Financials

Kusuri no Aoki Holdings: FYE May 2026 and ten years of results (50 metrics)

FYE May 2026 · Revenue¥567bnYoY +13.0%

FYE May 2026 · Operating profit¥27bnYoY +1.9%

FYE May 2026 · Net profit¥17bnYoY −3.7%

FYE May 2026 · Equity ratio34.3%YoY −7.0pp

FYE May 2026 · Group employees6,355YoY +728

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE May 2017Consolidated	¥189bn	n/a	¥11bn	n/a	5.7%	¥8.2bn	Aoki Hironori	—
FYE May 2018Consolidated	¥221bn	+17.2%	¥12bn	+11.1%	5.4%	¥8.8bn	Aoki Hironori	500th store
FYE May 2019Consolidated	¥251bn	+13.4%	¥14bn	+19.3%	5.6%	¥11bn	Aoki Hironori	Sales ¥250.8bn; dispensing ratio ~47%; new head office in Hakusan
FYE May 2020Consolidated	¥300bn	+19.6%	¥16bn	+15.6%	5.4%	¥12bn	Aoki Hironori	—
FYE May 2021Consolidated	¥306bn	+1.9%	¥17bn	+1.6%	5.4%	¥12bn	Aoki Hironori	Super Marumo’s supermarket business acquired — entry into fresh food
FYE May 2022Consolidated	¥328bn	+7.3%	¥14bn	−15.3%	4.3%	¥9.8bn	Aoki Hironori	Third medium-term plan: food, dispensing, dominance; EDLP pricing; 800 stores
FYE May 2023Consolidated	¥379bn	+15.4%	¥15bn	+8.7%	4.0%	¥12bn	Aoki Hironori	—
FYE May 2024Consolidated	¥437bn	+15.3%	¥19bn	+21.4%	4.3%	¥12bn	Aoki Hironori	Sales ¥436.9bn; the founder, Aoki Keisei, dies
FYE May 2025Consolidated	¥501bn	+14.8%	¥27bn	+43.3%	5.3%	¥18bn	Aoki Hironori	1,000th store; sales ¥501.4bn — both targets a year early
FYE May 2026Consolidated	¥567bn	+13.0%	¥27bn	+1.9%	4.8%	¥17bn	Aoki Hironori	Aeon alliance ended; family-led takeover defence; exit from Prime

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 ¥567bn

CAGR · 10 yrs +13.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE May 2017	189	n/a	Cons. · Japanese GAAP
FYE May 2018	221	+17.2%	Cons. · Japanese GAAP
FYE May 2019	251	+13.4%	Cons. · Japanese GAAP
FYE May 2020	300	+19.6%	Cons. · Japanese GAAP
FYE May 2021	306	+1.9%	Cons. · Japanese GAAP
FYE May 2022	328	+7.3%	Cons. · Japanese GAAP
FYE May 2023	379	+15.4%	Cons. · Japanese GAAP
FYE May 2024	437	+15.3%	Cons. · Japanese GAAP
FYE May 2025	501	+14.8%	Cons. · Japanese GAAP
FYE May 2026	567	+13.0%	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 ¥417bn

CAGR · 10 yrs +13.3%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE May 2017	136	n/a	Cons. · Japanese GAAP
FYE May 2018	159	+17.4%	Cons. · Japanese GAAP
FYE May 2019	179	+12.4%	Cons. · Japanese GAAP
FYE May 2020	216	+20.7%	Cons. · Japanese GAAP
FYE May 2021	216	−0.1%	Cons. · Japanese GAAP
FYE May 2022	239	+10.6%	Cons. · Japanese GAAP
FYE May 2023	273	+14.3%	Cons. · Japanese GAAP
FYE May 2024	319	+16.9%	Cons. · Japanese GAAP
FYE May 2025	369	+15.6%	Cons. · Japanese GAAP
FYE May 2026	417	+13.3%	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 ¥149bn

CAGR · 10 yrs +12.2%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE May 2017	53.1	n/a	Cons. · Japanese GAAP
FYE May 2018	62.1	+16.9%	Cons. · Japanese GAAP
FYE May 2019	71.9	+15.8%	Cons. · Japanese GAAP
FYE May 2020	84.1	+17.0%	Cons. · Japanese GAAP
FYE May 2021	90.1	+7.1%	Cons. · Japanese GAAP
FYE May 2022	89.8	−0.4%	Cons. · Japanese GAAP
FYE May 2023	106	+18.2%	Cons. · Japanese GAAP
FYE May 2024	118	+11.3%	Cons. · Japanese GAAP
FYE May 2025	133	+12.6%	Cons. · Japanese GAAP
FYE May 2026	149	+12.4%	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 May 2026 ¥122bn

CAGR · 10 yrs +12.5%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE May 2017	42.4	n/a	Cons. · Japanese GAAP
FYE May 2018	50.2	+18.4%	Cons. · Japanese GAAP
FYE May 2019	57.7	+15.0%	Cons. · Japanese GAAP
FYE May 2020	67.8	+17.4%	Cons. · Japanese GAAP
FYE May 2021	73.5	+8.5%	Cons. · Japanese GAAP
FYE May 2022	75.7	+3.0%	Cons. · Japanese GAAP
FYE May 2023	90.8	+20.0%	Cons. · Japanese GAAP
FYE May 2024	99.5	+9.6%	Cons. · Japanese GAAP
FYE May 2025	106	+6.9%	Cons. · Japanese GAAP
FYE May 2026	122	+15.1%	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 ¥27bn

