Financials

Kakaku.com: FYE Mar 2026 and ten years of results (41 metrics)

FYE Mar 2026 · Revenue¥94bnYoY +20.0%

FYE Mar 2026 · Operating profit¥27bnYoY −7.0%

FYE Mar 2026 · Net profit¥19bnYoY −6.1%

FYE Mar 2026 · Equity ratio70.1%YoY +4.3pp

FYE Mar 2026 · Group employees1,421YoY +40

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥45bn	n/a	¥21bn	n/a	46.9%	¥15bn	Tanaka Minoru	Shonosuke Hata becomes the fourth president
FYE Mar 2018Consolidated	¥49bn	+8.2%	¥23bn	+8.1%	46.9%	¥16bn	Hata Shonosuke	—
FYE Mar 2019Consolidated	¥55bn	+12.4%	¥25bn	+9.6%	45.7%	¥17bn	Hata Shonosuke	—
FYE Mar 2020Consolidated	¥61bn	+11.2%	¥27bn	+8.6%	44.6%	¥18bn	Hata Shonosuke	—
FYE Mar 2021Consolidated	¥51bn	−16.2%	¥18bn	−32.8%	35.8%	¥12bn	Hata Shonosuke	—
FYE Mar 2022Consolidated	¥52bn	+1.3%	¥19bn	+4.7%	37.0%	¥14bn	Hata Shonosuke	—
FYE Mar 2023Consolidated	¥61bn	+17.6%	¥24bn	+25.1%	39.4%	¥16bn	Hata Shonosuke	A court finds a <em>Tabelog</em> rating-algorithm change violated antitrust law
FYE Mar 2024Consolidated	¥67bn	+10.0%	¥26bn	+7.8%	38.6%	¥18bn	Hata Shonosuke	—
FYE Mar 2025Consolidated	¥78bn	+17.2%	¥29bn	+13.5%	37.3%	¥20bn	Hata Shonosuke	Atsuhiro Murakami, the creator of <em>Tabelog</em>, becomes president; record results
FYE Mar 2026Consolidated	¥94bn	+20.0%	¥27bn	−7.0%	28.9%	¥19bn	Murakami Atsuhiro	—

How it compares

SoftBank Group¥7.80tnFY2025Operating margin 78.7%Rakuten Group¥2.50tnFY2025Operating margin 0.6%LY Corporation¥2.04tnFY2025Operating margin 16.8%CyberAgent¥874bnFY2025Operating margin 8.2%U-NEXT HOLDINGS¥390bnFY2025Operating margin 8.1%M3¥351bnFY2025Operating margin 20.9%MonotaRO¥334bnFY2025Operating margin 13.8%Mercari¥229bnFY2026Operating margin 19.1%ZOZO¥228bnFY2025Operating margin 30.4%

LINE CorporationDelisted 2020

Kakaku.com¥94bnFY2025Operating margin 28.9%

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 Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥94bn

CAGR · 10 yrs +8.5%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	45.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	48.8	moved to IFRS	Cons. · IFRS
FYE Mar 2019	54.8	+12.4%	Cons. · IFRS
FYE Mar 2020	61.0	+11.2%	Cons. · IFRS
FYE Mar 2021	51.1	−16.2%	Cons. · IFRS
FYE Mar 2022	51.7	+1.3%	Cons. · IFRS
FYE Mar 2023	60.8	+17.6%	Cons. · IFRS
FYE Mar 2024	66.9	+10.0%	Cons. · IFRS
FYE Mar 2025	78.4	+17.2%	Cons. · IFRS
FYE Mar 2026	94.1	+20.0%	Cons. · IFRS

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

Operating profit

FYE Mar 2026 ¥27bn

CAGR · 10 yrs +2.8%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	21.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22.9	moved to IFRS	Cons. · IFRS
FYE Mar 2019	25.1	+9.6%	Cons. · IFRS
FYE Mar 2020	27.2	+8.6%	Cons. · IFRS
FYE Mar 2021	18.3	−32.8%	Cons. · IFRS
FYE Mar 2022	19.1	+4.7%	Cons. · IFRS
FYE Mar 2023	23.9	+25.1%	Cons. · IFRS
FYE Mar 2024	25.8	+7.8%	Cons. · IFRS
FYE Mar 2025	29.3	+13.5%	Cons. · IFRS
FYE Mar 2026	27.2	−7.0%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥458m

