Earnings quality
Compare earnings and operating cash flow for earnings quality.
Eisai Co., Ltd.
Ticker 4523 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-12 · 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 62.0%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio62.0%
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
エーザイ株式会社 is a Japanese listed company. Its reportable segments include Operating Segments Not Included In, Total Of, East Asia Global South, EMEA.
- Operating Segments Not Included In
- Total Of
- East Asia Global South
- EMEA
- China
- Americas
- Japan
Segments Operating Segments Not Included In · Total Of · East Asia Global South · EMEA · China · Americas
Compare trends
Tel 03-3817-3700 · As of filing date 2026-06-12
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥620.6B | ¥634.2B |
| Operating profit (loss) | ¥54.4B | ¥44.1B |
| Finance income | ¥10.2B | ¥12.2B |
| Finance costs | ¥3.5B | ¥5.3B |
| Income tax expense | ¥13.0B | ¥10.5B |
| Profit (loss) | ¥48.1B | ¥40.5B |
| Profit (loss) attributable to owners | ¥46.4B | ¥38.6B |
| Basic EPS (¥) | 163.76 | 136.78 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥265.6B | ¥245.4B |
| Current assets | ¥727.7B | ¥761.6B |
| Non-current assets | ¥658.9B | ¥687.5B |
| Total assets | ¥1.4T | ¥1.4T |
| Short-term borrowings | ¥87.7B | ¥51.3B |
| Current liabilities | ¥372.3B | ¥340.3B |
| Non-current liabilities* | ¥148.3B | ¥183.7B |
| Total liabilities | ¥520.6B | ¥524.0B |
| Equity attributable to owners | ¥841.4B | ¥899.0B |
| Total equity | ¥866.0B | ¥925.1B |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥30.1B | ¥61.3B |
| Cash flows from investing activities | -¥10.1B | -¥41.8B |
| Cash flows from financing activities | -¥57.8B | -¥61.1B |
| Net increase (decrease) in cash | -¥39.1B | -¥20.1B |
| Cash at end of period | ¥265.6B | ¥245.4B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥756.2B | ¥744.4B | ¥741.8B | ¥789.4B | ¥825.4B | |
| Operating profit | — | — | — | ¥54.4B | ¥44.1B | |
| Profit to owners | ¥48.0B | ¥55.4B | ¥42.4B | ¥46.4B | ¥38.6B | |
| Total assets | ¥1.2T | ¥1.3T | ¥1.4T | ¥1.4T | ¥1.4T | |
| Cash & equivalents | ¥309.6B | ¥267.4B | ¥304.7B | ¥265.6B | ¥245.4B | |
| Owners’ equity | ¥748.8B | ¥800.0B | ¥875.6B | ¥841.4B | ¥899.0B |
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 ¥620.6B to ¥634.2B, while operating profit swung from ¥54.4B to ¥44.1B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥61.3B (prior ¥30.1B), and cash on the balance sheet rose to ¥245.4B from ¥265.6B. 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 ¥524.0B while owners’ equity fell to ¥899.0B. ROE moved from 5.4% to 4.4%, and the equity ratio from 60.7% to 62.0%. Employee count is 10,543 vs 10,917 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 S100YB05
(エーザイ株式会社), period end 2026-03-31.