Financials

Morinaga Milk Industry: FYE Mar 2026 and ten years of results (50 metrics)

FYE Mar 2026 · Revenue¥571bnYoY +1.8%

FYE Mar 2026 · Operating profit¥34bnYoY +16.3%

FYE Mar 2026 · Net profit¥23bnYoY +314.0%

FYE Mar 2026 · Equity ratio50.2%YoY −1.0pp

FYE Mar 2026 · Group employees7,345YoY −108

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥593bn	n/a	¥21bn	n/a	3.6%	¥13bn	Miyahara Michio	—
FYE Mar 2018Consolidated	¥592bn	−0.1%	¥22bn	+2.8%	3.7%	¥16bn	Miyahara Michio	NutriCo Morinaga founded in Pakistan; centenary in September
FYE Mar 2019Consolidated	¥584bn	−1.4%	¥22bn	+3.0%	3.8%	¥14bn	Miyahara Michio	—
FYE Mar 2020Consolidated	¥591bn	+1.3%	¥25bn	+13.6%	4.3%	¥19bn	Miyahara Michio	—
FYE Mar 2021Consolidated	¥584bn	−1.2%	¥29bn	+13.8%	4.9%	¥19bn	Miyahara Michio	—
FYE Mar 2022Consolidated	¥503bn	−13.7%	¥30bn	+3.2%	5.9%	¥34bn	Miyahara Michio	Elovi Vietnam consolidated; <a class="en-history_person" href="/tse/2264/executives/ceo/onuki-yoichi/" hreflang="ja">Onuki Yoichi</a> becomes president
FYE Mar 2023Consolidated	¥526bn	+4.4%	¥24bn	−19.6%	4.6%	¥17bn	Onuki Yoichi	Moves to the Prime Market in the TSE segment restructuring
FYE Mar 2024Consolidated	¥547bn	+4.1%	¥28bn	+16.3%	5.1%	¥61bn	Onuki Yoichi	Turtle Island Foods acquired; NutriCo Morinaga consolidated
FYE Mar 2025Consolidated	¥561bn	+2.6%	¥30bn	+6.5%	5.3%	¥5.5bn	Onuki Yoichi	—
FYE Mar 2026Consolidated	¥571bn	+1.8%	¥34bn	+16.3%	6.0%	¥23bn	Onuki Yoichi	Sales ¥561.2bn; plant-based business in the US consolidated

How it compares

Meiji Holdings¥1.17tnFY2025Operating margin 7.9%

Meiji Dairies CorporationDelisted 2009

MEGMILK SNOW BRAND¥616bnFY2025Operating margin 3.0%

Morinaga Milk Industry¥571bnFY2025Operating margin 6.0%

Snow Brand Milk ProductsDelisted 2009

B-R 31 ICE CREAM CO.,LTD.¥34bnFY2025Operating margin 8.1%

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 ¥571bn

CAGR · 10 yrs −0.4%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	593	n/a	Cons. · Japanese GAAP
FYE Mar 2018	592	−0.1%	Cons. · Japanese GAAP
FYE Mar 2019	584	−1.4%	Cons. · Japanese GAAP
FYE Mar 2020	591	+1.3%	Cons. · Japanese GAAP
FYE Mar 2021	584	−1.2%	Cons. · Japanese GAAP
FYE Mar 2022	503	−13.7%	Cons. · Japanese GAAP
FYE Mar 2023	526	+4.4%	Cons. · Japanese GAAP
FYE Mar 2024	547	+4.1%	Cons. · Japanese GAAP
FYE Mar 2025	561	+2.6%	Cons. · Japanese GAAP
FYE Mar 2026	571	+1.8%	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 ¥428bn

CAGR · 10 yrs +0.8%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	399	n/a	Cons. · Japanese GAAP
FYE Mar 2018	402	+0.7%	Cons. · Japanese GAAP
FYE Mar 2019	398	−0.9%	Cons. · Japanese GAAP
FYE Mar 2020	402	+0.8%	Cons. · Japanese GAAP
FYE Mar 2021	393	−2.0%	Cons. · Japanese GAAP
FYE Mar 2022	381	−3.2%	Cons. · Japanese GAAP
FYE Mar 2023	407	+6.9%	Cons. · Japanese GAAP
FYE Mar 2024	415	+1.9%	Cons. · Japanese GAAP
FYE Mar 2025	426	+2.7%	Cons. · Japanese GAAP
FYE Mar 2026	428	+0.5%	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 ¥143bn