CAGR · 10 yrs +10.9%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE May 2017	10.7	n/a	Cons. · Japanese GAAP
FYE May 2018	11.9	+11.1%	Cons. · Japanese GAAP
FYE May 2019	14.1	+19.3%	Cons. · Japanese GAAP
FYE May 2020	16.4	+15.6%	Cons. · Japanese GAAP
FYE May 2021	16.6	+1.6%	Cons. · Japanese GAAP
FYE May 2022	14.1	−15.3%	Cons. · Japanese GAAP
FYE May 2023	15.3	+8.7%	Cons. · Japanese GAAP
FYE May 2024	18.6	+21.4%	Cons. · Japanese GAAP
FYE May 2025	26.6	+43.3%	Cons. · Japanese GAAP
FYE May 2026	27.1	+1.9%	Cons. · Japanese GAAP

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

Non-operating income

FYE May 2026 ¥2.4bn

CAGR · 10 yrs +17.6%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE May 2017	0.6	n/a	Cons. · Japanese GAAP
FYE May 2018	0.9	+53.8%	Cons. · Japanese GAAP
FYE May 2019	0.6	−29.3%	Cons. · Japanese GAAP
FYE May 2020	0.6	+4.4%	Cons. · Japanese GAAP
FYE May 2021	1.0	+54.8%	Cons. · Japanese GAAP
FYE May 2022	2.1	+110.0%	Cons. · Japanese GAAP
FYE May 2023	4.3	+105.3%	Cons. · Japanese GAAP
FYE May 2024	2.2	−47.5%	Cons. · Japanese GAAP
FYE May 2025	2.0	−8.9%	Cons. · Japanese GAAP
FYE May 2026	2.4	+19.0%	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 ¥1.8bn

CAGR · 10 yrs +34.1%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE May 2017	0.1	n/a	Cons. · Japanese GAAP
FYE May 2018	0.1	−11.7%	Cons. · Japanese GAAP
FYE May 2019	0.1	+20.4%	Cons. · Japanese GAAP
FYE May 2020	0.2	+22.1%	Cons. · Japanese GAAP
FYE May 2021	0.3	+57.2%	Cons. · Japanese GAAP
FYE May 2022	0.4	+36.4%	Cons. · Japanese GAAP
FYE May 2023	0.4	+18.0%	Cons. · Japanese GAAP
FYE May 2024	0.7	+66.4%	Cons. · Japanese GAAP
FYE May 2025	1.1	+60.2%	Cons. · Japanese GAAP
FYE May 2026	1.8	+60.0%	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 ¥28bn

CAGR · 10 yrs +10.7%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE May 2017	11.1	n/a	Cons. · Japanese GAAP
FYE May 2018	12.6	+13.5%	Cons. · Japanese GAAP
FYE May 2019	14.6	+15.9%	Cons. · Japanese GAAP
FYE May 2020	16.8	+15.1%	Cons. · Japanese GAAP
FYE May 2021	17.3	+3.1%	Cons. · Japanese GAAP
FYE May 2022	15.8	−9.0%	Cons. · Japanese GAAP
FYE May 2023	19.1	+21.2%	Cons. · Japanese GAAP
FYE May 2024	20.1	+5.1%	Cons. · Japanese GAAP
FYE May 2025	27.5	+36.9%	Cons. · Japanese GAAP
FYE May 2026	27.7	+0.8%	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 ¥72.0m

CAGR · 10 yrs +5.4%

Fiscal year	Extraordinary income ¥ m	YoY	Basis
FYE May 2017	45.0	n/a	Cons. · Japanese GAAP
FYE May 2018	13.0	−71.1%	Cons. · Japanese GAAP
FYE May 2019	10.0	−23.1%	Cons. · Japanese GAAP
FYE May 2020	380	+3700.0%	Cons. · Japanese GAAP
FYE May 2021	68.0	−82.1%	Cons. · Japanese GAAP
FYE May 2022	390	+473.5%	Cons. · Japanese GAAP
FYE May 2023	74.0	−81.0%	Cons. · Japanese GAAP
FYE May 2024	109	+47.3%	Cons. · Japanese GAAP
FYE May 2025	1.0	−99.1%	Cons. · Japanese GAAP
FYE May 2026	72.0	+7100.0%	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 +8.6%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE May 2017	8.2	n/a	Cons. · Japanese GAAP
FYE May 2018	8.8	+7.8%	Cons. · Japanese GAAP
FYE May 2019	10.6	+20.7%	Cons. · Japanese GAAP
FYE May 2020	12.4	+16.6%	Cons. · Japanese GAAP
FYE May 2021	12.1	−2.9%	Cons. · Japanese GAAP
FYE May 2022	9.8	−18.4%	Cons. · Japanese GAAP
FYE May 2023	12.3	+25.3%	Cons. · Japanese GAAP
FYE May 2024	12.3	−0.2%	Cons. · Japanese GAAP
FYE May 2025	17.8	+44.5%	Cons. · Japanese GAAP
FYE May 2026	17.1	−3.7%	Cons. · Japanese GAAP

