Financials

Ajinomoto: FYE Mar 2026 and ten years of results (48 metrics)

FYE Mar 2026 · Revenue¥1.58tnYoY +3.5%

FYE Mar 2026 · Operating profit¥199bnYoY +75.0%

FYE Mar 2026 · Net profit¥135bnYoY +91.6%

FYE Mar 2025 · Equity ratio43.4%YoY −2.7pp

FYE Mar 2026 · Group employees34,787YoY −73

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥1.09tn	n/a	¥97bn	n/a	8.9%	¥53bn	Nishii Takaaki	—
FYE Mar 2018Consolidated	¥1.11tn	+2.1%	¥79bn	−18.7%	7.1%	¥60bn	Nishii Takaaki	—
FYE Mar 2019Consolidated	¥1.11tn	−0.0%	¥54bn	−31.8%	4.8%	¥30bn	Nishii Takaaki	—
FYE Mar 2020Consolidated	¥1.10tn	−1.3%	¥49bn	−9.1%	4.4%	¥19bn	Nishii Takaaki	Impairment of about <span class="en-history_money" data-yen="31200000000" data-year="2019">$286.2M (¥31bn)</span>; ROIC adopted
FYE Mar 2021Consolidated	¥1.07tn	−2.6%	¥101bn	+107.3%	9.4%	¥59bn	Nishii Takaaki	—
FYE Mar 2022Consolidated	¥1.15tn	+7.3%	¥125bn	+23.2%	10.8%	¥76bn	Nishii Takaaki	—
FYE Mar 2023Consolidated	¥1.36tn	+18.2%	¥149bn	+19.6%	11.0%	¥94bn	Nishii Takaaki	—
FYE Mar 2024Consolidated	¥1.44tn	+5.9%	¥147bn	−1.5%	10.2%	¥87bn	Fujie Taro	Medium-term ASV management; “value pricing”
FYE Mar 2025Consolidated	¥1.53tn	+6.3%	¥114bn	−22.3%	7.4%	¥70bn	Fujie Taro	—
FYE Mar 2026Consolidated	¥1.58tn	+3.5%	¥199bn	+75.0%	12.6%	¥135bn	Fujie Taro	—

How it compares

Ajinomoto¥1.58tnFY2025Operating margin 12.6%

Kikkoman¥746bnFY2025Operating margin 10.2%Kewpie¥513bnFY2025Operating margin 6.7%House Foods Group¥317bnFY2025Operating margin 5.8%Kagome¥294bnFY2025Operating margin 7.7%

S&B FOODS INC.¥129bnFY2025Operating margin 8.0%

Kenko Mayonnaise¥92bnFY2025Operating margin 4.5%

Ariake Japan¥67bnFY2025Operating margin 17.6%Ebara Foods Industry¥50bnFY2025Operating margin 4.8%

Kadoya Sesame Mills Incorporated¥40bnFY2025Operating margin 9.5%

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 ¥1.58tn

CAGR · 10 yrs +4.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	1,091	n/a	Cons. · IFRS
FYE Mar 2018	1,115	+2.1%	Cons. · IFRS
FYE Mar 2019	1,114	−0.0%	Cons. · IFRS
FYE Mar 2020	1,100	−1.3%	Cons. · IFRS
FYE Mar 2021	1,071	−2.6%	Cons. · IFRS
FYE Mar 2022	1,149	+7.3%	Cons. · IFRS
FYE Mar 2023	1,359	+18.2%	Cons. · IFRS
FYE Mar 2024	1,439	+5.9%	Cons. · IFRS
FYE Mar 2025	1,531	+6.3%	Cons. · IFRS
FYE Mar 2026	1,584	+3.5%	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 ¥987bn

CAGR · 10 yrs +3.8%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	704	n/a	Cons. · IFRS
FYE Mar 2018	720	+2.3%	Cons. · IFRS
FYE Mar 2019	719	−0.1%	Cons. · IFRS
FYE Mar 2020	696	−3.2%	Cons. · IFRS
FYE Mar 2021	665	−4.4%	Cons. · IFRS
FYE Mar 2022	723	+8.8%	Cons. · IFRS
FYE Mar 2023	889	+22.8%	Cons. · IFRS
FYE Mar 2024	928	+4.4%	Cons. · IFRS
FYE Mar 2025	980	+5.6%	Cons. · IFRS
FYE Mar 2026	987	+0.7%	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 ¥597bn

