Earnings quality
Compare earnings and operating cash flow for earnings quality.
SMC Corporation
Ticker 6273 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-26 · Period end 2026-03-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 22.6%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin22.6%
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
ＳＭＣ株式会社 is a Japanese listed company. Its reportable segments include Automatic Control Equipment.
- Automatic Control Equipment
Segments Automatic Control Equipment
Compare trends
Tel 03-6628-3000 · As of filing date 2026-06-26
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥792.1B | ¥842.5B |
| Cost of sales* | ¥429.1B | ¥461.1B |
| Gross profit | ¥363.0B | ¥381.5B |
| Operating profit (loss) | ¥190.2B | ¥190.6B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥54.6B | ¥69.7B |
| Profit (loss) | ¥156.5B | ¥167.3B |
| Profit (loss) attributable to owners | ¥156.3B | ¥167.3B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥531.6B | ¥573.8B |
| Current assets | ¥1.4T | ¥1.5T |
| Non-current assets | ¥678.9B | ¥807.5B |
| Total assets | ¥2.1T | ¥2.3T |
| Short-term borrowings | ¥5.0B | ¥5.1B |
| Current liabilities | ¥135.6B | ¥145.7B |
| Non-current liabilities* | ¥36.8B | ¥50.9B |
| Total liabilities | ¥172.5B | ¥196.6B |
| 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 | ¥196.7B | ¥188.9B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥100.2B | -¥94.1B |
| Net increase (decrease) in cash | ¥126.1B | ¥31.8B |
| Cash at end of period | ¥531.6B | ¥573.8B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥727.4B | ¥824.8B | ¥776.9B | ¥792.1B | ¥842.5B | |
| Operating profit | ¥273.0B | ¥306.0B | ¥251.0B | ¥209.9B | ¥235.6B | |
| Profit to owners | — | — | — | ¥156.3B | ¥167.3B | |
| Total assets | ¥1.8T | ¥1.9T | ¥2.1T | ¥2.1T | ¥2.3T | |
| Cash & equivalents | — | — | ¥405.6B | ¥531.6B | ¥573.8B | |
| Owners’ equity | ¥1.6T | ¥1.7T | ¥1.9T | ¥1.9T | ¥2.1T |
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 ¥792.1B to ¥842.5B (▲ +6.4%), so the top line did not break. Gross profit only slipped from ¥363.0B to ¥381.5B, while operating profit swung from ¥190.2B to ¥190.6B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥188.9B (prior ¥196.7B), and cash on the balance sheet rose to ¥573.8B from ¥531.6B. 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 ¥196.6B while owners’ equity fell to —. ROE moved from 8.2% to 8.3%, and the equity ratio from 91.8% to 91.5%. Employee count is 24,773 vs 23,114 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 91.8% to 91.5%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100YLC6
(ＳＭＣ株式会社), period end 2026-03-31.