Financials

Kuraray: FYE Dec 2025 and ten years of results (51 metrics)

FYE Dec 2025 · Revenue¥808bnYoY −2.2%

FYE Dec 2025 · Operating profit¥59bnYoY −30.8%

FYE Dec 2025 · Net profit¥7.5bnYoY −76.5%

FYE Dec 2025 · Equity ratio57.0%YoY −2.2pp

FYE Dec 2025 · Group employees12,117YoY +176

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥485bn	n/a	¥68bn	n/a	14.0%	¥40bn	Ito Masaaki	—
FYE Dec 2017Consolidated	¥518bn	+6.9%	¥76bn	+12.6%	14.7%	¥54bn	Ito Masaaki	Record year: sales <span class="en-history_money" data-yen="518400000000" data-year="2017">$4.6B (¥518bn)</span>, operating margin 14.5%
FYE Dec 2018Consolidated	¥603bn	+16.3%	¥66bn	−13.8%	10.9%	¥34bn	Ito Masaaki	Calgon Carbon Corporation acquired for about <span class="en-history_money" data-yen="123400000000" data-year="2018">$1.1B (¥123bn)</span>
FYE Dec 2019Consolidated	¥576bn	−4.5%	¥54bn	−17.7%	9.4%	-¥2.0bn	Ito Masaaki	Litigation loss of <span class="en-history_money" data-yen="50600000000" data-year="2019">$464.2M (¥51bn)</span> pushes the group to a net loss
FYE Dec 2020Consolidated	¥542bn	−5.9%	¥44bn	−18.1%	8.2%	¥2.6bn	Ito Masaaki	A further <span class="en-history_money" data-yen="23100000000" data-year="2020">$216.3M (¥23bn)</span> litigation loss; operating profit falls to <span class="en-history_money" data-yen="44300000000" data-year="2020">$414.9M (¥44bn)</span>
FYE Dec 2021Consolidated	¥629bn	+16.2%	¥72bn	+63.0%	11.5%	¥37bn	Ito Masaaki	Recovery: sales <span class="en-history_money" data-yen="629400000000" data-year="2021">$5.7B (¥629bn)</span>, operating profit <span class="en-history_money" data-yen="72300000000" data-year="2021">$658.6M (¥72bn)</span>
FYE Dec 2022Consolidated	¥756bn	+20.2%	¥87bn	+20.6%	11.5%	¥54bn	Kawahara Hitoshi	Record year: sales <span class="en-history_money" data-yen="756400000000" data-year="2022">$5.8B (¥756bn)</span>, operating margin 11.5%
FYE Dec 2023Consolidated	¥781bn	+3.2%	¥75bn	−13.4%	9.7%	¥42bn	Kawahara Hitoshi	—
FYE Dec 2024Consolidated	¥827bn	+5.9%	¥85bn	+12.7%	10.3%	¥32bn	Kawahara Hitoshi	—
FYE Dec 2025Consolidated	¥808bn	−2.2%	¥59bn	−30.8%	7.3%	¥7.5bn	Kawahara Hitoshi	—

How it compares

Asahi Kasei¥3.07tnFY2025Operating margin 7.5%Toray Industries¥2.59tnFY2025Operating margin 3.8%Teijin¥873bnFY2025Operating margin −8.1%

Kuraray¥808bnFY2025Operating margin 7.3%

Mitsubishi Rayon Co., Ltd.Delisted 2010

ATSUGI CO., LTD.¥21bnFY2025Operating margin −4.7%

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 Dec 2025 ¥808bn

CAGR · 10 yrs +5.8%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	485	n/a	Cons. · Japanese GAAP
FYE Dec 2017	518	+6.9%	Cons. · Japanese GAAP
FYE Dec 2018	603	+16.3%	Cons. · Japanese GAAP
FYE Dec 2019	576	−4.5%	Cons. · Japanese GAAP
FYE Dec 2020	542	−5.9%	Cons. · Japanese GAAP
FYE Dec 2021	629	+16.2%	Cons. · Japanese GAAP
FYE Dec 2022	756	+20.2%	Cons. · Japanese GAAP
FYE Dec 2023	781	+3.2%	Cons. · Japanese GAAP
FYE Dec 2024	827	+5.9%	Cons. · Japanese GAAP
FYE Dec 2025	808	−2.2%	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 Dec 2025 ¥562bn

CAGR · 10 yrs +6.5%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	318	n/a	Cons. · Japanese GAAP
FYE Dec 2017	339	+6.6%	Cons. · Japanese GAAP
FYE Dec 2018	410	+21.2%	Cons. · Japanese GAAP
FYE Dec 2019	395	−3.7%	Cons. · Japanese GAAP
FYE Dec 2020	376	−4.7%	Cons. · Japanese GAAP
FYE Dec 2021	425	+13.0%	Cons. · Japanese GAAP
FYE Dec 2022	515	+21.0%	Cons. · Japanese GAAP
FYE Dec 2023	541	+5.1%	Cons. · Japanese GAAP
FYE Dec 2024	559	+3.4%	Cons. · Japanese GAAP
FYE Dec 2025	562	+0.5%	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 Dec 2025 ¥247bn

