Financials

Tsuruha Holdings: FYE Feb 2026 and ten years of results (50 metrics)

FYE Feb 2026 · Revenue¥1.45tnYoY +71.5%

FYE Feb 2026 · Operating profit¥63bnYoY +66.4%

FYE Feb 2026 · Net profit¥43bnYoY +148.0%

FYE Feb 2026 · Equity ratio53.1%YoY +4.8pp

FYE Feb 2026 · Group employees27,681YoY +16,383

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE May 2017Consolidated	¥577bn	n/a	¥35bn	n/a	6.1%	¥23bn	Horikawa Masashi	Acquires Kyorindo (Hamamatsu) — Shizuoka
FYE May 2018Consolidated	¥673bn	+16.7%	¥40bn	+14.0%	6.0%	¥25bn	Horikawa Masashi	Acquires B&D (Aichi)
FYE May 2019Consolidated	¥782bn	+16.2%	¥42bn	+4.0%	5.3%	¥25bn	Horikawa Masashi	—
FYE May 2020Consolidated	¥841bn	+7.5%	¥45bn	+7.6%	5.4%	¥28bn	Horikawa Masashi	Acquires Drug Eleven (Kyushu); <a class="en-history_person" href="/tse/3391/executives/ceo/tsuruha-jun/" hreflang="ja">Tsuruha Jun</a> becomes president
FYE May 2021Consolidated	¥919bn	+9.3%	¥48bn	+7.5%	5.3%	¥26bn	Tsuruha Jun	—
FYE May 2022Consolidated	¥916bn	−0.4%	¥41bn	−16.1%	4.4%	¥21bn	Tsuruha Jun	Moves to the Tokyo Stock Exchange Prime Market
FYE May 2023Consolidated	¥970bn	+5.9%	¥46bn	+12.3%	4.7%	¥25bn	Tsuruha Jun	—
FYE May 2024Consolidated	¥1.03tn	+5.9%	¥47bn	+3.5%	4.6%	¥22bn	Tsuruha Jun	Capital-and-business alliance with Aeon and Welcia
FYE Feb 2025Consolidated	¥846bn	−17.7%	¥38bn	−19.6%	4.5%	¥17bn	Tsuruha Jun	Capital-and-business alliance with Aeon and Welcia
FYE Feb 2026Consolidated	¥1.45tn	+71.5%	¥63bn	+66.4%	4.3%	¥43bn	Tsuruha Jun	Final integration contract signed; approved by shareholders

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%

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 Feb 2026 ¥1.45tn

CAGR · 10 yrs +10.8%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE May 2017	577	n/a	Cons. · Japanese GAAP
FYE May 2018	673	+16.7%	Cons. · Japanese GAAP
FYE May 2019	782	+16.2%	Cons. · Japanese GAAP
FYE May 2020	841	+7.5%	Cons. · Japanese GAAP
FYE May 2021	919	+9.3%	Cons. · Japanese GAAP
FYE May 2022	916	−0.4%	Cons. · Japanese GAAP
FYE May 2023	970	+5.9%	Cons. · Japanese GAAP
FYE May 2024	1,027	+5.9%	Cons. · Japanese GAAP
FYE Feb 2025	846	−17.7%	Cons. · Japanese GAAP
FYE Feb 2026	1,451	+71.5%	Cons. · Japanese GAAP

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

Cost of sales

FYE Feb 2026 ¥1.01tn

CAGR · 10 yrs +10.4%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE May 2017	412	n/a	Cons. · Japanese GAAP
FYE May 2018	480	+16.7%	Cons. · Japanese GAAP
FYE May 2019	559	+16.3%	Cons. · Japanese GAAP
FYE May 2020	597	+6.8%	Cons. · Japanese GAAP
FYE May 2021	653	+9.4%	Cons. · Japanese GAAP
FYE May 2022	644	−1.3%	Cons. · Japanese GAAP
FYE May 2023	677	+5.0%	Cons. · Japanese GAAP
FYE May 2024	715	+5.7%	Cons. · Japanese GAAP
FYE Feb 2025	588	−17.8%	Cons. · Japanese GAAP
FYE Feb 2026	1,007	+71.2%	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 Feb 2026 ¥444bn

CAGR · 10 yrs +11.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE May 2017	165	n/a	Cons. · Japanese GAAP
FYE May 2018	193	+16.6%	Cons. · Japanese GAAP
FYE May 2019	224	+16.0%	Cons. · Japanese GAAP
FYE May 2020	244	+9.2%	Cons. · Japanese GAAP
FYE May 2021	267	+9.2%	Cons. · Japanese GAAP
FYE May 2022	271	+1.8%	Cons. · Japanese GAAP
FYE May 2023	293	+8.1%	Cons. · Japanese GAAP
FYE May 2024	312	+6.4%	Cons. · Japanese GAAP
FYE Feb 2025	258	−17.5%	Cons. · Japanese GAAP
FYE Feb 2026	444	+72.4%	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 Feb 2026 ¥381bn

