Financials

Bull-Dog Sauce: FYE Mar 2026 and ten years of results (50 metrics)

FYE Mar 2026 · Revenue¥15bnYoY +0.5%

FYE Mar 2026 · Operating profit¥0.6bnYoY +174.9%

FYE Mar 2026 · Net profit¥2.4bnYoY +291.3%

FYE Mar 2026 · Equity ratio67.7%YoY +1.7pp

FYE Mar 2026 · Group employees282YoY −13

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥17bn	n/a	¥1.0bn	n/a	5.7%	¥0.8bn	Ikeda Shoko	—
FYE Mar 2018Consolidated	¥17bn	+0.2%	¥0.7bn	−24.5%	4.3%	¥0.9bn	Ikeda Shoko	<a class="en-history_person" href="/tse/2804/executives/ceo/ishigaki-hisatoshi/" hreflang="ja">Ishigaki Hisatoshi</a> becomes president
FYE Mar 2019Consolidated	¥17bn	+1.3%	¥0.4bn	−40.6%	2.5%	¥0.8bn	Ishigaki Hisatoshi	—
FYE Mar 2020Consolidated	¥17bn	+1.3%	¥0.6bn	+48.8%	3.7%	¥0.7bn	Ishigaki Hisatoshi	Dividend doubled; Shanghai subsidiary established
FYE Mar 2021Consolidated	¥18bn	+2.7%	¥0.7bn	+12.7%	4.1%	¥0.7bn	Ishigaki Hisatoshi	—
FYE Mar 2022Consolidated	¥13bn	−24.9%	¥0.7bn	−9.6%	4.9%	¥0.7bn	Ishigaki Hisatoshi	—
FYE Mar 2023Consolidated	¥14bn	+1.7%	¥0.4bn	−33.9%	3.2%	¥0.6bn	Ishigaki Hisatoshi	—
FYE Mar 2024Consolidated	¥14bn	+7.0%	¥0.2bn	−62.0%	1.1%	¥0.1bn	Ishigaki Hisatoshi	Hatogaya plant ends production after 88 years
FYE Mar 2025Consolidated	¥15bn	+0.9%	¥0.2bn	+36.2%	1.5%	¥0.6bn	Ishigaki Hisatoshi	—
FYE Mar 2026Consolidated	¥15bn	+0.5%	¥0.6bn	+174.9%	4.2%	¥2.4bn	Ishigaki Hisatoshi	The founding-era Hatogaya site is sold

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%

Rikenbitamin¥96bnFY2024Operating margin 9.1%

Kenko Mayonnaise¥92bnFY2025Operating margin 4.5%

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

Bull-Dog Sauce¥15bnFY2025Operating margin 4.2%

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 ¥15bn

CAGR · 10 yrs −1.5%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	16.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.8	+0.2%	Cons. · Japanese GAAP
FYE Mar 2019	17.0	+1.3%	Cons. · Japanese GAAP
FYE Mar 2020	17.2	+1.3%	Cons. · Japanese GAAP
FYE Mar 2021	17.7	+2.7%	Cons. · Japanese GAAP
FYE Mar 2022	13.3	−24.9%	Cons. · Japanese GAAP
FYE Mar 2023	13.5	+1.7%	Cons. · Japanese GAAP
FYE Mar 2024	14.5	+7.0%	Cons. · Japanese GAAP
FYE Mar 2025	14.6	+0.9%	Cons. · Japanese GAAP
FYE Mar 2026	14.7	+0.5%	Cons. · 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 ¥9.9bn

CAGR · 10 yrs +2.4%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	8.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.2	+2.3%	Cons. · Japanese GAAP
FYE Mar 2019	8.7	+5.4%	Cons. · Japanese GAAP
FYE Mar 2020	8.4	−2.6%	Cons. · Japanese GAAP
FYE Mar 2021	8.7	+2.9%	Cons. · Japanese GAAP
FYE Mar 2022	8.7	+0.7%	Cons. · Japanese GAAP
FYE Mar 2023	9.1	+4.4%	Cons. · Japanese GAAP
FYE Mar 2024	10.1	+10.7%	Cons. · Japanese GAAP
FYE Mar 2025	10.3	+2.1%	Cons. · Japanese GAAP
FYE Mar 2026	9.9	−3.5%	Cons. · 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 ¥4.7bn