CAGR · 10 yrs +4.4%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	167	n/a	Cons. · Japanese GAAP
FYE Dec 2017	180	+7.4%	Cons. · Japanese GAAP
FYE Dec 2018	193	+7.1%	Cons. · Japanese GAAP
FYE Dec 2019	181	−6.2%	Cons. · Japanese GAAP
FYE Dec 2020	165	−8.5%	Cons. · Japanese GAAP
FYE Dec 2021	204	+23.4%	Cons. · Japanese GAAP
FYE Dec 2022	242	+18.4%	Cons. · Japanese GAAP
FYE Dec 2023	240	−0.7%	Cons. · Japanese GAAP
FYE Dec 2024	268	+11.5%	Cons. · Japanese GAAP
FYE Dec 2025	247	−7.9%	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 Dec 2025 ¥188bn

CAGR · 10 yrs +7.3%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	99.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	103	+3.9%	Cons. · Japanese GAAP
FYE Dec 2018	127	+22.5%	Cons. · Japanese GAAP
FYE Dec 2019	127	−0.2%	Cons. · Japanese GAAP
FYE Dec 2020	121	−4.3%	Cons. · Japanese GAAP
FYE Dec 2021	132	+8.9%	Cons. · Japanese GAAP
FYE Dec 2022	155	+17.2%	Cons. · Japanese GAAP
FYE Dec 2023	165	+6.5%	Cons. · Japanese GAAP
FYE Dec 2024	182	+10.9%	Cons. · Japanese GAAP
FYE Dec 2025	188	+2.8%	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 Dec 2025 ¥59bn

CAGR · 10 yrs −1.6%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	67.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	76.4	+12.6%	Cons. · Japanese GAAP
FYE Dec 2018	65.8	−13.8%	Cons. · Japanese GAAP
FYE Dec 2019	54.2	−17.7%	Cons. · Japanese GAAP
FYE Dec 2020	44.3	−18.1%	Cons. · Japanese GAAP
FYE Dec 2021	72.3	+63.0%	Cons. · Japanese GAAP
FYE Dec 2022	87.1	+20.6%	Cons. · Japanese GAAP
FYE Dec 2023	75.5	−13.4%	Cons. · Japanese GAAP
FYE Dec 2024	85.1	+12.7%	Cons. · Japanese GAAP
FYE Dec 2025	58.9	−30.8%	Cons. · Japanese GAAP

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

Non-operating income

FYE Dec 2025 ¥4.7bn

CAGR · 10 yrs −0.5%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	4.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.2	−34.5%	Cons. · Japanese GAAP
FYE Dec 2018	3.8	+17.4%	Cons. · Japanese GAAP
FYE Dec 2019	2.9	−22.8%	Cons. · Japanese GAAP
FYE Dec 2020	2.6	−12.6%	Cons. · Japanese GAAP
FYE Dec 2021	2.4	−4.4%	Cons. · Japanese GAAP
FYE Dec 2022	3.5	+44.6%	Cons. · Japanese GAAP
FYE Dec 2023	3.8	+6.4%	Cons. · Japanese GAAP
FYE Dec 2024	6.2	+66.2%	Cons. · Japanese GAAP
FYE Dec 2025	4.7	−24.3%	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 Dec 2025 ¥12bn

CAGR · 10 yrs +7.0%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	6.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	5.3	−18.7%	Cons. · Japanese GAAP
FYE Dec 2018	8.4	+57.5%	Cons. · Japanese GAAP
FYE Dec 2019	8.8	+4.9%	Cons. · Japanese GAAP
FYE Dec 2020	7.2	−18.9%	Cons. · Japanese GAAP
FYE Dec 2021	5.9	−17.1%	Cons. · Japanese GAAP
FYE Dec 2022	6.6	+11.4%	Cons. · Japanese GAAP
FYE Dec 2023	10.2	+54.4%	Cons. · Japanese GAAP
FYE Dec 2024	9.8	−3.6%	Cons. · Japanese GAAP
FYE Dec 2025	12.1	+22.9%	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 Dec 2025 ¥52bn

CAGR · 10 yrs −2.7%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Dec 2016	66.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	74.2	+12.2%	Cons. · Japanese GAAP
FYE Dec 2018	61.2	−17.6%	Cons. · Japanese GAAP
FYE Dec 2019	48.3	−21.1%	Cons. · Japanese GAAP
FYE Dec 2020	39.7	−17.7%	Cons. · Japanese GAAP
FYE Dec 2021	68.8	+73.0%	Cons. · Japanese GAAP
FYE Dec 2022	84.1	+22.2%	Cons. · Japanese GAAP
FYE Dec 2023	69.0	−17.9%	Cons. · Japanese GAAP
FYE Dec 2024	81.5	+18.0%	Cons. · Japanese GAAP
FYE Dec 2025	51.5	−36.8%	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 Dec 2025 ¥6.3bn