CAGR · 10 yrs +12.7%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE May 2017	130	n/a	Cons. · Japanese GAAP
FYE May 2018	153	+17.2%	Cons. · Japanese GAAP
FYE May 2019	182	+19.2%	Cons. · Japanese GAAP
FYE May 2020	199	+9.5%	Cons. · Japanese GAAP
FYE May 2021	218	+9.6%	Cons. · Japanese GAAP
FYE May 2022	231	+5.8%	Cons. · Japanese GAAP
FYE May 2023	248	+7.3%	Cons. · Japanese GAAP
FYE May 2024	265	+7.0%	Cons. · Japanese GAAP
FYE Feb 2025	220	−17.2%	Cons. · Japanese GAAP
FYE Feb 2026	381	+73.4%	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 Feb 2026 ¥63bn

CAGR · 10 yrs +6.7%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE May 2017	35.3	n/a	Cons. · Japanese GAAP
FYE May 2018	40.2	+14.0%	Cons. · Japanese GAAP
FYE May 2019	41.8	+4.0%	Cons. · Japanese GAAP
FYE May 2020	45.0	+7.6%	Cons. · Japanese GAAP
FYE May 2021	48.4	+7.5%	Cons. · Japanese GAAP
FYE May 2022	40.6	−16.1%	Cons. · Japanese GAAP
FYE May 2023	45.6	+12.3%	Cons. · Japanese GAAP
FYE May 2024	47.2	+3.5%	Cons. · Japanese GAAP
FYE Feb 2025	37.9	−19.6%	Cons. · Japanese GAAP
FYE Feb 2026	63.0	+66.4%	Cons. · Japanese GAAP

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

Non-operating income

FYE Feb 2026 ¥3.5bn

CAGR · 10 yrs +6.8%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE May 2017	2.0	n/a	Cons. · Japanese GAAP
FYE May 2018	2.1	+5.4%	Cons. · Japanese GAAP
FYE May 2019	2.2	+5.0%	Cons. · Japanese GAAP
FYE May 2020	2.4	+10.8%	Cons. · Japanese GAAP
FYE May 2021	2.1	−13.7%	Cons. · Japanese GAAP
FYE May 2022	2.4	+14.6%	Cons. · Japanese GAAP
FYE May 2023	2.1	−12.1%	Cons. · Japanese GAAP
FYE May 2024	2.3	+11.3%	Cons. · Japanese GAAP
FYE Feb 2025	1.8	−23.4%	Cons. · Japanese GAAP
FYE Feb 2026	3.5	+98.9%	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 Feb 2026 ¥3.5bn

CAGR · 10 yrs +27.0%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE May 2017	0.4	n/a	Cons. · Japanese GAAP
FYE May 2018	0.7	+71.4%	Cons. · Japanese GAAP
FYE May 2019	0.7	−1.3%	Cons. · Japanese GAAP
FYE May 2020	1.1	+63.3%	Cons. · Japanese GAAP
FYE May 2021	2.8	+146.6%	Cons. · Japanese GAAP
FYE May 2022	2.9	+4.7%	Cons. · Japanese GAAP
FYE May 2023	2.0	−31.8%	Cons. · Japanese GAAP
FYE May 2024	2.0	+2.0%	Cons. · Japanese GAAP
FYE Feb 2025	1.8	−8.8%	Cons. · Japanese GAAP
FYE Feb 2026	3.5	+90.5%	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 Feb 2026 ¥63bn

CAGR · 10 yrs +6.2%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE May 2017	36.8	n/a	Cons. · Japanese GAAP
FYE May 2018	41.6	+12.9%	Cons. · Japanese GAAP
FYE May 2019	43.3	+4.1%	Cons. · Japanese GAAP
FYE May 2020	46.3	+6.9%	Cons. · Japanese GAAP
FYE May 2021	47.7	+3.0%	Cons. · Japanese GAAP
FYE May 2022	40.1	−16.0%	Cons. · Japanese GAAP
FYE May 2023	45.7	+14.1%	Cons. · Japanese GAAP
FYE May 2024	47.5	+3.9%	Cons. · Japanese GAAP
FYE Feb 2025	37.8	−20.3%	Cons. · Japanese GAAP
FYE Feb 2026	63.1	+66.7%	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 Feb 2026 ¥18bn

CAGR · 10 yrs +54.1%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE May 2017	0.4	n/a	Cons. · Japanese GAAP
FYE May 2018	0.0	−96.7%	Cons. · Japanese GAAP
FYE May 2019	0.1	+808.3%	Cons. · Japanese GAAP
FYE May 2020	0.1	+2.8%	Cons. · Japanese GAAP
FYE May 2021	0.6	+423.2%	Cons. · Japanese GAAP
FYE May 2022	0.1	−78.3%	Cons. · Japanese GAAP
FYE May 2023	0.8	+562.2%	Cons. · Japanese GAAP
FYE May 2024	0.0	−98.8%	Cons. · Japanese GAAP
FYE Feb 2025	5.3	+53130.0%	Cons. · Japanese GAAP
FYE Feb 2026	17.6	+230.5%	Cons. · Japanese GAAP

