Financials

Toyota Boshoku: FYE Mar 2026 and ten years of results (47 metrics)

FYE Mar 2026 · Revenue¥2.04tnYoY +4.2%

FYE Mar 2026 · Operating profit¥54bnYoY +27.2%

FYE Mar 2026 · Net profit¥23bnYoY +39.2%

FYE Mar 2026 · Equity ratio37.3%YoY +0.4pp

FYE Mar 2026 · Group employees45,521YoY +517

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥1.36tn	n/a	¥72bn	n/a	5.3%	¥45bn	Ishii Yoshimasa	—
FYE Mar 2018Consolidated	¥1.41tn	+3.6%	¥74bn	+3.5%	5.3%	¥43bn	Ishii Yoshimasa	—
FYE Mar 2019Consolidated	¥1.42tn	+0.7%	¥61bn	−17.7%	4.3%	¥22bn	Numa Takeshi	Centenary; consolidated sales pass ¥1.4 trillion
FYE Mar 2020Consolidated	¥1.37tn	−3.2%	¥48bn	−22.0%	3.5%	¥25bn	Numa Takeshi	—
FYE Mar 2021Consolidated	¥1.27tn	−7.3%	¥57bn	+19.5%	4.5%	¥31bn	Numa Takeshi	—
FYE Mar 2022Consolidated	¥1.42tn	+11.7%	¥60bn	+5.6%	4.2%	¥39bn	Numa Takeshi	—
FYE Mar 2023Consolidated	¥1.60tn	+12.8%	¥48bn	−20.9%	3.0%	¥15bn	Numa Takeshi	—
FYE Mar 2024Consolidated	¥1.95tn	+21.8%	¥79bn	+66.3%	4.1%	¥59bn	Shirayanagi Masayoshi	“2030 Mid-term Business Plan”; record sales of ¥1.95 trillion
FYE Mar 2025Consolidated	¥1.95tn	+0.0%	¥42bn	−46.5%	2.2%	¥17bn	Shirayanagi Masayoshi	—
FYE Mar 2026Consolidated	¥2.04tn	+4.2%	¥54bn	+27.2%	2.6%	¥23bn	Shirayanagi Masayoshi	Americas impairment of <span class="en-history_money" data-yen="32200000000" data-year="2025">$215.2M (¥32bn)</span>

How it compares

Toyota Boshoku¥2.04tnFY2025Operating margin 2.6%

Toyoda Gosei¥1.15tnFY2025Operating margin 6.9%Koito Manufacturing¥948bnFY2025Operating margin 5.4%

NOK¥738bnFY2025Operating margin 4.5%

TAKATA CORPORATIONDelisted 2017

TS Tech¥442bnFY2025Operating margin 2.3%

Kayaba¥438bnFY2024Operating margin 5.2%

Toupure¥374bnFY2024Operating margin 7.7%

Nifco¥353bnFY2025Operating margin 13.6%

Jitekuto¥339bnFY2024Operating 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 Other operating costs Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥2.04tn

CAGR · 10 yrs +4.6%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	1,358	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,407	+3.6%	Cons. · Japanese GAAP
FYE Mar 2019	1,417	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1,373	−3.2%	Cons. · IFRS
FYE Mar 2021	1,272	−7.3%	Cons. · IFRS
FYE Mar 2022	1,421	+11.7%	Cons. · IFRS
FYE Mar 2023	1,604	+12.8%	Cons. · IFRS
FYE Mar 2024	1,954	+21.8%	Cons. · IFRS
FYE Mar 2025	1,954	−0.0%	Cons. · IFRS
FYE Mar 2026	2,037	+4.2%	Cons. · IFRS

Definition: Everything the company took in from its own business
Formula: Revenue line of the income statement
Source: Securities report (XBRL)

Cost of sales

FYE Mar 2026 ¥1.83tn

CAGR · 10 yrs +4.8%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	1,204	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,254	+4.1%	Cons. · Japanese GAAP
FYE Mar 2019	1,270	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1,239	−2.5%	Cons. · IFRS
FYE Mar 2021	1,139	−8.1%	Cons. · IFRS
FYE Mar 2022	1,271	+11.6%	Cons. · IFRS
FYE Mar 2023	1,450	+14.1%	Cons. · IFRS
FYE Mar 2024	1,742	+20.2%	Cons. · IFRS
FYE Mar 2025	1,745	+0.2%	Cons. · IFRS
FYE Mar 2026	1,830	+4.9%	Cons. · IFRS