CAGR · 9 yrs +6.4%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · Japanese GAAP
FYE Dec 2017	3.9	n/a	Cons. · Japanese GAAP
FYE Dec 2018	0.3	−91.3%	Cons. · Japanese GAAP
FYE Dec 2019	14.1	+4098.5%	Cons. · Japanese GAAP
FYE Dec 2020	2.9	−79.7%	Cons. · Japanese GAAP
FYE Dec 2021	2.0	−28.8%	Cons. · Japanese GAAP
FYE Dec 2022	4.0	+97.5%	Cons. · Japanese GAAP
FYE Dec 2023	5.6	+39.1%	Cons. · Japanese GAAP
FYE Dec 2024	1.5	−72.8%	Cons. · Japanese GAAP
FYE Dec 2025	6.3	+316.1%	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 Dec 2025 ¥7.5bn

CAGR · 10 yrs −17.1%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	40.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	54.5	+34.8%	Cons. · Japanese GAAP
FYE Dec 2018	33.6	−38.4%	Cons. · Japanese GAAP
FYE Dec 2019	-2.0	−105.8%	Cons. · Japanese GAAP
FYE Dec 2020	2.6	n/a	Cons. · Japanese GAAP
FYE Dec 2021	37.3	+1349.9%	Cons. · Japanese GAAP
FYE Dec 2022	54.3	+45.7%	Cons. · Japanese GAAP
FYE Dec 2023	42.4	−21.8%	Cons. · Japanese GAAP
FYE Dec 2024	31.7	−25.3%	Cons. · Japanese GAAP
FYE Dec 2025	7.5	−76.5%	Cons. · Japanese GAAP

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

Gross margin

FYE Dec 2025 30.5%

Average · 10 yrs 32.1%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	34.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	34.7	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2018	31.9	−2.8pp	Cons. · Japanese GAAP
FYE Dec 2019	31.4	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2020	30.5	−0.8pp	Cons. · Japanese GAAP
FYE Dec 2021	32.4	+1.9pp	Cons. · Japanese GAAP
FYE Dec 2022	32.0	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2023	30.7	−1.2pp	Cons. · Japanese GAAP
FYE Dec 2024	32.4	+1.6pp	Cons. · Japanese GAAP
FYE Dec 2025	30.5	−1.9pp	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 Dec 2025 7.3%

Average · 10 yrs 10.7%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	14.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	14.7	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2018	10.9	−3.8pp	Cons. · Japanese GAAP
FYE Dec 2019	9.4	−1.5pp	Cons. · Japanese GAAP
FYE Dec 2020	8.2	−1.2pp	Cons. · Japanese GAAP
FYE Dec 2021	11.5	+3.3pp	Cons. · Japanese GAAP
FYE Dec 2022	11.5	−0.0pp	Cons. · Japanese GAAP
FYE Dec 2023	9.7	−1.9pp	Cons. · Japanese GAAP
FYE Dec 2024	10.3	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2025	7.3	−3.0pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Dec 2025 6.4%

Average · 10 yrs 10.1%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Dec 2016	13.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	14.3	+0.7pp	Cons. · Japanese GAAP
FYE Dec 2018	10.1	−4.2pp	Cons. · Japanese GAAP
FYE Dec 2019	8.4	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2020	7.3	−1.0pp	Cons. · Japanese GAAP
FYE Dec 2021	10.9	+3.6pp	Cons. · Japanese GAAP
FYE Dec 2022	11.1	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2023	8.8	−2.3pp	Cons. · Japanese GAAP
FYE Dec 2024	9.9	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2025	6.4	−3.5pp	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 Dec 2025 0.9%

Average · 10 yrs 4.8%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	8.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	10.5	+2.2pp	Cons. · Japanese GAAP
FYE Dec 2018	5.6	−4.9pp	Cons. · Japanese GAAP
FYE Dec 2019	-0.3	−5.9pp	Cons. · Japanese GAAP
FYE Dec 2020	0.5	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2021	5.9	+5.4pp	Cons. · Japanese GAAP
FYE Dec 2022	7.2	+1.3pp	Cons. · Japanese GAAP
FYE Dec 2023	5.4	−1.7pp	Cons. · Japanese GAAP
FYE Dec 2024	3.8	−1.6pp	Cons. · Japanese GAAP
FYE Dec 2025	0.9	−2.9pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Dec 2025 69.5%

Average · 10 yrs 67.9%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	65.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	65.3	−0.2pp	Cons. · Japanese GAAP
FYE Dec 2018	68.1	+2.8pp	Cons. · Japanese GAAP
FYE Dec 2019	68.6	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2020	69.5	+0.8pp	Cons. · Japanese GAAP
FYE Dec 2021	67.6	−1.9pp	Cons. · Japanese GAAP
FYE Dec 2022	68.0	+0.5pp	Cons. · Japanese GAAP
FYE Dec 2023	69.3	+1.2pp	Cons. · Japanese GAAP
FYE Dec 2024	67.6	−1.6pp	Cons. · Japanese GAAP
FYE Dec 2025	69.5	+1.9pp	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 Dec 2025 23.2%

Average · 10 yrs 21.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	20.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	20.0	−0.6pp	Cons. · Japanese GAAP
FYE Dec 2018	21.0	+1.1pp	Cons. · Japanese GAAP
FYE Dec 2019	22.0	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2020	22.3	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2021	21.0	−1.4pp	Cons. · Japanese GAAP
FYE Dec 2022	20.4	−0.5pp	Cons. · Japanese GAAP
FYE Dec 2023	21.1	+0.6pp	Cons. · Japanese GAAP
FYE Dec 2024	22.1	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2025	23.2	+1.1pp	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 Dec 2025 ¥1.30tn

