Financials

Create SD Holdings: FYE May 2026 and ten years of results (45 metrics)

FYE May 2026 · Revenue¥497bnYoY +8.8%

FYE May 2026 · Operating profit¥24bnYoY +5.9%

FYE May 2026 · Net profit¥17bnYoY +8.3%

FYE May 2026 · Equity ratio60.4%YoY +0.1pp

FYE May 2026 · Group employees5,478YoY +418

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE May 2017Consolidated	¥247bn	n/a	¥14bn	n/a	5.8%	¥10bn	Hirose Taizo	—
FYE May 2018Consolidated	¥268bn	+8.4%	¥14bn	−4.0%	5.2%	¥9.5bn	Hirose Taizo	—
FYE May 2019Consolidated	¥286bn	+6.8%	¥14bn	+2.7%	5.0%	¥9.7bn	Hirose Taizo	—
FYE May 2020Consolidated	¥320bn	+11.6%	¥18bn	+24.9%	5.6%	¥12bn	Hirose Taizo	Yurigaoka Sangyo supermarkets acquired
FYE May 2021Consolidated	¥338bn	+5.9%	¥19bn	+4.7%	5.5%	¥12bn	Hirose Taizo	—
FYE May 2022Consolidated	¥351bn	+3.6%	¥18bn	−2.4%	5.2%	¥13bn	Hirose Taizo	Moves to the TSE Prime Market
FYE May 2023Consolidated	¥381bn	+8.6%	¥19bn	+4.0%	5.0%	¥13bn	Hirose Taizo	—
FYE May 2024Consolidated	¥422bn	+10.9%	¥20bn	+7.0%	4.8%	¥14bn	Hirose Taizo	—
FYE May 2025Consolidated	¥457bn	+8.2%	¥23bn	+11.9%	4.9%	¥16bn	Hirose Taizo	<em>Next STAGE 2030</em>: fewer openings, larger stores
FYE May 2026Consolidated	¥497bn	+8.8%	¥24bn	+5.9%	4.8%	¥17bn	Hirose Taizo	—

How it compares

Tsuruha Holdings¥1.45tnFY2025Operating margin 4.3%

Welcia HoldingsDelisted 2025

Matsukiyococokara & Co.¥1.12tnFY2025Operating margin 7.6%Cosmos Pharmaceutical¥1.10tnFY2026Operating margin 3.9%Sugi Holdings¥1.01tnFY2025Operating margin 4.8%Sundrug¥843bnFY2025Operating margin 5.6%

AIN HOLDINGS INC.¥648bnFY2026Operating margin 4.6%

Kusuri no Aoki Holdings¥567bnFY2026Operating margin 4.8%

Create SD Holdings¥497bnFY2026Operating margin 4.8%

Kawachiyakuhin¥288bnFY2024Operating margin 2.6%

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 May 2026 ¥497bn

CAGR · 10 yrs +8.1%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE May 2017	247	n/a	Cons. · Japanese GAAP
FYE May 2018	268	+8.4%	Cons. · Japanese GAAP
FYE May 2019	286	+6.8%	Cons. · Japanese GAAP
FYE May 2020	320	+11.6%	Cons. · Japanese GAAP
FYE May 2021	338	+5.9%	Cons. · Japanese GAAP
FYE May 2022	351	+3.6%	Cons. · Japanese GAAP
FYE May 2023	381	+8.6%	Cons. · Japanese GAAP
FYE May 2024	422	+10.9%	Cons. · Japanese GAAP
FYE May 2025	457	+8.2%	Cons. · Japanese GAAP
FYE May 2026	497	+8.8%	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 May 2026 ¥370bn

CAGR · 10 yrs +8.4%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE May 2017	179	n/a	Cons. · Japanese GAAP
FYE May 2018	194	+8.5%	Cons. · Japanese GAAP
FYE May 2019	207	+6.6%	Cons. · Japanese GAAP
FYE May 2020	231	+11.2%	Cons. · Japanese GAAP
FYE May 2021	245	+6.3%	Cons. · Japanese GAAP
FYE May 2022	255	+4.1%	Cons. · Japanese GAAP
FYE May 2023	278	+8.9%	Cons. · Japanese GAAP
FYE May 2024	312	+12.3%	Cons. · Japanese GAAP
FYE May 2025	338	+8.2%	Cons. · Japanese GAAP
FYE May 2026	370	+9.6%	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 May 2026 ¥127bn

