Earnings quality
Compare earnings and operating cash flow for earnings quality.
Hikari Tsushin, Inc.
Ticker 9435 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-29 · 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 41.5%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio41.5%
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
株式会社光通信 is a Japanese listed company. Its reportable segments include Agency Sales, Beverage, Communication, Electricity And Gas.
- Agency Sales
- Beverage
- Communication
- Electricity And Gas
- Finance
- Insurance
- Solution
- Operating Segments Not Included In
Segments Agency Sales · Beverage · Communication · Electricity And Gas · Finance · Insurance
Compare trends
No phone/email found in this filing · Filing date 2026-06-29
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥343.3B | ¥364.0B |
| Operating profit (loss) | ¥105.0B | ¥116.7B |
| Finance income | ¥41.6B | ¥77.6B |
| Finance costs | ¥15.9B | ¥22.4B |
| Income tax expense | ¥29.4B | ¥42.9B |
| Profit (loss) | ¥121.3B | ¥156.2B |
| Profit (loss) attributable to owners | ¥117.5B | ¥151.0B |
| Basic EPS (¥) | 2,671.18 | 3,440.12 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥470.3B | ¥539.9B |
| Current assets | ¥848.9B | ¥1.0T |
| Non-current assets | ¥1.5T | ¥1.8T |
| Total assets | ¥2.4T | ¥2.9T |
| Short-term borrowings | — | — |
| Current liabilities | ¥505.2B | ¥482.6B |
| Non-current liabilities* | ¥922.3B | ¥1.2T |
| Total liabilities | ¥1.4T | ¥1.6T |
| Equity attributable to owners | ¥914.8B | ¥1.2T |
| Total equity | ¥943.6B | ¥1.2T |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥84.8B | ¥57.1B |
| Cash flows from investing activities | -¥177.3B | -¥104.1B |
| Cash flows from financing activities | ¥66.7B | ¥104.7B |
| Net increase (decrease) in cash | -¥28.2B | ¥69.6B |
| Cash at end of period | ¥470.3B | ¥539.9B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥573.0B | ¥644.0B | ¥601.9B | ¥686.6B | ¥734.8B | |
| Operating profit | — | — | — | ¥105.0B | ¥116.7B | |
| Profit to owners | ¥87.5B | ¥91.3B | ¥122.2B | ¥117.5B | ¥151.0B | |
| Total assets | ¥1.5T | ¥1.7T | ¥2.1T | ¥2.4T | ¥2.9T | |
| Cash & equivalents | ¥338.2B | ¥389.4B | ¥494.9B | ¥470.3B | ¥539.9B | |
| Owners’ equity | ¥468.7B | ¥571.0B | ¥790.5B | ¥914.8B | ¥1.2T |
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 ¥343.3B to ¥364.0B, while operating profit swung from ¥105.0B to ¥116.7B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥57.1B (prior ¥84.8B), and cash on the balance sheet rose to ¥539.9B from ¥470.3B. 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.
Goodwill on the balance sheet fell from ¥18.8B to ¥18.4B, consistent with heavy write-downs of past acquisitions’ carrying values.
The balance sheet got heavier on leverage. Total liabilities rose to ¥1.6T while owners’ equity fell to ¥1.2T. ROE moved from 13.8% to 14.4%, and the equity ratio from 38.6% to 41.5%.
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 S100YN0V
(株式会社光通信), period end 2026-03-31.