Financials

Kewpie: FYE Nov 2025 and ten years of results (50 metrics)

FYE Nov 2025 · Revenue¥513bnYoY +6.1%

FYE Nov 2025 · Operating profit¥35bnYoY +0.9%

FYE Nov 2025 · Net profit¥31bnYoY +42.4%

FYE Nov 2025 · Equity ratio67.4%YoY +2.1pp

FYE Nov 2025 · Group employees10,773YoY +256

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Nov 2016Consolidated	¥552bn	n/a	¥30bn	n/a	5.4%	¥17bn	Miyake Minesaburo	Production and sales begin in Poland, opening Europe
FYE Nov 2017Consolidated	¥562bn	+1.7%	¥31bn	+4.8%	5.6%	¥18bn	Miyake Minesaburo	Kewpie Co., Ltd. set up in China as the regional holding company
FYE Nov 2018Consolidated	¥574bn	+2.1%	¥33bn	+5.8%	5.8%	¥18bn	Chonan Osamu	—
FYE Nov 2019Consolidated	¥546bn	−4.8%	¥32bn	−3.1%	5.9%	¥19bn	Chonan Osamu	Kewpie Group 2030 Vision and medium-term plan announced
FYE Nov 2020Consolidated	¥531bn	−2.7%	¥28bn	−11.7%	5.3%	¥12bn	Chonan Osamu	Kansai Kewport opened on the site of the former Itami plant
FYE Nov 2021Consolidated	¥407bn	−23.4%	¥28bn	−1.2%	6.9%	¥18bn	Chonan Osamu	Part of the Kewso Distribution System shareholding transferred
FYE Nov 2022Consolidated	¥430bn	+5.7%	¥25bn	−9.1%	5.9%	¥16bn	Chonan Osamu	Moved to the Prime Market of the Tokyo Stock Exchange
FYE Nov 2023Consolidated	¥455bn	+5.8%	¥20bn	−22.6%	4.3%	¥13bn	Takamiya Mitsuru	—
FYE Nov 2024Consolidated	¥484bn	+6.4%	¥34bn	+74.3%	7.1%	¥21bn	Takamiya Mitsuru	—
FYE Nov 2025Consolidated	¥513bn	+6.1%	¥35bn	+0.9%	6.7%	¥31bn	Takamiya Mitsuru	Aohata becomes a wholly owned subsidiary through a share exchange

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%

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 Nov 2025 ¥513bn

CAGR · 10 yrs −0.8%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Nov 2016	552	n/a	Cons. · Japanese GAAP
FYE Nov 2017	562	+1.7%	Cons. · Japanese GAAP
FYE Nov 2018	574	+2.1%	Cons. · Japanese GAAP
FYE Nov 2019	546	−4.8%	Cons. · Japanese GAAP
FYE Nov 2020	531	−2.7%	Cons. · Japanese GAAP
FYE Nov 2021	407	−23.4%	Cons. · Japanese GAAP
FYE Nov 2022	430	+5.7%	Cons. · Japanese GAAP
FYE Nov 2023	455	+5.8%	Cons. · Japanese GAAP
FYE Nov 2024	484	+6.4%	Cons. · Japanese GAAP
FYE Nov 2025	513	+6.1%	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 Nov 2025 ¥362bn

CAGR · 10 yrs −1.9%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Nov 2016	429	n/a	Cons. · Japanese GAAP
FYE Nov 2017	433	+0.9%	Cons. · Japanese GAAP
FYE Nov 2018	440	+1.8%	Cons. · Japanese GAAP
FYE Nov 2019	413	−6.3%	Cons. · Japanese GAAP
FYE Nov 2020	406	−1.7%	Cons. · Japanese GAAP
FYE Nov 2021	283	−30.3%	Cons. · Japanese GAAP
FYE Nov 2022	306	+8.2%	Cons. · Japanese GAAP
FYE Nov 2023	333	+8.7%	Cons. · Japanese GAAP
FYE Nov 2024	336	+1.0%	Cons. · Japanese GAAP
FYE Nov 2025	362	+7.8%	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 Nov 2025 ¥151bn

CAGR · 10 yrs +2.3%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Nov 2016	123	n/a	Cons. · Japanese GAAP
FYE Nov 2017	129	+4.4%	Cons. · Japanese GAAP
FYE Nov 2018	133	+3.3%	Cons. · Japanese GAAP
FYE Nov 2019	133	−0.1%	Cons. · Japanese GAAP
FYE Nov 2020	125	−5.8%	Cons. · Japanese GAAP
FYE Nov 2021	124	−0.9%	Cons. · Japanese GAAP
FYE Nov 2022	124	−0.0%	Cons. · Japanese GAAP
FYE Nov 2023	122	−1.5%	Cons. · Japanese GAAP
FYE Nov 2024	148	+20.8%	Cons. · Japanese GAAP
FYE Nov 2025	151	+2.1%	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 Nov 2025 ¥116bn

CAGR · 10 yrs +2.4%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Nov 2016	93.6	n/a	Cons. · Japanese GAAP
FYE Nov 2017	97.7	+4.3%	Cons. · Japanese GAAP
FYE Nov 2018	100	+2.5%	Cons. · Japanese GAAP
FYE Nov 2019	101	+0.9%	Cons. · Japanese GAAP
FYE Nov 2020	97.0	−3.9%	Cons. · Japanese GAAP
FYE Nov 2021	96.3	−0.8%	Cons. · Japanese GAAP
FYE Nov 2022	98.8	+2.6%	Cons. · Japanese GAAP
FYE Nov 2023	103	+3.9%	Cons. · Japanese GAAP
FYE Nov 2024	113	+10.5%	Cons. · Japanese GAAP
FYE Nov 2025	116	+2.5%	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 Nov 2025 ¥35bn

