Earnings quality
Compare earnings and operating cash flow for earnings quality.
Daiwa Securities Group Inc.
Ticker 8601 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-17 · Period end 2026-03-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
Compare earnings and operating cash flow for earnings quality.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
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
株式会社大和証券グループ本社 is a Japanese listed company. Its reportable segments include Wealth Management, Global Markets Investment Banking, Asset Management, Total Of.
- Wealth Management
- Global Markets Investment Banking
- Asset Management
- Total Of
- Operating Segments Not Included In
- Description Of
- Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
- Description Of Nature And Amounts Of Differences Between
Segments Wealth Management · Global Markets Investment Banking · Asset Management · Total Of · Operating Segments Not Included In · Description Of
Compare trends
No phone/email found in this filing · Filing date 2026-06-17
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit (loss) | ¥166.7B | ¥207.3B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥53.9B | ¥73.7B |
| Profit (loss) | ¥165.1B | ¥190.2B |
| Profit (loss) attributable to owners | ¥154.4B | ¥175.3B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥3.7T | ¥3.8T |
| Current assets | ¥34.3T | ¥36.2T |
| Non-current assets | ¥1.7T | ¥1.9T |
| Total assets | ¥36.0T | ¥38.1T |
| Short-term borrowings | ¥1.4T | ¥2.0T |
| Current liabilities | ¥30.7T | ¥33.0T |
| Non-current liabilities* | ¥3.4T | ¥3.1T |
| Total liabilities | ¥34.1T | ¥36.0T |
| Equity attributable to owners | — | — |
| Total equity | — | — |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | -¥454.1B | ¥439.0B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | ¥199.0B | ¥199.4B |
| Net increase (decrease) in cash | -¥612.3B | ¥32.9B |
| Cash at end of period | ¥3.7T | ¥3.8T |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Operating profit | ¥135.8B | ¥86.9B | ¥174.6B | ¥224.7B | ¥234.5B | |
| Profit to owners | — | — | — | ¥154.4B | ¥175.3B | |
| Total assets | ¥27.5T | ¥26.4T | ¥32.0T | ¥36.0T | ¥38.1T | |
| Cash & equivalents | — | — | ¥4.4T | ¥3.7T | ¥3.8T | |
| Owners’ equity | ¥1.6T | ¥1.7T | ¥1.8T | ¥1.9T | ¥2.0T |
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 — to —, while operating profit swung from ¥166.7B to ¥207.3B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥439.0B (prior -¥454.1B), and cash on the balance sheet rose to ¥3.8T from ¥3.7T. 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 ¥36.0T while owners’ equity fell to —. ROE moved from 9.8% to 10.3%, and the equity ratio from 4.6% to 4.6%. Employee count is 14,984 vs 14,783 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 S100YCMP
(株式会社大和証券グループ本社), period end 2026-03-31.