Financials

M3: FYE Mar 2026 and ten years of results (47 metrics)

FYE Mar 2026 · Revenue¥351bnYoY +23.3%

FYE Mar 2026 · Operating profit¥74bnYoY +16.8%

FYE Mar 2026 · Net profit¥49bnYoY +21.3%

FYE Mar 2026 · Equity ratio58.0%YoY −1.1pp

FYE Mar 2026 · Group employees17,010YoY +1,650

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥78bn	n/a	¥25bn	n/a	32.1%	¥16bn	Tanimura Itaru	Vidal Group (France, Germany, Spain) acquired
FYE Mar 2018Consolidated	¥94bn	+20.9%	¥27bn	+9.7%	29.1%	¥18bn	Tanimura Itaru	—
FYE Mar 2019Consolidated	¥113bn	+19.7%	¥31bn	+12.1%	27.2%	¥20bn	Tanimura Itaru	Wake Research — a US clinical-trial network
FYE Mar 2020Consolidated	¥131bn	+15.8%	¥34bn	+11.5%	26.2%	¥22bn	Tanimura Itaru	DailyRounds (India)
FYE Mar 2021Consolidated	¥169bn	+29.2%	¥58bn	+68.8%	34.3%	¥38bn	Tanimura Itaru	—
FYE Mar 2022Consolidated	¥208bn	+23.0%	¥95bn	+64.1%	45.7%	¥64bn	Tanimura Itaru	Pandemic peak: record revenue and profit
FYE Mar 2023Consolidated	¥231bn	+10.9%	¥72bn	−24.3%	31.2%	¥49bn	Tanimura Itaru	Operating margin reaches 45.7%
FYE Mar 2024Consolidated	¥239bn	+3.5%	¥64bn	−10.6%	27.0%	¥45bn	Tanimura Itaru	CUC lists on the TSE Growth market
FYE Mar 2025Consolidated	¥285bn	+19.3%	¥63bn	−2.2%	22.1%	¥40bn	Tanimura Itaru	—
FYE Mar 2026Consolidated	¥351bn	+23.3%	¥74bn	+16.8%	20.9%	¥49bn	Tanimura Itaru	Impairments overseas; ¥34.3bn of dividends and buybacks

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

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 ¥351bn

CAGR · 10 yrs +18.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	78.1	n/a	Cons. · IFRS
FYE Mar 2018	94.5	+20.9%	Cons. · IFRS
FYE Mar 2019	113	+19.7%	Cons. · IFRS
FYE Mar 2020	131	+15.8%	Cons. · IFRS
FYE Mar 2021	169	+29.2%	Cons. · IFRS
FYE Mar 2022	208	+23.0%	Cons. · IFRS
FYE Mar 2023	231	+10.9%	Cons. · IFRS
FYE Mar 2024	239	+3.5%	Cons. · IFRS
FYE Mar 2025	285	+19.3%	Cons. · IFRS
FYE Mar 2026	351	+23.3%	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 ¥176bn

CAGR · 10 yrs +20.8%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	32.1	n/a	Cons. · IFRS
FYE Mar 2018	40.7	+26.8%	Cons. · IFRS
FYE Mar 2019	49.2	+20.9%	Cons. · IFRS
FYE Mar 2020	58.1	+18.0%	Cons. · IFRS
FYE Mar 2021	65.8	+13.3%	Cons. · IFRS
FYE Mar 2022	84.9	+29.0%	Cons. · IFRS
FYE Mar 2023	95.6	+12.7%	Cons. · IFRS
FYE Mar 2024	98.4	+2.8%	Cons. · IFRS
FYE Mar 2025	131	+32.7%	Cons. · IFRS
FYE Mar 2026	176	+34.5%	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 ¥176bn

CAGR · 10 yrs +16.1%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	46.0	n/a	Cons. · IFRS
FYE Mar 2018	53.8	+16.7%	Cons. · IFRS
FYE Mar 2019	63.8	+18.8%	Cons. · IFRS
FYE Mar 2020	72.9	+14.2%	Cons. · IFRS
FYE Mar 2021	103	+41.9%	Cons. · IFRS
FYE Mar 2022	123	+19.2%	Cons. · IFRS
FYE Mar 2023	135	+9.7%	Cons. · IFRS
FYE Mar 2024	141	+4.0%	Cons. · IFRS
FYE Mar 2025	154	+9.8%	Cons. · IFRS
FYE Mar 2026	176	+13.9%	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 ¥106bn