CAGR · 10 yrs +1.7%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Nov 2016	29.8	n/a	Cons. · Japanese GAAP
FYE Nov 2017	31.3	+4.8%	Cons. · Japanese GAAP
FYE Nov 2018	33.1	+5.8%	Cons. · Japanese GAAP
FYE Nov 2019	32.0	−3.1%	Cons. · Japanese GAAP
FYE Nov 2020	28.3	−11.7%	Cons. · Japanese GAAP
FYE Nov 2021	28.0	−1.2%	Cons. · Japanese GAAP
FYE Nov 2022	25.4	−9.1%	Cons. · Japanese GAAP
FYE Nov 2023	19.7	−22.6%	Cons. · Japanese GAAP
FYE Nov 2024	34.3	+74.3%	Cons. · Japanese GAAP
FYE Nov 2025	34.6	+0.9%	Cons. · Japanese GAAP

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

Non-operating income

FYE Nov 2025 ¥4.0bn

CAGR · 10 yrs +6.2%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Nov 2016	2.3	n/a	Cons. · Japanese GAAP
FYE Nov 2017	2.2	−7.9%	Cons. · Japanese GAAP
FYE Nov 2018	2.1	−1.4%	Cons. · Japanese GAAP
FYE Nov 2019	2.5	+15.0%	Cons. · Japanese GAAP
FYE Nov 2020	2.0	−17.4%	Cons. · Japanese GAAP
FYE Nov 2021	2.5	+24.9%	Cons. · Japanese GAAP
FYE Nov 2022	2.5	−1.7%	Cons. · Japanese GAAP
FYE Nov 2023	2.4	−5.4%	Cons. · Japanese GAAP
FYE Nov 2024	3.5	+49.0%	Cons. · Japanese GAAP
FYE Nov 2025	4.0	+15.4%	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 Nov 2025 ¥1.3bn

CAGR · 10 yrs +5.3%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Nov 2016	0.8	n/a	Cons. · Japanese GAAP
FYE Nov 2017	0.9	+13.7%	Cons. · Japanese GAAP
FYE Nov 2018	0.9	−6.7%	Cons. · Japanese GAAP
FYE Nov 2019	1.2	+44.0%	Cons. · Japanese GAAP
FYE Nov 2020	1.3	+9.3%	Cons. · Japanese GAAP
FYE Nov 2021	0.8	−40.1%	Cons. · Japanese GAAP
FYE Nov 2022	0.7	−16.6%	Cons. · Japanese GAAP
FYE Nov 2023	1.6	+132.6%	Cons. · Japanese GAAP
FYE Nov 2024	1.0	−38.4%	Cons. · Japanese GAAP
FYE Nov 2025	1.3	+33.6%	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 Nov 2025 ¥37bn

CAGR · 10 yrs +2.0%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Nov 2016	31.4	n/a	Cons. · Japanese GAAP
FYE Nov 2017	32.5	+3.7%	Cons. · Japanese GAAP
FYE Nov 2018	34.3	+5.7%	Cons. · Japanese GAAP
FYE Nov 2019	33.3	−3.1%	Cons. · Japanese GAAP
FYE Nov 2020	29.0	−12.9%	Cons. · Japanese GAAP
FYE Nov 2021	29.7	+2.4%	Cons. · Japanese GAAP
FYE Nov 2022	27.2	−8.2%	Cons. · Japanese GAAP
FYE Nov 2023	20.5	−24.8%	Cons. · Japanese GAAP
FYE Nov 2024	36.9	+80.0%	Cons. · Japanese GAAP
FYE Nov 2025	37.4	+1.4%	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 Nov 2025 ¥13bn

CAGR · 10 yrs +37.2%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Nov 2016	0.7	n/a	Cons. · Japanese GAAP
FYE Nov 2017	1.3	+82.3%	Cons. · Japanese GAAP
FYE Nov 2018	4.6	+244.6%	Cons. · Japanese GAAP
FYE Nov 2019	1.2	−73.3%	Cons. · Japanese GAAP
FYE Nov 2020	0.7	−44.4%	Cons. · Japanese GAAP
FYE Nov 2021	1.5	+117.9%	Cons. · Japanese GAAP
FYE Nov 2022	1.6	+6.7%	Cons. · Japanese GAAP
FYE Nov 2023	4.2	+163.6%	Cons. · Japanese GAAP
FYE Nov 2024	0.5	−89.2%	Cons. · Japanese GAAP
FYE Nov 2025	12.6	+2679.0%	Cons. · Japanese GAAP

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

Net profit profit attributable to owners of the parent

FYE Nov 2025 ¥31bn

CAGR · 10 yrs +6.6%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Nov 2016	17.1	n/a	Cons. · Japanese GAAP
FYE Nov 2017	18.1	+5.9%	Cons. · Japanese GAAP
FYE Nov 2018	18.3	+1.2%	Cons. · Japanese GAAP
FYE Nov 2019	18.7	+2.1%	Cons. · Japanese GAAP
FYE Nov 2020	11.6	−38.0%	Cons. · Japanese GAAP
FYE Nov 2021	18.0	+55.4%	Cons. · Japanese GAAP
FYE Nov 2022	16.0	−11.0%	Cons. · Japanese GAAP
FYE Nov 2023	13.2	−17.8%	Cons. · Japanese GAAP
FYE Nov 2024	21.4	+62.6%	Cons. · Japanese GAAP
FYE Nov 2025	30.5	+42.4%	Cons. · Japanese GAAP

