Earnings quality
Compare earnings and operating cash flow for earnings quality.
Otsuka Holdings Co., Ltd.
Ticker 4578 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-03-26 · 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 72.3%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio72.3%
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
大塚ホールディングス株式会社 is a Japanese listed company. Its reportable segments include Other, Consumer Products, Nutraceuticals, Pharmaceuticals.
- Other
- Consumer Products
- Nutraceuticals
- Pharmaceuticals
Segments Other · Consumer Products · Nutraceuticals · Pharmaceuticals
Compare trends
No phone/email found in this filing · Filing date 2026-03-26
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥1.7T | ¥1.8T |
| Operating profit (loss) | ¥323.6B | ¥479.4B |
| Finance income | ¥21.1B | ¥15.7B |
| Finance costs | ¥8.8B | ¥27.0B |
| Income tax expense | -¥11.4B | ¥101.8B |
| Profit (loss) | ¥347.3B | ¥366.2B |
| Profit (loss) attributable to owners | ¥343.1B | ¥363.1B |
| Basic EPS (¥) | 633.76 | 685.06 |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash and cash equivalents | ¥426.2B | ¥534.6B |
| Current assets | ¥1.4T | ¥1.6T |
| Non-current assets | ¥2.4T | ¥2.6T |
| Total assets | ¥3.7T | ¥4.2T |
| Short-term borrowings | — | — |
| Current liabilities | ¥632.7B | ¥749.1B |
| Non-current liabilities* | ¥328.4B | ¥348.7B |
| Total liabilities | ¥961.1B | ¥1.1T |
| Equity attributable to owners | ¥2.7T | ¥3.0T |
| Total equity | ¥2.8T | ¥3.1T |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash flows from operating activities | ¥354.6B | ¥403.6B |
| Cash flows from investing activities | -¥265.8B | -¥161.6B |
| Cash flows from financing activities | -¥189.4B | -¥137.3B |
| Net increase (decrease) in cash | — | — |
| Cash at end of period | ¥426.2B | ¥534.6B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | ¥1.5T | ¥1.7T | ¥2.0T | ¥2.3T | ¥2.5T | |
| Operating profit | — | — | — | ¥323.6B | ¥479.4B | |
| Profit to owners | ¥125.5B | ¥133.9B | ¥121.6B | ¥343.1B | ¥363.1B | |
| Total assets | ¥2.8T | ¥3.1T | ¥3.4T | ¥3.7T | ¥4.2T | |
| Cash & equivalents | ¥410.7B | ¥471.6B | ¥513.3B | ¥426.2B | ¥534.6B | |
| Owners’ equity | ¥2.0T | ¥2.2T | ¥2.4T | ¥2.7T | ¥3.0T |
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 ¥1.7T to ¥1.8T, while operating profit swung from ¥323.6B to ¥479.4B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥403.6B (prior ¥354.6B), and cash on the balance sheet rose to ¥534.6B from ¥426.2B. 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 ¥1.1T while owners’ equity fell to ¥3.0T. ROE moved from 13.4% to 12.6%, and the equity ratio from 73.1% to 72.3%. Employee count is 37,758 vs 35,338 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 73.1% to 72.3%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100XUA7
(大塚ホールディングス株式会社), period end 2025-12-31.