Earnings quality
Compare earnings and operating cash flow for earnings quality.
Tokyo Gas Co., Ltd.
Ticker 9531 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-23 · Period end 2026-03-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 7.0%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin7.0%
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
東京瓦斯株式会社 is a Japanese listed company. Its reportable segments include Energy Solution, Global Business, Network, Urban Development Business.
- Energy Solution
- Global Business
- Network
- Urban Development Business
- Total Of
- Description Of
- Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
Segments Energy Solution · Global Business · Network · Urban Development Business · Total Of · Description Of
Compare trends
No phone/email found in this filing · Filing date 2026-06-23
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥2.6T | ¥2.8T |
| Cost of sales* | ¥2.2T | ¥2.3T |
| Gross profit | ¥406.2B | ¥507.3B |
| Operating profit (loss) | ¥133.1B | ¥197.7B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥33.5B | ¥59.5B |
| Profit (loss) | ¥72.7B | ¥229.6B |
| Profit (loss) attributable to owners | ¥74.2B | ¥226.9B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥244.3B | ¥187.0B |
| Current assets | ¥1.0T | ¥1.0T |
| Non-current assets | ¥2.8T | ¥2.9T |
| Total assets | ¥3.9T | ¥3.9T |
| Short-term borrowings | ¥11.0B | ¥10.2B |
| Current liabilities | ¥610.2B | ¥703.2B |
| Non-current liabilities* | ¥1.4T | ¥1.4T |
| Total liabilities | ¥2.1T | ¥2.1T |
| 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 | ¥363.1B | ¥451.8B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥256.0B | -¥296.3B |
| Net increase (decrease) in cash | -¥121.2B | -¥46.6B |
| Cash at end of period | ¥244.3B | ¥187.0B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥2.2T | ¥3.3T | ¥2.7T | ¥2.6T | ¥2.8T | |
| Operating profit | ¥136.5B | ¥408.8B | ¥222.8B | ¥113.6B | ¥193.7B | |
| Profit to owners | — | — | — | ¥74.2B | ¥226.9B | |
| Total assets | ¥3.2T | ¥3.6T | ¥3.9T | ¥3.9T | ¥3.9T | |
| Cash & equivalents | — | — | ¥363.9B | ¥244.3B | ¥187.0B | |
| Owners’ equity | ¥1.3T | ¥1.6T | ¥1.8T | ¥1.8T | ¥1.8T |
How we read these numbers
From the notes
| Item | Amount | Note |
|---|---|---|
| Affiliates stock valuation loss | -¥4.1B | Parent-company special loss (特別損失) |
| Parent special losses (total) | -¥14.2B | 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 ¥2.6T to ¥2.8T (▲ +7.5%), so the top line did not break. Gross profit only slipped from ¥406.2B to ¥507.3B, while operating profit swung from ¥133.1B to ¥197.7B — the damage is concentrated below gross profit.
The notes flag material one-offs this year, including Affiliates stock valuation loss ¥4.1B, Parent special losses (total) ¥14.2B. 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 ¥451.8B (prior ¥363.1B), with cash on the balance sheet at ¥187.0B versus ¥244.3B.
Goodwill on the balance sheet fell from ¥5.9B to ¥5.2B, consistent with heavy write-downs of past acquisitions’ carrying values.
The balance sheet got heavier on leverage. Total liabilities rose to ¥2.1T while owners’ equity fell to —. ROE moved from 4.3% to 13.2%, and the equity ratio from 44.8% to 44.1%. Employee count is 16,001 vs 15,572 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 44.8% to 44.1%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100YH8W
(東京瓦斯株式会社), period end 2026-03-31.