Financials

Food & Life Companies (Sushiro): FYE Sep 2025 and ten years of results (47 metrics)

FYE Sep 2025 · Revenue¥430bnYoY +19.0%

FYE Sep 2025 · Operating profit¥36bnYoY +54.3%

FYE Sep 2025 · Net profit¥23bnYoY +56.7%

FYE Sep 2025 · Equity ratio23.8%YoY +3.2pp

FYE Sep 2025 · Group employees11,720YoY +2,742

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Sep 2016Consolidated	¥148bn	n/a	¥7.5bn	n/a	5.1%	¥3.2bn	Mizutome Koichi	—
FYE Sep 2017Consolidated	¥156bn	+5.9%	¥9.2bn	+22.6%	5.9%	¥7.0bn	Mizutome Koichi	Relists on the TSE first section — Permira’s exit
FYE Sep 2018Consolidated	¥175bn	+11.8%	¥12bn	+27.3%	6.7%	¥8.0bn	Mizutome Koichi	—
FYE Sep 2019Consolidated	¥199bn	+13.8%	¥15bn	+24.1%	7.3%	¥10.0bn	Mizutome Koichi	—
FYE Sep 2020Consolidated	¥205bn	+2.9%	¥12bn	−17.1%	5.9%	¥6.5bn	Mizutome Koichi	—
FYE Sep 2021Consolidated	¥241bn	+17.5%	¥23bn	+89.9%	9.5%	¥13bn	Mizutome Koichi	Renamed FOOD & LIFE COMPANIES; acquires Kyotaru
FYE Sep 2022Consolidated	¥281bn	+16.8%	¥10bn	−55.8%	3.6%	¥3.6bn	Mizutome Koichi	The flat ¥100 plate ends after 26 years
FYE Sep 2023Consolidated	¥302bn	+7.3%	¥11bn	+8.7%	3.6%	¥8.0bn	Mizutome Koichi	—
FYE Sep 2024Consolidated	¥361bn	+19.7%	¥23bn	+112.6%	6.5%	¥15bn	Mizutome Koichi	<a class="en-history_person" href="/tse/3563/executives/ceo/yamamoto-masahiro/" hreflang="ja">Yamamoto Masahiro</a> succeeds Mizutome
FYE Sep 2025Consolidated	¥430bn	+19.0%	¥36bn	+54.3%	8.4%	¥23bn	Yamamoto Masahiro	Overseas Sushiro passes 30% of sushi revenue

How it compares

Zensho Holdings¥1.26tnFY2025Operating margin 6.4%Skylark Holdings¥458bnFY2025Operating margin 6.5%

Food & Life Companies (Sushiro)¥430bnFY2025Operating margin 8.4%

McDonald's Japan¥417bnFY2025Operating margin 12.8%Colowide¥300bnFY2025Operating margin 3.1%トリドールホールディングス¥279bnFY2025Operating margin 3.8%Saizeriya¥257bnFY2025Operating margin 6.0%吉野家ホールディングス¥226bnFY2025Operating margin 3.6%ROYAL HOLDINGS¥165bnFY2025Operating margin 4.6%

create restaurants holdings inc.¥165bnFY2025Operating margin 4.8%

Income statement Revenue, costs, each level of profit and the margins they leave

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Net margin

Revenue net sales, operating revenue

FYE Sep 2025 ¥430bn

CAGR · 10 yrs +12.6%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Sep 2016	148	n/a	Cons. · IFRS
FYE Sep 2017	156	+5.9%	Cons. · IFRS
FYE Sep 2018	175	+11.8%	Cons. · IFRS
FYE Sep 2019	199	+13.8%	Cons. · IFRS
FYE Sep 2020	205	+2.9%	Cons. · IFRS
FYE Sep 2021	241	+17.5%	Cons. · IFRS
FYE Sep 2022	281	+16.8%	Cons. · IFRS
FYE Sep 2023	302	+7.3%	Cons. · IFRS
FYE Sep 2024	361	+19.7%	Cons. · IFRS
FYE Sep 2025	430	+19.0%	Cons. · IFRS

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

Cost of sales

FYE Sep 2025 ¥185bn

CAGR · 8 yrs +11.9%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Sep 2016	n/a	n/a	Cons. · IFRS
FYE Sep 2017	n/a	n/a	Cons. · IFRS
FYE Sep 2018	84.1	n/a	Cons. · IFRS
FYE Sep 2019	95.8	+13.9%	Cons. · IFRS
FYE Sep 2020	97.2	+1.5%	Cons. · IFRS
FYE Sep 2021	111	+13.7%	Cons. · IFRS
FYE Sep 2022	130	+17.8%	Cons. · IFRS
FYE Sep 2023	134	+3.0%	Cons. · IFRS
FYE Sep 2024	156	+16.1%	Cons. · IFRS
FYE Sep 2025	185	+18.5%	Cons. · IFRS