CAGR · 10 yrs +6.7%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	725	n/a	Cons. · Japanese GAAP
FYE Dec 2017	777	+7.1%	Cons. · Japanese GAAP
FYE Dec 2018	947	+21.9%	Cons. · Japanese GAAP
FYE Dec 2019	991	+4.7%	Cons. · Japanese GAAP
FYE Dec 2020	1,052	+6.1%	Cons. · Japanese GAAP
FYE Dec 2021	1,091	+3.7%	Cons. · Japanese GAAP
FYE Dec 2022	1,222	+12.0%	Cons. · Japanese GAAP
FYE Dec 2023	1,254	+2.7%	Cons. · Japanese GAAP
FYE Dec 2024	1,291	+2.9%	Cons. · Japanese GAAP
FYE Dec 2025	1,304	+1.0%	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 Dec 2025 ¥743bn

CAGR · 10 yrs +4.2%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	514	n/a	Cons. · Japanese GAAP
FYE Dec 2017	558	+8.5%	Cons. · Japanese GAAP
FYE Dec 2018	556	−0.3%	Cons. · Japanese GAAP
FYE Dec 2019	526	−5.4%	Cons. · Japanese GAAP
FYE Dec 2020	499	−5.1%	Cons. · Japanese GAAP
FYE Dec 2021	560	+12.3%	Cons. · Japanese GAAP
FYE Dec 2022	647	+15.5%	Cons. · Japanese GAAP
FYE Dec 2023	715	+10.4%	Cons. · Japanese GAAP
FYE Dec 2024	764	+6.9%	Cons. · Japanese GAAP
FYE Dec 2025	743	−2.8%	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 Dec 2025 ¥191bn

CAGR · 10 yrs +16.1%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	49.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	50.0	+0.3%	Cons. · Japanese GAAP
FYE Dec 2018	167	+233.4%	Cons. · Japanese GAAP
FYE Dec 2019	163	−2.2%	Cons. · Japanese GAAP
FYE Dec 2020	241	+48.2%	Cons. · Japanese GAAP
FYE Dec 2021	192	−20.3%	Cons. · Japanese GAAP
FYE Dec 2022	214	+11.2%	Cons. · Japanese GAAP
FYE Dec 2023	197	−7.8%	Cons. · Japanese GAAP
FYE Dec 2024	166	−15.8%	Cons. · Japanese GAAP
FYE Dec 2025	191	+15.2%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Dec 2025 ¥56bn

CAGR · 10 yrs +24.8%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	7.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.9	+3.1%	Cons. · Japanese GAAP
FYE Dec 2018	46.5	+491.8%	Cons. · Japanese GAAP
FYE Dec 2019	58.9	+26.5%	Cons. · Japanese GAAP
FYE Dec 2020	54.5	−7.4%	Cons. · Japanese GAAP
FYE Dec 2021	34.5	−36.7%	Cons. · Japanese GAAP
FYE Dec 2022	44.5	+29.0%	Cons. · Japanese GAAP
FYE Dec 2023	40.0	−10.0%	Cons. · Japanese GAAP
FYE Dec 2024	23.9	−40.4%	Cons. · Japanese GAAP
FYE Dec 2025	56.1	+135.3%	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 Dec 2025 ¥179bn

CAGR · 10 yrs +17.4%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	42.2	n/a	Cons. · Japanese GAAP
FYE Dec 2017	42.1	−0.2%	Cons. · Japanese GAAP
FYE Dec 2018	120	+185.2%	Cons. · Japanese GAAP
FYE Dec 2019	128	+6.6%	Cons. · Japanese GAAP
FYE Dec 2020	207	+61.6%	Cons. · Japanese GAAP
FYE Dec 2021	213	+2.9%	Cons. · Japanese GAAP
FYE Dec 2022	210	−1.4%	Cons. · Japanese GAAP
FYE Dec 2023	182	−13.3%	Cons. · Japanese GAAP
FYE Dec 2024	160	−11.9%	Cons. · Japanese GAAP
FYE Dec 2025	179	+11.4%	Cons. · Japanese GAAP

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

Bonds

FYE Dec 2025 ¥50bn

CAGR · 10 yrs +19.6%

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Dec 2016	10.0	n/a	Cons. · Japanese GAAP
FYE Dec 2017	10.0	−0.0%	Cons. · Japanese GAAP
FYE Dec 2018	50.0	+400.0%	Cons. · Japanese GAAP
FYE Dec 2019	50.0	−0.0%	Cons. · Japanese GAAP
FYE Dec 2020	80.0	+60.0%	Cons. · Japanese GAAP
FYE Dec 2021	60.0	−25.0%	Cons. · Japanese GAAP
FYE Dec 2022	70.0	+16.7%	Cons. · Japanese GAAP
FYE Dec 2023	60.0	−14.3%	Cons. · Japanese GAAP
FYE Dec 2024	60.0	−0.0%	Cons. · Japanese GAAP
FYE Dec 2025	50.0	−16.7%	Cons. · Japanese GAAP

