Earnings quality
Compare earnings and operating cash flow for earnings quality.
NTT, Inc.
Ticker 9432 · 🇯🇵 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.
equity ratio is 20.8%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio20.8%
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
ＮＴＴ株式会社 is a Japanese listed company. Its reportable segments include Others Real Estate Energy And Others, Integrated ICTBusiness, Global Solutions Business, Regional Communications Business.
- Others Real Estate Energy And Others
- Integrated ICTBusiness
- Global Solutions Business
- Regional Communications Business
Segments Others Real Estate Energy And Others · Integrated ICTBusiness · Global Solutions Business · Regional Communications Business
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit (loss) | ¥1.6T | ¥1.7T |
| Finance income | ¥59.2B | ¥74.5B |
| Finance costs | ¥169.5B | ¥240.1B |
| Income tax expense | ¥482.3B | ¥499.3B |
| Profit (loss) | ¥1.1T | ¥1.1T |
| Profit (loss) attributable to owners | ¥1.0T | ¥1.0T |
| Basic EPS (¥) | 11.96 | 12.61 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥1.0T | ¥1.9T |
| Current assets | ¥8.4T | ¥11.3T |
| Non-current assets | ¥21.7T | ¥35.4T |
| Total assets | ¥30.1T | ¥46.7T |
| Short-term borrowings | — | — |
| Current liabilities | ¥8.9T | ¥22.3T |
| Non-current liabilities* | ¥9.9T | ¥14.2T |
| Total liabilities | ¥18.7T | ¥36.5T |
| Equity attributable to owners | ¥10.2T | ¥9.7T |
| Total equity | ¥11.3T | ¥10.2T |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥2.4T | ¥1.5T |
| Cash flows from investing activities | -¥2.0T | -¥1.0T |
| Cash flows from financing activities | -¥343.0B | ¥441.3B |
| Net increase (decrease) in cash | ¥18.1B | ¥920.9B |
| Cash at end of period | ¥1.0T | ¥1.9T |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥12.2T | ¥13.1T | ¥13.4T | ¥13.7T | ¥14.4T | |
| Operating profit | — | — | — | ¥1.6T | ¥1.7T | |
| Profit to owners | ¥1.2T | ¥1.2T | ¥1.3T | ¥1.0T | ¥1.0T | |
| Total assets | ¥23.9T | ¥25.3T | ¥29.6T | ¥30.1T | ¥46.7T | |
| Cash & equivalents | ¥834.6B | ¥793.9B | ¥982.9B | ¥1.0T | ¥1.9T | |
| Owners’ equity | ¥8.3T | ¥8.6T | ¥9.8T | ¥10.2T | ¥9.7T |
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 ¥1.6T to ¥1.7T — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥1.5T (prior ¥2.4T), and cash on the balance sheet rose to ¥1.9T from ¥1.0T. 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 ¥36.5T while owners’ equity fell to ¥9.7T. ROE moved from 10.0% to 10.4%, and the equity ratio from 34.0% to 20.8%. Employee count is 344,196 vs 341,321 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 34.0% to 20.8%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100YCP3
(ＮＴＴ株式会社), period end 2026-03-31.