Earnings quality
Compare earnings and operating cash flow for earnings quality.
Shimano Inc.
Ticker 7309 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-03-17 · Period end 2025-12-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 11.1%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin11.1%
Equity ratio—
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
株式会社シマノ is a Japanese listed company. Its reportable segments include Bicycle Components, Fishing Tackle, Other, Description Of.
- Bicycle Components
- Fishing Tackle
- Other
- Description Of
- Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
Segments Bicycle Components · Fishing Tackle · Other · Description Of · Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
Compare trends
No phone/email found in this filing · Filing date 2026-03-17
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | ¥451.0B | ¥466.2B |
| Cost of sales* | ¥278.7B | ¥299.6B |
| Gross profit | ¥172.3B | ¥166.6B |
| Operating profit (loss) | ¥65.1B | ¥51.7B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥22.0B | ¥22.2B |
| Profit (loss) | ¥76.6B | ¥34.2B |
| Profit (loss) attributable to owners | ¥76.3B | ¥34.0B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash and cash equivalents | ¥530.3B | ¥472.8B |
| Current assets | ¥711.5B | ¥666.1B |
| Non-current assets | ¥247.5B | ¥272.1B |
| Total assets | ¥959.0B | ¥938.2B |
| Short-term borrowings | — | — |
| Current liabilities | ¥55.8B | ¥58.9B |
| Non-current liabilities* | ¥19.5B | ¥9.8B |
| Total liabilities | ¥75.3B | ¥68.7B |
| Equity attributable to owners | — | — |
| Total equity | — | — |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash flows from operating activities | ¥87.0B | ¥63.8B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥49.5B | -¥80.3B |
| Net increase (decrease) in cash | ¥48.3B | -¥57.5B |
| Cash at end of period | ¥530.3B | ¥472.8B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | ¥546.5B | ¥628.9B | ¥474.4B | ¥451.0B | ¥466.2B | |
| Operating profit | ¥152.6B | ¥176.6B | ¥103.4B | ¥98.7B | ¥47.0B | |
| Profit to owners | — | — | — | ¥76.3B | ¥34.0B | |
| Total assets | ¥705.4B | ¥826.4B | ¥871.7B | ¥959.0B | ¥938.2B | |
| Cash & equivalents | — | — | ¥482.0B | ¥530.3B | ¥472.8B | |
| Owners’ equity | ¥616.7B | ¥741.1B | ¥802.4B | ¥883.6B | ¥869.5B |
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 ¥451.0B to ¥466.2B (▲ +3.4%), so the top line did not break. Gross profit only slipped from ¥172.3B to ¥166.6B, while operating profit swung from ¥65.1B to ¥51.7B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥63.8B (prior ¥87.0B), and cash on the balance sheet rose to ¥472.8B from ¥530.3B. 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.
Goodwill on the balance sheet fell from ¥1.7B to ¥1.5B, consistent with heavy write-downs of past acquisitions’ carrying values.
The balance sheet got heavier on leverage. Total liabilities rose to ¥68.7B while owners’ equity fell to —. ROE moved from 9.1% to 3.9%, and the equity ratio from 92.0% to 92.5%. Employee count is 10,242 vs 10,130 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 S100XQSE
(株式会社シマノ), period end 2025-12-31.