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

Gross margin

FYE May 2026 26.4%

Average · 10 yrs 27.8%

Fiscal year	Gross margin %	YoY	Basis
FYE May 2017	28.1	n/a	Cons. · Japanese GAAP
FYE May 2018	28.0	−0.1pp	Cons. · Japanese GAAP
FYE May 2019	28.6	+0.6pp	Cons. · Japanese GAAP
FYE May 2020	28.0	−0.6pp	Cons. · Japanese GAAP
FYE May 2021	29.5	+1.4pp	Cons. · Japanese GAAP
FYE May 2022	27.3	−2.1pp	Cons. · Japanese GAAP
FYE May 2023	28.0	+0.7pp	Cons. · Japanese GAAP
FYE May 2024	27.0	−1.0pp	Cons. · Japanese GAAP
FYE May 2025	26.5	−0.5pp	Cons. · Japanese GAAP
FYE May 2026	26.4	−0.1pp	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 5.0%

Fiscal year	Operating margin %	YoY	Basis
FYE May 2017	5.7	n/a	Cons. · Japanese GAAP
FYE May 2018	5.4	−0.3pp	Cons. · Japanese GAAP
FYE May 2019	5.6	+0.3pp	Cons. · Japanese GAAP
FYE May 2020	5.4	−0.2pp	Cons. · Japanese GAAP
FYE May 2021	5.4	−0.0pp	Cons. · Japanese GAAP
FYE May 2022	4.3	−1.1pp	Cons. · Japanese GAAP
FYE May 2023	4.0	−0.2pp	Cons. · Japanese GAAP
FYE May 2024	4.3	+0.2pp	Cons. · Japanese GAAP
FYE May 2025	5.3	+1.1pp	Cons. · Japanese GAAP
FYE May 2026	4.8	−0.5pp	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 4.9%

Average · 10 yrs 5.4%

Fiscal year	Ordinary margin %	YoY	Basis
FYE May 2017	5.9	n/a	Cons. · Japanese GAAP
FYE May 2018	5.7	−0.2pp	Cons. · Japanese GAAP
FYE May 2019	5.8	+0.1pp	Cons. · Japanese GAAP
FYE May 2020	5.6	−0.2pp	Cons. · Japanese GAAP
FYE May 2021	5.7	+0.1pp	Cons. · Japanese GAAP
FYE May 2022	4.8	−0.9pp	Cons. · Japanese GAAP
FYE May 2023	5.0	+0.2pp	Cons. · Japanese GAAP
FYE May 2024	4.6	−0.4pp	Cons. · Japanese GAAP
FYE May 2025	5.5	+0.9pp	Cons. · Japanese GAAP
FYE May 2026	4.9	−0.6pp	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 3.0%

Average · 10 yrs 3.6%

Fiscal year	Net margin %	YoY	Basis
FYE May 2017	4.3	n/a	Cons. · Japanese GAAP
FYE May 2018	4.0	−0.3pp	Cons. · Japanese GAAP
FYE May 2019	4.2	+0.3pp	Cons. · Japanese GAAP
FYE May 2020	4.1	−0.1pp	Cons. · Japanese GAAP
FYE May 2021	3.9	−0.2pp	Cons. · Japanese GAAP
FYE May 2022	3.0	−0.9pp	Cons. · Japanese GAAP
FYE May 2023	3.3	+0.3pp	Cons. · Japanese GAAP
FYE May 2024	2.8	−0.4pp	Cons. · Japanese GAAP
FYE May 2025	3.5	+0.7pp	Cons. · Japanese GAAP
FYE May 2026	3.0	−0.5pp	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 73.6%

Average · 10 yrs 72.2%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE May 2017	71.9	n/a	Cons. · Japanese GAAP
FYE May 2018	72.0	+0.1pp	Cons. · Japanese GAAP
FYE May 2019	71.4	−0.6pp	Cons. · Japanese GAAP
FYE May 2020	72.0	+0.6pp	Cons. · Japanese GAAP
FYE May 2021	70.5	−1.4pp	Cons. · Japanese GAAP
FYE May 2022	72.7	+2.1pp	Cons. · Japanese GAAP
FYE May 2023	72.0	−0.7pp	Cons. · Japanese GAAP
FYE May 2024	73.0	+1.0pp	Cons. · Japanese GAAP
FYE May 2025	73.5	+0.5pp	Cons. · Japanese GAAP
FYE May 2026	73.6	+0.1pp	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 21.6%