CAGR · 10 yrs −3.3%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	193	n/a	Cons. · Japanese GAAP
FYE Mar 2018	190	−1.7%	Cons. · Japanese GAAP
FYE Mar 2019	185	−2.5%	Cons. · Japanese GAAP
FYE Mar 2020	189	+2.2%	Cons. · Japanese GAAP
FYE Mar 2021	190	+0.4%	Cons. · Japanese GAAP
FYE Mar 2022	122	−35.7%	Cons. · Japanese GAAP
FYE Mar 2023	118	−3.3%	Cons. · Japanese GAAP
FYE Mar 2024	132	+11.5%	Cons. · Japanese GAAP
FYE Mar 2025	135	+2.3%	Cons. · Japanese GAAP
FYE Mar 2026	143	+6.1%	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 ¥109bn

CAGR · 10 yrs −5.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	172	n/a	Cons. · Japanese GAAP
FYE Mar 2018	168	−2.3%	Cons. · Japanese GAAP
FYE Mar 2019	163	−3.2%	Cons. · Japanese GAAP
FYE Mar 2020	164	+0.7%	Cons. · Japanese GAAP
FYE Mar 2021	161	−1.7%	Cons. · Japanese GAAP
FYE Mar 2022	92.5	−42.6%	Cons. · Japanese GAAP
FYE Mar 2023	94.4	+2.0%	Cons. · Japanese GAAP
FYE Mar 2024	104	+10.3%	Cons. · Japanese GAAP
FYE Mar 2025	105	+1.2%	Cons. · Japanese GAAP
FYE Mar 2026	109	+3.2%	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 ¥34bn

CAGR · 10 yrs +5.6%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	21.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21.7	+2.8%	Cons. · Japanese GAAP
FYE Mar 2019	22.3	+3.0%	Cons. · Japanese GAAP
FYE Mar 2020	25.4	+13.6%	Cons. · Japanese GAAP
FYE Mar 2021	28.9	+13.8%	Cons. · Japanese GAAP
FYE Mar 2022	29.8	+3.2%	Cons. · Japanese GAAP
FYE Mar 2023	23.9	−19.6%	Cons. · Japanese GAAP
FYE Mar 2024	27.8	+16.3%	Cons. · Japanese GAAP
FYE Mar 2025	29.7	+6.5%	Cons. · Japanese GAAP
FYE Mar 2026	34.5	+16.3%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥5.3bn

CAGR · 10 yrs +9.6%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	2.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.4	+1.4%	Cons. · Japanese GAAP
FYE Mar 2019	2.6	+7.7%	Cons. · Japanese GAAP
FYE Mar 2020	2.2	−13.0%	Cons. · Japanese GAAP
FYE Mar 2021	2.9	+29.6%	Cons. · Japanese GAAP
FYE Mar 2022	2.5	−12.0%	Cons. · Japanese GAAP
FYE Mar 2023	2.5	−2.1%	Cons. · Japanese GAAP
FYE Mar 2024	3.7	+49.4%	Cons. · Japanese GAAP
FYE Mar 2025	3.3	−12.5%	Cons. · Japanese GAAP
FYE Mar 2026	5.4	+64.6%	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 ¥2.7bn

CAGR · 10 yrs +6.9%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	1.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.7	+15.0%	Cons. · Japanese GAAP
FYE Mar 2019	1.7	+0.7%	Cons. · Japanese GAAP
FYE Mar 2020	1.7	+0.1%	Cons. · Japanese GAAP
FYE Mar 2021	1.6	−4.4%	Cons. · Japanese GAAP
FYE Mar 2022	1.2	−26.7%	Cons. · Japanese GAAP
FYE Mar 2023	1.2	+0.2%	Cons. · Japanese GAAP
FYE Mar 2024	3.5	+185.3%	Cons. · Japanese GAAP
FYE Mar 2025	3.0	−11.8%	Cons. · Japanese GAAP
FYE Mar 2026	2.7	−11.1%	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 ¥37bn