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

Gross profit

FYE Sep 2025 ¥245bn

CAGR · 8 yrs +15.2%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Sep 2016	n/a	n/a	Cons. · IFRS
FYE Sep 2017	n/a	n/a	Cons. · IFRS
FYE Sep 2018	90.8	n/a	Cons. · IFRS
FYE Sep 2019	103	+13.8%	Cons. · IFRS
FYE Sep 2020	108	+4.3%	Cons. · IFRS
FYE Sep 2021	130	+20.9%	Cons. · IFRS
FYE Sep 2022	151	+16.0%	Cons. · IFRS
FYE Sep 2023	168	+10.9%	Cons. · IFRS
FYE Sep 2024	205	+22.6%	Cons. · IFRS
FYE Sep 2025	245	+19.3%	Cons. · IFRS

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

SG&A selling, general and administrative expenses

FYE Sep 2025 ¥209bn

CAGR · 8 yrs +15.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Sep 2016	n/a	n/a	Cons. · IFRS
FYE Sep 2017	n/a	n/a	Cons. · IFRS
FYE Sep 2018	78.5	n/a	Cons. · IFRS
FYE Sep 2019	88.1	+12.2%	Cons. · IFRS
FYE Sep 2020	94.4	+7.1%	Cons. · IFRS
FYE Sep 2021	116	+22.5%	Cons. · IFRS
FYE Sep 2022	138	+19.3%	Cons. · IFRS
FYE Sep 2023	152	+10.4%	Cons. · IFRS
FYE Sep 2024	180	+18.0%	Cons. · IFRS
FYE Sep 2025	209	+16.0%	Cons. · IFRS

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

Operating profit

FYE Sep 2025 ¥36bn

CAGR · 10 yrs +19.1%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Sep 2016	7.5	n/a	Cons. · IFRS
FYE Sep 2017	9.2	+22.6%	Cons. · IFRS
FYE Sep 2018	11.7	+27.3%	Cons. · IFRS
FYE Sep 2019	14.5	+24.1%	Cons. · IFRS
FYE Sep 2020	12.1	−17.1%	Cons. · IFRS
FYE Sep 2021	22.9	+89.9%	Cons. · IFRS
FYE Sep 2022	10.1	−55.8%	Cons. · IFRS
FYE Sep 2023	11.0	+8.7%	Cons. · IFRS
FYE Sep 2024	23.4	+112.6%	Cons. · IFRS
FYE Sep 2025	36.1	+54.3%	Cons. · IFRS

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

Non-operating income

FYE Sep 2025 ¥407m

CAGR · 8 yrs +15.7%

Fiscal year	Non-operating income ¥ m	YoY	Basis
FYE Sep 2016	n/a	n/a	Cons. · IFRS
FYE Sep 2017	n/a	n/a	Cons. · IFRS
FYE Sep 2018	147	n/a	Cons. · IFRS
FYE Sep 2019	128	−12.9%	Cons. · IFRS
FYE Sep 2020	90.0	−29.7%	Cons. · IFRS
FYE Sep 2021	68.0	−24.4%	Cons. · IFRS
FYE Sep 2022	499	+633.8%	Cons. · IFRS
FYE Sep 2023	325	−34.9%	Cons. · IFRS
FYE Sep 2024	461	+41.8%	Cons. · IFRS
FYE Sep 2025	407	−11.7%	Cons. · IFRS

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

Non-operating expenses

FYE Sep 2025 ¥2.7bn

CAGR · 8 yrs +33.7%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Sep 2016	n/a	n/a	Cons. · IFRS
FYE Sep 2017	n/a	n/a	Cons. · IFRS
FYE Sep 2018	0.4	n/a	Cons. · IFRS
FYE Sep 2019	0.3	−13.5%	Cons. · IFRS
FYE Sep 2020	0.8	+162.3%	Cons. · IFRS
FYE Sep 2021	0.8	+4.5%	Cons. · IFRS
FYE Sep 2022	1.0	+18.8%	Cons. · IFRS
FYE Sep 2023	1.5	+50.9%	Cons. · IFRS
FYE Sep 2024	2.2	+44.7%	Cons. · IFRS
FYE Sep 2025	2.7	+24.3%	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Sep 2025 ¥23bn

CAGR · 10 yrs +24.5%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Sep 2016	3.2	n/a	Cons. · IFRS
FYE Sep 2017	7.0	+118.3%	Cons. · IFRS
FYE Sep 2018	8.0	+14.9%	Cons. · IFRS
FYE Sep 2019	10.0	+24.6%	Cons. · IFRS
FYE Sep 2020	6.5	−35.2%	Cons. · IFRS
FYE Sep 2021	13.2	+104.2%	Cons. · IFRS
FYE Sep 2022	3.6	−72.6%	Cons. · IFRS
FYE Sep 2023	8.0	+123.0%	Cons. · IFRS
FYE Sep 2024	14.6	+81.9%	Cons. · IFRS
FYE Sep 2025	22.9	+56.7%	Cons. · IFRS