CAGR · 10 yrs +18.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	22.3	n/a	Cons. · IFRS
FYE Mar 2018	27.1	+21.5%	Cons. · IFRS
FYE Mar 2019	36.1	+33.3%	Cons. · IFRS
FYE Mar 2020	38.7	+7.3%	Cons. · IFRS
FYE Mar 2021	45.0	+16.4%	Cons. · IFRS
FYE Mar 2022	56.1	+24.5%	Cons. · IFRS
FYE Mar 2023	64.8	+15.6%	Cons. · IFRS
FYE Mar 2024	75.0	+15.7%	Cons. · IFRS
FYE Mar 2025	92.9	+23.9%	Cons. · IFRS
FYE Mar 2026	106	+13.8%	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 ¥74bn

CAGR · 10 yrs +12.7%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	25.1	n/a	Cons. · IFRS
FYE Mar 2018	27.5	+9.7%	Cons. · IFRS
FYE Mar 2019	30.8	+12.1%	Cons. · IFRS
FYE Mar 2020	34.3	+11.5%	Cons. · IFRS
FYE Mar 2021	58.0	+68.8%	Cons. · IFRS
FYE Mar 2022	95.1	+64.1%	Cons. · IFRS
FYE Mar 2023	72.0	−24.3%	Cons. · IFRS
FYE Mar 2024	64.4	−10.6%	Cons. · IFRS
FYE Mar 2025	63.0	−2.2%	Cons. · IFRS
FYE Mar 2026	73.5	+16.8%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥3.7bn

CAGR · 10 yrs +87.6%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · IFRS
FYE Mar 2018	0.0	+215.4%	Cons. · IFRS
FYE Mar 2019	0.2	+275.6%	Cons. · IFRS
FYE Mar 2020	0.3	+102.6%	Cons. · IFRS
FYE Mar 2021	0.4	+29.5%	Cons. · IFRS
FYE Mar 2022	1.1	+171.5%	Cons. · IFRS
FYE Mar 2023	2.4	+119.1%	Cons. · IFRS
FYE Mar 2024	4.9	+101.7%	Cons. · IFRS
FYE Mar 2025	2.5	−47.8%	Cons. · IFRS
FYE Mar 2026	3.7	+47.8%	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 ¥1.0bn

CAGR · 10 yrs +28.8%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	0.1	n/a	Cons. · IFRS
FYE Mar 2018	0.1	−48.1%	Cons. · IFRS
FYE Mar 2019	0.0	−77.8%	Cons. · IFRS
FYE Mar 2020	0.0	+225.0%	Cons. · IFRS
FYE Mar 2021	0.1	+184.6%	Cons. · IFRS
FYE Mar 2022	0.1	−53.2%	Cons. · IFRS
FYE Mar 2023	0.1	+32.7%	Cons. · IFRS
FYE Mar 2024	0.4	+466.7%	Cons. · IFRS
FYE Mar 2025	0.7	+83.4%	Cons. · IFRS
FYE Mar 2026	1.0	+41.1%	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 ¥49bn

CAGR · 10 yrs +13.3%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	16.0	n/a	Cons. · IFRS
FYE Mar 2018	18.1	+13.3%	Cons. · IFRS
FYE Mar 2019	19.6	+8.0%	Cons. · IFRS
FYE Mar 2020	21.6	+10.5%	Cons. · IFRS
FYE Mar 2021	37.8	+74.8%	Cons. · IFRS
FYE Mar 2022	63.8	+68.8%	Cons. · IFRS
FYE Mar 2023	49.0	−23.2%	Cons. · IFRS
FYE Mar 2024	45.3	−7.7%	Cons. · IFRS
FYE Mar 2025	40.5	−10.6%	Cons. · IFRS
FYE Mar 2026	49.1	+21.3%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 50.0%

