Financials

J. Front Retailing: FYE Feb 2026 and ten years of results (47 metrics)

FYE Feb 2026 · Revenue¥445bnYoY +0.7%

FYE Feb 2026 · Operating profit¥49bnYoY −15.8%

FYE Feb 2026 · Net profit¥28bnYoY −31.7%

FYE Feb 2026 · Equity ratio35.3%YoY +1.3pp

FYE Feb 2026 · Group employees5,584YoY +241

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Feb 2017Consolidated	¥1.11tn	n/a	¥45bn	n/a	4.0%	¥27bn	Yamamoto Ryoichi	—
FYE Feb 2018Consolidated	¥470bn	−57.6%	¥50bn	+11.1%	10.5%	¥26bn	Yamamoto Ryoichi	GINZA SIX opens on the former Matsuzakaya Ginza site
FYE Feb 2019Consolidated	¥460bn	−2.1%	¥41bn	−17.5%	8.9%	¥27bn	Yamamoto Ryoichi	—
FYE Feb 2020Consolidated	¥481bn	+4.5%	¥40bn	−1.5%	8.4%	¥21bn	Yamamoto Ryoichi	Shibuya PARCO reopens after a full rebuild
FYE Feb 2021Consolidated	¥319bn	−33.6%	-¥24bn	−160.2%	-7.6%	-¥26bn	Yamamoto Ryoichi	Parco becomes a wholly owned subsidiary
FYE Feb 2022Consolidated	¥331bn	+3.9%	¥9.4bn	n/a	2.8%	¥4.3bn	Yoshimoto Tatsuya	—
FYE Feb 2023Consolidated	¥360bn	+8.5%	¥19bn	+103.2%	5.3%	¥14bn	Yoshimoto Tatsuya	Interest-bearing debt cut by <span class="en-history_money" data-yen="103800000000" data-year="2022">$790.1M (¥104bn)</span> over two years
FYE Feb 2024Consolidated	¥407bn	+13.2%	¥43bn	+125.9%	10.6%	¥30bn	Yoshimoto Tatsuya	Operating profit passes the pre-COVID peak
FYE Feb 2025Consolidated	¥442bn	+8.6%	¥58bn	+35.2%	13.2%	¥41bn	Yoshimoto Tatsuya	Medium-term plan: payout ratio of 40% or more, plus buybacks
FYE Feb 2026Consolidated	¥445bn	+0.7%	¥49bn	−15.8%	11.0%	¥28bn	Ono Keiichi	—

How it compares

DaimaruDelisted 2007

Isetan Co., Ltd.Delisted 2008 Mitsukoshi, Ltd.Delisted 2008

H2O Retailing¥680bnFY2025Operating margin 4.8%

Isetan Mitsukoshi Holdings¥546bnFY2025Operating margin 14.7%Takashimaya¥492bnFY2025Operating margin 10.9%

J. Front Retailing¥445bnFY2025Operating margin 11.0%

Hankyu Department StoresDissolved 2007

MatsuzakayaDelisted 2007

Marui Group¥277bnFY2025Operating margin 18.1%

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 Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Feb 2026 ¥445bn

CAGR · 10 yrs −9.6%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Feb 2017	1,109	n/a	Cons. · Japanese GAAP
FYE Feb 2018	470	moved to IFRS	Cons. · IFRS
FYE Feb 2019	460	−2.1%	Cons. · IFRS
FYE Feb 2020	481	+4.5%	Cons. · IFRS
FYE Feb 2021	319	−33.6%	Cons. · IFRS
FYE Feb 2022	331	+3.9%	Cons. · IFRS
FYE Feb 2023	360	+8.5%	Cons. · IFRS
FYE Feb 2024	407	+13.2%	Cons. · IFRS
FYE Feb 2025	442	+8.6%	Cons. · IFRS
FYE Feb 2026	445	+0.7%	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 Feb 2026 ¥230bn

CAGR · 10 yrs −13.8%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Feb 2017	874	n/a	Cons. · Japanese GAAP
FYE Feb 2018	257	moved to IFRS	Cons. · IFRS
FYE Feb 2019	247	−3.7%	Cons. · IFRS
FYE Feb 2020	274	+10.6%	Cons. · IFRS
FYE Feb 2021	185	−32.5%	Cons. · IFRS
FYE Feb 2022	184	−0.6%	Cons. · IFRS
FYE Feb 2023	190	+3.5%	Cons. · IFRS
FYE Feb 2024	211	+11.2%	Cons. · IFRS
FYE Feb 2025	229	+8.4%	Cons. · IFRS
FYE Feb 2026	230	+0.2%	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 Feb 2026 ¥215bn