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Gross profit

FYE Mar 2026 ¥207bn

CAGR · 10 yrs +3.4%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	154	n/a	Cons. · Japanese GAAP
FYE Mar 2018	153	−0.3%	Cons. · Japanese GAAP
FYE Mar 2019	148	moved to IFRS	Cons. · IFRS
FYE Mar 2020	134	−9.1%	Cons. · IFRS
FYE Mar 2021	133	−0.5%	Cons. · IFRS
FYE Mar 2022	151	+12.9%	Cons. · IFRS
FYE Mar 2023	154	+2.5%	Cons. · IFRS
FYE Mar 2024	211	+37.0%	Cons. · IFRS
FYE Mar 2025	209	−1.1%	Cons. · IFRS
FYE Mar 2026	207	−0.9%	Cons. · IFRS

Definition: What the product or service itself earns
Formula: Revenue − cost of sales
Source: Securities report (XBRL)

SG&A selling, general and administrative expenses

FYE Mar 2026 ¥152bn

CAGR · 10 yrs +7.1%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	81.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	79.2	−3.4%	Cons. · Japanese GAAP
FYE Mar 2019	85.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	84.3	−1.2%	Cons. · IFRS
FYE Mar 2021	77.8	−7.8%	Cons. · IFRS
FYE Mar 2022	89.5	+15.1%	Cons. · IFRS
FYE Mar 2023	107	+19.5%	Cons. · IFRS
FYE Mar 2024	120	+12.2%	Cons. · IFRS
FYE Mar 2025	136	+13.7%	Cons. · IFRS
FYE Mar 2026	152	+11.0%	Cons. · IFRS

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Mar 2026 ¥54bn

CAGR · 10 yrs −3.1%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	71.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	74.4	+3.5%	Cons. · Japanese GAAP
FYE Mar 2019	61.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	47.8	−22.0%	Cons. · IFRS
FYE Mar 2021	57.1	+19.5%	Cons. · IFRS
FYE Mar 2022	60.3	+5.6%	Cons. · IFRS
FYE Mar 2023	47.7	−20.9%	Cons. · IFRS
FYE Mar 2024	79.3	+66.3%	Cons. · IFRS
FYE Mar 2025	42.4	−46.5%	Cons. · IFRS
FYE Mar 2026	53.9	+27.2%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥8.5bn

CAGR · 10 yrs −2.2%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	10.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.0	−71.4%	Cons. · Japanese GAAP
FYE Mar 2019	2.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	2.2	−12.4%	Cons. · IFRS
FYE Mar 2021	2.1	−6.4%	Cons. · IFRS
FYE Mar 2022	6.4	+206.0%	Cons. · IFRS
FYE Mar 2023	6.6	+2.3%	Cons. · IFRS
FYE Mar 2024	10.4	+58.1%	Cons. · IFRS
FYE Mar 2025	7.7	−26.2%	Cons. · IFRS
FYE Mar 2026	8.5	+10.1%	Cons. · IFRS

Definition: Income from outside the core business
Formula: Non-operating income line of the income statement
Source: Securities report (XBRL)

Non-operating expenses

FYE Mar 2026 ¥2.5bn

CAGR · 10 yrs −7.4%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	5.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.4	−52.3%	Cons. · Japanese GAAP
FYE Mar 2019	3.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	2.9	−13.0%	Cons. · IFRS
FYE Mar 2021	1.4	−49.8%	Cons. · IFRS
FYE Mar 2022	2.1	+43.2%	Cons. · IFRS
FYE Mar 2023	2.8	+35.1%	Cons. · IFRS
FYE Mar 2024	3.2	+13.7%	Cons. · IFRS
FYE Mar 2025	5.2	+63.0%	Cons. · IFRS
FYE Mar 2026	2.5	−51.4%	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 Mar 2026 ¥23bn

