Earnings quality
Compare earnings and operating cash flow for earnings quality.
Tokio Marine Holdings, Inc.
Ticker 8766 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-26 · 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 24.1%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio24.1%
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
東京海上ホールディングス株式会社 is a Japanese listed company. Its reportable segments include Japan Life Business, International Business, Solution And Other Business, Japan PCBusiness.
- Japan Life Business
- International Business
- Solution And Other Business
- Japan PCBusiness
Segments Japan Life Business · International Business · Solution And Other Business · Japan PCBusiness
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit (loss) | — | — |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥164.8B | ¥178.5B |
| Profit (loss) | ¥431.5B | ¥572.2B |
| Profit (loss) attributable to owners | ¥450.4B | ¥531.3B |
| Basic EPS (¥) | 231.41 | 279.35 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥1.9T | ¥2.3T |
| Current assets | — | — |
| Non-current assets | — | — |
| Total assets | ¥30.5T | ¥33.0T |
| Short-term borrowings | — | — |
| Current liabilities | — | — |
| Non-current liabilities* | — | — |
| Total liabilities | ¥23.4T | ¥25.0T |
| Equity attributable to owners | ¥7.1T | ¥8.0T |
| Total equity | ¥7.1T | ¥8.1T |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥2.0T | ¥1.4T |
| Cash flows from investing activities | -¥180.7B | -¥402.7B |
| Cash flows from financing activities | -¥1.2T | -¥642.1B |
| Net increase (decrease) in cash | ¥612.1B | ¥392.6B |
| Cash at end of period | ¥1.9T | ¥2.3T |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Operating profit | ¥567.4B | ¥494.2B | ¥842.6B | ¥1.5T | ¥1.3T | |
| Profit to owners | — | — | — | ¥450.4B | ¥531.3B | |
| Total assets | ¥27.2T | ¥27.4T | ¥31.1T | ¥30.5T | ¥33.0T | |
| Cash & equivalents | — | — | ¥1.3T | ¥1.9T | ¥2.3T | |
| Owners’ equity | ¥4.1T | ¥3.6T | ¥7.5T | ¥7.1T | ¥8.0T |
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 — to — — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥1.4T (prior ¥2.0T), and cash on the balance sheet rose to ¥2.3T from ¥1.9T. 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 ¥25.0T while owners’ equity fell to ¥8.0T. ROE moved from 6.2% to 7.1%, and the equity ratio from 23.2% to 24.1%. Employee count is 67,526 vs 51,436 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 S100YLS8
(東京海上ホールディングス株式会社), period end 2026-03-31.