Financials

Takasago Thermal Engineering: FYE Mar 2026 and ten years of results (50 metrics)

FYE Mar 2026 · Revenue¥424bnYoY +11.1%

FYE Mar 2026 · Operating profit¥48bnYoY +47.3%

FYE Mar 2026 · Net profit¥37bnYoY +35.6%

FYE Mar 2026 · Equity ratio55.0%YoY +1.0pp

FYE Mar 2026 · Group employees7,287YoY +1,429

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥260bn	n/a	¥12bn	n/a	4.8%	¥8.7bn	Ouchi Atsushi	—
FYE Mar 2018Consolidated	¥290bn	+11.4%	¥16bn	+32.1%	5.6%	¥12bn	Ouchi Atsushi	Integrated Cleanroom Technologies (India) consolidated
FYE Mar 2019Consolidated	¥320bn	+10.3%	¥17bn	+5.2%	5.4%	¥13bn	Ouchi Atsushi	—
FYE Mar 2020Consolidated	¥321bn	+0.3%	¥18bn	+4.0%	5.6%	¥13bn	Ouchi Atsushi	—
FYE Mar 2021Consolidated	¥275bn	−14.2%	¥12bn	−31.3%	4.5%	¥10bn	Ouchi Atsushi	Takasago Thermal Innovation Center; Hydro Creator electrolyser
FYE Mar 2022Consolidated	¥303bn	+10.0%	¥14bn	+16.9%	4.8%	¥12bn	Kojima Kazuto	—
FYE Mar 2023Consolidated	¥339bn	+11.9%	¥15bn	+6.6%	4.5%	¥12bn	Kojima Kazuto	Industrial air conditioning overtakes general air conditioning
FYE Mar 2024Consolidated	¥363bn	+7.2%	¥24bn	+57.8%	6.7%	¥20bn	Kojima Kazuto	Centenary; shift to a company with an audit committee
FYE Mar 2025Consolidated	¥382bn	+5.0%	¥32bn	+34.0%	8.5%	¥28bn	Kojima Kazuto	—
FYE Mar 2026Consolidated	¥424bn	+11.1%	¥48bn	+47.3%	11.3%	¥37bn	Kojima Kazuto	8.4% operating margin — above Kajima’s 5.2%

How it compares

Takasago Thermal Engineering¥424bnFY2025Operating margin 11.3%

Taikisha¥286bnFY2025Operating margin 8.2%

DAI-DAN CO., LTD.¥256bnFY2025Operating margin 13.5%

Sanki Engineering Co., Ltd.¥255bnFY2025Operating margin 11.0%

Toutetsukougyou¥160bnFY2024Operating margin 9.7%

Yokogawaburijjihorudingusu¥159bnFY2024Operating margin 10.5%

Piesukonsutorakushon¥136bnFY2024Operating margin 9.1%

Kawadatekunorojizu¥133bnFY2024Operating margin 7.3%

Touadourokougyou¥127bnFY2024Operating margin 4.0%

Taiheidengyou¥126bnFY2024Operating margin 10.4%

Income statement Revenue, costs, each level of profit and the margins they leave

Where the revenue goes

¥ bn

Cost of sales SG&A Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥424bn

CAGR · 10 yrs +5.6%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	260	n/a	Cons. · Japanese GAAP
FYE Mar 2018	290	+11.4%	Cons. · Japanese GAAP
FYE Mar 2019	320	+10.3%	Cons. · Japanese GAAP
FYE Mar 2020	321	+0.3%	Cons. · Japanese GAAP
FYE Mar 2021	275	−14.2%	Cons. · Japanese GAAP
FYE Mar 2022	303	+10.0%	Cons. · Japanese GAAP
FYE Mar 2023	339	+11.9%	Cons. · Japanese GAAP
FYE Mar 2024	363	+7.2%	Cons. · Japanese GAAP
FYE Mar 2025	382	+5.0%	Cons. · Japanese GAAP
FYE Mar 2026	424	+11.1%	Cons. · Japanese GAAP

Definition: Everything the company took in from its own business
Formula: Revenue line of the income statement
Source: Securities report (XBRL)

Cost of sales

FYE Mar 2026 ¥330bn

CAGR · 10 yrs +4.3%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	226	n/a	Cons. · Japanese GAAP
FYE Mar 2018	250	+10.7%	Cons. · Japanese GAAP
FYE Mar 2019	278	+11.0%	Cons. · Japanese GAAP
FYE Mar 2020	278	−0.2%	Cons. · Japanese GAAP
FYE Mar 2021	238	−14.1%	Cons. · Japanese GAAP
FYE Mar 2022	261	+9.7%	Cons. · Japanese GAAP
FYE Mar 2023	292	+11.9%	Cons. · Japanese GAAP
FYE Mar 2024	303	+3.7%	Cons. · Japanese GAAP
FYE Mar 2025	310	+2.2%	Cons. · Japanese GAAP
FYE Mar 2026	330	+6.5%	Cons. · Japanese GAAP