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

Gross margin

FYE Sep 2025 57.0%

Average · 8 yrs 54.2%

Fiscal year	Gross margin %	YoY	Basis
FYE Sep 2016	n/a	n/a	Cons. · IFRS
FYE Sep 2017	n/a	n/a	Cons. · IFRS
FYE Sep 2018	51.9	n/a	Cons. · IFRS
FYE Sep 2019	51.9	−0.0pp	Cons. · IFRS
FYE Sep 2020	52.6	+0.7pp	Cons. · IFRS
FYE Sep 2021	54.1	+1.5pp	Cons. · IFRS
FYE Sep 2022	53.7	−0.4pp	Cons. · IFRS
FYE Sep 2023	55.5	+1.8pp	Cons. · IFRS
FYE Sep 2024	56.9	+1.3pp	Cons. · IFRS
FYE Sep 2025	57.0	+0.2pp	Cons. · IFRS

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

Operating margin

FYE Sep 2025 8.4%

Average · 10 yrs 6.2%

Fiscal year	Operating margin %	YoY	Basis
FYE Sep 2016	5.1	n/a	Cons. · IFRS
FYE Sep 2017	5.9	+0.8pp	Cons. · IFRS
FYE Sep 2018	6.7	+0.8pp	Cons. · IFRS
FYE Sep 2019	7.3	+0.6pp	Cons. · IFRS
FYE Sep 2020	5.9	−1.4pp	Cons. · IFRS
FYE Sep 2021	9.5	+3.6pp	Cons. · IFRS
FYE Sep 2022	3.6	−5.9pp	Cons. · IFRS
FYE Sep 2023	3.6	−0.0pp	Cons. · IFRS
FYE Sep 2024	6.5	+2.8pp	Cons. · IFRS
FYE Sep 2025	8.4	+1.9pp	Cons. · IFRS

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

Net margin

FYE Sep 2025 5.3%

Average · 10 yrs 3.8%

Fiscal year	Net margin %	YoY	Basis
FYE Sep 2016	2.2	n/a	Cons. · IFRS
FYE Sep 2017	4.4	+2.3pp	Cons. · IFRS
FYE Sep 2018	4.6	+0.1pp	Cons. · IFRS
FYE Sep 2019	5.0	+0.4pp	Cons. · IFRS
FYE Sep 2020	3.2	−1.9pp	Cons. · IFRS
FYE Sep 2021	5.5	+2.3pp	Cons. · IFRS
FYE Sep 2022	1.3	−4.2pp	Cons. · IFRS
FYE Sep 2023	2.7	+1.4pp	Cons. · IFRS
FYE Sep 2024	4.1	+1.4pp	Cons. · IFRS
FYE Sep 2025	5.3	+1.3pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Sep 2025 43.0%

Average · 8 yrs 45.8%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Sep 2016	n/a	n/a	Cons. · IFRS
FYE Sep 2017	n/a	n/a	Cons. · IFRS
FYE Sep 2018	48.1	n/a	Cons. · IFRS
FYE Sep 2019	48.1	−0.0pp	Cons. · IFRS
FYE Sep 2020	47.4	−0.7pp	Cons. · IFRS
FYE Sep 2021	45.9	−1.5pp	Cons. · IFRS
FYE Sep 2022	46.3	+0.4pp	Cons. · IFRS
FYE Sep 2023	44.5	−1.8pp	Cons. · IFRS
FYE Sep 2024	43.1	−1.3pp	Cons. · IFRS
FYE Sep 2025	43.0	−0.2pp	Cons. · IFRS

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

SG&A ratio

FYE Sep 2025 48.6%

Average · 8 yrs 47.7%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Sep 2016	n/a	n/a	Cons. · IFRS
FYE Sep 2017	n/a	n/a	Cons. · IFRS
FYE Sep 2018	44.9	n/a	Cons. · IFRS
FYE Sep 2019	44.3	−0.6pp	Cons. · IFRS
FYE Sep 2020	46.1	+1.8pp	Cons. · IFRS
FYE Sep 2021	48.0	+2.0pp	Cons. · IFRS
FYE Sep 2022	49.1	+1.0pp	Cons. · IFRS
FYE Sep 2023	50.5	+1.5pp	Cons. · IFRS
FYE Sep 2024	49.8	−0.7pp	Cons. · IFRS
FYE Sep 2025	48.6	−1.2pp	Cons. · IFRS

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

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

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Sep 2025 ¥399bn

CAGR · 10 yrs +14.0%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Sep 2016	122	n/a	Cons. · IFRS
FYE Sep 2017	126	+2.6%	Cons. · IFRS
FYE Sep 2018	132	+5.2%	Cons. · IFRS
FYE Sep 2019	136	+3.2%	Cons. · IFRS
FYE Sep 2020	237	+74.0%	Cons. · IFRS
FYE Sep 2021	296	+24.8%	Cons. · IFRS
FYE Sep 2022	332	+12.2%	Cons. · IFRS
FYE Sep 2023	352	+5.9%	Cons. · IFRS
FYE Sep 2024	365	+3.8%	Cons. · IFRS
FYE Sep 2025	399	+9.2%	Cons. · IFRS

