Financials

NH Foods: FYE Mar 2026 and ten years of results (47 metrics)

FYE Mar 2026 · Revenue¥1.46tnYoY +6.3%

FYE Mar 2026 · Operating profit¥55bnYoY +46.6%

FYE Mar 2026 · Net profit¥35bnYoY +31.9%

FYE Mar 2026 · Equity ratio52.4%YoY −1.5pp

FYE Mar 2026 · Group employees15,790YoY +58

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥1.20tn	n/a	¥54bn	n/a	4.5%	¥35bn	Suezawa Juichi	—
FYE Mar 2018Consolidated	¥1.27tn	+5.6%	¥50bn	−6.2%	4.0%	¥37bn	Suezawa Juichi	Record operating profit — carried almost entirely by fresh meat
FYE Mar 2019Consolidated	¥1.23tn	−2.8%	¥30bn	−40.0%	2.5%	¥20bn	Suezawa Juichi	—
FYE Mar 2020Consolidated	¥1.23tn	−0.4%	¥27bn	−10.7%	2.2%	¥19bn	Hata Yoshihide	—
FYE Mar 2021Consolidated	¥1.11tn	−10.0%	¥48bn	+76.1%	4.3%	¥33bn	Hata Yoshihide	Hokkaido Ballpark F Village anchors a heavy capex plan
FYE Mar 2022Consolidated	¥1.15tn	+4.1%	¥52bn	+8.7%	4.5%	¥48bn	Hata Yoshihide	—
FYE Mar 2023Consolidated	¥1.26tn	+9.4%	¥22bn	−57.2%	1.8%	¥17bn	Hata Yoshihide	Profit collapses on feed, energy and currency costs
FYE Mar 2024Consolidated	¥1.30tn	+3.5%	¥41bn	+83.2%	3.1%	¥28bn	Hata Yoshihide	Igawa Nobuhisa cites “a lack of urgency in each division”
FYE Mar 2025Consolidated	¥1.37tn	+5.1%	¥37bn	−8.4%	2.7%	¥27bn	Ikawa Nobuhisa	—
FYE Mar 2026Consolidated	¥1.46tn	+6.3%	¥55bn	+46.6%	3.7%	¥35bn	Ikawa Nobuhisa	<a class="en-history_person" href="/tse/2282/executives/ceo/maeda-fumio/" hreflang="ja">Maeda Fumio</a> takes over the restructuring

How it compares

NH Foods¥1.46tnFY2025Operating margin 3.7%

Itoham Yonekyu Holdings Inc.¥1.07tnFY2025Operating margin 2.7%

Itoham Foods Inc.Delisted 2016

Prima Meat Packers, Ltd.¥476bnFY2025Operating margin 1.9%

S Foods¥472bnFY2025Operating margin 2.2%

Marudaishokuhin¥235bnFY2024Operating margin 2.3%

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

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥1.46tn

CAGR · 10 yrs +2.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	1,202	n/a	Cons. · US GAAP
FYE Mar 2018	1,269	+5.6%	Cons. · US GAAP
FYE Mar 2019	1,234	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1,230	−0.4%	Cons. · IFRS
FYE Mar 2021	1,106	−10.0%	Cons. · IFRS
FYE Mar 2022	1,152	+4.1%	Cons. · IFRS
FYE Mar 2023	1,260	+9.4%	Cons. · IFRS
FYE Mar 2024	1,303	+3.5%	Cons. · IFRS
FYE Mar 2025	1,371	+5.1%	Cons. · IFRS
FYE Mar 2026	1,457	+6.3%	Cons. · IFRS

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 ¥1.21tn

CAGR · 10 yrs +2.5%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	969	n/a	Cons. · US GAAP
FYE Mar 2018	1,047	+8.1%	Cons. · US GAAP
FYE Mar 2019	1,034	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1,024	−0.9%	Cons. · IFRS
FYE Mar 2021	908	−11.4%	Cons. · IFRS
FYE Mar 2022	953	+5.0%	Cons. · IFRS
FYE Mar 2023	1,083	+13.6%	Cons. · IFRS
FYE Mar 2024	1,100	+1.6%	Cons. · IFRS
FYE Mar 2025	1,150	+4.6%	Cons. · IFRS
FYE Mar 2026	1,207	+4.9%	Cons. · IFRS