CAGR · 10 yrs −7.1%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	45.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	42.8	−5.7%	Cons. · Japanese GAAP
FYE Mar 2019	21.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	24.8	+15.3%	Cons. · IFRS
FYE Mar 2021	31.2	+25.8%	Cons. · IFRS
FYE Mar 2022	39.3	+25.9%	Cons. · IFRS
FYE Mar 2023	14.7	−62.6%	Cons. · IFRS
FYE Mar 2024	58.5	+298.7%	Cons. · IFRS
FYE Mar 2025	16.7	−71.4%	Cons. · IFRS
FYE Mar 2026	23.3	+39.2%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 10.2%

Average · 10 yrs 10.5%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	11.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.9	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	10.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	9.8	−0.6pp	Cons. · IFRS
FYE Mar 2021	10.5	+0.7pp	Cons. · IFRS
FYE Mar 2022	10.6	+0.1pp	Cons. · IFRS
FYE Mar 2023	9.6	−1.0pp	Cons. · IFRS
FYE Mar 2024	10.8	+1.2pp	Cons. · IFRS
FYE Mar 2025	10.7	−0.1pp	Cons. · IFRS
FYE Mar 2026	10.2	−0.5pp	Cons. · IFRS

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

Operating margin

FYE Mar 2026 2.6%

Average · 10 yrs 3.9%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	5.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.3	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	4.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	3.5	−0.8pp	Cons. · IFRS
FYE Mar 2021	4.5	+1.0pp	Cons. · IFRS
FYE Mar 2022	4.2	−0.2pp	Cons. · IFRS
FYE Mar 2023	3.0	−1.3pp	Cons. · IFRS
FYE Mar 2024	4.1	+1.1pp	Cons. · IFRS
FYE Mar 2025	2.2	−1.9pp	Cons. · IFRS
FYE Mar 2026	2.6	+0.5pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 1.1%

Average · 10 yrs 2.1%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	3.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.0	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	1.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1.8	+0.3pp	Cons. · IFRS
FYE Mar 2021	2.5	+0.6pp	Cons. · IFRS
FYE Mar 2022	2.8	+0.3pp	Cons. · IFRS
FYE Mar 2023	0.9	−1.8pp	Cons. · IFRS
FYE Mar 2024	3.0	+2.1pp	Cons. · IFRS
FYE Mar 2025	0.9	−2.1pp	Cons. · IFRS
FYE Mar 2026	1.1	+0.3pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Mar 2026 89.8%

Average · 10 yrs 89.5%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	88.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	89.1	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	89.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	90.2	+0.6pp	Cons. · IFRS
FYE Mar 2021	89.5	−0.7pp	Cons. · IFRS
FYE Mar 2022	89.4	−0.1pp	Cons. · IFRS
FYE Mar 2023	90.4	+1.0pp	Cons. · IFRS
FYE Mar 2024	89.2	−1.2pp	Cons. · IFRS
FYE Mar 2025	89.3	+0.1pp	Cons. · IFRS
FYE Mar 2026	89.8	+0.5pp	Cons. · IFRS

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ revenue
Source: Securities report (XBRL)

SG&A ratio

FYE Mar 2026 7.4%

Average · 10 yrs 6.3%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	6.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.6	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	6.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	6.1	+0.1pp	Cons. · IFRS
FYE Mar 2021	6.1	−0.0pp	Cons. · IFRS
FYE Mar 2022	6.3	+0.2pp	Cons. · IFRS
FYE Mar 2023	6.7	+0.4pp	Cons. · IFRS
FYE Mar 2024	6.1	−0.5pp	Cons. · IFRS
FYE Mar 2025	7.0	+0.8pp	Cons. · IFRS
FYE Mar 2026	7.4	+0.5pp	Cons. · IFRS

Definition: The share of revenue taken by selling and administrative costs
Formula: SG&A ÷ revenue
Source: Securities report (XBRL)

Balance sheet Assets, debt and equity, and what they say about financial strength

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Mar 2026 ¥1.18tn

CAGR · 10 yrs +6.1%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	692	n/a	Cons. · Japanese GAAP
FYE Mar 2018	745	+7.6%	Cons. · Japanese GAAP
FYE Mar 2019	752	moved to IFRS	Cons. · IFRS
FYE Mar 2020	781	+3.8%	Cons. · IFRS
FYE Mar 2021	846	+8.3%	Cons. · IFRS
FYE Mar 2022	965	+14.1%	Cons. · IFRS
FYE Mar 2023	1,007	+4.4%	Cons. · IFRS
FYE Mar 2024	1,128	+12.0%	Cons. · IFRS
FYE Mar 2025	1,095	−3.0%	Cons. · IFRS
FYE Mar 2026	1,182	+8.0%	Cons. · IFRS

