Earnings quality
Compare earnings and operating cash flow for earnings quality.
Tokyo Electric Power Company Holdings, Inc.
Ticker 9501 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-24 · 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 5.3%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin5.3%
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
東京電力ホールディングス株式会社 is a Japanese listed company. Its reportable segments include Energy Partner Company, Fuel And Power Company, Holdings, Power Grid Company.
- Energy Partner Company
- Fuel And Power Company
- Holdings
- Power Grid Company
- Renewable Power Company
- Total Of
- Description Of
- Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
Segments Energy Partner Company · Fuel And Power Company · Holdings · Power Grid Company · Renewable Power Company · Total Of
Compare trends
No phone/email found in this filing · Filing date 2026-06-24
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥6.8T | ¥6.3T |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit (loss) | ¥234.5B | ¥337.7B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥36.9B | ¥60.3B |
| Profit (loss) | ¥161.8B | -¥454.7B |
| Profit (loss) attributable to owners | ¥161.3B | -¥454.3B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥926.5B | ¥936.7B |
| Current assets | ¥2.5T | ¥2.3T |
| Non-current assets | ¥12.5T | ¥13.2T |
| Total assets | ¥15.0T | ¥15.6T |
| Short-term borrowings | ¥2.9T | ¥2.9T |
| Current liabilities | ¥4.7T | ¥4.7T |
| Non-current liabilities* | ¥6.5T | ¥7.5T |
| Total liabilities | ¥11.2T | ¥12.2T |
| 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 | ¥361.2B | ¥560.3B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | ¥194.2B | ¥110.4B |
| Net increase (decrease) in cash | -¥302.1B | ¥10.2B |
| Cash at end of period | ¥926.5B | ¥936.7B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥5.3T | ¥8.1T | ¥6.9T | ¥6.8T | ¥6.3T | |
| Operating profit | ¥42.2B | -¥285.4B | ¥425.5B | ¥254.4B | ¥417.3B | |
| Profit to owners | — | — | — | ¥161.3B | -¥454.3B | |
| Total assets | ¥12.8T | ¥13.6T | ¥14.6T | ¥15.0T | ¥15.6T | |
| Cash & equivalents | — | — | ¥1.2T | ¥926.5B | ¥936.7B | |
| Owners’ equity | ¥3.2T | ¥3.1T | ¥3.5T | ¥3.8T | ¥3.4T |
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 ¥6.8T to ¥6.3T (▼ -7.1%), so the top line did not break. Gross profit only slipped from — to —, while operating profit swung from ¥234.5B to ¥337.7B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥560.3B (prior ¥361.2B), and cash on the balance sheet rose to ¥936.7B from ¥926.5B. 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 ¥12.2T while owners’ equity fell to —. ROE moved from 4.4% to -12.7%, and the equity ratio from 25.1% to 21.8%. Employee count is 38,341 vs 38,074 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 25.1% to 21.8%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100YIHR
(東京電力ホールディングス株式会社), period end 2026-03-31.