Earnings quality
Compare earnings and operating cash flow for earnings quality.
Chugai Pharmaceutical Co., Ltd.
Ticker 4519 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-03-25 · 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 82.1%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio82.1%
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
中外製薬株式会社 is a Japanese listed company with financial statements filed on EDINET. A detailed English business summary was not auto-extracted from this filing.
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥831.2B | ¥894.3B |
| Operating profit (loss) | ¥542.0B | ¥598.8B |
| Finance income | — | — |
| Finance costs | -¥5.0M | ¥207.0M |
| Income tax expense | ¥155.7B | ¥163.8B |
| Profit (loss) | ¥387.3B | ¥434.0B |
| Profit (loss) attributable to owners | ¥387.3B | ¥434.0B |
| Basic EPS (¥) | 235.39 | 263.73 |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash and cash equivalents | ¥540.2B | ¥426.6B |
| Current assets | ¥1.6T | ¥1.7T |
| Non-current assets | ¥602.3B | ¥727.8B |
| Total assets | ¥2.2T | ¥2.5T |
| Short-term borrowings | — | — |
| Current liabilities | ¥290.4B | ¥411.1B |
| Non-current liabilities* | ¥16.5B | ¥31.8B |
| Total liabilities | ¥306.9B | ¥442.9B |
| Equity attributable to owners | ¥1.9T | ¥2.0T |
| Total equity | ¥1.9T | ¥2.0T |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash flows from operating activities | ¥447.6B | ¥386.3B |
| Cash flows from investing activities | -¥227.4B | -¥201.3B |
| Cash flows from financing activities | -¥141.0B | -¥307.9B |
| Net increase (decrease) in cash | ¥81.5B | -¥113.6B |
| Cash at end of period | ¥540.2B | ¥426.6B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | ¥999.8B | ¥1.3T | ¥1.1T | ¥1.2T | ¥1.3T | |
| Operating profit | — | — | — | ¥542.0B | ¥598.8B | |
| Profit to owners | ¥303.0B | ¥374.4B | ¥325.5B | ¥387.3B | ¥434.0B | |
| Total assets | ¥1.5T | ¥1.9T | ¥1.9T | ¥2.2T | ¥2.5T | |
| Cash & equivalents | ¥267.8B | ¥222.2B | ¥458.7B | ¥540.2B | ¥426.6B | |
| Owners’ equity | — | — | — | ¥1.9T | ¥2.0T |
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 ¥831.2B to ¥894.3B, while operating profit swung from ¥542.0B to ¥598.8B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥386.3B (prior ¥447.6B), and cash on the balance sheet rose to ¥426.6B from ¥540.2B. 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 ¥442.9B while owners’ equity fell to ¥2.0T. ROE moved from 22.0% to 22.1%, and the equity ratio from 86.1% to 82.1%. Employee count is 7,872 vs 7,778 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 86.1% to 82.1%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100XTBJ
(中外製薬株式会社), period end 2025-12-31.