CAGR · 10 yrs +4.9%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	387	n/a	Cons. · IFRS
FYE Mar 2018	395	+2.0%	Cons. · IFRS
FYE Mar 2019	395	+0.1%	Cons. · IFRS
FYE Mar 2020	404	+2.2%	Cons. · IFRS
FYE Mar 2021	406	+0.6%	Cons. · IFRS
FYE Mar 2022	426	+4.8%	Cons. · IFRS
FYE Mar 2023	470	+10.4%	Cons. · IFRS
FYE Mar 2024	511	+8.7%	Cons. · IFRS
FYE Mar 2025	551	+7.7%	Cons. · IFRS
FYE Mar 2026	597	+8.4%	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 ¥398bn

CAGR · 10 yrs +3.5%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	293	n/a	Cons. · IFRS
FYE Mar 2018	316	+7.9%	Cons. · IFRS
FYE Mar 2019	341	+8.0%	Cons. · IFRS
FYE Mar 2020	355	+4.0%	Cons. · IFRS
FYE Mar 2021	305	−14.1%	Cons. · IFRS
FYE Mar 2022	301	−1.2%	Cons. · IFRS
FYE Mar 2023	321	+6.7%	Cons. · IFRS
FYE Mar 2024	365	+13.5%	Cons. · IFRS
FYE Mar 2025	437	+19.7%	Cons. · IFRS
FYE Mar 2026	398	−8.9%	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 ¥199bn

CAGR · 10 yrs +8.4%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	96.9	n/a	Cons. · IFRS
FYE Mar 2018	78.7	−18.7%	Cons. · IFRS
FYE Mar 2019	53.6	−31.8%	Cons. · IFRS
FYE Mar 2020	48.8	−9.1%	Cons. · IFRS
FYE Mar 2021	101	+107.3%	Cons. · IFRS
FYE Mar 2022	125	+23.2%	Cons. · IFRS
FYE Mar 2023	149	+19.6%	Cons. · IFRS
FYE Mar 2024	147	−1.5%	Cons. · IFRS
FYE Mar 2025	114	−22.3%	Cons. · IFRS
FYE Mar 2026	199	+75.0%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥9.0bn

CAGR · 10 yrs +2.4%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	7.3	n/a	Cons. · IFRS
FYE Mar 2018	9.6	+31.5%	Cons. · IFRS
FYE Mar 2019	8.1	−15.3%	Cons. · IFRS
FYE Mar 2020	8.0	−1.1%	Cons. · IFRS
FYE Mar 2021	3.9	−51.4%	Cons. · IFRS
FYE Mar 2022	6.9	+76.1%	Cons. · IFRS
FYE Mar 2023	6.1	−11.2%	Cons. · IFRS
FYE Mar 2024	7.8	+27.5%	Cons. · IFRS
FYE Mar 2025	8.8	+13.1%	Cons. · IFRS
FYE Mar 2026	9.0	+2.6%	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 ¥12bn

CAGR · 10 yrs +12.7%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	4.2	n/a	Cons. · IFRS
FYE Mar 2018	7.5	+77.1%	Cons. · IFRS
FYE Mar 2019	7.1	−5.4%	Cons. · IFRS
FYE Mar 2020	8.0	+13.4%	Cons. · IFRS
FYE Mar 2021	6.7	−16.3%	Cons. · IFRS
FYE Mar 2022	9.0	+33.8%	Cons. · IFRS
FYE Mar 2023	15.0	+67.2%	Cons. · IFRS
FYE Mar 2024	12.4	−17.2%	Cons. · IFRS
FYE Mar 2025	14.4	+16.2%	Cons. · IFRS
FYE Mar 2026	12.3	−14.6%	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 ¥135bn

CAGR · 10 yrs +11.0%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	52.6	n/a	Cons. · IFRS
FYE Mar 2018	60.1	+14.3%	Cons. · IFRS
FYE Mar 2019	29.7	−50.6%	Cons. · IFRS
FYE Mar 2020	18.8	−36.6%	Cons. · IFRS
FYE Mar 2021	59.4	+215.4%	Cons. · IFRS
FYE Mar 2022	75.7	+27.4%	Cons. · IFRS
FYE Mar 2023	94.1	+24.2%	Cons. · IFRS
FYE Mar 2024	87.1	−7.4%	Cons. · IFRS
FYE Mar 2025	70.3	−19.3%	Cons. · IFRS
FYE Mar 2026	135	+91.6%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 37.7%