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Gross profit

FYE Mar 2026 ¥94bn

CAGR · 10 yrs +11.9%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	34.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	39.6	+16.0%	Cons. · Japanese GAAP
FYE Mar 2019	41.9	+5.9%	Cons. · Japanese GAAP
FYE Mar 2020	43.4	+3.6%	Cons. · Japanese GAAP
FYE Mar 2021	36.8	−15.1%	Cons. · Japanese GAAP
FYE Mar 2022	41.4	+12.4%	Cons. · Japanese GAAP
FYE Mar 2023	46.4	+12.0%	Cons. · Japanese GAAP
FYE Mar 2024	59.9	+29.3%	Cons. · Japanese GAAP
FYE Mar 2025	71.6	+19.5%	Cons. · Japanese GAAP
FYE Mar 2026	93.7	+30.8%	Cons. · Japanese GAAP

Definition: What the product or service itself earns
Formula: Revenue − cost of sales
Source: Securities report (XBRL)

SG&A selling, general and administrative expenses

FYE Mar 2026 ¥46bn

CAGR · 10 yrs +8.7%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	21.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	23.2	+6.9%	Cons. · Japanese GAAP
FYE Mar 2019	24.7	+6.3%	Cons. · Japanese GAAP
FYE Mar 2020	25.5	+3.3%	Cons. · Japanese GAAP
FYE Mar 2021	24.5	−3.7%	Cons. · Japanese GAAP
FYE Mar 2022	27.0	+10.1%	Cons. · Japanese GAAP
FYE Mar 2023	31.0	+14.9%	Cons. · Japanese GAAP
FYE Mar 2024	35.8	+15.2%	Cons. · Japanese GAAP
FYE Mar 2025	39.2	+9.7%	Cons. · Japanese GAAP
FYE Mar 2026	46.0	+17.2%	Cons. · Japanese GAAP

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Mar 2026 ¥48bn

CAGR · 10 yrs +16.2%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	12.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.4	+32.1%	Cons. · Japanese GAAP
FYE Mar 2019	17.2	+5.2%	Cons. · Japanese GAAP
FYE Mar 2020	17.9	+4.0%	Cons. · Japanese GAAP
FYE Mar 2021	12.3	−31.3%	Cons. · Japanese GAAP
FYE Mar 2022	14.4	+16.9%	Cons. · Japanese GAAP
FYE Mar 2023	15.3	+6.6%	Cons. · Japanese GAAP
FYE Mar 2024	24.2	+57.8%	Cons. · Japanese GAAP
FYE Mar 2025	32.4	+34.0%	Cons. · Japanese GAAP
FYE Mar 2026	47.7	+47.3%	Cons. · Japanese GAAP

Definition: What the core business earns
Formula: Gross profit − SG&A
Source: Securities report (XBRL)

Non-operating income

FYE Mar 2026 ¥4.4bn

CAGR · 10 yrs +10.0%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	1.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.9	−0.6%	Cons. · Japanese GAAP
FYE Mar 2019	2.0	+7.4%	Cons. · Japanese GAAP
FYE Mar 2020	2.3	+14.7%	Cons. · Japanese GAAP
FYE Mar 2021	3.0	+30.2%	Cons. · Japanese GAAP
FYE Mar 2022	2.4	−19.4%	Cons. · Japanese GAAP
FYE Mar 2023	2.7	+12.3%	Cons. · Japanese GAAP
FYE Mar 2024	3.4	+25.4%	Cons. · Japanese GAAP
FYE Mar 2025	3.6	+6.1%	Cons. · Japanese GAAP
FYE Mar 2026	4.4	+22.6%	Cons. · Japanese GAAP

Definition: Income from outside the core business
Formula: Non-operating income line of the income statement
Source: Securities report (XBRL)

Non-operating expenses

FYE Mar 2026 ¥1.6bn

CAGR · 10 yrs +7.0%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	0.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.8	−7.7%	Cons. · Japanese GAAP
FYE Mar 2019	0.9	+12.4%	Cons. · Japanese GAAP
FYE Mar 2020	0.9	+5.7%	Cons. · Japanese GAAP
FYE Mar 2021	1.4	+52.2%	Cons. · Japanese GAAP
FYE Mar 2022	1.2	−16.9%	Cons. · Japanese GAAP
FYE Mar 2023	1.4	+16.7%	Cons. · Japanese GAAP
FYE Mar 2024	1.5	+6.9%	Cons. · Japanese GAAP
FYE Mar 2025	1.1	−26.7%	Cons. · Japanese GAAP
FYE Mar 2026	1.6	+44.5%	Cons. · Japanese GAAP

Definition: Costs arising outside the core business
Formula: Non-operating expenses line of the income statement
Source: Securities report (XBRL)

Ordinary profit keijo rieki

FYE Mar 2026 ¥51bn

CAGR · 10 yrs +15.9%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	13.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	17.5	+30.0%	Cons. · Japanese GAAP
FYE Mar 2019	18.4	+5.1%	Cons. · Japanese GAAP
FYE Mar 2020	19.3	+5.0%	Cons. · Japanese GAAP
FYE Mar 2021	13.9	−27.9%	Cons. · Japanese GAAP
FYE Mar 2022	15.6	+12.5%	Cons. · Japanese GAAP
FYE Mar 2023	16.7	+6.7%	Cons. · Japanese GAAP
FYE Mar 2024	26.2	+56.7%	Cons. · Japanese GAAP
FYE Mar 2025	35.0	+33.7%	Cons. · Japanese GAAP
FYE Mar 2026	50.6	+44.8%	Cons. · Japanese GAAP