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

Gross margin

FYE Nov 2025 29.4%

Average · 10 yrs 26.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Nov 2016	22.4	n/a	Cons. · Japanese GAAP
FYE Nov 2017	23.0	+0.6pp	Cons. · Japanese GAAP
FYE Nov 2018	23.2	+0.3pp	Cons. · Japanese GAAP
FYE Nov 2019	24.4	+1.2pp	Cons. · Japanese GAAP
FYE Nov 2020	23.6	−0.8pp	Cons. · Japanese GAAP
FYE Nov 2021	30.5	+6.9pp	Cons. · Japanese GAAP
FYE Nov 2022	28.9	−1.7pp	Cons. · Japanese GAAP
FYE Nov 2023	26.9	−2.0pp	Cons. · Japanese GAAP
FYE Nov 2024	30.5	+3.7pp	Cons. · Japanese GAAP
FYE Nov 2025	29.4	−1.1pp	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 Nov 2025 6.7%

Average · 10 yrs 5.9%

Fiscal year	Operating margin %	YoY	Basis
FYE Nov 2016	5.4	n/a	Cons. · Japanese GAAP
FYE Nov 2017	5.6	+0.2pp	Cons. · Japanese GAAP
FYE Nov 2018	5.8	+0.2pp	Cons. · Japanese GAAP
FYE Nov 2019	5.9	+0.1pp	Cons. · Japanese GAAP
FYE Nov 2020	5.3	−0.5pp	Cons. · Japanese GAAP
FYE Nov 2021	6.9	+1.5pp	Cons. · Japanese GAAP
FYE Nov 2022	5.9	−1.0pp	Cons. · Japanese GAAP
FYE Nov 2023	4.3	−1.6pp	Cons. · Japanese GAAP
FYE Nov 2024	7.1	+2.8pp	Cons. · Japanese GAAP
FYE Nov 2025	6.7	−0.3pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Nov 2025 7.3%

Average · 10 yrs 6.2%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Nov 2016	5.7	n/a	Cons. · Japanese GAAP
FYE Nov 2017	5.8	+0.1pp	Cons. · Japanese GAAP
FYE Nov 2018	6.0	+0.2pp	Cons. · Japanese GAAP
FYE Nov 2019	6.1	+0.1pp	Cons. · Japanese GAAP
FYE Nov 2020	5.5	−0.6pp	Cons. · Japanese GAAP
FYE Nov 2021	7.3	+1.8pp	Cons. · Japanese GAAP
FYE Nov 2022	6.3	−1.0pp	Cons. · Japanese GAAP
FYE Nov 2023	4.5	−1.8pp	Cons. · Japanese GAAP
FYE Nov 2024	7.6	+3.1pp	Cons. · Japanese GAAP
FYE Nov 2025	7.3	−0.3pp	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 Nov 2025 5.9%

Average · 10 yrs 3.7%

Fiscal year	Net margin %	YoY	Basis
FYE Nov 2016	3.1	n/a	Cons. · Japanese GAAP
FYE Nov 2017	3.2	+0.1pp	Cons. · Japanese GAAP
FYE Nov 2018	3.2	−0.0pp	Cons. · Japanese GAAP
FYE Nov 2019	3.4	+0.2pp	Cons. · Japanese GAAP
FYE Nov 2020	2.2	−1.2pp	Cons. · Japanese GAAP
FYE Nov 2021	4.4	+2.2pp	Cons. · Japanese GAAP
FYE Nov 2022	3.7	−0.7pp	Cons. · Japanese GAAP
FYE Nov 2023	2.9	−0.8pp	Cons. · Japanese GAAP
FYE Nov 2024	4.4	+1.5pp	Cons. · Japanese GAAP
FYE Nov 2025	5.9	+1.5pp	Cons. · Japanese GAAP

Definition: The share of revenue left after everything
Formula: Net profit ÷ revenue
Source: Securities report (XBRL)

Cost-of-sales ratio

FYE Nov 2025 70.6%

Average · 10 yrs 73.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Nov 2016	77.6	n/a	Cons. · Japanese GAAP
FYE Nov 2017	77.0	−0.6pp	Cons. · Japanese GAAP
FYE Nov 2018	76.8	−0.3pp	Cons. · Japanese GAAP
FYE Nov 2019	75.6	−1.2pp	Cons. · Japanese GAAP
FYE Nov 2020	76.4	+0.8pp	Cons. · Japanese GAAP
FYE Nov 2021	69.5	−6.9pp	Cons. · Japanese GAAP
FYE Nov 2022	71.1	+1.7pp	Cons. · Japanese GAAP
FYE Nov 2023	73.1	+2.0pp	Cons. · Japanese GAAP
FYE Nov 2024	69.5	−3.7pp	Cons. · Japanese GAAP
FYE Nov 2025	70.6	+1.1pp	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 Nov 2025 22.7%

Average · 10 yrs 20.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Nov 2016	17.0	n/a	Cons. · Japanese GAAP
FYE Nov 2017	17.4	+0.4pp	Cons. · Japanese GAAP
FYE Nov 2018	17.4	+0.1pp	Cons. · Japanese GAAP
FYE Nov 2019	18.5	+1.0pp	Cons. · Japanese GAAP
FYE Nov 2020	18.3	−0.2pp	Cons. · Japanese GAAP
FYE Nov 2021	23.6	+5.4pp	Cons. · Japanese GAAP
FYE Nov 2022	23.0	−0.7pp	Cons. · Japanese GAAP
FYE Nov 2023	22.6	−0.4pp	Cons. · Japanese GAAP
FYE Nov 2024	23.4	+0.9pp	Cons. · Japanese GAAP
FYE Nov 2025	22.7	−0.8pp	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 Nov 2025 ¥481bn