Average · 10 yrs 57.0%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	58.9	n/a	Cons. · IFRS
FYE Mar 2018	56.9	−2.0pp	Cons. · IFRS
FYE Mar 2019	56.5	−0.4pp	Cons. · IFRS
FYE Mar 2020	55.6	−0.8pp	Cons. · IFRS
FYE Mar 2021	61.1	+5.5pp	Cons. · IFRS
FYE Mar 2022	59.2	−1.9pp	Cons. · IFRS
FYE Mar 2023	58.6	−0.6pp	Cons. · IFRS
FYE Mar 2024	58.8	+0.3pp	Cons. · IFRS
FYE Mar 2025	54.2	−4.6pp	Cons. · IFRS
FYE Mar 2026	50.0	−4.1pp	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 20.9%

Average · 10 yrs 29.6%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	32.1	n/a	Cons. · IFRS
FYE Mar 2018	29.1	−3.0pp	Cons. · IFRS
FYE Mar 2019	27.2	−1.9pp	Cons. · IFRS
FYE Mar 2020	26.2	−1.0pp	Cons. · IFRS
FYE Mar 2021	34.3	+8.0pp	Cons. · IFRS
FYE Mar 2022	45.7	+11.4pp	Cons. · IFRS
FYE Mar 2023	31.2	−14.5pp	Cons. · IFRS
FYE Mar 2024	27.0	−4.2pp	Cons. · IFRS
FYE Mar 2025	22.1	−4.8pp	Cons. · IFRS
FYE Mar 2026	20.9	−1.2pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 14.0%

Average · 10 yrs 19.5%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	20.5	n/a	Cons. · IFRS
FYE Mar 2018	19.2	−1.3pp	Cons. · IFRS
FYE Mar 2019	17.3	−1.9pp	Cons. · IFRS
FYE Mar 2020	16.5	−0.8pp	Cons. · IFRS
FYE Mar 2021	22.4	+5.8pp	Cons. · IFRS
FYE Mar 2022	30.7	+8.3pp	Cons. · IFRS
FYE Mar 2023	21.2	−9.4pp	Cons. · IFRS
FYE Mar 2024	19.0	−2.3pp	Cons. · IFRS
FYE Mar 2025	14.2	−4.7pp	Cons. · IFRS
FYE Mar 2026	14.0	−0.2pp	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 50.0%

Average · 10 yrs 43.0%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	41.1	n/a	Cons. · IFRS
FYE Mar 2018	43.1	+2.0pp	Cons. · IFRS
FYE Mar 2019	43.5	+0.4pp	Cons. · IFRS
FYE Mar 2020	44.3	+0.8pp	Cons. · IFRS
FYE Mar 2021	38.9	−5.5pp	Cons. · IFRS
FYE Mar 2022	40.8	+1.9pp	Cons. · IFRS
FYE Mar 2023	41.4	+0.6pp	Cons. · IFRS
FYE Mar 2024	41.2	−0.3pp	Cons. · IFRS
FYE Mar 2025	45.8	+4.6pp	Cons. · IFRS
FYE Mar 2026	50.0	+4.1pp	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 30.1%

Average · 10 yrs 29.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	28.5	n/a	Cons. · IFRS
FYE Mar 2018	28.6	+0.1pp	Cons. · IFRS
FYE Mar 2019	31.9	+3.3pp	Cons. · IFRS
FYE Mar 2020	29.5	−2.3pp	Cons. · IFRS
FYE Mar 2021	26.6	−2.9pp	Cons. · IFRS
FYE Mar 2022	26.9	+0.3pp	Cons. · IFRS
FYE Mar 2023	28.1	+1.2pp	Cons. · IFRS
FYE Mar 2024	31.4	+3.3pp	Cons. · IFRS
FYE Mar 2025	32.6	+1.2pp	Cons. · IFRS
FYE Mar 2026	30.1	−2.5pp	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 ¥637bn