CAGR · 10 yrs −1.0%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Feb 2017	235	n/a	Cons. · Japanese GAAP
FYE Feb 2018	213	moved to IFRS	Cons. · IFRS
FYE Feb 2019	212	−0.3%	Cons. · IFRS
FYE Feb 2020	207	−2.6%	Cons. · IFRS
FYE Feb 2021	134	−35.1%	Cons. · IFRS
FYE Feb 2022	148	+10.0%	Cons. · IFRS
FYE Feb 2023	170	+14.7%	Cons. · IFRS
FYE Feb 2024	196	+15.3%	Cons. · IFRS
FYE Feb 2025	213	+8.7%	Cons. · IFRS
FYE Feb 2026	215	+1.3%	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 Feb 2026 ¥165bn

CAGR · 10 yrs −1.6%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Feb 2017	190	n/a	Cons. · Japanese GAAP
FYE Feb 2018	167	moved to IFRS	Cons. · IFRS
FYE Feb 2019	167	+0.1%	Cons. · IFRS
FYE Feb 2020	162	−3.2%	Cons. · IFRS
FYE Feb 2021	132	−18.3%	Cons. · IFRS
FYE Feb 2022	136	+3.1%	Cons. · IFRS
FYE Feb 2023	145	+6.3%	Cons. · IFRS
FYE Feb 2024	151	+4.5%	Cons. · IFRS
FYE Feb 2025	159	+5.2%	Cons. · IFRS
FYE Feb 2026	165	+3.6%	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 Feb 2026 ¥49bn

CAGR · 10 yrs +1.1%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Feb 2017	44.6	n/a	Cons. · Japanese GAAP
FYE Feb 2018	49.5	moved to IFRS	Cons. · IFRS
FYE Feb 2019	40.9	−17.5%	Cons. · IFRS
FYE Feb 2020	40.3	−1.5%	Cons. · IFRS
FYE Feb 2021	-24.3	−160.2%	Cons. · IFRS
FYE Feb 2022	9.4	n/a	Cons. · IFRS
FYE Feb 2023	19.1	+103.2%	Cons. · IFRS
FYE Feb 2024	43.0	+125.9%	Cons. · IFRS
FYE Feb 2025	58.2	+35.2%	Cons. · IFRS
FYE Feb 2026	49.0	−15.8%	Cons. · IFRS

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

Non-operating income

FYE Feb 2026 ¥0.8bn

CAGR · 10 yrs −19.5%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Feb 2017	5.6	n/a	Cons. · Japanese GAAP
FYE Feb 2018	1.1	moved to IFRS	Cons. · IFRS
FYE Feb 2019	1.1	+1.3%	Cons. · IFRS
FYE Feb 2020	1.1	−1.2%	Cons. · IFRS
FYE Feb 2021	1.0	−11.8%	Cons. · IFRS
FYE Feb 2022	1.3	+38.8%	Cons. · IFRS
FYE Feb 2023	0.9	−34.8%	Cons. · IFRS
FYE Feb 2024	1.6	+84.7%	Cons. · IFRS
FYE Feb 2025	0.8	−51.5%	Cons. · IFRS
FYE Feb 2026	0.8	+2.0%	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 Feb 2026 ¥6.3bn

CAGR · 10 yrs +1.0%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Feb 2017	5.8	n/a	Cons. · Japanese GAAP
FYE Feb 2018	1.2	moved to IFRS	Cons. · IFRS
FYE Feb 2019	1.2	−2.0%	Cons. · IFRS
FYE Feb 2020	5.9	+401.0%	Cons. · IFRS
FYE Feb 2021	6.1	+3.8%	Cons. · IFRS
FYE Feb 2022	5.9	−3.2%	Cons. · IFRS
FYE Feb 2023	5.2	−11.4%	Cons. · IFRS
FYE Feb 2024	4.8	−7.1%	Cons. · IFRS
FYE Feb 2025	4.3	−11.9%	Cons. · IFRS
FYE Feb 2026	6.3	+47.4%	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 Feb 2026 ¥28bn

CAGR · 10 yrs +0.5%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Feb 2017	27.0	n/a	Cons. · Japanese GAAP
FYE Feb 2018	26.1	moved to IFRS	Cons. · IFRS
FYE Feb 2019	27.4	+4.8%	Cons. · IFRS
FYE Feb 2020	21.3	−22.3%	Cons. · IFRS
FYE Feb 2021	-26.2	−223.3%	Cons. · IFRS
FYE Feb 2022	4.3	n/a	Cons. · IFRS
FYE Feb 2023	14.2	+229.5%	Cons. · IFRS
FYE Feb 2024	29.9	+110.1%	Cons. · IFRS
FYE Feb 2025	41.4	+38.5%	Cons. · IFRS
FYE Feb 2026	28.3	−31.7%	Cons. · IFRS

