Earnings quality
Compare earnings and operating cash flow for earnings quality.
Hitachi, Ltd.
Ticker 6501 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-22 · 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 43.7%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio43.7%
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
株式会社日立製作所 is a Japanese listed company. Its reportable segments include Energy, Mobility, Operating Segments Not Included In, Other.
- Energy
- Mobility
- Operating Segments Not Included In
- Other
- Digital Systems And Services
- Connective Industries
- Disclosure Of Changes In
Segments Energy · Mobility · Operating Segments Not Included In · Other · Digital Systems And Services · Connective Industries
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥2.8T | ¥3.2T |
| Operating profit (loss) | — | — |
| Finance income | ¥53.9B | ¥106.8B |
| Finance costs | ¥12.9B | ¥8.9B |
| Income tax expense | ¥305.9B | ¥421.7B |
| Profit (loss) | ¥656.9B | ¥851.4B |
| Profit (loss) attributable to owners | ¥615.7B | ¥802.4B |
| Basic EPS (¥) | 133.85 | 176.76 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥866.2B | ¥1.3T |
| Current assets | ¥6.6T | ¥7.9T |
| Non-current assets | ¥6.7T | ¥7.2T |
| Total assets | ¥13.3T | ¥15.0T |
| Short-term borrowings | ¥73.1B | ¥43.4B |
| Current liabilities | ¥5.9T | ¥7.2T |
| Non-current liabilities* | ¥1.3T | ¥1.1T |
| Total liabilities | ¥7.3T | ¥8.3T |
| Equity attributable to owners | ¥5.8T | ¥6.6T |
| Total equity | ¥6.0T | ¥6.8T |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥1.2T | ¥1.7T |
| Cash flows from investing activities | -¥573.6B | -¥341.6B |
| Cash flows from financing activities | -¥424.1B | -¥971.0B |
| Net increase (decrease) in cash | ¥160.9B | ¥457.2B |
| Cash at end of period | ¥866.2B | ¥1.3T |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥10.3T | ¥10.9T | ¥9.7T | ¥9.8T | ¥10.6T | |
| Profit to owners | ¥583.5B | ¥649.1B | ¥589.9B | ¥615.7B | ¥802.4B | |
| Total assets | ¥13.9T | ¥12.5T | ¥12.2T | ¥13.3T | ¥15.0T | |
| Cash & equivalents | ¥968.8B | ¥833.3B | ¥705.4B | ¥866.2B | ¥1.3T | |
| Owners’ equity | ¥4.3T | ¥4.9T | ¥5.7T | ¥5.8T | ¥6.6T |
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 — to — (—), so the top line did not break. Gross profit only slipped from ¥2.8T to ¥3.2T, while operating profit swung from — to — — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥1.7T (prior ¥1.2T), and cash on the balance sheet rose to ¥1.3T from ¥866.2B. 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.
The balance sheet got heavier on leverage. Total liabilities rose to ¥8.3T while owners’ equity fell to ¥6.6T. ROE moved from 10.7% to 12.9%, and the equity ratio from 44.0% to 43.7%. Employee count is 287,901 vs 282,743 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 44.0% to 43.7%; the balance sheet absorbed a heavy loss year.
Was this page helpful?
Source: EDINET S100YGBO
(株式会社日立製作所), period end 2026-03-31.