Earnings quality
Compare earnings and operating cash flow for earnings quality.
SQUARE ENIX HOLDINGS CO., LTD.
Ticker 9684 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2026-06-23 · 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 18.4%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin18.4%
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
株式会社スクウェア・エニックス・ホールディングス is a Japanese listed company. Its reportable segments include Amusement Segment, Publication Segment, Merchandising Segment, Digital Entertainment Segment.
- Amusement Segment
- Publication Segment
- Merchandising Segment
- Digital Entertainment Segment
- Description Of
- Explanation Of Measurements Of Sales Profit Loss Asset Liability And Other Items For Each
Segments Amusement Segment · Publication Segment · Merchandising Segment · Digital Entertainment Segment · 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 2026-06-23
Financial statements
Income statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Revenue | ¥324.5B | ¥297.7B |
| Cost of sales* | ¥161.8B | ¥138.7B |
| Gross profit | ¥162.7B | ¥158.9B |
| Operating profit (loss) | ¥40.6B | ¥54.7B |
| Finance income | — | — |
| Finance costs | — | — |
| Income tax expense | ¥15.1B | ¥20.7B |
| Profit (loss) | ¥24.4B | ¥29.6B |
| Profit (loss) attributable to owners | ¥24.4B | ¥29.6B |
| Basic EPS (¥) | — | — |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥243.6B | ¥275.8B |
| Current assets | ¥344.5B | ¥368.4B |
| Non-current assets | ¥71.6B | ¥69.6B |
| Total assets | ¥416.2B | ¥438.0B |
| Short-term borrowings | — | — |
| Current liabilities | ¥67.4B | ¥74.7B |
| Non-current liabilities* | ¥12.4B | ¥14.1B |
| Total liabilities | ¥79.8B | ¥88.8B |
| 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 | ¥42.8B | ¥51.6B |
| Cash flows from investing activities | — | — |
| Cash flows from financing activities | -¥6.6B | -¥18.4B |
| Net increase (decrease) in cash | ¥20.4B | ¥32.2B |
| Cash at end of period | ¥243.6B | ¥275.8B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥365.3B | ¥343.3B | ¥356.3B | ¥324.5B | ¥297.7B | |
| Operating profit | ¥70.7B | ¥54.7B | ¥41.5B | ¥40.9B | ¥64.5B | |
| Profit to owners | — | — | — | ¥24.4B | ¥29.6B | |
| Total assets | ¥380.9B | ¥399.6B | ¥410.9B | ¥416.2B | ¥438.0B | |
| Cash & equivalents | — | — | ¥223.2B | ¥243.6B | ¥275.8B | |
| Owners’ equity | ¥284.4B | ¥317.3B | ¥317.1B | ¥336.4B | ¥349.2B |
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 ¥324.5B to ¥297.7B (▼ -8.3%), so the top line did not break. Gross profit only slipped from ¥162.7B to ¥158.9B, while operating profit swung from ¥40.6B to ¥54.7B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥51.6B (prior ¥42.8B), and cash on the balance sheet rose to ¥275.8B from ¥243.6B. 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.
The balance sheet got heavier on leverage. Total liabilities rose to ¥88.8B while owners’ equity fell to —. ROE moved from 7.5% to 8.7%, and the equity ratio from 80.7% to 79.6%. Employee count is 4,290 vs 4,604 a year earlier.
Liquidity & leverage
Short-term borrowing levels look more stable year over year.
Capital buffer
Owners’ equity ratio fell from 80.7% to 79.6%; the balance sheet absorbed a heavy loss year.
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Source: EDINET S100YHJ4
(株式会社スクウェア・エニックス・ホールディングス), period end 2026-03-31.