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

Gross margin

FYE Feb 2026 48.4%

Average · 10 yrs 43.4%

Fiscal year	Gross margin %	YoY	Basis
FYE Feb 2017	21.2	n/a	Cons. · Japanese GAAP
FYE Feb 2018	45.3	moved to IFRS	Cons. · IFRS
FYE Feb 2019	46.2	+0.9pp	Cons. · IFRS
FYE Feb 2020	43.1	−3.1pp	Cons. · IFRS
FYE Feb 2021	42.1	−0.9pp	Cons. · IFRS
FYE Feb 2022	44.6	+2.5pp	Cons. · IFRS
FYE Feb 2023	47.1	+2.5pp	Cons. · IFRS
FYE Feb 2024	48.0	+0.9pp	Cons. · IFRS
FYE Feb 2025	48.1	+0.1pp	Cons. · IFRS
FYE Feb 2026	48.4	+0.3pp	Cons. · IFRS

Definition: The share of revenue left after the cost of sales
Formula: Gross profit ÷ revenue
Source: Securities report (XBRL)

Operating margin

FYE Feb 2026 11.0%

Average · 10 yrs 6.7%

Fiscal year	Operating margin %	YoY	Basis
FYE Feb 2017	4.0	n/a	Cons. · Japanese GAAP
FYE Feb 2018	10.5	moved to IFRS	Cons. · IFRS
FYE Feb 2019	8.9	−1.7pp	Cons. · IFRS
FYE Feb 2020	8.4	−0.5pp	Cons. · IFRS
FYE Feb 2021	-7.6	−16.0pp	Cons. · IFRS
FYE Feb 2022	2.8	+10.4pp	Cons. · IFRS
FYE Feb 2023	5.3	+2.5pp	Cons. · IFRS
FYE Feb 2024	10.6	+5.3pp	Cons. · IFRS
FYE Feb 2025	13.2	+2.6pp	Cons. · IFRS
FYE Feb 2026	11.0	−2.2pp	Cons. · IFRS

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

Net margin

FYE Feb 2026 6.4%

Average · 10 yrs 3.8%

Fiscal year	Net margin %	YoY	Basis
FYE Feb 2017	2.4	n/a	Cons. · Japanese GAAP
FYE Feb 2018	5.6	moved to IFRS	Cons. · IFRS
FYE Feb 2019	5.9	+0.4pp	Cons. · IFRS
FYE Feb 2020	4.4	−1.5pp	Cons. · IFRS
FYE Feb 2021	-8.2	−12.6pp	Cons. · IFRS
FYE Feb 2022	1.3	+9.5pp	Cons. · IFRS
FYE Feb 2023	4.0	+2.7pp	Cons. · IFRS
FYE Feb 2024	7.3	+3.4pp	Cons. · IFRS
FYE Feb 2025	9.4	+2.0pp	Cons. · IFRS
FYE Feb 2026	6.4	−3.0pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Feb 2026 51.6%

Average · 10 yrs 56.6%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Feb 2017	78.8	n/a	Cons. · Japanese GAAP
FYE Feb 2018	54.7	moved to IFRS	Cons. · IFRS
FYE Feb 2019	53.8	−0.9pp	Cons. · IFRS
FYE Feb 2020	56.9	+3.1pp	Cons. · IFRS
FYE Feb 2021	57.9	+0.9pp	Cons. · IFRS
FYE Feb 2022	55.4	−2.5pp	Cons. · IFRS
FYE Feb 2023	52.9	−2.5pp	Cons. · IFRS
FYE Feb 2024	52.0	−0.9pp	Cons. · IFRS
FYE Feb 2025	51.9	−0.1pp	Cons. · IFRS
FYE Feb 2026	51.6	−0.3pp	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 Feb 2026 37.0%

Average · 10 yrs 35.5%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Feb 2017	17.2	n/a	Cons. · Japanese GAAP
FYE Feb 2018	35.5	moved to IFRS	Cons. · IFRS
FYE Feb 2019	36.3	+0.8pp	Cons. · IFRS
FYE Feb 2020	33.6	−2.7pp	Cons. · IFRS
FYE Feb 2021	41.4	+7.7pp	Cons. · IFRS
FYE Feb 2022	41.1	−0.3pp	Cons. · IFRS
FYE Feb 2023	40.2	−0.8pp	Cons. · IFRS
FYE Feb 2024	37.1	−3.1pp	Cons. · IFRS
FYE Feb 2025	36.0	−1.1pp	Cons. · IFRS
FYE Feb 2026	37.0	+1.0pp	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 Feb 2026 ¥1.14tn

CAGR · 10 yrs +0.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Feb 2017	1,050	n/a	Cons. · Japanese GAAP
FYE Feb 2018	1,066	moved to IFRS	Cons. · IFRS
FYE Feb 2019	1,030	−3.5%	Cons. · IFRS
FYE Feb 2020	1,240	+20.5%	Cons. · IFRS
FYE Feb 2021	1,264	+1.9%	Cons. · IFRS
FYE Feb 2022	1,193	−5.6%	Cons. · IFRS
FYE Feb 2023	1,121	−6.0%	Cons. · IFRS
FYE Feb 2024	1,115	−0.6%	Cons. · IFRS
FYE Feb 2025	1,164	+4.4%	Cons. · IFRS
FYE Feb 2026	1,142	−1.9%	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 Feb 2026 ¥403bn