CAGR · 10 yrs +7.2%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE May 2017	68.1	n/a	Cons. · Japanese GAAP
FYE May 2018	73.7	+8.1%	Cons. · Japanese GAAP
FYE May 2019	79.0	+7.2%	Cons. · Japanese GAAP
FYE May 2020	89.0	+12.7%	Cons. · Japanese GAAP
FYE May 2021	93.4	+4.9%	Cons. · Japanese GAAP
FYE May 2022	95.6	+2.4%	Cons. · Japanese GAAP
FYE May 2023	103	+7.8%	Cons. · Japanese GAAP
FYE May 2024	110	+7.0%	Cons. · Japanese GAAP
FYE May 2025	119	+8.2%	Cons. · Japanese GAAP
FYE May 2026	127	+6.5%	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 May 2026 ¥103bn

CAGR · 10 yrs +7.5%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE May 2017	53.7	n/a	Cons. · Japanese GAAP
FYE May 2018	59.8	+11.4%	Cons. · Japanese GAAP
FYE May 2019	64.7	+8.2%	Cons. · Japanese GAAP
FYE May 2020	71.2	+10.0%	Cons. · Japanese GAAP
FYE May 2021	74.7	+5.0%	Cons. · Japanese GAAP
FYE May 2022	77.4	+3.6%	Cons. · Japanese GAAP
FYE May 2023	84.1	+8.6%	Cons. · Japanese GAAP
FYE May 2024	90.0	+7.0%	Cons. · Japanese GAAP
FYE May 2025	96.6	+7.4%	Cons. · Japanese GAAP
FYE May 2026	103	+6.6%	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 May 2026 ¥24bn

CAGR · 10 yrs +5.8%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE May 2017	14.4	n/a	Cons. · Japanese GAAP
FYE May 2018	13.9	−4.0%	Cons. · Japanese GAAP
FYE May 2019	14.2	+2.7%	Cons. · Japanese GAAP
FYE May 2020	17.8	+24.9%	Cons. · Japanese GAAP
FYE May 2021	18.6	+4.7%	Cons. · Japanese GAAP
FYE May 2022	18.2	−2.4%	Cons. · Japanese GAAP
FYE May 2023	18.9	+4.0%	Cons. · Japanese GAAP
FYE May 2024	20.2	+7.0%	Cons. · Japanese GAAP
FYE May 2025	22.6	+11.9%	Cons. · Japanese GAAP
FYE May 2026	24.0	+5.9%	Cons. · Japanese GAAP

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

Non-operating income

FYE May 2026 ¥1.8bn

CAGR · 10 yrs +20.3%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE May 2017	0.3	n/a	Cons. · Japanese GAAP
FYE May 2018	0.4	+13.4%	Cons. · Japanese GAAP
FYE May 2019	0.4	+1.3%	Cons. · Japanese GAAP
FYE May 2020	0.6	+46.5%	Cons. · Japanese GAAP
FYE May 2021	0.6	+11.9%	Cons. · Japanese GAAP
FYE May 2022	0.7	+5.9%	Cons. · Japanese GAAP
FYE May 2023	0.7	+7.2%	Cons. · Japanese GAAP
FYE May 2024	0.8	+16.6%	Cons. · Japanese GAAP
FYE May 2025	1.0	+25.6%	Cons. · Japanese GAAP
FYE May 2026	1.8	+69.0%	Cons. · Japanese GAAP

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

Non-operating expenses

FYE May 2026 ¥510m

CAGR · 10 yrs +61.0%

Fiscal year	Non-operating expenses ¥ m	YoY	Basis
FYE May 2017	7.0	n/a	Cons. · Japanese GAAP
FYE May 2018	6.0	−14.3%	Cons. · Japanese GAAP
FYE May 2019	4.0	−33.3%	Cons. · Japanese GAAP
FYE May 2020	148	+3600.0%	Cons. · Japanese GAAP
FYE May 2021	199	+34.5%	Cons. · Japanese GAAP
FYE May 2022	178	−10.6%	Cons. · Japanese GAAP
FYE May 2023	200	+12.4%	Cons. · Japanese GAAP
FYE May 2024	180	−10.0%	Cons. · Japanese GAAP
FYE May 2025	260	+44.4%	Cons. · Japanese GAAP
FYE May 2026	510	+96.2%	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 May 2026 ¥25bn

CAGR · 10 yrs +6.1%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE May 2017	14.8	n/a	Cons. · Japanese GAAP
FYE May 2018	14.2	−3.6%	Cons. · Japanese GAAP
FYE May 2019	14.6	+2.7%	Cons. · Japanese GAAP
FYE May 2020	18.2	+24.5%	Cons. · Japanese GAAP
FYE May 2021	19.1	+4.7%	Cons. · Japanese GAAP
FYE May 2022	18.7	−2.1%	Cons. · Japanese GAAP
FYE May 2023	19.4	+4.1%	Cons. · Japanese GAAP
FYE May 2024	20.9	+7.5%	Cons. · Japanese GAAP
FYE May 2025	23.4	+12.1%	Cons. · Japanese GAAP
FYE May 2026	25.2	+7.8%	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 May 2026 ¥109m