Average · 10 yrs 22.7%

Fiscal year	SG&A ratio %	YoY	Basis
FYE May 2017	22.5	n/a	Cons. · Japanese GAAP
FYE May 2018	22.7	+0.2pp	Cons. · Japanese GAAP
FYE May 2019	23.0	+0.3pp	Cons. · Japanese GAAP
FYE May 2020	22.6	−0.4pp	Cons. · Japanese GAAP
FYE May 2021	24.0	+1.5pp	Cons. · Japanese GAAP
FYE May 2022	23.1	−1.0pp	Cons. · Japanese GAAP
FYE May 2023	24.0	+0.9pp	Cons. · Japanese GAAP
FYE May 2024	22.8	−1.2pp	Cons. · Japanese GAAP
FYE May 2025	21.2	−1.6pp	Cons. · Japanese GAAP
FYE May 2026	21.6	+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 ¥411bn

CAGR · 10 yrs +17.6%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE May 2017	95.4	n/a	Cons. · Japanese GAAP
FYE May 2018	118	+23.4%	Cons. · Japanese GAAP
FYE May 2019	136	+15.7%	Cons. · Japanese GAAP
FYE May 2020	170	+25.1%	Cons. · Japanese GAAP
FYE May 2021	196	+15.0%	Cons. · Japanese GAAP
FYE May 2022	234	+19.5%	Cons. · Japanese GAAP
FYE May 2023	274	+17.1%	Cons. · Japanese GAAP
FYE May 2024	303	+10.6%	Cons. · Japanese GAAP
FYE May 2025	352	+16.2%	Cons. · Japanese GAAP
FYE May 2026	411	+16.6%	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 ¥141bn

CAGR · 10 yrs +16.4%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE May 2017	35.8	n/a	Cons. · Japanese GAAP
FYE May 2018	44.3	+23.6%	Cons. · Japanese GAAP
FYE May 2019	54.4	+22.9%	Cons. · Japanese GAAP
FYE May 2020	66.2	+21.6%	Cons. · Japanese GAAP
FYE May 2021	77.7	+17.3%	Cons. · Japanese GAAP
FYE May 2022	86.9	+11.9%	Cons. · Japanese GAAP
FYE May 2023	98.5	+13.4%	Cons. · Japanese GAAP
FYE May 2024	117	+19.2%	Cons. · Japanese GAAP
FYE May 2025	146	+24.1%	Cons. · Japanese GAAP
FYE May 2026	141	−3.2%	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 May 2026 ¥120bn

CAGR · 10 yrs +24.1%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE May 2017	17.2	n/a	Cons. · Japanese GAAP
FYE May 2018	23.3	+35.1%	Cons. · Japanese GAAP
FYE May 2019	26.3	+12.9%	Cons. · Japanese GAAP
FYE May 2020	35.6	+35.3%	Cons. · Japanese GAAP
FYE May 2021	48.3	+35.7%	Cons. · Japanese GAAP
FYE May 2022	69.6	+44.4%	Cons. · Japanese GAAP
FYE May 2023	80.2	+15.1%	Cons. · Japanese GAAP
FYE May 2024	76.3	−4.9%	Cons. · Japanese GAAP
FYE May 2025	93.2	+22.2%	Cons. · Japanese GAAP
FYE May 2026	120	+28.8%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE May 2026 ¥0.1bn

CAGR · 10 yrs −29.9%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE May 2017	3.7	n/a	Cons. · Japanese GAAP
FYE May 2018	4.7	+28.6%	Cons. · Japanese GAAP
FYE May 2019	5.3	+11.7%	Cons. · Japanese GAAP
FYE May 2020	6.5	+23.2%	Cons. · Japanese GAAP
FYE May 2021	7.7	+18.0%	Cons. · Japanese GAAP
FYE May 2022	9.7	+26.7%	Cons. · Japanese GAAP
FYE May 2023	11.1	+13.7%	Cons. · Japanese GAAP
FYE May 2024	5.5	−50.4%	Cons. · Japanese GAAP
FYE May 2025	14.9	+171.1%	Cons. · Japanese GAAP
FYE May 2026	0.2	−99.0%	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 May 2026 ¥120bn

CAGR · 10 yrs +27.4%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE May 2017	13.6	n/a	Cons. · Japanese GAAP
FYE May 2018	18.5	+36.9%	Cons. · Japanese GAAP
FYE May 2019	21.0	+13.2%	Cons. · Japanese GAAP
FYE May 2020	29.0	+38.3%	Cons. · Japanese GAAP
FYE May 2021	40.6	+39.6%	Cons. · Japanese GAAP
FYE May 2022	59.9	+47.7%	Cons. · Japanese GAAP
FYE May 2023	69.1	+15.4%	Cons. · Japanese GAAP
FYE May 2024	70.8	+2.4%	Cons. · Japanese GAAP
FYE May 2025	78.3	+10.6%	Cons. · Japanese GAAP
FYE May 2026	120	+53.1%	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 May 2026 ¥19bn

CAGR · 10 yrs +41.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE May 2017	0.8	n/a	Cons. · Japanese GAAP
FYE May 2018	0.9	+3.4%	Cons. · Japanese GAAP
FYE May 2019	0.9	+7.6%	Cons. · Japanese GAAP
FYE May 2020	1.1	+21.9%	Cons. · Japanese GAAP
FYE May 2021	3.7	+224.3%	Cons. · Japanese GAAP
FYE May 2022	4.1	+11.4%	Cons. · Japanese GAAP
FYE May 2023	4.9	+20.1%	Cons. · Japanese GAAP
FYE May 2024	7.8	+60.2%	Cons. · Japanese GAAP
FYE May 2025	13.7	+74.4%	Cons. · Japanese GAAP
FYE May 2026	18.9	+38.2%	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 ¥14bn

