Financials

Seria: FYE Mar 2026 and ten years of results (42 metrics)

FYE Mar 2026 · Revenue¥256bnYoY +8.2%

FYE Mar 2026 · Operating profit¥21bnYoY +24.5%

FYE Mar 2025 · Net profit¥11bnYoY +14.2%

FYE Mar 2026 · Equity ratio72.1%YoY −4.2pp

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Parent only	¥145bn	n/a	¥15bn	n/a	10.4%	¥11bn	Kawai Eiji	—
FYE Mar 2018Parent only	¥159bn	+9.5%	¥16bn	+8.6%	10.4%	¥11bn	Kawai Eiji	A strong yen lifts the quality of imported goods
FYE Mar 2019Parent only	¥170bn	+7.1%	¥17bn	+1.9%	9.8%	¥12bn	Kawai Eiji	—
FYE Mar 2020Parent only	¥181bn	+6.4%	¥18bn	+4.8%	9.7%	¥12bn	Kawai Eiji	—
FYE Mar 2021Parent only	¥201bn	+10.6%	¥21bn	+20.8%	10.6%	¥15bn	Kawai Eiji	—
FYE Mar 2022Parent only	¥208bn	+3.7%	¥21bn	−1.7%	10.1%	¥14bn	Kawai Eiji	—
FYE Mar 2023Parent only	¥212bn	+2.1%	¥15bn	−26.2%	7.3%	¥10bn	Kawai Eiji	The yen falls; costs rise against a price that cannot move
FYE Mar 2024Parent only	¥223bn	+5.1%	¥15bn	−2.1%	6.8%	¥9.8bn	Kawai Eiji	Operating margin ~7.3%; capital shifts to existing stores
FYE Mar 2025Parent only	¥236bn	+5.9%	¥17bn	+11.3%	7.1%	¥11bn	Kawai Eiji	—
FYE Mar 2026Parent only	¥256bn	+8.2%	¥21bn	+24.5%	8.2%	n/a	Kawai Eiji	—

How it compares

Pan Pacific International Holdings (Don Quijote)¥2.25tnFY2025Operating margin 7.2%

Toraiaruhorudingusu¥804bnFY2025Operating margin 2.6%

Seria¥256bnFY2025Operating margin 8.2%

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 ¥256bn

CAGR · 10 yrs +6.5%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	145	n/a	Parent · Japanese GAAP
FYE Mar 2018	159	+9.5%	Parent · Japanese GAAP
FYE Mar 2019	170	+7.1%	Parent · Japanese GAAP
FYE Mar 2020	181	+6.4%	Parent · Japanese GAAP
FYE Mar 2021	201	+10.6%	Parent · Japanese GAAP
FYE Mar 2022	208	+3.7%	Parent · Japanese GAAP
FYE Mar 2023	212	+2.1%	Parent · Japanese GAAP
FYE Mar 2024	223	+5.1%	Parent · Japanese GAAP
FYE Mar 2025	236	+5.9%	Parent · Japanese GAAP
FYE Mar 2026	256	+8.2%	Parent · 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 ¥149bn

CAGR · 10 yrs +6.7%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	82.9	n/a	Parent · Japanese GAAP
FYE Mar 2018	90.4	+9.0%	Parent · Japanese GAAP
FYE Mar 2019	96.7	+7.0%	Parent · Japanese GAAP
FYE Mar 2020	103	+6.4%	Parent · Japanese GAAP
FYE Mar 2021	114	+10.5%	Parent · Japanese GAAP
FYE Mar 2022	118	+3.6%	Parent · Japanese GAAP
FYE Mar 2023	123	+4.7%	Parent · Japanese GAAP
FYE Mar 2024	131	+6.2%	Parent · Japanese GAAP
FYE Mar 2025	138	+5.6%	Parent · Japanese GAAP
FYE Mar 2026	149	+7.7%	Parent · 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 ¥107bn

CAGR · 10 yrs +6.1%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	62.4	n/a	Parent · Japanese GAAP
FYE Mar 2018	68.7	+10.1%	Parent · Japanese GAAP
FYE Mar 2019	73.7	+7.4%	Parent · Japanese GAAP
FYE Mar 2020	78.6	+6.5%	Parent · Japanese GAAP
FYE Mar 2021	87.0	+10.7%	Parent · Japanese GAAP
FYE Mar 2022	90.3	+3.8%	Parent · Japanese GAAP
FYE Mar 2023	89.0	−1.4%	Parent · Japanese GAAP
FYE Mar 2024	92.2	+3.5%	Parent · Japanese GAAP
FYE Mar 2025	97.9	+6.2%	Parent · Japanese GAAP
FYE Mar 2026	107	+9.0%	Parent · 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 ¥86bn