CAGR · 10 yrs +2.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Nov 2016	384	n/a	Cons. · Japanese GAAP
FYE Nov 2017	418	+8.7%	Cons. · Japanese GAAP
FYE Nov 2018	420	+0.5%	Cons. · Japanese GAAP
FYE Nov 2019	444	+5.9%	Cons. · Japanese GAAP
FYE Nov 2020	454	+2.2%	Cons. · Japanese GAAP
FYE Nov 2021	381	−16.1%	Cons. · Japanese GAAP
FYE Nov 2022	403	+5.9%	Cons. · Japanese GAAP
FYE Nov 2023	426	+5.6%	Cons. · Japanese GAAP
FYE Nov 2024	462	+8.5%	Cons. · Japanese GAAP
FYE Nov 2025	481	+3.9%	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 Nov 2025 ¥324bn

CAGR · 10 yrs +4.8%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Nov 2016	213	n/a	Cons. · Japanese GAAP
FYE Nov 2017	226	+6.5%	Cons. · Japanese GAAP
FYE Nov 2018	226	−0.0%	Cons. · Japanese GAAP
FYE Nov 2019	236	+4.1%	Cons. · Japanese GAAP
FYE Nov 2020	240	+1.8%	Cons. · Japanese GAAP
FYE Nov 2021	246	+2.5%	Cons. · Japanese GAAP
FYE Nov 2022	268	+9.0%	Cons. · Japanese GAAP
FYE Nov 2023	282	+5.3%	Cons. · Japanese GAAP
FYE Nov 2024	302	+7.2%	Cons. · Japanese GAAP
FYE Nov 2025	324	+7.2%	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 Nov 2025 ¥7.2bn

CAGR · 10 yrs −11.1%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Nov 2016	20.8	n/a	Cons. · Japanese GAAP
FYE Nov 2017	44.0	+111.5%	Cons. · Japanese GAAP
FYE Nov 2018	46.2	+4.9%	Cons. · Japanese GAAP
FYE Nov 2019	49.9	+8.2%	Cons. · Japanese GAAP
FYE Nov 2020	64.0	+28.2%	Cons. · Japanese GAAP
FYE Nov 2021	27.9	−56.3%	Cons. · Japanese GAAP
FYE Nov 2022	19.1	−31.6%	Cons. · Japanese GAAP
FYE Nov 2023	18.0	−6.0%	Cons. · Japanese GAAP
FYE Nov 2024	7.8	−56.8%	Cons. · Japanese GAAP
FYE Nov 2025	7.2	−7.3%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Nov 2025 ¥7.2bn

CAGR · 10 yrs −1.6%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Nov 2016	8.3	n/a	Cons. · Japanese GAAP
FYE Nov 2017	8.0	−3.2%	Cons. · Japanese GAAP
FYE Nov 2018	9.5	+18.2%	Cons. · Japanese GAAP
FYE Nov 2019	7.3	−22.9%	Cons. · Japanese GAAP
FYE Nov 2020	12.2	+66.0%	Cons. · Japanese GAAP
FYE Nov 2021	11.6	−4.6%	Cons. · Japanese GAAP
FYE Nov 2022	3.1	−73.6%	Cons. · Japanese GAAP
FYE Nov 2023	17.2	+462.5%	Cons. · Japanese GAAP
FYE Nov 2024	2.3	−86.8%	Cons. · Japanese GAAP
FYE Nov 2025	7.2	+217.1%	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 Nov 2025 n/a

CAGR · 9 yrs −9.8%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Nov 2016	12.5	n/a	Cons. · Japanese GAAP
FYE Nov 2017	35.9	+187.6%	Cons. · Japanese GAAP
FYE Nov 2018	36.7	+2.0%	Cons. · Japanese GAAP
FYE Nov 2019	42.6	+16.2%	Cons. · Japanese GAAP
FYE Nov 2020	51.9	+21.7%	Cons. · Japanese GAAP
FYE Nov 2021	16.4	−68.5%	Cons. · Japanese GAAP
FYE Nov 2022	16.1	−1.7%	Cons. · Japanese GAAP
FYE Nov 2023	0.8	−95.1%	Cons. · Japanese GAAP
FYE Nov 2024	5.5	+601.5%	Cons. · Japanese GAAP
FYE Nov 2025	n/a	n/a	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 Nov 2025 ¥18bn

CAGR · 10 yrs +13.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Nov 2016	5.7	n/a	Cons. · Japanese GAAP
FYE Nov 2017	8.4	+47.3%	Cons. · Japanese GAAP
FYE Nov 2018	6.3	−24.7%	Cons. · Japanese GAAP
FYE Nov 2019	9.9	+57.7%	Cons. · Japanese GAAP
FYE Nov 2020	15.1	+52.6%	Cons. · Japanese GAAP
FYE Nov 2021	13.3	−12.2%	Cons. · Japanese GAAP
FYE Nov 2022	15.6	+17.6%	Cons. · Japanese GAAP
FYE Nov 2023	15.8	+1.1%	Cons. · Japanese GAAP
FYE Nov 2024	19.0	+20.2%	Cons. · Japanese GAAP
FYE Nov 2025	17.7	−7.0%	Cons. · Japanese GAAP