CAGR · 6 yrs +48.4%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE May 2017	n/a	n/a	Cons. · Japanese GAAP
FYE May 2018	n/a	n/a	Cons. · Japanese GAAP
FYE May 2019	n/a	n/a	Cons. · Japanese GAAP
FYE May 2020	n/a	n/a	Cons. · Japanese GAAP
FYE May 2021	1.9	n/a	Cons. · Japanese GAAP
FYE May 2022	2.0	+6.3%	Cons. · Japanese GAAP
FYE May 2023	1.9	−3.0%	Cons. · Japanese GAAP
FYE May 2024	4.5	+131.2%	Cons. · Japanese GAAP
FYE May 2025	10.1	+124.6%	Cons. · Japanese GAAP
FYE May 2026	13.6	+34.6%	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 May 2026 34.3%

Average · 10 yrs 38.1%

Fiscal year	Equity ratio %	YoY	Basis
FYE May 2017	37.6	n/a	Cons. · Japanese GAAP
FYE May 2018	37.6	+0.1pp	Cons. · Japanese GAAP
FYE May 2019	40.0	+2.3pp	Cons. · Japanese GAAP
FYE May 2020	38.9	−1.1pp	Cons. · Japanese GAAP
FYE May 2021	39.6	+0.8pp	Cons. · Japanese GAAP
FYE May 2022	37.1	−2.5pp	Cons. · Japanese GAAP
FYE May 2023	35.9	−1.2pp	Cons. · Japanese GAAP
FYE May 2024	38.7	+2.8pp	Cons. · Japanese GAAP
FYE May 2025	41.4	+2.7pp	Cons. · Japanese GAAP
FYE May 2026	34.3	−7.0pp	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 May 2026 85.1%

Average · 10 yrs 64.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE May 2017	48.1	n/a	Cons. · Japanese GAAP
FYE May 2018	52.6	+4.5pp	Cons. · Japanese GAAP
FYE May 2019	48.3	−4.3pp	Cons. · Japanese GAAP
FYE May 2020	53.7	+5.4pp	Cons. · Japanese GAAP
FYE May 2021	62.1	+8.4pp	Cons. · Japanese GAAP
FYE May 2022	80.1	+18.0pp	Cons. · Japanese GAAP
FYE May 2023	81.4	+1.2pp	Cons. · Japanese GAAP
FYE May 2024	65.0	−16.4pp	Cons. · Japanese GAAP
FYE May 2025	64.0	−1.0pp	Cons. · Japanese GAAP
FYE May 2026	85.1	+21.2pp	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 May 2026 12.1%

Average · 10 yrs 15.5%

Fiscal year	ROE %	YoY	Basis
FYE May 2017	22.8	n/a	Cons. · Japanese GAAP
FYE May 2018	19.9	−2.9pp	Cons. · Japanese GAAP
FYE May 2019	19.6	−0.4pp	Cons. · Japanese GAAP
FYE May 2020	18.7	−0.8pp	Cons. · Japanese GAAP
FYE May 2021	15.5	−3.2pp	Cons. · Japanese GAAP
FYE May 2022	11.3	−4.2pp	Cons. · Japanese GAAP
FYE May 2023	12.5	+1.2pp	Cons. · Japanese GAAP
FYE May 2024	10.5	−2.0pp	Cons. · Japanese GAAP
FYE May 2025	12.2	+1.7pp	Cons. · Japanese GAAP
FYE May 2026	12.1	−0.1pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE May 2026 4.2%

Average · 10 yrs 5.9%

Fiscal year	ROA %	YoY	Basis
FYE May 2017	8.6	n/a	Cons. · Japanese GAAP
FYE May 2018	7.5	−1.1pp	Cons. · Japanese GAAP
FYE May 2019	7.8	+0.3pp	Cons. · Japanese GAAP
FYE May 2020	7.3	−0.5pp	Cons. · Japanese GAAP
FYE May 2021	6.2	−1.1pp	Cons. · Japanese GAAP
FYE May 2022	4.2	−2.0pp	Cons. · Japanese GAAP
FYE May 2023	4.5	+0.3pp	Cons. · Japanese GAAP
FYE May 2024	4.1	−0.4pp	Cons. · Japanese GAAP
FYE May 2025	5.0	+1.0pp	Cons. · Japanese GAAP
FYE May 2026	4.2	−0.9pp	Cons. · Japanese GAAP

