Earnings quality
Compare earnings and operating cash flow for earnings quality.
Nippon Yusen Kabushiki Kaisha
Ticker 9101 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-16 · Period end 2026-03-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
operating margin is 5.7%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin5.7%
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
日本郵船株式会社 is a Japanese listed company. Its reportable segments include Other, Liner Trade, Air Cargo Transportation, Others.
- Other
- Liner Trade
- Air Cargo Transportation
- Others
- Logistics
- Automotive
- Dry Bulk
- Energy
Segments Other · Liner Trade · Air Cargo Transportation · Others · Logistics · Automotive
Compare trends
No phone/email found in this filing · Filing date 2026-06-16
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥2.6T | ¥2.4T |
| Cost of sales* | ¥2.1T | ¥2.0T |
| Gross profit | ¥469.3B | ¥429.4B |
| Operating profit (loss) | ¥210.8B | ¥138.6B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥28.7B | ¥61.1B |
| Profit (loss) | ¥486.7B | ¥215.7B |
| Profit (loss) attributable to owners | ¥477.7B | ¥211.8B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥149.9B | ¥210.8B |
| Current assets | ¥696.3B | ¥865.5B |
| Non-current assets | ¥3.6T | ¥4.3T |
| Total assets | ¥4.3T | ¥5.2T |
| Short-term borrowings | ¥54.4B | ¥155.2B |
| Current liabilities | ¥523.1B | ¥873.9B |
| Non-current liabilities* | ¥827.4B | ¥1.2T |
| Total liabilities | ¥1.4T | ¥2.1T |
| 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 | ¥510.8B | ¥473.4B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥427.7B | -¥33.4B |
| Net increase (decrease) in cash | ¥5.0B | ¥62.4B |
| Cash at end of period | ¥149.9B | ¥210.8B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥2.3T | ¥2.6T | ¥2.4T | ¥2.6T | ¥2.4T | |
| Operating profit | ¥1.0T | ¥1.1T | ¥261.3B | ¥490.9B | ¥211.1B | |
| Profit to owners | — | — | — | ¥477.7B | ¥211.8B | |
| Total assets | ¥3.1T | ¥3.8T | ¥4.3T | ¥4.3T | ¥5.2T | |
| Cash & equivalents | — | — | ¥144.9B | ¥149.9B | ¥210.8B | |
| Owners’ equity | ¥1.8T | ¥2.5T | ¥2.7T | ¥3.0T | ¥3.1T |
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 ¥2.6T to ¥2.4T (▼ -6.4%), so the top line did not break. Gross profit only slipped from ¥469.3B to ¥429.4B, while operating profit swung from ¥210.8B to ¥138.6B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥473.4B (prior ¥510.8B), and cash on the balance sheet rose to ¥210.8B from ¥149.9B. 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 ¥2.1T while owners’ equity fell to —. ROE moved from 17.2% to 7.1%, and the equity ratio from 67.6% to 59.1%. Employee count is 39,830 vs 35,230 a year earlier.
Liquidity & leverage
Short-term borrowings jumped from ¥54.4B to ¥155.2B; watch refinancing and working-capital pressure even with a larger cash balance.
Capital buffer
Owners’ equity ratio fell from 67.6% to 59.1%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100YBT6
(日本郵船株式会社), period end 2026-03-31.