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

Equity net assets, shareholders' equity

FYE Sep 2025 ¥95bn

CAGR · 10 yrs +16.0%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Sep 2016	24.9	n/a	Cons. · IFRS
FYE Sep 2017	31.9	+27.8%	Cons. · IFRS
FYE Sep 2018	40.8	+28.2%	Cons. · IFRS
FYE Sep 2019	47.4	+16.0%	Cons. · IFRS
FYE Sep 2020	50.9	+7.4%	Cons. · IFRS
FYE Sep 2021	63.6	+24.9%	Cons. · IFRS
FYE Sep 2022	65.1	+2.4%	Cons. · IFRS
FYE Sep 2023	71.9	+10.4%	Cons. · IFRS
FYE Sep 2024	75.3	+4.8%	Cons. · IFRS
FYE Sep 2025	94.8	+25.9%	Cons. · IFRS

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

Interest-bearing debt

FYE Sep 2025 ¥81bn

CAGR · 8 yrs +8.7%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Sep 2016	n/a	n/a	Cons. · IFRS
FYE Sep 2017	n/a	n/a	Cons. · IFRS
FYE Sep 2018	44.8	n/a	Cons. · IFRS
FYE Sep 2019	40.8	−9.1%	Cons. · IFRS
FYE Sep 2020	46.7	+14.5%	Cons. · IFRS
FYE Sep 2021	62.9	+34.7%	Cons. · IFRS
FYE Sep 2022	92.9	+47.7%	Cons. · IFRS
FYE Sep 2023	89.0	−4.3%	Cons. · IFRS
FYE Sep 2024	84.5	−5.0%	Cons. · IFRS
FYE Sep 2025	80.5	−4.7%	Cons. · IFRS

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

Short-term borrowings

FYE Sep 2025 ¥4.0bn

CAGR · 8 yrs −0.4%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Sep 2016	n/a	n/a	Cons. · IFRS
FYE Sep 2017	n/a	n/a	Cons. · IFRS
FYE Sep 2018	4.1	n/a	Cons. · IFRS
FYE Sep 2019	4.1	+0.4%	Cons. · IFRS
FYE Sep 2020	36.7	+784.6%	Cons. · IFRS
FYE Sep 2021	4.0	−89.1%	Cons. · IFRS
FYE Sep 2022	4.0	−0.0%	Cons. · IFRS
FYE Sep 2023	24.0	+498.8%	Cons. · IFRS
FYE Sep 2024	9.0	−62.5%	Cons. · IFRS
FYE Sep 2025	4.0	−55.5%	Cons. · IFRS

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

Long-term borrowings

FYE Sep 2025 ¥77bn

CAGR · 8 yrs +9.4%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Sep 2016	n/a	n/a	Cons. · IFRS
FYE Sep 2017	n/a	n/a	Cons. · IFRS
FYE Sep 2018	40.7	n/a	Cons. · IFRS
FYE Sep 2019	36.6	−10.0%	Cons. · IFRS
FYE Sep 2020	10.0	−72.7%	Cons. · IFRS
FYE Sep 2021	58.9	+489.7%	Cons. · IFRS
FYE Sep 2022	88.9	+51.0%	Cons. · IFRS
FYE Sep 2023	65.0	−27.0%	Cons. · IFRS
FYE Sep 2024	75.5	+16.3%	Cons. · IFRS
FYE Sep 2025	76.5	+1.3%	Cons. · IFRS

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

Intangible assets

FYE Sep 2025 ¥57bn

CAGR · 8 yrs +0.6%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Sep 2016	n/a	n/a	Cons. · IFRS
FYE Sep 2017	n/a	n/a	Cons. · IFRS
FYE Sep 2018	54.7	n/a	Cons. · IFRS
FYE Sep 2019	54.6	−0.2%	Cons. · IFRS
FYE Sep 2020	54.6	+0.1%	Cons. · IFRS
FYE Sep 2021	54.6	−0.0%	Cons. · IFRS
FYE Sep 2022	56.0	+2.4%	Cons. · IFRS
FYE Sep 2023	56.3	+0.7%	Cons. · IFRS
FYE Sep 2024	57.0	+1.2%	Cons. · IFRS
FYE Sep 2025	57.0	−0.0%	Cons. · IFRS

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

Goodwill

FYE Sep 2025 ¥30bn

CAGR · 8 yrs −0.0%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Sep 2016	n/a	n/a	Cons. · IFRS
FYE Sep 2017	n/a	n/a	Cons. · IFRS
FYE Sep 2018	30.4	n/a	Cons. · IFRS
FYE Sep 2019	30.4	−0.0%	Cons. · IFRS
FYE Sep 2020	30.4	−0.0%	Cons. · IFRS
FYE Sep 2021	30.5	+0.6%	Cons. · IFRS
FYE Sep 2022	30.4	−0.6%	Cons. · IFRS
FYE Sep 2023	30.4	−0.0%	Cons. · IFRS
FYE Sep 2024	30.4	−0.0%	Cons. · IFRS
FYE Sep 2025	30.4	−0.0%	Cons. · IFRS

Definition: What an acquisition cost above the net assets it brought
Formula: Goodwill line of the balance sheet
Source: Securities report (XBRL)

