Earnings quality
Compare earnings and operating cash flow for earnings quality.
Trend Micro Incorporated
Ticker 4704 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-03-26 · Period end 2025-12-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 20.9%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin20.9%
Equity ratio—
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
トレンドマイクロ株式会社 is a Japanese listed company. Its reportable segments include Americas, Asia Pacific, Europe, Japan.
- Americas
- Asia Pacific
- Europe
- Japan
- Description Of
- Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
Segments Americas · Asia Pacific · Europe · Japan · Description Of · Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
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 | ¥272.6B | ¥276.0B |
| Cost of sales* | ¥65.0B | ¥63.7B |
| Gross profit | ¥207.7B | ¥212.3B |
| Operating profit (loss) | ¥48.1B | ¥57.8B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥21.0B | ¥18.2B |
| Profit (loss) | ¥34.5B | ¥34.1B |
| Profit (loss) attributable to owners | ¥34.4B | ¥34.5B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash and cash equivalents | ¥187.4B | ¥230.5B |
| Current assets | ¥307.8B | ¥332.7B |
| Non-current assets | ¥92.5B | ¥89.5B |
| Total assets | ¥400.3B | ¥422.2B |
| Short-term borrowings | — | — |
| Current liabilities | ¥267.3B | ¥278.5B |
| Non-current liabilities* | ¥13.6B | ¥12.6B |
| Total liabilities | ¥280.9B | ¥291.1B |
| Equity attributable to owners | — | — |
| Total equity | — | — |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash flows from operating activities | ¥46.8B | ¥64.6B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥130.9B | -¥27.5B |
| Net increase (decrease) in cash | -¥73.9B | ¥43.1B |
| Cash at end of period | ¥187.4B | ¥230.5B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | ¥190.4B | ¥223.8B | ¥248.7B | ¥272.6B | ¥276.0B | |
| Operating profit | ¥44.5B | ¥34.2B | ¥36.2B | ¥52.8B | ¥54.0B | |
| Profit to owners | — | — | — | ¥34.4B | ¥34.5B | |
| Total assets | ¥420.5B | ¥470.8B | ¥492.6B | ¥400.3B | ¥422.2B | |
| Cash & equivalents | — | — | ¥261.3B | ¥187.4B | ¥230.5B | |
| Owners’ equity | ¥221.4B | ¥228.7B | ¥214.4B | ¥119.4B | ¥131.1B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Constructive
Sales and operating profit both moved in a healthier direction.
On the income statement, revenue moved from ¥272.6B to ¥276.0B (▲ +1.2%), so the top line did not break. Gross profit only slipped from ¥207.7B to ¥212.3B, while operating profit swung from ¥48.1B to ¥57.8B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥64.6B (prior ¥46.8B), and cash on the balance sheet rose to ¥230.5B from ¥187.4B. 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 ¥2.3B to ¥1.6B, consistent with heavy write-downs of past acquisitions’ carrying values.
The balance sheet got heavier on leverage. Total liabilities rose to ¥291.1B while owners’ equity fell to —. ROE moved from 20.9% to 28.2%, and the equity ratio from 29.2% to 30.2%. Employee count is 6,717 vs 6,869 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Capital structure held relatively steady.
Was this page helpful?
Source: EDINET S100XUHN
(トレンドマイクロ株式会社), period end 2025-12-31.