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 ¥251bn

CAGR · 10 yrs +0.8%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	233	n/a	Cons. · US GAAP
FYE Mar 2018	222	−5.0%	Cons. · US GAAP
FYE Mar 2019	201	moved to IFRS	Cons. · IFRS
FYE Mar 2020	206	+2.5%	Cons. · IFRS
FYE Mar 2021	198	−3.4%	Cons. · IFRS
FYE Mar 2022	199	+0.2%	Cons. · IFRS
FYE Mar 2023	177	−11.0%	Cons. · IFRS
FYE Mar 2024	204	+15.0%	Cons. · IFRS
FYE Mar 2025	220	+8.2%	Cons. · IFRS
FYE Mar 2026	251	+13.7%	Cons. · IFRS

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 ¥193bn

CAGR · 10 yrs +0.8%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	179	n/a	Cons. · US GAAP
FYE Mar 2018	165	−8.0%	Cons. · US GAAP
FYE Mar 2019	168	moved to IFRS	Cons. · IFRS
FYE Mar 2020	166	−1.4%	Cons. · IFRS
FYE Mar 2021	150	−9.8%	Cons. · IFRS
FYE Mar 2022	157	+4.5%	Cons. · IFRS
FYE Mar 2023	166	+6.1%	Cons. · IFRS
FYE Mar 2024	172	+3.6%	Cons. · IFRS
FYE Mar 2025	184	+7.2%	Cons. · IFRS
FYE Mar 2026	193	+4.6%	Cons. · IFRS

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 ¥55bn

CAGR · 10 yrs +0.2%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	53.8	n/a	Cons. · US GAAP
FYE Mar 2018	50.5	−6.2%	Cons. · US GAAP
FYE Mar 2019	30.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	27.0	−10.7%	Cons. · IFRS
FYE Mar 2021	47.6	+76.1%	Cons. · IFRS
FYE Mar 2022	51.8	+8.7%	Cons. · IFRS
FYE Mar 2023	22.2	−57.2%	Cons. · IFRS
FYE Mar 2024	40.6	+83.2%	Cons. · IFRS
FYE Mar 2025	37.2	−8.4%	Cons. · IFRS
FYE Mar 2026	54.5	+46.6%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥4.1bn

CAGR · 9 yrs +7.9%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	2.2	n/a	Cons. · US GAAP
FYE Mar 2019	1.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1.3	−10.0%	Cons. · IFRS
FYE Mar 2021	2.4	+86.1%	Cons. · IFRS
FYE Mar 2022	2.2	−8.0%	Cons. · IFRS
FYE Mar 2023	3.4	+52.7%	Cons. · IFRS
FYE Mar 2024	3.2	−4.2%	Cons. · IFRS
FYE Mar 2025	3.7	+14.4%	Cons. · IFRS
FYE Mar 2026	4.1	+10.7%	Cons. · IFRS

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 ¥4.3bn

CAGR · 9 yrs +16.3%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	1.3	n/a	Cons. · US GAAP
FYE Mar 2019	3.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	3.9	+9.6%	Cons. · IFRS
FYE Mar 2021	1.5	−61.3%	Cons. · IFRS
FYE Mar 2022	3.9	+160.4%	Cons. · IFRS
FYE Mar 2023	1.8	−53.5%	Cons. · IFRS
FYE Mar 2024	3.0	+62.8%	Cons. · IFRS
FYE Mar 2025	2.7	−8.6%	Cons. · IFRS
FYE Mar 2026	4.3	+59.1%	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥35bn

CAGR · 10 yrs +0.0%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	35.0	n/a	Cons. · US GAAP
FYE Mar 2018	37.1	+6.1%	Cons. · US GAAP
FYE Mar 2019	19.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	19.2	−1.8%	Cons. · IFRS
FYE Mar 2021	32.6	+69.8%	Cons. · IFRS
FYE Mar 2022	48.0	+47.3%	Cons. · IFRS
FYE Mar 2023	16.6	−65.4%	Cons. · IFRS
FYE Mar 2024	28.1	+68.8%	Cons. · IFRS
FYE Mar 2025	26.6	−5.3%	Cons. · IFRS
FYE Mar 2026	35.1	+31.9%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 17.2%