Equity ratio

FYE Sep 2025 23.8%

Average · 10 yrs 23.9%

Fiscal year	Equity ratio %	YoY	Basis
FYE Sep 2016	20.4	n/a	Cons. · IFRS
FYE Sep 2017	25.4	+5.0pp	Cons. · IFRS
FYE Sep 2018	30.9	+5.6pp	Cons. · IFRS
FYE Sep 2019	34.7	+3.8pp	Cons. · IFRS
FYE Sep 2020	21.5	−13.3pp	Cons. · IFRS
FYE Sep 2021	21.5	−0.0pp	Cons. · IFRS
FYE Sep 2022	19.6	−1.9pp	Cons. · IFRS
FYE Sep 2023	20.4	+0.8pp	Cons. · IFRS
FYE Sep 2024	20.6	+0.2pp	Cons. · IFRS
FYE Sep 2025	23.8	+3.2pp	Cons. · IFRS

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

Debt-to-equity ratio D/E ratio

FYE Sep 2025 84.9%

Average · 8 yrs 106.3%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Sep 2016	n/a	n/a	Cons. · IFRS
FYE Sep 2017	n/a	n/a	Cons. · IFRS
FYE Sep 2018	109.8	n/a	Cons. · IFRS
FYE Sep 2019	86.1	−23.7pp	Cons. · IFRS
FYE Sep 2020	91.7	+5.7pp	Cons. · IFRS
FYE Sep 2021	99.0	+7.2pp	Cons. · IFRS
FYE Sep 2022	142.8	+43.8pp	Cons. · IFRS
FYE Sep 2023	123.8	−19.0pp	Cons. · IFRS
FYE Sep 2024	112.2	−11.5pp	Cons. · IFRS
FYE Sep 2025	84.9	−27.3pp	Cons. · IFRS

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

ROE return on equity

FYE Sep 2025 24.2%

Average · 10 yrs 16.9%

Fiscal year	ROE %	YoY	Basis
FYE Sep 2016	12.8	n/a	Cons. · IFRS
FYE Sep 2017	21.8	+9.0pp	Cons. · IFRS
FYE Sep 2018	19.6	−2.3pp	Cons. · IFRS
FYE Sep 2019	21.0	+1.5pp	Cons. · IFRS
FYE Sep 2020	12.7	−8.3pp	Cons. · IFRS
FYE Sep 2021	20.7	+8.1pp	Cons. · IFRS
FYE Sep 2022	5.5	−15.2pp	Cons. · IFRS
FYE Sep 2023	11.2	+5.7pp	Cons. · IFRS
FYE Sep 2024	19.4	+8.2pp	Cons. · IFRS
FYE Sep 2025	24.2	+4.8pp	Cons. · IFRS

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

ROA return on assets

FYE Sep 2025 5.8%

Average · 10 yrs 4.2%

Fiscal year	ROA %	YoY	Basis
FYE Sep 2016	2.6	n/a	Cons. · IFRS
FYE Sep 2017	5.5	+2.9pp	Cons. · IFRS
FYE Sep 2018	6.1	+0.5pp	Cons. · IFRS
FYE Sep 2019	7.3	+1.3pp	Cons. · IFRS
FYE Sep 2020	2.7	−4.6pp	Cons. · IFRS
FYE Sep 2021	4.5	+1.7pp	Cons. · IFRS
FYE Sep 2022	1.1	−3.4pp	Cons. · IFRS
FYE Sep 2023	2.3	+1.2pp	Cons. · IFRS
FYE Sep 2024	4.0	+1.7pp	Cons. · IFRS
FYE Sep 2025	5.8	+1.7pp	Cons. · IFRS

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

Asset turnover

FYE Sep 2025 1.08×

CAGR · 10 yrs −1.3%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Sep 2016	1.21	n/a	Cons. · IFRS
FYE Sep 2017	1.25	+3.2%	Cons. · IFRS
FYE Sep 2018	1.32	+6.3%	Cons. · IFRS
FYE Sep 2019	1.46	+10.3%	Cons. · IFRS
FYE Sep 2020	0.86	−40.8%	Cons. · IFRS
FYE Sep 2021	0.81	−5.8%	Cons. · IFRS
FYE Sep 2022	0.85	+4.2%	Cons. · IFRS
FYE Sep 2023	0.86	+1.3%	Cons. · IFRS
FYE Sep 2024	0.99	+15.2%	Cons. · IFRS
FYE Sep 2025	1.08	+9.0%	Cons. · IFRS

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

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

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Sep 2025 ¥64bn

CAGR · 10 yrs +17.4%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Sep 2016	15.2	n/a	Cons. · IFRS
FYE Sep 2017	11.6	−23.9%	Cons. · IFRS
FYE Sep 2018	14.7	+27.4%	Cons. · IFRS
FYE Sep 2019	17.3	+17.4%	Cons. · IFRS
FYE Sep 2020	23.9	+38.2%	Cons. · IFRS
FYE Sep 2021	31.7	+32.4%	Cons. · IFRS
FYE Sep 2022	29.5	−6.8%	Cons. · IFRS
FYE Sep 2023	42.4	+43.5%	Cons. · IFRS
FYE Sep 2024	56.3	+33.0%	Cons. · IFRS
FYE Sep 2025	64.4	+14.4%	Cons. · IFRS