CAGR · 10 yrs +23.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	95.5	n/a	Cons. · IFRS
FYE Mar 2018	116	+21.9%	Cons. · IFRS
FYE Mar 2019	137	+17.9%	Cons. · IFRS
FYE Mar 2020	222	+61.6%	Cons. · IFRS
FYE Mar 2021	273	+23.1%	Cons. · IFRS
FYE Mar 2022	346	+26.7%	Cons. · IFRS
FYE Mar 2023	401	+15.8%	Cons. · IFRS
FYE Mar 2024	491	+22.5%	Cons. · IFRS
FYE Mar 2025	582	+18.5%	Cons. · IFRS
FYE Mar 2026	637	+9.6%	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 ¥370bn

CAGR · 10 yrs +20.9%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	67.1	n/a	Cons. · IFRS
FYE Mar 2018	79.8	+19.0%	Cons. · IFRS
FYE Mar 2019	95.2	+19.3%	Cons. · IFRS
FYE Mar 2020	161	+68.7%	Cons. · IFRS
FYE Mar 2021	192	+19.8%	Cons. · IFRS
FYE Mar 2022	252	+30.9%	Cons. · IFRS
FYE Mar 2023	296	+17.5%	Cons. · IFRS
FYE Mar 2024	337	+14.0%	Cons. · IFRS
FYE Mar 2025	344	+2.1%	Cons. · IFRS
FYE Mar 2026	370	+7.5%	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 ¥33bn

CAGR · 4 yrs +568.4%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	n/a	n/a	Cons. · IFRS
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	0.1	n/a	Cons. · IFRS
FYE Mar 2024	18.5	+16579.3%	Cons. · IFRS
FYE Mar 2025	24.4	+31.9%	Cons. · IFRS
FYE Mar 2026	33.1	+35.7%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥4.2bn

CAGR · 4 yrs +525.8%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	n/a	n/a	Cons. · IFRS
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	0.0	n/a	Cons. · IFRS
FYE Mar 2024	2.0	+11847.1%	Cons. · IFRS
FYE Mar 2025	3.1	+51.6%	Cons. · IFRS
FYE Mar 2026	4.2	+35.3%	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 ¥29bn

CAGR · 4 yrs +575.6%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	n/a	n/a	Cons. · IFRS
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	0.1	n/a	Cons. · IFRS
FYE Mar 2024	16.5	+17435.1%	Cons. · IFRS
FYE Mar 2025	21.3	+29.5%	Cons. · IFRS
FYE Mar 2026	29.0	+35.8%	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 ¥99bn

CAGR · 9 yrs +29.2%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	12.8	n/a	Cons. · IFRS
FYE Mar 2019	12.7	−0.3%	Cons. · IFRS
FYE Mar 2020	20.2	+58.5%	Cons. · IFRS
FYE Mar 2021	23.0	+14.0%	Cons. · IFRS
FYE Mar 2022	25.1	+9.0%	Cons. · IFRS
FYE Mar 2023	40.7	+62.3%	Cons. · IFRS
FYE Mar 2024	51.6	+26.7%	Cons. · IFRS
FYE Mar 2025	94.9	+84.0%	Cons. · IFRS
FYE Mar 2026	99.2	+4.6%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥124bn

CAGR · 10 yrs +16.1%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	32.4	n/a	Cons. · IFRS
FYE Mar 2018	38.0	+17.5%	Cons. · IFRS
FYE Mar 2019	44.1	+16.1%	Cons. · IFRS
FYE Mar 2020	51.2	+16.0%	Cons. · IFRS
FYE Mar 2021	52.9	+3.3%	Cons. · IFRS
FYE Mar 2022	57.8	+9.4%	Cons. · IFRS
FYE Mar 2023	71.3	+23.4%	Cons. · IFRS
FYE Mar 2024	95.5	+33.9%	Cons. · IFRS
FYE Mar 2025	112	+16.9%	Cons. · IFRS
FYE Mar 2026	124	+11.2%	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 58.0%

Average · 10 yrs 68.3%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	70.2	n/a	Cons. · IFRS
FYE Mar 2018	68.5	−1.7pp	Cons. · IFRS
FYE Mar 2019	69.3	+0.8pp	Cons. · IFRS
FYE Mar 2020	72.4	+3.1pp	Cons. · IFRS
FYE Mar 2021	70.4	−2.0pp	Cons. · IFRS
FYE Mar 2022	72.8	+2.3pp	Cons. · IFRS
FYE Mar 2023	73.8	+1.1pp	Cons. · IFRS
FYE Mar 2024	68.7	−5.1pp	Cons. · IFRS
FYE Mar 2025	59.1	−9.5pp	Cons. · IFRS
FYE Mar 2026	58.0	−1.1pp	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 9.0%