Average · 10 yrs 16.8%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	19.4	n/a	Cons. · US GAAP
FYE Mar 2018	17.5	−1.9pp	Cons. · US GAAP
FYE Mar 2019	16.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	16.7	+0.5pp	Cons. · IFRS
FYE Mar 2021	17.9	+1.2pp	Cons. · IFRS
FYE Mar 2022	17.3	−0.7pp	Cons. · IFRS
FYE Mar 2023	14.1	−3.2pp	Cons. · IFRS
FYE Mar 2024	15.6	+1.6pp	Cons. · IFRS
FYE Mar 2025	16.1	+0.5pp	Cons. · IFRS
FYE Mar 2026	17.2	+1.1pp	Cons. · IFRS

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

Operating margin

FYE Mar 2026 3.7%

Average · 10 yrs 3.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	4.5	n/a	Cons. · US GAAP
FYE Mar 2018	4.0	−0.5pp	Cons. · US GAAP
FYE Mar 2019	2.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	2.2	−0.3pp	Cons. · IFRS
FYE Mar 2021	4.3	+2.1pp	Cons. · IFRS
FYE Mar 2022	4.5	+0.2pp	Cons. · IFRS
FYE Mar 2023	1.8	−2.7pp	Cons. · IFRS
FYE Mar 2024	3.1	+1.4pp	Cons. · IFRS
FYE Mar 2025	2.7	−0.4pp	Cons. · IFRS
FYE Mar 2026	3.7	+1.0pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 2.4%

Average · 10 yrs 2.4%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	2.9	n/a	Cons. · US GAAP
FYE Mar 2018	2.9	−0.0pp	Cons. · US GAAP
FYE Mar 2019	1.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1.6	−0.0pp	Cons. · IFRS
FYE Mar 2021	2.9	+1.4pp	Cons. · IFRS
FYE Mar 2022	4.2	+1.2pp	Cons. · IFRS
FYE Mar 2023	1.3	−2.9pp	Cons. · IFRS
FYE Mar 2024	2.2	+0.8pp	Cons. · IFRS
FYE Mar 2025	1.9	−0.2pp	Cons. · IFRS
FYE Mar 2026	2.4	+0.5pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Mar 2026 82.8%

Average · 10 yrs 83.2%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	80.6	n/a	Cons. · US GAAP
FYE Mar 2018	82.5	+1.9pp	Cons. · US GAAP
FYE Mar 2019	83.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	83.3	−0.5pp	Cons. · IFRS
FYE Mar 2021	82.1	−1.2pp	Cons. · IFRS
FYE Mar 2022	82.7	+0.7pp	Cons. · IFRS
FYE Mar 2023	85.9	+3.2pp	Cons. · IFRS
FYE Mar 2024	84.4	−1.6pp	Cons. · IFRS
FYE Mar 2025	83.9	−0.5pp	Cons. · IFRS
FYE Mar 2026	82.8	−1.1pp	Cons. · IFRS

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 13.2%

Average · 10 yrs 13.5%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	14.9	n/a	Cons. · US GAAP
FYE Mar 2018	13.0	−1.9pp	Cons. · US GAAP
FYE Mar 2019	13.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	13.5	−0.1pp	Cons. · IFRS
FYE Mar 2021	13.5	−0.0pp	Cons. · IFRS
FYE Mar 2022	13.6	−0.0pp	Cons. · IFRS
FYE Mar 2023	13.2	−0.4pp	Cons. · IFRS
FYE Mar 2024	13.2	−0.0pp	Cons. · IFRS
FYE Mar 2025	13.5	+0.3pp	Cons. · IFRS
FYE Mar 2026	13.2	−0.2pp	Cons. · IFRS

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 ¥997bn

CAGR · 10 yrs +4.0%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	702	n/a	Cons. · US GAAP
FYE Mar 2018	735	+4.7%	Cons. · US GAAP
FYE Mar 2019	741	moved to IFRS	Cons. · IFRS
FYE Mar 2020	769	+3.7%	Cons. · IFRS
FYE Mar 2021	825	+7.4%	Cons. · IFRS
FYE Mar 2022	909	+10.2%	Cons. · IFRS
FYE Mar 2023	937	+3.1%	Cons. · IFRS
FYE Mar 2024	958	+2.2%	Cons. · IFRS
FYE Mar 2025	949	−0.9%	Cons. · IFRS
FYE Mar 2026	997	+5.1%	Cons. · IFRS

