Earnings quality
Compare earnings and operating cash flow for earnings quality.
Daikin Industries, Ltd.
Ticker 6367 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-24 · Period end 2026-03-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 8.3%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin8.3%
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
ダイキン工業株式会社 is a Japanese listed company. Its reportable segments include Air Conditioning And Refrigeration Equipment, Chemicals, Operating Segments Not Included In, Total Of.
- Air Conditioning And Refrigeration Equipment
- Chemicals
- Operating Segments Not Included In
- Total Of
- Description Of
- Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
Segments Air Conditioning And Refrigeration Equipment · Chemicals · Operating Segments Not Included In · Total Of · Description Of · Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥4.8T | ¥5.0T |
| Cost of sales* | ¥3.1T | ¥3.3T |
| Gross profit | ¥1.6T | ¥1.7T |
| Operating profit (loss) | ¥401.7B | ¥415.0B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥100.6B | ¥117.3B |
| Profit (loss) | ¥275.4B | ¥286.3B |
| Profit (loss) attributable to owners | ¥264.8B | ¥275.2B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥658.1B | ¥706.5B |
| Current assets | ¥2.9T | ¥3.3T |
| Non-current assets | ¥2.3T | ¥2.5T |
| Total assets | ¥5.1T | ¥5.8T |
| Short-term borrowings | ¥294.6B | ¥286.1B |
| Current liabilities | ¥1.5T | ¥1.7T |
| Non-current liabilities* | ¥723.7B | ¥803.8B |
| Total liabilities | ¥2.3T | ¥2.5T |
| 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 | ¥514.5B | ¥465.8B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥153.5B | -¥156.4B |
| Net increase (decrease) in cash | ¥25.6B | ¥48.4B |
| Cash at end of period | ¥658.1B | ¥706.5B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥3.1T | ¥4.0T | ¥4.4T | ¥4.8T | ¥5.0T | |
| Operating profit | ¥327.5B | ¥366.2B | ¥354.5B | ¥366.4B | ¥408.2B | |
| Profit to owners | — | — | — | ¥264.8B | ¥275.2B | |
| Total assets | ¥3.8T | ¥4.3T | ¥4.9T | ¥5.1T | ¥5.8T | |
| Cash & equivalents | — | — | ¥634.0B | ¥658.1B | ¥706.5B | |
| Owners’ equity | ¥2.0T | ¥2.3T | ¥2.7T | ¥2.9T | ¥3.3T |
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 ¥4.8T to ¥5.0T (▲ +5.5%), so the top line did not break. Gross profit only slipped from ¥1.6T to ¥1.7T, while operating profit swung from ¥401.7B to ¥415.0B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥465.8B (prior ¥514.5B), and cash on the balance sheet rose to ¥706.5B from ¥658.1B. 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 ¥2.5T while owners’ equity fell to —. ROE moved from 9.7% to 9.1%, and the equity ratio from 54.6% to 55.9%. Employee count is 104,095 vs 103,544 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 S100YFQL
(ダイキン工業株式会社), period end 2026-03-31.