CAGR · 10 yrs +40.9%

Fiscal year	Non-operating income ¥ m	YoY	Basis
FYE Mar 2017	20.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.0	moved to IFRS	Cons. · IFRS
FYE Mar 2019	15.0	+66.7%	Cons. · IFRS
FYE Mar 2020	26.0	+73.3%	Cons. · IFRS
FYE Mar 2021	209	+703.8%	Cons. · IFRS
FYE Mar 2022	748	+257.9%	Cons. · IFRS
FYE Mar 2023	255	−65.9%	Cons. · IFRS
FYE Mar 2024	443	+73.7%	Cons. · IFRS
FYE Mar 2025	24.0	−94.6%	Cons. · IFRS
FYE Mar 2026	458	+1808.3%	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 ¥341m

CAGR · 10 yrs +38.5%

Fiscal year	Non-operating expenses ¥ m	YoY	Basis
FYE Mar 2017	18.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.0	moved to IFRS	Cons. · IFRS
FYE Mar 2019	7.0	+133.3%	Cons. · IFRS
FYE Mar 2020	228	+3157.1%	Cons. · IFRS
FYE Mar 2021	123	−46.1%	Cons. · IFRS
FYE Mar 2022	2.0	−98.4%	Cons. · IFRS
FYE Mar 2023	517	+25750.0%	Cons. · IFRS
FYE Mar 2024	83.0	−83.9%	Cons. · IFRS
FYE Mar 2025	584	+603.6%	Cons. · IFRS
FYE Mar 2026	341	−41.6%	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 ¥19bn

CAGR · 10 yrs +2.7%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	14.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15.7	moved to IFRS	Cons. · IFRS
FYE Mar 2019	16.7	+6.7%	Cons. · IFRS
FYE Mar 2020	18.3	+9.9%	Cons. · IFRS
FYE Mar 2021	11.8	−35.9%	Cons. · IFRS
FYE Mar 2022	14.3	+21.5%	Cons. · IFRS
FYE Mar 2023	16.2	+13.0%	Cons. · IFRS
FYE Mar 2024	18.1	+12.0%	Cons. · IFRS
FYE Mar 2025	20.0	+10.7%	Cons. · IFRS
FYE Mar 2026	18.8	−6.1%	Cons. · IFRS

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

Operating margin

FYE Mar 2026 28.9%

Average · 10 yrs 40.1%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	46.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	46.9	moved to IFRS	Cons. · IFRS
FYE Mar 2019	45.7	−1.2pp	Cons. · IFRS
FYE Mar 2020	44.6	−1.1pp	Cons. · IFRS
FYE Mar 2021	35.8	−8.8pp	Cons. · IFRS
FYE Mar 2022	37.0	+1.2pp	Cons. · IFRS
FYE Mar 2023	39.4	+2.4pp	Cons. · IFRS
FYE Mar 2024	38.6	−0.8pp	Cons. · IFRS
FYE Mar 2025	37.3	−1.2pp	Cons. · IFRS
FYE Mar 2026	28.9	−8.4pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 20.0%

Average · 10 yrs 27.5%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	32.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	32.1	moved to IFRS	Cons. · IFRS
FYE Mar 2019	30.5	−1.6pp	Cons. · IFRS
FYE Mar 2020	30.1	−0.4pp	Cons. · IFRS
FYE Mar 2021	23.0	−7.1pp	Cons. · IFRS
FYE Mar 2022	27.6	+4.6pp	Cons. · IFRS
FYE Mar 2023	26.6	−1.1pp	Cons. · IFRS
FYE Mar 2024	27.0	+0.5pp	Cons. · IFRS
FYE Mar 2025	25.5	−1.5pp	Cons. · IFRS
FYE Mar 2026	20.0	−5.6pp	Cons. · IFRS

Definition: The share of revenue left after everything
Formula: Net profit ÷ 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 ¥92bn

