Earnings quality
Compare earnings and operating cash flow for earnings quality.
DOWA Holdings Co., Ltd.
Ticker 5714 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-23 · Period end 2026-03-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 4.6%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin4.6%
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
ＤＯＷＡホールディングス株式会社 is a Japanese listed company. Its reportable segments include Ecology And Recycle, Electronic Materials, Heat Treat, Metalworking.
- Ecology And Recycle
- Electronic Materials
- Heat Treat
- Metalworking
- Refinery
- Operating Segments Not Included In
- Total Of
- Description Of
Segments Ecology And Recycle · Electronic Materials · Heat Treat · Metalworking · Refinery · Operating Segments Not Included In
Compare trends
Tel 03-6847-1150 · As of filing date 2026-06-23
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥678.7B | ¥745.4B |
| Cost of sales* | ¥592.0B | ¥655.1B |
| Gross profit | ¥86.6B | ¥90.3B |
| Operating profit (loss) | ¥32.2B | ¥34.2B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥10.6B | ¥13.6B |
| Profit (loss) | ¥28.0B | ¥64.5B |
| Profit (loss) attributable to owners | ¥27.1B | ¥62.5B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥41.2B | ¥49.3B |
| Current assets | ¥367.0B | ¥476.8B |
| Non-current assets | ¥306.5B | ¥317.7B |
| Total assets | ¥673.5B | ¥794.5B |
| Short-term borrowings | ¥30.0B | ¥29.3B |
| Current liabilities | ¥201.7B | ¥249.5B |
| Non-current liabilities* | ¥55.8B | ¥70.3B |
| Total liabilities | ¥257.5B | ¥319.8B |
| 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 | ¥12.8B | ¥5.2B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥4.1B | -¥10.0B |
| Net increase (decrease) in cash | -¥31.8B | ¥8.1B |
| Cash at end of period | ¥41.2B | ¥49.3B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥831.8B | ¥780.1B | ¥717.2B | ¥678.7B | ¥745.4B | |
| Operating profit | ¥76.1B | ¥55.5B | ¥44.7B | ¥43.6B | ¥54.3B | |
| Profit to owners | — | — | — | ¥27.1B | ¥62.5B | |
| Total assets | ¥657.3B | ¥655.3B | ¥632.8B | ¥673.5B | ¥794.5B | |
| Cash & equivalents | — | — | ¥73.0B | ¥41.2B | ¥49.3B | |
| Owners’ equity | ¥328.6B | ¥360.6B | ¥388.8B | ¥416.0B | ¥474.6B |
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 ¥678.7B to ¥745.4B (▲ +9.8%), so the top line did not break. Gross profit only slipped from ¥86.6B to ¥90.3B, while operating profit swung from ¥32.2B to ¥34.2B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥5.2B (prior ¥12.8B), and cash on the balance sheet rose to ¥49.3B from ¥41.2B. 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 ¥1.7B to ¥1.2B, consistent with heavy write-downs of past acquisitions’ carrying values.
The balance sheet got heavier on leverage. Total liabilities rose to ¥319.8B while owners’ equity fell to —. ROE moved from 7.0% to 14.6%, and the equity ratio from 59.2% to 57.3%. Employee count is 8,355 vs 8,076 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 59.2% to 57.3%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100YGIN
(ＤＯＷＡホールディングス株式会社), period end 2026-03-31.