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 ¥522bn

CAGR · 10 yrs +2.9%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	404	n/a	Cons. · US GAAP
FYE Mar 2018	413	+2.2%	Cons. · US GAAP
FYE Mar 2019	397	moved to IFRS	Cons. · IFRS
FYE Mar 2020	392	−1.1%	Cons. · IFRS
FYE Mar 2021	423	+7.8%	Cons. · IFRS
FYE Mar 2022	469	+10.8%	Cons. · IFRS
FYE Mar 2023	483	+3.1%	Cons. · IFRS
FYE Mar 2024	516	+6.8%	Cons. · IFRS
FYE Mar 2025	512	−0.8%	Cons. · IFRS
FYE Mar 2026	522	+2.1%	Cons. · IFRS

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 ¥229bn

CAGR · 10 yrs +5.7%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	138	n/a	Cons. · US GAAP
FYE Mar 2018	111	−19.4%	Cons. · US GAAP
FYE Mar 2019	147	moved to IFRS	Cons. · IFRS
FYE Mar 2020	176	+20.1%	Cons. · IFRS
FYE Mar 2021	194	+9.8%	Cons. · IFRS
FYE Mar 2022	211	+9.1%	Cons. · IFRS
FYE Mar 2023	242	+14.5%	Cons. · IFRS
FYE Mar 2024	215	−11.2%	Cons. · IFRS
FYE Mar 2025	224	+4.2%	Cons. · IFRS
FYE Mar 2026	229	+2.1%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥48bn

CAGR · 9 yrs −0.2%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	48.8	n/a	Cons. · US GAAP
FYE Mar 2018	n/a	n/a	Cons. · US GAAP
FYE Mar 2019	62.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	55.9	−10.9%	Cons. · IFRS
FYE Mar 2021	59.3	+6.1%	Cons. · IFRS
FYE Mar 2022	90.1	+51.8%	Cons. · IFRS
FYE Mar 2023	102	+13.5%	Cons. · IFRS
FYE Mar 2024	59.2	−42.0%	Cons. · IFRS
FYE Mar 2025	85.5	+44.3%	Cons. · IFRS
FYE Mar 2026	47.9	−43.9%	Cons. · IFRS

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 ¥181bn

CAGR · 9 yrs +9.2%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	89.5	n/a	Cons. · US GAAP
FYE Mar 2018	n/a	n/a	Cons. · US GAAP
FYE Mar 2019	84.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	121	+43.1%	Cons. · IFRS
FYE Mar 2021	134	+11.5%	Cons. · IFRS
FYE Mar 2022	121	−9.7%	Cons. · IFRS
FYE Mar 2023	140	+15.2%	Cons. · IFRS
FYE Mar 2024	156	+11.3%	Cons. · IFRS
FYE Mar 2025	138	−11.0%	Cons. · IFRS
FYE Mar 2026	181	+30.5%	Cons. · IFRS

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 ¥34bn

CAGR · 8 yrs +26.9%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	n/a	n/a	Cons. · US GAAP
FYE Mar 2019	6.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	8.5	+31.7%	Cons. · IFRS
FYE Mar 2021	10.4	+22.3%	Cons. · IFRS
FYE Mar 2022	15.1	+44.7%	Cons. · IFRS
FYE Mar 2023	20.0	+32.7%	Cons. · IFRS
FYE Mar 2024	25.6	+28.1%	Cons. · IFRS
FYE Mar 2025	33.3	+29.8%	Cons. · IFRS
FYE Mar 2026	34.3	+3.2%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥4.8bn

CAGR · 9 yrs +1.4%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	4.3	n/a	Cons. · US GAAP
FYE Mar 2019	0.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	0.4	−30.9%	Cons. · IFRS
FYE Mar 2021	0.2	−55.8%	Cons. · IFRS
FYE Mar 2022	0.2	+4.1%	Cons. · IFRS
FYE Mar 2023	0.2	−0.0%	Cons. · IFRS
FYE Mar 2024	0.2	+2.5%	Cons. · IFRS
FYE Mar 2025	4.5	+2065.0%	Cons. · IFRS
FYE Mar 2026	4.8	+6.8%	Cons. · IFRS