CAGR · 10 yrs +6.0%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	22.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22.4	+1.8%	Cons. · Japanese GAAP
FYE Mar 2019	23.2	+3.7%	Cons. · Japanese GAAP
FYE Mar 2020	25.9	+11.6%	Cons. · Japanese GAAP
FYE Mar 2021	30.1	+16.4%	Cons. · Japanese GAAP
FYE Mar 2022	31.1	+3.4%	Cons. · Japanese GAAP
FYE Mar 2023	25.2	−19.0%	Cons. · Japanese GAAP
FYE Mar 2024	28.1	+11.4%	Cons. · Japanese GAAP
FYE Mar 2025	29.9	+6.3%	Cons. · Japanese GAAP
FYE Mar 2026	37.1	+24.3%	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 ¥2.9bn

CAGR · 10 yrs +35.6%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	0.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.7	+2388.9%	Cons. · Japanese GAAP
FYE Mar 2019	0.4	−91.1%	Cons. · Japanese GAAP
FYE Mar 2020	7.0	+1568.2%	Cons. · Japanese GAAP
FYE Mar 2021	1.5	−79.2%	Cons. · Japanese GAAP
FYE Mar 2022	21.5	+1368.1%	Cons. · Japanese GAAP
FYE Mar 2023	3.5	−83.6%	Cons. · Japanese GAAP
FYE Mar 2024	66.0	+1773.9%	Cons. · Japanese GAAP
FYE Mar 2025	11.2	−83.0%	Cons. · Japanese GAAP
FYE Mar 2026	2.9	−74.0%	Cons. · Japanese GAAP

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

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥23bn

CAGR · 10 yrs +6.2%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	13.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15.8	+19.5%	Cons. · Japanese GAAP
FYE Mar 2019	14.0	−11.2%	Cons. · Japanese GAAP
FYE Mar 2020	18.7	+33.1%	Cons. · Japanese GAAP
FYE Mar 2021	18.7	+0.5%	Cons. · Japanese GAAP
FYE Mar 2022	33.8	+80.3%	Cons. · Japanese GAAP
FYE Mar 2023	16.9	−50.0%	Cons. · Japanese GAAP
FYE Mar 2024	61.3	+263.3%	Cons. · Japanese GAAP
FYE Mar 2025	5.5	−91.1%	Cons. · Japanese GAAP
FYE Mar 2026	22.6	+314.0%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 25.1%

Average · 10 yrs 28.1%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	32.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	32.1	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	31.7	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	32.0	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	32.6	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2022	24.3	−8.3pp	Cons. · Japanese GAAP
FYE Mar 2023	22.5	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2024	24.1	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2025	24.1	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	25.1	+1.0pp	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 6.0%

Average · 10 yrs 4.7%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	3.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.7	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	3.8	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	4.3	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2021	4.9	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2022	5.9	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2023	4.6	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2024	5.1	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2025	5.3	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2026	6.0	+0.7pp	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 6.5%

Average · 10 yrs 4.9%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	3.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.8	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	4.0	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	4.4	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	5.2	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2022	6.2	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2023	4.8	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2024	5.1	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2025	5.3	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2026	6.5	+1.2pp	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 4.0%

Average · 10 yrs 4.0%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	2.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.7	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	2.4	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	3.2	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2021	3.2	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	6.7	+3.5pp	Cons. · Japanese GAAP
FYE Mar 2023	3.2	−3.5pp	Cons. · Japanese GAAP
FYE Mar 2024	11.2	+8.0pp	Cons. · Japanese GAAP
FYE Mar 2025	1.0	−10.2pp	Cons. · Japanese GAAP
FYE Mar 2026	4.0	+3.0pp	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 74.9%

Average · 10 yrs 71.9%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	67.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	67.9	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	68.3	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	68.0	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	67.4	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2022	75.7	+8.3pp	Cons. · Japanese GAAP
FYE Mar 2023	77.5	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2024	75.9	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2025	75.9	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2026	74.9	−1.0pp	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 19.0%