Definition: Bonds outstanding
Formula: Bonds line of the balance sheet
Source: Securities report (XBRL)

Intangible assets

FYE Dec 2025 ¥111bn

CAGR · 10 yrs +3.7%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	79.5	n/a	Cons. · Japanese GAAP
FYE Dec 2017	77.0	−3.2%	Cons. · Japanese GAAP
FYE Dec 2018	144	+87.1%	Cons. · Japanese GAAP
FYE Dec 2019	130	−9.9%	Cons. · Japanese GAAP
FYE Dec 2020	111	−14.5%	Cons. · Japanese GAAP
FYE Dec 2021	114	+2.7%	Cons. · Japanese GAAP
FYE Dec 2022	121	+6.5%	Cons. · Japanese GAAP
FYE Dec 2023	121	−0.8%	Cons. · Japanese GAAP
FYE Dec 2024	116	−3.8%	Cons. · Japanese GAAP
FYE Dec 2025	111	−4.5%	Cons. · Japanese GAAP

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

Goodwill

FYE Dec 2025 ¥52bn

CAGR · 10 yrs +7.9%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	26.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	24.6	−6.4%	Cons. · Japanese GAAP
FYE Dec 2018	66.5	+170.6%	Cons. · Japanese GAAP
FYE Dec 2019	61.4	−7.7%	Cons. · Japanese GAAP
FYE Dec 2020	51.1	−16.7%	Cons. · Japanese GAAP
FYE Dec 2021	52.6	+3.0%	Cons. · Japanese GAAP
FYE Dec 2022	56.1	+6.5%	Cons. · Japanese GAAP
FYE Dec 2023	55.4	−1.2%	Cons. · Japanese GAAP
FYE Dec 2024	53.6	−3.2%	Cons. · Japanese GAAP
FYE Dec 2025	52.2	−2.6%	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 Dec 2025 57.0%

Average · 10 yrs 57.9%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	70.8	n/a	Cons. · Japanese GAAP
FYE Dec 2017	71.8	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2018	58.7	−13.1pp	Cons. · Japanese GAAP
FYE Dec 2019	53.1	−5.7pp	Cons. · Japanese GAAP
FYE Dec 2020	47.5	−5.6pp	Cons. · Japanese GAAP
FYE Dec 2021	51.4	+3.9pp	Cons. · Japanese GAAP
FYE Dec 2022	53.0	+1.6pp	Cons. · Japanese GAAP
FYE Dec 2023	57.0	+4.0pp	Cons. · Japanese GAAP
FYE Dec 2024	59.2	+2.2pp	Cons. · Japanese GAAP
FYE Dec 2025	57.0	−2.2pp	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 Dec 2025 25.8%

Average · 10 yrs 27.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	9.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	9.0	−0.7pp	Cons. · Japanese GAAP
FYE Dec 2018	30.0	+21.0pp	Cons. · Japanese GAAP
FYE Dec 2019	31.0	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2020	48.4	+17.4pp	Cons. · Japanese GAAP
FYE Dec 2021	34.3	−14.0pp	Cons. · Japanese GAAP
FYE Dec 2022	33.1	−1.3pp	Cons. · Japanese GAAP
FYE Dec 2023	27.6	−5.5pp	Cons. · Japanese GAAP
FYE Dec 2024	21.7	−5.9pp	Cons. · Japanese GAAP
FYE Dec 2025	25.8	+4.0pp	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 Dec 2025 1.0%

Average · 10 yrs 5.0%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	7.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	9.8	+1.9pp	Cons. · Japanese GAAP
FYE Dec 2018	6.0	−3.7pp	Cons. · Japanese GAAP
FYE Dec 2019	-0.4	−6.4pp	Cons. · Japanese GAAP
FYE Dec 2020	0.5	+0.9pp	Cons. · Japanese GAAP
FYE Dec 2021	6.6	+6.1pp	Cons. · Japanese GAAP
FYE Dec 2022	8.4	+1.7pp	Cons. · Japanese GAAP
FYE Dec 2023	5.9	−2.5pp	Cons. · Japanese GAAP
FYE Dec 2024	4.2	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2025	1.0	−3.1pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Dec 2025 0.6%

Average · 10 yrs 3.0%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	5.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	7.0	+1.4pp	Cons. · Japanese GAAP
FYE Dec 2018	3.5	−3.5pp	Cons. · Japanese GAAP
FYE Dec 2019	-0.2	−3.7pp	Cons. · Japanese GAAP
FYE Dec 2020	0.2	+0.4pp	Cons. · Japanese GAAP
FYE Dec 2021	3.4	+3.2pp	Cons. · Japanese GAAP
FYE Dec 2022	4.4	+1.0pp	Cons. · Japanese GAAP
FYE Dec 2023	3.4	−1.1pp	Cons. · Japanese GAAP
FYE Dec 2024	2.5	−0.9pp	Cons. · Japanese GAAP
FYE Dec 2025	0.6	−1.9pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Dec 2025 0.62×