CAGR · 10 yrs −0.1%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Feb 2017	406	n/a	Cons. · Japanese GAAP
FYE Feb 2018	494	moved to IFRS	Cons. · IFRS
FYE Feb 2019	357	−27.7%	Cons. · IFRS
FYE Feb 2020	375	+5.0%	Cons. · IFRS
FYE Feb 2021	340	−9.3%	Cons. · IFRS
FYE Feb 2022	339	−0.4%	Cons. · IFRS
FYE Feb 2023	347	+2.6%	Cons. · IFRS
FYE Feb 2024	370	+6.4%	Cons. · IFRS
FYE Feb 2025	396	+7.2%	Cons. · IFRS
FYE Feb 2026	403	+1.8%	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 Feb 2026 ¥177bn

CAGR · 10 yrs +3.7%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Feb 2017	127	n/a	Cons. · Japanese GAAP
FYE Feb 2018	206	moved to IFRS	Cons. · IFRS
FYE Feb 2019	174	−15.3%	Cons. · IFRS
FYE Feb 2020	258	+48.1%	Cons. · IFRS
FYE Feb 2021	360	+39.4%	Cons. · IFRS
FYE Feb 2022	318	−11.7%	Cons. · IFRS
FYE Feb 2023	249	−21.6%	Cons. · IFRS
FYE Feb 2024	214	−14.1%	Cons. · IFRS
FYE Feb 2025	190	−11.2%	Cons. · IFRS
FYE Feb 2026	177	−7.1%	Cons. · IFRS

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

Short-term borrowings

FYE Feb 2026 ¥45bn

CAGR · 10 yrs −4.9%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Feb 2017	71.1	n/a	Cons. · Japanese GAAP
FYE Feb 2018	101	moved to IFRS	Cons. · IFRS
FYE Feb 2019	31.3	−69.1%	Cons. · IFRS
FYE Feb 2020	108	+246.1%	Cons. · IFRS
FYE Feb 2021	145	+33.9%	Cons. · IFRS
FYE Feb 2022	108	−25.5%	Cons. · IFRS
FYE Feb 2023	63.5	−41.3%	Cons. · IFRS
FYE Feb 2024	57.3	−9.8%	Cons. · IFRS
FYE Feb 2025	53.3	−7.0%	Cons. · IFRS
FYE Feb 2026	45.2	−15.2%	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 Feb 2026 ¥131bn

CAGR · 10 yrs +4.3%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Feb 2017	89.7	n/a	Cons. · Japanese GAAP
FYE Feb 2018	105	moved to IFRS	Cons. · IFRS
FYE Feb 2019	143	+36.6%	Cons. · IFRS
FYE Feb 2020	150	+4.8%	Cons. · IFRS
FYE Feb 2021	215	+43.3%	Cons. · IFRS
FYE Feb 2022	210	−2.4%	Cons. · IFRS
FYE Feb 2023	186	−11.4%	Cons. · IFRS
FYE Feb 2024	157	−15.6%	Cons. · IFRS
FYE Feb 2025	137	−12.7%	Cons. · IFRS
FYE Feb 2026	131	−4.0%	Cons. · IFRS

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

Intangible assets

FYE Feb 2026 ¥10.0bn

CAGR · 9 yrs −16.4%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Feb 2017	41.6	n/a	Cons. · Japanese GAAP
FYE Feb 2018	n/a	moved to IFRS	Cons. · IFRS
FYE Feb 2019	4.5	n/a	Cons. · IFRS
FYE Feb 2020	5.7	+26.1%	Cons. · IFRS
FYE Feb 2021	5.8	+1.6%	Cons. · IFRS
FYE Feb 2022	7.3	+26.7%	Cons. · IFRS
FYE Feb 2023	7.8	+7.0%	Cons. · IFRS
FYE Feb 2024	7.9	+1.1%	Cons. · IFRS
FYE Feb 2025	8.4	+5.9%	Cons. · IFRS
FYE Feb 2026	10.0	+19.2%	Cons. · IFRS

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

Goodwill

FYE Feb 2026 ¥6.8bn

CAGR · 10 yrs +47.3%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Feb 2017	0.2	n/a	Cons. · Japanese GAAP
FYE Feb 2018	0.5	moved to IFRS	Cons. · IFRS
FYE Feb 2019	0.5	−2.1%	Cons. · IFRS
FYE Feb 2020	0.5	−0.0%	Cons. · IFRS
FYE Feb 2021	0.5	−0.0%	Cons. · IFRS
FYE Feb 2022	0.5	−0.0%	Cons. · IFRS
FYE Feb 2023	1.0	+90.2%	Cons. · IFRS
FYE Feb 2024	0.6	−43.7%	Cons. · IFRS
FYE Feb 2025	6.8	+1114.1%	Cons. · IFRS
FYE Feb 2026	6.8	−0.0%	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 Feb 2026 35.3%