Average · 10 yrs 36.2%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	35.5	n/a	Cons. · IFRS
FYE Mar 2018	35.4	−0.1pp	Cons. · IFRS
FYE Mar 2019	35.4	−0.0pp	Cons. · IFRS
FYE Mar 2020	36.7	+1.3pp	Cons. · IFRS
FYE Mar 2021	37.9	+1.2pp	Cons. · IFRS
FYE Mar 2022	37.1	−0.9pp	Cons. · IFRS
FYE Mar 2023	34.6	−2.4pp	Cons. · IFRS
FYE Mar 2024	35.5	+0.9pp	Cons. · IFRS
FYE Mar 2025	36.0	+0.4pp	Cons. · IFRS
FYE Mar 2026	37.7	+1.7pp	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 12.6%

Average · 10 yrs 8.7%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	8.9	n/a	Cons. · IFRS
FYE Mar 2018	7.1	−1.8pp	Cons. · IFRS
FYE Mar 2019	4.8	−2.2pp	Cons. · IFRS
FYE Mar 2020	4.4	−0.4pp	Cons. · IFRS
FYE Mar 2021	9.4	+5.0pp	Cons. · IFRS
FYE Mar 2022	10.8	+1.4pp	Cons. · IFRS
FYE Mar 2023	11.0	+0.1pp	Cons. · IFRS
FYE Mar 2024	10.2	−0.8pp	Cons. · IFRS
FYE Mar 2025	7.4	−2.7pp	Cons. · IFRS
FYE Mar 2026	12.6	+5.1pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 8.5%

Average · 10 yrs 5.3%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	4.8	n/a	Cons. · IFRS
FYE Mar 2018	5.4	+0.6pp	Cons. · IFRS
FYE Mar 2019	2.7	−2.7pp	Cons. · IFRS
FYE Mar 2020	1.7	−1.0pp	Cons. · IFRS
FYE Mar 2021	5.5	+3.8pp	Cons. · IFRS
FYE Mar 2022	6.6	+1.0pp	Cons. · IFRS
FYE Mar 2023	6.9	+0.3pp	Cons. · IFRS
FYE Mar 2024	6.1	−0.9pp	Cons. · IFRS
FYE Mar 2025	4.6	−1.5pp	Cons. · IFRS
FYE Mar 2026	8.5	+3.9pp	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 62.3%

Average · 10 yrs 63.8%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	64.5	n/a	Cons. · IFRS
FYE Mar 2018	64.6	+0.1pp	Cons. · IFRS
FYE Mar 2019	64.6	−0.0pp	Cons. · IFRS
FYE Mar 2020	63.3	−1.3pp	Cons. · IFRS
FYE Mar 2021	62.1	−1.2pp	Cons. · IFRS
FYE Mar 2022	62.9	+0.9pp	Cons. · IFRS
FYE Mar 2023	65.4	+2.4pp	Cons. · IFRS
FYE Mar 2024	64.5	−0.9pp	Cons. · IFRS
FYE Mar 2025	64.0	−0.4pp	Cons. · IFRS
FYE Mar 2026	62.3	−1.7pp	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 25.1%

Average · 10 yrs 27.5%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	26.8	n/a	Cons. · IFRS
FYE Mar 2018	28.3	+1.5pp	Cons. · IFRS
FYE Mar 2019	30.6	+2.3pp	Cons. · IFRS
FYE Mar 2020	32.3	+1.6pp	Cons. · IFRS
FYE Mar 2021	28.5	−3.8pp	Cons. · IFRS
FYE Mar 2022	26.2	−2.3pp	Cons. · IFRS
FYE Mar 2023	23.7	−2.6pp	Cons. · IFRS
FYE Mar 2024	25.3	+1.7pp	Cons. · IFRS
FYE Mar 2025	28.5	+3.2pp	Cons. · IFRS
FYE Mar 2026	25.1	−3.4pp	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 ¥1.81tn

CAGR · 10 yrs +3.4%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	1,337	n/a	Cons. · IFRS
FYE Mar 2018	1,426	+6.7%	Cons. · IFRS
FYE Mar 2019	1,394	−2.3%	Cons. · IFRS
FYE Mar 2020	1,354	−2.9%	Cons. · IFRS
FYE Mar 2021	1,431	+5.7%	Cons. · IFRS
FYE Mar 2022	1,457	+1.8%	Cons. · IFRS
FYE Mar 2023	1,512	+3.8%	Cons. · IFRS
FYE Mar 2024	1,768	+17.0%	Cons. · IFRS
FYE Mar 2025	1,721	−2.7%	Cons. · IFRS
FYE Mar 2026	1,812	+5.3%	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 n/a