CAGR · 10 yrs +6.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	47.2	n/a	Parent · Japanese GAAP
FYE Mar 2018	52.2	+10.5%	Parent · Japanese GAAP
FYE Mar 2019	57.0	+9.1%	Parent · Japanese GAAP
FYE Mar 2020	60.9	+7.0%	Parent · Japanese GAAP
FYE Mar 2021	65.7	+7.8%	Parent · Japanese GAAP
FYE Mar 2022	69.3	+5.5%	Parent · Japanese GAAP
FYE Mar 2023	73.6	+6.1%	Parent · Japanese GAAP
FYE Mar 2024	77.1	+4.7%	Parent · Japanese GAAP
FYE Mar 2025	81.1	+5.2%	Parent · Japanese GAAP
FYE Mar 2026	85.7	+5.7%	Parent · 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 ¥21bn

CAGR · 10 yrs +3.7%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	15.2	n/a	Parent · Japanese GAAP
FYE Mar 2018	16.5	+8.6%	Parent · Japanese GAAP
FYE Mar 2019	16.8	+1.9%	Parent · Japanese GAAP
FYE Mar 2020	17.6	+4.8%	Parent · Japanese GAAP
FYE Mar 2021	21.3	+20.8%	Parent · Japanese GAAP
FYE Mar 2022	20.9	−1.7%	Parent · Japanese GAAP
FYE Mar 2023	15.4	−26.2%	Parent · Japanese GAAP
FYE Mar 2024	15.1	−2.1%	Parent · Japanese GAAP
FYE Mar 2025	16.8	+11.3%	Parent · Japanese GAAP
FYE Mar 2026	21.0	+24.5%	Parent · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥358m

CAGR · 10 yrs +16.6%

Fiscal year	Non-operating income ¥ m	YoY	Basis
FYE Mar 2017	90.0	n/a	Parent · Japanese GAAP
FYE Mar 2018	68.0	−24.4%	Parent · Japanese GAAP
FYE Mar 2019	113	+66.2%	Parent · Japanese GAAP
FYE Mar 2020	115	+1.8%	Parent · Japanese GAAP
FYE Mar 2021	134	+16.5%	Parent · Japanese GAAP
FYE Mar 2022	448	+234.3%	Parent · Japanese GAAP
FYE Mar 2023	201	−55.1%	Parent · Japanese GAAP
FYE Mar 2024	252	+25.4%	Parent · Japanese GAAP
FYE Mar 2025	186	−26.2%	Parent · Japanese GAAP
FYE Mar 2026	358	+92.5%	Parent · 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 ¥39.0m

CAGR · 10 yrs −1.1%

Fiscal year	Non-operating expenses ¥ m	YoY	Basis
FYE Mar 2017	43.0	n/a	Parent · Japanese GAAP
FYE Mar 2018	47.0	+9.3%	Parent · Japanese GAAP
FYE Mar 2019	45.0	−4.3%	Parent · Japanese GAAP
FYE Mar 2020	36.0	−20.0%	Parent · Japanese GAAP
FYE Mar 2021	46.0	+27.8%	Parent · Japanese GAAP
FYE Mar 2022	19.0	−58.7%	Parent · Japanese GAAP
FYE Mar 2023	29.0	+52.6%	Parent · Japanese GAAP
FYE Mar 2024	57.0	+96.6%	Parent · Japanese GAAP
FYE Mar 2025	29.0	−49.1%	Parent · Japanese GAAP
FYE Mar 2026	39.0	+34.5%	Parent · 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 ¥21bn

CAGR · 10 yrs +3.8%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	15.2	n/a	Parent · Japanese GAAP
FYE Mar 2018	16.5	+8.4%	Parent · Japanese GAAP
FYE Mar 2019	16.9	+2.2%	Parent · Japanese GAAP
FYE Mar 2020	17.7	+4.9%	Parent · Japanese GAAP
FYE Mar 2021	21.4	+20.8%	Parent · Japanese GAAP
FYE Mar 2022	21.3	−0.0%	Parent · Japanese GAAP
FYE Mar 2023	15.6	−26.8%	Parent · Japanese GAAP
FYE Mar 2024	15.3	−1.9%	Parent · Japanese GAAP
FYE Mar 2025	17.0	+11.0%	Parent · Japanese GAAP
FYE Mar 2026	21.3	+25.3%	Parent · 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 loss

