Earnings quality
Compare earnings and operating cash flow for earnings quality.
Panasonic Holdings Corporation
Ticker 6752 · 🇯🇵 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.
operating margin is 2.9%; equity ratio is 51.2%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin2.9%
Equity ratio51.2%
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
パナソニックホールディングス株式会社 is a Japanese listed company. Its reportable segments include Operating Segments Not Included In, Energy, Connect, Industry.
- Operating Segments Not Included In
- Energy
- Connect
- Industry
- Automotive
- HVACAnd CC
- Electric Works
- Smart Life
Segments Operating Segments Not Included In · Energy · Connect · Industry · Automotive · HVACAnd CC
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥8.5T | ¥8.0T |
| Cost of sales* | ¥5.8T | ¥5.5T |
| Gross profit | ¥2.6T | ¥2.5T |
| Operating profit (loss) | ¥426.5B | ¥236.4B |
| Finance income | ¥88.5B | ¥68.7B |
| Finance costs | ¥28.7B | ¥42.0B |
| Income tax expense | ¥101.9B | ¥54.1B |
| Profit (loss) | ¥384.4B | ¥209.0B |
| Profit (loss) attributable to owners | ¥366.2B | ¥189.5B |
| Basic EPS (¥) | 156.87 | 81.19 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥847.6B | ¥770.2B |
| Current assets | ¥3.6T | ¥3.9T |
| Non-current assets | ¥5.7T | ¥6.3T |
| Total assets | ¥9.3T | ¥10.2T |
| Short-term borrowings | — | — |
| Current liabilities | ¥2.7T | ¥3.0T |
| Non-current liabilities* | ¥1.8T | ¥1.8T |
| Total liabilities | ¥4.5T | ¥4.8T |
| Equity attributable to owners | ¥4.7T | ¥5.2T |
| Total equity | ¥4.9T | ¥5.4T |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥796.1B | ¥624.3B |
| Cash flows from investing activities | -¥859.9B | -¥607.4B |
| Cash flows from financing activities | -¥190.3B | -¥166.8B |
| Net increase (decrease) in cash | -¥266.9B | -¥82.5B |
| Cash at end of period | ¥847.6B | ¥770.2B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥7.4T | ¥8.4T | ¥8.5T | ¥8.5T | ¥8.0T | |
| Operating profit | — | — | — | ¥426.5B | ¥236.4B | |
| Profit to owners | ¥255.3B | ¥265.5B | ¥444.0B | ¥366.2B | ¥189.5B | |
| Total assets | ¥8.0T | ¥8.1T | ¥9.4T | ¥9.3T | ¥10.2T | |
| Cash & equivalents | ¥1.2T | ¥819.5B | ¥1.1T | ¥847.6B | ¥770.2B | |
| Owners’ equity | ¥3.2T | ¥3.6T | ¥4.5T | ¥4.7T | ¥5.2T |
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 ¥8.5T to ¥8.0T (▼ -4.8%), so the top line did not break. Gross profit only slipped from ¥2.6T to ¥2.5T, while operating profit swung from ¥426.5B to ¥236.4B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥624.3B (prior ¥796.1B), and cash on the balance sheet rose to ¥770.2B from ¥847.6B. 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 ¥4.8T while owners’ equity fell to ¥5.2T. ROE moved from 7.9% to 3.8%, and the equity ratio from 50.2% to 51.2%. Employee count is 183,685 vs 207,548 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 S100YETA
(パナソニックホールディングス株式会社), period end 2026-03-31.