Earnings quality
Compare earnings and operating cash flow for earnings quality.
DENSO Corporation
Ticker 6902 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-11 · 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 62.9%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio62.9%
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
株式会社デンソー is a Japanese listed company. Its reportable segments include Asia, Europe, Japan, North America.
- Asia
- Europe
- Japan
- North America
- Operating Segments Not Included In
Segments Asia · Europe · Japan · North America · Operating Segments Not Included In
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥1.1T | ¥1.2T |
| Operating profit (loss) | ¥519.0B | ¥552.5B |
| Finance income | ¥86.4B | ¥82.7B |
| Finance costs | ¥25.8B | ¥31.7B |
| Income tax expense | ¥112.7B | ¥129.8B |
| Profit (loss) | ¥465.3B | ¥487.5B |
| Profit (loss) attributable to owners | ¥419.1B | ¥443.8B |
| Basic EPS (¥) | 145.02 | 162.96 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥986.5B | ¥1.2T |
| Current assets | ¥3.9T | ¥4.1T |
| Non-current assets | ¥4.2T | ¥4.6T |
| Total assets | ¥8.1T | ¥8.7T |
| Short-term borrowings | — | — |
| Current liabilities | ¥2.1T | ¥2.0T |
| Non-current liabilities* | ¥826.7B | ¥1.0T |
| Total liabilities | ¥2.9T | ¥3.0T |
| Equity attributable to owners | ¥5.0T | ¥5.5T |
| Total equity | ¥5.2T | ¥5.7T |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥758.7B | ¥511.0B |
| Cash flows from investing activities | ¥121.9B | -¥16.9B |
| Cash flows from financing activities | -¥677.4B | -¥355.0B |
| Net increase (decrease) in cash | ¥197.1B | ¥202.6B |
| Cash at end of period | ¥986.5B | ¥1.2T |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥5.5T | ¥6.4T | ¥7.1T | ¥7.2T | ¥7.5T | |
| Operating profit | ¥341.2B | ¥426.1B | ¥380.6B | ¥519.0B | ¥552.5B | |
| Profit to owners | ¥263.9B | ¥314.6B | ¥312.8B | ¥419.1B | ¥443.8B | |
| Total assets | ¥7.4T | ¥7.4T | ¥9.1T | ¥8.1T | ¥8.7T | |
| Cash & equivalents | ¥867.8B | ¥733.9B | ¥789.4B | ¥986.5B | ¥1.2T | |
| Owners’ equity | ¥4.3T | ¥4.4T | ¥5.5T | ¥5.0T | ¥5.5T |
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 ¥1.1T to ¥1.2T, while operating profit swung from ¥519.0B to ¥552.5B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥511.0B (prior ¥758.7B), and cash on the balance sheet rose to ¥1.2T from ¥986.5B. 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 ¥3.0T while owners’ equity fell to ¥5.5T. ROE moved from 8.0% to 8.5%, and the equity ratio from 61.3% to 62.9%. Employee count is 154,716 vs 158,056 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Capital structure held relatively steady.
Was this page helpful?
Source: EDINET S100Y9T1
(株式会社デンソー), period end 2026-03-31.