FYE Mar 2026 ¥463m

CAGR · 10 yrs +22.4%

Fiscal year	Extraordinary loss ¥ m	YoY	Basis
FYE Mar 2017	75.0	n/a	Parent · Japanese GAAP
FYE Mar 2018	234	+212.0%	Parent · Japanese GAAP
FYE Mar 2019	171	−26.9%	Parent · Japanese GAAP
FYE Mar 2020	149	−12.9%	Parent · Japanese GAAP
FYE Mar 2021	134	−10.1%	Parent · Japanese GAAP
FYE Mar 2022	215	+60.4%	Parent · Japanese GAAP
FYE Mar 2023	262	+21.9%	Parent · Japanese GAAP
FYE Mar 2024	858	+227.5%	Parent · Japanese GAAP
FYE Mar 2025	723	−15.7%	Parent · Japanese GAAP
FYE Mar 2026	463	−36.0%	Parent · Japanese GAAP

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

Net profit profit attributable to owners of the parent

FYE Mar 2026 n/a

CAGR · 9 yrs +0.8%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	10.5	n/a	Parent · Japanese GAAP
FYE Mar 2018	11.3	+7.4%	Parent · Japanese GAAP
FYE Mar 2019	11.5	+1.8%	Parent · Japanese GAAP
FYE Mar 2020	12.1	+4.8%	Parent · Japanese GAAP
FYE Mar 2021	14.7	+22.0%	Parent · Japanese GAAP
FYE Mar 2022	14.3	−2.9%	Parent · Japanese GAAP
FYE Mar 2023	10.3	−28.3%	Parent · Japanese GAAP
FYE Mar 2024	9.8	−4.2%	Parent · Japanese GAAP
FYE Mar 2025	11.2	+14.2%	Parent · Japanese GAAP
FYE Mar 2026	n/a	n/a	Parent · Japanese GAAP

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

Gross margin

FYE Mar 2026 41.7%

Average · 10 yrs 42.6%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	42.9	n/a	Parent · Japanese GAAP
FYE Mar 2018	43.2	+0.2pp	Parent · Japanese GAAP
FYE Mar 2019	43.3	+0.1pp	Parent · Japanese GAAP
FYE Mar 2020	43.3	−0.0pp	Parent · Japanese GAAP
FYE Mar 2021	43.3	+0.1pp	Parent · Japanese GAAP
FYE Mar 2022	43.4	−0.0pp	Parent · Japanese GAAP
FYE Mar 2023	41.9	−1.5pp	Parent · Japanese GAAP
FYE Mar 2024	41.3	−0.6pp	Parent · Japanese GAAP
FYE Mar 2025	41.4	+0.1pp	Parent · Japanese GAAP
FYE Mar 2026	41.7	+0.3pp	Parent · 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 8.2%

Average · 10 yrs 9.0%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	10.4	n/a	Parent · Japanese GAAP
FYE Mar 2018	10.4	−0.1pp	Parent · Japanese GAAP
FYE Mar 2019	9.8	−0.5pp	Parent · Japanese GAAP
FYE Mar 2020	9.7	−0.1pp	Parent · Japanese GAAP
FYE Mar 2021	10.6	+0.9pp	Parent · Japanese GAAP
FYE Mar 2022	10.1	−0.5pp	Parent · Japanese GAAP
FYE Mar 2023	7.3	−2.8pp	Parent · Japanese GAAP
FYE Mar 2024	6.8	−0.5pp	Parent · Japanese GAAP
FYE Mar 2025	7.1	+0.3pp	Parent · Japanese GAAP
FYE Mar 2026	8.2	+1.1pp	Parent · Japanese GAAP