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

Investing cash flow

FYE Sep 2025 -¥25bn

Average · 10 yrs -¥15bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Sep 2016	-4.6	n/a	Cons. · IFRS
FYE Sep 2017	-5.5	n/a	Cons. · IFRS
FYE Sep 2018	-6.4	n/a	Cons. · IFRS
FYE Sep 2019	-10.7	n/a	Cons. · IFRS
FYE Sep 2020	-14.9	n/a	Cons. · IFRS
FYE Sep 2021	-17.3	n/a	Cons. · IFRS
FYE Sep 2022	-19.6	n/a	Cons. · IFRS
FYE Sep 2023	-17.9	n/a	Cons. · IFRS
FYE Sep 2024	-24.1	n/a	Cons. · IFRS
FYE Sep 2025	-25.4	n/a	Cons. · IFRS

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

Financing cash flow

FYE Sep 2025 -¥29bn

Average · 10 yrs -¥11bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Sep 2016	-5.9	n/a	Cons. · IFRS
FYE Sep 2017	-5.7	n/a	Cons. · IFRS
FYE Sep 2018	-4.5	n/a	Cons. · IFRS
FYE Sep 2019	-8.6	n/a	Cons. · IFRS
FYE Sep 2020	-6.7	n/a	Cons. · IFRS
FYE Sep 2021	2.1	n/a	Cons. · IFRS
FYE Sep 2022	10.5	+400.2%	Cons. · IFRS
FYE Sep 2023	-23.9	−326.5%	Cons. · IFRS
FYE Sep 2024	-34.3	n/a	Cons. · IFRS
FYE Sep 2025	-29.2	n/a	Cons. · IFRS

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

Cash and equivalents

FYE Sep 2025 ¥59bn

CAGR · 10 yrs +24.6%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Sep 2016	8.1	n/a	Cons. · IFRS
FYE Sep 2017	8.5	+4.8%	Cons. · IFRS
FYE Sep 2018	12.4	+45.1%	Cons. · IFRS
FYE Sep 2019	10.3	−16.5%	Cons. · IFRS
FYE Sep 2020	12.7	+22.5%	Cons. · IFRS
FYE Sep 2021	29.4	+131.9%	Cons. · IFRS
FYE Sep 2022	50.6	+72.4%	Cons. · IFRS
FYE Sep 2023	51.2	+1.2%	Cons. · IFRS
FYE Sep 2024	48.7	−4.9%	Cons. · IFRS
FYE Sep 2025	58.8	+20.8%	Cons. · IFRS

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

Free cash flow

FYE Sep 2025 ¥39bn

CAGR · 10 yrs +15.5%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Sep 2016	10.6	n/a	Cons. · IFRS
FYE Sep 2017	6.0	−43.2%	Cons. · IFRS
FYE Sep 2018	8.3	+38.2%	Cons. · IFRS
FYE Sep 2019	6.6	−20.6%	Cons. · IFRS
FYE Sep 2020	9.0	+36.5%	Cons. · IFRS
FYE Sep 2021	14.4	+59.1%	Cons. · IFRS
FYE Sep 2022	9.9	−31.4%	Cons. · IFRS
FYE Sep 2023	24.5	+148.0%	Cons. · IFRS
FYE Sep 2024	32.3	+31.8%	Cons. · IFRS
FYE Sep 2025	39.0	+20.9%	Cons. · IFRS

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

Operating cash flow margin

FYE Sep 2025 15.0%

Average · 10 yrs 11.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Sep 2016	10.3	n/a	Cons. · IFRS
FYE Sep 2017	7.4	−2.9pp	Cons. · IFRS
FYE Sep 2018	8.4	+1.0pp	Cons. · IFRS
FYE Sep 2019	8.7	+0.3pp	Cons. · IFRS
FYE Sep 2020	11.7	+3.0pp	Cons. · IFRS
FYE Sep 2021	13.2	+1.5pp	Cons. · IFRS
FYE Sep 2022	10.5	−2.7pp	Cons. · IFRS
FYE Sep 2023	14.0	+3.5pp	Cons. · IFRS
FYE Sep 2024	15.6	+1.6pp	Cons. · IFRS
FYE Sep 2025	15.0	−0.6pp	Cons. · IFRS

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

Net cash

FYE Sep 2025 -¥22bn

Average · 8 yrs -¥33bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Sep 2016	n/a	n/a	Cons. · IFRS
FYE Sep 2017	n/a	n/a	Cons. · IFRS
FYE Sep 2018	-32.4	n/a	Cons. · IFRS
FYE Sep 2019	-30.4	n/a	Cons. · IFRS
FYE Sep 2020	-34.0	n/a	Cons. · IFRS
FYE Sep 2021	-33.5	n/a	Cons. · IFRS
FYE Sep 2022	-42.3	n/a	Cons. · IFRS
FYE Sep 2023	-37.7	n/a	Cons. · IFRS
FYE Sep 2024	-35.8	n/a	Cons. · IFRS
FYE Sep 2025	-21.7	n/a	Cons. · IFRS