Average · 10 yrs 33.9%

Fiscal year	Equity ratio %	YoY	Basis
FYE Feb 2017	38.7	n/a	Cons. · Japanese GAAP
FYE Feb 2018	46.3	moved to IFRS	Cons. · IFRS
FYE Feb 2019	34.7	−11.6pp	Cons. · IFRS
FYE Feb 2020	30.2	−4.5pp	Cons. · IFRS
FYE Feb 2021	26.9	−3.3pp	Cons. · IFRS
FYE Feb 2022	28.4	+1.5pp	Cons. · IFRS
FYE Feb 2023	31.0	+2.6pp	Cons. · IFRS
FYE Feb 2024	33.2	+2.2pp	Cons. · IFRS
FYE Feb 2025	34.0	+0.9pp	Cons. · IFRS
FYE Feb 2026	35.3	+1.3pp	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 Feb 2026 43.8%

Average · 10 yrs 61.2%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Feb 2017	31.3	n/a	Cons. · Japanese GAAP
FYE Feb 2018	41.7	moved to IFRS	Cons. · IFRS
FYE Feb 2019	48.9	+7.1pp	Cons. · IFRS
FYE Feb 2020	68.9	+20.1pp	Cons. · IFRS
FYE Feb 2021	105.9	+36.9pp	Cons. · IFRS
FYE Feb 2022	93.8	−12.0pp	Cons. · IFRS
FYE Feb 2023	71.7	−22.1pp	Cons. · IFRS
FYE Feb 2024	57.9	−13.8pp	Cons. · IFRS
FYE Feb 2025	48.0	−9.9pp	Cons. · IFRS
FYE Feb 2026	43.8	−4.2pp	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 Feb 2026 7.0%

Average · 10 yrs 4.8%

Fiscal year	ROE %	YoY	Basis
FYE Feb 2017	6.6	n/a	Cons. · Japanese GAAP
FYE Feb 2018	5.3	moved to IFRS	Cons. · IFRS
FYE Feb 2019	7.7	+2.4pp	Cons. · IFRS
FYE Feb 2020	5.7	−2.0pp	Cons. · IFRS
FYE Feb 2021	-7.7	−13.4pp	Cons. · IFRS
FYE Feb 2022	1.3	+9.0pp	Cons. · IFRS
FYE Feb 2023	4.1	+2.8pp	Cons. · IFRS
FYE Feb 2024	8.1	+4.0pp	Cons. · IFRS
FYE Feb 2025	10.5	+2.4pp	Cons. · IFRS
FYE Feb 2026	7.0	−3.4pp	Cons. · IFRS

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

ROA return on assets

FYE Feb 2026 2.5%

Average · 10 yrs 1.8%

Fiscal year	ROA %	YoY	Basis
FYE Feb 2017	2.6	n/a	Cons. · Japanese GAAP
FYE Feb 2018	2.4	moved to IFRS	Cons. · IFRS
FYE Feb 2019	2.7	+0.2pp	Cons. · IFRS
FYE Feb 2020	1.7	−0.9pp	Cons. · IFRS
FYE Feb 2021	-2.1	−3.8pp	Cons. · IFRS
FYE Feb 2022	0.4	+2.4pp	Cons. · IFRS
FYE Feb 2023	1.3	+0.9pp	Cons. · IFRS
FYE Feb 2024	2.7	+1.4pp	Cons. · IFRS
FYE Feb 2025	3.6	+0.9pp	Cons. · IFRS
FYE Feb 2026	2.5	−1.1pp	Cons. · IFRS

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

Asset turnover

FYE Feb 2026 0.39×

CAGR · 10 yrs −10.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Feb 2017	1.06	n/a	Cons. · Japanese GAAP
FYE Feb 2018	0.44	moved to IFRS	Cons. · IFRS
FYE Feb 2019	0.45	+1.4%	Cons. · IFRS
FYE Feb 2020	0.39	−13.2%	Cons. · IFRS
FYE Feb 2021	0.25	−34.8%	Cons. · IFRS
FYE Feb 2022	0.28	+10.1%	Cons. · IFRS
FYE Feb 2023	0.32	+15.5%	Cons. · IFRS
FYE Feb 2024	0.37	+13.8%	Cons. · IFRS
FYE Feb 2025	0.38	+4.0%	Cons. · IFRS
FYE Feb 2026	0.39	+2.7%	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 Feb 2026 ¥67bn

CAGR · 10 yrs +7.1%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Feb 2017	36.2	n/a	Cons. · Japanese GAAP
FYE Feb 2018	57.0	moved to IFRS	Cons. · IFRS
FYE Feb 2019	34.9	−38.8%	Cons. · IFRS
FYE Feb 2020	73.4	+110.4%	Cons. · IFRS
FYE Feb 2021	56.5	−23.0%	Cons. · IFRS
FYE Feb 2022	49.9	−11.7%	Cons. · IFRS
FYE Feb 2023	65.5	+31.3%	Cons. · IFRS
FYE Feb 2024	90.7	+38.5%	Cons. · IFRS
FYE Feb 2025	85.8	−5.4%	Cons. · IFRS
FYE Feb 2026	67.0	−21.9%	Cons. · IFRS