CAGR · 10 yrs +9.1%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	42.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	42.7	moved to IFRS	Cons. · IFRS
FYE Mar 2019	51.2	+20.0%	Cons. · IFRS
FYE Mar 2020	63.3	+23.6%	Cons. · IFRS
FYE Mar 2021	71.0	+12.1%	Cons. · IFRS
FYE Mar 2022	70.5	−0.7%	Cons. · IFRS
FYE Mar 2023	78.6	+11.5%	Cons. · IFRS
FYE Mar 2024	83.3	+6.0%	Cons. · IFRS
FYE Mar 2025	93.5	+12.2%	Cons. · IFRS
FYE Mar 2026	92.5	−1.1%	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 ¥65bn

CAGR · 10 yrs +7.0%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	35.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	33.6	moved to IFRS	Cons. · IFRS
FYE Mar 2019	40.1	+19.4%	Cons. · IFRS
FYE Mar 2020	42.5	+5.9%	Cons. · IFRS
FYE Mar 2021	46.6	+9.7%	Cons. · IFRS
FYE Mar 2022	47.7	+2.4%	Cons. · IFRS
FYE Mar 2023	47.6	−0.3%	Cons. · IFRS
FYE Mar 2024	51.1	+7.3%	Cons. · IFRS
FYE Mar 2025	61.5	+20.4%	Cons. · IFRS
FYE Mar 2026	64.8	+5.4%	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 n/a

Average · 8 yrs ¥477m

Fiscal year	Interest-bearing debt ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	403	moved to IFRS	Cons. · IFRS
FYE Mar 2019	478	+18.6%	Cons. · IFRS
FYE Mar 2020	567	+18.6%	Cons. · IFRS
FYE Mar 2021	889	+56.8%	Cons. · IFRS
FYE Mar 2022	526	−40.8%	Cons. · IFRS
FYE Mar 2023	694	+31.9%	Cons. · IFRS
FYE Mar 2024	255	−63.3%	Cons. · IFRS
FYE Mar 2025	0.0	−100.0%	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 n/a

CAGR · 7 yrs −5.3%

Fiscal year	Short-term borrowings ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	168	moved to IFRS	Cons. · IFRS
FYE Mar 2019	339	+101.8%	Cons. · IFRS
FYE Mar 2020	443	+30.7%	Cons. · IFRS
FYE Mar 2021	806	+81.9%	Cons. · IFRS
FYE Mar 2022	486	−39.7%	Cons. · IFRS
FYE Mar 2023	531	+9.3%	Cons. · IFRS
FYE Mar 2024	121	−77.2%	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	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 n/a

CAGR · 7 yrs −8.9%

Fiscal year	Long-term borrowings ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	235	moved to IFRS	Cons. · IFRS
FYE Mar 2019	139	−40.9%	Cons. · IFRS
FYE Mar 2020	124	−10.8%	Cons. · IFRS
FYE Mar 2021	83.0	−33.1%	Cons. · IFRS
FYE Mar 2022	40.0	−51.8%	Cons. · IFRS
FYE Mar 2023	163	+307.5%	Cons. · IFRS
FYE Mar 2024	134	−17.8%	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	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 ¥4.0bn

CAGR · 10 yrs +7.2%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	2.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.4	moved to IFRS	Cons. · IFRS
FYE Mar 2019	3.3	−4.4%	Cons. · IFRS
FYE Mar 2020	3.3	+0.6%	Cons. · IFRS
FYE Mar 2021	3.4	+1.7%	Cons. · IFRS
FYE Mar 2022	3.3	−2.3%	Cons. · IFRS
FYE Mar 2023	3.4	+2.5%	Cons. · IFRS
FYE Mar 2024	3.5	+2.7%	Cons. · IFRS
FYE Mar 2025	3.7	+5.7%	Cons. · IFRS
FYE Mar 2026	4.0	+9.4%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥7.4bn

CAGR · 10 yrs +50.1%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	0.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.8	moved to IFRS	Cons. · IFRS
FYE Mar 2019	3.8	−0.0%	Cons. · IFRS
FYE Mar 2020	3.7	−1.5%	Cons. · IFRS
FYE Mar 2021	3.6	−4.0%	Cons. · IFRS
FYE Mar 2022	3.6	−0.0%	Cons. · IFRS
FYE Mar 2023	4.1	+13.3%	Cons. · IFRS
FYE Mar 2024	4.0	−2.1%	Cons. · IFRS
FYE Mar 2025	3.5	−11.2%	Cons. · IFRS
FYE Mar 2026	7.4	+108.8%	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 70.1%