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 52.4%

Average · 10 yrs 53.3%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	57.6	n/a	Cons. · US GAAP
FYE Mar 2018	56.2	−1.3pp	Cons. · US GAAP
FYE Mar 2019	53.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	51.0	−2.5pp	Cons. · IFRS
FYE Mar 2021	51.2	+0.2pp	Cons. · IFRS
FYE Mar 2022	51.5	+0.3pp	Cons. · IFRS
FYE Mar 2023	51.5	−0.0pp	Cons. · IFRS
FYE Mar 2024	53.8	+2.3pp	Cons. · IFRS
FYE Mar 2025	53.9	+0.1pp	Cons. · IFRS
FYE Mar 2026	52.4	−1.5pp	Cons. · IFRS

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 43.8%

Average · 10 yrs 41.3%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	34.2	n/a	Cons. · US GAAP
FYE Mar 2018	27.0	−7.2pp	Cons. · US GAAP
FYE Mar 2019	37.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	45.0	+7.9pp	Cons. · IFRS
FYE Mar 2021	45.8	+0.8pp	Cons. · IFRS
FYE Mar 2022	45.1	−0.7pp	Cons. · IFRS
FYE Mar 2023	50.1	+5.0pp	Cons. · IFRS
FYE Mar 2024	41.7	−8.5pp	Cons. · IFRS
FYE Mar 2025	43.8	+2.1pp	Cons. · IFRS
FYE Mar 2026	43.8	−0.0pp	Cons. · IFRS

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 6.7%

Average · 10 yrs 6.6%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	8.7	n/a	Cons. · US GAAP
FYE Mar 2018	9.0	+0.3pp	Cons. · US GAAP
FYE Mar 2019	4.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	4.9	−0.0pp	Cons. · IFRS
FYE Mar 2021	7.7	+2.8pp	Cons. · IFRS
FYE Mar 2022	10.3	+2.5pp	Cons. · IFRS
FYE Mar 2023	3.4	−6.8pp	Cons. · IFRS
FYE Mar 2024	5.4	+2.0pp	Cons. · IFRS
FYE Mar 2025	5.2	−0.2pp	Cons. · IFRS
FYE Mar 2026	6.7	+1.5pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 3.5%

Average · 10 yrs 3.5%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	5.0	n/a	Cons. · US GAAP
FYE Mar 2018	5.1	+0.1pp	Cons. · US GAAP
FYE Mar 2019	2.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	2.5	−0.1pp	Cons. · IFRS
FYE Mar 2021	4.0	+1.5pp	Cons. · IFRS
FYE Mar 2022	5.3	+1.3pp	Cons. · IFRS
FYE Mar 2023	1.8	−3.5pp	Cons. · IFRS
FYE Mar 2024	2.9	+1.2pp	Cons. · IFRS
FYE Mar 2025	2.8	−0.1pp	Cons. · IFRS
FYE Mar 2026	3.5	+0.7pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 1.46×

CAGR · 10 yrs −1.8%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.71	n/a	Cons. · US GAAP
FYE Mar 2018	1.73	+0.9%	Cons. · US GAAP
FYE Mar 2019	1.66	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1.60	−3.9%	Cons. · IFRS
FYE Mar 2021	1.34	−16.2%	Cons. · IFRS
FYE Mar 2022	1.27	−5.5%	Cons. · IFRS
FYE Mar 2023	1.34	+6.1%	Cons. · IFRS
FYE Mar 2024	1.36	+1.2%	Cons. · IFRS
FYE Mar 2025	1.44	+6.1%	Cons. · IFRS
FYE Mar 2026	1.46	+1.2%	Cons. · IFRS

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 ¥82bn

CAGR · 10 yrs +2.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	65.3	n/a	Cons. · US GAAP
FYE Mar 2018	53.3	−18.3%	Cons. · US GAAP
FYE Mar 2019	30.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	65.5	+112.2%	Cons. · IFRS
FYE Mar 2021	82.5	+26.1%	Cons. · IFRS
FYE Mar 2022	33.4	−59.5%	Cons. · IFRS
FYE Mar 2023	11.3	−66.1%	Cons. · IFRS
FYE Mar 2024	86.6	+664.2%	Cons. · IFRS
FYE Mar 2025	77.4	−10.6%	Cons. · IFRS
FYE Mar 2026	82.3	+6.3%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥34bn

