Earnings quality
Compare earnings and operating cash flow for earnings quality.
Yamaha Corporation
Ticker 7951 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-25 · 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 77.5%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio77.5%
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
ヤマハ株式会社 is a Japanese listed company. Its reportable segments include Music, Professional And Consumer Audio, Operating Segments Not Included In, Total Of.
- Music
- Professional And Consumer Audio
- Operating Segments Not Included In
- Total Of
- Disclosure Of Changes In
Segments Music · Professional And Consumer Audio · Operating Segments Not Included In · Total Of · Disclosure Of Changes In
Compare trends
No phone/email found in this filing · Filing date 2026-06-25
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥176.1B | ¥175.0B |
| Operating profit (loss) | ¥20.7B | ¥29.3B |
| Finance income | ¥4.6B | ¥6.7B |
| Finance costs | ¥2.9B | ¥717.0M |
| Income tax expense | ¥9.0B | ¥11.5B |
| Profit (loss) | ¥13.5B | ¥23.8B |
| Profit (loss) attributable to owners | ¥13.4B | ¥23.7B |
| Basic EPS (¥) | 27.58 | 52.70 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥99.8B | ¥109.0B |
| Current assets | ¥351.9B | ¥364.9B |
| Non-current assets | ¥239.3B | ¥252.6B |
| Total assets | ¥591.3B | ¥617.6B |
| Short-term borrowings | — | — |
| Current liabilities | ¥106.7B | ¥98.0B |
| Non-current liabilities* | ¥34.5B | ¥39.8B |
| Total liabilities | ¥141.2B | ¥137.8B |
| Equity attributable to owners | ¥448.8B | ¥478.3B |
| Total equity | ¥450.1B | ¥479.7B |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥55.3B | ¥45.8B |
| Cash flows from investing activities | ¥8.1B | -¥7.9B |
| Cash flows from financing activities | -¥63.1B | -¥37.8B |
| Net increase (decrease) in cash | -¥1.8B | ¥9.0B |
| Cash at end of period | ¥99.8B | ¥109.0B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥408.2B | ¥451.4B | ¥462.9B | ¥462.1B | ¥465.3B | |
| Operating profit | — | — | — | ¥20.7B | ¥29.3B | |
| Profit to owners | ¥37.3B | ¥38.2B | ¥29.6B | ¥13.4B | ¥23.7B | |
| Total assets | ¥580.7B | ¥594.2B | ¥666.8B | ¥591.3B | ¥617.6B | |
| Cash & equivalents | ¥172.5B | ¥103.9B | ¥101.6B | ¥99.8B | ¥109.0B | |
| Owners’ equity | ¥415.7B | ¥456.8B | ¥510.6B | ¥448.8B | ¥478.3B |
How we read these numbers
From the notes
| Item | Amount | Note |
|---|---|---|
| Affiliates stock valuation loss | -¥2.8B | Parent-company special loss (特別損失) |
| Parent special losses (total) | -¥5.1B | Sum of 特別損失 on the parent-company statement |
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 ¥176.1B to ¥175.0B, while operating profit swung from ¥20.7B to ¥29.3B — the damage is concentrated below gross profit.
The notes flag material one-offs this year, including Affiliates stock valuation loss ¥2.8B, Parent special losses (total) ¥5.1B. Treat these as discrete charges when reading the earnings move.
The parent-company income statement also shows material special losses (valuation, spin-off, and affiliate support items).
Operating cash flow was ¥45.8B (prior ¥55.3B), with cash on the balance sheet at ¥109.0B versus ¥99.8B.
The balance sheet got heavier on leverage. Total liabilities rose to ¥137.8B while owners’ equity fell to ¥478.3B. ROE moved from 2.8% to 5.1%, and the equity ratio from 75.9% to 77.5%. Employee count is 17,886 vs 18,949 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 S100YJE7
(ヤマハ株式会社), period end 2026-03-31.