Earnings quality
Compare earnings and operating cash flow for earnings quality.
West Japan Railway Company
Ticker 9021 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-16 · Period end 2026-03-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 10.7%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin10.7%
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
西日本旅客鉄道株式会社 is a Japanese listed company. Its reportable segments include Real Estate, Logistics, Total Of, Operating Segments Not Included In.
- Real Estate
- Logistics
- Total Of
- Operating Segments Not Included In
- Travel And Regional Solutions
- Mobility
- Description Of
- Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
Segments Real Estate · Logistics · Total Of · Operating Segments Not Included In · Travel And Regional Solutions · Mobility
Compare trends
Tel 06-6375-2229 · As of filing date 2026-06-16
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥1.7T | ¥1.8T |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit (loss) | ¥180.2B | ¥198.1B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥45.9B | ¥45.9B |
| Profit (loss) | ¥118.6B | ¥133.0B |
| Profit (loss) attributable to owners | ¥114.0B | ¥127.5B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥125.4B | ¥234.9B |
| Current assets | ¥617.3B | ¥803.8B |
| Non-current assets | ¥3.1T | ¥3.2T |
| Total assets | ¥3.8T | ¥4.0T |
| Short-term borrowings | ¥17.5B | ¥19.2B |
| Current liabilities | ¥698.6B | ¥777.3B |
| Non-current liabilities* | ¥1.8T | ¥1.9T |
| Total liabilities | ¥2.5T | ¥2.6T |
| 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 | ¥281.4B | ¥361.6B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥126.2B | ¥75.0M |
| Net increase (decrease) in cash | -¥107.8B | ¥108.0B |
| Cash at end of period | ¥125.4B | ¥234.9B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | — | — | — | ¥1.7T | ¥1.8T | |
| Operating profit | -¥121.0B | ¥73.6B | ¥167.4B | ¥165.7B | ¥183.7B | |
| Profit to owners | — | — | — | ¥114.0B | ¥127.5B | |
| Total assets | ¥3.7T | ¥3.7T | ¥3.8T | ¥3.8T | ¥4.0T | |
| Cash & equivalents | — | — | ¥233.2B | ¥125.4B | ¥234.9B | |
| Owners’ equity | ¥1.1T | ¥1.1T | ¥1.2T | ¥1.3T | ¥1.3T |
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 ¥1.7T to ¥1.8T (▲ +8.1%), so the top line did not break. Gross profit only slipped from — to —, while operating profit swung from ¥180.2B to ¥198.1B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥361.6B (prior ¥281.4B), and cash on the balance sheet rose to ¥234.9B from ¥125.4B. 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 ¥2.6T while owners’ equity fell to —. ROE moved from 10.1% to 10.8%, and the equity ratio from 30.8% to 30.3%. Employee count is 47,225 vs 45,450 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 30.8% to 30.3%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100YCFK
(西日本旅客鉄道株式会社), period end 2026-03-31.