CAGR · 10 yrs −6.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	8.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.6	−1.7%	Cons. · Japanese GAAP
FYE Mar 2019	8.3	−2.6%	Cons. · Japanese GAAP
FYE Mar 2020	8.8	+5.4%	Cons. · Japanese GAAP
FYE Mar 2021	9.0	+2.6%	Cons. · Japanese GAAP
FYE Mar 2022	4.6	−49.4%	Cons. · Japanese GAAP
FYE Mar 2023	4.4	−3.4%	Cons. · Japanese GAAP
FYE Mar 2024	4.4	−0.5%	Cons. · Japanese GAAP
FYE Mar 2025	4.3	−1.8%	Cons. · Japanese GAAP
FYE Mar 2026	4.7	+10.0%	Cons. · 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 ¥4.1bn

CAGR · 10 yrs −6.8%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	7.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.8	+1.1%	Cons. · Japanese GAAP
FYE Mar 2019	7.9	+0.9%	Cons. · Japanese GAAP
FYE Mar 2020	8.2	+3.1%	Cons. · Japanese GAAP
FYE Mar 2021	8.3	+1.8%	Cons. · Japanese GAAP
FYE Mar 2022	3.9	−52.9%	Cons. · Japanese GAAP
FYE Mar 2023	4.0	+1.7%	Cons. · Japanese GAAP
FYE Mar 2024	4.2	+6.1%	Cons. · Japanese GAAP
FYE Mar 2025	4.1	−3.3%	Cons. · Japanese GAAP
FYE Mar 2026	4.1	+1.0%	Cons. · 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 ¥613m

CAGR · 10 yrs −4.8%

Fiscal year	Operating profit ¥ m	YoY	Basis
FYE Mar 2017	959	n/a	Cons. · Japanese GAAP
FYE Mar 2018	724	−24.5%	Cons. · Japanese GAAP
FYE Mar 2019	430	−40.6%	Cons. · Japanese GAAP
FYE Mar 2020	640	+48.8%	Cons. · Japanese GAAP
FYE Mar 2021	721	+12.7%	Cons. · Japanese GAAP
FYE Mar 2022	652	−9.6%	Cons. · Japanese GAAP
FYE Mar 2023	431	−33.9%	Cons. · Japanese GAAP
FYE Mar 2024	164	−62.0%	Cons. · Japanese GAAP
FYE Mar 2025	223	+36.2%	Cons. · Japanese GAAP
FYE Mar 2026	613	+174.9%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥784m

CAGR · 10 yrs +13.6%

Fiscal year	Non-operating income ¥ m	YoY	Basis
FYE Mar 2017	248	n/a	Cons. · Japanese GAAP
FYE Mar 2018	535	+115.6%	Cons. · Japanese GAAP
FYE Mar 2019	595	+11.2%	Cons. · Japanese GAAP
FYE Mar 2020	407	−31.7%	Cons. · Japanese GAAP
FYE Mar 2021	315	−22.6%	Cons. · Japanese GAAP
FYE Mar 2022	372	+18.2%	Cons. · Japanese GAAP
FYE Mar 2023	831	+123.3%	Cons. · Japanese GAAP
FYE Mar 2024	549	−33.9%	Cons. · Japanese GAAP
FYE Mar 2025	706	+28.5%	Cons. · Japanese GAAP
FYE Mar 2026	784	+11.0%	Cons. · 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 ¥78.3m

CAGR · 10 yrs +28.7%

Fiscal year	Non-operating expenses ¥ m	YoY	Basis
FYE Mar 2017	8.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.6	−31.0%	Cons. · Japanese GAAP
FYE Mar 2019	5.2	−7.2%	Cons. · Japanese GAAP
FYE Mar 2020	6.5	+26.5%	Cons. · Japanese GAAP
FYE Mar 2021	50.8	+676.5%	Cons. · Japanese GAAP
FYE Mar 2022	9.9	−80.4%	Cons. · Japanese GAAP
FYE Mar 2023	26.9	+170.6%	Cons. · Japanese GAAP
FYE Mar 2024	38.1	+41.6%	Cons. · Japanese GAAP
FYE Mar 2025	64.6	+69.7%	Cons. · Japanese GAAP
FYE Mar 2026	78.3	+21.3%	Cons. · 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 ¥1.3bn