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

Investing cash flow

FYE Feb 2026 -¥15bn

Average · 10 yrs -¥20bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Feb 2017	-30.4	n/a	Cons. · Japanese GAAP
FYE Feb 2018	-18.7	moved to IFRS	Cons. · IFRS
FYE Feb 2019	-26.8	n/a	Cons. · IFRS
FYE Feb 2020	-49.6	n/a	Cons. · IFRS
FYE Feb 2021	-20.9	n/a	Cons. · IFRS
FYE Feb 2022	-5.3	n/a	Cons. · IFRS
FYE Feb 2023	-13.4	n/a	Cons. · IFRS
FYE Feb 2024	13.4	n/a	Cons. · IFRS
FYE Feb 2025	-28.3	−310.8%	Cons. · IFRS
FYE Feb 2026	-15.2	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 Feb 2026 -¥71bn

Average · 10 yrs -¥41bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Feb 2017	-2.2	n/a	Cons. · Japanese GAAP
FYE Feb 2018	-31.3	moved to IFRS	Cons. · IFRS
FYE Feb 2019	-21.3	n/a	Cons. · IFRS
FYE Feb 2020	-14.8	n/a	Cons. · IFRS
FYE Feb 2021	58.7	n/a	Cons. · IFRS
FYE Feb 2022	-80.4	−236.9%	Cons. · IFRS
FYE Feb 2023	-106	n/a	Cons. · IFRS
FYE Feb 2024	-72.7	n/a	Cons. · IFRS
FYE Feb 2025	-74.0	n/a	Cons. · IFRS
FYE Feb 2026	-70.8	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 Feb 2026 ¥36bn

CAGR · 10 yrs +1.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Feb 2017	31.8	n/a	Cons. · Japanese GAAP
FYE Feb 2018	38.9	moved to IFRS	Cons. · IFRS
FYE Feb 2019	25.7	−34.0%	Cons. · IFRS
FYE Feb 2020	34.6	+35.0%	Cons. · IFRS
FYE Feb 2021	129	+272.3%	Cons. · IFRS
FYE Feb 2022	93.3	−27.6%	Cons. · IFRS
FYE Feb 2023	39.9	−57.3%	Cons. · IFRS
FYE Feb 2024	71.3	+78.9%	Cons. · IFRS
FYE Feb 2025	55.0	−22.9%	Cons. · IFRS
FYE Feb 2026	36.1	−34.3%	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 Feb 2026 ¥52bn

CAGR · 10 yrs +27.3%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Feb 2017	5.9	n/a	Cons. · Japanese GAAP
FYE Feb 2018	38.3	moved to IFRS	Cons. · IFRS
FYE Feb 2019	8.0	−79.0%	Cons. · IFRS
FYE Feb 2020	23.8	+196.2%	Cons. · IFRS
FYE Feb 2021	35.6	+49.6%	Cons. · IFRS
FYE Feb 2022	44.6	+25.2%	Cons. · IFRS
FYE Feb 2023	52.1	+16.9%	Cons. · IFRS
FYE Feb 2024	104	+99.8%	Cons. · IFRS
FYE Feb 2025	57.5	−44.8%	Cons. · IFRS
FYE Feb 2026	51.8	−9.9%	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 Feb 2026 15.1%

Average · 10 yrs 14.6%

Fiscal year	OCF margin %	YoY	Basis
FYE Feb 2017	3.3	n/a	Cons. · Japanese GAAP
FYE Feb 2018	12.1	moved to IFRS	Cons. · IFRS
FYE Feb 2019	7.6	−4.5pp	Cons. · IFRS
FYE Feb 2020	15.3	+7.7pp	Cons. · IFRS
FYE Feb 2021	17.7	+2.4pp	Cons. · IFRS
FYE Feb 2022	15.0	−2.7pp	Cons. · IFRS
FYE Feb 2023	18.2	+3.2pp	Cons. · IFRS
FYE Feb 2024	22.3	+4.1pp	Cons. · IFRS
FYE Feb 2025	19.4	−2.9pp	Cons. · IFRS
FYE Feb 2026	15.1	−4.4pp	Cons. · IFRS

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

Net cash

FYE Feb 2026 -¥140bn

Average · 10 yrs -¥172bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Feb 2017	-95.2	n/a	Cons. · Japanese GAAP
FYE Feb 2018	-167	moved to IFRS	Cons. · IFRS
FYE Feb 2019	-149	n/a	Cons. · IFRS
FYE Feb 2020	-224	n/a	Cons. · IFRS
FYE Feb 2021	-231	n/a	Cons. · IFRS
FYE Feb 2022	-224	n/a	Cons. · IFRS
FYE Feb 2023	-209	n/a	Cons. · IFRS
FYE Feb 2024	-143	n/a	Cons. · IFRS
FYE Feb 2025	-135	n/a	Cons. · IFRS
FYE Feb 2026	-140	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 Feb 2026 ¥698bn