Average · 4 yrs 5.4%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	n/a	n/a	Cons. · IFRS
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	0.0	n/a	Cons. · IFRS
FYE Mar 2024	5.5	+5.5pp	Cons. · IFRS
FYE Mar 2025	7.1	+1.6pp	Cons. · IFRS
FYE Mar 2026	9.0	+1.9pp	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 13.3%

Average · 10 yrs 18.1%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	23.9	n/a	Cons. · IFRS
FYE Mar 2018	22.7	−1.1pp	Cons. · IFRS
FYE Mar 2019	20.6	−2.1pp	Cons. · IFRS
FYE Mar 2020	13.5	−7.1pp	Cons. · IFRS
FYE Mar 2021	19.7	+6.2pp	Cons. · IFRS
FYE Mar 2022	25.4	+5.7pp	Cons. · IFRS
FYE Mar 2023	16.6	−8.8pp	Cons. · IFRS
FYE Mar 2024	13.4	−3.1pp	Cons. · IFRS
FYE Mar 2025	11.8	−1.7pp	Cons. · IFRS
FYE Mar 2026	13.3	+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 7.7%

Average · 10 yrs 12.5%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	16.8	n/a	Cons. · IFRS
FYE Mar 2018	15.6	−1.2pp	Cons. · IFRS
FYE Mar 2019	14.3	−1.3pp	Cons. · IFRS
FYE Mar 2020	9.8	−4.5pp	Cons. · IFRS
FYE Mar 2021	13.8	+4.1pp	Cons. · IFRS
FYE Mar 2022	18.5	+4.6pp	Cons. · IFRS
FYE Mar 2023	12.2	−6.2pp	Cons. · IFRS
FYE Mar 2024	9.2	−3.0pp	Cons. · IFRS
FYE Mar 2025	7.0	−2.3pp	Cons. · IFRS
FYE Mar 2026	7.7	+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 0.55×

CAGR · 10 yrs −4.3%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.82	n/a	Cons. · IFRS
FYE Mar 2018	0.81	−0.8%	Cons. · IFRS
FYE Mar 2019	0.82	+1.5%	Cons. · IFRS
FYE Mar 2020	0.59	−28.3%	Cons. · IFRS
FYE Mar 2021	0.62	+4.9%	Cons. · IFRS
FYE Mar 2022	0.60	−2.9%	Cons. · IFRS
FYE Mar 2023	0.58	−4.2%	Cons. · IFRS
FYE Mar 2024	0.49	−15.5%	Cons. · IFRS
FYE Mar 2025	0.49	+0.6%	Cons. · IFRS
FYE Mar 2026	0.55	+12.6%	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 ¥70bn

CAGR · 10 yrs +17.4%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	16.6	n/a	Cons. · IFRS
FYE Mar 2018	15.9	−3.9%	Cons. · IFRS
FYE Mar 2019	17.7	+11.5%	Cons. · IFRS
FYE Mar 2020	26.8	+50.9%	Cons. · IFRS
FYE Mar 2021	46.6	+74.1%	Cons. · IFRS
FYE Mar 2022	52.1	+11.8%	Cons. · IFRS
FYE Mar 2023	57.1	+9.6%	Cons. · IFRS
FYE Mar 2024	58.3	+2.1%	Cons. · IFRS
FYE Mar 2025	51.7	−11.3%	Cons. · IFRS
FYE Mar 2026	70.3	+35.8%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥16bn