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

Goodwill

FYE Nov 2025 ¥0.1bn

CAGR · 9 yrs −31.8%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Nov 2016	1.6	n/a	Cons. · Japanese GAAP
FYE Nov 2017	3.8	+141.7%	Cons. · Japanese GAAP
FYE Nov 2018	1.2	−67.4%	Cons. · Japanese GAAP
FYE Nov 2019	1.0	−19.8%	Cons. · Japanese GAAP
FYE Nov 2020	1.7	+69.5%	Cons. · Japanese GAAP
FYE Nov 2021	0.6	−67.1%	Cons. · Japanese GAAP
FYE Nov 2022	0.4	−34.1%	Cons. · Japanese GAAP
FYE Nov 2023	0.2	−50.0%	Cons. · Japanese GAAP
FYE Nov 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Nov 2025	0.1	n/a	Cons. · 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 Nov 2025 67.4%

Average · 10 yrs 59.9%

Fiscal year	Equity ratio %	YoY	Basis
FYE Nov 2016	55.3	n/a	Cons. · Japanese GAAP
FYE Nov 2017	54.2	−1.1pp	Cons. · Japanese GAAP
FYE Nov 2018	53.9	−0.3pp	Cons. · Japanese GAAP
FYE Nov 2019	53.0	−0.9pp	Cons. · Japanese GAAP
FYE Nov 2020	52.8	−0.2pp	Cons. · Japanese GAAP
FYE Nov 2021	64.5	+11.7pp	Cons. · Japanese GAAP
FYE Nov 2022	66.4	+1.9pp	Cons. · Japanese GAAP
FYE Nov 2023	66.2	−0.2pp	Cons. · Japanese GAAP
FYE Nov 2024	65.4	−0.8pp	Cons. · Japanese GAAP
FYE Nov 2025	67.4	+2.1pp	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 Nov 2025 2.2%

Average · 10 yrs 12.7%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Nov 2016	9.8	n/a	Cons. · Japanese GAAP
FYE Nov 2017	19.4	+9.6pp	Cons. · Japanese GAAP
FYE Nov 2018	20.4	+1.0pp	Cons. · Japanese GAAP
FYE Nov 2019	21.2	+0.8pp	Cons. · Japanese GAAP
FYE Nov 2020	26.7	+5.5pp	Cons. · Japanese GAAP
FYE Nov 2021	11.4	−15.3pp	Cons. · Japanese GAAP
FYE Nov 2022	7.1	−4.2pp	Cons. · Japanese GAAP
FYE Nov 2023	6.4	−0.8pp	Cons. · Japanese GAAP
FYE Nov 2024	2.6	−3.8pp	Cons. · Japanese GAAP
FYE Nov 2025	2.2	−0.3pp	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 Nov 2025 9.4%

Average · 10 yrs 7.1%

Fiscal year	ROE %	YoY	Basis
FYE Nov 2016	8.0	n/a	Cons. · Japanese GAAP
FYE Nov 2017	8.0	−0.0pp	Cons. · Japanese GAAP
FYE Nov 2018	8.1	+0.1pp	Cons. · Japanese GAAP
FYE Nov 2019	7.9	−0.2pp	Cons. · Japanese GAAP
FYE Nov 2020	4.8	−3.1pp	Cons. · Japanese GAAP
FYE Nov 2021	7.3	+2.5pp	Cons. · Japanese GAAP
FYE Nov 2022	6.0	−1.3pp	Cons. · Japanese GAAP
FYE Nov 2023	4.7	−1.3pp	Cons. · Japanese GAAP
FYE Nov 2024	7.1	+2.4pp	Cons. · Japanese GAAP
FYE Nov 2025	9.4	+2.3pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Nov 2025 6.3%

Average · 10 yrs 4.3%

Fiscal year	ROA %	YoY	Basis
FYE Nov 2016	4.4	n/a	Cons. · Japanese GAAP
FYE Nov 2017	4.3	−0.1pp	Cons. · Japanese GAAP
FYE Nov 2018	4.4	−0.0pp	Cons. · Japanese GAAP
FYE Nov 2019	4.2	−0.2pp	Cons. · Japanese GAAP
FYE Nov 2020	2.6	−1.7pp	Cons. · Japanese GAAP
FYE Nov 2021	4.7	+2.2pp	Cons. · Japanese GAAP
FYE Nov 2022	4.0	−0.8pp	Cons. · Japanese GAAP
FYE Nov 2023	3.1	−0.9pp	Cons. · Japanese GAAP
FYE Nov 2024	4.6	+1.5pp	Cons. · Japanese GAAP
FYE Nov 2025	6.3	+1.7pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Nov 2025 1.07×

CAGR · 10 yrs −3.2%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Nov 2016	1.44	n/a	Cons. · Japanese GAAP
FYE Nov 2017	1.34	−6.4%	Cons. · Japanese GAAP
FYE Nov 2018	1.37	+1.6%	Cons. · Japanese GAAP
FYE Nov 2019	1.23	−10.1%	Cons. · Japanese GAAP
FYE Nov 2020	1.17	−4.8%	Cons. · Japanese GAAP
FYE Nov 2021	1.07	−8.6%	Cons. · Japanese GAAP
FYE Nov 2022	1.07	−0.1%	Cons. · Japanese GAAP
FYE Nov 2023	1.07	+0.1%	Cons. · Japanese GAAP
FYE Nov 2024	1.05	−2.0%	Cons. · Japanese GAAP
FYE Nov 2025	1.07	+2.1%	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 Nov 2025 ¥32bn