CAGR · 10 yrs +0.5%

Fiscal year	Extraordinary income ¥ m	YoY	Basis
FYE May 2017	104	n/a	Cons. · Japanese GAAP
FYE May 2018	5.0	−95.2%	Cons. · Japanese GAAP
FYE May 2019	6.0	+20.0%	Cons. · Japanese GAAP
FYE May 2020	12.0	+100.0%	Cons. · Japanese GAAP
FYE May 2021	13.0	+8.3%	Cons. · Japanese GAAP
FYE May 2022	5.0	−61.5%	Cons. · Japanese GAAP
FYE May 2023	9.0	+80.0%	Cons. · Japanese GAAP
FYE May 2024	74.0	+722.2%	Cons. · Japanese GAAP
FYE May 2025	210	+183.8%	Cons. · Japanese GAAP
FYE May 2026	109	−48.1%	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 May 2026 ¥17bn

CAGR · 10 yrs +5.9%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE May 2017	10.1	n/a	Cons. · Japanese GAAP
FYE May 2018	9.5	−5.7%	Cons. · Japanese GAAP
FYE May 2019	9.7	+1.9%	Cons. · Japanese GAAP
FYE May 2020	12.3	+26.1%	Cons. · Japanese GAAP
FYE May 2021	12.4	+1.0%	Cons. · Japanese GAAP
FYE May 2022	12.6	+1.8%	Cons. · Japanese GAAP
FYE May 2023	12.9	+2.6%	Cons. · Japanese GAAP
FYE May 2024	13.7	+5.9%	Cons. · Japanese GAAP
FYE May 2025	15.7	+14.6%	Cons. · Japanese GAAP
FYE May 2026	17.0	+8.3%	Cons. · Japanese GAAP

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

Gross margin

FYE May 2026 25.5%

Average · 10 yrs 27.0%

Fiscal year	Gross margin %	YoY	Basis
FYE May 2017	27.6	n/a	Cons. · Japanese GAAP
FYE May 2018	27.5	−0.1pp	Cons. · Japanese GAAP
FYE May 2019	27.6	+0.1pp	Cons. · Japanese GAAP
FYE May 2020	27.8	+0.3pp	Cons. · Japanese GAAP
FYE May 2021	27.6	−0.3pp	Cons. · Japanese GAAP
FYE May 2022	27.3	−0.3pp	Cons. · Japanese GAAP
FYE May 2023	27.0	−0.2pp	Cons. · Japanese GAAP
FYE May 2024	26.1	−0.9pp	Cons. · Japanese GAAP
FYE May 2025	26.1	−0.0pp	Cons. · Japanese GAAP
FYE May 2026	25.5	−0.5pp	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 May 2026 4.8%

Average · 10 yrs 5.2%

Fiscal year	Operating margin %	YoY	Basis
FYE May 2017	5.8	n/a	Cons. · Japanese GAAP
FYE May 2018	5.2	−0.7pp	Cons. · Japanese GAAP
FYE May 2019	5.0	−0.2pp	Cons. · Japanese GAAP
FYE May 2020	5.6	+0.6pp	Cons. · Japanese GAAP
FYE May 2021	5.5	−0.1pp	Cons. · Japanese GAAP
FYE May 2022	5.2	−0.3pp	Cons. · Japanese GAAP
FYE May 2023	5.0	−0.2pp	Cons. · Japanese GAAP
FYE May 2024	4.8	−0.2pp	Cons. · Japanese GAAP
FYE May 2025	4.9	+0.2pp	Cons. · Japanese GAAP
FYE May 2026	4.8	−0.1pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE May 2026 5.1%

Average · 10 yrs 5.3%

Fiscal year	Ordinary margin %	YoY	Basis
FYE May 2017	6.0	n/a	Cons. · Japanese GAAP
FYE May 2018	5.3	−0.7pp	Cons. · Japanese GAAP
FYE May 2019	5.1	−0.2pp	Cons. · Japanese GAAP
FYE May 2020	5.7	+0.6pp	Cons. · Japanese GAAP
FYE May 2021	5.6	−0.1pp	Cons. · Japanese GAAP
FYE May 2022	5.3	−0.3pp	Cons. · Japanese GAAP
FYE May 2023	5.1	−0.2pp	Cons. · Japanese GAAP
FYE May 2024	4.9	−0.2pp	Cons. · Japanese GAAP
FYE May 2025	5.1	+0.2pp	Cons. · Japanese GAAP
FYE May 2026	5.1	−0.0pp	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 May 2026 3.4%