Average · 10 yrs 69.9%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	83.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	78.7	moved to IFRS	Cons. · IFRS
FYE Mar 2019	78.3	−0.4pp	Cons. · IFRS
FYE Mar 2020	67.1	−11.2pp	Cons. · IFRS
FYE Mar 2021	65.7	−1.4pp	Cons. · IFRS
FYE Mar 2022	67.7	+2.1pp	Cons. · IFRS
FYE Mar 2023	60.6	−7.2pp	Cons. · IFRS
FYE Mar 2024	61.3	+0.7pp	Cons. · IFRS
FYE Mar 2025	65.8	+4.5pp	Cons. · IFRS
FYE Mar 2026	70.1	+4.3pp	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 n/a

Average · 8 yrs 1.1%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.2	moved to IFRS	Cons. · IFRS
FYE Mar 2019	1.2	−0.0pp	Cons. · IFRS
FYE Mar 2020	1.3	+0.1pp	Cons. · IFRS
FYE Mar 2021	1.9	+0.6pp	Cons. · IFRS
FYE Mar 2022	1.1	−0.8pp	Cons. · IFRS
FYE Mar 2023	1.5	+0.4pp	Cons. · IFRS
FYE Mar 2024	0.5	−1.0pp	Cons. · IFRS
FYE Mar 2025	0.0	−0.5pp	Cons. · IFRS
FYE Mar 2026	n/a	n/a	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 29.0%

Average · 10 yrs 36.0%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	42.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	46.6	moved to IFRS	Cons. · IFRS
FYE Mar 2019	41.6	−5.0pp	Cons. · IFRS
FYE Mar 2020	43.2	+1.6pp	Cons. · IFRS
FYE Mar 2021	25.2	−17.9pp	Cons. · IFRS
FYE Mar 2022	29.9	+4.7pp	Cons. · IFRS
FYE Mar 2023	33.9	+4.0pp	Cons. · IFRS
FYE Mar 2024	35.4	+1.5pp	Cons. · IFRS
FYE Mar 2025	32.6	−2.9pp	Cons. · IFRS
FYE Mar 2026	29.0	−3.6pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 20.3%

Average · 10 yrs 25.4%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	35.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	36.7	moved to IFRS	Cons. · IFRS
FYE Mar 2019	32.6	−4.1pp	Cons. · IFRS
FYE Mar 2020	29.0	−3.6pp	Cons. · IFRS
FYE Mar 2021	16.6	−12.4pp	Cons. · IFRS
FYE Mar 2022	20.3	+3.7pp	Cons. · IFRS
FYE Mar 2023	20.6	+0.3pp	Cons. · IFRS
FYE Mar 2024	21.7	+1.2pp	Cons. · IFRS
FYE Mar 2025	21.4	−0.3pp	Cons. · IFRS
FYE Mar 2026	20.3	−1.1pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 1.02×

CAGR · 10 yrs −0.6%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.07	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.14	moved to IFRS	Cons. · IFRS
FYE Mar 2019	1.07	−6.3%	Cons. · IFRS
FYE Mar 2020	0.96	−10.0%	Cons. · IFRS
FYE Mar 2021	0.72	−25.3%	Cons. · IFRS
FYE Mar 2022	0.73	+2.0%	Cons. · IFRS
FYE Mar 2023	0.77	+5.5%	Cons. · IFRS
FYE Mar 2024	0.80	+3.8%	Cons. · IFRS
FYE Mar 2025	0.84	+4.4%	Cons. · IFRS
FYE Mar 2026	1.02	+21.3%	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 ¥25bn

CAGR · 10 yrs +5.0%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	16.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.0	moved to IFRS	Cons. · IFRS
FYE Mar 2019	18.3	+14.0%	Cons. · IFRS
FYE Mar 2020	24.0	+31.2%	Cons. · IFRS
FYE Mar 2021	17.3	−28.0%	Cons. · IFRS
FYE Mar 2022	16.0	−7.3%	Cons. · IFRS
FYE Mar 2023	22.4	+39.7%	Cons. · IFRS
FYE Mar 2024	19.5	−12.9%	Cons. · IFRS
FYE Mar 2025	27.4	+40.4%	Cons. · IFRS
FYE Mar 2026	25.4	−7.5%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥11bn