Definition: Everything the company holds
Formula: Total assets line of the balance sheet
Source: Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Mar 2026 ¥441bn

CAGR · 10 yrs +7.5%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	230	n/a	Cons. · Japanese GAAP
FYE Mar 2018	262	+13.8%	Cons. · Japanese GAAP
FYE Mar 2019	276	moved to IFRS	Cons. · IFRS
FYE Mar 2020	260	−5.6%	Cons. · IFRS
FYE Mar 2021	300	+15.3%	Cons. · IFRS
FYE Mar 2022	348	+16.1%	Cons. · IFRS
FYE Mar 2023	365	+4.6%	Cons. · IFRS
FYE Mar 2024	406	+11.2%	Cons. · IFRS
FYE Mar 2025	405	−0.2%	Cons. · IFRS
FYE Mar 2026	441	+9.1%	Cons. · IFRS

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Interest-bearing debt

FYE Mar 2026 ¥189bn

CAGR · 10 yrs +12.0%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	68.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	107	+57.4%	Cons. · Japanese GAAP
FYE Mar 2019	115	moved to IFRS	Cons. · IFRS
FYE Mar 2020	125	+8.5%	Cons. · IFRS
FYE Mar 2021	142	+13.8%	Cons. · IFRS
FYE Mar 2022	140	−1.4%	Cons. · IFRS
FYE Mar 2023	154	+10.4%	Cons. · IFRS
FYE Mar 2024	165	+7.0%	Cons. · IFRS
FYE Mar 2025	167	+1.4%	Cons. · IFRS
FYE Mar 2026	189	+13.2%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥34bn

CAGR · 10 yrs +5.1%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	22.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.8	−73.5%	Cons. · Japanese GAAP
FYE Mar 2019	22.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	50.2	+119.1%	Cons. · IFRS
FYE Mar 2021	22.2	−55.9%	Cons. · IFRS
FYE Mar 2022	28.4	+28.1%	Cons. · IFRS
FYE Mar 2023	64.2	+126.3%	Cons. · IFRS
FYE Mar 2024	10.0	−84.4%	Cons. · IFRS
FYE Mar 2025	20.8	+107.9%	Cons. · IFRS
FYE Mar 2026	34.3	+65.2%	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 Mar 2026 ¥155bn

CAGR · 10 yrs +14.4%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	46.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	31.7	−31.2%	Cons. · Japanese GAAP
FYE Mar 2019	91.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	74.3	−19.1%	Cons. · IFRS
FYE Mar 2021	120	+61.0%	Cons. · IFRS
FYE Mar 2022	111	−6.9%	Cons. · IFRS
FYE Mar 2023	90.0	−19.2%	Cons. · IFRS
FYE Mar 2024	155	+72.2%	Cons. · IFRS
FYE Mar 2025	147	−5.5%	Cons. · IFRS
FYE Mar 2026	155	+5.8%	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 Mar 2026 ¥19bn

CAGR · 10 yrs +10.0%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	7.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.2	−9.1%	Cons. · Japanese GAAP
FYE Mar 2019	10.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	10.9	+7.6%	Cons. · IFRS
FYE Mar 2021	13.2	+21.2%	Cons. · IFRS
FYE Mar 2022	13.1	−0.9%	Cons. · IFRS
FYE Mar 2023	14.2	+9.0%	Cons. · IFRS
FYE Mar 2024	19.6	+37.6%	Cons. · IFRS
FYE Mar 2025	19.5	−0.3%	Cons. · IFRS
FYE Mar 2026	18.7	−4.4%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥4.9bn

CAGR · 10 yrs +0.1%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	4.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.9	−0.0%	Cons. · Japanese GAAP
FYE Mar 2019	4.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	4.9	−0.1%	Cons. · IFRS
FYE Mar 2021	4.9	+0.2%	Cons. · IFRS
FYE Mar 2022	4.9	+0.2%	Cons. · IFRS
FYE Mar 2023	4.9	+0.2%	Cons. · IFRS
FYE Mar 2024	4.9	+0.4%	Cons. · IFRS
FYE Mar 2025	4.9	+0.4%	Cons. · IFRS
FYE Mar 2026	4.9	−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 Mar 2026 37.3%