CAGR · 10 yrs +1.1%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	1.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.3	+4.6%	Cons. · Japanese GAAP
FYE Mar 2019	1.0	−18.7%	Cons. · Japanese GAAP
FYE Mar 2020	1.0	+2.0%	Cons. · Japanese GAAP
FYE Mar 2021	1.0	−5.3%	Cons. · Japanese GAAP
FYE Mar 2022	1.0	+2.9%	Cons. · Japanese GAAP
FYE Mar 2023	1.2	+21.8%	Cons. · Japanese GAAP
FYE Mar 2024	0.7	−45.3%	Cons. · Japanese GAAP
FYE Mar 2025	0.9	+28.1%	Cons. · Japanese GAAP
FYE Mar 2026	1.3	+52.5%	Cons. · 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 income

FYE Mar 2026 ¥2.2bn

CAGR · 7 yrs +339.2%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	0.3	+85276.7%	Cons. · Japanese GAAP
FYE Mar 2020	0.0	−99.6%	Cons. · Japanese GAAP
FYE Mar 2021	0.0	+1027.6%	Cons. · Japanese GAAP
FYE Mar 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2023	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2025	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2026	2.2	+797481.5%	Cons. · Japanese GAAP

Definition: One-off gains, such as an asset sale
Formula: Extraordinary income line of the income statement
Source: Securities report (XBRL)

Extraordinary loss

FYE Mar 2026 ¥0.4m

CAGR · 8 yrs −37.6%

Fiscal year	Extraordinary loss ¥ m	YoY	Basis
FYE Mar 2017	10.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	29.4	+170.6%	Cons. · Japanese GAAP
FYE Mar 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2020	53.2	n/a	Cons. · Japanese GAAP
FYE Mar 2021	3.9	−92.7%	Cons. · Japanese GAAP
FYE Mar 2022	3.2	−17.4%	Cons. · Japanese GAAP
FYE Mar 2023	188	+5806.3%	Cons. · Japanese GAAP
FYE Mar 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2025	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2026	0.4	n/a	Cons. · 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 ¥2.4bn

CAGR · 10 yrs +13.1%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	0.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.9	+9.2%	Cons. · Japanese GAAP
FYE Mar 2019	0.8	−12.4%	Cons. · Japanese GAAP
FYE Mar 2020	0.7	−10.5%	Cons. · Japanese GAAP
FYE Mar 2021	0.7	+0.2%	Cons. · Japanese GAAP
FYE Mar 2022	0.7	+3.3%	Cons. · Japanese GAAP
FYE Mar 2023	0.6	−16.9%	Cons. · Japanese GAAP
FYE Mar 2024	0.1	−75.6%	Cons. · Japanese GAAP
FYE Mar 2025	0.6	+328.9%	Cons. · Japanese GAAP
FYE Mar 2026	2.4	+291.3%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 32.3%

Average · 10 yrs 41.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	52.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	51.1	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2019	49.1	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2020	51.1	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2021	51.0	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	34.3	−16.7pp	Cons. · Japanese GAAP
FYE Mar 2023	32.6	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2024	30.3	−2.3pp	Cons. · Japanese GAAP
FYE Mar 2025	29.5	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2026	32.3	+2.8pp	Cons. · 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 4.2%

Average · 10 yrs 3.5%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	5.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.3	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2019	2.5	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2020	3.7	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	4.1	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2022	4.9	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2023	3.2	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2024	1.1	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2025	1.5	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2026	4.2	+2.6pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Mar 2026 9.0%

Average · 10 yrs 6.9%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	7.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.5	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	6.0	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2020	6.0	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2021	5.6	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2022	7.6	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2023	9.1	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2024	4.7	−4.5pp	Cons. · Japanese GAAP
FYE Mar 2025	5.9	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2026	9.0	+3.1pp	Cons. · 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 16.6%