Average · 10 yrs 3.6%

Fiscal year	Net margin %	YoY	Basis
FYE May 2017	4.1	n/a	Cons. · Japanese GAAP
FYE May 2018	3.6	−0.5pp	Cons. · Japanese GAAP
FYE May 2019	3.4	−0.2pp	Cons. · Japanese GAAP
FYE May 2020	3.8	+0.4pp	Cons. · Japanese GAAP
FYE May 2021	3.7	−0.2pp	Cons. · Japanese GAAP
FYE May 2022	3.6	−0.1pp	Cons. · Japanese GAAP
FYE May 2023	3.4	−0.2pp	Cons. · Japanese GAAP
FYE May 2024	3.2	−0.2pp	Cons. · Japanese GAAP
FYE May 2025	3.4	+0.2pp	Cons. · Japanese GAAP
FYE May 2026	3.4	−0.0pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE May 2026 74.5%

Average · 10 yrs 73.0%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE May 2017	72.4	n/a	Cons. · Japanese GAAP
FYE May 2018	72.5	+0.1pp	Cons. · Japanese GAAP
FYE May 2019	72.4	−0.1pp	Cons. · Japanese GAAP
FYE May 2020	72.2	−0.3pp	Cons. · Japanese GAAP
FYE May 2021	72.4	+0.3pp	Cons. · Japanese GAAP
FYE May 2022	72.7	+0.3pp	Cons. · Japanese GAAP
FYE May 2023	73.0	+0.2pp	Cons. · Japanese GAAP
FYE May 2024	73.9	+0.9pp	Cons. · Japanese GAAP
FYE May 2025	73.9	−0.0pp	Cons. · Japanese GAAP
FYE May 2026	74.5	+0.5pp	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 May 2026 20.7%

Average · 10 yrs 21.8%

Fiscal year	SG&A ratio %	YoY	Basis
FYE May 2017	21.7	n/a	Cons. · Japanese GAAP
FYE May 2018	22.3	+0.6pp	Cons. · Japanese GAAP
FYE May 2019	22.6	+0.3pp	Cons. · Japanese GAAP
FYE May 2020	22.3	−0.3pp	Cons. · Japanese GAAP
FYE May 2021	22.1	−0.2pp	Cons. · Japanese GAAP
FYE May 2022	22.1	−0.0pp	Cons. · Japanese GAAP
FYE May 2023	22.1	−0.0pp	Cons. · Japanese GAAP
FYE May 2024	21.3	−0.8pp	Cons. · Japanese GAAP
FYE May 2025	21.1	−0.2pp	Cons. · Japanese GAAP
FYE May 2026	20.7	−0.4pp	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 May 2026 ¥255bn

CAGR · 10 yrs +9.8%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE May 2017	110	n/a	Cons. · Japanese GAAP
FYE May 2018	121	+9.9%	Cons. · Japanese GAAP
FYE May 2019	133	+9.8%	Cons. · Japanese GAAP
FYE May 2020	153	+15.1%	Cons. · Japanese GAAP
FYE May 2021	164	+6.8%	Cons. · Japanese GAAP
FYE May 2022	177	+8.0%	Cons. · Japanese GAAP
FYE May 2023	195	+10.2%	Cons. · Japanese GAAP
FYE May 2024	216	+11.0%	Cons. · Japanese GAAP
FYE May 2025	237	+9.3%	Cons. · Japanese GAAP
FYE May 2026	255	+7.9%	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 May 2026 ¥154bn

CAGR · 10 yrs +10.7%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE May 2017	61.9	n/a	Cons. · Japanese GAAP
FYE May 2018	69.4	+12.1%	Cons. · Japanese GAAP
FYE May 2019	76.9	+10.8%	Cons. · Japanese GAAP
FYE May 2020	86.8	+12.9%	Cons. · Japanese GAAP
FYE May 2021	96.6	+11.4%	Cons. · Japanese GAAP
FYE May 2022	106	+10.0%	Cons. · Japanese GAAP
FYE May 2023	116	+9.5%	Cons. · Japanese GAAP
FYE May 2024	130	+11.9%	Cons. · Japanese GAAP
FYE May 2025	143	+9.6%	Cons. · Japanese GAAP
FYE May 2026	154	+8.1%	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)

Intangible assets

FYE May 2026 ¥1.4bn

CAGR · 10 yrs +9.9%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE May 2017	0.6	n/a	Cons. · Japanese GAAP
FYE May 2018	0.5	−11.3%	Cons. · Japanese GAAP
FYE May 2019	0.6	+15.1%	Cons. · Japanese GAAP
FYE May 2020	1.3	+101.8%	Cons. · Japanese GAAP
FYE May 2021	1.6	+26.7%	Cons. · Japanese GAAP
FYE May 2022	1.5	−5.4%	Cons. · Japanese GAAP
FYE May 2023	1.5	+1.2%	Cons. · Japanese GAAP
FYE May 2024	1.1	−25.3%	Cons. · Japanese GAAP
FYE May 2025	0.9	−17.3%	Cons. · Japanese GAAP
FYE May 2026	1.4	+52.0%	Cons. · Japanese GAAP