Average · 10 yrs -¥43bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-38.3	n/a	Cons. · US GAAP
FYE Mar 2018	-48.2	n/a	Cons. · US GAAP
FYE Mar 2019	-45.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-36.7	n/a	Cons. · IFRS
FYE Mar 2021	-57.8	n/a	Cons. · IFRS
FYE Mar 2022	-22.8	n/a	Cons. · IFRS
FYE Mar 2023	-63.7	n/a	Cons. · IFRS
FYE Mar 2024	-39.2	n/a	Cons. · IFRS
FYE Mar 2025	-42.7	n/a	Cons. · IFRS
FYE Mar 2026	-34.0	n/a	Cons. · IFRS

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

Financing cash flow

FYE Mar 2026 -¥56bn

Average · 10 yrs -¥18bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-11.4	n/a	Cons. · US GAAP
FYE Mar 2018	-27.1	n/a	Cons. · US GAAP
FYE Mar 2019	2.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-3.1	−204.9%	Cons. · IFRS
FYE Mar 2021	-14.9	n/a	Cons. · IFRS
FYE Mar 2022	-12.2	n/a	Cons. · IFRS
FYE Mar 2023	28.4	n/a	Cons. · IFRS
FYE Mar 2024	-53.2	−287.2%	Cons. · IFRS
FYE Mar 2025	-29.9	n/a	Cons. · IFRS
FYE Mar 2026	-56.0	n/a	Cons. · IFRS

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 ¥69bn

CAGR · 10 yrs −2.0%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	82.6	n/a	Cons. · US GAAP
FYE Mar 2018	58.3	−29.5%	Cons. · US GAAP
FYE Mar 2019	48.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	72.4	+50.5%	Cons. · IFRS
FYE Mar 2021	83.8	+15.8%	Cons. · IFRS
FYE Mar 2022	85.4	+1.8%	Cons. · IFRS
FYE Mar 2023	65.0	−23.9%	Cons. · IFRS
FYE Mar 2024	65.5	+0.7%	Cons. · IFRS
FYE Mar 2025	71.6	+9.3%	Cons. · IFRS
FYE Mar 2026	68.7	−4.0%	Cons. · IFRS

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 ¥48bn

CAGR · 10 yrs +6.7%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	27.0	n/a	Cons. · US GAAP
FYE Mar 2018	5.1	−81.1%	Cons. · US GAAP
FYE Mar 2019	-14.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	28.7	n/a	Cons. · IFRS
FYE Mar 2021	24.7	−14.1%	Cons. · IFRS
FYE Mar 2022	10.6	−57.3%	Cons. · IFRS
FYE Mar 2023	-52.3	−596.2%	Cons. · IFRS
FYE Mar 2024	47.4	n/a	Cons. · IFRS
FYE Mar 2025	34.7	−26.7%	Cons. · IFRS
FYE Mar 2026	48.3	+39.1%	Cons. · IFRS

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 5.7%

Average · 10 yrs 4.7%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	5.4	n/a	Cons. · US GAAP
FYE Mar 2018	4.2	−1.2pp	Cons. · US GAAP
FYE Mar 2019	2.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	5.3	+2.8pp	Cons. · IFRS
FYE Mar 2021	7.5	+2.1pp	Cons. · IFRS
FYE Mar 2022	2.9	−4.6pp	Cons. · IFRS
FYE Mar 2023	0.9	−2.0pp	Cons. · IFRS
FYE Mar 2024	6.6	+5.7pp	Cons. · IFRS
FYE Mar 2025	5.7	−1.0pp	Cons. · IFRS
FYE Mar 2026	5.7	−0.0pp	Cons. · IFRS

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

Net cash

FYE Mar 2026 -¥160bn

Average · 10 yrs -¥119bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-55.6	n/a	Cons. · US GAAP
FYE Mar 2018	-53.1	n/a	Cons. · US GAAP
FYE Mar 2019	-98.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-104	n/a	Cons. · IFRS
FYE Mar 2021	-110	n/a	Cons. · IFRS
FYE Mar 2022	-126	n/a	Cons. · IFRS
FYE Mar 2023	-177	n/a	Cons. · IFRS
FYE Mar 2024	-149	n/a	Cons. · IFRS
FYE Mar 2025	-152	n/a	Cons. · IFRS
FYE Mar 2026	-160	n/a	Cons. · IFRS