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

Net profit profit attributable to owners of the parent

FYE Feb 2026 ¥43bn

CAGR · 10 yrs +7.0%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE May 2017	23.2	n/a	Cons. · Japanese GAAP
FYE May 2018	24.8	+6.7%	Cons. · Japanese GAAP
FYE May 2019	24.8	+0.1%	Cons. · Japanese GAAP
FYE May 2020	27.9	+12.4%	Cons. · Japanese GAAP
FYE May 2021	26.3	−5.8%	Cons. · Japanese GAAP
FYE May 2022	21.4	−18.6%	Cons. · Japanese GAAP
FYE May 2023	25.3	+18.1%	Cons. · Japanese GAAP
FYE May 2024	21.7	−13.9%	Cons. · Japanese GAAP
FYE Feb 2025	17.2	−20.9%	Cons. · Japanese GAAP
FYE Feb 2026	42.7	+148.0%	Cons. · Japanese GAAP

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

Gross margin

FYE Feb 2026 30.6%

Average · 10 yrs 29.5%

Fiscal year	Gross margin %	YoY	Basis
FYE May 2017	28.7	n/a	Cons. · Japanese GAAP
FYE May 2018	28.6	−0.0pp	Cons. · Japanese GAAP
FYE May 2019	28.6	−0.0pp	Cons. · Japanese GAAP
FYE May 2020	29.0	+0.4pp	Cons. · Japanese GAAP
FYE May 2021	29.0	−0.0pp	Cons. · Japanese GAAP
FYE May 2022	29.6	+0.6pp	Cons. · Japanese GAAP
FYE May 2023	30.2	+0.6pp	Cons. · Japanese GAAP
FYE May 2024	30.4	+0.2pp	Cons. · Japanese GAAP
FYE Feb 2025	30.5	+0.1pp	Cons. · Japanese GAAP
FYE Feb 2026	30.6	+0.2pp	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 Feb 2026 4.3%

Average · 10 yrs 5.1%

Fiscal year	Operating margin %	YoY	Basis
FYE May 2017	6.1	n/a	Cons. · Japanese GAAP
FYE May 2018	6.0	−0.1pp	Cons. · Japanese GAAP
FYE May 2019	5.3	−0.6pp	Cons. · Japanese GAAP
FYE May 2020	5.4	−0.0pp	Cons. · Japanese GAAP
FYE May 2021	5.3	−0.1pp	Cons. · Japanese GAAP
FYE May 2022	4.4	−0.8pp	Cons. · Japanese GAAP
FYE May 2023	4.7	+0.3pp	Cons. · Japanese GAAP
FYE May 2024	4.6	−0.1pp	Cons. · Japanese GAAP
FYE Feb 2025	4.5	−0.1pp	Cons. · Japanese GAAP
FYE Feb 2026	4.3	−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 Feb 2026 4.3%

Average · 10 yrs 5.1%

Fiscal year	Ordinary margin %	YoY	Basis
FYE May 2017	6.4	n/a	Cons. · Japanese GAAP
FYE May 2018	6.2	−0.2pp	Cons. · Japanese GAAP
FYE May 2019	5.5	−0.6pp	Cons. · Japanese GAAP
FYE May 2020	5.5	−0.0pp	Cons. · Japanese GAAP
FYE May 2021	5.2	−0.3pp	Cons. · Japanese GAAP
FYE May 2022	4.4	−0.8pp	Cons. · Japanese GAAP
FYE May 2023	4.7	+0.3pp	Cons. · Japanese GAAP
FYE May 2024	4.6	−0.1pp	Cons. · Japanese GAAP
FYE Feb 2025	4.5	−0.1pp	Cons. · Japanese GAAP
FYE Feb 2026	4.3	−0.1pp	Cons. · Japanese GAAP

Definition: The share of revenue left at the ordinary-profit line
Formula: Ordinary profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Feb 2026 2.9%

Average · 10 yrs 2.9%

Fiscal year	Net margin %	YoY	Basis
FYE May 2017	4.0	n/a	Cons. · Japanese GAAP
FYE May 2018	3.7	−0.3pp	Cons. · Japanese GAAP
FYE May 2019	3.2	−0.5pp	Cons. · Japanese GAAP
FYE May 2020	3.3	+0.1pp	Cons. · Japanese GAAP
FYE May 2021	2.9	−0.5pp	Cons. · Japanese GAAP
FYE May 2022	2.3	−0.5pp	Cons. · Japanese GAAP
FYE May 2023	2.6	+0.3pp	Cons. · Japanese GAAP
FYE May 2024	2.1	−0.5pp	Cons. · Japanese GAAP
FYE Feb 2025	2.0	−0.1pp	Cons. · Japanese GAAP
FYE Feb 2026	2.9	+0.9pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Feb 2026 69.4%

Average · 10 yrs 70.5%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE May 2017	71.3	n/a	Cons. · Japanese GAAP
FYE May 2018	71.4	−0.0pp	Cons. · Japanese GAAP
FYE May 2019	71.4	−0.0pp	Cons. · Japanese GAAP
FYE May 2020	71.0	−0.4pp	Cons. · Japanese GAAP
FYE May 2021	71.0	−0.0pp	Cons. · Japanese GAAP
FYE May 2022	70.4	−0.6pp	Cons. · Japanese GAAP
FYE May 2023	69.8	−0.6pp	Cons. · Japanese GAAP
FYE May 2024	69.6	−0.2pp	Cons. · Japanese GAAP
FYE Feb 2025	69.5	−0.1pp	Cons. · Japanese GAAP
FYE Feb 2026	69.4	−0.2pp	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 Feb 2026 26.3%