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

Ordinary margin

FYE Mar 2026 8.3%

Average · 10 yrs 9.1%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	10.5	n/a	Parent · Japanese GAAP
FYE Mar 2018	10.4	−0.1pp	Parent · Japanese GAAP
FYE Mar 2019	9.9	−0.5pp	Parent · Japanese GAAP
FYE Mar 2020	9.7	−0.1pp	Parent · Japanese GAAP
FYE Mar 2021	10.6	+0.9pp	Parent · Japanese GAAP
FYE Mar 2022	10.3	−0.4pp	Parent · Japanese GAAP
FYE Mar 2023	7.4	−2.9pp	Parent · Japanese GAAP
FYE Mar 2024	6.9	−0.5pp	Parent · Japanese GAAP
FYE Mar 2025	7.2	+0.3pp	Parent · Japanese GAAP
FYE Mar 2026	8.3	+1.1pp	Parent · 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 n/a

Average · 9 yrs 6.2%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	7.2	n/a	Parent · Japanese GAAP
FYE Mar 2018	7.1	−0.1pp	Parent · Japanese GAAP
FYE Mar 2019	6.8	−0.4pp	Parent · Japanese GAAP
FYE Mar 2020	6.7	−0.1pp	Parent · Japanese GAAP
FYE Mar 2021	7.3	+0.7pp	Parent · Japanese GAAP
FYE Mar 2022	6.9	−0.5pp	Parent · Japanese GAAP
FYE Mar 2023	4.8	−2.0pp	Parent · Japanese GAAP
FYE Mar 2024	4.4	−0.4pp	Parent · Japanese GAAP
FYE Mar 2025	4.7	+0.3pp	Parent · Japanese GAAP
FYE Mar 2026	n/a	n/a	Parent · 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 58.3%

Average · 10 yrs 57.4%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	57.1	n/a	Parent · Japanese GAAP
FYE Mar 2018	56.8	−0.2pp	Parent · Japanese GAAP
FYE Mar 2019	56.7	−0.1pp	Parent · Japanese GAAP
FYE Mar 2020	56.7	−0.0pp	Parent · Japanese GAAP
FYE Mar 2021	56.7	−0.1pp	Parent · Japanese GAAP
FYE Mar 2022	56.6	−0.0pp	Parent · Japanese GAAP
FYE Mar 2023	58.1	+1.5pp	Parent · Japanese GAAP
FYE Mar 2024	58.7	+0.6pp	Parent · Japanese GAAP
FYE Mar 2025	58.6	−0.1pp	Parent · Japanese GAAP
FYE Mar 2026	58.3	−0.3pp	Parent · 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 33.5%

Average · 10 yrs 33.5%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	32.5	n/a	Parent · Japanese GAAP
FYE Mar 2018	32.8	+0.3pp	Parent · Japanese GAAP
FYE Mar 2019	33.4	+0.6pp	Parent · Japanese GAAP
FYE Mar 2020	33.6	+0.2pp	Parent · Japanese GAAP
FYE Mar 2021	32.7	−0.8pp	Parent · Japanese GAAP
FYE Mar 2022	33.3	+0.6pp	Parent · Japanese GAAP
FYE Mar 2023	34.7	+1.3pp	Parent · Japanese GAAP
FYE Mar 2024	34.5	−0.1pp	Parent · Japanese GAAP
FYE Mar 2025	34.3	−0.2pp	Parent · Japanese GAAP
FYE Mar 2026	33.5	−0.8pp	Parent · 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 ¥129bn

CAGR · 10 yrs +6.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	70.8	n/a	Parent · Japanese GAAP
FYE Mar 2018	81.7	+15.4%	Parent · Japanese GAAP
FYE Mar 2019	91.7	+12.3%	Parent · Japanese GAAP
FYE Mar 2020	101	+10.6%	Parent · Japanese GAAP
FYE Mar 2021	115	+13.8%	Parent · Japanese GAAP
FYE Mar 2022	123	+6.3%	Parent · Japanese GAAP
FYE Mar 2023	127	+3.4%	Parent · Japanese GAAP
FYE Mar 2024	133	+4.6%	Parent · Japanese GAAP
FYE Mar 2025	141	+6.6%	Parent · Japanese GAAP
FYE Mar 2026	129	−9.1%	Parent · 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 ¥93bn