Definition: A level of profit that exists only under Japanese GAAP
Formula: Operating profit + non-operating income − non-operating expenses
Source: Securities report (XBRL)

Extraordinary income

FYE Mar 2026 ¥2.3bn

CAGR · 10 yrs +5.3%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	1.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.5	−64.0%	Cons. · Japanese GAAP
FYE Mar 2019	1.6	+204.6%	Cons. · Japanese GAAP
FYE Mar 2020	1.2	−27.7%	Cons. · Japanese GAAP
FYE Mar 2021	1.2	+2.1%	Cons. · Japanese GAAP
FYE Mar 2022	1.2	−1.9%	Cons. · Japanese GAAP
FYE Mar 2023	0.3	−70.9%	Cons. · Japanese GAAP
FYE Mar 2024	1.3	+287.3%	Cons. · Japanese GAAP
FYE Mar 2025	2.7	+107.3%	Cons. · Japanese GAAP
FYE Mar 2026	2.3	−14.7%	Cons. · Japanese GAAP

Definition: One-off gains, such as an asset sale
Formula: Extraordinary income line of the income statement
Source: Securities report (XBRL)

Extraordinary loss

FYE Mar 2026 ¥132m

CAGR · 6 yrs −31.0%

Fiscal year	Extraordinary loss ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	841	n/a	Cons. · Japanese GAAP
FYE Mar 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2021	470	n/a	Cons. · Japanese GAAP
FYE Mar 2022	74.0	−84.3%	Cons. · Japanese GAAP
FYE Mar 2023	171	+131.1%	Cons. · Japanese GAAP
FYE Mar 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2025	176	n/a	Cons. · Japanese GAAP
FYE Mar 2026	132	−25.0%	Cons. · Japanese GAAP

Definition: One-off losses, such as an impairment or a restructuring charge
Formula: Extraordinary loss line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥37bn

CAGR · 10 yrs +17.7%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	8.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.8	+36.2%	Cons. · Japanese GAAP
FYE Mar 2019	12.6	+6.8%	Cons. · Japanese GAAP
FYE Mar 2020	13.2	+4.9%	Cons. · Japanese GAAP
FYE Mar 2021	10.1	−23.5%	Cons. · Japanese GAAP
FYE Mar 2022	11.5	+14.0%	Cons. · Japanese GAAP
FYE Mar 2023	12.2	+6.0%	Cons. · Japanese GAAP
FYE Mar 2024	19.6	+60.4%	Cons. · Japanese GAAP
FYE Mar 2025	27.6	+40.9%	Cons. · Japanese GAAP
FYE Mar 2026	37.5	+35.6%	Cons. · Japanese GAAP

Definition: What is left after tax
Formula: Pre-tax profit − income taxes
Source: Securities report (XBRL)

Gross margin

FYE Mar 2026 22.1%

Average · 10 yrs 15.1%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	13.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.6	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	13.1	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	13.5	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	13.4	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	13.7	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2023	13.7	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2024	16.5	+2.8pp	Cons. · Japanese GAAP
FYE Mar 2025	18.8	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2026	22.1	+3.3pp	Cons. · Japanese GAAP

Definition: The share of revenue left after the cost of sales
Formula: Gross profit ÷ revenue
Source: Securities report (XBRL)

Operating margin

FYE Mar 2026 11.3%

Average · 10 yrs 6.2%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	4.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.6	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	5.4	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	5.6	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	4.5	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2022	4.8	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2023	4.5	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	6.7	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2025	8.5	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2026	11.3	+2.8pp	Cons. · Japanese GAAP

Definition: The share of revenue the core business keeps
Formula: Operating profit ÷ revenue
Source: Securities report (XBRL)

Ordinary margin

FYE Mar 2026 11.9%

Average · 10 yrs 6.6%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	5.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.0	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	5.7	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	6.0	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	5.1	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2022	5.2	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2023	4.9	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	7.2	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2025	9.2	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2026	11.9	+2.8pp	Cons. · Japanese GAAP

Definition: The share of revenue left at the ordinary-profit line
Formula: Ordinary profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Mar 2026 8.8%

Average · 10 yrs 4.8%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	3.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.1	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	3.9	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2020	4.1	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	3.7	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2022	3.8	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2023	3.6	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	5.4	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2025	7.2	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2026	8.8	+1.6pp	Cons. · Japanese GAAP

Definition: The share of revenue left after everything
Formula: Net profit ÷ revenue
Source: Securities report (XBRL)

Cost-of-sales ratio

FYE Mar 2026 77.9%

Average · 10 yrs 84.9%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	86.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	86.4	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	86.9	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	86.5	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	86.6	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	86.3	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2023	86.3	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2024	83.5	−2.8pp	Cons. · Japanese GAAP
FYE Mar 2025	81.2	−2.3pp	Cons. · Japanese GAAP
FYE Mar 2026	77.9	−3.3pp	Cons. · Japanese GAAP

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ revenue
Source: Securities report (XBRL)

SG&A ratio

FYE Mar 2026 10.8%

Average · 10 yrs 9.0%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	8.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.0	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	7.7	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	7.9	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	8.9	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2022	8.9	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2023	9.2	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	9.8	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2025	10.3	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2026	10.8	+0.6pp	Cons. · Japanese GAAP

