Earnings quality
Compare earnings and operating cash flow for earnings quality.
Kawasaki Kisen Kaisha, Ltd.
Ticker 9107 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-18 · 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 8.3%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin8.3%
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
川崎汽船株式会社 is a Japanese listed company. Its reportable segments include Total Of, Operating Segments Not Included In, Dry Bulk, Energy Resource Transport.
- Total Of
- Operating Segments Not Included In
- Dry Bulk
- Energy Resource Transport
- Product Logistics
- Description Of
- Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
Segments Total Of · Operating Segments Not Included In · Dry Bulk · Energy Resource Transport · Product Logistics · Description Of
Compare trends
No phone/email found in this filing · Filing date 2026-06-18
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥1.0T | ¥1.0T |
| Cost of sales* | ¥865.7B | ¥849.5B |
| Gross profit | ¥182.3B | ¥168.9B |
| Operating profit (loss) | ¥102.9B | ¥84.2B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥12.4B | -¥4.0B |
| Profit (loss) | ¥307.6B | ¥136.4B |
| Profit (loss) attributable to owners | ¥305.4B | ¥133.0B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥201.6B | ¥319.7B |
| Current assets | ¥403.4B | ¥546.4B |
| Non-current assets | ¥1.8T | ¥1.8T |
| Total assets | ¥2.2T | ¥2.3T |
| Short-term borrowings | ¥51.4B | ¥57.6B |
| Current liabilities | ¥205.5B | ¥235.2B |
| Non-current liabilities* | ¥327.1B | ¥266.8B |
| Total liabilities | ¥532.6B | ¥502.0B |
| 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 | ¥273.2B | ¥264.8B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥211.6B | -¥124.8B |
| Net increase (decrease) in cash | -¥69.9B | ¥118.4B |
| Cash at end of period | ¥201.6B | ¥319.7B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥757.0B | ¥942.6B | ¥957.9B | ¥1.0T | ¥1.0T | |
| Operating profit | ¥657.5B | ¥690.8B | ¥132.7B | ¥308.1B | ¥109.1B | |
| Profit to owners | — | — | — | ¥305.4B | ¥133.0B | |
| Total assets | ¥1.6T | ¥2.1T | ¥2.1T | ¥2.2T | ¥2.3T | |
| Cash & equivalents | — | — | ¥269.5B | ¥201.6B | ¥319.7B | |
| Owners’ equity | ¥984.9B | ¥1.5T | ¥1.6T | ¥1.7T | ¥1.8T |
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 ¥1.0T to ¥1.0T (▼ -2.8%), so the top line did not break. Gross profit only slipped from ¥182.3B to ¥168.9B, while operating profit swung from ¥102.9B to ¥84.2B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥264.8B (prior ¥273.2B), and cash on the balance sheet rose to ¥319.7B from ¥201.6B. 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 ¥502.0B while owners’ equity fell to —. ROE moved from 18.9% to 7.7%, and the equity ratio from 74.6% to 76.9%. Employee count is 5,262 vs 5,176 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 S100YC6B
(川崎汽船株式会社), period end 2026-03-31.