CAGR · 10 yrs −3.8%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Nov 2016	45.3	n/a	Cons. · Japanese GAAP
FYE Nov 2017	27.2	−39.8%	Cons. · Japanese GAAP
FYE Nov 2018	41.8	+53.4%	Cons. · Japanese GAAP
FYE Nov 2019	43.9	+5.1%	Cons. · Japanese GAAP
FYE Nov 2020	35.0	−20.4%	Cons. · Japanese GAAP
FYE Nov 2021	38.5	+10.2%	Cons. · Japanese GAAP
FYE Nov 2022	27.2	−29.4%	Cons. · Japanese GAAP
FYE Nov 2023	23.7	−12.8%	Cons. · Japanese GAAP
FYE Nov 2024	63.1	+166.1%	Cons. · Japanese GAAP
FYE Nov 2025	31.8	−49.6%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Nov 2025 -¥17bn

Average · 10 yrs -¥23bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Nov 2016	-32.0	n/a	Cons. · Japanese GAAP
FYE Nov 2017	-31.4	n/a	Cons. · Japanese GAAP
FYE Nov 2018	-20.2	n/a	Cons. · Japanese GAAP
FYE Nov 2019	-29.7	n/a	Cons. · Japanese GAAP
FYE Nov 2020	-26.0	n/a	Cons. · Japanese GAAP
FYE Nov 2021	-20.3	n/a	Cons. · Japanese GAAP
FYE Nov 2022	-15.9	n/a	Cons. · Japanese GAAP
FYE Nov 2023	-17.7	n/a	Cons. · Japanese GAAP
FYE Nov 2024	-23.9	n/a	Cons. · Japanese GAAP
FYE Nov 2025	-16.9	n/a	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 Nov 2025 -¥30bn

Average · 10 yrs -¥12bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Nov 2016	-5.8	n/a	Cons. · Japanese GAAP
FYE Nov 2017	4.0	n/a	Cons. · Japanese GAAP
FYE Nov 2018	-15.3	−481.4%	Cons. · Japanese GAAP
FYE Nov 2019	-4.6	n/a	Cons. · Japanese GAAP
FYE Nov 2020	0.0	n/a	Cons. · Japanese GAAP
FYE Nov 2021	-18.7	−374120.0%	Cons. · Japanese GAAP
FYE Nov 2022	-16.8	n/a	Cons. · Japanese GAAP
FYE Nov 2023	-9.5	n/a	Cons. · Japanese GAAP
FYE Nov 2024	-21.1	n/a	Cons. · Japanese GAAP
FYE Nov 2025	-30.1	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 Nov 2025 ¥66bn

CAGR · 10 yrs +5.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Nov 2016	40.8	n/a	Cons. · Japanese GAAP
FYE Nov 2017	41.4	+1.5%	Cons. · Japanese GAAP
FYE Nov 2018	48.0	+15.8%	Cons. · Japanese GAAP
FYE Nov 2019	56.8	+18.4%	Cons. · Japanese GAAP
FYE Nov 2020	65.8	+15.9%	Cons. · Japanese GAAP
FYE Nov 2021	66.7	+1.4%	Cons. · Japanese GAAP
FYE Nov 2022	65.3	−2.1%	Cons. · Japanese GAAP
FYE Nov 2023	62.4	−4.4%	Cons. · Japanese GAAP
FYE Nov 2024	80.5	+29.0%	Cons. · Japanese GAAP
FYE Nov 2025	65.8	−18.2%	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 Nov 2025 ¥15bn

CAGR · 10 yrs +1.3%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Nov 2016	13.2	n/a	Cons. · Japanese GAAP
FYE Nov 2017	-4.2	−131.7%	Cons. · Japanese GAAP
FYE Nov 2018	21.6	n/a	Cons. · Japanese GAAP
FYE Nov 2019	14.2	−34.2%	Cons. · Japanese GAAP
FYE Nov 2020	8.9	−37.2%	Cons. · Japanese GAAP
FYE Nov 2021	18.3	+104.8%	Cons. · Japanese GAAP
FYE Nov 2022	11.3	−38.4%	Cons. · Japanese GAAP
FYE Nov 2023	6.0	−46.6%	Cons. · Japanese GAAP
FYE Nov 2024	39.2	+553.4%	Cons. · Japanese GAAP
FYE Nov 2025	14.9	−62.0%	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 Nov 2025 6.2%

Average · 10 yrs 7.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Nov 2016	8.2	n/a	Cons. · Japanese GAAP
FYE Nov 2017	4.8	−3.3pp	Cons. · Japanese GAAP
FYE Nov 2018	7.3	+2.4pp	Cons. · Japanese GAAP
FYE Nov 2019	8.0	+0.8pp	Cons. · Japanese GAAP
FYE Nov 2020	6.6	−1.5pp	Cons. · Japanese GAAP
FYE Nov 2021	9.5	+2.9pp	Cons. · Japanese GAAP
FYE Nov 2022	6.3	−3.1pp	Cons. · Japanese GAAP
FYE Nov 2023	5.2	−1.1pp	Cons. · Japanese GAAP
FYE Nov 2024	13.0	+7.8pp	Cons. · Japanese GAAP
FYE Nov 2025	6.2	−6.8pp	Cons. · Japanese GAAP

Definition: How much of the revenue turned into cash
Formula: Operating cash flow ÷ revenue
Source: Securities report (XBRL)

