Earnings quality
Compare earnings and operating cash flow for earnings quality.
Toho Co., Ltd.
Ticker 9602 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-05-25 · Period end 2026-02-28
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
Compare earnings and operating cash flow for earnings quality.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
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
東宝株式会社 is a Japanese listed company. Its reportable segments include Film Business, IPAnd Anime Business, Real Estate Business, Theatrical Business.
- Film Business
- IPAnd Anime Business
- Real Estate Business
- Theatrical Business
- Operating Segments Not Included In
- Total Of
- Description Of
- Disclosure Of Changes In
Segments Film Business · IPAnd Anime Business · Real Estate Business · Theatrical Business · Operating Segments Not Included In · Total Of
Compare trends
No phone/email found in this filing · Filing date 2026-05-25
Financial statements
Income statement
| Account | FY2025 (ended Feb 28, 2025) | FY2026 (ended Feb 28, 2026) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥144.6B | ¥159.6B |
| Operating profit (loss) | ¥64.7B | ¥67.9B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥21.2B | ¥22.8B |
| Profit (loss) | ¥44.8B | ¥53.1B |
| Profit (loss) attributable to owners | ¥43.4B | ¥51.8B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Feb 28, 2025) | FY2026 (ended Feb 28, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥76.6B | ¥86.7B |
| Current assets | ¥202.1B | ¥234.0B |
| Non-current assets | ¥451.0B | ¥468.9B |
| Total assets | ¥653.1B | ¥702.9B |
| Short-term borrowings | ¥22.0M | ¥45.0M |
| Current liabilities | ¥90.9B | ¥95.3B |
| Non-current liabilities* | ¥67.3B | ¥74.7B |
| Total liabilities | ¥158.3B | ¥169.9B |
| Equity attributable to owners | — | — |
| Total equity | — | — |
Cash flow statement
| Account | FY2025 (ended Feb 28, 2025) | FY2026 (ended Feb 28, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥51.6B | ¥65.3B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥39.3B | -¥31.3B |
| Net increase (decrease) in cash | -¥5.8B | ¥9.2B |
| Cash at end of period | ¥76.6B | ¥86.7B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Operating profit | ¥42.8B | ¥47.8B | ¥63.0B | ¥64.5B | ¥70.1B | |
| Profit to owners | — | — | — | ¥43.4B | ¥51.8B | |
| Total assets | ¥502.5B | ¥534.1B | ¥615.8B | ¥653.1B | ¥702.9B | |
| Cash & equivalents | — | — | ¥82.4B | ¥76.6B | ¥86.7B | |
| Owners’ equity | ¥409.2B | ¥423.7B | ¥484.8B | ¥494.8B | ¥533.0B |
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 ¥144.6B to ¥159.6B, while operating profit swung from ¥64.7B to ¥67.9B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥65.3B (prior ¥51.6B), and cash on the balance sheet rose to ¥86.7B from ¥76.6B. 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 ¥18.0B to ¥16.8B, consistent with heavy write-downs of past acquisitions’ carrying values.
The balance sheet got heavier on leverage. Total liabilities rose to ¥169.9B while owners’ equity fell to —. ROE moved from 9.3% to 10.4%, and the equity ratio from 73.3% to 73.3%. Employee count is 4,088 vs 3,873 a year earlier.
Liquidity & leverage
Short-term borrowings jumped from ¥22.0M to ¥45.0M; watch refinancing and working-capital pressure even with a larger cash balance.
Capital buffer
Capital structure held relatively steady.
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Source: EDINET S100Y5O3
(東宝株式会社), period end 2026-02-28.