Earnings quality
Operating cash flow stayed positive while reported operating profit turned negative — suggesting large non-cash charges (e.g. impairments) rather than a pure cash burn.
Shiseido Company, Limited
Ticker 4911 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-03-23 · Period end 2025-12-31
Takeaway
Park for nowRevenue held up, but profitability collapsed into a large operating loss — this filing reads as a reset year, not a growth story.
operating margin is -3.0%; operating cash stayed positive despite an operating loss; equity ratio is 47.4%.
Profitability is under pressure without a clear cash offset in this page — wait for the next cash / segment confirmation.
ActionPark for now
OP margin-3.0%
Equity ratio47.4%
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
株式会社資生堂 is a Japanese listed company. Its reportable segments include Americas Business, Asia Pacific Business, China And Travel Retail Business, EMEABusiness.
- Americas Business
- Asia Pacific Business
- China And Travel Retail Business
- EMEABusiness
- Japan Business
- Operating Segments Not Included In
- Other
- Total Of
Segments Americas Business · Asia Pacific Business · China And Travel Retail Business · EMEABusiness · Japan Business · Operating Segments Not Included In
Compare trends
No phone/email found in this filing · Filing date 2026-03-23
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | ¥990.6B | ¥970.0B |
| Cost of sales* | ¥237.4B | ¥227.0B |
| Gross profit | ¥753.2B | ¥743.0B |
| Operating profit (loss) | ¥7.6B | -¥28.8B |
| Finance income | ¥8.3B | ¥7.5B |
| Finance costs | ¥6.4B | ¥6.3B |
| Income tax expense | ¥8.0B | ¥12.0B |
| Profit (loss) | -¥9.3B | -¥39.8B |
| Profit (loss) attributable to owners | -¥10.8B | -¥40.7B |
| Basic EPS (¥) | -27.06 | -101.83 |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash and cash equivalents | ¥98.5B | ¥91.8B |
| Current assets | ¥477.8B | ¥471.5B |
| Non-current assets | ¥854.0B | ¥795.7B |
| Total assets | ¥1.3T | ¥1.3T |
| Short-term borrowings | — | — |
| Current liabilities | ¥398.6B | ¥345.0B |
| Non-current liabilities* | ¥278.6B | ¥301.0B |
| Total liabilities | ¥677.2B | ¥646.0B |
| Equity attributable to owners | ¥632.5B | ¥600.8B |
| Total equity | ¥654.6B | ¥621.3B |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash flows from operating activities | ¥48.4B | ¥109.9B |
| Cash flows from investing activities | -¥83.7B | -¥43.4B |
| Cash flows from financing activities | ¥23.4B | -¥77.2B |
| Net increase (decrease) in cash | — | — |
| Cash at end of period | ¥98.5B | ¥91.8B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | ¥1.0T | ¥1.1T | ¥973.0B | ¥990.6B | ¥970.0B | |
| Operating profit | ¥43.9B | ¥52.9B | — | ¥7.6B | -¥28.8B | |
| Profit to owners | ¥46.9B | ¥34.2B | ¥21.7B | -¥10.8B | -¥40.7B | |
| Total assets | ¥1.3T | ¥1.3T | ¥1.3T | ¥1.3T | ¥1.3T | |
| Cash & equivalents | ¥156.5B | ¥119.0B | ¥104.7B | ¥98.5B | ¥91.8B | |
| Owners’ equity | ¥540.7B | ¥604.3B | ¥618.7B | ¥632.5B | ¥600.8B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Challenged
Revenue held up, but profitability collapsed into a large operating loss — this filing reads as a reset year, not a growth story.
On the income statement, revenue moved from ¥990.6B to ¥970.0B (▼ -2.1%), so the top line did not break. Gross profit only slipped from ¥753.2B to ¥743.0B, while operating profit swung from ¥7.6B to -¥28.8B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥109.9B (prior ¥48.4B), and cash on the balance sheet rose to ¥91.8B from ¥98.5B. 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.
Goodwill on the balance sheet fell from ¥108.0B to ¥58.8B, consistent with heavy write-downs of past acquisitions’ carrying values.
The balance sheet got heavier on leverage. Total liabilities rose to ¥646.0B while owners’ equity fell to ¥600.8B. ROE moved from -1.7% to -6.6%, and the equity ratio from 47.5% to 47.4%. Employee count is 26,330 vs 27,908 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 47.5% to 47.4%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100XSCU
(株式会社資生堂), period end 2025-12-31.