Earnings quality
Compare earnings and operating cash flow for earnings quality.
Daiichi Sankyo Company, Limited
Ticker 4568 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-19 · 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 41.5%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio41.5%
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
第一三共株式会社 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 | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥1.5T | ¥1.5T |
| Operating profit (loss) | ¥331.9B | ¥229.1B |
| Finance income | ¥34.1B | ¥40.8B |
| Finance costs | ¥11.9B | ¥8.0B |
| Income tax expense | ¥59.9B | ¥3.6B |
| Profit (loss) | ¥295.8B | ¥259.9B |
| Profit (loss) attributable to owners | ¥295.8B | ¥259.9B |
| Basic EPS (¥) | 155.96 | 140.44 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥639.8B | ¥449.8B |
| Current assets | ¥1.9T | ¥2.1T |
| Non-current assets | ¥1.5T | ¥1.9T |
| Total assets | ¥3.5T | ¥4.0T |
| Short-term borrowings | — | — |
| Current liabilities | ¥754.0B | ¥885.0B |
| Non-current liabilities* | ¥1.1T | ¥1.5T |
| Total liabilities | ¥1.8T | ¥2.3T |
| Equity attributable to owners | ¥1.6T | ¥1.7T |
| Total equity | ¥1.6T | ¥1.7T |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥53.8B | ¥77.7B |
| Cash flows from investing activities | ¥334.2B | -¥148.2B |
| Cash flows from financing activities | -¥377.8B | -¥97.9B |
| Net increase (decrease) in cash | — | — |
| Cash at end of period | ¥639.8B | ¥449.8B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥1.0T | ¥1.3T | ¥1.6T | ¥1.9T | ¥2.1T | |
| Operating profit | — | — | — | ¥331.9B | ¥229.1B | |
| Profit to owners | ¥67.0B | ¥109.2B | ¥200.7B | ¥295.8B | ¥259.9B | |
| Total assets | ¥2.2T | ¥2.5T | ¥3.5T | ¥3.5T | ¥4.0T | |
| Cash & equivalents | ¥662.5B | ¥441.9B | ¥647.2B | ¥639.8B | ¥449.8B | |
| Owners’ equity | ¥1.4T | ¥1.4T | ¥1.7T | ¥1.6T | ¥1.7T |
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 ¥1.5T to ¥1.5T, while operating profit swung from ¥331.9B to ¥229.1B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥77.7B (prior ¥53.8B), and cash on the balance sheet rose to ¥449.8B from ¥639.8B. 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.
Goodwill on the balance sheet fell from ¥108.4B to ¥97.4B, consistent with heavy write-downs of past acquisitions’ carrying values.
The balance sheet got heavier on leverage. Total liabilities rose to ¥2.3T while owners’ equity fell to ¥1.7T. ROE moved from 17.9% to 15.8%, and the equity ratio from 47.0% to 41.5%. Employee count is 20,171 vs 19,765 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 47.0% to 41.5%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100YEY0
(第一三共株式会社), period end 2026-03-31.