Average · 10 yrs 23.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	29.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	28.4	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	27.9	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	27.8	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	27.6	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	18.4	−9.3pp	Cons. · Japanese GAAP
FYE Mar 2023	18.0	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2024	19.0	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2025	18.8	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	19.0	+0.3pp	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 ¥547bn

CAGR · 10 yrs +4.0%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	385	n/a	Cons. · Japanese GAAP
FYE Mar 2018	415	+7.6%	Cons. · Japanese GAAP
FYE Mar 2019	432	+4.2%	Cons. · Japanese GAAP
FYE Mar 2020	436	+0.9%	Cons. · Japanese GAAP
FYE Mar 2021	454	+4.0%	Cons. · Japanese GAAP
FYE Mar 2022	459	+1.1%	Cons. · Japanese GAAP
FYE Mar 2023	487	+6.2%	Cons. · Japanese GAAP
FYE Mar 2024	566	+16.1%	Cons. · Japanese GAAP
FYE Mar 2025	520	−8.1%	Cons. · Japanese GAAP
FYE Mar 2026	547	+5.1%	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 ¥275bn

CAGR · 10 yrs +7.6%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	142	n/a	Cons. · Japanese GAAP
FYE Mar 2018	158	+10.9%	Cons. · Japanese GAAP
FYE Mar 2019	168	+6.3%	Cons. · Japanese GAAP
FYE Mar 2020	181	+8.3%	Cons. · Japanese GAAP
FYE Mar 2021	200	+10.0%	Cons. · Japanese GAAP
FYE Mar 2022	206	+3.3%	Cons. · Japanese GAAP
FYE Mar 2023	223	+8.2%	Cons. · Japanese GAAP
FYE Mar 2024	277	+24.3%	Cons. · Japanese GAAP
FYE Mar 2025	266	−3.9%	Cons. · Japanese GAAP
FYE Mar 2026	275	+3.2%	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 ¥33bn

CAGR · 10 yrs −2.6%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	41.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	45.9	+10.3%	Cons. · Japanese GAAP
FYE Mar 2019	46.0	+0.1%	Cons. · Japanese GAAP
FYE Mar 2020	39.4	−14.4%	Cons. · Japanese GAAP
FYE Mar 2021	33.7	−14.4%	Cons. · Japanese GAAP
FYE Mar 2022	29.1	−13.5%	Cons. · Japanese GAAP
FYE Mar 2023	25.4	−12.7%	Cons. · Japanese GAAP
FYE Mar 2024	18.7	−26.4%	Cons. · Japanese GAAP
FYE Mar 2025	14.1	−24.9%	Cons. · Japanese GAAP
FYE Mar 2026	32.9	+134.1%	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 ¥3.0bn

CAGR · 10 yrs −3.4%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	4.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.1	+95.5%	Cons. · Japanese GAAP
FYE Mar 2019	10.7	+32.4%	Cons. · Japanese GAAP
FYE Mar 2020	11.6	+8.9%	Cons. · Japanese GAAP
FYE Mar 2021	3.3	−71.7%	Cons. · Japanese GAAP
FYE Mar 2022	3.1	−6.3%	Cons. · Japanese GAAP
FYE Mar 2023	5.2	+69.7%	Cons. · Japanese GAAP
FYE Mar 2024	4.5	−13.6%	Cons. · Japanese GAAP
FYE Mar 2025	3.6	−21.4%	Cons. · Japanese GAAP
FYE Mar 2026	3.0	−14.6%	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 ¥30bn

CAGR · 10 yrs −2.5%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	37.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	37.9	+0.9%	Cons. · Japanese GAAP
FYE Mar 2019	35.3	−6.8%	Cons. · Japanese GAAP
FYE Mar 2020	27.7	−21.4%	Cons. · Japanese GAAP
FYE Mar 2021	30.4	+9.6%	Cons. · Japanese GAAP
FYE Mar 2022	26.1	−14.3%	Cons. · Japanese GAAP
FYE Mar 2023	20.2	−22.5%	Cons. · Japanese GAAP
FYE Mar 2024	14.2	−29.7%	Cons. · Japanese GAAP
FYE Mar 2025	10.5	−26.0%	Cons. · Japanese GAAP
FYE Mar 2026	29.9	+184.4%	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 ¥12bn