CAGR · 9 yrs +0.9%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	698	n/a	Cons. · IFRS
FYE Mar 2018	641	−8.1%	Cons. · IFRS
FYE Mar 2019	611	−4.8%	Cons. · IFRS
FYE Mar 2020	539	−11.7%	Cons. · IFRS
FYE Mar 2021	620	+15.1%	Cons. · IFRS
FYE Mar 2022	687	+10.7%	Cons. · IFRS
FYE Mar 2023	769	+11.9%	Cons. · IFRS
FYE Mar 2024	815	+6.0%	Cons. · IFRS
FYE Mar 2025	747	−8.3%	Cons. · IFRS
FYE Mar 2026	n/a	n/a	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 ¥213bn

CAGR · 10 yrs −4.9%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	334	n/a	Cons. · IFRS
FYE Mar 2018	156	−53.4%	Cons. · IFRS
FYE Mar 2019	148	−4.8%	Cons. · IFRS
FYE Mar 2020	132	−10.8%	Cons. · IFRS
FYE Mar 2021	153	+15.5%	Cons. · IFRS
FYE Mar 2022	140	−8.4%	Cons. · IFRS
FYE Mar 2023	132	−5.5%	Cons. · IFRS
FYE Mar 2024	202	+53.0%	Cons. · IFRS
FYE Mar 2025	218	+7.7%	Cons. · IFRS
FYE Mar 2026	213	−2.3%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥6.3bn

CAGR · 10 yrs −17.3%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	35.1	n/a	Cons. · IFRS
FYE Mar 2018	26.6	−24.3%	Cons. · IFRS
FYE Mar 2019	24.1	−9.4%	Cons. · IFRS
FYE Mar 2020	83.2	+245.7%	Cons. · IFRS
FYE Mar 2021	58.9	−29.2%	Cons. · IFRS
FYE Mar 2022	42.6	−27.6%	Cons. · IFRS
FYE Mar 2023	49.3	+15.7%	Cons. · IFRS
FYE Mar 2024	188	+281.7%	Cons. · IFRS
FYE Mar 2025	39.1	−79.2%	Cons. · IFRS
FYE Mar 2026	6.4	−83.8%	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 ¥206bn

CAGR · 10 yrs +5.3%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	130	n/a	Cons. · IFRS
FYE Mar 2018	140	+8.2%	Cons. · IFRS
FYE Mar 2019	137	−2.2%	Cons. · IFRS
FYE Mar 2020	124	−9.5%	Cons. · IFRS
FYE Mar 2021	142	+14.3%	Cons. · IFRS
FYE Mar 2022	132	−7.2%	Cons. · IFRS
FYE Mar 2023	120	−9.2%	Cons. · IFRS
FYE Mar 2024	105	−12.5%	Cons. · IFRS
FYE Mar 2025	212	+102.5%	Cons. · IFRS
FYE Mar 2026	206	−2.5%	Cons. · IFRS

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

CAGR · 9 yrs +3.9%

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Mar 2017	169	n/a	Cons. · IFRS
FYE Mar 2018	169	−0.0%	Cons. · IFRS
FYE Mar 2019	169	−0.0%	Cons. · IFRS
FYE Mar 2020	170	−0.0%	Cons. · IFRS
FYE Mar 2021	150	−11.8%	Cons. · IFRS
FYE Mar 2022	160	+6.7%	Cons. · IFRS
FYE Mar 2023	140	−12.5%	Cons. · IFRS
FYE Mar 2024	150	+7.1%	Cons. · IFRS
FYE Mar 2025	229	+53.3%	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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

Intangible assets

FYE Mar 2026 ¥92bn

CAGR · 10 yrs +4.8%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	60.4	n/a	Cons. · IFRS
FYE Mar 2018	66.1	+9.5%	Cons. · IFRS
FYE Mar 2019	66.1	−0.0%	Cons. · IFRS
FYE Mar 2020	69.2	+4.7%	Cons. · IFRS
FYE Mar 2021	72.2	+4.3%	Cons. · IFRS
FYE Mar 2022	68.3	−5.4%	Cons. · IFRS
FYE Mar 2023	65.9	−3.5%	Cons. · IFRS
FYE Mar 2024	97.8	+48.4%	Cons. · IFRS
FYE Mar 2025	92.2	−5.8%	Cons. · IFRS
FYE Mar 2026	92.2	+0.1%	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 +2.8%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	96.6	n/a	Cons. · IFRS
FYE Mar 2018	107	+11.2%	Cons. · IFRS
FYE Mar 2019	91.4	−14.9%	Cons. · IFRS
FYE Mar 2020	90.0	−1.5%	Cons. · IFRS
FYE Mar 2021	96.0	+6.7%	Cons. · IFRS
FYE Mar 2022	99.8	+4.0%	Cons. · IFRS
FYE Mar 2023	92.1	−7.7%	Cons. · IFRS
FYE Mar 2024	140	+51.9%	Cons. · IFRS
FYE Mar 2025	118	−15.7%	Cons. · IFRS
FYE Mar 2026	124	+5.2%	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 n/a

