· MD
前回の記事ではEPSとBPSについて解説しました。今回は、企業の実力を直接確認できる決算書の基本的な読み方をご説明します。
「決算書って難しそう…」と感じる方も多いと思います。でも基本を押さえれば、投資判断に必要な情報を自分で読み取れるようになります。ぜひ最後まで読んでみてください。
決算書とは？
決算書とは、企業が一定期間の経営成績や財務状況をまとめた報告書のことです。上場企業は法律により決算書の公開が義務づけられており、誰でも無料で閲覧できます。
決算書は主に以下の3つで構成されています。
- 損益計算書（PL） ― 儲けの成績表
- 貸借対照表（BS） ― 財産の一覧表
- キャッシュフロー計算書（CF） ― お金の流れ
それぞれを順番に見ていきましょう。
① 損益計算書（PL）とは？
損益計算書（PL：Profit and Loss Statement）は、一定期間（通常1年間）に企業がどれだけ稼ぎ、どれだけ費用をかけ、最終的にどれだけ利益が出たかを示す「成績表」です。
損益計算書の主な項目
売上高
－ 売上原価
＝ 売上総利益（粗利）
－ 販売費・一般管理費
＝ 営業利益 ← 本業の稼ぎ
＋ 営業外収益
－ 営業外費用
＝ 経常利益 ← 通常の事業活動の稼ぎ
± 特別損益
＝ 税引前当期純利益
－ 法人税など
＝ 当期純利益 ← 最終的な利益注目すべきポイント
営業利益は本業でどれだけ稼いでいるかを示す最重要指標です。営業利益が毎年増加している企業は、本業が順調に成長しているといえます。
当期純利益はEPS（1株あたり利益）の計算に使われる最終的な利益です。
② 貸借対照表（BS）とは？
貸借対照表（BS：Balance Sheet）は、決算日時点での企業の「財産の一覧表」です。左側に資産、右側に負債と純資産が記載されており、左右の合計は必ず一致します。
貸借対照表の構造
【資産の部】 【負債の部】
流動資産 流動負債
（現金・売掛金など） （短期借入金など）
固定資産 固定負債
（建物・設備など） （長期借入金など）
【純資産の部】
資本金・利益剰余金など
左右の合計は必ず一致する注目すべきポイント
自己資本比率（前回解説）はこの貸借対照表から計算します。純資産が大きく、負債が少ない企業ほど財務的に安定しています。
利益剰余金が毎年増加している企業は、稼いだ利益をしっかり内部留保できている健全な企業です。
③ キャッシュフロー計算書（CF）とは？
キャッシュフロー計算書は、一定期間における企業の現金の流れを示す書類です。第7回でも解説しましたが、決算書の中でどう位置づけられるかを確認しておきましょう。
キャッシュフロー計算書の3区分
| 区分 | 内容 | 健全な状態 |
|---|---|---|
| 営業CF | 本業で生み出した現金 | プラス |
| 投資CF | 設備投資・売却などの現金 | マイナス（成長投資中） |
| 財務CF | 借入・返済・配当などの現金 | マイナス（返済・配当中） |
営業CFがプラスで安定している企業は、本業でしっかり現金を稼げている証拠です。
3つの決算書のつながり
3つの書類はそれぞれ独立しているのではなく、深くつながっています。
損益計算書（PL）の当期純利益
↓
貸借対照表（BS）の純資産（利益剰余金）に加算される
↓
キャッシュフロー計算書（CF）の営業CFの出発点になるこの3つをセットで読むことで、企業の実態がより正確に把握できます。
筆者メモ 最初は決算書を読むのが難しく感じましたが、まず「営業利益が増えているか」「自己資本比率は十分か」「営業キャッシュフローはプラスか」の3点だけを確認するようにしました。この3点を押さえるだけでも、投資判断の精度がぐっと上がります。
決算書はどこで確認できる？
- EDINET：金融庁が運営。有価証券報告書を無料で閲覧可能
- [各企業のIRページ]：企業の公式サイトの「IR情報」から決算資料を直接入手できる
- Yahoo!ファイナンス：銘柄検索後の「財務情報」で主要数値を確認可能
- 会社四季報オンライン：銘柄ごとの財務データを掲載
- 株探（かぶたん）：決算情報を見やすくまとめて確認できる
まとめ
- 決算書は損益計算書・貸借対照表・キャッシュフロー計算書の3つで構成される
- 損益計算書は企業の「稼ぎの成績表」、営業利益の増加が重要
- 貸借対照表は企業の「財産の一覧表」、自己資本の厚みを確認
- キャッシュフロー計算書は「お金の流れ」、営業CFのプラスが基本
- まずは3点だけ（営業利益・自己資本比率・営業CF）を確認する習慣から始めよう
決算書の基本を押さえると、ニュースや企業発表の内容がぐっと理解しやすくなります。次回は「連続増配株・累進配当とは？長期投資との相性を解説」についてわかりやすく説明します。
この記事が参考になりましたら、ぜひブックマークやシェアをお願いします。
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