Average · 10 yrs -¥22bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-14.5	n/a	Cons. · IFRS
FYE Mar 2018	-7.3	n/a	Cons. · IFRS
FYE Mar 2019	-8.8	n/a	Cons. · IFRS
FYE Mar 2020	-49.9	n/a	Cons. · IFRS
FYE Mar 2021	3.6	n/a	Cons. · IFRS
FYE Mar 2022	-23.4	−751.6%	Cons. · IFRS
FYE Mar 2023	-21.9	n/a	Cons. · IFRS
FYE Mar 2024	-39.5	n/a	Cons. · IFRS
FYE Mar 2025	-39.1	n/a	Cons. · IFRS
FYE Mar 2026	-15.9	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 -¥35bn

Average · 10 yrs -¥7.4bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-3.9	n/a	Cons. · IFRS
FYE Mar 2018	-4.8	n/a	Cons. · IFRS
FYE Mar 2019	-5.0	n/a	Cons. · IFRS
FYE Mar 2020	43.4	n/a	Cons. · IFRS
FYE Mar 2021	-11.6	−126.8%	Cons. · IFRS
FYE Mar 2022	-16.4	n/a	Cons. · IFRS
FYE Mar 2023	-22.8	n/a	Cons. · IFRS
FYE Mar 2024	9.4	n/a	Cons. · IFRS
FYE Mar 2025	-27.2	−388.0%	Cons. · IFRS
FYE Mar 2026	-35.5	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 ¥156bn

CAGR · 10 yrs +24.3%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	22.0	n/a	Cons. · IFRS
FYE Mar 2018	20.1	−8.6%	Cons. · IFRS
FYE Mar 2019	23.7	+18.1%	Cons. · IFRS
FYE Mar 2020	27.5	+16.0%	Cons. · IFRS
FYE Mar 2021	47.9	+74.1%	Cons. · IFRS
FYE Mar 2022	89.1	+85.9%	Cons. · IFRS
FYE Mar 2023	104	+16.9%	Cons. · IFRS
FYE Mar 2024	118	+13.5%	Cons. · IFRS
FYE Mar 2025	150	+26.5%	Cons. · IFRS
FYE Mar 2026	156	+4.4%	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 ¥54bn

CAGR · 10 yrs +43.8%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	2.1	n/a	Cons. · IFRS
FYE Mar 2018	8.6	+318.0%	Cons. · IFRS
FYE Mar 2019	9.0	+3.9%	Cons. · IFRS
FYE Mar 2020	-23.1	−357.6%	Cons. · IFRS
FYE Mar 2021	50.2	n/a	Cons. · IFRS
FYE Mar 2022	28.7	−42.8%	Cons. · IFRS
FYE Mar 2023	35.2	+22.6%	Cons. · IFRS
FYE Mar 2024	18.9	−46.4%	Cons. · IFRS
FYE Mar 2025	12.6	−33.2%	Cons. · IFRS
FYE Mar 2026	54.4	+331.7%	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 20.0%

Average · 10 yrs 21.4%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	21.2	n/a	Cons. · IFRS
FYE Mar 2018	16.8	−4.3pp	Cons. · IFRS
FYE Mar 2019	15.7	−1.1pp	Cons. · IFRS
FYE Mar 2020	20.5	+4.8pp	Cons. · IFRS
FYE Mar 2021	27.6	+7.1pp	Cons. · IFRS
FYE Mar 2022	25.0	−2.5pp	Cons. · IFRS
FYE Mar 2023	24.7	−0.3pp	Cons. · IFRS
FYE Mar 2024	24.4	−0.3pp	Cons. · IFRS
FYE Mar 2025	18.2	−6.2pp	Cons. · IFRS
FYE Mar 2026	20.0	+1.8pp	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 ¥123bn

CAGR · 4 yrs +5.7%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	n/a	n/a	Cons. · IFRS
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	104	n/a	Cons. · IFRS
FYE Mar 2024	99.8	−4.2%	Cons. · IFRS
FYE Mar 2025	125	+25.5%	Cons. · IFRS
FYE Mar 2026	123	−1.8%	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 ¥1.09tn

Change · 10 yrs +¥194bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	895	n/a
FYE Mar 2018	1,548	n/a
FYE Mar 2019	1,202	n/a
FYE Mar 2020	2,169	n/a
FYE Mar 2021	5,141	n/a
FYE Mar 2022	3,033	n/a
FYE Mar 2023	2,241	n/a
FYE Mar 2024	1,453	n/a
FYE Mar 2025	1,154	n/a
FYE Mar 2026	1,089	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 1,603¥