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 ¥697bn

Change · 10 yrs +¥67bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	630	n/a
FYE Mar 2018	469	n/a
FYE Mar 2019	410	n/a
FYE Mar 2020	388	n/a
FYE Mar 2021	488	n/a
FYE Mar 2022	427	n/a
FYE Mar 2023	395	n/a
FYE Mar 2024	524	n/a
FYE Mar 2025	497	n/a
FYE Mar 2026	697	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 7,031¥

Change · 10 yrs +4,043¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,988	n/a
FYE Mar 2018	2,180	n/a
FYE Mar 2019	3,985	n/a
FYE Mar 2020	3,766	n/a
FYE Mar 2021	4,744	n/a
FYE Mar 2022	4,149	n/a
FYE Mar 2023	3,835	n/a
FYE Mar 2024	5,088	n/a
FYE Mar 2025	5,011	n/a
FYE Mar 2026	7,031	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 99,095,000shares

Change · 10 yrs −111,800,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	210,895,000	Parent
FYE Mar 2018	214,992,000	Parent
FYE Mar 2019	102,959,000	Parent
FYE Mar 2020	102,959,000	Parent
FYE Mar 2021	102,959,000	Parent
FYE Mar 2022	102,959,000	Parent
FYE Mar 2023	102,959,000	Parent
FYE Mar 2024	102,959,000	Parent
FYE Mar 2025	99,095,000	Parent
FYE Mar 2026	99,095,000	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 361.13¥

Change · 10 yrs +17.66¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	343.47	Cons.
FYE Mar 2018	352.26	Cons.
FYE Mar 2019	183.21	Cons.
FYE Mar 2020	186.70	Cons.
FYE Mar 2021	317.97	Cons.
FYE Mar 2022	469.92	Cons.
FYE Mar 2023	162.44	Cons.
FYE Mar 2024	273.70	Cons.
FYE Mar 2025	263.05	Cons.
FYE Mar 2026	361.13	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 5,269.57¥

Change · 10 yrs +3,353.33¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,916.24	Cons. · US GAAP
FYE Mar 2018	1,921.36	Cons. · US GAAP
FYE Mar 2019	3,852.70	Cons. · IFRS
FYE Mar 2020	3,809.58	Cons. · IFRS
FYE Mar 2021	4,107.28	Cons. · IFRS
FYE Mar 2022	4,551.17	Cons. · IFRS
FYE Mar 2023	4,691.62	Cons. · IFRS
FYE Mar 2024	5,009.80	Cons. · IFRS
FYE Mar 2025	5,161.85	Cons. · IFRS
FYE Mar 2026	5,269.57	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 19.47×

Average · 10 yrs 17.62×

Fiscal year	PER ×	Basis
FYE Mar 2017	17.40	Cons.
FYE Mar 2018	12.38	Cons.
FYE Mar 2019	21.75	Cons.
FYE Mar 2020	20.17	Cons.
FYE Mar 2021	14.92	Cons.
FYE Mar 2022	8.83	Cons.
FYE Mar 2023	23.61	Cons.
FYE Mar 2024	18.59	Cons.
FYE Mar 2025	19.05	Cons.
FYE Mar 2026	19.47	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 1.23×

Average · 10 yrs 1.07×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.66	Cons.
FYE Mar 2018	1.12	Cons.
FYE Mar 2019	1.02	Cons.
FYE Mar 2020	0.96	Cons.
FYE Mar 2021	1.12	Cons.
FYE Mar 2022	0.89	Cons.
FYE Mar 2023	0.80	Cons.
FYE Mar 2024	0.99	Cons.
FYE Mar 2025	0.95	Cons.
FYE Mar 2026	1.23	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 15,790people

Change · 10 yrs −593 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	16,383	n/a	Cons.
FYE Mar 2018	17,359	+6.0%	Cons.
FYE Mar 2019	17,444	+0.5%	Cons.
FYE Mar 2020	17,339	−0.6%	Cons.
FYE Mar 2021	17,168	−1.0%	Cons.
FYE Mar 2022	16,192	−5.7%	Cons.
FYE Mar 2023	16,064	−0.8%	Cons.
FYE Mar 2024	15,429	−4.0%	Cons.
FYE Mar 2025	15,732	+2.0%	Cons.
FYE Mar 2026	15,790	+0.4%	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 1,198people