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

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

Market capitalisation

FYE Sep 2025 ¥898bn

Change · 9 yrs +¥799bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Sep 2016	n/a	n/a
FYE Sep 2017	99.1	n/a
FYE Sep 2018	195	n/a
FYE Sep 2019	211	n/a
FYE Sep 2020	307	n/a
FYE Sep 2021	599	n/a
FYE Sep 2022	258	n/a
FYE Sep 2023	292	n/a
FYE Sep 2024	334	n/a
FYE Sep 2025	898	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 Sep 2025 7,737¥

Change · 9 yrs +4,127¥

Fiscal year	Share price ¥	Basis
FYE Sep 2016	n/a	n/a
FYE Sep 2017	3,610	n/a
FYE Sep 2018	6,729	n/a
FYE Sep 2019	7,270	n/a
FYE Sep 2020	2,648	n/a
FYE Sep 2021	5,160	n/a
FYE Sep 2022	2,224	n/a
FYE Sep 2023	2,514	n/a
FYE Sep 2024	2,878	n/a
FYE Sep 2025	7,737	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 Sep 2025 116,069,184shares

Change · 10 yrs −41,084,693,653 shares

Fiscal year	Shares outstanding shares	Basis
FYE Sep 2016	41,200,762,837	Parent
FYE Sep 2017	27,458,920	Parent
FYE Sep 2018	29,012,496	Parent
FYE Sep 2019	29,012,496	Parent
FYE Sep 2020	116,049,984	Parent
FYE Sep 2021	116,069,184	Parent
FYE Sep 2022	116,069,184	Parent
FYE Sep 2023	116,069,184	Parent
FYE Sep 2024	116,069,184	Parent
FYE Sep 2025	116,069,184	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 Sep 2025 202.71¥

Change · 10 yrs +180.18¥

Fiscal year	EPS ¥	Basis
FYE Sep 2016	22.53	Cons.
FYE Sep 2017	63.29	Cons.
FYE Sep 2018	69.23	Cons.
FYE Sep 2019	85.81	Cons.
FYE Sep 2020	55.64	Cons.
FYE Sep 2021	113.61	Cons.
FYE Sep 2022	31.16	Cons.
FYE Sep 2023	69.54	Cons.
FYE Sep 2024	127.46	Cons.
FYE Sep 2025	202.71	Cons.

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

BPS book value per share

FYE Sep 2025 817.07¥

Change · 10 yrs +816.47¥

Fiscal year	BPS ¥	Basis
FYE Sep 2016	0.60	Cons. · IFRS
FYE Sep 2017	1,160.02	Cons. · IFRS
FYE Sep 2018	1,407.50	Cons. · IFRS
FYE Sep 2019	1,632.64	Cons. · IFRS
FYE Sep 2020	438.56	Cons. · IFRS
FYE Sep 2021	547.65	Cons. · IFRS
FYE Sep 2022	560.86	Cons. · IFRS
FYE Sep 2023	619.26	Cons. · IFRS
FYE Sep 2024	648.74	Cons. · IFRS
FYE Sep 2025	817.07	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Sep 2025 38.17×

Average · 9 yrs 35.67×

Fiscal year	PER ×	Basis
FYE Sep 2016	n/a	Cons.
FYE Sep 2017	14.26	Cons.
FYE Sep 2018	24.30	Cons.
FYE Sep 2019	21.18	Cons.
FYE Sep 2020	47.59	Cons.
FYE Sep 2021	45.42	Cons.
FYE Sep 2022	71.36	Cons.
FYE Sep 2023	36.15	Cons.
FYE Sep 2024	22.58	Cons.
FYE Sep 2025	38.17	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 Sep 2025 9.15×

Average · 9 yrs 5.50×

Fiscal year	PBR ×	Basis
FYE Sep 2016	n/a	Cons.
FYE Sep 2017	3.15	Cons.
FYE Sep 2018	4.69	Cons.
FYE Sep 2019	4.46	Cons.
FYE Sep 2020	6.06	Cons.
FYE Sep 2021	9.51	Cons.
FYE Sep 2022	4.01	Cons.
FYE Sep 2023	4.11	Cons.
FYE Sep 2024	4.35	Cons.
FYE Sep 2025	9.15	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 Sep 2025 11,720people

Change · 10 yrs +10,261 people

Fiscal year	Group employees people	YoY	Basis
FYE Sep 2016	1,459	n/a	Cons.
FYE Sep 2017	1,397	−4.2%	Cons.
FYE Sep 2018	1,632	+16.8%	Cons.
FYE Sep 2019	2,220	+36.0%	Cons.
FYE Sep 2020	2,863	+29.0%	Cons.
FYE Sep 2021	4,577	+59.9%	Cons.
FYE Sep 2022	6,088	+33.0%	Cons.
FYE Sep 2023	7,134	+17.2%	Cons.
FYE Sep 2024	8,978	+25.8%	Cons.
FYE Sep 2025	11,720	+30.5%	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 Sep 2025 333people