Change · 10 yrs −1,161¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,764	n/a
FYE Mar 2018	4,781	n/a
FYE Mar 2019	1,856	n/a
FYE Mar 2020	3,195	n/a
FYE Mar 2021	7,574	n/a
FYE Mar 2022	4,468	n/a
FYE Mar 2023	3,300	n/a
FYE Mar 2024	2,140	n/a
FYE Mar 2025	1,699	n/a
FYE Mar 2026	1,603	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 679,120,000shares

Change · 10 yrs +355,330,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	323,790,000	Parent
FYE Mar 2018	323,897,000	Parent
FYE Mar 2019	647,957,000	Parent
FYE Mar 2020	678,645,000	Parent
FYE Mar 2021	678,785,000	Parent
FYE Mar 2022	678,904,000	Parent
FYE Mar 2023	678,964,000	Parent
FYE Mar 2024	679,063,000	Parent
FYE Mar 2025	679,077,000	Parent
FYE Mar 2026	679,120,000	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 72.53¥

Change · 10 yrs +47.81¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	24.72	Cons.
FYE Mar 2018	27.99	Cons.
FYE Mar 2019	30.22	Cons.
FYE Mar 2020	31.89	Cons.
FYE Mar 2021	55.73	Cons.
FYE Mar 2022	94.06	Cons.
FYE Mar 2023	72.22	Cons.
FYE Mar 2024	66.68	Cons.
FYE Mar 2025	59.62	Cons.
FYE Mar 2026	72.53	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 544.51¥

Change · 10 yrs +337.38¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	207.12	Cons. · IFRS
FYE Mar 2018	246.37	Cons. · IFRS
FYE Mar 2019	146.91	Cons. · IFRS
FYE Mar 2020	236.68	Cons. · IFRS
FYE Mar 2021	283.40	Cons. · IFRS
FYE Mar 2022	370.78	Cons. · IFRS
FYE Mar 2023	435.58	Cons. · IFRS
FYE Mar 2024	496.46	Cons. · IFRS
FYE Mar 2025	506.68	Cons. · IFRS
FYE Mar 2026	544.51	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 22.10×

Average · 10 yrs 61.47×

Fiscal year	PER ×	Basis
FYE Mar 2017	55.90	Cons.
FYE Mar 2018	85.40	Cons.
FYE Mar 2019	61.40	Cons.
FYE Mar 2020	100.20	Cons.
FYE Mar 2021	135.90	Cons.
FYE Mar 2022	47.50	Cons.
FYE Mar 2023	45.70	Cons.
FYE Mar 2024	32.10	Cons.
FYE Mar 2025	28.50	Cons.
FYE Mar 2026	22.10	Cons.

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

PBR price-to-book ratio

FYE Mar 2026 2.63×

Average · 10 yrs 11.24×

Fiscal year	PBR ×	Basis
FYE Mar 2017	13.39	Cons.
FYE Mar 2018	18.83	Cons.
FYE Mar 2019	12.21	Cons.
FYE Mar 2020	13.08	Cons.
FYE Mar 2021	25.79	Cons.
FYE Mar 2022	11.80	Cons.
FYE Mar 2023	7.43	Cons.
FYE Mar 2024	4.14	Cons.
FYE Mar 2025	3.06	Cons.
FYE Mar 2026	2.63	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 17,010people

Change · 10 yrs +12,640 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	4,370	n/a	Cons.
FYE Mar 2018	5,165	+18.2%	Cons.
FYE Mar 2019	6,024	+16.6%	Cons.
FYE Mar 2020	7,127	+18.3%	Cons.
FYE Mar 2021	8,249	+15.7%	Cons.
FYE Mar 2022	9,384	+13.8%	Cons.
FYE Mar 2023	10,533	+12.2%	Cons.
FYE Mar 2024	12,100	+14.9%	Cons.
FYE Mar 2025	15,360	+26.9%	Cons.
FYE Mar 2026	17,010	+10.7%	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 750people