Definition: The share of revenue taken by selling and administrative costs
Formula: SG&A ÷ revenue
Source: Securities report (XBRL)

Balance sheet Assets, debt and equity, and what they say about financial strength

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Mar 2026 ¥382bn

CAGR · 10 yrs +5.6%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	233	n/a	Cons. · Japanese GAAP
FYE Mar 2018	264	+13.1%	Cons. · Japanese GAAP
FYE Mar 2019	280	+5.9%	Cons. · Japanese GAAP
FYE Mar 2020	266	−5.0%	Cons. · Japanese GAAP
FYE Mar 2021	271	+2.1%	Cons. · Japanese GAAP
FYE Mar 2022	301	+10.9%	Cons. · Japanese GAAP
FYE Mar 2023	313	+4.2%	Cons. · Japanese GAAP
FYE Mar 2024	340	+8.5%	Cons. · Japanese GAAP
FYE Mar 2025	335	−1.5%	Cons. · Japanese GAAP
FYE Mar 2026	382	+14.0%	Cons. · Japanese GAAP

Definition: Everything the company holds
Formula: Total assets line of the balance sheet
Source: Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Mar 2026 ¥210bn

CAGR · 10 yrs +7.5%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	110	n/a	Cons. · Japanese GAAP
FYE Mar 2018	121	+10.2%	Cons. · Japanese GAAP
FYE Mar 2019	122	+1.1%	Cons. · Japanese GAAP
FYE Mar 2020	122	−0.0%	Cons. · Japanese GAAP
FYE Mar 2021	132	+8.2%	Cons. · Japanese GAAP
FYE Mar 2022	133	+0.6%	Cons. · Japanese GAAP
FYE Mar 2023	142	+7.2%	Cons. · Japanese GAAP
FYE Mar 2024	164	+15.4%	Cons. · Japanese GAAP
FYE Mar 2025	181	+9.9%	Cons. · Japanese GAAP
FYE Mar 2026	210	+16.2%	Cons. · Japanese GAAP

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Interest-bearing debt

FYE Mar 2026 ¥37bn

CAGR · 10 yrs +23.7%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	5.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.1	+191.7%	Cons. · Japanese GAAP
FYE Mar 2019	16.6	+3.0%	Cons. · Japanese GAAP
FYE Mar 2020	21.2	+27.6%	Cons. · Japanese GAAP
FYE Mar 2021	29.9	+41.2%	Cons. · Japanese GAAP
FYE Mar 2022	33.1	+10.4%	Cons. · Japanese GAAP
FYE Mar 2023	29.8	−9.8%	Cons. · Japanese GAAP
FYE Mar 2024	34.1	+14.5%	Cons. · Japanese GAAP
FYE Mar 2025	32.7	−4.1%	Cons. · Japanese GAAP
FYE Mar 2026	37.4	+14.3%	Cons. · Japanese GAAP

Definition: Borrowings the company pays interest on
Formula: Loans + bonds + lease obligations
Source: Securities report (XBRL)

Short-term borrowings

FYE Mar 2026 ¥27bn

CAGR · 10 yrs +19.5%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	5.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.1	+10.8%	Cons. · Japanese GAAP
FYE Mar 2019	6.6	+8.0%	Cons. · Japanese GAAP
FYE Mar 2020	6.2	−6.3%	Cons. · Japanese GAAP
FYE Mar 2021	4.9	−20.4%	Cons. · Japanese GAAP
FYE Mar 2022	8.1	+63.3%	Cons. · Japanese GAAP
FYE Mar 2023	4.8	−40.2%	Cons. · Japanese GAAP
FYE Mar 2024	14.1	+193.5%	Cons. · Japanese GAAP
FYE Mar 2025	17.7	+25.5%	Cons. · Japanese GAAP
FYE Mar 2026	27.4	+54.5%	Cons. · Japanese GAAP

Definition: Borrowings repayable within a year
Formula: Short-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Long-term borrowings

FYE Mar 2026 ¥10bn

CAGR · 9 yrs −0.0%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	10.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2020	15.0	+50.0%	Cons. · Japanese GAAP
FYE Mar 2021	25.0	+66.7%	Cons. · Japanese GAAP
FYE Mar 2022	25.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2023	25.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2024	20.0	−20.0%	Cons. · Japanese GAAP
FYE Mar 2025	15.0	−25.0%	Cons. · Japanese GAAP
FYE Mar 2026	10.0	−33.3%	Cons. · Japanese GAAP

Definition: Borrowings repayable in more than a year
Formula: Long-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Mar 2026 ¥11bn

CAGR · 10 yrs +36.1%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	0.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.4	+518.5%	Cons. · Japanese GAAP
FYE Mar 2019	3.3	−25.5%	Cons. · Japanese GAAP
FYE Mar 2020	3.8	+14.9%	Cons. · Japanese GAAP
FYE Mar 2021	6.7	+77.2%	Cons. · Japanese GAAP
FYE Mar 2022	8.1	+21.0%	Cons. · Japanese GAAP
FYE Mar 2023	8.1	−0.0%	Cons. · Japanese GAAP
FYE Mar 2024	9.2	+13.2%	Cons. · Japanese GAAP
FYE Mar 2025	9.6	+5.0%	Cons. · Japanese GAAP
FYE Mar 2026	11.5	+19.0%	Cons. · Japanese GAAP