CAGR · 10 yrs +7.4%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	6.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.3	+3.7%	Cons. · Japanese GAAP
FYE Mar 2019	6.5	+3.0%	Cons. · Japanese GAAP
FYE Mar 2020	6.5	−0.1%	Cons. · Japanese GAAP
FYE Mar 2021	8.0	+22.2%	Cons. · Japanese GAAP
FYE Mar 2022	9.7	+22.2%	Cons. · Japanese GAAP
FYE Mar 2023	22.9	+135.3%	Cons. · Japanese GAAP
FYE Mar 2024	27.3	+19.3%	Cons. · Japanese GAAP
FYE Mar 2025	12.0	−55.9%	Cons. · Japanese GAAP
FYE Mar 2026	11.6	−3.9%	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 ¥0.4bn

CAGR · 10 yrs −1.3%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	0.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.3	−31.0%	Cons. · Japanese GAAP
FYE Mar 2019	0.2	−45.3%	Cons. · Japanese GAAP
FYE Mar 2020	0.1	−64.2%	Cons. · Japanese GAAP
FYE Mar 2021	0.2	+210.3%	Cons. · Japanese GAAP
FYE Mar 2022	2.1	+1047.8%	Cons. · Japanese GAAP
FYE Mar 2023	10.0	+381.9%	Cons. · Japanese GAAP
FYE Mar 2024	10.2	+2.6%	Cons. · Japanese GAAP
FYE Mar 2025	0.4	−95.9%	Cons. · Japanese GAAP
FYE Mar 2026	0.4	−8.2%	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 50.2%

Average · 10 yrs 44.0%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	36.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	38.0	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2019	38.8	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2020	41.6	+2.8pp	Cons. · Japanese GAAP
FYE Mar 2021	44.0	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2022	44.9	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2023	45.8	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2024	49.0	+3.2pp	Cons. · Japanese GAAP
FYE Mar 2025	51.2	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2026	50.2	−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 12.0%

Average · 10 yrs 17.4%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	29.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	29.1	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	27.4	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2020	21.7	−5.7pp	Cons. · Japanese GAAP
FYE Mar 2021	16.9	−4.8pp	Cons. · Japanese GAAP
FYE Mar 2022	14.1	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2023	11.4	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2024	6.8	−4.6pp	Cons. · Japanese GAAP
FYE Mar 2025	5.3	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2026	12.0	+6.7pp	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 8.2%

Average · 10 yrs 10.4%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	9.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.0	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	8.4	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2020	10.3	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2021	9.4	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2022	16.4	+7.0pp	Cons. · Japanese GAAP
FYE Mar 2023	7.6	−8.8pp	Cons. · Japanese GAAP
FYE Mar 2024	22.1	+14.6pp	Cons. · Japanese GAAP
FYE Mar 2025	2.0	−20.1pp	Cons. · Japanese GAAP
FYE Mar 2026	8.2	+6.2pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 4.1%

Average · 10 yrs 4.6%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	3.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.8	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	3.2	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	4.3	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2021	4.1	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	7.4	+3.2pp	Cons. · Japanese GAAP
FYE Mar 2023	3.5	−3.9pp	Cons. · Japanese GAAP
FYE Mar 2024	10.8	+7.4pp	Cons. · Japanese GAAP
FYE Mar 2025	1.0	−9.8pp	Cons. · Japanese GAAP
FYE Mar 2026	4.1	+3.1pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 1.04×

CAGR · 10 yrs −4.2%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.54	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.43	−7.2%	Cons. · Japanese GAAP
FYE Mar 2019	1.35	−5.4%	Cons. · Japanese GAAP
FYE Mar 2020	1.36	+0.4%	Cons. · Japanese GAAP
FYE Mar 2021	1.29	−5.1%	Cons. · Japanese GAAP
FYE Mar 2022	1.10	−14.7%	Cons. · Japanese GAAP
FYE Mar 2023	1.08	−1.7%	Cons. · Japanese GAAP
FYE Mar 2024	0.97	−10.4%	Cons. · Japanese GAAP
FYE Mar 2025	1.08	+11.6%	Cons. · Japanese GAAP
FYE Mar 2026	1.04	−3.1%	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 ¥36bn