Average · 10 yrs 5.4%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	4.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.3	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	4.5	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2020	4.0	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2021	3.9	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	5.4	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2023	4.4	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2024	1.0	−3.4pp	Cons. · Japanese GAAP
FYE Mar 2025	4.3	+3.3pp	Cons. · Japanese GAAP
FYE Mar 2026	16.6	+12.3pp	Cons. · 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 67.7%

Average · 10 yrs 58.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	47.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	48.9	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2019	50.9	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2020	48.9	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2021	49.0	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	65.7	+16.7pp	Cons. · Japanese GAAP
FYE Mar 2023	67.4	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2024	69.7	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2025	70.5	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2026	67.7	−2.8pp	Cons. · 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 28.1%

Average · 10 yrs 37.8%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	46.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	46.7	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	46.6	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	47.4	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2021	46.9	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2022	29.4	−17.5pp	Cons. · Japanese GAAP
FYE Mar 2023	29.4	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2024	29.2	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2025	28.0	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2026	28.1	+0.1pp	Cons. · 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 ¥37bn

CAGR · 10 yrs +4.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	25.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	27.4	+6.5%	Cons. · Japanese GAAP
FYE Mar 2019	26.0	−5.0%	Cons. · Japanese GAAP
FYE Mar 2020	25.8	−0.8%	Cons. · Japanese GAAP
FYE Mar 2021	26.8	+3.8%	Cons. · Japanese GAAP
FYE Mar 2022	29.8	+11.0%	Cons. · Japanese GAAP
FYE Mar 2023	36.3	+22.0%	Cons. · Japanese GAAP
FYE Mar 2024	33.7	−7.0%	Cons. · Japanese GAAP
FYE Mar 2025	32.5	−3.8%	Cons. · Japanese GAAP
FYE Mar 2026	37.3	+14.9%	Cons. · 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 ¥25bn

CAGR · 10 yrs +3.0%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	19.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	20.3	+4.9%	Cons. · Japanese GAAP
FYE Mar 2019	20.0	−1.3%	Cons. · Japanese GAAP
FYE Mar 2020	19.8	−1.0%	Cons. · Japanese GAAP
FYE Mar 2021	20.5	+3.7%	Cons. · Japanese GAAP
FYE Mar 2022	20.1	−2.0%	Cons. · Japanese GAAP
FYE Mar 2023	20.3	+0.6%	Cons. · Japanese GAAP
FYE Mar 2024	21.5	+5.9%	Cons. · Japanese GAAP
FYE Mar 2025	21.4	−0.1%	Cons. · Japanese GAAP
FYE Mar 2026	25.3	+17.8%	Cons. · 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 ¥3.7bn

CAGR · 10 yrs +26.6%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	0.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.6	+28.8%	Cons. · Japanese GAAP
FYE Mar 2019	0.4	−21.2%	Cons. · Japanese GAAP
FYE Mar 2020	0.5	+3.0%	Cons. · Japanese GAAP
FYE Mar 2021	0.3	−26.8%	Cons. · Japanese GAAP
FYE Mar 2022	0.5	+58.3%	Cons. · Japanese GAAP
FYE Mar 2023	5.1	+859.3%	Cons. · Japanese GAAP
FYE Mar 2024	5.7	+11.2%	Cons. · Japanese GAAP
FYE Mar 2025	4.3	−24.9%	Cons. · Japanese GAAP
FYE Mar 2026	3.7	−13.7%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Mar 2026 ¥0.2bn

CAGR · 10 yrs +12.5%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	0.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.1	+58.3%	Cons. · Japanese GAAP
FYE Mar 2019	0.1	+15.8%	Cons. · Japanese GAAP
FYE Mar 2020	0.0	−79.6%	Cons. · Japanese GAAP
FYE Mar 2021	0.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2022	0.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2023	0.1	+316.7%	Cons. · Japanese GAAP
FYE Mar 2024	1.3	+916.0%	Cons. · Japanese GAAP
FYE Mar 2025	0.2	−81.9%	Cons. · Japanese GAAP
FYE Mar 2026	0.2	−0.0%	Cons. · 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 ¥3.4bn

