Earnings quality
Compare earnings and operating cash flow for earnings quality.
Fast Retailing Co., Ltd.
Ticker 9983 · 🇯🇵 Japan · Consolidated IFRS · amounts in yen
Filed 2025-11-28 · Period end 2025-08-31
Takeaway
Dig deeperThe numbers send mixed signals — dig into cash flow and leverage before drawing a conclusion.
equity ratio is 58.9%.
Mixed signals — use cash flow and the balance sheet before treating the year as clean.
ActionDig deeper
OP margin—
Equity ratio58.9%
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
株式会社ファーストリテイリング is a Japanese listed company. Its reportable segments include Global Brands, GU, UNIQLOInternational, UNIQLOJAPAN.
- Global Brands
- GU
- UNIQLOInternational
- UNIQLOJAPAN
- Operating Segments Not Included In
Segments Global Brands · GU · UNIQLOInternational · UNIQLOJAPAN · Operating Segments Not Included In
Financial statements
Income statement
| Account | FY2024 (ended Aug 31, 2024) | FY2025 (ended Aug 31, 2025) |
|---|---|---|
| Revenue | — | — |
| Cost of sales* | — | — |
| Gross profit | ¥1.7T | ¥1.8T |
| Operating profit (loss) | ¥500.9B | ¥564.3B |
| Finance income | ¥67.4B | ¥99.1B |
| Finance costs | ¥11.1B | ¥12.8B |
| Income tax expense | ¥163.6B | ¥191.4B |
| Profit (loss) | ¥393.6B | ¥459.2B |
| Profit (loss) attributable to owners | ¥372.0B | ¥433.0B |
| Basic EPS (¥) | 1,212.88 | 1,411.44 |
Balance sheet
| Account | FY2024 (ended Aug 31, 2024) | FY2025 (ended Aug 31, 2025) |
|---|---|---|
| Cash and cash equivalents | ¥1.2T | ¥893.2B |
| Current assets | ¥2.4T | ¥2.5T |
| Non-current assets | ¥1.2T | ¥1.3T |
| Total assets | ¥3.6T | ¥3.9T |
| Short-term borrowings | — | — |
| Current liabilities | ¥852.4B | ¥911.3B |
| Non-current liabilities* | ¥666.9B | ¥620.6B |
| Total liabilities | ¥1.5T | ¥1.5T |
| Equity attributable to owners | ¥2.0T | ¥2.3T |
| Total equity | ¥2.1T | ¥2.3T |
Cash flow statement
| Account | FY2024 (ended Aug 31, 2024) | FY2025 (ended Aug 31, 2025) |
|---|---|---|
| Cash flows from operating activities | ¥651.5B | ¥580.6B |
| Cash flows from investing activities | -¥82.2B | -¥578.9B |
| Cash flows from financing activities | -¥269.0B | -¥339.1B |
| Net increase (decrease) in cash | ¥290.3B | -¥300.3B |
| Cash at end of period | ¥1.2T | ¥893.2B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | ¥2.1T | ¥2.3T | ¥2.8T | ¥3.1T | ¥3.4T | |
| Operating profit | — | — | — | ¥500.9B | ¥564.3B | |
| Profit to owners | ¥169.8B | ¥273.3B | ¥296.2B | ¥372.0B | ¥433.0B | |
| Total assets | ¥2.5T | ¥3.2T | ¥3.3T | ¥3.6T | ¥3.9T | |
| Cash & equivalents | ¥1.2T | ¥1.4T | ¥903.3B | ¥1.2T | ¥893.2B | |
| Owners’ equity | ¥1.1T | ¥1.6T | ¥1.8T | ¥2.0T | ¥2.3T |
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 ¥1.7T to ¥1.8T, while operating profit swung from ¥500.9B to ¥564.3B — the damage is concentrated below gross profit.
Cash tells a different story than earnings. Operating cash flow was still ¥580.6B (prior ¥651.5B), and cash on the balance sheet rose to ¥893.2B from ¥1.2T. 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 ¥2.3T. ROE moved from 19.4% to 20.2%, and the equity ratio from 56.2% to 58.9%. Employee count is 59,522 vs 60,454 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 S100X6X6
(株式会社ファーストリテイリング), period end 2025-08-31.