Earnings quality
Compare earnings and operating cash flow for earnings quality.
Idemitsu Kosan Co., Ltd.
Ticker 5019 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-17 · Period end 2026-03-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
operating margin is 2.6%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin2.6%
Equity ratio—
Last priceJPY 1,230
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
出光興産株式会社 is a Japanese listed company. Its reportable segments include Operating Segments Not Included In, Resources, Total Of, Petroleum.
- Operating Segments Not Included In
- Resources
- Total Of
- Petroleum
- Power And Renewable Energy
- Functional Materials
- Basic Chemicals
- Description Of
Segments Operating Segments Not Included In · Resources · Total Of · Petroleum · Power And Renewable Energy · Functional Materials
Compare trends
No phone/email found in this filing · Filing date 2026-06-17
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥9.2T | ¥8.1T |
| Cost of sales* | ¥8.5T | ¥7.4T |
| Gross profit | ¥689.4B | ¥754.5B |
| Operating profit (loss) | ¥162.2B | ¥212.2B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥56.3B | ¥57.0B |
| Profit (loss) | ¥102.0B | ¥165.1B |
| Profit (loss) attributable to owners | ¥104.1B | ¥171.9B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥164.3B | ¥157.1B |
| Current assets | ¥2.6T | ¥3.0T |
| Non-current assets | ¥2.1T | ¥2.4T |
| Total assets | ¥4.8T | ¥5.3T |
| Short-term borrowings | ¥479.6B | ¥503.5B |
| Current liabilities | ¥2.1T | ¥2.4T |
| Non-current liabilities* | ¥940.5B | ¥1.0T |
| Total liabilities | ¥3.0T | ¥3.4T |
| Equity attributable to owners | — | — |
| Total equity | — | — |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥476.7B | ¥392.4B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥343.4B | -¥104.9B |
| Net increase (decrease) in cash | ¥16.6B | ¥3.3B |
| Cash at end of period | ¥164.3B | ¥157.1B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥6.7T | ¥9.5T | ¥8.7T | ¥9.2T | ¥8.1T | |
| Operating profit | ¥459.3B | ¥321.5B | ¥385.2B | ¥214.8B | ¥229.6B | |
| Profit to owners | — | — | — | ¥104.1B | ¥171.9B | |
| Total assets | ¥4.6T | ¥4.9T | ¥5.0T | ¥4.8T | ¥5.3T | |
| Cash & equivalents | — | — | ¥136.9B | ¥164.3B | ¥157.1B | |
| Owners’ equity | ¥1.4T | ¥1.6T | ¥1.8T | ¥1.7T | ¥2.0T |
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 ¥9.2T to ¥8.1T (▼ -11.8%), so the top line did not break. Gross profit only slipped from ¥689.4B to ¥754.5B, while operating profit swung from ¥162.2B to ¥212.2B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥392.4B (prior ¥476.7B), and cash on the balance sheet rose to ¥157.1B from ¥164.3B. 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 ¥3.4T while owners’ equity fell to —. ROE moved from 5.9% to 9.4%, and the equity ratio from 36.0% to 36.0%. Employee count is 14,392 vs 13,814 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Capital structure held relatively steady.
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Source: EDINET S100YCS3
(出光興産株式会社), period end 2026-03-31.