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

Goodwill

FYE May 2026 ¥884m

CAGR · 10 yrs +9.2%

Fiscal year	Goodwill ¥ m	YoY	Basis
FYE May 2017	402	n/a	Cons. · Japanese GAAP
FYE May 2018	344	−14.4%	Cons. · Japanese GAAP
FYE May 2019	286	−16.9%	Cons. · Japanese GAAP
FYE May 2020	832	+190.9%	Cons. · Japanese GAAP
FYE May 2021	712	−14.4%	Cons. · Japanese GAAP
FYE May 2022	593	−16.7%	Cons. · Japanese GAAP
FYE May 2023	473	−20.2%	Cons. · Japanese GAAP
FYE May 2024	372	−21.4%	Cons. · Japanese GAAP
FYE May 2025	294	−21.0%	Cons. · Japanese GAAP
FYE May 2026	884	+200.7%	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 May 2026 60.4%

Average · 10 yrs 58.7%

Fiscal year	Equity ratio %	YoY	Basis
FYE May 2017	56.0	n/a	Cons. · Japanese GAAP
FYE May 2018	57.1	+1.1pp	Cons. · Japanese GAAP
FYE May 2019	57.7	+0.5pp	Cons. · Japanese GAAP
FYE May 2020	56.6	−1.1pp	Cons. · Japanese GAAP
FYE May 2021	59.0	+2.4pp	Cons. · Japanese GAAP
FYE May 2022	60.1	+1.1pp	Cons. · Japanese GAAP
FYE May 2023	59.7	−0.4pp	Cons. · Japanese GAAP
FYE May 2024	60.2	+0.4pp	Cons. · Japanese GAAP
FYE May 2025	60.3	+0.2pp	Cons. · Japanese GAAP
FYE May 2026	60.4	+0.1pp	Cons. · Japanese GAAP

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

ROE return on equity

FYE May 2026 11.0%

Average · 10 yrs 12.5%

Fiscal year	ROE %	YoY	Basis
FYE May 2017	16.3	n/a	Cons. · Japanese GAAP
FYE May 2018	13.8	−2.6pp	Cons. · Japanese GAAP
FYE May 2019	12.6	−1.1pp	Cons. · Japanese GAAP
FYE May 2020	14.1	+1.5pp	Cons. · Japanese GAAP
FYE May 2021	12.8	−1.3pp	Cons. · Japanese GAAP
FYE May 2022	11.8	−1.0pp	Cons. · Japanese GAAP
FYE May 2023	11.1	−0.7pp	Cons. · Japanese GAAP
FYE May 2024	10.5	−0.6pp	Cons. · Japanese GAAP
FYE May 2025	11.0	+0.5pp	Cons. · Japanese GAAP
FYE May 2026	11.0	−0.0pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE May 2026 6.7%

Average · 10 yrs 7.3%

Fiscal year	ROA %	YoY	Basis
FYE May 2017	9.2	n/a	Cons. · Japanese GAAP
FYE May 2018	7.9	−1.3pp	Cons. · Japanese GAAP
FYE May 2019	7.3	−0.6pp	Cons. · Japanese GAAP
FYE May 2020	8.0	+0.7pp	Cons. · Japanese GAAP
FYE May 2021	7.6	−0.4pp	Cons. · Japanese GAAP
FYE May 2022	7.1	−0.4pp	Cons. · Japanese GAAP
FYE May 2023	6.6	−0.5pp	Cons. · Japanese GAAP
FYE May 2024	6.3	−0.3pp	Cons. · Japanese GAAP
FYE May 2025	6.6	+0.3pp	Cons. · Japanese GAAP
FYE May 2026	6.7	−0.0pp	Cons. · Japanese GAAP

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

Asset turnover

FYE May 2026 1.95×

CAGR · 10 yrs −1.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE May 2017	2.24	n/a	Cons. · Japanese GAAP
FYE May 2018	2.21	−1.3%	Cons. · Japanese GAAP
FYE May 2019	2.15	−2.8%	Cons. · Japanese GAAP
FYE May 2020	2.08	−3.0%	Cons. · Japanese GAAP
FYE May 2021	2.07	−0.8%	Cons. · Japanese GAAP
FYE May 2022	1.98	−4.0%	Cons. · Japanese GAAP
FYE May 2023	1.95	−1.4%	Cons. · Japanese GAAP
FYE May 2024	1.95	−0.2%	Cons. · Japanese GAAP
FYE May 2025	1.93	−1.0%	Cons. · Japanese GAAP
FYE May 2026	1.95	+0.8%	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 May 2026 ¥25bn