Definition: Assets with no physical form
Formula: Intangible assets line of the balance sheet
Source: Securities report (XBRL)

Goodwill

FYE Mar 2026 ¥2.7bn

CAGR · 9 yrs −0.2%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.7	n/a	Cons. · Japanese GAAP
FYE Mar 2019	2.5	−8.5%	Cons. · Japanese GAAP
FYE Mar 2020	2.1	−17.2%	Cons. · Japanese GAAP
FYE Mar 2021	2.0	−4.9%	Cons. · Japanese GAAP
FYE Mar 2022	1.9	−2.9%	Cons. · Japanese GAAP
FYE Mar 2023	1.7	−10.0%	Cons. · Japanese GAAP
FYE Mar 2024	1.7	−1.4%	Cons. · Japanese GAAP
FYE Mar 2025	1.4	−16.7%	Cons. · Japanese GAAP
FYE Mar 2026	2.7	+90.0%	Cons. · Japanese GAAP

Definition: What an acquisition cost above the net assets it brought
Formula: Goodwill line of the balance sheet
Source: Securities report (XBRL)

Equity ratio

FYE Mar 2026 55.0%

Average · 10 yrs 47.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	47.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	45.7	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2019	43.6	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2020	46.0	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2021	48.7	+2.8pp	Cons. · Japanese GAAP
FYE Mar 2022	44.2	−4.5pp	Cons. · Japanese GAAP
FYE Mar 2023	45.5	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2024	48.3	+2.9pp	Cons. · Japanese GAAP
FYE Mar 2025	53.9	+5.6pp	Cons. · Japanese GAAP
FYE Mar 2026	55.0	+1.0pp	Cons. · Japanese GAAP

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

Debt-to-equity ratio D/E ratio

FYE Mar 2026 17.8%

Average · 10 yrs 17.5%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	5.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.3	+8.3pp	Cons. · Japanese GAAP
FYE Mar 2019	13.6	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	17.4	+3.7pp	Cons. · Japanese GAAP
FYE Mar 2021	22.7	+5.3pp	Cons. · Japanese GAAP
FYE Mar 2022	24.9	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2023	20.9	−3.9pp	Cons. · Japanese GAAP
FYE Mar 2024	20.8	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2025	18.1	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2026	17.8	−0.3pp	Cons. · Japanese GAAP

Definition: Borrowings measured against the company's own capital
Formula: Interest-bearing debt ÷ equity
Source: Securities report (XBRL)

ROE return on equity

FYE Mar 2026 17.9%

Average · 10 yrs 10.9%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	7.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.8	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2019	10.3	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	10.8	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2021	7.7	−3.2pp	Cons. · Japanese GAAP
FYE Mar 2022	8.7	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2023	8.6	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2024	11.9	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2025	15.3	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2026	17.9	+2.6pp	Cons. · Japanese GAAP

Definition: What the shareholders' capital earns
Formula: Net profit ÷ equity
Source: Securities report (XBRL)

ROA return on assets

FYE Mar 2026 9.8%

Average · 10 yrs 5.3%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	3.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.5	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2019	4.5	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2020	5.0	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2021	3.7	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2022	3.8	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2023	3.9	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2024	5.8	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2025	8.2	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2026	9.8	+1.6pp	Cons. · Japanese GAAP

Definition: What the whole balance sheet earns
Formula: Net profit ÷ total assets
Source: Securities report (XBRL)

Asset turnover

FYE Mar 2026 1.11×

CAGR · 10 yrs −0.0%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.11	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.10	−1.5%	Cons. · Japanese GAAP
FYE Mar 2019	1.14	+4.1%	Cons. · Japanese GAAP
FYE Mar 2020	1.21	+5.7%	Cons. · Japanese GAAP
FYE Mar 2021	1.01	−16.0%	Cons. · Japanese GAAP
FYE Mar 2022	1.01	−0.8%	Cons. · Japanese GAAP
FYE Mar 2023	1.08	+7.4%	Cons. · Japanese GAAP
FYE Mar 2024	1.07	−1.2%	Cons. · Japanese GAAP
FYE Mar 2025	1.14	+6.7%	Cons. · Japanese GAAP
FYE Mar 2026	1.11	−2.6%	Cons. · Japanese GAAP

Definition: How much revenue each yen of assets produces
Formula: Revenue ÷ total assets
Source: Securities report (XBRL)

Cash flow statement Cash from operations, investment and financing, and what is left on hand

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2026 ¥30bn

CAGR · 10 yrs +2.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	23.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.2	−73.8%	Cons. · Japanese GAAP
FYE Mar 2019	14.9	+141.4%	Cons. · Japanese GAAP
FYE Mar 2020	-6.4	−142.8%	Cons. · Japanese GAAP
FYE Mar 2021	22.6	n/a	Cons. · Japanese GAAP
FYE Mar 2022	1.2	−94.7%	Cons. · Japanese GAAP
FYE Mar 2023	25.8	+2077.6%	Cons. · Japanese GAAP
FYE Mar 2024	-13.1	−150.7%	Cons. · Japanese GAAP
FYE Mar 2025	5.9	n/a	Cons. · Japanese GAAP
FYE Mar 2026	29.7	+405.1%	Cons. · Japanese GAAP