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

Asset turnover

FYE May 2026 1.38×

CAGR · 10 yrs −3.9%

Fiscal year	Asset turnover ×	YoY	Basis
FYE May 2017	1.98	n/a	Cons. · Japanese GAAP
FYE May 2018	1.88	−5.0%	Cons. · Japanese GAAP
FYE May 2019	1.84	−2.0%	Cons. · Japanese GAAP
FYE May 2020	1.76	−4.3%	Cons. · Japanese GAAP
FYE May 2021	1.56	−11.4%	Cons. · Japanese GAAP
FYE May 2022	1.40	−10.2%	Cons. · Japanese GAAP
FYE May 2023	1.38	−1.5%	Cons. · Japanese GAAP
FYE May 2024	1.44	+4.2%	Cons. · Japanese GAAP
FYE May 2025	1.42	−1.2%	Cons. · Japanese GAAP
FYE May 2026	1.38	−3.0%	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 ¥37bn

CAGR · 10 yrs +17.5%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE May 2017	8.7	n/a	Cons. · Japanese GAAP
FYE May 2018	18.2	+108.2%	Cons. · Japanese GAAP
FYE May 2019	11.1	−38.8%	Cons. · Japanese GAAP
FYE May 2020	21.5	+92.9%	Cons. · Japanese GAAP
FYE May 2021	13.9	−35.6%	Cons. · Japanese GAAP
FYE May 2022	20.3	+46.5%	Cons. · Japanese GAAP
FYE May 2023	31.2	+54.0%	Cons. · Japanese GAAP
FYE May 2024	26.9	−14.0%	Cons. · Japanese GAAP
FYE May 2025	22.2	−17.5%	Cons. · Japanese GAAP
FYE May 2026	37.3	+68.4%	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 -¥43bn

Average · 10 yrs -¥24bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE May 2017	-13.0	n/a	Cons. · Japanese GAAP
FYE May 2018	-16.3	n/a	Cons. · Japanese GAAP
FYE May 2019	-17.9	n/a	Cons. · Japanese GAAP
FYE May 2020	-18.1	n/a	Cons. · Japanese GAAP
FYE May 2021	-25.5	n/a	Cons. · Japanese GAAP
FYE May 2022	-27.8	n/a	Cons. · Japanese GAAP
FYE May 2023	-22.3	n/a	Cons. · Japanese GAAP
FYE May 2024	-21.1	n/a	Cons. · Japanese GAAP
FYE May 2025	-31.1	n/a	Cons. · Japanese GAAP
FYE May 2026	-42.9	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 ¥16bn

CAGR · 10 yrs +27.7%

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE May 2017	1.8	n/a	Cons. · Japanese GAAP
FYE May 2018	4.8	+161.2%	Cons. · Japanese GAAP
FYE May 2019	1.6	−66.1%	Cons. · Japanese GAAP
FYE May 2020	7.8	+379.8%	Cons. · Japanese GAAP
FYE May 2021	8.1	+4.4%	Cons. · Japanese GAAP
FYE May 2022	18.1	+123.4%	Cons. · Japanese GAAP
FYE May 2023	7.5	−58.4%	Cons. · Japanese GAAP
FYE May 2024	0.3	−95.4%	Cons. · Japanese GAAP
FYE May 2025	7.7	+2129.1%	Cons. · Japanese GAAP
FYE May 2026	16.5	+115.0%	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 ¥59bn

CAGR · 10 yrs +27.6%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE May 2017	6.5	n/a	Cons. · Japanese GAAP
FYE May 2018	13.2	+102.9%	Cons. · Japanese GAAP
FYE May 2019	8.1	−38.6%	Cons. · Japanese GAAP
FYE May 2020	19.3	+137.4%	Cons. · Japanese GAAP
FYE May 2021	15.7	−18.5%	Cons. · Japanese GAAP
FYE May 2022	26.3	+67.5%	Cons. · Japanese GAAP
FYE May 2023	42.9	+62.7%	Cons. · Japanese GAAP
FYE May 2024	49.0	+14.2%	Cons. · Japanese GAAP
FYE May 2025	47.7	−2.5%	Cons. · Japanese GAAP
FYE May 2026	58.7	+22.9%	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 -¥5.6bn

Average · 10 yrs -¥2.5bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE May 2017	-4.3	n/a	Cons. · Japanese GAAP
FYE May 2018	1.9	n/a	Cons. · Japanese GAAP
FYE May 2019	-6.7	−445.8%	Cons. · Japanese GAAP
FYE May 2020	3.4	n/a	Cons. · Japanese GAAP
FYE May 2021	-11.7	−442.2%	Cons. · Japanese GAAP
FYE May 2022	-7.5	n/a	Cons. · Japanese GAAP
FYE May 2023	9.0	n/a	Cons. · Japanese GAAP
FYE May 2024	5.8	−35.9%	Cons. · Japanese GAAP
FYE May 2025	-8.9	−254.7%	Cons. · Japanese GAAP
FYE May 2026	-5.6	n/a	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 6.6%

Average · 10 yrs 6.1%

Fiscal year	OCF margin %	YoY	Basis
FYE May 2017	4.6	n/a	Cons. · Japanese GAAP
FYE May 2018	8.2	+3.6pp	Cons. · Japanese GAAP
FYE May 2019	4.4	−3.8pp	Cons. · Japanese GAAP
FYE May 2020	7.2	+2.7pp	Cons. · Japanese GAAP
FYE May 2021	4.5	−2.6pp	Cons. · Japanese GAAP
FYE May 2022	6.2	+1.7pp	Cons. · Japanese GAAP
FYE May 2023	8.2	+2.1pp	Cons. · Japanese GAAP
FYE May 2024	6.1	−2.1pp	Cons. · Japanese GAAP
FYE May 2025	4.4	−1.7pp	Cons. · Japanese GAAP
FYE May 2026	6.6	+2.2pp	Cons. · Japanese GAAP

