IBI Balance Sheet - Ibiden Co Ltd

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Price: 39.4 EUR 8.24%

Market Cap: €8.3B

Financial profile · Q2 FY2027

Capital-intensive manufacturing with cyclical margins and uneven cash conversion

Ibiden’s multi-year results show earnings that move with revenue and operating leverage, while substantial plant investment makes free cash flow sensitive to capital spending and working capital. Its reported cash balances provide funding capacity, although cash generation varies considerably across periods.

What is developing

The latest quarter extended the improvement in revenue and operating profitability, while free cash flow also rebounded. However, a large positive working-capital contribution boosted cash from operations, so the quarter does not yet establish a durable change in cash conversion; capacity investment remains part of the financial profile.

What matters next

Whether operating cash flow remains supportive of free cash flow as the positive working-capital contribution changes and capacity spending proceeds.

Metric	FY2017 Mar 2017	FY2018 Mar 2018	FY2019 Mar 2019	FY2020 Mar 2020	FY2021 Mar 2021	FY2022 Mar 2022	FY2023 Mar 2023	FY2024 Mar 2024	FY2025 Mar 2025	FY2026 Mar 2026
Cash & Cash Equivalents	104.2B	117.8B	113.5B	175.2B	126.9B	185.6B	302.4B	443.6B	390.7B	295.7B
Cash Equivalents	104.2B	117.8B	113.5B	175.2B	126.9B	185.6B	302.4B	443.6B	390.7B	295.7B
Total Receivables	56.4B	62.1B	60.2B	68.9B	89.7B	92B	79.4B	65.3B	68.1B	81.8B
Accounts Receivables	56.4B	62.1B	60.2B	68.9B	89.7B	87B	77.5B	63.4B	67.2B	81.1B
Other Receivables	0	0	0	0	0	5B	1.9B	1.9B	909m	688m
Inventory	33.6B	40B	48.8B	45.3B	57B	74.6B	79.2B	65.3B	67.2B	71B
Other Current Assets	10B	6.4B	6.5B	10.9B	11.8B	11.1B	15.8B	26.6B	23.6B	17.1B
Total Current Assets	204.2B	226.3B	229B	300.2B	285.4B	363.3B	476.8B	600.8B	549.6B	465.5B
PP&E Net	151.2B	151.3B	146.7B	173.5B	214.8B	225.9B	307B	408.8B	460.1B	437.7B
Intangible Assets	4.2B	3.7B	4.2B	4.5B	5.4B	5.4B	5.2B	4.6B	4.3B	4.4B
Note Receivable	30m	11m	9m	8m	8m	8m	8m	7m	7m	7m
Long-Term Investments	44.1B	52B	39.1B	34.5B	68.2B	64.6B	61.3B	110.2B	58.8B	32.3B
Other Long-Term Assets	2.1B	3.1B	4.1B	5.9B	4.7B	5B	7.2B	5.6B	8.9B	20.5B
Total Assets	405.8B	436.4B	423.1B	518.6B	578.5B	664.3B	857.5B	1.1T	1.1T	960.4B
Accounts Payable	31.4B	39.1B	39.6B	45.6B	45.7B	51.2B	40.4B	43.9B	38.8B	44.1B
Accrued Liabilities	3.3B	3.9B	3.5B	4B	5B	5.6B	5.3B	5B	5.1B	6B
Short-Term Debt	20B	20B	20B	20B	20.1B	20B	20B	20B	20B	0
Current Portion of Long-Term Debt	56m	5m	25.1B	10.3B	15.4B	20.1B	45.1B	70.1B	70B	15.1B
Other Current Liabilities	33.8B	30.4B	29.8B	40.8B	45.7B	59.3B	112.4B	219.4B	193.8B	156.4B
Deferred Revenue	—	—	—	—	—	6B	37.8B	91.6B	92.1B	81B
Total Current Liabilities	88.5B	93.5B	118.1B	120.7B	131.9B	156.2B	223.3B	358.4B	327.7B	221.6B
Long-Term Debt	50.1B	50.1B	25B	120B	115.2B	130.2B	205.2B	253.6B	253.1B	177.5B
Deferred Income Tax	4.4B	4.6B	2B	1.7B	7.2B	5.2B	893m	13.5B	1.1B	1.4B
Minority Interest	4.4B	5.2B	5.4B	5.6B	5.9B	6.2B	6.4B	6.9B	6.8B	7.3B
Other Liabilities	1.8B	1.9B	1.6B	2.2B	2.4B	2.1B	2.5B	2.7B	2.5B	2.5B
Total Liabilities	149.3B	155.2B	152.2B	250.3B	262.6B	299.8B	438.3B	635B	591.2B	410.4B
Common Stock	64.2B	64.2B	64.2B	64.2B	64.2B	64.2B	64.2B	64.2B	64.2B	64.2B
Retained Earnings	121.1B	123.7B	122.1B	128.6B	149.4B	184.6B	229.8B	255.7B	283.8B	340.5B
Additional Paid In Capital	64.6B	64.6B	64.6B	64.6B	64.4B	64.5B	64.5B	64.5B	64.6B	64.6B
Unrealized Security Profit/Loss	16.1B	20.4B	12.6B	9.4B	28.8B	26.8B	24.6B	58.8B	29.6B	16.5B
Treasury Stock	(18.3B)	(2.6B)	(2.6B)	(2.6B)	(3.3B)	(3.3B)	(3.1B)	(3B)	(3.5B)	(3.5B)
Other Equity	8.9B	10.9B	10B	4.2B	12.4B	27.8B	39.3B	54.8B	51.9B	67.8B
Total Equity	256.5B	281.2B	270.9B	268.3B	315.9B	364.6B	419.2B	494.9B	490.5B	550.1B
Total Liabilities & Equity	405.8B	436.4B	423.1B	518.6B	578.5B	664.3B	857.5B	1.1T	1.1T	960.4B
Common Shares Outstanding	532.3m	558.9m	558.9m	558.9m	558.4m	558.4m	558.6m	558.8m	558.4m	558.5m