Average · 9 yrs 45.7%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	52.2	n/a	Cons. · IFRS
FYE Mar 2018	45.0	−7.2pp	Cons. · IFRS
FYE Mar 2019	43.8	−1.2pp	Cons. · IFRS
FYE Mar 2020	39.8	−4.0pp	Cons. · IFRS
FYE Mar 2021	43.3	+3.5pp	Cons. · IFRS
FYE Mar 2022	47.1	+3.8pp	Cons. · IFRS
FYE Mar 2023	50.8	+3.7pp	Cons. · IFRS
FYE Mar 2024	46.1	−4.8pp	Cons. · IFRS
FYE Mar 2025	43.4	−2.7pp	Cons. · IFRS
FYE Mar 2026	n/a	n/a	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 · 9 yrs 26.3%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	47.9	n/a	Cons. · IFRS
FYE Mar 2018	24.3	−23.6pp	Cons. · IFRS
FYE Mar 2019	24.3	−0.0pp	Cons. · IFRS
FYE Mar 2020	24.5	+0.3pp	Cons. · IFRS
FYE Mar 2021	24.6	+0.1pp	Cons. · IFRS
FYE Mar 2022	20.4	−4.3pp	Cons. · IFRS
FYE Mar 2023	17.2	−3.2pp	Cons. · IFRS
FYE Mar 2024	24.8	+7.6pp	Cons. · IFRS
FYE Mar 2025	29.2	+4.3pp	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 n/a

Average · 9 yrs 8.7%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	7.5	n/a	Cons. · IFRS
FYE Mar 2018	9.4	+1.8pp	Cons. · IFRS
FYE Mar 2019	4.9	−4.5pp	Cons. · IFRS
FYE Mar 2020	3.5	−1.4pp	Cons. · IFRS
FYE Mar 2021	9.6	+6.1pp	Cons. · IFRS
FYE Mar 2022	11.0	+1.4pp	Cons. · IFRS
FYE Mar 2023	12.2	+1.2pp	Cons. · IFRS
FYE Mar 2024	10.7	−1.5pp	Cons. · IFRS
FYE Mar 2025	9.4	−1.3pp	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 7.4%

Average · 10 yrs 4.4%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	3.9	n/a	Cons. · IFRS
FYE Mar 2018	4.2	+0.3pp	Cons. · IFRS
FYE Mar 2019	2.1	−2.1pp	Cons. · IFRS
FYE Mar 2020	1.4	−0.7pp	Cons. · IFRS
FYE Mar 2021	4.2	+2.8pp	Cons. · IFRS
FYE Mar 2022	5.2	+1.0pp	Cons. · IFRS
FYE Mar 2023	6.2	+1.0pp	Cons. · IFRS
FYE Mar 2024	4.9	−1.3pp	Cons. · IFRS
FYE Mar 2025	4.1	−0.8pp	Cons. · IFRS
FYE Mar 2026	7.4	+3.3pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.87×

CAGR · 10 yrs +0.8%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.82	n/a	Cons. · IFRS
FYE Mar 2018	0.78	−4.3%	Cons. · IFRS
FYE Mar 2019	0.80	+2.3%	Cons. · IFRS
FYE Mar 2020	0.81	+1.7%	Cons. · IFRS
FYE Mar 2021	0.75	−7.9%	Cons. · IFRS
FYE Mar 2022	0.79	+5.4%	Cons. · IFRS
FYE Mar 2023	0.90	+14.0%	Cons. · IFRS
FYE Mar 2024	0.81	−9.5%	Cons. · IFRS
FYE Mar 2025	0.89	+9.3%	Cons. · IFRS
FYE Mar 2026	0.87	−1.7%	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 ¥239bn

CAGR · 10 yrs +9.2%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	108	n/a	Cons. · IFRS
FYE Mar 2018	127	+17.2%	Cons. · IFRS
FYE Mar 2019	123	−2.7%	Cons. · IFRS
FYE Mar 2020	115	−6.8%	Cons. · IFRS
FYE Mar 2021	166	+44.2%	Cons. · IFRS
FYE Mar 2022	146	−12.1%	Cons. · IFRS
FYE Mar 2023	118	−19.2%	Cons. · IFRS
FYE Mar 2024	168	+42.9%	Cons. · IFRS
FYE Mar 2025	210	+24.9%	Cons. · IFRS
FYE Mar 2026	239	+14.0%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥84bn