CAGR · 10 yrs −0.5%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	37.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	25.1	−32.8%	Cons. · Japanese GAAP
FYE Mar 2019	18.5	−26.3%	Cons. · Japanese GAAP
FYE Mar 2020	29.2	+57.8%	Cons. · Japanese GAAP
FYE Mar 2021	38.5	+32.0%	Cons. · Japanese GAAP
FYE Mar 2022	40.3	+4.5%	Cons. · Japanese GAAP
FYE Mar 2023	19.4	−51.9%	Cons. · Japanese GAAP
FYE Mar 2024	56.6	+191.9%	Cons. · Japanese GAAP
FYE Mar 2025	-12.5	−122.0%	Cons. · Japanese GAAP
FYE Mar 2026	35.7	n/a	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 -¥39bn

Average · 10 yrs -¥16bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-21.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-16.9	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-38.8	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-13.2	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-25.3	n/a	Cons. · Japanese GAAP
FYE Mar 2022	8.4	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-25.5	−404.2%	Cons. · Japanese GAAP
FYE Mar 2024	25.2	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-18.8	−174.5%	Cons. · Japanese GAAP
FYE Mar 2026	-38.9	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 -¥0.5bn

Average · 10 yrs -¥11bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-15.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-5.8	n/a	Cons. · Japanese GAAP
FYE Mar 2019	14.1	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-10.8	−176.8%	Cons. · Japanese GAAP
FYE Mar 2021	-2.6	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-44.5	n/a	Cons. · Japanese GAAP
FYE Mar 2023	2.9	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-38.6	−1420.5%	Cons. · Japanese GAAP
FYE Mar 2025	-5.0	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-0.5	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 ¥26bn

CAGR · 10 yrs +15.6%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	7.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.8	+39.0%	Cons. · Japanese GAAP
FYE Mar 2019	3.4	−65.6%	Cons. · Japanese GAAP
FYE Mar 2020	8.5	+151.3%	Cons. · Japanese GAAP
FYE Mar 2021	19.1	+125.0%	Cons. · Japanese GAAP
FYE Mar 2022	23.5	+22.7%	Cons. · Japanese GAAP
FYE Mar 2023	21.0	−10.7%	Cons. · Japanese GAAP
FYE Mar 2024	64.5	+207.6%	Cons. · Japanese GAAP
FYE Mar 2025	28.6	−55.7%	Cons. · Japanese GAAP
FYE Mar 2026	26.1	−8.8%	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 -¥3.2bn

Average · 10 yrs ¥12bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	16.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.2	−49.2%	Cons. · Japanese GAAP
FYE Mar 2019	-20.3	−348.0%	Cons. · Japanese GAAP
FYE Mar 2020	16.0	n/a	Cons. · Japanese GAAP
FYE Mar 2021	13.2	−17.3%	Cons. · Japanese GAAP
FYE Mar 2022	48.6	+267.4%	Cons. · Japanese GAAP
FYE Mar 2023	-6.1	−112.5%	Cons. · Japanese GAAP
FYE Mar 2024	81.8	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-31.2	−138.2%	Cons. · Japanese GAAP
FYE Mar 2026	-3.2	n/a	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 6.2%

Average · 10 yrs 5.1%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	6.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.2	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2019	3.2	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2020	4.9	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2021	6.6	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2022	8.0	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2023	3.7	−4.3pp	Cons. · Japanese GAAP
FYE Mar 2024	10.3	+6.7pp	Cons. · Japanese GAAP
FYE Mar 2025	-2.2	−12.6pp	Cons. · Japanese GAAP
FYE Mar 2026	6.2	+8.5pp	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 -¥6.9bn

Average · 10 yrs -¥12bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-34.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-36.1	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-42.6	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-30.9	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-14.6	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-5.6	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-4.5	n/a	Cons. · Japanese GAAP
FYE Mar 2024	45.8	n/a	Cons. · Japanese GAAP
FYE Mar 2025	14.5	−68.4%	Cons. · Japanese GAAP
FYE Mar 2026	-6.9	−147.4%	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 ¥412bn

