Earnings quality
Compare earnings and operating cash flow for earnings quality.
Mitsui O.S.K. Lines, Ltd.
Ticker 9104 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-23 · Period end 2026-03-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 7.0%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin7.0%
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 商船三井 is a Japanese listed company. Its reportable segments include Total Of, Operating Segments Not Included In, Containerships, Associated Businesses.
- Total Of
- Operating Segments Not Included In
- Containerships
- Associated Businesses
- Energy Business
- Product Transport Business
- Dry Bulk Business
- Ferries And Coastal Ro Ro Ships Cruise Businesses
Segments Total Of · Operating Segments Not Included In · Containerships · Associated Businesses · Energy Business · Product Transport Business
Compare trends
No phone/email found in this filing · Filing date 2026-06-23
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥1.8T | ¥1.8T |
| Cost of sales* | ¥1.5T | ¥1.5T |
| Gross profit | ¥317.7B | ¥327.6B |
| Operating profit (loss) | ¥150.9B | ¥127.0B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥26.3B | ¥25.1B |
| Profit (loss) | ¥426.5B | ¥213.9B |
| Profit (loss) attributable to owners | ¥425.5B | ¥213.3B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥156.0B | ¥201.5B |
| Current assets | ¥570.0B | ¥669.9B |
| Non-current assets | ¥4.4T | ¥5.3T |
| Total assets | ¥5.0T | ¥6.0T |
| Short-term borrowings | ¥202.0B | ¥293.0B |
| Current liabilities | ¥523.3B | ¥656.2B |
| Non-current liabilities* | ¥1.7T | ¥2.4T |
| Total liabilities | ¥2.3T | ¥3.0T |
| 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 | ¥360.5B | ¥451.0B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | ¥117.1B | ¥312.9B |
| Net increase (decrease) in cash | ¥31.7B | ¥45.4B |
| Cash at end of period | ¥156.0B | ¥201.5B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥1.3T | ¥1.6T | ¥1.6T | ¥1.8T | ¥1.8T | |
| Operating profit | ¥721.8B | ¥811.6B | ¥259.0B | ¥419.7B | ¥175.8B | |
| Profit to owners | — | — | — | ¥425.5B | ¥213.3B | |
| Total assets | ¥2.7T | ¥3.6T | ¥4.1T | ¥5.0T | ¥6.0T | |
| Cash & equivalents | — | — | ¥115.5B | ¥156.0B | ¥201.5B | |
| Owners’ equity | ¥1.3T | ¥1.9T | ¥2.4T | ¥2.7T | ¥2.9T |
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 ¥1.8T to ¥1.8T (▲ +2.8%), so the top line did not break. Gross profit only slipped from ¥317.7B to ¥327.6B, while operating profit swung from ¥150.9B to ¥127.0B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥451.0B (prior ¥360.5B), and cash on the balance sheet rose to ¥201.5B from ¥156.0B. 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 ¥3.0T while owners’ equity fell to —. ROE moved from 16.9% to 7.7%, and the equity ratio from 53.9% to 48.2%. Employee count is 11,567 vs 10,500 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 53.9% to 48.2%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100YI2T
(株式会社 商船三井), period end 2026-03-31.