Average · 10 yrs -¥4.1bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-2.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-9.1	moved to IFRS	Cons. · IFRS
FYE Mar 2019	-3.2	n/a	Cons. · IFRS
FYE Mar 2020	-4.0	n/a	Cons. · IFRS
FYE Mar 2021	-2.2	n/a	Cons. · IFRS
FYE Mar 2022	-1.3	n/a	Cons. · IFRS
FYE Mar 2023	-2.7	n/a	Cons. · IFRS
FYE Mar 2024	-2.2	n/a	Cons. · IFRS
FYE Mar 2025	-2.9	n/a	Cons. · IFRS
FYE Mar 2026	-11.4	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 -¥18bn

Average · 10 yrs -¥14bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-11.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-17.5	moved to IFRS	Cons. · IFRS
FYE Mar 2019	-9.7	n/a	Cons. · IFRS
FYE Mar 2020	-16.9	n/a	Cons. · IFRS
FYE Mar 2021	-9.7	n/a	Cons. · IFRS
FYE Mar 2022	-15.3	n/a	Cons. · IFRS
FYE Mar 2023	-17.6	n/a	Cons. · IFRS
FYE Mar 2024	-16.1	n/a	Cons. · IFRS
FYE Mar 2025	-11.3	n/a	Cons. · IFRS
FYE Mar 2026	-18.4	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 ¥46bn

CAGR · 10 yrs +4.6%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	30.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21.0	moved to IFRS	Cons. · IFRS
FYE Mar 2019	26.4	+25.7%	Cons. · IFRS
FYE Mar 2020	29.5	+11.7%	Cons. · IFRS
FYE Mar 2021	34.9	+18.2%	Cons. · IFRS
FYE Mar 2022	34.3	−1.7%	Cons. · IFRS
FYE Mar 2023	36.5	+6.3%	Cons. · IFRS
FYE Mar 2024	37.7	+3.4%	Cons. · IFRS
FYE Mar 2025	50.9	+34.9%	Cons. · IFRS
FYE Mar 2026	46.5	−8.6%	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 ¥14bn

CAGR · 10 yrs −0.2%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	14.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.9	moved to IFRS	Cons. · IFRS
FYE Mar 2019	15.1	+118.8%	Cons. · IFRS
FYE Mar 2020	20.0	+32.5%	Cons. · IFRS
FYE Mar 2021	15.1	−24.6%	Cons. · IFRS
FYE Mar 2022	14.7	−2.5%	Cons. · IFRS
FYE Mar 2023	19.7	+34.0%	Cons. · IFRS
FYE Mar 2024	17.3	−12.3%	Cons. · IFRS
FYE Mar 2025	24.5	+41.4%	Cons. · IFRS
FYE Mar 2026	13.9	−43.0%	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 26.9%

Average · 10 yrs 33.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	36.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	32.9	moved to IFRS	Cons. · IFRS
FYE Mar 2019	33.4	+0.5pp	Cons. · IFRS
FYE Mar 2020	39.4	+6.0pp	Cons. · IFRS
FYE Mar 2021	33.8	−5.5pp	Cons. · IFRS
FYE Mar 2022	31.0	−2.8pp	Cons. · IFRS
FYE Mar 2023	36.8	+5.8pp	Cons. · IFRS
FYE Mar 2024	29.2	−7.7pp	Cons. · IFRS
FYE Mar 2025	34.9	+5.8pp	Cons. · IFRS
FYE Mar 2026	26.9	−8.0pp	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 n/a

CAGR · 8 yrs +13.8%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	20.6	moved to IFRS	Cons. · IFRS
FYE Mar 2019	25.9	+25.8%	Cons. · IFRS
FYE Mar 2020	28.9	+11.5%	Cons. · IFRS
FYE Mar 2021	34.0	+17.5%	Cons. · IFRS
FYE Mar 2022	33.8	−0.7%	Cons. · IFRS
FYE Mar 2023	35.8	+5.9%	Cons. · IFRS
FYE Mar 2024	37.4	+4.7%	Cons. · IFRS
FYE Mar 2025	50.9	+35.8%	Cons. · IFRS
FYE Mar 2026	n/a	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 ¥411bn