Change · 10 yrs +¥205bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	206	n/a
FYE Mar 2018	216	n/a
FYE Mar 2019	188	n/a
FYE Mar 2020	209	n/a
FYE Mar 2021	291	n/a
FYE Mar 2022	260	n/a
FYE Mar 2023	229	n/a
FYE Mar 2024	288	n/a
FYE Mar 2025	277	n/a
FYE Mar 2026	412	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 4,775¥

Change · 10 yrs +3,947¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	828	n/a
FYE Mar 2018	4,339	n/a
FYE Mar 2019	3,769	n/a
FYE Mar 2020	4,186	n/a
FYE Mar 2021	5,832	n/a
FYE Mar 2022	5,225	n/a
FYE Mar 2023	4,776	n/a
FYE Mar 2024	3,136	n/a
FYE Mar 2025	3,114	n/a
FYE Mar 2026	4,775	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 86,179,786shares

Change · 10 yrs −162,797,432 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	248,977,218	Parent
FYE Mar 2018	49,795,443	Parent
FYE Mar 2019	49,810,043	Parent
FYE Mar 2020	49,823,443	Parent
FYE Mar 2021	49,834,143	Parent
FYE Mar 2022	49,845,343	Parent
FYE Mar 2023	47,845,343	Parent
FYE Mar 2024	91,977,886	Parent
FYE Mar 2025	89,045,086	Parent
FYE Mar 2026	86,179,786	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 276.02¥

Change · 10 yrs +9.00¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	267.02	Cons.
FYE Mar 2018	319.01	Cons.
FYE Mar 2019	283.35	Cons.
FYE Mar 2020	188.56	Cons.
FYE Mar 2021	189.36	Cons.
FYE Mar 2022	343.73	Cons.
FYE Mar 2023	186.57	Cons.
FYE Mar 2024	696.92	Cons.
FYE Mar 2025	64.60	Cons.
FYE Mar 2026	276.02	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 3,188.16¥

Change · 10 yrs +2,616.88¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	571.28	Cons. · Japanese GAAP
FYE Mar 2018	3,168.06	Cons. · Japanese GAAP
FYE Mar 2019	3,365.51	Cons. · Japanese GAAP
FYE Mar 2020	3,642.60	Cons. · Japanese GAAP
FYE Mar 2021	4,004.44	Cons. · Japanese GAAP
FYE Mar 2022	4,134.21	Cons. · Japanese GAAP
FYE Mar 2023	4,661.42	Cons. · Japanese GAAP
FYE Mar 2024	3,013.59	Cons. · Japanese GAAP
FYE Mar 2025	2,990.91	Cons. · Japanese GAAP
FYE Mar 2026	3,188.16	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 17.30×

Average · 10 yrs 15.93×

Fiscal year	PER ×	Basis
FYE Mar 2017	15.50	Cons.
FYE Mar 2018	13.60	Cons.
FYE Mar 2019	13.30	Cons.
FYE Mar 2020	11.10	Cons.
FYE Mar 2021	15.40	Cons.
FYE Mar 2022	7.60	Cons.
FYE Mar 2023	12.80	Cons.
FYE Mar 2024	4.50	Cons.
FYE Mar 2025	48.20	Cons.
FYE Mar 2026	17.30	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 1.40×

Average · 10 yrs 1.20×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.44	Cons.
FYE Mar 2018	1.36	Cons.
FYE Mar 2019	1.11	Cons.
FYE Mar 2020	1.14	Cons.
FYE Mar 2021	1.45	Cons.
FYE Mar 2022	1.15	Cons.
FYE Mar 2023	0.97	Cons.
FYE Mar 2024	0.98	Cons.
FYE Mar 2025	0.98	Cons.
FYE Mar 2026	1.40	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 7,345people

Change · 10 yrs +1,574 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	5,771	n/a	Cons.
FYE Mar 2018	5,987	+3.7%	Cons.
FYE Mar 2019	6,157	+2.8%	Cons.
FYE Mar 2020	6,303	+2.4%	Cons.
FYE Mar 2021	6,871	+9.0%	Cons.
FYE Mar 2022	6,839	−0.5%	Cons.
FYE Mar 2023	7,040	+2.9%	Cons.
FYE Mar 2024	7,415	+5.3%	Cons.
FYE Mar 2025	7,453	+0.5%	Cons.
FYE Mar 2026	7,345	−1.4%	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 3,376people

