Earnings quality
Compare earnings and operating cash flow for earnings quality.
Nitori Holdings Co., Ltd.
Ticker 9843 · 🇯🇵 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.
equity ratio is 62.9%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio62.9%
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
株式会社ニトリホールディングス is a Japanese listed company. Its reportable segments include NITORI, SHIMACHU.
- NITORI
- SHIMACHU
Segments NITORI · SHIMACHU
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 | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥473.9B | ¥485.4B |
| Operating profit (loss) | ¥117.7B | ¥125.5B |
| Finance income | ¥3.0B | ¥6.0B |
| Finance costs | ¥3.2B | ¥4.1B |
| Income tax expense | ¥34.9B | ¥38.1B |
| Profit (loss) | ¥82.5B | ¥89.3B |
| Profit (loss) attributable to owners | ¥82.5B | ¥89.3B |
| Basic EPS (¥) | 146.08 | 157.98 |
Balance sheet
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash and cash equivalents | ¥136.0B | ¥145.0B |
| Current assets | ¥364.7B | ¥397.9B |
| Non-current assets | ¥1.2T | ¥1.2T |
| Total assets | ¥1.5T | ¥1.6T |
| Short-term borrowings | ¥173.1B | ¥150.0B |
| Current liabilities | ¥353.7B | ¥323.5B |
| Non-current liabilities* | ¥270.0B | ¥259.2B |
| Total liabilities | ¥623.7B | ¥582.7B |
| Equity attributable to owners | ¥905.7B | ¥988.6B |
| Total equity | ¥905.7B | ¥988.6B |
Cash flow statement
| Account | FY2025 (ended Mar 31, 2025) | FY2026 (ended Mar 31, 2026) |
|---|---|---|
| Cash flows from operating activities | ¥144.4B | ¥148.9B |
| Cash flows from investing activities | -¥127.9B | -¥55.1B |
| Cash flows from financing activities | ¥1.3B | -¥86.5B |
| Net increase (decrease) in cash | ¥18.0B | ¥9.0B |
| Cash at end of period | ¥136.0B | ¥145.0B |
Five-year trends
Key metrics
| Metric | Trend | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue | ¥811.6B | ¥948.1B | ¥896.7B | ¥928.8B | ¥912.2B | |
| Operating profit | ¥141.8B | ¥144.1B | ¥132.4B | ¥126.2B | ¥125.5B | |
| Profit to owners | — | — | ¥90.2B | ¥82.5B | ¥89.3B | |
| Total assets | ¥983.8B | ¥1.3T | ¥1.4T | ¥1.5T | ¥1.6T | |
| Cash & equivalents | — | ¥123.9B | ¥118.0B | ¥136.0B | ¥145.0B | |
| Owners’ equity | ¥732.8B | ¥756.8B | ¥840.7B | ¥905.7B | ¥988.6B |
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 ¥473.9B to ¥485.4B, while operating profit swung from ¥117.7B to ¥125.5B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥148.9B (prior ¥144.4B), and cash on the balance sheet rose to ¥145.0B from ¥136.0B. 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 ¥582.7B while owners’ equity fell to ¥988.6B. ROE moved from 9.5% to 9.4%, and the equity ratio from 59.2% to 62.9%. Employee count is 19,432 vs 19,967 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 S100YIMF
(株式会社ニトリホールディングス), period end 2026-03-31.