CAGR · 10 yrs +7.2%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	49.6	n/a	Parent · Japanese GAAP
FYE Mar 2018	59.4	+19.7%	Parent · Japanese GAAP
FYE Mar 2019	67.1	+13.0%	Parent · Japanese GAAP
FYE Mar 2020	75.0	+11.7%	Parent · Japanese GAAP
FYE Mar 2021	85.2	+13.6%	Parent · Japanese GAAP
FYE Mar 2022	92.5	+8.5%	Parent · Japanese GAAP
FYE Mar 2023	97.4	+5.4%	Parent · Japanese GAAP
FYE Mar 2024	102	+4.7%	Parent · Japanese GAAP
FYE Mar 2025	108	+5.8%	Parent · Japanese GAAP
FYE Mar 2026	92.8	−14.0%	Parent · 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 n/a

Average · 9 yrs ¥51.1m

Fiscal year	Interest-bearing debt ¥ m	YoY	Basis
FYE Mar 2017	460	n/a	Parent · Japanese GAAP
FYE Mar 2018	0.0	−100.0%	Parent · Japanese GAAP
FYE Mar 2019	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2020	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2021	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2022	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2023	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2024	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2025	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2026	n/a	n/a	Parent · Japanese GAAP

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

Short-term borrowings

FYE Mar 2026 n/a

Average · 9 yrs ¥0.0m

Fiscal year	Short-term borrowings ¥ m	YoY	Basis
FYE Mar 2017	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2018	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2019	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2020	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2021	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2022	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2023	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2024	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2025	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2026	n/a	n/a	Parent · 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 n/a

Average · 9 yrs ¥0.0m

Fiscal year	Long-term borrowings ¥ m	YoY	Basis
FYE Mar 2017	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2018	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2019	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2020	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2021	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2022	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2023	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2024	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2025	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2026	n/a	n/a	Parent · Japanese GAAP

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

Bonds

FYE Mar 2026 n/a

Average · 9 yrs ¥0.0m

Fiscal year	Bonds ¥ m	YoY	Basis
FYE Mar 2017	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2018	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2019	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2020	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2021	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2022	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2023	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2024	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2025	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2026	n/a	n/a	Parent · Japanese GAAP

Definition: Bonds outstanding
Formula: Bonds line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Mar 2026 ¥782m

CAGR · 10 yrs +23.5%

Fiscal year	Intangible assets ¥ m	YoY	Basis
FYE Mar 2017	117	n/a	Parent · Japanese GAAP
FYE Mar 2018	78.0	−33.3%	Parent · Japanese GAAP
FYE Mar 2019	89.0	+14.1%	Parent · Japanese GAAP
FYE Mar 2020	95.0	+6.7%	Parent · Japanese GAAP
FYE Mar 2021	82.0	−13.7%	Parent · Japanese GAAP
FYE Mar 2022	100	+22.0%	Parent · Japanese GAAP
FYE Mar 2023	116	+16.0%	Parent · Japanese GAAP
FYE Mar 2024	220	+89.7%	Parent · Japanese GAAP
FYE Mar 2025	513	+133.2%	Parent · Japanese GAAP
FYE Mar 2026	782	+52.4%	Parent · Japanese GAAP

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

Goodwill

FYE Mar 2026 n/a

Average · 9 yrs ¥0.0m

Fiscal year	Goodwill ¥ m	YoY	Basis
FYE Mar 2017	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2018	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2019	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2020	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2021	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2022	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2023	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2024	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2025	0.0	n/a	Parent · Japanese GAAP
FYE Mar 2026	n/a	n/a	Parent · 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 72.1%

Average · 10 yrs 74.1%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	70.1	n/a	Parent · Japanese GAAP
FYE Mar 2018	72.8	+2.6pp	Parent · Japanese GAAP
FYE Mar 2019	73.2	+0.4pp	Parent · Japanese GAAP
FYE Mar 2020	74.0	+0.7pp	Parent · Japanese GAAP
FYE Mar 2021	73.8	−0.1pp	Parent · Japanese GAAP
FYE Mar 2022	75.4	+1.5pp	Parent · Japanese GAAP
FYE Mar 2023	76.8	+1.5pp	Parent · Japanese GAAP
FYE Mar 2024	76.9	+0.1pp	Parent · Japanese GAAP
FYE Mar 2025	76.3	−0.6pp	Parent · Japanese GAAP
FYE Mar 2026	72.1	−4.2pp	Parent · 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 n/a