CAGR · 10 yrs −0.8%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.67	n/a	Cons. · Japanese GAAP
FYE Dec 2017	0.67	−0.2%	Cons. · Japanese GAAP
FYE Dec 2018	0.64	−4.6%	Cons. · Japanese GAAP
FYE Dec 2019	0.58	−8.8%	Cons. · Japanese GAAP
FYE Dec 2020	0.52	−11.3%	Cons. · Japanese GAAP
FYE Dec 2021	0.58	+12.0%	Cons. · Japanese GAAP
FYE Dec 2022	0.62	+7.3%	Cons. · Japanese GAAP
FYE Dec 2023	0.62	+0.5%	Cons. · Japanese GAAP
FYE Dec 2024	0.64	+2.9%	Cons. · Japanese GAAP
FYE Dec 2025	0.62	−3.2%	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 Dec 2025 ¥99bn

CAGR · 10 yrs +0.5%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	93.9	n/a	Cons. · Japanese GAAP
FYE Dec 2017	84.6	−9.9%	Cons. · Japanese GAAP
FYE Dec 2018	75.2	−11.2%	Cons. · Japanese GAAP
FYE Dec 2019	95.6	+27.1%	Cons. · Japanese GAAP
FYE Dec 2020	79.9	−16.4%	Cons. · Japanese GAAP
FYE Dec 2021	78.2	−2.2%	Cons. · Japanese GAAP
FYE Dec 2022	51.7	−33.9%	Cons. · Japanese GAAP
FYE Dec 2023	129	+150.0%	Cons. · Japanese GAAP
FYE Dec 2024	138	+7.0%	Cons. · Japanese GAAP
FYE Dec 2025	98.6	−28.7%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Dec 2025 -¥98bn

Average · 10 yrs -¥84bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-49.3	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-79.9	n/a	Cons. · Japanese GAAP
FYE Dec 2018	-187	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-89.4	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-64.0	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-65.6	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-68.6	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-63.2	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-76.0	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-98.1	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 Dec 2025 -¥16bn

Average · 10 yrs -¥5.1bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-14.7	n/a	Cons. · Japanese GAAP
FYE Dec 2017	-17.2	n/a	Cons. · Japanese GAAP
FYE Dec 2018	114	n/a	Cons. · Japanese GAAP
FYE Dec 2019	-1.5	−101.3%	Cons. · Japanese GAAP
FYE Dec 2020	91.5	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-47.4	−151.9%	Cons. · Japanese GAAP
FYE Dec 2022	-12.1	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-65.0	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-82.5	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-16.3	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 Dec 2025 ¥108bn

CAGR · 10 yrs +2.9%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	83.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	70.2	−15.8%	Cons. · Japanese GAAP
FYE Dec 2018	71.3	+1.6%	Cons. · Japanese GAAP
FYE Dec 2019	76.0	+6.5%	Cons. · Japanese GAAP
FYE Dec 2020	182	+139.7%	Cons. · Japanese GAAP
FYE Dec 2021	151	−16.8%	Cons. · Japanese GAAP
FYE Dec 2022	128	−15.8%	Cons. · Japanese GAAP
FYE Dec 2023	134	+4.7%	Cons. · Japanese GAAP
FYE Dec 2024	122	−9.0%	Cons. · Japanese GAAP
FYE Dec 2025	108	−11.0%	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 Dec 2025 ¥0.5bn

CAGR · 10 yrs −39.8%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	44.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	4.7	−89.4%	Cons. · Japanese GAAP
FYE Dec 2018	-112	−2473.9%	Cons. · Japanese GAAP
FYE Dec 2019	6.2	n/a	Cons. · Japanese GAAP
FYE Dec 2020	15.9	+156.5%	Cons. · Japanese GAAP
FYE Dec 2021	12.6	−20.7%	Cons. · Japanese GAAP
FYE Dec 2022	-16.9	−233.8%	Cons. · Japanese GAAP
FYE Dec 2023	66.1	n/a	Cons. · Japanese GAAP
FYE Dec 2024	62.3	−5.8%	Cons. · Japanese GAAP
FYE Dec 2025	0.5	−99.3%	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 Dec 2025 12.2%

Average · 10 yrs 14.4%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	19.4	n/a	Cons. · Japanese GAAP
FYE Dec 2017	16.3	−3.0pp	Cons. · Japanese GAAP
FYE Dec 2018	12.5	−3.9pp	Cons. · Japanese GAAP
FYE Dec 2019	16.6	+4.1pp	Cons. · Japanese GAAP
FYE Dec 2020	14.8	−1.8pp	Cons. · Japanese GAAP
FYE Dec 2021	12.4	−2.3pp	Cons. · Japanese GAAP
FYE Dec 2022	6.8	−5.6pp	Cons. · Japanese GAAP
FYE Dec 2023	16.6	+9.7pp	Cons. · Japanese GAAP
FYE Dec 2024	16.7	+0.2pp	Cons. · Japanese GAAP
FYE Dec 2025	12.2	−4.5pp	Cons. · Japanese GAAP

