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Definitive Analysis

Financial Statements

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Page: Company Financials

Quest Co., Ltd.

Ticker: 2332.T | Industry: Information Technology Services | Sector: Technology
$1,849.00 -51.00 (-2.68%)
As of: 2026-01-23

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Enterprise Value

Metric 2025 2024 2023 2022
Stock Price 1,432.33 1,321.25 1,321.75 1,155.50
Market Capitalization 7,678.32M 7,078.16M 7,073.42M 6,176.71M
(-) Cash & Equivalents 3,008.55M 2,786.89M 2,337.59M 2,218.30M
(+) Total Debt 136.84M 144.31M 0.95M 1.44M
Enterprise Value 4,806.61M 4,435.58M 4,736.77M 3,959.85M

Income Statement

Metric TTM TTM-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
Revenue 16,486M 14,458M 14,936M 14,225M 14,202M 11,807M 11,181M 10,315M
Cost of Revenue 13,593M 11,765M 12,186M 11,609M 11,621M 9,763M 9,248M 8,670M
Gross Profit 2,893M 2,693M 2,750M 2,616M 2,581M 2,044M 1,933M 1,644M
Gross Profit Margin 17.5% 18.6% 18.4% 18.4% 18.2% 17.3% 17.3% 15.9%
R&D Expenses 0M 0M 0M 0M 0M 0M 0M 0M
SG&A Expenses 1,848M 1,620M 1,694M 1,618M 1,604M 1,085M 1,040M 891M
Operating Expenses 1,848M 1,653M 1,694M 1,618M 1,605M 1,085M 1,054M 907M
Operating Income (EBIT) 1,045M 1,040M 1,056M 998M 976M 959M 879M 737M
Operating Income Margin 6.3% 7.2% 7.1% 7.0% 6.9% 8.1% 7.9% 7.1%
Interest Income 4M 0M 2M 0M 0M 0M 0M 0M
Interest Expense 2M 1M 1M 1M 0M 0M 1M 1M
Net Interest Income 2M -1M 1M -1M 0M 0M -1M -1M
Unusual Items 41M 63M 56M 59M 58M 36M 39M -241M
EBT Excluding Unusual Items 1,047M 1,040M 1,057M 997M 976M 958M 879M 736M
Pre-Tax Income 1,088M 1,103M 1,112M 1,056M 1,034M 994M 917M 495M
Pre-Tax Margin 6.6% 7.6% 7.4% 7.4% 7.3% 8.4% 8.2% 4.8%
Income Tax Expense 341M 377M 345M 360M 343M 303M 281M 153M
Net Income 747M 726M 768M 696M 690M 690M 636M 342M
Net Income Margin 4.5% 5.0% 5.1% 4.9% 4.9% 5.8% 5.7% 3.3%
Depreciation & Amortization 180M 126M 161M 172M 174M 21M 23M 25M
EBITDA 1,225M 1,166M 1,217M 1,170M 1,150M 979M 902M 762M
EBITDA Margin 7.4% 8.1% 8.1% 8.2% 8.1% 8.3% 8.1% 7.4%
NOPAT 717M 685M 729M 658M 652M 666M 610M 510M
NOPAT Margin 4.4% 4.7% 4.9% 4.6% 4.6% 5.6% 5.5% 4.9%
Owner's Earnings 926M 852M 926M 654M 849M 702M 652M 343M
Owner's Earnings Margin 5.6% 5.9% 6.2% 4.6% 6.0% 5.9% 5.8% 3.3%
EPS (Basic) 139.20 135.61 143.26 130.03 129.29 133.08 122.77 66.17
EPS (Diluted) 139.32 135.55 143.26 130.06 129.29 133.08 122.78 66.17
Shares (Basic) 5M 5M 5M 5M 5M 5M 5M 5M
Shares (Diluted) 5M 5M 5M 5M 5M 5M 5M 5M