Average · 9 yrs 0.1%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	0.9	n/a	Parent · Japanese GAAP
FYE Mar 2018	0.0	−0.9pp	Parent · Japanese GAAP
FYE Mar 2019	0.0	−0.0pp	Parent · Japanese GAAP
FYE Mar 2020	0.0	−0.0pp	Parent · Japanese GAAP
FYE Mar 2021	0.0	−0.0pp	Parent · Japanese GAAP
FYE Mar 2022	0.0	−0.0pp	Parent · Japanese GAAP
FYE Mar 2023	0.0	−0.0pp	Parent · Japanese GAAP
FYE Mar 2024	0.0	−0.0pp	Parent · Japanese GAAP
FYE Mar 2025	0.0	−0.0pp	Parent · Japanese GAAP
FYE Mar 2026	n/a	n/a	Parent · 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 n/a

Average · 9 yrs 15.2%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	21.2	n/a	Parent · Japanese GAAP
FYE Mar 2018	19.0	−2.2pp	Parent · Japanese GAAP
FYE Mar 2019	17.2	−1.9pp	Parent · Japanese GAAP
FYE Mar 2020	16.1	−1.1pp	Parent · Japanese GAAP
FYE Mar 2021	17.3	+1.2pp	Parent · Japanese GAAP
FYE Mar 2022	15.5	−1.8pp	Parent · Japanese GAAP
FYE Mar 2023	10.5	−4.9pp	Parent · Japanese GAAP
FYE Mar 2024	9.6	−0.9pp	Parent · Japanese GAAP
FYE Mar 2025	10.4	+0.8pp	Parent · Japanese GAAP
FYE Mar 2026	n/a	n/a	Parent · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 n/a

Average · 9 yrs 11.2%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	14.9	n/a	Parent · Japanese GAAP
FYE Mar 2018	13.9	−1.0pp	Parent · Japanese GAAP
FYE Mar 2019	12.6	−1.3pp	Parent · Japanese GAAP
FYE Mar 2020	11.9	−0.7pp	Parent · Japanese GAAP
FYE Mar 2021	12.8	+0.9pp	Parent · Japanese GAAP
FYE Mar 2022	11.7	−1.1pp	Parent · Japanese GAAP
FYE Mar 2023	8.1	−3.6pp	Parent · Japanese GAAP
FYE Mar 2024	7.4	−0.7pp	Parent · Japanese GAAP
FYE Mar 2025	7.9	+0.5pp	Parent · Japanese GAAP
FYE Mar 2026	n/a	n/a	Parent · Japanese GAAP

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

Asset turnover

FYE Mar 2026 1.99×

CAGR · 10 yrs −0.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	2.05	n/a	Parent · Japanese GAAP
FYE Mar 2018	1.95	−5.1%	Parent · Japanese GAAP
FYE Mar 2019	1.86	−4.6%	Parent · Japanese GAAP
FYE Mar 2020	1.79	−3.8%	Parent · Japanese GAAP
FYE Mar 2021	1.74	−2.8%	Parent · Japanese GAAP
FYE Mar 2022	1.70	−2.5%	Parent · Japanese GAAP
FYE Mar 2023	1.67	−1.3%	Parent · Japanese GAAP
FYE Mar 2024	1.68	+0.5%	Parent · Japanese GAAP
FYE Mar 2025	1.67	−0.7%	Parent · Japanese GAAP
FYE Mar 2026	1.99	+19.0%	Parent · 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 ¥19bn

CAGR · 10 yrs +3.4%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	14.1	n/a	Parent · Japanese GAAP
FYE Mar 2018	13.8	−1.9%	Parent · Japanese GAAP
FYE Mar 2019	13.7	−1.0%	Parent · Japanese GAAP
FYE Mar 2020	16.2	+18.2%	Parent · Japanese GAAP
FYE Mar 2021	19.4	+20.0%	Parent · Japanese GAAP
FYE Mar 2022	17.7	−9.2%	Parent · Japanese GAAP
FYE Mar 2023	11.3	−35.8%	Parent · Japanese GAAP
FYE Mar 2024	12.2	+7.9%	Parent · Japanese GAAP
FYE Mar 2025	16.0	+30.8%	Parent · Japanese GAAP
FYE Mar 2026	19.0	+18.8%	Parent · Japanese GAAP

