versus ¥188.4B.
The balance sheet got heavier on leverage. Total liabilities rose to ¥1.7T while owners’ equity fell to ¥1.8T. ROE moved from 3.3% to 17.4%, and the equity ratio from 45.3% to 51.3%. Employee count is 14,099 vs 13,643 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 S100YBPK
(アステラス製薬株式会社), period end 2026-03-31.