Balance Sheet

Metric MRQ MRQ-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
Cash & Cash Equivalents 2,813.00M 2,881.39M 3,331.26M 2,914.57M 2,659.34M 2,476.64M 2,853.92M 2,693.43M
Short-Term Investments 0.00M 0.00M 0.00M 80.94M 0.00M 0.00M 0.00M 0.00M
Cash & Short-Term Investments 2,813.00M 2,881.39M 3,331.26M 2,995.51M 2,659.34M 2,476.64M 2,853.92M 2,693.43M
Net Receivables 3,956.17M 3,720.49M 3,445.28M 3,209.99M 3,018.12M 2,847.84M 2,461.32M 2,224.90M
Inventory 26.45M 11.44M 3.85M 3.34M 2.86M 31.74M 69.15M 29.27M
Other Current Assets 200.06M 174.27M 341.68M 466.98M 393.74M 328.19M 195.55M -1.02M
Total Current Assets 6,995.68M 6,787.59M 7,122.07M 6,675.81M 6,074.06M 5,684.40M 5,579.93M 4,946.58M
Property, Plant & Equipment 263.32M 213.40M 204.38M 220.64M 207.46M 48.87M 51.93M 63.03M
Goodwill 468.84M 494.12M 152.96M 229.44M 305.92M 264.56M 0.00M 0.00M
Intangible Assets 411.14M 422.16M 433.01M 478.23M 518.50M 561.36M 17.70M 23.79M
Long-Term Investments 760.84M 814.22M 808.50M 998.21M 1,174.10M 2,278.28M 1,164.13M 0.00M
Tax Assets 0.00M 0.00M 0.00M 28.44M 104.86M 102.91M 130.04M 233.77M
Other Non-Current Assets 1,240.63M 1,248.06M 1,097.81M 829.72M 657.20M -683.14M 220.45M 951.25M
Other Assets 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Total Non-Current Assets 3,144.77M 3,191.96M 2,696.65M 2,784.69M 2,968.04M 2,572.84M 1,584.24M 1,271.84M
Total Assets 10,140.45M 9,979.55M 9,818.72M 9,460.50M 9,042.10M 8,257.25M 7,164.17M 6,218.42M
Accounts Payable 699.01M 690.61M 499.42M 418.33M 462.29M 434.09M 366.37M 309.31M
Short-Term Debt 0.00M 92.39M 3.51M 3.36M 3.80M 100.00M 3.48M 0.00M
Tax Payables 0.00M 0.00M 0.00M 207.10M 204.10M 186.42M 408.47M 86.20M
Deferred Revenue 56.06M 48.26M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Other Current Liabilities 692.87M 1,054.04M 1,480.64M 1,579.38M 1,641.69M 1,296.58M 883.59M 821.92M
Total Current Liabilities 1,447.94M 1,885.30M 1,983.57M 2,208.18M 2,311.88M 2,017.08M 1,661.92M 1,217.42M
Long-Term Debt 0.00M 103.30M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Capital Lease Obligations 0.00M 0.00M 11.00M 15.04M 3.80M 13.10M 10.91M 10.91M
Deferred Tax Liabilities 0.00M 0.00M 154.97M 131.62M 152.03M 171.72M 0.00M 0.00M
Other Non-Current Liabilities 274.07M 510.41M 250.36M 317.95M 308.51M 332.40M 249.21M 298.33M
Total Non-Current Liabilities 274.07M 613.71M 416.33M 464.61M 464.33M 517.22M 260.12M 309.25M
Total Liabilities 1,722.01M 2,499.02M 2,399.89M 2,672.79M 2,776.21M 2,534.30M 1,922.04M 1,526.67M
Preferred Stock 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Common Stock 491.03M 491.03M 491.03M 491.03M 491.03M 491.03M 491.03M 491.03M
Retained Earnings 5,914.20M 5,731.47M 5,889.11M 5,383.87M 4,933.73M 4,466.60M 3,195.68M 2,740.64M
Accumulated OCI 345.97M 338.15M 351.00M 399.00M 335.00M 0.00M 0.00M 0.00M
Minority Interest 0.00M 0.00M 0.00M 0.00M 0.00M 85.04M 0.00M 0.00M
Total Shareholders’ Equity 6,751.20M 6,560.65M 6,731.14M 6,273.90M 5,759.77M 4,957.64M 3,686.71M 3,231.67M
Total Equity 6,751.20M 6,560.65M 6,731.14M 6,273.90M 5,759.77M 5,042.68M 3,686.71M 3,231.67M
Total Liabilities & Equity 8,473.21M 9,059.67M 9,131.03M 8,946.69M 8,535.98M 7,576.98M 5,608.74M 4,758.34M
Tangible Assets 9,260.47M 9,063.27M 9,232.76M 8,752.83M 8,217.69M 7,431.33M 7,146.48M 6,194.63M
Tangible Equity 5,871.22M 5,644.38M 6,145.17M 5,566.24M 4,935.35M 4,216.76M 3,669.01M 3,207.88M
Tangible Book Value 5,871.22M 5,644.38M 6,145.17M 5,566.24M 4,935.35M 4,216.76M 3,669.01M 3,207.88M
Total Investments 760.84M 814.22M 808.50M 1,079.16M 1,174.10M 2,278.28M 1,164.13M 0.00M
Net Debt -2,813.00M -2,685.69M -3,327.74M -2,911.21M -2,655.55M -2,376.64M -2,850.44M -2,693.43M