Average · 10 yrs -¥83bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-142	n/a	Cons. · IFRS
FYE Mar 2018	-99.1	n/a	Cons. · IFRS
FYE Mar 2019	-72.9	n/a	Cons. · IFRS
FYE Mar 2020	-66.7	n/a	Cons. · IFRS
FYE Mar 2021	-66.2	n/a	Cons. · IFRS
FYE Mar 2022	-61.6	n/a	Cons. · IFRS
FYE Mar 2023	-30.1	n/a	Cons. · IFRS
FYE Mar 2024	-132	n/a	Cons. · IFRS
FYE Mar 2025	-77.4	n/a	Cons. · IFRS
FYE Mar 2026	-84.2	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 -¥226bn

Average · 10 yrs -¥80bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	16.2	n/a	Cons. · IFRS
FYE Mar 2018	-24.0	−248.1%	Cons. · IFRS
FYE Mar 2019	-78.9	n/a	Cons. · IFRS
FYE Mar 2020	-52.3	n/a	Cons. · IFRS
FYE Mar 2021	-60.4	n/a	Cons. · IFRS
FYE Mar 2022	-123	n/a	Cons. · IFRS
FYE Mar 2023	-111	n/a	Cons. · IFRS
FYE Mar 2024	-6.8	n/a	Cons. · IFRS
FYE Mar 2025	-138	n/a	Cons. · IFRS
FYE Mar 2026	-226	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 ¥107bn

CAGR · 10 yrs −5.7%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	181	n/a	Cons. · IFRS
FYE Mar 2018	188	+3.7%	Cons. · IFRS
FYE Mar 2019	154	−18.2%	Cons. · IFRS
FYE Mar 2020	142	−7.8%	Cons. · IFRS
FYE Mar 2021	182	+28.2%	Cons. · IFRS
FYE Mar 2022	151	−16.6%	Cons. · IFRS
FYE Mar 2023	133	−12.3%	Cons. · IFRS
FYE Mar 2024	172	+29.2%	Cons. · IFRS
FYE Mar 2025	165	−3.9%	Cons. · IFRS
FYE Mar 2026	107	−35.2%	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 ¥155bn

Average · 10 yrs ¥69bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-33.7	n/a	Cons. · IFRS
FYE Mar 2018	27.6	n/a	Cons. · IFRS
FYE Mar 2019	50.3	+82.7%	Cons. · IFRS
FYE Mar 2020	48.2	−4.2%	Cons. · IFRS
FYE Mar 2021	99.4	+106.2%	Cons. · IFRS
FYE Mar 2022	84.0	−15.5%	Cons. · IFRS
FYE Mar 2023	87.6	+4.2%	Cons. · IFRS
FYE Mar 2024	35.6	−59.3%	Cons. · IFRS
FYE Mar 2025	133	+271.8%	Cons. · IFRS
FYE Mar 2026	155	+17.1%	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 15.1%

Average · 10 yrs 12.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	9.9	n/a	Cons. · IFRS
FYE Mar 2018	11.4	+1.5pp	Cons. · IFRS
FYE Mar 2019	11.1	−0.3pp	Cons. · IFRS
FYE Mar 2020	10.4	−0.6pp	Cons. · IFRS
FYE Mar 2021	15.5	+5.0pp	Cons. · IFRS
FYE Mar 2022	12.7	−2.8pp	Cons. · IFRS
FYE Mar 2023	8.7	−4.0pp	Cons. · IFRS
FYE Mar 2024	11.7	+3.0pp	Cons. · IFRS
FYE Mar 2025	13.7	+2.0pp	Cons. · IFRS
FYE Mar 2026	15.1	+1.4pp	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 -¥106bn

Average · 10 yrs -¥25bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-153	n/a	Cons. · IFRS
FYE Mar 2018	32.3	n/a	Cons. · IFRS
FYE Mar 2019	5.6	−82.7%	Cons. · IFRS
FYE Mar 2020	9.5	+70.7%	Cons. · IFRS
FYE Mar 2021	28.9	+203.2%	Cons. · IFRS
FYE Mar 2022	11.6	−59.9%	Cons. · IFRS
FYE Mar 2023	0.6	−94.6%	Cons. · IFRS
FYE Mar 2024	-30.6	−4959.4%	Cons. · IFRS
FYE Mar 2025	-52.9	n/a	Cons. · IFRS
FYE Mar 2026	-106	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 ¥4.30tn