CAGR · 10 yrs +28.5%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	0.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.4	+22.2%	Cons. · Japanese GAAP
FYE Mar 2019	0.3	−31.8%	Cons. · Japanese GAAP
FYE Mar 2020	0.4	+43.3%	Cons. · Japanese GAAP
FYE Mar 2021	0.3	−28.7%	Cons. · Japanese GAAP
FYE Mar 2022	0.5	+64.0%	Cons. · Japanese GAAP
FYE Mar 2023	5.0	+891.7%	Cons. · Japanese GAAP
FYE Mar 2024	4.4	−11.5%	Cons. · Japanese GAAP
FYE Mar 2025	4.0	−8.5%	Cons. · Japanese GAAP
FYE Mar 2026	3.4	−14.5%	Cons. · Japanese GAAP

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 ¥165m

CAGR · 10 yrs +2.7%

Fiscal year	Intangible assets ¥ m	YoY	Basis
FYE Mar 2017	130	n/a	Cons. · Japanese GAAP
FYE Mar 2018	135	+3.8%	Cons. · Japanese GAAP
FYE Mar 2019	99.3	−26.3%	Cons. · Japanese GAAP
FYE Mar 2020	63.7	−35.9%	Cons. · Japanese GAAP
FYE Mar 2021	33.1	−48.0%	Cons. · Japanese GAAP
FYE Mar 2022	33.4	+0.9%	Cons. · Japanese GAAP
FYE Mar 2023	64.3	+92.4%	Cons. · Japanese GAAP
FYE Mar 2024	197	+206.7%	Cons. · Japanese GAAP
FYE Mar 2025	179	−9.3%	Cons. · Japanese GAAP
FYE Mar 2026	165	−7.8%	Cons. · Japanese GAAP

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

Equity ratio

FYE Mar 2026 67.7%

Average · 10 yrs 70.0%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	75.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	74.0	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2019	76.9	+2.9pp	Cons. · Japanese GAAP
FYE Mar 2020	76.7	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2021	76.6	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2022	67.7	−9.0pp	Cons. · Japanese GAAP
FYE Mar 2023	55.8	−11.9pp	Cons. · Japanese GAAP
FYE Mar 2024	63.6	+7.8pp	Cons. · Japanese GAAP
FYE Mar 2025	66.0	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2026	67.7	+1.7pp	Cons. · 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 14.6%

Average · 10 yrs 10.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	2.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.8	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	2.2	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	2.3	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	1.6	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2022	2.6	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2023	25.2	+22.6pp	Cons. · Japanese GAAP
FYE Mar 2024	26.5	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2025	19.9	−6.6pp	Cons. · Japanese GAAP
FYE Mar 2026	14.6	−5.3pp	Cons. · 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 9.7%

Average · 10 yrs 3.9%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	4.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.4	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	3.9	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	3.5	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	3.4	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	3.6	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2023	2.9	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2024	0.7	−2.3pp	Cons. · Japanese GAAP
FYE Mar 2025	2.9	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2026	9.7	+6.8pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 6.5%

Average · 10 yrs 2.8%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	3.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.2	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	3.0	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	2.7	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	2.6	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	2.4	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2023	1.6	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2024	0.4	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2025	1.9	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2026	6.5	+4.6pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.39×

CAGR · 10 yrs −5.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.65	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.61	−6.0%	Cons. · Japanese GAAP
FYE Mar 2019	0.65	+6.7%	Cons. · Japanese GAAP
FYE Mar 2020	0.67	+2.1%	Cons. · Japanese GAAP
FYE Mar 2021	0.66	−1.0%	Cons. · Japanese GAAP
FYE Mar 2022	0.45	−32.4%	Cons. · Japanese GAAP
FYE Mar 2023	0.37	−16.6%	Cons. · Japanese GAAP
FYE Mar 2024	0.43	+15.1%	Cons. · Japanese GAAP
FYE Mar 2025	0.45	+4.9%	Cons. · Japanese GAAP
FYE Mar 2026	0.39	−12.5%	Cons. · 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 ¥1.6bn