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

Investing cash flow

FYE Mar 2026 -¥4.5bn

Average · 10 yrs -¥6.1bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-4.1	n/a	Parent · Japanese GAAP
FYE Mar 2018	-4.6	n/a	Parent · Japanese GAAP
FYE Mar 2019	-8.1	n/a	Parent · Japanese GAAP
FYE Mar 2020	-4.1	n/a	Parent · Japanese GAAP
FYE Mar 2021	-7.9	n/a	Parent · Japanese GAAP
FYE Mar 2022	-2.3	n/a	Parent · Japanese GAAP
FYE Mar 2023	-6.6	n/a	Parent · Japanese GAAP
FYE Mar 2024	-6.2	n/a	Parent · Japanese GAAP
FYE Mar 2025	-12.3	n/a	Parent · Japanese GAAP
FYE Mar 2026	-4.5	n/a	Parent · 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 -¥31bn

Average · 10 yrs -¥7.5bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-2.2	n/a	Parent · Japanese GAAP
FYE Mar 2018	-2.6	n/a	Parent · Japanese GAAP
FYE Mar 2019	-4.5	n/a	Parent · Japanese GAAP
FYE Mar 2020	-4.8	n/a	Parent · Japanese GAAP
FYE Mar 2021	-5.2	n/a	Parent · Japanese GAAP
FYE Mar 2022	-7.7	n/a	Parent · Japanese GAAP
FYE Mar 2023	-6.0	n/a	Parent · Japanese GAAP
FYE Mar 2024	-5.9	n/a	Parent · Japanese GAAP
FYE Mar 2025	-5.9	n/a	Parent · Japanese GAAP
FYE Mar 2026	-30.5	n/a	Parent · 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 ¥38bn

CAGR · 10 yrs +3.3%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	28.5	n/a	Parent · Japanese GAAP
FYE Mar 2018	35.1	+23.3%	Parent · Japanese GAAP
FYE Mar 2019	36.2	+3.1%	Parent · Japanese GAAP
FYE Mar 2020	43.5	+19.9%	Parent · Japanese GAAP
FYE Mar 2021	49.8	+14.5%	Parent · Japanese GAAP
FYE Mar 2022	57.3	+15.2%	Parent · Japanese GAAP
FYE Mar 2023	56.1	−2.1%	Parent · Japanese GAAP
FYE Mar 2024	56.2	+0.2%	Parent · Japanese GAAP
FYE Mar 2025	54.0	−3.9%	Parent · Japanese GAAP
FYE Mar 2026	38.0	−29.6%	Parent · 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 ¥15bn

CAGR · 10 yrs +4.2%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	10.1	n/a	Parent · Japanese GAAP
FYE Mar 2018	9.2	−8.1%	Parent · Japanese GAAP
FYE Mar 2019	5.6	−39.7%	Parent · Japanese GAAP
FYE Mar 2020	12.1	+116.5%	Parent · Japanese GAAP
FYE Mar 2021	11.5	−4.4%	Parent · Japanese GAAP
FYE Mar 2022	15.3	+32.8%	Parent · Japanese GAAP
FYE Mar 2023	4.7	−69.1%	Parent · Japanese GAAP
FYE Mar 2024	6.0	+28.0%	Parent · Japanese GAAP
FYE Mar 2025	3.7	−38.4%	Parent · Japanese GAAP
FYE Mar 2026	14.5	+290.5%	Parent · Japanese GAAP

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

Operating cash flow margin

FYE Mar 2026 7.4%

Average · 10 yrs 7.9%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	9.7	n/a	Parent · Japanese GAAP
FYE Mar 2018	8.7	−1.0pp	Parent · Japanese GAAP
FYE Mar 2019	8.0	−0.7pp	Parent · Japanese GAAP
FYE Mar 2020	8.9	+0.9pp	Parent · Japanese GAAP
FYE Mar 2021	9.7	+0.8pp	Parent · Japanese GAAP
FYE Mar 2022	8.5	−1.2pp	Parent · Japanese GAAP
FYE Mar 2023	5.3	−3.1pp	Parent · Japanese GAAP
FYE Mar 2024	5.5	+0.1pp	Parent · Japanese GAAP
FYE Mar 2025	6.8	+1.3pp	Parent · Japanese GAAP
FYE Mar 2026	7.4	+0.7pp	Parent · 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 n/a