Average · 10 yrs 35.7%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	33.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	35.2	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2019	36.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	33.4	−3.3pp	Cons. · IFRS
FYE Mar 2021	35.5	+2.1pp	Cons. · IFRS
FYE Mar 2022	36.1	+0.6pp	Cons. · IFRS
FYE Mar 2023	36.2	+0.1pp	Cons. · IFRS
FYE Mar 2024	35.9	−0.3pp	Cons. · IFRS
FYE Mar 2025	37.0	+1.0pp	Cons. · IFRS
FYE Mar 2026	37.3	+0.4pp	Cons. · IFRS

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

Debt-to-equity ratio D/E ratio

FYE Mar 2026 42.9%

Average · 10 yrs 41.4%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	29.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	40.8	+11.3pp	Cons. · Japanese GAAP
FYE Mar 2019	41.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	47.8	+6.2pp	Cons. · IFRS
FYE Mar 2021	47.2	−0.6pp	Cons. · IFRS
FYE Mar 2022	40.1	−7.1pp	Cons. · IFRS
FYE Mar 2023	42.3	+2.2pp	Cons. · IFRS
FYE Mar 2024	40.7	−1.6pp	Cons. · IFRS
FYE Mar 2025	41.3	+0.7pp	Cons. · IFRS
FYE Mar 2026	42.9	+1.6pp	Cons. · IFRS

Definition: Borrowings measured against the company's own capital
Formula: Interest-bearing debt ÷ equity
Source: Securities report (XBRL)

ROE return on equity

FYE Mar 2026 5.3%

Average · 10 yrs 10.3%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	19.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	16.3	−3.4pp	Cons. · Japanese GAAP
FYE Mar 2019	7.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	9.5	+1.7pp	Cons. · IFRS
FYE Mar 2021	10.4	+0.9pp	Cons. · IFRS
FYE Mar 2022	11.3	+0.9pp	Cons. · IFRS
FYE Mar 2023	4.0	−7.2pp	Cons. · IFRS
FYE Mar 2024	14.4	+10.4pp	Cons. · IFRS
FYE Mar 2025	4.1	−10.3pp	Cons. · IFRS
FYE Mar 2026	5.3	+1.1pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 2.0%

Average · 10 yrs 3.6%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	6.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.7	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2019	2.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	3.2	+0.3pp	Cons. · IFRS
FYE Mar 2021	3.7	+0.5pp	Cons. · IFRS
FYE Mar 2022	4.1	+0.4pp	Cons. · IFRS
FYE Mar 2023	1.5	−2.6pp	Cons. · IFRS
FYE Mar 2024	5.2	+3.7pp	Cons. · IFRS
FYE Mar 2025	1.5	−3.7pp	Cons. · IFRS
FYE Mar 2026	2.0	+0.4pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 1.72×

CAGR · 10 yrs −1.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.96	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.89	−3.7%	Cons. · Japanese GAAP
FYE Mar 2019	1.88	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1.76	−6.7%	Cons. · IFRS
FYE Mar 2021	1.50	−14.4%	Cons. · IFRS
FYE Mar 2022	1.47	−2.0%	Cons. · IFRS
FYE Mar 2023	1.59	+8.1%	Cons. · IFRS
FYE Mar 2024	1.73	+8.7%	Cons. · IFRS
FYE Mar 2025	1.78	+3.1%	Cons. · IFRS
FYE Mar 2026	1.72	−3.5%	Cons. · IFRS

Definition: How much revenue each yen of assets produces
Formula: Revenue ÷ total assets
Source: Securities report (XBRL)

Cash flow statement Cash from operations, investment and financing, and what is left on hand

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2026 ¥143bn

CAGR · 10 yrs +4.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	95.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	86.1	−9.7%	Cons. · Japanese GAAP
FYE Mar 2019	64.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	79.7	+24.3%	Cons. · IFRS
FYE Mar 2021	74.5	−6.5%	Cons. · IFRS
FYE Mar 2022	123	+65.0%	Cons. · IFRS
FYE Mar 2023	89.4	−27.3%	Cons. · IFRS
FYE Mar 2024	175	+95.6%	Cons. · IFRS
FYE Mar 2025	122	−30.3%	Cons. · IFRS
FYE Mar 2026	143	+17.3%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥75bn

