Earnings quality
Compare earnings and operating cash flow for earnings quality.
Recruit Holdings Co., Ltd.
Ticker 6098 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-19 · Period end 2026-03-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
equity ratio is 56.8%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio56.8%
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
株式会社リクルートホールディングス is a Japanese listed company. Its reportable segments include HRTechnology, Marketing Matching Technologies, Staffing, Total Of.
- HRTechnology
- Marketing Matching Technologies
- Staffing
- Total Of
- Disclosure Of Changes In
Segments HRTechnology · Marketing Matching Technologies · Staffing · Total Of · Disclosure Of Changes In
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥2.1T | ¥2.2T |
| Operating profit (loss) | ¥490.5B | ¥630.6B |
| Finance income | ¥56.0B | ¥34.7B |
| Finance costs | ¥10.6B | ¥10.5B |
| Income tax expense | ¥119.0B | ¥147.9B |
| Profit (loss) | ¥408.2B | ¥496.7B |
| Profit (loss) attributable to owners | ¥408.5B | ¥496.9B |
| Basic EPS (¥) | 271.44 | 349.78 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥808.6B | ¥725.6B |
| Current assets | ¥1.5T | ¥1.6T |
| Non-current assets | ¥1.3T | ¥1.2T |
| Total assets | ¥2.8T | ¥2.8T |
| Short-term borrowings | — | — |
| Current liabilities | ¥802.2B | ¥875.3B |
| Non-current liabilities* | ¥342.7B | ¥319.1B |
| Total liabilities | ¥1.1T | ¥1.2T |
| Equity attributable to owners | ¥1.6T | ¥1.6T |
| Total equity | ¥1.6T | ¥1.6T |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥610.4B | ¥669.4B |
| Cash flows from investing activities | -¥61.1B | -¥49.7B |
| Cash flows from financing activities | -¥880.5B | -¥743.5B |
| Net increase (decrease) in cash | -¥328.2B | -¥83.0B |
| Cash at end of period | ¥808.6B | ¥725.6B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥2.9T | ¥3.4T | ¥3.4T | ¥3.6T | ¥3.7T | |
| Operating profit | — | — | — | ¥490.5B | ¥630.6B | |
| Profit to owners | ¥296.8B | ¥269.8B | ¥353.7B | ¥408.5B | ¥496.9B | |
| Total assets | ¥2.4T | ¥2.8T | ¥3.1T | ¥2.8T | ¥2.8T | |
| Cash & equivalents | ¥669.6B | ¥877.4B | ¥1.1T | ¥808.6B | ¥725.6B | |
| Owners’ equity | ¥1.4T | ¥1.6T | ¥2.0T | ¥1.6T | ¥1.6T |
How we read these numbers
From the notes
| Item | Amount | Note |
|---|---|---|
| Affiliates stock valuation loss | -¥6.2B | Parent-company special loss (特別損失) |
Mixed
The numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
On the income statement, revenue moved from — to — (—), so the top line did not break. Gross profit only slipped from ¥2.1T to ¥2.2T, while operating profit swung from ¥490.5B to ¥630.6B — the damage is concentrated below gross profit.
The notes flag material one-offs this year, including Affiliates stock valuation loss ¥6.2B. Treat these as discrete charges when reading the earnings move.
The parent-company income statement also shows material special losses (valuation, spin-off, and affiliate support items).
Operating cash flow was ¥669.4B (prior ¥610.4B), with cash on the balance sheet at ¥725.6B versus ¥808.6B.
The balance sheet got heavier on leverage. Total liabilities rose to ¥1.2T while owners’ equity fell to ¥1.6T. ROE moved from 22.6% to 31.0%, and the equity ratio from 58.3% to 56.8%. Employee count is 45,586 vs 49,480 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 58.3% to 56.8%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100YDHL
(株式会社リクルートホールディングス), period end 2026-03-31.