CAGR · 10 yrs +7.9%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE May 2017	12.9	n/a	Cons. · Japanese GAAP
FYE May 2018	11.3	−12.2%	Cons. · Japanese GAAP
FYE May 2019	13.4	+18.9%	Cons. · Japanese GAAP
FYE May 2020	22.8	+69.4%	Cons. · Japanese GAAP
FYE May 2021	11.6	−49.2%	Cons. · Japanese GAAP
FYE May 2022	16.1	+39.1%	Cons. · Japanese GAAP
FYE May 2023	19.0	+17.9%	Cons. · Japanese GAAP
FYE May 2024	21.0	+10.8%	Cons. · Japanese GAAP
FYE May 2025	23.6	+12.3%	Cons. · Japanese GAAP
FYE May 2026	25.4	+7.7%	Cons. · Japanese GAAP

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

Investing cash flow

FYE May 2026 -¥20bn

Average · 10 yrs -¥14bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE May 2017	-10.8	n/a	Cons. · Japanese GAAP
FYE May 2018	-4.6	n/a	Cons. · Japanese GAAP
FYE May 2019	-10.7	n/a	Cons. · Japanese GAAP
FYE May 2020	-10.5	n/a	Cons. · Japanese GAAP
FYE May 2021	-10.4	n/a	Cons. · Japanese GAAP
FYE May 2022	-10.8	n/a	Cons. · Japanese GAAP
FYE May 2023	-20.5	n/a	Cons. · Japanese GAAP
FYE May 2024	-20.2	n/a	Cons. · Japanese GAAP
FYE May 2025	-20.7	n/a	Cons. · Japanese GAAP
FYE May 2026	-20.4	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 May 2026 -¥5.7bn

Average · 10 yrs -¥2.7bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE May 2017	-1.9	n/a	Cons. · Japanese GAAP
FYE May 2018	-2.2	n/a	Cons. · Japanese GAAP
FYE May 2019	-2.2	n/a	Cons. · Japanese GAAP
FYE May 2020	-3.1	n/a	Cons. · Japanese GAAP
FYE May 2021	-2.7	n/a	Cons. · Japanese GAAP
FYE May 2022	-2.9	n/a	Cons. · Japanese GAAP
FYE May 2023	-3.0	n/a	Cons. · Japanese GAAP
FYE May 2024	-0.1	n/a	Cons. · Japanese GAAP
FYE May 2025	-3.4	n/a	Cons. · Japanese GAAP
FYE May 2026	-5.7	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 May 2026 ¥37bn

CAGR · 10 yrs +3.7%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE May 2017	26.5	n/a	Cons. · Japanese GAAP
FYE May 2018	31.0	+17.0%	Cons. · Japanese GAAP
FYE May 2019	31.6	+1.8%	Cons. · Japanese GAAP
FYE May 2020	40.8	+29.1%	Cons. · Japanese GAAP
FYE May 2021	39.3	−3.7%	Cons. · Japanese GAAP
FYE May 2022	41.7	+6.1%	Cons. · Japanese GAAP
FYE May 2023	37.1	−10.9%	Cons. · Japanese GAAP
FYE May 2024	37.8	+1.8%	Cons. · Japanese GAAP
FYE May 2025	37.3	−1.2%	Cons. · Japanese GAAP
FYE May 2026	36.7	−1.7%	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 May 2026 ¥5.0bn

CAGR · 10 yrs +10.4%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE May 2017	2.1	n/a	Cons. · Japanese GAAP
FYE May 2018	6.7	+222.4%	Cons. · Japanese GAAP
FYE May 2019	2.8	−58.2%	Cons. · Japanese GAAP
FYE May 2020	12.3	+341.1%	Cons. · Japanese GAAP
FYE May 2021	1.1	−90.6%	Cons. · Japanese GAAP
FYE May 2022	5.3	+361.1%	Cons. · Japanese GAAP
FYE May 2023	-1.5	−128.5%	Cons. · Japanese GAAP
FYE May 2024	0.8	n/a	Cons. · Japanese GAAP
FYE May 2025	2.9	+253.7%	Cons. · Japanese GAAP
FYE May 2026	5.0	+72.0%	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 May 2026 5.1%

Average · 10 yrs 4.9%

Fiscal year	OCF margin %	YoY	Basis
FYE May 2017	5.2	n/a	Cons. · Japanese GAAP
FYE May 2018	4.2	−1.0pp	Cons. · Japanese GAAP
FYE May 2019	4.7	+0.5pp	Cons. · Japanese GAAP
FYE May 2020	7.1	+2.4pp	Cons. · Japanese GAAP
FYE May 2021	3.4	−3.7pp	Cons. · Japanese GAAP
FYE May 2022	4.6	+1.2pp	Cons. · Japanese GAAP
FYE May 2023	5.0	+0.4pp	Cons. · Japanese GAAP
FYE May 2024	5.0	−0.0pp	Cons. · Japanese GAAP
FYE May 2025	5.2	+0.2pp	Cons. · Japanese GAAP
FYE May 2026	5.1	−0.1pp	Cons. · Japanese GAAP