Change · 10 yrs +¥3.04tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	1,258	n/a
FYE Mar 2018	1,089	n/a
FYE Mar 2019	972	n/a
FYE Mar 2020	1,104	n/a
FYE Mar 2021	1,244	n/a
FYE Mar 2022	1,864	n/a
FYE Mar 2023	2,443	n/a
FYE Mar 2024	2,951	n/a
FYE Mar 2025	2,975	n/a
FYE Mar 2026	4,302	n/a

Definition: What the market says the company is worth
Formula: Year-end share price × shares outstanding
Source: Securities report (XBRL)

Share price year-end close

FYE Mar 2026 4,400¥

Change · 10 yrs +2,200¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,200	n/a
FYE Mar 2018	1,904	n/a
FYE Mar 2019	1,769	n/a
FYE Mar 2020	2,011	n/a
FYE Mar 2021	2,265	n/a
FYE Mar 2022	3,472	n/a
FYE Mar 2023	4,611	n/a
FYE Mar 2024	5,659	n/a
FYE Mar 2025	5,917	n/a
FYE Mar 2026	4,400	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 977,735,616shares

Change · 10 yrs +405,872,262 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	571,863,354	Parent
FYE Mar 2018	571,863,354	Parent
FYE Mar 2019	549,163,354	Parent
FYE Mar 2020	549,163,354	Parent
FYE Mar 2021	549,163,354	Parent
FYE Mar 2022	536,996,254	Parent
FYE Mar 2023	529,798,154	Parent
FYE Mar 2024	521,430,854	Parent
FYE Mar 2025	502,818,808	Parent
FYE Mar 2026	977,735,616	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 138.36¥

Change · 10 yrs +45.55¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	92.81	Cons.
FYE Mar 2018	105.76	Cons.
FYE Mar 2019	53.62	Cons.
FYE Mar 2020	34.37	Cons.
FYE Mar 2021	54.18	Cons.
FYE Mar 2022	69.71	Cons.
FYE Mar 2023	87.99	Cons.
FYE Mar 2024	83.72	Cons.
FYE Mar 2025	69.77	Cons.
FYE Mar 2026	138.36	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 n/a

Change · 9 yrs +265.06¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,220.17	Cons. · IFRS
FYE Mar 2018	1,121.68	Cons. · IFRS
FYE Mar 2019	1,111.77	Cons. · IFRS
FYE Mar 2020	981.45	Cons. · IFRS
FYE Mar 2021	1,129.46	Cons. · IFRS
FYE Mar 2022	1,279.17	Cons. · IFRS
FYE Mar 2023	1,450.88	Cons. · IFRS
FYE Mar 2024	1,562.41	Cons. · IFRS
FYE Mar 2025	1,485.23	Cons. · IFRS
FYE Mar 2026	n/a	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 31.80×

Average · 10 yrs 31.32×

Fiscal year	PER ×	Basis
FYE Mar 2017	23.70	Cons.
FYE Mar 2018	18.00	Cons.
FYE Mar 2019	33.00	Cons.
FYE Mar 2020	58.50	Cons.
FYE Mar 2021	20.90	Cons.
FYE Mar 2022	24.90	Cons.
FYE Mar 2023	26.20	Cons.
FYE Mar 2024	33.80	Cons.
FYE Mar 2025	42.40	Cons.
FYE Mar 2026	31.80	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 5.47×

Average · 10 yrs 2.82×

Fiscal year	PBR ×	Basis
FYE Mar 2017	2.03	Cons.
FYE Mar 2018	1.69	Cons.
FYE Mar 2019	1.59	Cons.
FYE Mar 2020	2.05	Cons.
FYE Mar 2021	2.00	Cons.
FYE Mar 2022	2.71	Cons.
FYE Mar 2023	3.17	Cons.
FYE Mar 2024	3.56	Cons.
FYE Mar 2025	3.94	Cons.
FYE Mar 2026	5.47	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 34,787people

Change · 10 yrs +2,053 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	32,734	n/a	Cons.
FYE Mar 2018	34,452	+5.2%	Cons.
FYE Mar 2019	34,504	+0.2%	Cons.
FYE Mar 2020	32,509	−5.8%	Cons.
FYE Mar 2021	33,461	+2.9%	Cons.
FYE Mar 2022	34,198	+2.2%	Cons.
FYE Mar 2023	34,615	+1.2%	Cons.
FYE Mar 2024	34,862	+0.7%	Cons.
FYE Mar 2025	34,860	−0.0%	Cons.
FYE Mar 2026	34,787	−0.2%	Cons.