Definition: Cash the business itself generated
Formula: Cash flow from operating activities
Source: Securities report (XBRL)

Investing cash flow

FYE Mar 2026 -¥12bn

Average · 10 yrs -¥4.4bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	2.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-5.7	−344.1%	Cons. · Japanese GAAP
FYE Mar 2019	-6.1	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-8.2	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2022	1.0	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-5.4	−620.8%	Cons. · Japanese GAAP
FYE Mar 2024	-8.1	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-1.4	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-11.8	n/a	Cons. · Japanese GAAP

Definition: Cash spent on, or released by, investment
Formula: Cash flow from investing activities
Source: Securities report (XBRL)

Financing cash flow

FYE Mar 2026 -¥17bn

Average · 10 yrs -¥5.4bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-6.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.1	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-7.9	−211.6%	Cons. · Japanese GAAP
FYE Mar 2020	-4.2	n/a	Cons. · Japanese GAAP
FYE Mar 2021	3.6	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-8.0	−319.9%	Cons. · Japanese GAAP
FYE Mar 2023	-8.3	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-0.5	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-12.7	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-17.0	n/a	Cons. · Japanese GAAP

Definition: Cash raised from, or returned to, lenders and shareholders
Formula: Cash flow from financing activities
Source: Securities report (XBRL)

Cash and equivalents

FYE Mar 2026 ¥43bn

CAGR · 10 yrs −1.0%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	46.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	54.6	+17.2%	Cons. · Japanese GAAP
FYE Mar 2019	55.2	+1.2%	Cons. · Japanese GAAP
FYE Mar 2020	36.5	−33.9%	Cons. · Japanese GAAP
FYE Mar 2021	62.3	+70.5%	Cons. · Japanese GAAP
FYE Mar 2022	56.9	−8.7%	Cons. · Japanese GAAP
FYE Mar 2023	70.0	+23.0%	Cons. · Japanese GAAP
FYE Mar 2024	49.1	−29.9%	Cons. · Japanese GAAP
FYE Mar 2025	41.4	−15.7%	Cons. · Japanese GAAP
FYE Mar 2026	42.5	+2.8%	Cons. · Japanese GAAP

Definition: Cash on hand at the year end
Formula: Closing balance in the cash flow statement
Source: Securities report (XBRL)

Free cash flow

FYE Mar 2026 ¥18bn

CAGR · 10 yrs −4.0%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	25.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.5	−98.1%	Cons. · Japanese GAAP
FYE Mar 2019	8.8	+1719.2%	Cons. · Japanese GAAP
FYE Mar 2020	-14.6	−265.0%	Cons. · Japanese GAAP
FYE Mar 2021	22.2	n/a	Cons. · Japanese GAAP
FYE Mar 2022	2.2	−90.0%	Cons. · Japanese GAAP
FYE Mar 2023	20.4	+815.6%	Cons. · Japanese GAAP
FYE Mar 2024	-21.2	−203.9%	Cons. · Japanese GAAP
FYE Mar 2025	4.5	n/a	Cons. · Japanese GAAP
FYE Mar 2026	17.9	+299.2%	Cons. · Japanese GAAP

Definition: What is left once the business has paid for its own investment
Formula: Operating cash flow + investing cash flow
Source: Securities report (XBRL)

Operating cash flow margin

FYE Mar 2026 7.0%

Average · 10 yrs 3.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	9.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.1	−6.9pp	Cons. · Japanese GAAP
FYE Mar 2019	4.7	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2020	-2.0	−6.6pp	Cons. · Japanese GAAP
FYE Mar 2021	8.2	+10.2pp	Cons. · Japanese GAAP
FYE Mar 2022	0.4	−7.8pp	Cons. · Japanese GAAP
FYE Mar 2023	7.6	+7.2pp	Cons. · Japanese GAAP
FYE Mar 2024	-3.6	−11.2pp	Cons. · Japanese GAAP
FYE Mar 2025	1.5	+5.1pp	Cons. · Japanese GAAP
FYE Mar 2026	7.0	+5.5pp	Cons. · Japanese GAAP

Definition: How much of the revenue turned into cash
Formula: Operating cash flow ÷ revenue
Source: Securities report (XBRL)

Net cash

FYE Mar 2026 ¥5.1bn

CAGR · 10 yrs −20.6%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	41.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	38.4	−6.3%	Cons. · Japanese GAAP
FYE Mar 2019	38.6	+0.5%	Cons. · Japanese GAAP
FYE Mar 2020	15.3	−60.3%	Cons. · Japanese GAAP
FYE Mar 2021	32.3	+110.9%	Cons. · Japanese GAAP
FYE Mar 2022	23.8	−26.4%	Cons. · Japanese GAAP
FYE Mar 2023	40.2	+68.7%	Cons. · Japanese GAAP
FYE Mar 2024	14.9	−62.8%	Cons. · Japanese GAAP
FYE Mar 2025	8.6	−42.2%	Cons. · Japanese GAAP
FYE Mar 2026	5.1	−40.5%	Cons. · Japanese GAAP

Definition: Cash on hand once the borrowings are paid off
Formula: Cash and equivalents − interest-bearing debt
Source: Securities report (XBRL)