Change · 10 yrs +¥81bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	330	n/a
FYE Mar 2018	393	n/a
FYE Mar 2019	446	n/a
FYE Mar 2020	410	n/a
FYE Mar 2021	625	n/a
FYE Mar 2022	566	n/a
FYE Mar 2023	364	n/a
FYE Mar 2024	373	n/a
FYE Mar 2025	424	n/a
FYE Mar 2026	411	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 2,072¥

Change · 10 yrs +560¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	1,512	n/a
FYE Mar 2018	1,864	n/a
FYE Mar 2019	2,128	n/a
FYE Mar 2020	1,986	n/a
FYE Mar 2021	3,022	n/a
FYE Mar 2022	2,758	n/a
FYE Mar 2023	1,802	n/a
FYE Mar 2024	1,881	n/a
FYE Mar 2025	2,138	n/a
FYE Mar 2026	2,072	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 198,218,300shares

Change · 10 yrs −19,941,800 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	218,160,100	Parent
FYE Mar 2018	210,605,000	Parent
FYE Mar 2019	209,505,000	Parent
FYE Mar 2020	206,705,000	Parent
FYE Mar 2021	206,705,000	Parent
FYE Mar 2022	205,281,200	Parent
FYE Mar 2023	201,763,000	Parent
FYE Mar 2024	198,218,300	Parent
FYE Mar 2025	198,218,300	Parent
FYE Mar 2026	198,218,300	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 95.05¥

Change · 10 yrs +26.94¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	68.11	Cons.
FYE Mar 2018	73.96	Cons.
FYE Mar 2019	79.70	Cons.
FYE Mar 2020	88.25	Cons.
FYE Mar 2021	57.13	Cons.
FYE Mar 2022	69.65	Cons.
FYE Mar 2023	79.39	Cons.
FYE Mar 2024	90.45	Cons.
FYE Mar 2025	101.33	Cons.
FYE Mar 2026	95.05	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 326.94¥

Change · 10 yrs +165.70¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	161.24	Cons. · Japanese GAAP
FYE Mar 2018	159.61	Cons. · IFRS
FYE Mar 2019	191.57	Cons. · IFRS
FYE Mar 2020	205.68	Cons. · IFRS
FYE Mar 2021	225.53	Cons. · IFRS
FYE Mar 2022	232.60	Cons. · IFRS
FYE Mar 2023	235.91	Cons. · IFRS
FYE Mar 2024	257.64	Cons. · IFRS
FYE Mar 2025	310.20	Cons. · IFRS
FYE Mar 2026	326.94	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 21.80×

Average · 10 yrs 27.55×

Fiscal year	PER ×	Basis
FYE Mar 2017	22.20	Cons.
FYE Mar 2018	25.20	Cons.
FYE Mar 2019	26.70	Cons.
FYE Mar 2020	22.50	Cons.
FYE Mar 2021	52.90	Cons.
FYE Mar 2022	39.60	Cons.
FYE Mar 2023	22.70	Cons.
FYE Mar 2024	20.80	Cons.
FYE Mar 2025	21.10	Cons.
FYE Mar 2026	21.80	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 6.31×

Average · 10 yrs 9.44×

Fiscal year	PBR ×	Basis
FYE Mar 2017	9.31	Cons.
FYE Mar 2018	11.65	Cons.
FYE Mar 2019	10.95	Cons.
FYE Mar 2020	9.53	Cons.
FYE Mar 2021	13.28	Cons.
FYE Mar 2022	11.77	Cons.
FYE Mar 2023	7.57	Cons.
FYE Mar 2024	7.23	Cons.
FYE Mar 2025	6.84	Cons.
FYE Mar 2026	6.31	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 1,421people

Change · 10 yrs +694 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	727	n/a	Cons.
FYE Mar 2018	851	+17.1%	Cons.
FYE Mar 2019	977	+14.8%	Cons.
FYE Mar 2020	1,082	+10.7%	Cons.
FYE Mar 2021	1,172	+8.3%	Cons.
FYE Mar 2022	1,238	+5.6%	Cons.
FYE Mar 2023	1,361	+9.9%	Cons.
FYE Mar 2024	1,381	+1.5%	Cons.
FYE Mar 2025	1,381	−0.0%	Cons.
FYE Mar 2026	1,421	+2.9%	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 1,152people

