Earnings quality
Compare earnings and operating cash flow for earnings quality.
Mitsubishi Electric Corporation
Ticker 6503 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-19 · Period end 2026-03-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 7.3%; equity ratio is 60.9%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin7.3%
Equity ratio60.9%
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
三菱電機株式会社 is a Japanese listed company. Its reportable segments include Digital Innovation, Other, Semiconductor And Device, Business Platform.
- Digital Innovation
- Other
- Semiconductor And Device
- Business Platform
- Infrastructure
- Industry And Mobility
- Life
- Disclosure Of Changes In
Segments Digital Innovation · Other · Semiconductor And Device · Business Platform · Infrastructure · Industry And Mobility
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥5.5T | ¥5.9T |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit (loss) | ¥391.9B | ¥433.1B |
| Finance income | ¥20.8B | ¥30.3B |
| Finance costs | ¥14.4B | ¥6.9B |
| Income tax expense | ¥90.3B | ¥92.3B |
| Profit (loss) | ¥346.9B | ¥433.8B |
| Profit (loss) attributable to owners | ¥324.1B | ¥407.8B |
| Basic EPS (¥) | 155.70 | 198.31 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥757.3B | ¥731.6B |
| Current assets | ¥3.7T | ¥4.0T |
| Non-current assets | ¥2.6T | ¥3.3T |
| Total assets | ¥6.4T | ¥7.4T |
| Short-term borrowings | — | — |
| Current liabilities | ¥1.8T | ¥2.3T |
| Non-current liabilities* | ¥452.3B | ¥446.0B |
| Total liabilities | ¥2.3T | ¥2.7T |
| Equity attributable to owners | ¥3.9T | ¥4.5T |
| Total equity | ¥4.1T | ¥4.6T |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥455.9B | ¥576.0B |
| Cash flows from investing activities | -¥191.8B | -¥344.4B |
| Cash flows from financing activities | -¥265.3B | -¥304.8B |
| Net increase (decrease) in cash | -¥8.1B | -¥25.7B |
| Cash at end of period | ¥757.3B | ¥731.6B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥4.5T | ¥5.0T | ¥5.3T | ¥5.5T | ¥5.9T | |
| Operating profit | — | — | — | ¥391.9B | ¥433.1B | |
| Profit to owners | ¥203.5B | ¥213.9B | ¥284.9B | ¥324.1B | ¥407.8B | |
| Total assets | ¥5.1T | ¥5.6T | ¥6.2T | ¥6.4T | ¥7.4T | |
| Cash & equivalents | ¥727.2B | ¥645.9B | ¥765.4B | ¥757.3B | ¥731.6B | |
| Owners’ equity | ¥3.0T | ¥3.2T | ¥3.7T | ¥3.9T | ¥4.5T |
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 ¥5.5T to ¥5.9T (▲ +6.8%), so the top line did not break. Gross profit only slipped from — to —, while operating profit swung from ¥391.9B to ¥433.1B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥576.0B (prior ¥455.9B), and cash on the balance sheet rose to ¥731.6B from ¥757.3B. 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 ¥2.7T while owners’ equity fell to ¥4.5T. ROE moved from 8.4% to 9.7%, and the equity ratio from 61.9% to 60.9%. Employee count is 150,386 vs 149,914 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 61.9% to 60.9%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100YD3V
(三菱電機株式会社), period end 2026-03-31.