Capital Metrics

Metric MRQ MRQ-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
Working Capital 4,640.7M 4,503.7M 4,970.3M 4,464.3M 3,758.4M 3,658.0M 3,870.6M 3,565.9M
Total Capital 7,511.4M 7,277.7M 7,265.1M 6,802.7M 6,269.7M 5,751.0M 5,209.1M 4,542.8M
Capital Employed 7,785.5M 7,695.7M 7,667.0M 7,249.0M 6,726.4M 6,230.9M 5,454.8M 4,837.8M
Invested Capital 4,698.4M 4,396.3M 3,933.9M 3,888.2M 3,610.3M 3,274.4M 2,355.2M 1,849.4M

Cash Flow Statement

Metric TTM TTM-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
Net Income 757.51M 742.00M 767.59M 696.18M 690.00M 690.41M 636.23M 342.39M
Depreciation & Amortization 39.78M 40.22M 160.96M 172.02M 173.79M 20.90M 22.93M 25.49M
Deferred Income Tax 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M
Stock-Based Compensation -3.96M 1.98M 0.00M 0.00M 0.00M 0.00M 9.16M 6.11M
Change in Working Capital -252.24M -1.23M -348.40M -335.60M -218.69M -262.77M -151.56M 189.64M
Accounts Receivable 0.00M 90.49M -235.29M -191.00M -170.00M -147.20M -234.29M 97.19M
Inventory 0.00M 0.04M -0.51M -0.48M 28.88M 41.16M -39.88M 4.75M
Accounts Payable 0.00M 0.00M 81.08M -43.96M 28.20M 7.25M 57.07M 7.86M
Other Working Capital -252.24M -91.76M -193.68M -100.16M -105.49M -163.97M 65.55M 74.92M
Other Non-Cash Items -395.32M -636.73M 10.83M 176.74M 14.84M 9.75M 136.34M 71.22M
Net Cash from Operating Activities 145.76M 146.24M 590.98M 709.34M 659.93M 458.29M 653.11M 634.84M
Capital Expenditures (PPE) 0.00M 0.00M -2.44M -209.00M -14.77M -8.84M -7.28M -24.45M
Acquisitions (Net) 0.00M 0.00M 0.00M 0.00M 0.00M -1,122.70M 0.00M 0.00M
Purchases of Investments 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -100.00M 0.00M
Sales / Maturities of Investments 0.00M 0.00M 101.19M 111.05M 26.16M 0.00M 0.00M 0.00M
Other Investing Activities 4.96M 0.00M -7.45M 95.81M -162.20M -3.88M -0.87M 2.36M
Net Cash from Investing Activities 4.96M 0.00M 91.31M -2.15M -150.81M -1,135.42M -108.15M -22.09M
Net Debt Issuance 0.00M 0.00M -3.36M -6.55M -103.64M -3.48M -3.33M -3.19M
Long-Term Debt Issuance 0.00M 0.00M -3.36M -6.55M -3.64M -3.48M -3.33M -3.19M
Short-Term Debt Issuance 0.00M 0.00M 0.00M 0.00M -100.00M 0.00M 0.00M 0.00M