Change · 10 yrs +306 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Sep 2016	27	n/a	Parent
FYE Sep 2017	48	+77.8%	Parent
FYE Sep 2018	52	+8.3%	Parent
FYE Sep 2019	169	+225.0%	Parent
FYE Sep 2020	190	+12.4%	Parent
FYE Sep 2021	214	+12.6%	Parent
FYE Sep 2022	236	+10.3%	Parent
FYE Sep 2023	247	+4.7%	Parent
FYE Sep 2024	258	+4.5%	Parent
FYE Sep 2025	333	+29.1%	Parent

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

Average annual pay parent company

FYE Sep 2025 ¥8.9m

Change · 7 yrs +¥0.4m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Sep 2016	n/a	n/a	Parent
FYE Sep 2017	n/a	n/a	Parent
FYE Sep 2018	n/a	n/a	Parent
FYE Sep 2019	8.5	n/a	Parent
FYE Sep 2020	8.1	−4.2%	Parent
FYE Sep 2021	7.5	−7.5%	Parent
FYE Sep 2022	8.7	+15.1%	Parent
FYE Sep 2023	7.7	−10.4%	Parent
FYE Sep 2024	8.1	+4.9%	Parent
FYE Sep 2025	8.9	+9.8%	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 Sep 2025 41.3years

Change · 7 yrs +0.5 years

Fiscal year	Average age years	YoY	Basis
FYE Sep 2016	n/a	n/a	Parent
FYE Sep 2017	n/a	n/a	Parent
FYE Sep 2018	n/a	n/a	Parent
FYE Sep 2019	40.8	n/a	Parent
FYE Sep 2020	40.3	−1.2%	Parent
FYE Sep 2021	41.1	+2.0%	Parent
FYE Sep 2022	43.2	+5.1%	Parent
FYE Sep 2023	42.2	−2.3%	Parent
FYE Sep 2024	41.7	−1.2%	Parent
FYE Sep 2025	41.3	−1.0%	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 Sep 2025 3.7years

Change · 7 yrs +2.2 years

Fiscal year	Average length of service years	YoY	Basis
FYE Sep 2016	n/a	n/a	Parent
FYE Sep 2017	n/a	n/a	Parent
FYE Sep 2018	n/a	n/a	Parent
FYE Sep 2019	1.5	n/a	Parent
FYE Sep 2020	2.1	+40.0%	Parent
FYE Sep 2021	2.8	+33.3%	Parent
FYE Sep 2022	3.1	+10.7%	Parent
FYE Sep 2023	3.1	−0.0%	Parent
FYE Sep 2024	2.9	−6.5%	Parent
FYE Sep 2025	3.7	+27.6%	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 Sep 2025 23,789people

Change · 10 yrs +8,350 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Sep 2016	15,439	n/a	n/a
FYE Sep 2017	16,371	+6.0%	n/a
FYE Sep 2018	17,523	+7.0%	n/a
FYE Sep 2019	18,848	+7.6%	n/a
FYE Sep 2020	18,857	−0.0%	n/a
FYE Sep 2021	21,035	+11.6%	n/a
FYE Sep 2022	21,961	+4.4%	n/a
FYE Sep 2023	20,779	−5.4%	n/a
FYE Sep 2024	21,071	+1.4%	n/a
FYE Sep 2025	23,789	+12.9%	n/a

Definition: Average number of temporary and part-time staff over the year
Formula: Average temporary headcount, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Sep 2025 ¥36.7m

Change · 10 yrs −¥64.6m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Sep 2016	101	n/a	Cons.
FYE Sep 2017	112	+10.6%	Cons.
FYE Sep 2018	107	−4.3%	Cons.
FYE Sep 2019	89.7	−16.3%	Cons.
FYE Sep 2020	71.6	−20.2%	Cons.
FYE Sep 2021	52.6	−26.5%	Cons.
FYE Sep 2022	46.2	−12.2%	Cons.
FYE Sep 2023	42.3	−8.5%	Cons.
FYE Sep 2024	40.2	−4.9%	Cons.
FYE Sep 2025	36.7	−8.9%	Cons.

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

Operating profit per employee

FYE Sep 2025 ¥3.1m

Change · 10 yrs −¥2.1m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Sep 2016	5.1	n/a	Cons.
FYE Sep 2017	6.6	+28.0%	Cons.
FYE Sep 2018	7.2	+9.0%	Cons.
FYE Sep 2019	6.6	−8.7%	Cons.
FYE Sep 2020	4.2	−35.7%	Cons.
FYE Sep 2021	5.0	+18.8%	Cons.
FYE Sep 2022	1.7	−66.8%	Cons.
FYE Sep 2023	1.5	−7.3%	Cons.
FYE Sep 2024	2.6	+68.9%	Cons.
FYE Sep 2025	3.1	+18.2%	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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