Earnings quality
Compare earnings and operating cash flow for earnings quality.
Sysmex Corporation
Ticker 6869 · 🇯🇵 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.
operating margin is 10.4%; equity ratio is 71.4%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin10.4%
Equity ratio71.4%
Last priceJPY 1,958
Trailing P/E34.4×
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
シスメックス株式会社 is a Japanese listed company. Its reportable segments include Headquarter, Americas RHQ, EMEARHQ, China RHQ.
- Headquarter
- Americas RHQ
- EMEARHQ
- China RHQ
- APRHQ
Segments Headquarter · Americas RHQ · EMEARHQ · China RHQ · APRHQ
Compare trends
No phone/email found in this filing · Filing date 2026-06-22
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥508.6B | ¥500.0B |
| Cost of sales* | ¥236.7B | ¥244.3B |
| Gross profit | ¥272.0B | ¥255.7B |
| Operating profit (loss) | ¥87.6B | ¥51.8B |
| Finance income | ¥1.1B | ¥865.0M |
| Finance costs | ¥3.5B | ¥4.4B |
| Income tax expense | ¥25.6B | ¥13.7B |
| Profit (loss) | ¥53.6B | ¥35.4B |
| Profit (loss) attributable to owners | ¥53.7B | ¥35.5B |
| Basic EPS (¥) | 86.07 | 56.89 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥89.6B | ¥84.1B |
| Current assets | ¥364.8B | ¥388.6B |
| Non-current assets | ¥300.4B | ¥318.9B |
| Total assets | ¥665.3B | ¥707.5B |
| Short-term borrowings | — | — |
| Current liabilities | ¥122.8B | ¥119.3B |
| Non-current liabilities* | ¥77.9B | ¥82.6B |
| Total liabilities | ¥200.7B | ¥201.9B |
| Equity attributable to owners | ¥463.8B | ¥505.0B |
| Total equity | ¥464.5B | ¥505.7B |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥88.2B | ¥73.8B |
| Cash flows from investing activities | -¥52.5B | -¥51.5B |
| Cash flows from financing activities | -¥24.3B | -¥37.7B |
| Net increase (decrease) in cash | ¥14.1B | -¥5.5B |
| Cash at end of period | ¥89.6B | ¥84.1B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥363.8B | ¥410.5B | ¥461.5B | ¥508.6B | ¥500.0B | |
| Operating profit | — | — | — | ¥87.6B | ¥51.8B | |
| Profit to owners | ¥44.1B | ¥45.8B | ¥49.6B | ¥53.7B | ¥35.5B | |
| Total assets | ¥483.7B | ¥531.1B | ¥618.9B | ¥665.3B | ¥707.5B | |
| Cash & equivalents | ¥73.8B | ¥69.5B | ¥75.5B | ¥89.6B | ¥84.1B | |
| Owners’ equity | ¥348.3B | ¥387.7B | ¥432.0B | ¥463.8B | ¥505.0B |
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 ¥508.6B to ¥500.0B (▼ -1.7%), so the top line did not break. Gross profit only slipped from ¥272.0B to ¥255.7B, while operating profit swung from ¥87.6B to ¥51.8B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥73.8B (prior ¥88.2B), and cash on the balance sheet rose to ¥84.1B from ¥89.6B. 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.
Goodwill on the balance sheet fell from ¥14.2B to ¥4.1B, consistent with heavy write-downs of past acquisitions’ carrying values.
The balance sheet got heavier on leverage. Total liabilities rose to ¥201.9B while owners’ equity fell to ¥505.0B. ROE moved from 12.0% to 7.3%, and the equity ratio from 69.7% to 71.4%. Employee count is 10,861 vs 10,533 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 S100YFAW
(シスメックス株式会社), period end 2026-03-31.