Average · 10 yrs -¥57bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-48.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-51.7	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-61.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-54.2	n/a	Cons. · IFRS
FYE Mar 2021	-51.4	n/a	Cons. · IFRS
FYE Mar 2022	-40.9	n/a	Cons. · IFRS
FYE Mar 2023	-36.5	n/a	Cons. · IFRS
FYE Mar 2024	-86.7	n/a	Cons. · IFRS
FYE Mar 2025	-61.0	n/a	Cons. · IFRS
FYE Mar 2026	-75.5	n/a	Cons. · IFRS

Definition: Cash spent on, or released by, investment
Formula: Cash flow from investing activities
Source: Securities report (XBRL)

Financing cash flow

FYE Mar 2026 -¥48bn

Average · 10 yrs -¥38bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-61.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-3.5	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-19.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-14.0	n/a	Cons. · IFRS
FYE Mar 2021	2.8	n/a	Cons. · IFRS
FYE Mar 2022	-48.7	−1865.7%	Cons. · IFRS
FYE Mar 2023	-40.8	n/a	Cons. · IFRS
FYE Mar 2024	-91.6	n/a	Cons. · IFRS
FYE Mar 2025	-54.4	n/a	Cons. · IFRS
FYE Mar 2026	-48.4	n/a	Cons. · IFRS

Definition: Cash raised from, or returned to, lenders and shareholders
Formula: Cash flow from financing activities
Source: Securities report (XBRL)

Cash and equivalents

FYE Mar 2026 ¥279bn

CAGR · 10 yrs +7.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	145	n/a	Cons. · Japanese GAAP
FYE Mar 2018	178	+23.1%	Cons. · Japanese GAAP
FYE Mar 2019	158	moved to IFRS	Cons. · IFRS
FYE Mar 2020	163	+3.3%	Cons. · IFRS
FYE Mar 2021	195	+19.5%	Cons. · IFRS
FYE Mar 2022	238	+21.9%	Cons. · IFRS
FYE Mar 2023	248	+4.3%	Cons. · IFRS
FYE Mar 2024	244	−1.6%	Cons. · IFRS
FYE Mar 2025	250	+2.3%	Cons. · IFRS
FYE Mar 2026	279	+11.5%	Cons. · IFRS

Definition: Cash on hand at the year end
Formula: Closing balance in the cash flow statement
Source: Securities report (XBRL)

Free cash flow

FYE Mar 2026 ¥67bn

CAGR · 10 yrs +4.2%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	46.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	34.4	−25.9%	Cons. · Japanese GAAP
FYE Mar 2019	2.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	25.5	+989.2%	Cons. · IFRS
FYE Mar 2021	23.1	−9.4%	Cons. · IFRS
FYE Mar 2022	82.0	+255.3%	Cons. · IFRS
FYE Mar 2023	53.0	−35.4%	Cons. · IFRS
FYE Mar 2024	88.2	+66.5%	Cons. · IFRS
FYE Mar 2025	60.9	−31.0%	Cons. · IFRS
FYE Mar 2026	67.5	+10.8%	Cons. · IFRS

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

Operating cash flow margin

FYE Mar 2026 7.0%

Average · 10 yrs 6.6%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	7.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.1	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	4.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	5.8	+1.3pp	Cons. · IFRS
FYE Mar 2021	5.9	+0.1pp	Cons. · IFRS
FYE Mar 2022	8.6	+2.8pp	Cons. · IFRS
FYE Mar 2023	5.6	−3.1pp	Cons. · IFRS
FYE Mar 2024	9.0	+3.4pp	Cons. · IFRS
FYE Mar 2025	6.2	−2.7pp	Cons. · IFRS
FYE Mar 2026	7.0	+0.8pp	Cons. · IFRS

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

Net cash

FYE Mar 2026 ¥89bn

CAGR · 10 yrs +1.7%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	76.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	71.3	−7.2%	Cons. · Japanese GAAP
FYE Mar 2019	43.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	38.8	−10.6%	Cons. · IFRS
FYE Mar 2021	53.4	+37.5%	Cons. · IFRS
FYE Mar 2022	98.2	+83.9%	Cons. · IFRS
FYE Mar 2023	94.0	−4.3%	Cons. · IFRS
FYE Mar 2024	79.2	−15.7%	Cons. · IFRS
FYE Mar 2025	82.4	+4.1%	Cons. · IFRS
FYE Mar 2026	89.2	+8.2%	Cons. · IFRS