Average · 10 yrs 24.5%

Fiscal year	SG&A ratio %	YoY	Basis
FYE May 2017	22.6	n/a	Cons. · Japanese GAAP
FYE May 2018	22.7	+0.1pp	Cons. · Japanese GAAP
FYE May 2019	23.3	+0.6pp	Cons. · Japanese GAAP
FYE May 2020	23.7	+0.4pp	Cons. · Japanese GAAP
FYE May 2021	23.8	+0.1pp	Cons. · Japanese GAAP
FYE May 2022	25.2	+1.5pp	Cons. · Japanese GAAP
FYE May 2023	25.5	+0.3pp	Cons. · Japanese GAAP
FYE May 2024	25.8	+0.3pp	Cons. · Japanese GAAP
FYE Feb 2025	26.0	+0.2pp	Cons. · Japanese GAAP
FYE Feb 2026	26.3	+0.3pp	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 Feb 2026 ¥1.65tn

CAGR · 10 yrs +21.7%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE May 2017	282	n/a	Cons. · Japanese GAAP
FYE May 2018	338	+19.8%	Cons. · Japanese GAAP
FYE May 2019	372	+10.2%	Cons. · Japanese GAAP
FYE May 2020	414	+11.2%	Cons. · Japanese GAAP
FYE May 2021	537	+29.7%	Cons. · Japanese GAAP
FYE May 2022	562	+4.7%	Cons. · Japanese GAAP
FYE May 2023	540	−4.0%	Cons. · Japanese GAAP
FYE May 2024	550	+1.8%	Cons. · Japanese GAAP
FYE Feb 2025	583	+6.2%	Cons. · Japanese GAAP
FYE Feb 2026	1,648	+182.5%	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 Feb 2026 ¥876bn

CAGR · 10 yrs +20.2%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE May 2017	167	n/a	Cons. · Japanese GAAP
FYE May 2018	192	+15.1%	Cons. · Japanese GAAP
FYE May 2019	206	+7.4%	Cons. · Japanese GAAP
FYE May 2020	235	+13.9%	Cons. · Japanese GAAP
FYE May 2021	255	+8.4%	Cons. · Japanese GAAP
FYE May 2022	260	+2.2%	Cons. · Japanese GAAP
FYE May 2023	278	+6.9%	Cons. · Japanese GAAP
FYE May 2024	282	+1.2%	Cons. · Japanese GAAP
FYE Feb 2025	282	+0.2%	Cons. · Japanese GAAP
FYE Feb 2026	876	+210.5%	Cons. · Japanese GAAP

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

Interest-bearing debt

FYE Feb 2026 ¥140bn

CAGR · 10 yrs +43.8%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE May 2017	5.3	n/a	Cons. · Japanese GAAP
FYE May 2018	4.1	−22.7%	Cons. · Japanese GAAP
FYE May 2019	9.6	+132.3%	Cons. · Japanese GAAP
FYE May 2020	7.2	−25.2%	Cons. · Japanese GAAP
FYE May 2021	33.9	+373.6%	Cons. · Japanese GAAP
FYE May 2022	46.7	+37.8%	Cons. · Japanese GAAP
FYE May 2023	39.5	−15.4%	Cons. · Japanese GAAP
FYE May 2024	32.3	−18.2%	Cons. · Japanese GAAP
FYE Feb 2025	32.9	+2.0%	Cons. · Japanese GAAP
FYE Feb 2026	140	+326.0%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Feb 2026 ¥41bn

CAGR · 10 yrs +48.1%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE May 2017	1.2	n/a	Cons. · Japanese GAAP
FYE May 2018	1.2	−0.0%	Cons. · Japanese GAAP
FYE May 2019	2.4	+99.5%	Cons. · Japanese GAAP
FYE May 2020	1.9	−20.9%	Cons. · Japanese GAAP
FYE May 2021	7.2	+278.3%	Cons. · Japanese GAAP
FYE May 2022	7.2	−0.0%	Cons. · Japanese GAAP
FYE May 2023	10.4	+43.8%	Cons. · Japanese GAAP
FYE May 2024	7.2	−30.4%	Cons. · Japanese GAAP
FYE Feb 2025	5.0	−30.6%	Cons. · Japanese GAAP
FYE Feb 2026	41.4	+727.8%	Cons. · Japanese GAAP

Definition: Borrowings repayable within a year
Formula: Short-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Long-term borrowings

FYE Feb 2026 ¥99bn

CAGR · 10 yrs +42.4%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE May 2017	4.1	n/a	Cons. · Japanese GAAP
FYE May 2018	2.9	−29.3%	Cons. · Japanese GAAP
FYE May 2019	7.2	+145.9%	Cons. · Japanese GAAP
FYE May 2020	5.3	−26.6%	Cons. · Japanese GAAP
FYE May 2021	26.7	+408.1%	Cons. · Japanese GAAP
FYE May 2022	39.5	+48.0%	Cons. · Japanese GAAP
FYE May 2023	29.1	−26.2%	Cons. · Japanese GAAP
FYE May 2024	25.1	−13.9%	Cons. · Japanese GAAP
FYE Feb 2025	27.9	+11.4%	Cons. · Japanese GAAP
FYE Feb 2026	98.9	+254.0%	Cons. · Japanese GAAP