Change · 10 yrs +418 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	332	n/a	Parent
FYE Mar 2018	364	+9.6%	Parent
FYE Mar 2019	421	+15.7%	Parent
FYE Mar 2020	473	+12.4%	Parent
FYE Mar 2021	554	+17.1%	Parent
FYE Mar 2022	574	+3.6%	Parent
FYE Mar 2023	588	+2.4%	Parent
FYE Mar 2024	649	+10.4%	Parent
FYE Mar 2025	704	+8.5%	Parent
FYE Mar 2026	750	+6.5%	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 976万円

Change · 10 yrs +201万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	775	n/a	Parent
FYE Mar 2018	789	+1.8%	Parent
FYE Mar 2019	791	+0.3%	Parent
FYE Mar 2020	822	+3.9%	Parent
FYE Mar 2021	871	+5.9%	Parent
FYE Mar 2022	902	+3.6%	Parent
FYE Mar 2023	949	+5.2%	Parent
FYE Mar 2024	936	−1.3%	Parent
FYE Mar 2025	931	−0.6%	Parent
FYE Mar 2026	976	+4.9%	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 34.8years

Change · 8 yrs −0.5 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	35.3	n/a	Parent
FYE Mar 2020	34.7	−1.7%	Parent
FYE Mar 2021	34.5	−0.6%	Parent
FYE Mar 2022	34.7	+0.6%	Parent
FYE Mar 2023	34.7	−0.0%	Parent
FYE Mar 2024	34.6	−0.3%	Parent
FYE Mar 2025	34.7	+0.3%	Parent
FYE Mar 2026	34.8	+0.3%	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 4.0years

Change · 10 yrs +0.5 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	3.5	n/a	Parent
FYE Mar 2018	3.9	+11.4%	Parent
FYE Mar 2019	3.0	−23.1%	Parent
FYE Mar 2020	3.0	−0.0%	Parent
FYE Mar 2021	3.0	−0.0%	Parent
FYE Mar 2022	3.0	−0.0%	Parent
FYE Mar 2023	3.0	−0.0%	Parent
FYE Mar 2024	4.0	+33.3%	Parent
FYE Mar 2025	4.0	−0.0%	Parent
FYE Mar 2026	4.0	−0.0%	Parent

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

Temporary employees

FYE Mar 2026 3,413people

Change · 10 yrs +2,752 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	661	n/a	n/a
FYE Mar 2018	910	+37.7%	n/a
FYE Mar 2019	1,358	+49.2%	n/a
FYE Mar 2020	1,519	+11.9%	n/a
FYE Mar 2021	1,458	−4.0%	n/a
FYE Mar 2022	1,426	−2.2%	n/a
FYE Mar 2023	1,485	+4.1%	n/a
FYE Mar 2024	1,819	+22.5%	n/a
FYE Mar 2025	3,007	+65.3%	n/a
FYE Mar 2026	3,413	+13.5%	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 ¥20.7m

Change · 10 yrs +¥2.8m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	17.9	n/a	Cons.
FYE Mar 2018	18.3	+2.3%	Cons.
FYE Mar 2019	18.8	+2.6%	Cons.
FYE Mar 2020	18.4	−2.1%	Cons.
FYE Mar 2021	20.5	+11.6%	Cons.
FYE Mar 2022	22.2	+8.1%	Cons.
FYE Mar 2023	21.9	−1.2%	Cons.
FYE Mar 2024	19.7	−9.9%	Cons.
FYE Mar 2025	18.5	−6.0%	Cons.
FYE Mar 2026	20.7	+11.4%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥4.3m

Change · 10 yrs −¥1.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	5.7	n/a	Cons.
FYE Mar 2018	5.3	−7.2%	Cons.
FYE Mar 2019	5.1	−3.9%	Cons.
FYE Mar 2020	4.8	−5.8%	Cons.
FYE Mar 2021	7.0	+45.9%	Cons.
FYE Mar 2022	10.1	+44.3%	Cons.
FYE Mar 2023	6.8	−32.6%	Cons.
FYE Mar 2024	5.3	−22.1%	Cons.
FYE Mar 2025	4.1	−22.9%	Cons.
FYE Mar 2026	4.3	+5.5%	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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