Definition: Everyone employed across the group
Formula: Consolidated headcount, from the employee section of the filing
Source: Securities report (XBRL)

Parent-company employees

FYE Mar 2026 3,705people

Change · 10 yrs +246 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	3,459	n/a	Parent
FYE Mar 2018	3,464	+0.1%	Parent
FYE Mar 2019	3,494	+0.9%	Parent
FYE Mar 2020	3,401	−2.7%	Parent
FYE Mar 2021	3,184	−6.4%	Parent
FYE Mar 2022	3,252	+2.1%	Parent
FYE Mar 2023	3,335	+2.6%	Parent
FYE Mar 2024	3,480	+4.3%	Parent
FYE Mar 2025	3,627	+4.2%	Parent
FYE Mar 2026	3,705	+2.2%	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 ¥10.6m

Change · 10 yrs +¥1.1m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	9.5	n/a	Parent
FYE Mar 2018	9.5	−0.7%	Parent
FYE Mar 2019	9.8	+3.8%	Parent
FYE Mar 2020	9.6	−2.7%	Parent
FYE Mar 2021	10.0	+4.3%	Parent
FYE Mar 2022	10.5	+5.0%	Parent
FYE Mar 2023	10.5	+0.1%	Parent
FYE Mar 2024	10.7	+2.4%	Parent
FYE Mar 2025	10.4	−3.4%	Parent
FYE Mar 2026	10.6	+2.4%	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 43.5years

Change · 8 yrs −0.1 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	43.6	n/a	Parent
FYE Mar 2020	43.9	+0.7%	Parent
FYE Mar 2021	44.1	+0.5%	Parent
FYE Mar 2022	44.4	+0.7%	Parent
FYE Mar 2023	44.6	+0.5%	Parent
FYE Mar 2024	44.5	−0.2%	Parent
FYE Mar 2025	44.3	−0.4%	Parent
FYE Mar 2026	43.5	−1.8%	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 18.9years

Change · 10 yrs −0.5 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	19.4	n/a	Parent
FYE Mar 2018	19.6	+1.0%	Parent
FYE Mar 2019	19.9	+1.5%	Parent
FYE Mar 2020	19.9	−0.0%	Parent
FYE Mar 2021	20.2	+1.5%	Parent
FYE Mar 2022	20.2	−0.0%	Parent
FYE Mar 2023	20.3	+0.5%	Parent
FYE Mar 2024	19.9	−2.0%	Parent
FYE Mar 2025	19.4	−2.5%	Parent
FYE Mar 2026	18.9	−2.6%	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 8,445people

Change · 10 yrs −1,807 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	10,252	n/a	n/a
FYE Mar 2018	10,149	−1.0%	n/a
FYE Mar 2019	9,682	−4.6%	n/a
FYE Mar 2020	9,019	−6.8%	n/a
FYE Mar 2021	9,074	+0.6%	n/a
FYE Mar 2022	8,749	−3.6%	n/a
FYE Mar 2023	8,703	−0.5%	n/a
FYE Mar 2024	8,343	−4.1%	n/a
FYE Mar 2025	8,512	+2.0%	n/a
FYE Mar 2026	8,445	−0.8%	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 ¥45.5m

Change · 10 yrs +¥12.2m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	33.3	n/a	Cons.
FYE Mar 2018	32.4	−3.0%	Cons.
FYE Mar 2019	32.3	−0.2%	Cons.
FYE Mar 2020	33.8	+4.8%	Cons.
FYE Mar 2021	32.0	−5.4%	Cons.
FYE Mar 2022	33.6	+5.0%	Cons.
FYE Mar 2023	39.3	+16.8%	Cons.
FYE Mar 2024	41.3	+5.1%	Cons.
FYE Mar 2025	43.9	+6.4%	Cons.
FYE Mar 2026	45.5	+3.7%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥5.7m

Change · 10 yrs +¥2.8m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	3.0	n/a	Cons.
FYE Mar 2018	2.3	−22.8%	Cons.
FYE Mar 2019	1.6	−31.9%	Cons.
FYE Mar 2020	1.5	−3.5%	Cons.
FYE Mar 2021	3.0	+101.4%	Cons.
FYE Mar 2022	3.6	+20.5%	Cons.
FYE Mar 2023	4.3	+18.1%	Cons.
FYE Mar 2024	4.2	−2.2%	Cons.
FYE Mar 2025	3.3	−22.3%	Cons.
FYE Mar 2026	5.7	+75.3%	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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