Change · 10 yrs −218 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	1,416	n/a	Parent
FYE Mar 2018	1,427	+0.8%	Parent
FYE Mar 2019	1,431	+0.3%	Parent
FYE Mar 2020	1,284	−10.3%	Parent
FYE Mar 2021	1,314	+2.3%	Parent
FYE Mar 2022	1,326	+0.9%	Parent
FYE Mar 2023	1,300	−2.0%	Parent
FYE Mar 2024	1,256	−3.4%	Parent
FYE Mar 2025	1,233	−1.8%	Parent
FYE Mar 2026	1,198	−2.8%	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 875万円

Change · 10 yrs +8万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	868	n/a	Parent
FYE Mar 2018	871	+0.3%	Parent
FYE Mar 2019	857	−1.6%	Parent
FYE Mar 2020	842	−1.7%	Parent
FYE Mar 2021	840	−0.3%	Parent
FYE Mar 2022	848	+1.0%	Parent
FYE Mar 2023	847	−0.2%	Parent
FYE Mar 2024	822	−2.9%	Parent
FYE Mar 2025	861	+4.7%	Parent
FYE Mar 2026	875	+1.7%	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 40.1years

Change · 8 yrs −2.4 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	42.5	n/a	Parent
FYE Mar 2020	41.1	−3.3%	Parent
FYE Mar 2021	40.3	−1.9%	Parent
FYE Mar 2022	39.6	−1.7%	Parent
FYE Mar 2023	41.7	+5.3%	Parent
FYE Mar 2024	41.4	−0.7%	Parent
FYE Mar 2025	40.4	−2.4%	Parent
FYE Mar 2026	40.1	−0.7%	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 15.4years

Change · 10 yrs −3.1 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	18.5	n/a	Parent
FYE Mar 2018	18.8	+1.6%	Parent
FYE Mar 2019	18.8	−0.0%	Parent
FYE Mar 2020	17.5	−6.9%	Parent
FYE Mar 2021	17.5	−0.0%	Parent
FYE Mar 2022	17.8	+1.7%	Parent
FYE Mar 2023	17.7	−0.6%	Parent
FYE Mar 2024	17.3	−2.3%	Parent
FYE Mar 2025	15.8	−8.7%	Parent
FYE Mar 2026	15.4	−2.5%	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 10,083people

Change · 10 yrs −3,213 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	13,296	n/a	n/a
FYE Mar 2018	13,296	−0.0%	n/a
FYE Mar 2019	13,396	+0.8%	n/a
FYE Mar 2020	12,791	−4.5%	n/a
FYE Mar 2021	12,222	−4.4%	n/a
FYE Mar 2022	11,457	−6.3%	n/a
FYE Mar 2023	10,986	−4.1%	n/a
FYE Mar 2024	10,483	−4.6%	n/a
FYE Mar 2025	10,215	−2.6%	n/a
FYE Mar 2026	10,083	−1.3%	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 ¥92.3m

Change · 10 yrs +¥18.9m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	73.4	n/a	Cons.
FYE Mar 2018	73.1	−0.4%	Cons.
FYE Mar 2019	70.8	n/a	Cons.
FYE Mar 2020	70.9	+0.3%	Cons.
FYE Mar 2021	64.4	−9.1%	Cons.
FYE Mar 2022	71.1	+10.4%	Cons.
FYE Mar 2023	78.4	+10.2%	Cons.
FYE Mar 2024	84.5	+7.7%	Cons.
FYE Mar 2025	87.1	+3.1%	Cons.
FYE Mar 2026	92.3	+5.9%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥3.5m

Change · 10 yrs +¥0.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	3.3	n/a	Cons.
FYE Mar 2018	2.9	−11.5%	Cons.
FYE Mar 2019	1.7	n/a	Cons.
FYE Mar 2020	1.6	−10.1%	Cons.
FYE Mar 2021	2.8	+77.8%	Cons.
FYE Mar 2022	3.2	+15.3%	Cons.
FYE Mar 2023	1.4	−56.8%	Cons.
FYE Mar 2024	2.6	+90.7%	Cons.
FYE Mar 2025	2.4	−10.1%	Cons.
FYE Mar 2026	3.5	+46.1%	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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