CAGR · 10 yrs +3.1%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	1.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.6	−49.7%	Cons. · Japanese GAAP
FYE Mar 2019	1.4	+128.3%	Cons. · Japanese GAAP
FYE Mar 2020	1.2	−13.0%	Cons. · Japanese GAAP
FYE Mar 2021	1.5	+21.7%	Cons. · Japanese GAAP
FYE Mar 2022	1.1	−25.5%	Cons. · Japanese GAAP
FYE Mar 2023	0.0	−96.0%	Cons. · Japanese GAAP
FYE Mar 2024	0.1	+100.4%	Cons. · Japanese GAAP
FYE Mar 2025	2.3	+2484.6%	Cons. · Japanese GAAP
FYE Mar 2026	1.6	−29.7%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Mar 2026 ¥2.5bn

Average · 10 yrs -¥0.8bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-0.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-2.0	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-0.1	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-0.2	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-1.2	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-3.1	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-4.1	n/a	Cons. · Japanese GAAP
FYE Mar 2025	0.6	n/a	Cons. · Japanese GAAP
FYE Mar 2026	2.5	+299.0%	Cons. · 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 -¥1.9bn

Average · 10 yrs -¥0.2bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-0.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-0.2	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-0.4	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-0.8	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-0.4	n/a	Cons. · Japanese GAAP
FYE Mar 2023	4.6	n/a	Cons. · Japanese GAAP
FYE Mar 2024	0.0	−99.3%	Cons. · Japanese GAAP
FYE Mar 2025	-2.5	−8090.2%	Cons. · Japanese GAAP
FYE Mar 2026	-1.9	n/a	Cons. · 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 ¥4.7bn

CAGR · 10 yrs +1.2%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	4.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.7	−37.1%	Cons. · Japanese GAAP
FYE Mar 2019	3.6	+34.8%	Cons. · Japanese GAAP
FYE Mar 2020	4.3	+19.0%	Cons. · Japanese GAAP
FYE Mar 2021	4.9	+13.4%	Cons. · Japanese GAAP
FYE Mar 2022	4.4	−9.9%	Cons. · Japanese GAAP
FYE Mar 2023	5.9	+35.7%	Cons. · Japanese GAAP
FYE Mar 2024	2.0	−66.6%	Cons. · Japanese GAAP
FYE Mar 2025	2.5	+24.2%	Cons. · Japanese GAAP
FYE Mar 2026	4.7	+92.5%	Cons. · 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 ¥4.2bn

CAGR · 10 yrs +21.9%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	0.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-1.3	−290.4%	Cons. · Japanese GAAP
FYE Mar 2019	1.3	n/a	Cons. · Japanese GAAP
FYE Mar 2020	1.0	−26.5%	Cons. · Japanese GAAP
FYE Mar 2021	1.3	+38.5%	Cons. · Japanese GAAP
FYE Mar 2022	-0.1	−104.9%	Cons. · Japanese GAAP
FYE Mar 2023	-3.1	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-4.0	n/a	Cons. · Japanese GAAP
FYE Mar 2025	3.0	n/a	Cons. · Japanese GAAP
FYE Mar 2026	4.2	+40.7%	Cons. · 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 11.2%

Average · 10 yrs 7.2%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	7.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.7	−3.7pp	Cons. · Japanese GAAP
FYE Mar 2019	8.4	+4.7pp	Cons. · Japanese GAAP
FYE Mar 2020	7.2	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	8.5	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2022	8.5	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2023	0.3	−8.1pp	Cons. · Japanese GAAP
FYE Mar 2024	0.6	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2025	15.9	+15.3pp	Cons. · Japanese GAAP
FYE Mar 2026	11.2	−4.8pp	Cons. · 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 ¥1.1bn

CAGR · 10 yrs −13.3%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	3.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.1	−44.7%	Cons. · Japanese GAAP
FYE Mar 2019	3.1	+49.9%	Cons. · Japanese GAAP
FYE Mar 2020	3.8	+21.3%	Cons. · Japanese GAAP
FYE Mar 2021	4.5	+18.3%	Cons. · Japanese GAAP
FYE Mar 2022	3.8	−15.0%	Cons. · Japanese GAAP
FYE Mar 2023	0.8	−78.6%	Cons. · Japanese GAAP
FYE Mar 2024	-3.7	−551.9%	Cons. · Japanese GAAP
FYE Mar 2025	-1.8	n/a	Cons. · Japanese GAAP
FYE Mar 2026	1.1	n/a	Cons. · 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

