Earnings quality
Compare earnings and operating cash flow for earnings quality.
KDDI Corporation
Ticker 9433 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-25 · Period end 2026-03-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 18.1%; equity ratio is 26.6%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin18.1%
Equity ratio26.6%
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
ＫＤＤＩ株式会社 is a Japanese listed company. Its reportable segments include Operating Segments Not Included In, Business, Personal, Total Of.
- Operating Segments Not Included In
- Business
- Personal
- Total Of
- Disclosure Of Changes In
Segments Operating Segments Not Included In · Business · Personal · Total Of · Disclosure Of Changes In
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥5.8T | ¥6.1T |
| Cost of sales* | ¥3.3T | ¥3.5T |
| Gross profit | ¥2.5T | ¥2.6T |
| Operating profit (loss) | ¥1.1T | ¥1.1T |
| Finance income | ¥10.1B | ¥28.3B |
| Finance costs | ¥29.6B | ¥33.8B |
| Income tax expense | ¥337.6B | ¥337.2B |
| Profit (loss) | ¥735.8B | ¥780.7B |
| Profit (loss) attributable to owners | ¥655.4B | ¥707.1B |
| Basic EPS (¥) | 161.86 | 183.59 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥921.2B | ¥1.1T |
| Current assets | ¥4.7T | ¥5.6T |
| Non-current assets | ¥12.0T | ¥13.5T |
| Total assets | ¥16.7T | ¥19.1T |
| Short-term borrowings | — | — |
| Current liabilities | ¥8.0T | ¥9.9T |
| Non-current liabilities* | ¥3.2T | ¥3.5T |
| Total liabilities | ¥11.2T | ¥13.5T |
| Equity attributable to owners | ¥5.0T | ¥5.1T |
| Total equity | ¥5.6T | ¥5.6T |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥1.2T | ¥1.8T |
| Cash flows from investing activities | -¥1.2T | -¥1.1T |
| Cash flows from financing activities | -¥33.6B | -¥553.1B |
| Net increase (decrease) in cash | ¥34.0B | ¥157.6B |
| Cash at end of period | ¥921.2B | ¥1.1T |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥5.4T | ¥5.6T | ¥5.7T | ¥5.8T | ¥6.1T | |
| Operating profit | — | — | — | ¥1.1T | ¥1.1T | |
| Profit to owners | ¥672.5B | ¥651.4B | ¥600.3B | ¥655.4B | ¥707.1B | |
| Total assets | ¥11.1T | ¥11.9T | ¥14.1T | ¥16.7T | ¥19.1T | |
| Cash & equivalents | ¥796.6B | ¥480.3B | ¥887.2B | ¥921.2B | ¥1.1T | |
| Owners’ equity | ¥5.0T | ¥5.1T | ¥5.2T | ¥5.0T | ¥5.1T |
How we read these numbers
From the notes
| Item | Amount | Note |
|---|---|---|
| Affiliates stock valuation loss | -¥10.2B | Parent-company special loss (特別損失) |
| Parent special losses (total) | -¥28.1B | Sum of 特別損失 on the parent-company statement |
Constructive
Sales and operating profit both moved in a healthier direction.
On the income statement, revenue moved from ¥5.8T to ¥6.1T (▲ +4.1%), so the top line did not break. Gross profit only slipped from ¥2.5T to ¥2.6T, while operating profit swung from ¥1.1T to ¥1.1T — the damage is concentrated below gross profit.
The notes flag material one-offs this year, including Affiliates stock valuation loss ¥10.2B, Parent special losses (total) ¥28.1B. Treat these as discrete charges when reading the earnings move.
The parent-company income statement also shows material special losses (valuation, spin-off, and affiliate support items).
Operating cash flow was ¥1.8T (prior ¥1.2T), with cash on the balance sheet at ¥1.1T versus ¥921.2B.
Goodwill on the balance sheet fell from ¥581.8B to ¥580.3B, consistent with heavy write-downs of past acquisitions’ carrying values.
The balance sheet got heavier on leverage. Total liabilities rose to ¥13.5T while owners’ equity fell to ¥5.1T. ROE moved from 12.8% to 14.0%, and the equity ratio from 30.1% to 26.6%. Employee count is 73,198 vs 64,636 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 30.1% to 26.6%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100YKG2
(ＫＤＤＩ株式会社), period end 2026-03-31.