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Mar 2026 ¥602bn

Change · 10 yrs +¥472bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	130	n/a
FYE Mar 2018	162	n/a
FYE Mar 2019	142	n/a
FYE Mar 2020	132	n/a
FYE Mar 2021	121	n/a
FYE Mar 2022	121	n/a
FYE Mar 2023	148	n/a
FYE Mar 2024	343	n/a
FYE Mar 2025	389	n/a
FYE Mar 2026	602	n/a

Definition: What the market says the company is worth
Formula: Year-end share price × shares outstanding
Source: Securities report (XBRL)

Share price year-end close

FYE Mar 2026 4,286¥

Change · 10 yrs +2,719¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	1,567	n/a
FYE Mar 2018	1,957	n/a
FYE Mar 2019	1,785	n/a
FYE Mar 2020	1,660	n/a
FYE Mar 2021	1,718	n/a
FYE Mar 2022	1,728	n/a
FYE Mar 2023	2,106	n/a
FYE Mar 2024	4,879	n/a
FYE Mar 2025	5,535	n/a
FYE Mar 2026	4,286	n/a

Definition: The closing price on the last day of the fiscal year
Formula: Year-end closing price
Source: Securities report (XBRL)

Shares outstanding

FYE Mar 2026 140,478,804shares

Change · 10 yrs +57,713,036 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	82,765,768	Parent
FYE Mar 2018	82,765,768	Parent
FYE Mar 2019	79,765,768	Parent
FYE Mar 2020	79,765,768	Parent
FYE Mar 2021	70,239,402	Parent
FYE Mar 2022	70,239,402	Parent
FYE Mar 2023	70,239,402	Parent
FYE Mar 2024	70,239,402	Parent
FYE Mar 2025	70,239,402	Parent
FYE Mar 2026	140,478,804	Parent

Definition: How many shares exist
Formula: Shares issued, from the key figures of the filing
Source: Securities report (XBRL)

EPS earnings per share

FYE Mar 2026 285.73¥

Change · 10 yrs +167.90¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	117.83	Cons.
FYE Mar 2018	160.41	Cons.
FYE Mar 2019	173.29	Cons.
FYE Mar 2020	186.49	Cons.
FYE Mar 2021	145.56	Cons.
FYE Mar 2022	84.69	Cons.
FYE Mar 2023	92.35	Cons.
FYE Mar 2024	147.84	Cons.
FYE Mar 2025	208.07	Cons.
FYE Mar 2026	285.73	Cons.

Definition: Net profit for each share
Formula: Net profit ÷ average shares outstanding
Source: Securities report (XBRL)

BPS book value per share

FYE Mar 2026 1,494.10¥

Change · 10 yrs +169.85¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,324.24	Cons. · Japanese GAAP
FYE Mar 2018	1,459.25	Cons. · Japanese GAAP
FYE Mar 2019	1,530.24	Cons. · Japanese GAAP
FYE Mar 2020	1,530.62	Cons. · Japanese GAAP
FYE Mar 2021	1,881.22	Cons. · Japanese GAAP
FYE Mar 2022	1,892.06	Cons. · Japanese GAAP
FYE Mar 2023	2,028.36	Cons. · Japanese GAAP
FYE Mar 2024	2,339.94	Cons. · Japanese GAAP
FYE Mar 2025	2,572.17	Cons. · Japanese GAAP
FYE Mar 2026	1,494.10	Cons. · Japanese GAAP

Definition: Equity behind each share
Formula: Equity ÷ shares outstanding
Source: Securities report (XBRL)

PER price-to-earnings ratio

FYE Mar 2026 15.00×

Average · 10 yrs 12.29×

Fiscal year	PER ×	Basis
FYE Mar 2017	13.30	Cons.
FYE Mar 2018	12.20	Cons.
FYE Mar 2019	10.30	Cons.
FYE Mar 2020	8.90	Cons.
FYE Mar 2021	11.80	Cons.
FYE Mar 2022	10.20	Cons.
FYE Mar 2023	11.40	Cons.
FYE Mar 2024	16.50	Cons.
FYE Mar 2025	13.30	Cons.
FYE Mar 2026	15.00	Cons.

Definition: How many years of earnings the price stands for
Formula: Year-end price ÷ EPS
Source: Securities report (XBRL)

PBR price-to-book ratio

FYE Mar 2026 2.67×

Average · 10 yrs 1.37×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.05	Cons.
FYE Mar 2018	1.20	Cons.
FYE Mar 2019	1.05	Cons.
FYE Mar 2020	0.94	Cons.
FYE Mar 2021	0.90	Cons.
FYE Mar 2022	0.86	Cons.
FYE Mar 2023	0.98	Cons.
FYE Mar 2024	1.97	Cons.
FYE Mar 2025	2.03	Cons.
FYE Mar 2026	2.67	Cons.

Definition: The price measured against the book value behind it
Formula: Year-end price ÷ BPS
Source: Securities report (XBRL)

Workforce and productivity Headcount, pay and what each employee accounts for

Group employees

FYE Mar 2026 7,287people

Change · 10 yrs +2,456 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	4,831	n/a	Cons.
FYE Mar 2018	5,714	+18.3%	Cons.
FYE Mar 2019	5,912	+3.5%	Cons.
FYE Mar 2020	5,899	−0.2%	Cons.
FYE Mar 2021	5,890	−0.2%	Cons.
FYE Mar 2022	6,018	+2.2%	Cons.
FYE Mar 2023	5,885	−2.2%	Cons.
FYE Mar 2024	5,606	−4.7%	Cons.
FYE Mar 2025	5,858	+4.5%	Cons.
FYE Mar 2026	7,287	+24.4%	Cons.