Market capitalisation

FYE Mar 2026 ¥25bn

Change · 10 yrs +¥8.6bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	16.0	n/a
FYE Mar 2018	15.5	n/a
FYE Mar 2019	14.6	n/a
FYE Mar 2020	15.4	n/a
FYE Mar 2021	37.7	n/a
FYE Mar 2022	29.8	n/a
FYE Mar 2023	26.7	n/a
FYE Mar 2024	29.0	n/a
FYE Mar 2025	23.7	n/a
FYE Mar 2026	24.6	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 1,860¥

Change · 10 yrs −430¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,290	n/a
FYE Mar 2018	2,220	n/a
FYE Mar 2019	2,094	n/a
FYE Mar 2020	1,104	n/a
FYE Mar 2021	2,701	n/a
FYE Mar 2022	2,136	n/a
FYE Mar 2023	1,912	n/a
FYE Mar 2024	2,076	n/a
FYE Mar 2025	1,695	n/a
FYE Mar 2026	1,860	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 13,208,780shares

Change · 10 yrs +6,231,340 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	6,977,440	Parent
FYE Mar 2018	6,977,440	Parent
FYE Mar 2019	6,977,440	Parent
FYE Mar 2020	13,954,880	Parent
FYE Mar 2021	13,954,880	Parent
FYE Mar 2022	13,954,880	Parent
FYE Mar 2023	13,954,880	Parent
FYE Mar 2024	13,954,880	Parent
FYE Mar 2025	13,954,880	Parent
FYE Mar 2026	13,208,780	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 190.21¥

Change · 10 yrs +71.50¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	118.71	Cons.
FYE Mar 2018	131.03	Cons.
FYE Mar 2019	57.69	Cons.
FYE Mar 2020	51.63	Cons.
FYE Mar 2021	51.71	Cons.
FYE Mar 2022	53.48	Cons.
FYE Mar 2023	44.64	Cons.
FYE Mar 2024	10.89	Cons.
FYE Mar 2025	46.91	Cons.
FYE Mar 2026	190.21	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 1,912.49¥

Change · 10 yrs −858.24¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	2,770.74	Cons. · Japanese GAAP
FYE Mar 2018	2,905.43	Cons. · Japanese GAAP
FYE Mar 2019	2,869.07	Cons. · Japanese GAAP
FYE Mar 2020	1,419.53	Cons. · Japanese GAAP
FYE Mar 2021	1,472.25	Cons. · Japanese GAAP
FYE Mar 2022	1,443.20	Cons. · Japanese GAAP
FYE Mar 2023	1,451.63	Cons. · Japanese GAAP
FYE Mar 2024	1,537.88	Cons. · Japanese GAAP
FYE Mar 2025	1,536.76	Cons. · Japanese GAAP
FYE Mar 2026	1,912.49	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 9.78×

Average · 10 yrs 44.73×

Fiscal year	PER ×	Basis
FYE Mar 2017	19.29	Cons.
FYE Mar 2018	16.94	Cons.
FYE Mar 2019	18.15	Cons.
FYE Mar 2020	21.38	Cons.
FYE Mar 2021	52.23	Cons.
FYE Mar 2022	39.94	Cons.
FYE Mar 2023	42.83	Cons.
FYE Mar 2024	190.63	Cons.
FYE Mar 2025	36.13	Cons.
FYE Mar 2026	9.78	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 0.93×

Average · 10 yrs 1.07×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.80	Cons.
FYE Mar 2018	0.73	Cons.
FYE Mar 2019	0.70	Cons.
FYE Mar 2020	0.75	Cons.
FYE Mar 2021	1.76	Cons.
FYE Mar 2022	1.42	Cons.
FYE Mar 2023	1.26	Cons.
FYE Mar 2024	1.29	Cons.
FYE Mar 2025	1.04	Cons.
FYE Mar 2026	0.93	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 282people

Change · 10 yrs +16 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	266	n/a	Cons.
FYE Mar 2018	287	+7.9%	Cons.
FYE Mar 2019	302	+5.2%	Cons.
FYE Mar 2020	310	+2.6%	Cons.
FYE Mar 2021	316	+1.9%	Cons.
FYE Mar 2022	318	+0.6%	Cons.
FYE Mar 2023	318	−0.0%	Cons.
FYE Mar 2024	302	−5.0%	Cons.
FYE Mar 2025	295	−2.3%	Cons.
FYE Mar 2026	282	−4.4%	Cons.