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

Net cash

FYE Dec 2025 -¥83bn

Average · 10 yrs -¥51bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	33.6	n/a	Cons. · Japanese GAAP
FYE Dec 2017	20.3	−39.7%	Cons. · Japanese GAAP
FYE Dec 2018	-95.2	−569.9%	Cons. · Japanese GAAP
FYE Dec 2019	-86.9	n/a	Cons. · Japanese GAAP
FYE Dec 2020	-59.3	n/a	Cons. · Japanese GAAP
FYE Dec 2021	-40.9	n/a	Cons. · Japanese GAAP
FYE Dec 2022	-86.4	n/a	Cons. · Japanese GAAP
FYE Dec 2023	-63.7	n/a	Cons. · Japanese GAAP
FYE Dec 2024	-44.4	n/a	Cons. · Japanese GAAP
FYE Dec 2025	-83.0	n/a	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 Dec 2025 ¥489bn

Change · 9 yrs −¥134bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	623	n/a
FYE Dec 2017	754	n/a
FYE Dec 2018	550	n/a
FYE Dec 2019	n/a	n/a
FYE Dec 2020	390	n/a
FYE Dec 2021	354	n/a
FYE Dec 2022	376	n/a
FYE Dec 2023	506	n/a
FYE Dec 2024	741	n/a
FYE Dec 2025	489	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 Dec 2025 1,587¥

Change · 9 yrs −168¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	1,756	n/a
FYE Dec 2017	2,126	n/a
FYE Dec 2018	1,550	n/a
FYE Dec 2019	n/a	n/a
FYE Dec 2020	1,098	n/a
FYE Dec 2021	999	n/a
FYE Dec 2022	1,059	n/a
FYE Dec 2023	1,425	n/a
FYE Dec 2024	2,280	n/a
FYE Dec 2025	1,587	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 Dec 2025 307,963,000shares

Change · 10 yrs −46,900,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	354,863,000	Parent
FYE Dec 2017	354,863,000	Parent
FYE Dec 2018	354,863,000	Parent
FYE Dec 2019	354,863,000	Parent
FYE Dec 2020	354,863,000	Parent
FYE Dec 2021	354,863,000	Parent
FYE Dec 2022	354,863,000	Parent
FYE Dec 2023	354,863,000	Parent
FYE Dec 2024	324,863,000	Parent
FYE Dec 2025	307,963,000	Parent

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

EPS earnings per share

FYE Dec 2025 23.62¥

Change · 10 yrs −91.36¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	114.98	Cons.
FYE Dec 2017	154.85	Cons.
FYE Dec 2018	96.05	Cons.
FYE Dec 2019	-5.66	Cons.
FYE Dec 2020	7.48	Cons.
FYE Dec 2021	108.32	Cons.
FYE Dec 2022	161.13	Cons.
FYE Dec 2023	126.80	Cons.
FYE Dec 2024	96.33	Cons.
FYE Dec 2025	23.62	Cons.

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

BPS book value per share

FYE Dec 2025 2,412.14¥

Change · 10 yrs +964.60¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	1,447.54	Cons. · Japanese GAAP
FYE Dec 2017	1,571.05	Cons. · Japanese GAAP
FYE Dec 2018	1,566.88	Cons. · Japanese GAAP
FYE Dec 2019	1,481.74	Cons. · Japanese GAAP
FYE Dec 2020	1,406.53	Cons. · Japanese GAAP
FYE Dec 2021	1,579.20	Cons. · Japanese GAAP
FYE Dec 2022	1,823.50	Cons. · Japanese GAAP
FYE Dec 2023	2,013.81	Cons. · Japanese GAAP
FYE Dec 2024	2,352.63	Cons. · Japanese GAAP
FYE Dec 2025	2,412.14	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Dec 2025 67.20×

Average · 9 yrs 34.42×

Fiscal year	PER ×	Basis
FYE Dec 2016	15.27	Cons.
FYE Dec 2017	13.73	Cons.
FYE Dec 2018	16.14	Cons.
FYE Dec 2019	n/a	Cons.
FYE Dec 2020	146.75	Cons.
FYE Dec 2021	9.22	Cons.
FYE Dec 2022	6.57	Cons.
FYE Dec 2023	11.24	Cons.
FYE Dec 2024	23.67	Cons.
FYE Dec 2025	67.20	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 Dec 2025 0.66×

Average · 9 yrs 0.86×

Fiscal year	PBR ×	Basis
FYE Dec 2016	1.20	Cons.
FYE Dec 2017	1.34	Cons.
FYE Dec 2018	0.97	Cons.
FYE Dec 2019	n/a	Cons.
FYE Dec 2020	0.76	Cons.
FYE Dec 2021	0.61	Cons.
FYE Dec 2022	0.55	Cons.
FYE Dec 2023	0.67	Cons.
FYE Dec 2024	0.97	Cons.
FYE Dec 2025	0.66	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 Dec 2025 12,117people

Change · 10 yrs +3,527 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	8,590	n/a	Cons.
FYE Dec 2017	9,089	+5.8%	Cons.
FYE Dec 2018	10,768	+18.5%	Cons.
FYE Dec 2019	11,115	+3.2%	Cons.
FYE Dec 2020	11,219	+0.9%	Cons.
FYE Dec 2021	11,330	+1.0%	Cons.
FYE Dec 2022	11,703	+3.3%	Cons.
FYE Dec 2023	11,906	+1.7%	Cons.
FYE Dec 2024	11,941	+0.3%	Cons.
FYE Dec 2025	12,117	+1.5%	Cons.

