Earnings quality
Compare earnings and operating cash flow for earnings quality.
Osaka Gas Co., Ltd.
Ticker 9532 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-22 · 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 8.6%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin8.6%
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
大阪瓦斯株式会社 is a Japanese listed company. Its reportable segments include Domestic Energy, International Energy, Life And Business Solutions, Total Of.
- Domestic Energy
- International Energy
- Life And Business Solutions
- Total Of
- Description Of
- Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
Segments Domestic Energy · International Energy · Life And Business Solutions · Total Of · Description Of · Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
Compare trends
No phone/email found in this filing · Filing date 2026-06-22
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥2.1T | ¥2.0T |
| Cost of sales* | ¥1.7T | ¥1.6T |
| Gross profit | ¥405.6B | ¥437.5B |
| Operating profit (loss) | ¥160.7B | ¥174.8B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥54.2B | ¥50.2B |
| Profit (loss) | ¥135.1B | ¥152.7B |
| Profit (loss) attributable to owners | ¥134.4B | ¥152.8B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥82.3B | ¥58.5B |
| Current assets | ¥812.8B | ¥828.9B |
| Non-current assets | ¥2.4T | ¥2.5T |
| Total assets | ¥3.2T | ¥3.3T |
| Short-term borrowings | — | — |
| Current liabilities | ¥409.8B | ¥450.2B |
| Non-current liabilities* | ¥1.1T | ¥1.0T |
| Total liabilities | ¥1.5T | ¥1.5T |
| 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 | ¥283.7B | ¥340.7B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥34.1B | -¥129.2B |
| Net increase (decrease) in cash | ¥5.1B | -¥23.8B |
| Cash at end of period | ¥82.3B | ¥58.5B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥1.6T | ¥2.3T | ¥2.1T | ¥2.1T | ¥2.0T | |
| Operating profit | ¥113.5B | ¥75.6B | ¥226.6B | ¥189.6B | ¥204.5B | |
| Profit to owners | — | — | — | ¥134.4B | ¥152.8B | |
| Total assets | ¥2.6T | ¥2.8T | ¥3.0T | ¥3.2T | ¥3.3T | |
| Cash & equivalents | — | — | ¥77.2B | ¥82.3B | ¥58.5B | |
| Owners’ equity | ¥1.3T | ¥1.4T | ¥1.6T | ¥1.7T | ¥1.9T |
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 ¥2.1T to ¥2.0T (▼ -1.9%), so the top line did not break. Gross profit only slipped from ¥405.6B to ¥437.5B, while operating profit swung from ¥160.7B to ¥174.8B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥340.7B (prior ¥283.7B), and cash on the balance sheet rose to ¥58.5B from ¥82.3B. 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.
The balance sheet got heavier on leverage. Total liabilities rose to ¥1.5T while owners’ equity fell to —. ROE moved from 8.2% to 8.7%, and the equity ratio from 52.8% to 54.4%. Employee count is 21,835 vs 21,404 a year earlier.
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 S100YFQT
(大阪瓦斯株式会社), period end 2026-03-31.