Net cash

FYE Nov 2025 ¥59bn

CAGR · 10 yrs +12.7%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Nov 2016	20.0	n/a	Cons. · Japanese GAAP
FYE Nov 2017	-2.6	−112.9%	Cons. · Japanese GAAP
FYE Nov 2018	1.8	n/a	Cons. · Japanese GAAP
FYE Nov 2019	6.8	+277.8%	Cons. · Japanese GAAP
FYE Nov 2020	1.8	−74.2%	Cons. · Japanese GAAP
FYE Nov 2021	38.8	+2098.3%	Cons. · Japanese GAAP
FYE Nov 2022	46.2	+19.2%	Cons. · Japanese GAAP
FYE Nov 2023	44.4	−3.8%	Cons. · Japanese GAAP
FYE Nov 2024	72.7	+63.7%	Cons. · Japanese GAAP
FYE Nov 2025	58.6	−19.4%	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 Nov 2025 ¥624bn

Change · 10 yrs +¥211bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Nov 2016	413	n/a
FYE Nov 2017	432	n/a
FYE Nov 2018	414	n/a
FYE Nov 2019	365	n/a
FYE Nov 2020	326	n/a
FYE Nov 2021	326	n/a
FYE Nov 2022	346	n/a
FYE Nov 2023	365	n/a
FYE Nov 2024	486	n/a
FYE Nov 2025	624	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 Nov 2025 4,413¥

Change · 10 yrs +1,712¥

Fiscal year	Share price ¥	Basis
FYE Nov 2016	2,701	n/a
FYE Nov 2017	2,881	n/a
FYE Nov 2018	2,759	n/a
FYE Nov 2019	2,431	n/a
FYE Nov 2020	2,172	n/a
FYE Nov 2021	2,307	n/a
FYE Nov 2022	2,445	n/a
FYE Nov 2023	2,578	n/a
FYE Nov 2024	3,436	n/a
FYE Nov 2025	4,413	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 Nov 2025 141,500,000shares

Change · 10 yrs −11,500,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Nov 2016	153,000,000	Parent
FYE Nov 2017	150,000,000	Parent
FYE Nov 2018	150,000,000	Parent
FYE Nov 2019	150,000,000	Parent
FYE Nov 2020	150,000,000	Parent
FYE Nov 2021	141,500,000	Parent
FYE Nov 2022	141,500,000	Parent
FYE Nov 2023	141,500,000	Parent
FYE Nov 2024	141,500,000	Parent
FYE Nov 2025	141,500,000	Parent

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

EPS earnings per share

FYE Nov 2025 220.63¥

Change · 10 yrs +107.16¥

Fiscal year	EPS ¥	Basis
FYE Nov 2016	113.47	Cons.
FYE Nov 2017	121.05	Cons.
FYE Nov 2018	124.85	Cons.
FYE Nov 2019	130.72	Cons.
FYE Nov 2020	81.04	Cons.
FYE Nov 2021	128.17	Cons.
FYE Nov 2022	115.34	Cons.
FYE Nov 2023	94.78	Cons.
FYE Nov 2024	154.10	Cons.
FYE Nov 2025	220.63	Cons.

Definition: Net profit for each share
Formula: Net profit ÷ average shares outstanding
Source: Securities report (XBRL)

BPS book value per share

FYE Nov 2025 2,290.20¥

Change · 10 yrs +900.53¥

Fiscal year	BPS ¥	Basis
FYE Nov 2016	1,389.68	Cons. · Japanese GAAP
FYE Nov 2017	1,509.60	Cons. · Japanese GAAP
FYE Nov 2018	1,508.88	Cons. · Japanese GAAP
FYE Nov 2019	1,570.35	Cons. · Japanese GAAP
FYE Nov 2020	1,598.29	Cons. · Japanese GAAP
FYE Nov 2021	1,735.98	Cons. · Japanese GAAP
FYE Nov 2022	1,891.58	Cons. · Japanese GAAP
FYE Nov 2023	1,992.11	Cons. · Japanese GAAP
FYE Nov 2024	2,136.34	Cons. · Japanese GAAP
FYE Nov 2025	2,290.20	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Nov 2025 20.00×

Average · 10 yrs 22.38×

Fiscal year	PER ×	Basis
FYE Nov 2016	23.80	Cons.
FYE Nov 2017	23.80	Cons.
FYE Nov 2018	22.10	Cons.
FYE Nov 2019	18.60	Cons.
FYE Nov 2020	26.80	Cons.
FYE Nov 2021	18.00	Cons.
FYE Nov 2022	21.20	Cons.
FYE Nov 2023	27.20	Cons.
FYE Nov 2024	22.30	Cons.
FYE Nov 2025	20.00	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 Nov 2025 1.90×

Average · 10 yrs 1.56×

Fiscal year	PBR ×	Basis
FYE Nov 2016	1.90	Cons.
FYE Nov 2017	1.87	Cons.
FYE Nov 2018	1.74	Cons.
FYE Nov 2019	1.48	Cons.
FYE Nov 2020	1.30	Cons.
FYE Nov 2021	1.31	Cons.
FYE Nov 2022	1.27	Cons.
FYE Nov 2023	1.27	Cons.
FYE Nov 2024	1.58	Cons.
FYE Nov 2025	1.90	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 Nov 2025 10,773people

Change · 10 yrs −3,322 people

Fiscal year	Group employees people	YoY	Basis
FYE Nov 2016	14,095	n/a	Cons.
FYE Nov 2017	14,924	+5.9%	Cons.
FYE Nov 2018	14,808	−0.8%	Cons.
FYE Nov 2019	15,452	+4.3%	Cons.
FYE Nov 2020	16,003	+3.6%	Cons.
FYE Nov 2021	10,719	−33.0%	Cons.
FYE Nov 2022	10,696	−0.2%	Cons.
FYE Nov 2023	10,642	−0.5%	Cons.
FYE Nov 2024	10,517	−1.2%	Cons.
FYE Nov 2025	10,773	+2.4%	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 Nov 2025 2,388people

