Earnings quality
Compare earnings and operating cash flow for earnings quality.
AGC Inc.
Ticker 5201 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-03-24 · Period end 2025-12-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
operating margin is 6.2%; equity ratio is 50.3%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin6.2%
Equity ratio50.3%
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
ＡＧＣ株式会社 is a Japanese listed company. Its reportable segments include Total Of, Glass, Automotive, Lifescience.
- Total Of
- Glass
- Automotive
- Lifescience
Segments Total Of · Glass · Automotive · Lifescience
Compare trends
No phone/email found in this filing · Filing date 2026-03-24
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | ¥2.1T | ¥2.1T |
| Cost of sales* | ¥1.6T | ¥1.6T |
| Gross profit | ¥499.1B | ¥500.4B |
| Operating profit (loss) | ¥125.8B | ¥127.5B |
| Finance income | ¥12.0B | ¥9.4B |
| Finance costs | ¥17.4B | ¥15.3B |
| Income tax expense | ¥27.9B | ¥45.3B |
| Profit (loss) | -¥77.9B | ¥79.5B |
| Profit (loss) attributable to owners | -¥94.0B | ¥69.2B |
| Basic EPS (¥) | -443.71 | 326.20 |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash and cash equivalents | ¥108.0B | ¥94.7B |
| Current assets | ¥1.0T | ¥967.8B |
| Non-current assets | ¥1.9T | ¥2.0T |
| Total assets | ¥2.9T | ¥3.0T |
| Short-term borrowings | — | — |
| Current liabilities | ¥708.8B | ¥696.2B |
| Non-current liabilities* | ¥509.2B | ¥522.2B |
| Total liabilities | ¥1.2T | ¥1.2T |
| Equity attributable to owners | ¥1.4T | ¥1.5T |
| Total equity | ¥1.7T | ¥1.7T |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash flows from operating activities | ¥284.8B | ¥274.5B |
| Cash flows from investing activities | -¥195.6B | -¥178.4B |
| Cash flows from financing activities | -¥131.9B | -¥114.1B |
| Net increase (decrease) in cash | -¥38.1B | -¥13.3B |
| Cash at end of period | ¥108.0B | ¥94.7B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | ¥1.7T | ¥2.0T | ¥2.0T | ¥2.1T | ¥2.1T | |
| Operating profit | — | — | — | ¥125.8B | ¥127.5B | |
| Profit to owners | ¥123.8B | -¥3.2B | ¥65.8B | -¥94.0B | ¥69.2B | |
| Total assets | ¥2.7T | ¥2.8T | ¥2.9T | ¥2.9T | ¥3.0T | |
| Cash & equivalents | ¥195.8B | ¥209.7B | ¥146.1B | ¥108.0B | ¥94.7B | |
| Owners’ equity | ¥1.3T | ¥1.4T | ¥1.4T | ¥1.4T | ¥1.5T |
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 ¥2.1T to ¥2.1T (▼ -0.4%), so the top line did not break. Gross profit only slipped from ¥499.1B to ¥500.4B, while operating profit swung from ¥125.8B to ¥127.5B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥274.5B (prior ¥284.8B), and cash on the balance sheet rose to ¥94.7B from ¥108.0B. 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 ¥1.2T while owners’ equity fell to ¥1.5T. ROE moved from -6.5% to 4.7%, and the equity ratio from 49.7% to 50.3%. Employee count is 52,896 vs 53,687 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 S100XSTU
(ＡＧＣ株式会社), period end 2025-12-31.