Change · 10 yrs +560 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	592	n/a	Parent
FYE Mar 2018	639	+7.9%	Parent
FYE Mar 2019	736	+15.2%	Parent
FYE Mar 2020	793	+7.7%	Parent
FYE Mar 2021	876	+10.5%	Parent
FYE Mar 2022	971	+10.8%	Parent
FYE Mar 2023	1,059	+9.1%	Parent
FYE Mar 2024	1,130	+6.7%	Parent
FYE Mar 2025	1,140	+0.9%	Parent
FYE Mar 2026	1,152	+1.1%	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 ¥7.5m

Change · 8 yrs +¥0.7m

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	6.9	n/a	Parent
FYE Mar 2020	6.8	−0.1%	Parent
FYE Mar 2021	6.9	+0.6%	Parent
FYE Mar 2022	6.8	−1.3%	Parent
FYE Mar 2023	6.8	+0.7%	Parent
FYE Mar 2024	7.1	+3.0%	Parent
FYE Mar 2025	7.2	+2.2%	Parent
FYE Mar 2026	7.5	+4.8%	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 37.3years

Change · 8 yrs +1.7 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	35.6	n/a	Parent
FYE Mar 2020	35.2	−1.1%	Parent
FYE Mar 2021	35.4	+0.6%	Parent
FYE Mar 2022	35.8	+1.1%	Parent
FYE Mar 2023	36.0	+0.6%	Parent
FYE Mar 2024	36.3	+0.8%	Parent
FYE Mar 2025	36.9	+1.7%	Parent
FYE Mar 2026	37.3	+1.1%	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 6.6years

Change · 8 yrs +2.0 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	4.6	n/a	Parent
FYE Mar 2020	4.8	+4.3%	Parent
FYE Mar 2021	5.2	+8.3%	Parent
FYE Mar 2022	5.3	+1.9%	Parent
FYE Mar 2023	5.3	−0.0%	Parent
FYE Mar 2024	5.8	+9.4%	Parent
FYE Mar 2025	6.3	+8.6%	Parent
FYE Mar 2026	6.6	+4.8%	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 386people

Change · 10 yrs +265 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	121	n/a	n/a
FYE Mar 2018	130	+7.4%	n/a
FYE Mar 2019	196	+50.8%	n/a
FYE Mar 2020	244	+24.5%	n/a
FYE Mar 2021	260	+6.6%	n/a
FYE Mar 2022	271	+4.2%	n/a
FYE Mar 2023	290	+7.0%	n/a
FYE Mar 2024	328	+13.1%	n/a
FYE Mar 2025	318	−3.0%	n/a
FYE Mar 2026	386	+21.4%	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 ¥66.2m

Change · 10 yrs +¥4.2m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	62.0	n/a	Cons.
FYE Mar 2018	57.3	n/a	Cons.
FYE Mar 2019	56.1	−2.1%	Cons.
FYE Mar 2020	56.4	+0.4%	Cons.
FYE Mar 2021	43.6	−22.7%	Cons.
FYE Mar 2022	41.8	−4.1%	Cons.
FYE Mar 2023	44.7	+7.0%	Cons.
FYE Mar 2024	48.5	+8.4%	Cons.
FYE Mar 2025	56.8	+17.2%	Cons.
FYE Mar 2026	66.2	+16.6%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥19.2m

Change · 10 yrs −¥9.9m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	29.1	n/a	Cons.
FYE Mar 2018	26.9	n/a	Cons.
FYE Mar 2019	25.7	−4.5%	Cons.
FYE Mar 2020	25.2	−2.0%	Cons.
FYE Mar 2021	15.6	−37.9%	Cons.
FYE Mar 2022	15.5	−0.9%	Cons.
FYE Mar 2023	17.6	+13.8%	Cons.
FYE Mar 2024	18.7	+6.3%	Cons.
FYE Mar 2025	21.2	+13.5%	Cons.
FYE Mar 2026	19.2	−9.6%	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.

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