Definition: Cash on hand once the borrowings are paid off
Formula: Cash and equivalents − interest-bearing debt
Source: Securities report (XBRL)

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Mar 2026 ¥452bn

Change · 10 yrs −¥34bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	486	n/a
FYE Mar 2018	408	n/a
FYE Mar 2019	314	n/a
FYE Mar 2020	242	n/a
FYE Mar 2021	345	n/a
FYE Mar 2022	375	n/a
FYE Mar 2023	401	n/a
FYE Mar 2024	479	n/a
FYE Mar 2025	373	n/a
FYE Mar 2026	452	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 2,411¥

Change · 10 yrs −179¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,589	n/a
FYE Mar 2018	2,172	n/a
FYE Mar 2019	1,671	n/a
FYE Mar 2020	1,289	n/a
FYE Mar 2021	1,836	n/a
FYE Mar 2022	1,996	n/a
FYE Mar 2023	2,137	n/a
FYE Mar 2024	2,553	n/a
FYE Mar 2025	1,985	n/a
FYE Mar 2026	2,411	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 187,665,738shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	187,665,738	Parent
FYE Mar 2018	187,665,738	Parent
FYE Mar 2019	187,665,738	Parent
FYE Mar 2020	187,665,738	Parent
FYE Mar 2021	187,665,738	Parent
FYE Mar 2022	187,665,738	Parent
FYE Mar 2023	187,665,738	Parent
FYE Mar 2024	187,665,738	Parent
FYE Mar 2025	187,665,738	Parent
FYE Mar 2026	187,665,738	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 130.30¥

Change · 10 yrs −113.98¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	244.28	Cons.
FYE Mar 2018	241.34	Cons.
FYE Mar 2019	147.85	Cons.
FYE Mar 2020	132.88	Cons.
FYE Mar 2021	166.93	Cons.
FYE Mar 2022	210.15	Cons.
FYE Mar 2023	78.57	Cons.
FYE Mar 2024	315.17	Cons.
FYE Mar 2025	93.65	Cons.
FYE Mar 2026	130.30	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 2,352.29¥

Change · 10 yrs +1,124.47¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,227.83	Cons. · Japanese GAAP
FYE Mar 2018	1,397.73	Cons. · Japanese GAAP
FYE Mar 2019	1,470.12	Cons. · IFRS
FYE Mar 2020	1,387.58	Cons. · IFRS
FYE Mar 2021	1,599.76	Cons. · IFRS
FYE Mar 2022	1,856.97	Cons. · IFRS
FYE Mar 2023	1,942.75	Cons. · IFRS
FYE Mar 2024	2,161.03	Cons. · IFRS
FYE Mar 2025	2,156.88	Cons. · IFRS
FYE Mar 2026	2,352.29	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 18.50×

Average · 10 yrs 13.61×

Fiscal year	PER ×	Basis
FYE Mar 2017	10.60	Cons.
FYE Mar 2018	9.00	Cons.
FYE Mar 2019	11.30	Cons.
FYE Mar 2020	9.70	Cons.
FYE Mar 2021	11.00	Cons.
FYE Mar 2022	9.50	Cons.
FYE Mar 2023	27.20	Cons.
FYE Mar 2024	8.10	Cons.
FYE Mar 2025	21.20	Cons.
FYE Mar 2026	18.50	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 0.89×

Average · 10 yrs 1.10×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.96	Cons.
FYE Mar 2018	1.44	Cons.
FYE Mar 2019	1.06	Cons.
FYE Mar 2020	0.83	Cons.
FYE Mar 2021	1.02	Cons.
FYE Mar 2022	0.97	Cons.
FYE Mar 2023	1.00	Cons.
FYE Mar 2024	1.01	Cons.
FYE Mar 2025	0.79	Cons.
FYE Mar 2026	0.89	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 45,521people

Change · 10 yrs +4,093 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	41,428	n/a	Cons.
FYE Mar 2018	41,409	−0.0%	Cons.
FYE Mar 2019	43,103	+4.1%	Cons.
FYE Mar 2020	44,375	+3.0%	Cons.
FYE Mar 2021	44,154	−0.5%	Cons.
FYE Mar 2022	44,264	+0.2%	Cons.
FYE Mar 2023	44,581	+0.7%	Cons.
FYE Mar 2024	46,972	+5.4%	Cons.
FYE Mar 2025	45,004	−4.2%	Cons.
FYE Mar 2026	45,521	+1.1%	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 8,655people