Change · 10 yrs −122 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Nov 2016	2,510	n/a	Parent
FYE Nov 2017	2,523	+0.5%	Parent
FYE Nov 2018	2,508	−0.6%	Parent
FYE Nov 2019	2,447	−2.4%	Parent
FYE Nov 2020	2,426	−0.9%	Parent
FYE Nov 2021	2,394	−1.3%	Parent
FYE Nov 2022	2,408	+0.6%	Parent
FYE Nov 2023	2,332	−3.2%	Parent
FYE Nov 2024	2,327	−0.2%	Parent
FYE Nov 2025	2,388	+2.6%	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 Nov 2025 689万円

Change · 7 yrs +87万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Nov 2016	n/a	n/a	Parent
FYE Nov 2017	n/a	n/a	Parent
FYE Nov 2018	n/a	n/a	Parent
FYE Nov 2019	601	n/a	Parent
FYE Nov 2020	588	−2.3%	Parent
FYE Nov 2021	613	+4.4%	Parent
FYE Nov 2022	613	−0.0%	Parent
FYE Nov 2023	639	+4.3%	Parent
FYE Nov 2024	688	+7.6%	Parent
FYE Nov 2025	689	+0.1%	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 Nov 2025 42.1years

Change · 7 yrs +1.8 years

Fiscal year	Average age years	YoY	Basis
FYE Nov 2016	n/a	n/a	Parent
FYE Nov 2017	n/a	n/a	Parent
FYE Nov 2018	n/a	n/a	Parent
FYE Nov 2019	40.3	n/a	Parent
FYE Nov 2020	40.5	+0.5%	Parent
FYE Nov 2021	41.2	+1.7%	Parent
FYE Nov 2022	41.6	+1.0%	Parent
FYE Nov 2023	41.7	+0.2%	Parent
FYE Nov 2024	42.0	+0.7%	Parent
FYE Nov 2025	42.1	+0.2%	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 Nov 2025 16.1years

Change · 7 yrs +1.0 years

Fiscal year	Average length of service years	YoY	Basis
FYE Nov 2016	n/a	n/a	Parent
FYE Nov 2017	n/a	n/a	Parent
FYE Nov 2018	n/a	n/a	Parent
FYE Nov 2019	15.1	n/a	Parent
FYE Nov 2020	15.3	+1.3%	Parent
FYE Nov 2021	16.0	+4.6%	Parent
FYE Nov 2022	16.2	+1.2%	Parent
FYE Nov 2023	16.2	−0.0%	Parent
FYE Nov 2024	16.1	−0.6%	Parent
FYE Nov 2025	16.1	−0.0%	Parent

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

Temporary employees

FYE Nov 2025 4,208people

Change · 10 yrs −6,942 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Nov 2016	11,150	n/a	n/a
FYE Nov 2017	11,456	+2.7%	n/a
FYE Nov 2018	9,843	−14.1%	n/a
FYE Nov 2019	9,404	−4.5%	n/a
FYE Nov 2020	9,268	−1.4%	n/a
FYE Nov 2021	5,166	−44.3%	n/a
FYE Nov 2022	5,089	−1.5%	n/a
FYE Nov 2023	4,811	−5.5%	n/a
FYE Nov 2024	4,313	−10.4%	n/a
FYE Nov 2025	4,208	−2.4%	n/a

Definition: Average number of temporary and part-time staff over the year
Formula: Average temporary headcount, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Nov 2025 ¥47.7m

Change · 10 yrs +¥8.5m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Nov 2016	39.2	n/a	Cons.
FYE Nov 2017	37.6	−4.0%	Cons.
FYE Nov 2018	38.7	+2.9%	Cons.
FYE Nov 2019	35.3	−8.8%	Cons.
FYE Nov 2020	33.2	−6.0%	Cons.
FYE Nov 2021	38.0	+14.4%	Cons.
FYE Nov 2022	40.2	+5.9%	Cons.
FYE Nov 2023	42.8	+6.3%	Cons.
FYE Nov 2024	46.0	+7.6%	Cons.
FYE Nov 2025	47.7	+3.6%	Cons.

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

Operating profit per employee

FYE Nov 2025 ¥3.2m

Change · 10 yrs +¥1.1m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Nov 2016	2.1	n/a	Cons.
FYE Nov 2017	2.1	−1.0%	Cons.
FYE Nov 2018	2.2	+6.6%	Cons.
FYE Nov 2019	2.1	−7.1%	Cons.
FYE Nov 2020	1.8	−14.7%	Cons.
FYE Nov 2021	2.6	+47.5%	Cons.
FYE Nov 2022	2.4	−8.9%	Cons.
FYE Nov 2023	1.9	−22.2%	Cons.
FYE Nov 2024	3.3	+76.4%	Cons.
FYE Nov 2025	3.2	−1.5%	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 →

Data API

Kewpie’s history, presidents and financials are published as static JSON — no key, plain GET. One API per public page, and one per section where a page carries several tables. Full specification →

/api/2809/company.json ·/api/2809/history.json ·/api/2809/ceo.json ·/api/2809/financials.json ·/api/2809/financials/segment.json ·/api/2809/financials/pl.json ·/api/2809/financials/cf.json ·/api/2809/financials/bs.json ·/api/2809/financials/employee.json ·/api/2809/financials/stock.json ·/api/2809/financials.csv ·/api/2809/financials_history.csv

/api/companies.json ·/api/decisions.json ·/api/api-manifest.json