Earnings quality
Compare earnings and operating cash flow for earnings quality.
ENEOS Holdings, Inc.
Ticker 5020 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-23 · 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 4.0%; equity ratio is 37.1%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin4.0%
Equity ratio37.1%
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
ＥＮＥＯＳホールディングス株式会社 is a Japanese listed company. Its reportable segments include Petroleum Products, High Performance Materials, Electricity, Operating Segments Not Included In.
- Petroleum Products
- High Performance Materials
- Electricity
- Operating Segments Not Included In
- Company
- Renewable Energy
- Oil And Natural Gas Exploration And Production
- Disclosure Of Changes In
Segments Petroleum Products · High Performance Materials · Electricity · Operating Segments Not Included In · Company · Renewable Energy
Compare trends
No phone/email found in this filing · Filing date 2026-06-23
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥12.3T | ¥11.8T |
| Cost of sales* | ¥11.2T | ¥10.5T |
| Gross profit | ¥1.1T | ¥1.2T |
| Operating profit (loss) | ¥106.1B | ¥466.6B |
| Finance income | ¥23.7B | ¥20.8B |
| Finance costs | ¥41.6B | ¥38.7B |
| Income tax expense | ¥30.9B | ¥141.5B |
| Profit (loss) | ¥286.9B | ¥307.2B |
| Profit (loss) attributable to owners | ¥226.1B | ¥258.7B |
| Basic EPS (¥) | 79.96 | 96.18 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥846.6B | ¥877.3B |
| Current assets | ¥4.2T | ¥4.3T |
| Non-current assets | ¥4.6T | ¥4.8T |
| Total assets | ¥8.8T | ¥9.1T |
| Short-term borrowings | — | — |
| Current liabilities | ¥2.6T | ¥2.7T |
| Non-current liabilities* | ¥2.7T | ¥2.6T |
| Total liabilities | ¥5.3T | ¥5.3T |
| Equity attributable to owners | ¥3.1T | ¥3.4T |
| Total equity | ¥3.5T | ¥3.8T |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥576.8B | ¥620.0B |
| Cash flows from investing activities | ¥130.8B | -¥252.0B |
| Cash flows from financing activities | -¥630.4B | -¥361.0B |
| Net increase (decrease) in cash | — | — |
| Cash at end of period | ¥846.6B | ¥877.3B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥10.9T | ¥15.0T | ¥12.3T | ¥12.3T | ¥11.8T | |
| Operating profit | ¥785.9B | ¥281.3B | ¥381.4B | ¥106.1B | ¥466.6B | |
| Profit to owners | ¥537.1B | ¥143.8B | ¥288.1B | ¥226.1B | ¥258.7B | |
| Total assets | ¥9.6T | ¥10.0T | ¥10.1T | ¥8.8T | ¥9.1T | |
| Cash & equivalents | ¥524.0B | ¥311.5B | ¥775.9B | ¥846.6B | ¥877.3B | |
| Owners’ equity | ¥2.9T | ¥2.9T | ¥3.2T | ¥3.1T | ¥3.4T |
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 ¥12.3T to ¥11.8T (▼ -4.5%), so the top line did not break. Gross profit only slipped from ¥1.1T to ¥1.2T, while operating profit swung from ¥106.1B to ¥466.6B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥620.0B (prior ¥576.8B), and cash on the balance sheet rose to ¥877.3B from ¥846.6B. 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 ¥5.3T while owners’ equity fell to ¥3.4T. ROE moved from 7.1% to 8.0%, and the equity ratio from 35.3% to 37.1%. Employee count is 34,099 vs 34,238 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 S100YF7I
(ＥＮＥＯＳホールディングス株式会社), period end 2026-03-31.