Change · 10 yrs +341 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	3,035	n/a	Parent
FYE Mar 2018	3,144	+3.6%	Parent
FYE Mar 2019	3,247	+3.3%	Parent
FYE Mar 2020	3,340	+2.9%	Parent
FYE Mar 2021	3,377	+1.1%	Parent
FYE Mar 2022	3,349	−0.8%	Parent
FYE Mar 2023	3,325	−0.7%	Parent
FYE Mar 2024	3,302	−0.7%	Parent
FYE Mar 2025	3,310	+0.2%	Parent
FYE Mar 2026	3,376	+2.0%	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 ¥8.0m

Change · 8 yrs +¥0.6m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	7.4	n/a	Parent
FYE Mar 2020	7.4	+0.6%	Parent
FYE Mar 2021	7.5	+1.2%	Parent
FYE Mar 2022	7.7	+2.1%	Parent
FYE Mar 2023	7.7	+0.6%	Parent
FYE Mar 2024	7.8	+1.0%	Parent
FYE Mar 2025	7.9	+1.4%	Parent
FYE Mar 2026	8.0	+0.8%	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 40.2years

Change · 8 yrs +1.9 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	38.3	n/a	Parent
FYE Mar 2020	38.5	+0.5%	Parent
FYE Mar 2021	38.9	+1.0%	Parent
FYE Mar 2022	39.3	+1.0%	Parent
FYE Mar 2023	39.8	+1.3%	Parent
FYE Mar 2024	40.1	+0.8%	Parent
FYE Mar 2025	40.2	+0.2%	Parent
FYE Mar 2026	40.2	−0.0%	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 16.6years

Change · 8 yrs +2.4 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	14.2	n/a	Parent
FYE Mar 2020	15.3	+7.7%	Parent
FYE Mar 2021	15.7	+2.6%	Parent
FYE Mar 2022	16.1	+2.5%	Parent
FYE Mar 2023	16.5	+2.5%	Parent
FYE Mar 2024	16.7	+1.2%	Parent
FYE Mar 2025	16.8	+0.6%	Parent
FYE Mar 2026	16.6	−1.2%	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)

Temporary employees

FYE Mar 2026 2,293people

Change · 10 yrs +8 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	2,285	n/a	n/a
FYE Mar 2018	2,364	+3.5%	n/a
FYE Mar 2019	2,339	−1.1%	n/a
FYE Mar 2020	2,298	−1.8%	n/a
FYE Mar 2021	2,377	+3.4%	n/a
FYE Mar 2022	2,302	−3.2%	n/a
FYE Mar 2023	2,208	−4.1%	n/a
FYE Mar 2024	2,266	+2.6%	n/a
FYE Mar 2025	2,283	+0.8%	n/a
FYE Mar 2026	2,293	+0.4%	n/a

Definition: Average number of temporary and part-time staff over the year
Formula: Average temporary headcount, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Mar 2026 ¥77.8m

Change · 10 yrs −¥24.9m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	103	n/a	Cons.
FYE Mar 2018	98.9	−3.7%	Cons.
FYE Mar 2019	94.8	−4.2%	Cons.
FYE Mar 2020	93.7	−1.1%	Cons.
FYE Mar 2021	84.9	−9.4%	Cons.
FYE Mar 2022	73.6	−13.3%	Cons.
FYE Mar 2023	74.7	+1.4%	Cons.
FYE Mar 2024	73.8	−1.2%	Cons.
FYE Mar 2025	75.3	+2.1%	Cons.
FYE Mar 2026	77.8	+3.3%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥4.7m

Change · 10 yrs +¥1.0m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	3.7	n/a	Cons.
FYE Mar 2018	3.6	−0.9%	Cons.
FYE Mar 2019	3.6	+0.1%	Cons.
FYE Mar 2020	4.0	+10.9%	Cons.
FYE Mar 2021	4.2	+4.4%	Cons.
FYE Mar 2022	4.4	+3.7%	Cons.
FYE Mar 2023	3.4	−21.9%	Cons.
FYE Mar 2024	3.8	+10.4%	Cons.
FYE Mar 2025	4.0	+6.0%	Cons.
FYE Mar 2026	4.7	+18.0%	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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