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

Intangible assets

FYE Feb 2026 ¥470bn

CAGR · 10 yrs +45.4%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE May 2017	16.1	n/a	Cons. · Japanese GAAP
FYE May 2018	29.3	+81.4%	Cons. · Japanese GAAP
FYE May 2019	36.8	+25.8%	Cons. · Japanese GAAP
FYE May 2020	33.3	−9.6%	Cons. · Japanese GAAP
FYE May 2021	40.4	+21.5%	Cons. · Japanese GAAP
FYE May 2022	38.0	−5.9%	Cons. · Japanese GAAP
FYE May 2023	35.0	−7.9%	Cons. · Japanese GAAP
FYE May 2024	29.3	−16.2%	Cons. · Japanese GAAP
FYE Feb 2025	28.3	−3.6%	Cons. · Japanese GAAP
FYE Feb 2026	470	+1559.9%	Cons. · Japanese GAAP

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

Goodwill

FYE Feb 2026 ¥455bn

CAGR · 10 yrs +45.9%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE May 2017	15.1	n/a	Cons. · Japanese GAAP
FYE May 2018	28.2	+86.6%	Cons. · Japanese GAAP
FYE May 2019	35.7	+26.6%	Cons. · Japanese GAAP
FYE May 2020	32.1	−10.1%	Cons. · Japanese GAAP
FYE May 2021	38.6	+20.2%	Cons. · Japanese GAAP
FYE May 2022	34.3	−11.2%	Cons. · Japanese GAAP
FYE May 2023	30.1	−12.3%	Cons. · Japanese GAAP
FYE May 2024	21.9	−27.0%	Cons. · Japanese GAAP
FYE Feb 2025	19.8	−9.9%	Cons. · Japanese GAAP
FYE Feb 2026	455	+2199.1%	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 Feb 2026 53.1%

Average · 10 yrs 52.6%

Fiscal year	Equity ratio %	YoY	Basis
FYE May 2017	59.2	n/a	Cons. · Japanese GAAP
FYE May 2018	56.8	−2.3pp	Cons. · Japanese GAAP
FYE May 2019	55.4	−1.4pp	Cons. · Japanese GAAP
FYE May 2020	56.8	+1.4pp	Cons. · Japanese GAAP
FYE May 2021	47.4	−9.3pp	Cons. · Japanese GAAP
FYE May 2022	46.3	−1.1pp	Cons. · Japanese GAAP
FYE May 2023	51.6	+5.3pp	Cons. · Japanese GAAP
FYE May 2024	51.2	−0.3pp	Cons. · Japanese GAAP
FYE Feb 2025	48.4	−2.9pp	Cons. · Japanese GAAP
FYE Feb 2026	53.1	+4.8pp	Cons. · Japanese GAAP

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

Debt-to-equity ratio D/E ratio

FYE Feb 2026 16.0%

Average · 10 yrs 9.8%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE May 2017	3.2	n/a	Cons. · Japanese GAAP
FYE May 2018	2.1	−1.0pp	Cons. · Japanese GAAP
FYE May 2019	4.6	+2.5pp	Cons. · Japanese GAAP
FYE May 2020	3.0	−1.6pp	Cons. · Japanese GAAP
FYE May 2021	13.3	+10.3pp	Cons. · Japanese GAAP
FYE May 2022	17.9	+4.6pp	Cons. · Japanese GAAP
FYE May 2023	14.2	−3.7pp	Cons. · Japanese GAAP
FYE May 2024	11.5	−2.7pp	Cons. · Japanese GAAP
FYE Feb 2025	11.7	+0.2pp	Cons. · Japanese GAAP
FYE Feb 2026	16.0	+4.3pp	Cons. · Japanese GAAP

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

ROE return on equity

FYE Feb 2026 4.9%

Average · 10 yrs 9.7%

Fiscal year	ROE %	YoY	Basis
FYE May 2017	13.9	n/a	Cons. · Japanese GAAP
FYE May 2018	12.9	−1.0pp	Cons. · Japanese GAAP
FYE May 2019	12.0	−0.9pp	Cons. · Japanese GAAP
FYE May 2020	11.9	−0.2pp	Cons. · Japanese GAAP
FYE May 2021	10.3	−1.6pp	Cons. · Japanese GAAP
FYE May 2022	8.2	−2.1pp	Cons. · Japanese GAAP
FYE May 2023	9.1	+0.9pp	Cons. · Japanese GAAP
FYE May 2024	7.7	−1.4pp	Cons. · Japanese GAAP
FYE Feb 2025	6.1	−1.6pp	Cons. · Japanese GAAP
FYE Feb 2026	4.9	−1.2pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Feb 2026 2.6%

Average · 10 yrs 5.2%

Fiscal year	ROA %	YoY	Basis
FYE May 2017	8.2	n/a	Cons. · Japanese GAAP
FYE May 2018	7.3	−0.9pp	Cons. · Japanese GAAP
FYE May 2019	6.7	−0.7pp	Cons. · Japanese GAAP
FYE May 2020	6.7	+0.1pp	Cons. · Japanese GAAP
FYE May 2021	4.9	−1.8pp	Cons. · Japanese GAAP
FYE May 2022	3.8	−1.1pp	Cons. · Japanese GAAP
FYE May 2023	4.7	+0.9pp	Cons. · Japanese GAAP
FYE May 2024	4.0	−0.7pp	Cons. · Japanese GAAP
FYE Feb 2025	2.9	−1.0pp	Cons. · Japanese GAAP
FYE Feb 2026	2.6	−0.4pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Feb 2026 0.88×