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

Net cash

FYE May 2026 -¥61bn

Average · 10 yrs -¥30bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE May 2017	-10.7	n/a	Cons. · Japanese GAAP
FYE May 2018	-10.0	n/a	Cons. · Japanese GAAP
FYE May 2019	-18.2	n/a	Cons. · Japanese GAAP
FYE May 2020	-16.3	n/a	Cons. · Japanese GAAP
FYE May 2021	-32.5	n/a	Cons. · Japanese GAAP
FYE May 2022	-43.3	n/a	Cons. · Japanese GAAP
FYE May 2023	-37.3	n/a	Cons. · Japanese GAAP
FYE May 2024	-27.3	n/a	Cons. · Japanese GAAP
FYE May 2025	-45.5	n/a	Cons. · Japanese GAAP
FYE May 2026	-61.4	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 May 2026 ¥358bn

Change · 10 yrs +¥191bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE May 2017	167	n/a
FYE May 2018	248	n/a
FYE May 2019	235	n/a
FYE May 2020	258	n/a
FYE May 2021	247	n/a
FYE May 2022	174	n/a
FYE May 2023	234	n/a
FYE May 2024	298	n/a
FYE May 2025	348	n/a
FYE May 2026	358	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 3,744¥

Change · 10 yrs −1,575¥

Fiscal year	Share price ¥	Basis
FYE May 2017	5,319	n/a
FYE May 2018	7,860	n/a
FYE May 2019	7,450	n/a
FYE May 2020	8,172	n/a
FYE May 2021	7,839	n/a
FYE May 2022	5,530	n/a
FYE May 2023	7,420	n/a
FYE May 2024	3,146	n/a
FYE May 2025	3,308	n/a
FYE May 2026	3,744	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 95,616,980shares

Change · 10 yrs +64,156,420 shares

Fiscal year	Shares outstanding shares	Basis
FYE May 2017	31,460,560	Parent
FYE May 2018	31,497,060	Parent
FYE May 2019	31,524,260	Parent
FYE May 2020	31,531,560	Parent
FYE May 2021	31,532,560	Parent
FYE May 2022	31,532,560	Parent
FYE May 2023	31,532,560	Parent
FYE May 2024	94,597,680	Parent
FYE May 2025	105,097,680	Parent
FYE May 2026	95,616,980	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 176.95¥

Change · 10 yrs −83.28¥

Fiscal year	EPS ¥	Basis
FYE May 2017	260.23	Cons.
FYE May 2018	280.23	Cons.
FYE May 2019	337.86	Cons.
FYE May 2020	131.27	Cons.
FYE May 2021	127.52	Cons.
FYE May 2022	104.02	Cons.
FYE May 2023	130.31	Cons.
FYE May 2024	130.11	Cons.
FYE May 2025	175.42	Cons.
FYE May 2026	176.95	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 1,475.03¥

Change · 10 yrs +335.89¥

Fiscal year	BPS ¥	Basis
FYE May 2017	1,139.14	Cons. · Japanese GAAP
FYE May 2018	1,406.80	Cons. · Japanese GAAP
FYE May 2019	1,727.02	Cons. · Japanese GAAP
FYE May 2020	2,100.24	Cons. · Japanese GAAP
FYE May 2021	2,463.14	Cons. · Japanese GAAP
FYE May 2022	2,756.83	Cons. · Japanese GAAP
FYE May 2023	3,125.21	Cons. · Japanese GAAP
FYE May 2024	1,241.26	Cons. · Japanese GAAP
FYE May 2025	1,386.89	Cons. · Japanese GAAP
FYE May 2026	1,475.03	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE May 2026 21.16×

Average · 10 yrs 21.27×

Fiscal year	PER ×	Basis
FYE May 2017	20.44	Cons.
FYE May 2018	28.05	Cons.
FYE May 2019	22.05	Cons.
FYE May 2020	20.75	Cons.
FYE May 2021	20.49	Cons.
FYE May 2022	17.72	Cons.
FYE May 2023	18.98	Cons.
FYE May 2024	24.18	Cons.
FYE May 2025	18.86	Cons.
FYE May 2026	21.16	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 May 2026 2.52×

Average · 10 yrs 3.36×

Fiscal year	PBR ×	Basis
FYE May 2017	4.68	Cons.
FYE May 2018	5.59	Cons.
FYE May 2019	4.32	Cons.
FYE May 2020	3.90	Cons.
FYE May 2021	3.19	Cons.
FYE May 2022	2.01	Cons.
FYE May 2023	2.38	Cons.
FYE May 2024	2.69	Cons.
FYE May 2025	2.29	Cons.
FYE May 2026	2.52	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 6,355people