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

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

Market capitalisation

FYE May 2026 ¥214bn

Change · 10 yrs +¥39bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE May 2017	175	n/a
FYE May 2018	217	n/a
FYE May 2019	157	n/a
FYE May 2020	228	n/a
FYE May 2021	215	n/a
FYE May 2022	196	n/a
FYE May 2023	224	n/a
FYE May 2024	225	n/a
FYE May 2025	211	n/a
FYE May 2026	214	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 May 2026 3,206¥

Change · 10 yrs +586¥

Fiscal year	Share price ¥	Basis
FYE May 2017	2,620	n/a
FYE May 2018	3,245	n/a
FYE May 2019	2,351	n/a
FYE May 2020	3,410	n/a
FYE May 2021	3,221	n/a
FYE May 2022	2,937	n/a
FYE May 2023	3,359	n/a
FYE May 2024	3,366	n/a
FYE May 2025	3,164	n/a
FYE May 2026	3,206	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 May 2026 66,819,342shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE May 2017	66,819,342	Parent
FYE May 2018	66,819,342	Parent
FYE May 2019	66,819,342	Parent
FYE May 2020	66,819,342	Parent
FYE May 2021	66,819,342	Parent
FYE May 2022	66,819,342	Parent
FYE May 2023	66,819,342	Parent
FYE May 2024	66,819,342	Parent
FYE May 2025	66,819,342	Parent
FYE May 2026	66,819,342	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 May 2026 263.00¥

Change · 10 yrs +102.93¥

Fiscal year	EPS ¥	Basis
FYE May 2017	160.07	Cons.
FYE May 2018	150.92	Cons.
FYE May 2019	153.75	Cons.
FYE May 2020	193.85	Cons.
FYE May 2021	195.78	Cons.
FYE May 2022	199.24	Cons.
FYE May 2023	204.46	Cons.
FYE May 2024	215.61	Cons.
FYE May 2025	242.82	Cons.
FYE May 2026	263.00	Cons.

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

BPS book value per share

FYE May 2026 2,309.53¥

Change · 10 yrs +1,383.13¥

Fiscal year	BPS ¥	Basis
FYE May 2017	926.39	Cons. · Japanese GAAP
FYE May 2018	1,038.28	Cons. · Japanese GAAP
FYE May 2019	1,150.70	Cons. · Japanese GAAP
FYE May 2020	1,298.67	Cons. · Japanese GAAP
FYE May 2021	1,446.26	Cons. · Japanese GAAP
FYE May 2022	1,591.20	Cons. · Japanese GAAP
FYE May 2023	1,742.15	Cons. · Japanese GAAP
FYE May 2024	1,949.18	Cons. · Japanese GAAP
FYE May 2025	2,135.91	Cons. · Japanese GAAP
FYE May 2026	2,309.53	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE May 2026 12.19×

Average · 10 yrs 15.92×

Fiscal year	PER ×	Basis
FYE May 2017	16.37	Cons.
FYE May 2018	21.50	Cons.
FYE May 2019	15.29	Cons.
FYE May 2020	17.59	Cons.
FYE May 2021	16.45	Cons.
FYE May 2022	14.74	Cons.
FYE May 2023	16.43	Cons.
FYE May 2024	15.61	Cons.
FYE May 2025	13.03	Cons.
FYE May 2026	12.19	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 May 2026 1.34×

Average · 10 yrs 2.02×

Fiscal year	PBR ×	Basis
FYE May 2017	2.68	Cons.
FYE May 2018	2.96	Cons.
FYE May 2019	1.93	Cons.
FYE May 2020	2.48	Cons.
FYE May 2021	2.11	Cons.
FYE May 2022	1.75	Cons.
FYE May 2023	1.82	Cons.
FYE May 2024	1.66	Cons.
FYE May 2025	1.43	Cons.
FYE May 2026	1.34	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 May 2026 5,478people

Change · 10 yrs +2,481 people

Fiscal year	Group employees people	YoY	Basis
FYE May 2017	2,997	n/a	Cons.
FYE May 2018	3,252	+8.5%	Cons.
FYE May 2019	3,468	+6.6%	Cons.
FYE May 2020	3,749	+8.1%	Cons.
FYE May 2021	4,209	+12.3%	Cons.
FYE May 2022	4,544	+8.0%	Cons.
FYE May 2023	4,731	+4.1%	Cons.
FYE May 2024	4,797	+1.4%	Cons.
FYE May 2025	5,060	+5.5%	Cons.
FYE May 2026	5,478	+8.3%	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 May 2026 10people