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

Parent-company employees

FYE Mar 2026 199people

Change · 10 yrs +12 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	187	n/a	Parent
FYE Mar 2018	205	+9.6%	Parent
FYE Mar 2019	220	+7.3%	Parent
FYE Mar 2020	220	−0.0%	Parent
FYE Mar 2021	221	+0.5%	Parent
FYE Mar 2022	223	+0.9%	Parent
FYE Mar 2023	223	−0.0%	Parent
FYE Mar 2024	211	−5.4%	Parent
FYE Mar 2025	214	+1.4%	Parent
FYE Mar 2026	199	−7.0%	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 570万円

Change · 8 yrs +36万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	535	n/a	Parent
FYE Mar 2020	525	−1.7%	Parent
FYE Mar 2021	537	+2.2%	Parent
FYE Mar 2022	533	−0.7%	Parent
FYE Mar 2023	522	−1.9%	Parent
FYE Mar 2024	538	+3.0%	Parent
FYE Mar 2025	560	+4.0%	Parent
FYE Mar 2026	570	+1.9%	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 43.7years

Change · 8 yrs +1.7 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	42.0	n/a	Parent
FYE Mar 2020	42.1	+0.2%	Parent
FYE Mar 2021	42.1	−0.0%	Parent
FYE Mar 2022	42.4	+0.7%	Parent
FYE Mar 2023	43.0	+1.4%	Parent
FYE Mar 2024	43.1	+0.2%	Parent
FYE Mar 2025	43.0	−0.2%	Parent
FYE Mar 2026	43.7	+1.6%	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 17.1years

Change · 8 yrs +1.8 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	15.3	n/a	Parent
FYE Mar 2020	15.2	−0.7%	Parent
FYE Mar 2021	15.3	+0.7%	Parent
FYE Mar 2022	15.6	+2.0%	Parent
FYE Mar 2023	16.1	+3.2%	Parent
FYE Mar 2024	16.9	+5.0%	Parent
FYE Mar 2025	17.0	+0.6%	Parent
FYE Mar 2026	17.1	+0.6%	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 65people

Change · 10 yrs −29 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	94	n/a	n/a
FYE Mar 2018	89	−5.3%	n/a
FYE Mar 2019	64	−28.1%	n/a
FYE Mar 2020	63	−1.6%	n/a
FYE Mar 2021	79	+25.4%	n/a
FYE Mar 2022	81	+2.5%	n/a
FYE Mar 2023	77	−4.9%	n/a
FYE Mar 2024	75	−2.6%	n/a
FYE Mar 2025	70	−6.7%	n/a
FYE Mar 2026	65	−7.1%	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 ¥52.1m

Change · 10 yrs −¥10.9m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	63.0	n/a	Cons.
FYE Mar 2018	58.5	−7.1%	Cons.
FYE Mar 2019	56.3	−3.7%	Cons.
FYE Mar 2020	55.6	−1.3%	Cons.
FYE Mar 2021	56.0	+0.8%	Cons.
FYE Mar 2022	41.8	−25.4%	Cons.
FYE Mar 2023	42.5	+1.7%	Cons.
FYE Mar 2024	48.0	+12.7%	Cons.
FYE Mar 2025	49.6	+3.3%	Cons.
FYE Mar 2026	52.1	+5.1%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥2.2m

Change · 10 yrs −¥1.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	3.6	n/a	Cons.
FYE Mar 2018	2.5	−30.0%	Cons.
FYE Mar 2019	1.4	−43.6%	Cons.
FYE Mar 2020	2.1	+44.9%	Cons.
FYE Mar 2021	2.3	+10.5%	Cons.
FYE Mar 2022	2.0	−10.2%	Cons.
FYE Mar 2023	1.4	−33.9%	Cons.
FYE Mar 2024	0.5	−60.0%	Cons.
FYE Mar 2025	0.8	+39.4%	Cons.
FYE Mar 2026	2.2	+187.5%	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.

Accuracy, liability, reuse and privacy — the full disclaimer →

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