CAGR · 10 yrs −8.9%

Fiscal year	Asset turnover ×	YoY	Basis
FYE May 2017	2.05	n/a	Cons. · Japanese GAAP
FYE May 2018	1.99	−2.6%	Cons. · Japanese GAAP
FYE May 2019	2.10	+5.4%	Cons. · Japanese GAAP
FYE May 2020	2.03	−3.3%	Cons. · Japanese GAAP
FYE May 2021	1.71	−15.7%	Cons. · Japanese GAAP
FYE May 2022	1.63	−4.9%	Cons. · Japanese GAAP
FYE May 2023	1.80	+10.4%	Cons. · Japanese GAAP
FYE May 2024	1.87	+4.0%	Cons. · Japanese GAAP
FYE Feb 2025	1.45	−22.5%	Cons. · Japanese GAAP
FYE Feb 2026	0.88	−39.3%	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 Feb 2026 ¥85bn

CAGR · 10 yrs +41.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE May 2017	3.7	n/a	Cons. · Japanese GAAP
FYE May 2018	27.2	+635.1%	Cons. · Japanese GAAP
FYE May 2019	33.7	+23.9%	Cons. · Japanese GAAP
FYE May 2020	40.6	+20.6%	Cons. · Japanese GAAP
FYE May 2021	76.5	+88.2%	Cons. · Japanese GAAP
FYE May 2022	35.8	−53.1%	Cons. · Japanese GAAP
FYE May 2023	0.8	−97.8%	Cons. · Japanese GAAP
FYE May 2024	52.0	+6363.2%	Cons. · Japanese GAAP
FYE Feb 2025	64.6	+24.4%	Cons. · Japanese GAAP
FYE Feb 2026	84.6	+30.8%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Feb 2026 -¥20bn

Average · 10 yrs -¥25bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE May 2017	-24.4	n/a	Cons. · Japanese GAAP
FYE May 2018	-17.0	n/a	Cons. · Japanese GAAP
FYE May 2019	-25.0	n/a	Cons. · Japanese GAAP
FYE May 2020	-16.9	n/a	Cons. · Japanese GAAP
FYE May 2021	-30.2	n/a	Cons. · Japanese GAAP
FYE May 2022	-28.4	n/a	Cons. · Japanese GAAP
FYE May 2023	-29.8	n/a	Cons. · Japanese GAAP
FYE May 2024	-36.1	n/a	Cons. · Japanese GAAP
FYE Feb 2025	-19.7	n/a	Cons. · Japanese GAAP
FYE Feb 2026	-19.8	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 Feb 2026 -¥39bn

Average · 10 yrs -¥12bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE May 2017	-6.2	n/a	Cons. · Japanese GAAP
FYE May 2018	-8.5	n/a	Cons. · Japanese GAAP
FYE May 2019	-9.1	n/a	Cons. · Japanese GAAP
FYE May 2020	-10.5	n/a	Cons. · Japanese GAAP
FYE May 2021	13.2	n/a	Cons. · Japanese GAAP
FYE May 2022	3.1	−76.8%	Cons. · Japanese GAAP
FYE May 2023	-19.0	−719.7%	Cons. · Japanese GAAP
FYE May 2024	-36.3	n/a	Cons. · Japanese GAAP
FYE Feb 2025	-10.9	n/a	Cons. · Japanese GAAP
FYE Feb 2026	-39.0	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 Feb 2026 ¥201bn

CAGR · 10 yrs +18.9%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE May 2017	42.5	n/a	Cons. · Japanese GAAP
FYE May 2018	44.1	+3.8%	Cons. · Japanese GAAP
FYE May 2019	43.7	−1.0%	Cons. · Japanese GAAP
FYE May 2020	56.9	+30.3%	Cons. · Japanese GAAP
FYE May 2021	116	+104.4%	Cons. · Japanese GAAP
FYE May 2022	127	+9.0%	Cons. · Japanese GAAP
FYE May 2023	78.9	−37.8%	Cons. · Japanese GAAP
FYE May 2024	58.6	−25.8%	Cons. · Japanese GAAP
FYE Feb 2025	92.6	+58.2%	Cons. · Japanese GAAP
FYE Feb 2026	201	+117.4%	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 Feb 2026 ¥65bn

Average · 10 yrs ¥17bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE May 2017	-20.7	n/a	Cons. · Japanese GAAP
FYE May 2018	10.2	n/a	Cons. · Japanese GAAP
FYE May 2019	8.7	−14.4%	Cons. · Japanese GAAP
FYE May 2020	23.7	+172.2%	Cons. · Japanese GAAP
FYE May 2021	46.3	+95.1%	Cons. · Japanese GAAP
FYE May 2022	7.4	−83.9%	Cons. · Japanese GAAP
FYE May 2023	-29.0	−490.1%	Cons. · Japanese GAAP
FYE May 2024	15.9	n/a	Cons. · Japanese GAAP
FYE Feb 2025	44.9	+182.6%	Cons. · Japanese GAAP
FYE Feb 2026	64.8	+44.2%	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 Feb 2026 5.8%