Net Stock Issuance 0.00M -0.01M -0.18M 0.00M -0.23M -0.69M -0.27M -0.14M
Common Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.07M 0.00M 0.05M
Common Stock Repurchased 0.00M -0.01M -0.18M 0.00M -0.23M -0.76M -0.27M -0.14M
Preferred Stock Issuance 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M 0.00M -0.05M
Net Dividends Paid -130.03M -130.97M -262.04M -245.41M -222.56M -206.45M -180.87M -170.36M
Common Dividends Paid -130.03M -130.97M -262.04M -245.41M -222.56M -206.45M -180.87M -170.36M
Preferred Dividends Paid 0.00M 0.00M 0.00M -0.41M 0.00M 0.00M 0.00M 0.00M
Other Financing Activities -1.16M -0.83M 0.00M 0.00M 0.00M 0.00M 0.00M 0.05M
Net Cash from Financing Activities -131.19M -131.81M -265.58M -251.96M -326.42M -210.62M -184.47M -173.64M
Effect of FX on Cash 0.32M 0.00M -0.02M 0.00M 0.00M 0.00M 0.00M 0.00M
Net Change in Cash 0.00M 0.00M 416.69M 455.23M 182.70M -887.76M 360.49M 439.11M
Cash at Beginning of Period 0.00M 0.00M 3,114.57M 2,659.34M 2,476.64M 3,053.92M 2,693.43M 2,254.31M
Cash at End of Period 0.00M 0.00M 3,531.26M 3,114.57M 2,659.34M 2,166.16M 3,053.92M 2,693.43M
Operating Cash Flow 145.76M 146.24M 590.98M 709.34M 659.93M 458.29M 653.11M 634.84M
Capital Expenditure 0.00M 0.00M -2.44M -214.36M -14.77M -8.84M -7.28M -24.45M
Free Cash Flow 145.76M 146.24M 588.54M 494.97M 645.17M 449.45M 645.84M 610.39M

Free Cash Flow

Metric TTM TTM-1 2025-03-31 2024-03-31 2023-03-31 2022-03-31 2021-03-31 2020-03-31
EBITDA 1,217.23M 1,190.55M 1,216.64M 1,170.05M 1,150.47M 979.48M 915.53M 778.74M
(-) Tax Adjustment 377.82M 407.12M 376.91M 398.84M 382.05M 299.05M 280.47M 240.04M
(-) Change In Working Capital -252.24M -1.23M -348.40M -335.60M -218.69M -262.77M -151.56M 189.64M
(-) Capital Expenditure 0.00M 0.00M -2.44M -214.36M -14.77M -8.84M -7.28M -24.45M
Unlevered Free Cash Flow 1,091.65M 784.65M 1,185.68M 892.44M 972.34M 934.36M 779.35M 324.61M
(-) Net Interest Income After Taxes -0.17M -0.55M 0.63M -0.40M -0.17M -0.26M -0.37M -0.47M
Net Debt Issuance 0.00M 0.00M -3.36M -6.55M -103.64M -3.48M -3.33M -3.19M
Levered Free Cash Flow 1,091.82M 785.20M 1,181.69M 886.29M 868.87M 931.14M 776.38M 321.88M