Definition: Everyone employed across the group
Formula: Consolidated headcount, from the employee section of the filing
Source: Securities report (XBRL)

Parent-company employees

FYE Mar 2026 2,469people

Change · 10 yrs +519 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	1,950	n/a	Parent
FYE Mar 2018	2,025	+3.8%	Parent
FYE Mar 2019	2,051	+1.3%	Parent
FYE Mar 2020	2,064	+0.6%	Parent
FYE Mar 2021	2,116	+2.5%	Parent
FYE Mar 2022	2,131	+0.7%	Parent
FYE Mar 2023	2,166	+1.6%	Parent
FYE Mar 2024	2,230	+3.0%	Parent
FYE Mar 2025	2,365	+6.1%	Parent
FYE Mar 2026	2,469	+4.4%	Parent

Definition: Employees of the filing company itself
Formula: Parent-only headcount, from the employee section of the filing
Source: Securities report (XBRL)

Average annual pay parent company

FYE Mar 2026 1,246万円

Change · 8 yrs +398万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	848	n/a	Parent
FYE Mar 2020	879	+3.7%	Parent
FYE Mar 2021	819	−6.9%	Parent
FYE Mar 2022	890	+8.7%	Parent
FYE Mar 2023	945	+6.2%	Parent
FYE Mar 2024	1,029	+8.9%	Parent
FYE Mar 2025	1,129	+9.8%	Parent
FYE Mar 2026	1,246	+10.3%	Parent

Definition: Average total annual compensation, bonuses included
Formula: Average annual pay, from the employee section of the filing
Source: Securities report (XBRL)

Average age

FYE Mar 2026 41.5years

Change · 8 yrs −0.6 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	42.1	n/a	Parent
FYE Mar 2020	42.0	−0.2%	Parent
FYE Mar 2021	42.0	−0.0%	Parent
FYE Mar 2022	42.3	+0.7%	Parent
FYE Mar 2023	42.2	−0.2%	Parent
FYE Mar 2024	42.2	−0.0%	Parent
FYE Mar 2025	41.6	−1.4%	Parent
FYE Mar 2026	41.5	−0.2%	Parent

Definition: Average age of the parent company's employees
Formula: Average age, from the employee section of the filing
Source: Securities report (XBRL)

Average length of service

FYE Mar 2026 14.7years

Change · 8 yrs −1.9 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	16.6	n/a	Parent
FYE Mar 2020	16.1	−3.0%	Parent
FYE Mar 2021	16.1	−0.0%	Parent
FYE Mar 2022	15.6	−3.1%	Parent
FYE Mar 2023	15.5	−0.6%	Parent
FYE Mar 2024	15.5	−0.0%	Parent
FYE Mar 2025	15.0	−3.2%	Parent
FYE Mar 2026	14.7	−2.0%	Parent

Definition: How long the average employee has been with the company
Formula: Average years of service, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Mar 2026 ¥58.2m

Change · 10 yrs +¥4.3m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	53.9	n/a	Cons.
FYE Mar 2018	50.7	−5.8%	Cons.
FYE Mar 2019	54.1	+6.6%	Cons.
FYE Mar 2020	54.4	+0.6%	Cons.
FYE Mar 2021	46.7	−14.1%	Cons.
FYE Mar 2022	50.3	+7.7%	Cons.
FYE Mar 2023	57.6	+14.4%	Cons.
FYE Mar 2024	64.8	+12.6%	Cons.
FYE Mar 2025	65.2	+0.5%	Cons.
FYE Mar 2026	58.2	−10.7%	Cons.

Definition: What each employee accounts for in revenue
Formula: Revenue ÷ group employees
Source: Securities report (XBRL)

Operating profit per employee

FYE Mar 2026 ¥6.6m

Change · 10 yrs +¥4.0m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	2.6	n/a	Cons.
FYE Mar 2018	2.9	+11.7%	Cons.
FYE Mar 2019	2.9	+1.7%	Cons.
FYE Mar 2020	3.0	+4.2%	Cons.
FYE Mar 2021	2.1	−31.2%	Cons.
FYE Mar 2022	2.4	+14.4%	Cons.
FYE Mar 2023	2.6	+9.0%	Cons.
FYE Mar 2024	4.3	+65.7%	Cons.
FYE Mar 2025	5.5	+28.2%	Cons.
FYE Mar 2026	6.6	+18.4%	Cons.

Definition: What each employee accounts for in operating profit
Formula: Operating profit ÷ group employees
Source: Securities report (XBRL)

Disclaimer

Figures are reproduced as filed and are not restated: a change of accounting standard or of consolidation basis moves the series without anything happening to the business. Where that happened, the table says so in place of the year-on-year figure.
Ratios and per-employee figures are computed from the filed lines rather than taken from the filing, and use year-end balances rather than averages.

Accuracy, liability, reuse and privacy — the full disclaimer →

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