Change · 9 yrs +¥235bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Feb 2017	463	n/a
FYE Feb 2018	528	n/a
FYE Feb 2019	334	n/a
FYE Feb 2020	310	n/a
FYE Feb 2021	n/a	n/a
FYE Feb 2022	260	n/a
FYE Feb 2023	342	n/a
FYE Feb 2024	402	n/a
FYE Feb 2025	527	n/a
FYE Feb 2026	698	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 Feb 2026 2,580¥

Change · 9 yrs +854¥

Fiscal year	Share price ¥	Basis
FYE Feb 2017	1,726	n/a
FYE Feb 2018	1,951	n/a
FYE Feb 2019	1,233	n/a
FYE Feb 2020	1,147	n/a
FYE Feb 2021	n/a	n/a
FYE Feb 2022	962	n/a
FYE Feb 2023	1,264	n/a
FYE Feb 2024	1,485	n/a
FYE Feb 2025	1,948	n/a
FYE Feb 2026	2,580	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 Feb 2026 270,565,764shares

Change · 10 yrs +2,446,600 shares

Fiscal year	Shares outstanding shares	Basis
FYE Feb 2017	268,119,164	Parent
FYE Feb 2018	270,565,764	Parent
FYE Feb 2019	270,565,764	Parent
FYE Feb 2020	270,565,764	Parent
FYE Feb 2021	270,565,764	Parent
FYE Feb 2022	270,565,764	Parent
FYE Feb 2023	270,565,764	Parent
FYE Feb 2024	270,565,764	Parent
FYE Feb 2025	270,565,764	Parent
FYE Feb 2026	270,565,764	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 Feb 2026 112.93¥

Change · 10 yrs +9.50¥

Fiscal year	EPS ¥	Basis
FYE Feb 2017	103.43	Cons.
FYE Feb 2018	108.92	Cons.
FYE Feb 2019	104.55	Cons.
FYE Feb 2020	81.19	Cons.
FYE Feb 2021	-100.03	Cons.
FYE Feb 2022	16.50	Cons.
FYE Feb 2023	54.32	Cons.
FYE Feb 2024	114.06	Cons.
FYE Feb 2025	160.35	Cons.
FYE Feb 2026	112.93	Cons.

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

BPS book value per share

FYE Feb 2026 1,490.03¥

Change · 10 yrs −25.48¥

Fiscal year	BPS ¥	Basis
FYE Feb 2017	1,515.51	Cons. · Japanese GAAP
FYE Feb 2018	1,824.74	Cons. · IFRS
FYE Feb 2019	1,319.15	Cons. · IFRS
FYE Feb 2020	1,384.86	Cons. · IFRS
FYE Feb 2021	1,256.63	Cons. · IFRS
FYE Feb 2022	1,251.51	Cons. · IFRS
FYE Feb 2023	1,283.83	Cons. · IFRS
FYE Feb 2024	1,365.90	Cons. · IFRS
FYE Feb 2025	1,463.81	Cons. · IFRS
FYE Feb 2026	1,490.03	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Feb 2026 22.85×

Average · 9 yrs 21.12×

Fiscal year	PER ×	Basis
FYE Feb 2017	16.69	Cons.
FYE Feb 2018	17.91	Cons.
FYE Feb 2019	11.79	Cons.
FYE Feb 2020	14.13	Cons.
FYE Feb 2021	n/a	Cons.
FYE Feb 2022	58.29	Cons.
FYE Feb 2023	23.27	Cons.
FYE Feb 2024	13.02	Cons.
FYE Feb 2025	12.15	Cons.
FYE Feb 2026	22.85	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 Feb 2026 1.54×

Average · 9 yrs 1.05×

Fiscal year	PBR ×	Basis
FYE Feb 2017	1.22	Cons.
FYE Feb 2018	1.29	Cons.
FYE Feb 2019	0.78	Cons.
FYE Feb 2020	0.78	Cons.
FYE Feb 2021	n/a	Cons.
FYE Feb 2022	0.72	Cons.
FYE Feb 2023	0.92	Cons.
FYE Feb 2024	1.02	Cons.
FYE Feb 2025	1.22	Cons.
FYE Feb 2026	1.54	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 Feb 2026 5,584people

Change · 10 yrs −1,287 people

Fiscal year	Group employees people	YoY	Basis
FYE Feb 2017	6,871	n/a	Cons.
FYE Feb 2018	6,723	−2.2%	Cons.
FYE Feb 2019	6,695	−0.4%	Cons.
FYE Feb 2020	6,579	−1.7%	Cons.
FYE Feb 2021	6,528	−0.8%	Cons.
FYE Feb 2022	5,589	−14.4%	Cons.
FYE Feb 2023	5,115	−8.5%	Cons.
FYE Feb 2024	5,277	+3.2%	Cons.
FYE Feb 2025	5,343	+1.3%	Cons.
FYE Feb 2026	5,584	+4.5%	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 Feb 2026 243people