Change · 10 yrs +449 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	8,206	n/a	Parent
FYE Mar 2018	8,246	+0.5%	Parent
FYE Mar 2019	8,259	+0.2%	Parent
FYE Mar 2020	8,336	+0.9%	Parent
FYE Mar 2021	8,301	−0.4%	Parent
FYE Mar 2022	8,264	−0.4%	Parent
FYE Mar 2023	8,244	−0.2%	Parent
FYE Mar 2024	8,301	+0.7%	Parent
FYE Mar 2025	8,501	+2.4%	Parent
FYE Mar 2026	8,655	+1.8%	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 775万円

Change · 8 yrs +64万円

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	711	n/a	Parent
FYE Mar 2020	697	−2.0%	Parent
FYE Mar 2021	672	−3.6%	Parent
FYE Mar 2022	684	+1.8%	Parent
FYE Mar 2023	701	+2.5%	Parent
FYE Mar 2024	722	+3.1%	Parent
FYE Mar 2025	776	+7.5%	Parent
FYE Mar 2026	775	−0.2%	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 41.3years

Change · 8 yrs +2.0 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	39.3	n/a	Parent
FYE Mar 2020	39.7	+1.0%	Parent
FYE Mar 2021	40.0	+0.8%	Parent
FYE Mar 2022	40.5	+1.3%	Parent
FYE Mar 2023	41.0	+1.2%	Parent
FYE Mar 2024	41.4	+1.0%	Parent
FYE Mar 2025	41.6	+0.5%	Parent
FYE Mar 2026	41.3	−0.7%	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 17.6years

Change · 8 yrs +1.5 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	16.1	n/a	Parent
FYE Mar 2020	16.4	+1.9%	Parent
FYE Mar 2021	16.8	+2.4%	Parent
FYE Mar 2022	17.3	+3.0%	Parent
FYE Mar 2023	17.8	+2.9%	Parent
FYE Mar 2024	18.0	+1.1%	Parent
FYE Mar 2025	17.9	−0.6%	Parent
FYE Mar 2026	17.6	−1.7%	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 9,029people

Change · 10 yrs −566 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	9,595	n/a	n/a
FYE Mar 2018	8,710	−9.2%	n/a
FYE Mar 2019	8,888	+2.0%	n/a
FYE Mar 2020	8,017	−9.8%	n/a
FYE Mar 2021	6,745	−15.9%	n/a
FYE Mar 2022	7,777	+15.3%	n/a
FYE Mar 2023	8,849	+13.8%	n/a
FYE Mar 2024	9,401	+6.2%	n/a
FYE Mar 2025	7,857	−16.4%	n/a
FYE Mar 2026	9,029	+14.9%	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 Mar 2026 ¥44.7m

Change · 10 yrs +¥12.0m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	32.8	n/a	Cons.
FYE Mar 2018	34.0	+3.7%	Cons.
FYE Mar 2019	32.9	n/a	Cons.
FYE Mar 2020	30.9	−5.9%	Cons.
FYE Mar 2021	28.8	−6.9%	Cons.
FYE Mar 2022	32.1	+11.5%	Cons.
FYE Mar 2023	36.0	+12.0%	Cons.
FYE Mar 2024	41.6	+15.6%	Cons.
FYE Mar 2025	43.4	+4.4%	Cons.
FYE Mar 2026	44.7	+3.1%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥1.2m

Change · 10 yrs −¥0.6m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.7	n/a	Cons.
FYE Mar 2018	1.8	+3.5%	Cons.
FYE Mar 2019	1.4	n/a	Cons.
FYE Mar 2020	1.1	−24.2%	Cons.
FYE Mar 2021	1.3	+20.1%	Cons.
FYE Mar 2022	1.4	+5.3%	Cons.
FYE Mar 2023	1.1	−21.5%	Cons.
FYE Mar 2024	1.7	+57.8%	Cons.
FYE Mar 2025	0.9	−44.2%	Cons.
FYE Mar 2026	1.2	+25.8%	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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