Definition: Everyone employed across the group
Formula: Consolidated headcount, from the employee section of the filing
Source: Securities report (XBRL)

Parent-company employees

FYE Dec 2025 4,715people

Change · 10 yrs +1,329 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	3,386	n/a	Parent
FYE Dec 2017	3,832	+13.2%	Parent
FYE Dec 2018	4,019	+4.9%	Parent
FYE Dec 2019	4,181	+4.0%	Parent
FYE Dec 2020	4,211	+0.7%	Parent
FYE Dec 2021	4,212	−0.0%	Parent
FYE Dec 2022	4,251	+0.9%	Parent
FYE Dec 2023	4,427	+4.1%	Parent
FYE Dec 2024	4,569	+3.2%	Parent
FYE Dec 2025	4,715	+3.2%	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 Dec 2025 809万円

Change · 10 yrs +127万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Dec 2016	682	n/a	Parent
FYE Dec 2017	674	−1.2%	Parent
FYE Dec 2018	700	+3.9%	Parent
FYE Dec 2019	699	−0.1%	Parent
FYE Dec 2020	692	−1.1%	Parent
FYE Dec 2021	705	+1.9%	Parent
FYE Dec 2022	727	+3.2%	Parent
FYE Dec 2023	784	+7.8%	Parent
FYE Dec 2024	802	+2.4%	Parent
FYE Dec 2025	809	+0.8%	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 Dec 2025 42.2years

Change · 7 yrs +1.3 years

Fiscal year	Average age years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	40.9	n/a	Parent
FYE Dec 2020	41.1	+0.5%	Parent
FYE Dec 2021	41.6	+1.2%	Parent
FYE Dec 2022	41.9	+0.7%	Parent
FYE Dec 2023	41.9	−0.0%	Parent
FYE Dec 2024	42.0	+0.2%	Parent
FYE Dec 2025	42.2	+0.5%	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 Dec 2025 17.8years

Change · 10 yrs −1.0 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	18.8	n/a	Parent
FYE Dec 2017	18.6	−1.1%	Parent
FYE Dec 2018	17.9	−3.8%	Parent
FYE Dec 2019	17.6	−1.7%	Parent
FYE Dec 2020	17.7	+0.6%	Parent
FYE Dec 2021	18.1	+2.3%	Parent
FYE Dec 2022	18.3	+1.1%	Parent
FYE Dec 2023	17.9	−2.2%	Parent
FYE Dec 2024	17.7	−1.1%	Parent
FYE Dec 2025	17.8	+0.6%	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 Dec 2025 1,250people

Change · 10 yrs −100 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	1,350	n/a	n/a
FYE Dec 2017	1,364	+1.0%	n/a
FYE Dec 2018	1,351	−1.0%	n/a
FYE Dec 2019	1,354	+0.2%	n/a
FYE Dec 2020	1,313	−3.0%	n/a
FYE Dec 2021	1,310	−0.2%	n/a
FYE Dec 2022	1,329	+1.5%	n/a
FYE Dec 2023	1,255	−5.6%	n/a
FYE Dec 2024	1,293	+3.0%	n/a
FYE Dec 2025	1,250	−3.3%	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 Dec 2025 ¥66.7m

Change · 10 yrs +¥10.2m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	56.5	n/a	Cons.
FYE Dec 2017	57.0	+1.0%	Cons.
FYE Dec 2018	56.0	−1.8%	Cons.
FYE Dec 2019	51.8	−7.5%	Cons.
FYE Dec 2020	48.3	−6.8%	Cons.
FYE Dec 2021	55.5	+15.0%	Cons.
FYE Dec 2022	64.6	+16.3%	Cons.
FYE Dec 2023	65.6	+1.5%	Cons.
FYE Dec 2024	69.2	+5.6%	Cons.
FYE Dec 2025	66.7	−3.7%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥4.9m

Change · 10 yrs −¥3.0m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	7.9	n/a	Cons.
FYE Dec 2017	8.4	+6.4%	Cons.
FYE Dec 2018	6.1	−27.3%	Cons.
FYE Dec 2019	4.9	−20.2%	Cons.
FYE Dec 2020	4.0	−18.9%	Cons.
FYE Dec 2021	6.4	+61.4%	Cons.
FYE Dec 2022	7.4	+16.8%	Cons.
FYE Dec 2023	6.3	−14.9%	Cons.
FYE Dec 2024	7.1	+12.4%	Cons.
FYE Dec 2025	4.9	−31.8%	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 →

Data API

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

/api/3405/company.json ·/api/3405/history.json ·/api/3405/ceo.json ·/api/3405/financials.json ·/api/3405/financials/segment.json ·/api/3405/financials/pl.json ·/api/3405/financials/cf.json ·/api/3405/financials/bs.json ·/api/3405/financials/employee.json ·/api/3405/financials/stock.json ·/api/3405/financials.csv ·/api/3405/financials_history.csv

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