Change · 10 yrs +146 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Feb 2017	97	n/a	Parent
FYE Feb 2018	99	+2.1%	Parent
FYE Feb 2019	132	+33.3%	Parent
FYE Feb 2020	147	+11.4%	Parent
FYE Feb 2021	133	−9.5%	Parent
FYE Feb 2022	138	+3.8%	Parent
FYE Feb 2023	151	+9.4%	Parent
FYE Feb 2024	185	+22.5%	Parent
FYE Feb 2025	233	+25.9%	Parent
FYE Feb 2026	243	+4.3%	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 Feb 2026 898万円

Change · 10 yrs +84万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Feb 2017	814	n/a	Parent
FYE Feb 2018	837	+2.8%	Parent
FYE Feb 2019	836	−0.1%	Parent
FYE Feb 2020	804	−3.8%	Parent
FYE Feb 2021	714	−11.2%	Parent
FYE Feb 2022	709	−0.7%	Parent
FYE Feb 2023	759	+7.0%	Parent
FYE Feb 2024	806	+6.2%	Parent
FYE Feb 2025	816	+1.2%	Parent
FYE Feb 2026	898	+10.1%	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 Feb 2026 47.8years

Change · 7 yrs +2.7 years

Fiscal year	Average age years	YoY	Basis
FYE Feb 2017	n/a	n/a	Parent
FYE Feb 2018	n/a	n/a	Parent
FYE Feb 2019	n/a	n/a	Parent
FYE Feb 2020	45.1	n/a	Parent
FYE Feb 2021	45.7	+1.3%	Parent
FYE Feb 2022	46.4	+1.5%	Parent
FYE Feb 2023	49.0	+5.6%	Parent
FYE Feb 2024	47.9	−2.2%	Parent
FYE Feb 2025	47.4	−1.0%	Parent
FYE Feb 2026	47.8	+0.8%	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 Feb 2026 15.6years

Change · 10 yrs −5.6 years

Fiscal year	Average length of service years	YoY	Basis
FYE Feb 2017	21.2	n/a	Parent
FYE Feb 2018	21.4	+0.9%	Parent
FYE Feb 2019	21.2	−0.9%	Parent
FYE Feb 2020	19.0	−10.4%	Parent
FYE Feb 2021	19.4	+2.1%	Parent
FYE Feb 2022	18.0	−7.2%	Parent
FYE Feb 2023	17.7	−1.7%	Parent
FYE Feb 2024	15.0	−15.3%	Parent
FYE Feb 2025	16.0	+6.7%	Parent
FYE Feb 2026	15.6	−2.5%	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 Feb 2026 1,844people

Change · 10 yrs −2,017 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Feb 2017	3,861	n/a	n/a
FYE Feb 2018	3,706	−4.0%	n/a
FYE Feb 2019	3,581	−3.4%	n/a
FYE Feb 2020	3,265	−8.8%	n/a
FYE Feb 2021	3,107	−4.8%	n/a
FYE Feb 2022	2,559	−17.6%	n/a
FYE Feb 2023	2,143	−16.3%	n/a
FYE Feb 2024	2,092	−2.4%	n/a
FYE Feb 2025	1,959	−6.4%	n/a
FYE Feb 2026	1,844	−5.9%	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 Feb 2026 ¥79.7m

Change · 10 yrs −¥81.6m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Feb 2017	161	n/a	Cons.
FYE Feb 2018	69.9	n/a	Cons.
FYE Feb 2019	68.7	−1.7%	Cons.
FYE Feb 2020	73.1	+6.4%	Cons.
FYE Feb 2021	48.9	−33.1%	Cons.
FYE Feb 2022	59.3	+21.3%	Cons.
FYE Feb 2023	70.3	+18.6%	Cons.
FYE Feb 2024	77.1	+9.7%	Cons.
FYE Feb 2025	82.7	+7.2%	Cons.
FYE Feb 2026	79.7	−3.6%	Cons.

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

Operating profit per employee

FYE Feb 2026 ¥8.8m

Change · 10 yrs +¥2.3m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Feb 2017	6.5	n/a	Cons.
FYE Feb 2018	7.4	n/a	Cons.
FYE Feb 2019	6.1	−17.1%	Cons.
FYE Feb 2020	6.1	+0.3%	Cons.
FYE Feb 2021	-3.7	−160.7%	Cons.
FYE Feb 2022	1.7	n/a	Cons.
FYE Feb 2023	3.7	+122.0%	Cons.
FYE Feb 2024	8.2	+118.9%	Cons.
FYE Feb 2025	10.9	+33.5%	Cons.
FYE Feb 2026	8.8	−19.4%	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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