Change · 10 yrs +4,585 people

Fiscal year	Group employees people	YoY	Basis
FYE May 2017	1,770	n/a	Cons.
FYE May 2018	2,188	+23.6%	Cons.
FYE May 2019	2,417	+10.5%	Cons.
FYE May 2020	3,004	+24.3%	Cons.
FYE May 2021	3,990	+32.8%	Cons.
FYE May 2022	4,033	+1.1%	Cons.
FYE May 2023	4,460	+10.6%	Cons.
FYE May 2024	4,735	+6.2%	Cons.
FYE May 2025	5,627	+18.8%	Cons.
FYE May 2026	6,355	+12.9%	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 63people

Change · 10 yrs +52 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE May 2017	11	n/a	Parent
FYE May 2018	14	+27.3%	Parent
FYE May 2019	12	−14.3%	Parent
FYE May 2020	15	+25.0%	Parent
FYE May 2021	21	+40.0%	Parent
FYE May 2022	37	+76.2%	Parent
FYE May 2023	42	+13.5%	Parent
FYE May 2024	43	+2.4%	Parent
FYE May 2025	59	+37.2%	Parent
FYE May 2026	63	+6.8%	Parent

Definition: Employees of the filing company itself
Formula: Parent-only headcount, from the employee section of the filing
Source: Securities report (XBRL)

Average annual pay parent company

FYE May 2026 536万円

Change · 8 yrs −0万円

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	537	n/a	Parent
FYE May 2020	521	−2.9%	Parent
FYE May 2021	538	+3.3%	Parent
FYE May 2022	461	−14.3%	Parent
FYE May 2023	467	+1.3%	Parent
FYE May 2024	493	+5.5%	Parent
FYE May 2025	526	+6.8%	Parent
FYE May 2026	536	+1.9%	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 35.6years

Change · 8 yrs +1.5 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	34.1	n/a	Parent
FYE May 2020	34.8	+2.1%	Parent
FYE May 2021	33.1	−4.9%	Parent
FYE May 2022	34.9	+5.4%	Parent
FYE May 2023	35.5	+1.7%	Parent
FYE May 2024	35.4	−0.3%	Parent
FYE May 2025	35.4	−0.0%	Parent
FYE May 2026	35.6	+0.6%	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 9.6years

Change · 8 yrs +1.9 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	7.7	n/a	Parent
FYE May 2020	8.6	+11.7%	Parent
FYE May 2021	8.3	−3.5%	Parent
FYE May 2022	10.2	+22.9%	Parent
FYE May 2023	11.0	+7.8%	Parent
FYE May 2024	7.9	−28.2%	Parent
FYE May 2025	8.3	+5.1%	Parent
FYE May 2026	9.6	+15.7%	Parent

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

Temporary employees

FYE May 2026 8,665people

Change · 10 yrs +4,672 people

Fiscal year	Temporary employees people	YoY	Basis
FYE May 2017	3,993	n/a	n/a
FYE May 2018	5,330	+33.5%	n/a
FYE May 2019	5,575	+4.6%	n/a
FYE May 2020	6,613	+18.6%	n/a
FYE May 2021	5,634	−14.8%	n/a
FYE May 2022	5,474	−2.8%	n/a
FYE May 2023	5,842	+6.7%	n/a
FYE May 2024	6,432	+10.1%	n/a
FYE May 2025	7,574	+17.8%	n/a
FYE May 2026	8,665	+14.4%	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 ¥89.2m

Change · 10 yrs −¥17.4m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE May 2017	107	n/a	Cons.
FYE May 2018	101	−5.2%	Cons.
FYE May 2019	104	+2.6%	Cons.
FYE May 2020	99.9	−3.7%	Cons.
FYE May 2021	76.7	−23.3%	Cons.
FYE May 2022	81.4	+6.2%	Cons.
FYE May 2023	84.9	+4.3%	Cons.
FYE May 2024	92.3	+8.6%	Cons.
FYE May 2025	89.1	−3.4%	Cons.
FYE May 2026	89.2	+0.1%	Cons.

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

Operating profit per employee

FYE May 2026 ¥4.3m

Change · 10 yrs −¥1.8m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE May 2017	6.0	n/a	Cons.
FYE May 2018	5.4	−10.1%	Cons.
FYE May 2019	5.9	+8.0%	Cons.
FYE May 2020	5.4	−7.0%	Cons.
FYE May 2021	4.2	−23.5%	Cons.
FYE May 2022	3.5	−16.2%	Cons.
FYE May 2023	3.4	−1.7%	Cons.
FYE May 2024	3.9	+14.3%	Cons.
FYE May 2025	4.7	+20.5%	Cons.
FYE May 2026	4.3	−9.8%	Cons.

Definition: What each employee accounts for in operating profit
Formula: Operating profit ÷ group employees
Source: Securities report (XBRL)

Disclaimer

Figures are reproduced as filed and are not restated: a change of accounting standard or of consolidation basis moves the series without anything happening to the business. Where that happened, the table says so in place of the year-on-year figure.
Ratios and per-employee figures are computed from the filed lines rather than taken from the filing, and use year-end balances rather than averages.

Accuracy, liability, reuse and privacy — the full disclaimer →

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