Earnings quality
Compare earnings and operating cash flow for earnings quality.
Otsuka Corporation
Ticker 4768 · 🇯🇵 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 6.8%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin6.8%
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
株式会社 大塚商会 is a Japanese listed company. Its reportable segments include Service And Support Business, System Integration Business, Total Of, Description Of.
- Service And Support Business
- System Integration Business
- Total Of
- Description Of
- Disclosure Of Changes In
- Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
Segments Service And Support Business · System Integration Business · Total Of · Description Of · Disclosure Of Changes In · 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 | ¥1.1T | ¥1.3T |
| Cost of sales* | ¥883.2B | ¥1.1T |
| Gross profit | ¥224.5B | ¥252.2B |
| Operating profit (loss) | ¥74.4B | ¥89.9B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥19.6B | ¥25.3B |
| Profit (loss) | ¥54.2B | ¥65.2B |
| Profit (loss) attributable to owners | ¥53.5B | ¥64.3B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash and cash equivalents | ¥229.5B | ¥253.6B |
| Current assets | ¥568.8B | ¥605.5B |
| Non-current assets | ¥105.1B | ¥123.7B |
| Total assets | ¥673.9B | ¥729.2B |
| Short-term borrowings | ¥4.3B | ¥4.3B |
| Current liabilities | ¥289.7B | ¥322.8B |
| Non-current liabilities* | ¥9.0B | ¥6.8B |
| Total liabilities | ¥298.7B | ¥329.6B |
| 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 | ¥37.7B | ¥92.2B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥25.9B | -¥47.6B |
| Net increase (decrease) in cash | -¥127.0M | ¥24.1B |
| Cash at end of period | ¥229.5B | ¥253.6B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | ¥851.9B | ¥861.0B | ¥977.4B | ¥1.1T | ¥1.3T | |
| Operating profit | ¥57.6B | ¥56.6B | ¥64.5B | ¥75.9B | ¥91.5B | |
| Profit to owners | — | — | — | ¥53.5B | ¥64.3B | |
| Total assets | ¥486.3B | ¥523.0B | ¥561.8B | ¥673.9B | ¥729.2B | |
| Cash & equivalents | — | — | ¥229.6B | ¥229.5B | ¥253.6B | |
| Owners’ equity | ¥301.8B | ¥322.7B | ¥346.9B | ¥375.2B | ¥399.6B |
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 ¥1.1T to ¥1.3T (▲ +19.4%), so the top line did not break. Gross profit only slipped from ¥224.5B to ¥252.2B, while operating profit swung from ¥74.4B to ¥89.9B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥92.2B (prior ¥37.7B), and cash on the balance sheet rose to ¥253.6B from ¥229.5B. 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 ¥329.6B while owners’ equity fell to —. ROE moved from 15.0% to 16.8%, and the equity ratio from 55.0% to 54.1%. Employee count is 10,079 vs 9,680 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 55.0% to 54.1%; the balance sheet absorbed a heavy loss year.
Was this page helpful?
Source: EDINET S100XU0X
(株式会社 大塚商会), period end 2025-12-31.