CAGR · 9 yrs +8.5%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	28.0	n/a	Parent · Japanese GAAP
FYE Mar 2018	35.1	+25.3%	Parent · Japanese GAAP
FYE Mar 2019	36.2	+3.1%	Parent · Japanese GAAP
FYE Mar 2020	43.5	+19.9%	Parent · Japanese GAAP
FYE Mar 2021	49.8	+14.5%	Parent · Japanese GAAP
FYE Mar 2022	57.3	+15.2%	Parent · Japanese GAAP
FYE Mar 2023	56.1	−2.1%	Parent · Japanese GAAP
FYE Mar 2024	56.2	+0.2%	Parent · Japanese GAAP
FYE Mar 2025	54.0	−3.9%	Parent · Japanese GAAP
FYE Mar 2026	n/a	n/a	Parent · 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

Shares outstanding

FYE Mar 2026 75,840,000shares

Change · 10 yrs +37,920,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	37,920,000	Parent
FYE Mar 2018	75,840,000	Parent
FYE Mar 2019	75,840,000	Parent
FYE Mar 2020	75,840,000	Parent
FYE Mar 2021	75,840,000	Parent
FYE Mar 2022	75,840,000	Parent
FYE Mar 2023	75,840,000	Parent
FYE Mar 2024	75,840,000	Parent
FYE Mar 2025	75,840,000	Parent
FYE Mar 2026	75,840,000	Parent

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

BPS book value per share

FYE Mar 2026 1,224.12¥

Change · 10 yrs −84.88¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,308.99	Parent · Japanese GAAP
FYE Mar 2018	783.70	Parent · Japanese GAAP
FYE Mar 2019	885.23	Parent · Japanese GAAP
FYE Mar 2020	989.17	Parent · Japanese GAAP
FYE Mar 2021	1,123.54	Parent · Japanese GAAP
FYE Mar 2022	1,219.12	Parent · Japanese GAAP
FYE Mar 2023	1,284.90	Parent · Japanese GAAP
FYE Mar 2024	1,345.44	Parent · Japanese GAAP
FYE Mar 2025	1,424.08	Parent · Japanese GAAP
FYE Mar 2026	1,224.12	Parent · Japanese GAAP

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

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

Parent-company employees

FYE Mar 2026 566people

Change · 10 yrs +169 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	397	n/a	Parent
FYE Mar 2018	407	+2.5%	Parent
FYE Mar 2019	419	+2.9%	Parent
FYE Mar 2020	434	+3.6%	Parent
FYE Mar 2021	470	+8.3%	Parent
FYE Mar 2022	515	+9.6%	Parent
FYE Mar 2023	550	+6.8%	Parent
FYE Mar 2024	551	+0.2%	Parent
FYE Mar 2025	565	+2.5%	Parent
FYE Mar 2026	566	+0.2%	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 ¥5.7m

Change · 10 yrs −¥0.4m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	6.2	n/a	Parent
FYE Mar 2018	6.4	+3.7%	Parent
FYE Mar 2019	6.3	−0.8%	Parent
FYE Mar 2020	6.3	−0.5%	Parent
FYE Mar 2021	6.2	−1.2%	Parent
FYE Mar 2022	6.1	−1.6%	Parent
FYE Mar 2023	5.6	−8.2%	Parent
FYE Mar 2024	5.4	−4.4%	Parent
FYE Mar 2025	5.4	+0.4%	Parent
FYE Mar 2026	5.7	+5.9%	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 40.8years

Change · 8 yrs +2.5 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	38.3	n/a	Parent
FYE Mar 2020	38.9	+1.6%	Parent
FYE Mar 2021	39.1	+0.5%	Parent
FYE Mar 2022	39.6	+1.3%	Parent
FYE Mar 2023	39.3	−0.8%	Parent
FYE Mar 2024	39.4	+0.3%	Parent
FYE Mar 2025	40.3	+2.3%	Parent
FYE Mar 2026	40.8	+1.2%	Parent

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

Average length of service

FYE Mar 2026 9.5years

Change · 10 yrs +0.7 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	8.8	n/a	Parent
FYE Mar 2018	9.0	+2.3%	Parent
FYE Mar 2019	9.1	+1.1%	Parent
FYE Mar 2020	9.4	+3.3%	Parent
FYE Mar 2021	9.1	−3.2%	Parent
FYE Mar 2022	8.9	−2.2%	Parent
FYE Mar 2023	8.7	−2.2%	Parent
FYE Mar 2024	8.8	+1.1%	Parent
FYE Mar 2025	9.1	+3.4%	Parent
FYE Mar 2026	9.5	+4.4%	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)

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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