Average · 10 yrs 4.5%

Fiscal year	OCF margin %	YoY	Basis
FYE May 2017	0.6	n/a	Cons. · Japanese GAAP
FYE May 2018	4.0	+3.4pp	Cons. · Japanese GAAP
FYE May 2019	4.3	+0.3pp	Cons. · Japanese GAAP
FYE May 2020	4.8	+0.5pp	Cons. · Japanese GAAP
FYE May 2021	8.3	+3.5pp	Cons. · Japanese GAAP
FYE May 2022	3.9	−4.4pp	Cons. · Japanese GAAP
FYE May 2023	0.1	−3.8pp	Cons. · Japanese GAAP
FYE May 2024	5.1	+5.0pp	Cons. · Japanese GAAP
FYE Feb 2025	7.6	+2.6pp	Cons. · Japanese GAAP
FYE Feb 2026	5.8	−1.8pp	Cons. · Japanese GAAP

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

Net cash

FYE Feb 2026 ¥61bn

CAGR · 10 yrs +5.7%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE May 2017	37.2	n/a	Cons. · Japanese GAAP
FYE May 2018	40.0	+7.6%	Cons. · Japanese GAAP
FYE May 2019	34.1	−14.7%	Cons. · Japanese GAAP
FYE May 2020	49.8	+45.8%	Cons. · Japanese GAAP
FYE May 2021	82.5	+65.8%	Cons. · Japanese GAAP
FYE May 2022	80.2	−2.8%	Cons. · Japanese GAAP
FYE May 2023	39.4	−50.8%	Cons. · Japanese GAAP
FYE May 2024	26.3	−33.4%	Cons. · Japanese GAAP
FYE Feb 2025	59.7	+127.1%	Cons. · Japanese GAAP
FYE Feb 2026	61.1	+2.3%	Cons. · Japanese GAAP

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

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

Market capitalisation

FYE Feb 2026 ¥1.19tn

Change · 10 yrs +¥633bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE May 2017	560	n/a
FYE May 2018	809	n/a
FYE May 2019	445	n/a
FYE May 2020	704	n/a
FYE May 2021	639	n/a
FYE May 2022	329	n/a
FYE May 2023	447	n/a
FYE May 2024	480	n/a
FYE Feb 2025	455	n/a
FYE Feb 2026	1,193	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 2,625¥

Change · 10 yrs −8,815¥

Fiscal year	Share price ¥	Basis
FYE May 2017	11,440	n/a
FYE May 2018	16,488	n/a
FYE May 2019	9,028	n/a
FYE May 2020	14,283	n/a
FYE May 2021	12,922	n/a
FYE May 2022	6,662	n/a
FYE May 2023	9,031	n/a
FYE May 2024	9,701	n/a
FYE Feb 2025	9,174	n/a
FYE Feb 2026	2,625	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 454,308,990shares

Change · 10 yrs +405,375,022 shares

Fiscal year	Shares outstanding shares	Basis
FYE May 2017	48,933,968	Parent
FYE May 2018	49,091,568	Parent
FYE May 2019	49,237,968	Parent
FYE May 2020	49,282,868	Parent
FYE May 2021	49,423,768	Parent
FYE May 2022	49,439,968	Parent
FYE May 2023	49,488,468	Parent
FYE May 2024	49,518,268	Parent
FYE Feb 2025	49,557,068	Parent
FYE Feb 2026	454,308,990	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 144.55¥

Change · 10 yrs −339.99¥

Fiscal year	EPS ¥	Basis
FYE May 2017	484.54	Cons.
FYE May 2018	515.26	Cons.
FYE May 2019	513.84	Cons.
FYE May 2020	576.85	Cons.
FYE May 2021	542.04	Cons.
FYE May 2022	88.12	Cons.
FYE May 2023	103.98	Cons.
FYE May 2024	89.45	Cons.
FYE Feb 2025	70.73	Cons.
FYE Feb 2026	144.55	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 1,927.81¥

Change · 10 yrs −1,481.93¥

Fiscal year	BPS ¥	Basis
FYE May 2017	3,409.74	Cons. · Japanese GAAP
FYE May 2018	3,910.57	Cons. · Japanese GAAP
FYE May 2019	4,188.13	Cons. · Japanese GAAP
FYE May 2020	4,767.82	Cons. · Japanese GAAP
FYE May 2021	5,151.83	Cons. · Japanese GAAP
FYE May 2022	5,265.09	Cons. · Japanese GAAP
FYE May 2023	5,624.48	Cons. · Japanese GAAP
FYE May 2024	5,686.43	Cons. · Japanese GAAP
FYE Feb 2025	5,692.51	Cons. · Japanese GAAP
FYE Feb 2026	1,927.81	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Feb 2026 18.16×

Average · 10 yrs 22.01×

Fiscal year	PER ×	Basis
FYE May 2017	23.61	Cons.
FYE May 2018	32.00	Cons.
FYE May 2019	17.57	Cons.
FYE May 2020	24.76	Cons.
FYE May 2021	23.84	Cons.
FYE May 2022	15.12	Cons.
FYE May 2023	17.37	Cons.
FYE May 2024	21.69	Cons.
FYE Feb 2025	25.94	Cons.
FYE Feb 2026	18.16	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 1.36×