Change · 10 yrs +2 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE May 2017	8	n/a	Parent
FYE May 2018	8	−0.0%	Parent
FYE May 2019	8	−0.0%	Parent
FYE May 2020	8	−0.0%	Parent
FYE May 2021	7	−12.5%	Parent
FYE May 2022	7	−0.0%	Parent
FYE May 2023	7	−0.0%	Parent
FYE May 2024	8	+14.3%	Parent
FYE May 2025	11	+37.5%	Parent
FYE May 2026	10	−9.1%	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 May 2026 1,109万円

Change · 8 yrs −9万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE May 2017	n/a	n/a	Parent
FYE May 2018	n/a	n/a	Parent
FYE May 2019	1,117	n/a	Parent
FYE May 2020	1,002	−10.3%	Parent
FYE May 2021	1,155	+15.3%	Parent
FYE May 2022	1,182	+2.4%	Parent
FYE May 2023	1,127	−4.7%	Parent
FYE May 2024	1,152	+2.2%	Parent
FYE May 2025	1,044	−9.3%	Parent
FYE May 2026	1,109	+6.1%	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 May 2026 50.4years

Change · 8 yrs −0.6 years

Fiscal year	Average age years	YoY	Basis
FYE May 2017	n/a	n/a	Parent
FYE May 2018	n/a	n/a	Parent
FYE May 2019	51.0	n/a	Parent
FYE May 2020	49.7	−2.5%	Parent
FYE May 2021	51.9	+4.4%	Parent
FYE May 2022	53.2	+2.5%	Parent
FYE May 2023	53.1	−0.2%	Parent
FYE May 2024	50.3	−5.3%	Parent
FYE May 2025	51.3	+2.0%	Parent
FYE May 2026	50.4	−1.8%	Parent

Definition: Average age of the parent company's employees
Formula: Average age, from the employee section of the filing
Source: Securities report (XBRL)

Average length of service

FYE May 2026 22.6years

Change · 8 yrs +8.6 years

Fiscal year	Average length of service years	YoY	Basis
FYE May 2017	n/a	n/a	Parent
FYE May 2018	n/a	n/a	Parent
FYE May 2019	14.0	n/a	Parent
FYE May 2020	15.1	+7.9%	Parent
FYE May 2021	15.8	+4.6%	Parent
FYE May 2022	17.1	+8.2%	Parent
FYE May 2023	19.3	+12.9%	Parent
FYE May 2024	19.6	+1.6%	Parent
FYE May 2025	21.9	+11.7%	Parent
FYE May 2026	22.6	+3.2%	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 May 2026 4,190people

Change · 10 yrs +1,467 people

Fiscal year	Temporary employees people	YoY	Basis
FYE May 2017	2,723	n/a	n/a
FYE May 2018	2,948	+8.3%	n/a
FYE May 2019	3,083	+4.6%	n/a
FYE May 2020	3,280	+6.4%	n/a
FYE May 2021	3,603	+9.8%	n/a
FYE May 2022	3,816	+5.9%	n/a
FYE May 2023	3,879	+1.7%	n/a
FYE May 2024	3,927	+1.2%	n/a
FYE May 2025	4,042	+2.9%	n/a
FYE May 2026	4,190	+3.7%	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 May 2026 ¥90.7m

Change · 10 yrs +¥8.2m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE May 2017	82.5	n/a	Cons.
FYE May 2018	82.5	−0.1%	Cons.
FYE May 2019	82.6	+0.1%	Cons.
FYE May 2020	85.2	+3.3%	Cons.
FYE May 2021	80.4	−5.7%	Cons.
FYE May 2022	77.2	−4.0%	Cons.
FYE May 2023	80.5	+4.3%	Cons.
FYE May 2024	88.0	+9.3%	Cons.
FYE May 2025	90.3	+2.6%	Cons.
FYE May 2026	90.7	+0.5%	Cons.

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

Operating profit per employee

FYE May 2026 ¥4.4m

Change · 10 yrs −¥0.4m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE May 2017	4.8	n/a	Cons.
FYE May 2018	4.3	−11.5%	Cons.
FYE May 2019	4.1	−3.7%	Cons.
FYE May 2020	4.7	+15.6%	Cons.
FYE May 2021	4.4	−6.7%	Cons.
FYE May 2022	4.0	−9.6%	Cons.
FYE May 2023	4.0	−0.1%	Cons.
FYE May 2024	4.2	+5.5%	Cons.
FYE May 2025	4.5	+6.0%	Cons.
FYE May 2026	4.4	−2.1%	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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