Average · 10 yrs 2.25×

Fiscal year	PBR ×	Basis
FYE May 2017	3.31	Cons.
FYE May 2018	4.16	Cons.
FYE May 2019	2.13	Cons.
FYE May 2020	2.96	Cons.
FYE May 2021	2.48	Cons.
FYE May 2022	1.25	Cons.
FYE May 2023	1.59	Cons.
FYE May 2024	1.69	Cons.
FYE Feb 2025	1.59	Cons.
FYE Feb 2026	1.36	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 27,681people

Change · 10 yrs +21,310 people

Fiscal year	Group employees people	YoY	Basis
FYE May 2017	6,371	n/a	Cons.
FYE May 2018	7,934	+24.5%	Cons.
FYE May 2019	8,834	+11.3%	Cons.
FYE May 2020	9,271	+4.9%	Cons.
FYE May 2021	10,810	+16.6%	Cons.
FYE May 2022	11,169	+3.3%	Cons.
FYE May 2023	11,298	+1.2%	Cons.
FYE May 2024	11,620	+2.9%	Cons.
FYE Feb 2025	11,298	−2.8%	Cons.
FYE Feb 2026	27,681	+145.0%	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 245people

Change · 10 yrs +99 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE May 2017	146	n/a	Parent
FYE May 2018	179	+22.6%	Parent
FYE May 2019	233	+30.2%	Parent
FYE May 2020	229	−1.7%	Parent
FYE May 2021	278	+21.4%	Parent
FYE May 2022	204	−26.6%	Parent
FYE May 2023	181	−11.3%	Parent
FYE May 2024	192	+6.1%	Parent
FYE Feb 2025	209	+8.9%	Parent
FYE Feb 2026	245	+17.2%	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 ¥7.4m

Change · 8 yrs +¥1.9m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE May 2017	n/a	n/a	Parent
FYE May 2018	n/a	n/a	Parent
FYE May 2019	5.5	n/a	Parent
FYE May 2020	6.7	+20.8%	Parent
FYE May 2021	6.5	−1.9%	Parent
FYE May 2022	6.4	−2.4%	Parent
FYE May 2023	7.3	+14.7%	Parent
FYE May 2024	7.0	−5.0%	Parent
FYE Feb 2025	6.0	−13.1%	Parent
FYE Feb 2026	7.4	+23.1%	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 44.0years

Change · 8 yrs −0.0 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	44.0	n/a	Parent
FYE May 2020	44.0	−0.0%	Parent
FYE May 2021	44.0	−0.0%	Parent
FYE May 2022	45.0	+2.3%	Parent
FYE May 2023	46.0	+2.2%	Parent
FYE May 2024	45.0	−2.2%	Parent
FYE Feb 2025	46.0	+2.2%	Parent
FYE Feb 2026	44.0	−4.3%	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 18.0years

Change · 8 yrs +3.0 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	15.0	n/a	Parent
FYE May 2020	15.0	−0.0%	Parent
FYE May 2021	16.0	+6.7%	Parent
FYE May 2022	17.0	+6.3%	Parent
FYE May 2023	18.0	+5.9%	Parent
FYE May 2024	17.0	−5.6%	Parent
FYE Feb 2025	20.0	+17.6%	Parent
FYE Feb 2026	18.0	−10.0%	Parent

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

Temporary employees

FYE Feb 2026 47,917people

Change · 10 yrs +36,945 people

Fiscal year	Temporary employees people	YoY	Basis
FYE May 2017	10,972	n/a	n/a
FYE May 2018	14,112	+28.6%	n/a
FYE May 2019	15,980	+13.2%	n/a
FYE May 2020	17,251	+8.0%	n/a
FYE May 2021	19,239	+11.5%	n/a
FYE May 2022	19,857	+3.2%	n/a
FYE May 2023	20,069	+1.1%	n/a
FYE May 2024	20,807	+3.7%	n/a
FYE Feb 2025	21,333	+2.5%	n/a
FYE Feb 2026	47,917	+124.6%	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 ¥52.4m

Change · 10 yrs −¥38.2m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE May 2017	90.6	n/a	Cons.
FYE May 2018	84.9	−6.3%	Cons.
FYE May 2019	88.6	+4.4%	Cons.
FYE May 2020	90.7	+2.4%	Cons.
FYE May 2021	85.0	−6.3%	Cons.
FYE May 2022	82.0	−3.6%	Cons.
FYE May 2023	85.9	+4.7%	Cons.
FYE May 2024	88.4	+3.0%	Cons.
FYE Feb 2025	74.8	−15.4%	Cons.
FYE Feb 2026	52.4	−30.0%	Cons.

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

Operating profit per employee

FYE Feb 2026 ¥2.3m

Change · 10 yrs −¥3.3m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE May 2017	5.5	n/a	Cons.
FYE May 2018	5.1	−8.4%	Cons.
FYE May 2019	4.7	−6.6%	Cons.
FYE May 2020	4.9	+2.5%	Cons.
FYE May 2021	4.5	−7.8%	Cons.
FYE May 2022	3.6	−18.8%	Cons.
FYE May 2023	4.0	+11.1%	Cons.
FYE May 2024	4.1	+0.6%	Cons.
FYE Feb 2025	3.4	−17.3%	Cons.
FYE Feb 2026	2.3	−32.1%	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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