Financials

Internet Initiative Japan: FYE Mar 2026 and ten years of results (47 metrics)

FYE Mar 2026 · Revenue¥345bnYoY +9.0%

FYE Mar 2026 · Operating profit¥35bnYoY +15.7%

FYE Mar 2026 · Net profit¥24bnYoY +21.3%

FYE Mar 2026 · Equity ratio45.1%YoY +0.5pp

FYE Mar 2026 · Group employees5,533YoY +312

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥158bn	n/a	¥5.1bn	n/a	3.3%	¥3.2bn	Katsu Eijiro	—
FYE Mar 2018Consolidated	¥176bn	+11.7%	¥7.8bn	+52.7%	4.4%	¥4.4bn	Katsu Eijiro	—
FYE Mar 2019Consolidated	¥192bn	+9.2%	¥4.9bn	−37.3%	2.6%	¥3.5bn	Katsu Eijiro	Japan’s first full MVNO
FYE Mar 2020Consolidated	¥204bn	+6.3%	¥8.2bn	+67.4%	4.0%	¥4.0bn	Katsu Eijiro	Delists ADRs from Nasdaq; opens Shirai Data Center Campus
FYE Mar 2021Consolidated	¥213bn	+4.2%	¥14bn	+73.2%	6.7%	¥9.7bn	Katsu Eijiro	—
FYE Mar 2022Consolidated	¥226bn	+6.3%	¥24bn	+65.3%	10.4%	¥16bn	Katsu Eijiro	—
FYE Mar 2023Consolidated	¥253bn	+11.7%	¥27bn	+15.6%	10.8%	¥19bn	Katsu Eijiro	Moves to the TSE Prime market
FYE Mar 2024Consolidated	¥276bn	+9.2%	¥29bn	+6.6%	10.5%	¥20bn	Katsu Eijiro	Leaves NTT’s affiliation; capital-and-business alliance with KDDI
FYE Mar 2025Consolidated	¥317bn	+14.8%	¥30bn	+3.7%	9.5%	¥20bn	Katsu Eijiro	—
FYE Mar 2026Consolidated	¥345bn	+9.0%	¥35bn	+15.7%	10.1%	¥24bn	Katsu Eijiro	Yasuhiko Taniwaki becomes president — a “second founding”

How it compares

Internet Initiative Japan¥345bnFY2025Operating margin 10.1%

GMO Internet Group¥286bnFY2025Operating margin 20.7%SAKURA internet¥35bnFY2025Operating margin −1.1%

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 Mar 2026 ¥345bn

CAGR · 10 yrs +9.1%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	158	n/a	Cons. · US GAAP
FYE Mar 2018	176	+11.7%	Cons. · US GAAP
FYE Mar 2019	192	moved to IFRS	Cons. · IFRS
FYE Mar 2020	204	+6.3%	Cons. · IFRS
FYE Mar 2021	213	+4.2%	Cons. · IFRS
FYE Mar 2022	226	+6.3%	Cons. · IFRS
FYE Mar 2023	253	+11.7%	Cons. · IFRS
FYE Mar 2024	276	+9.2%	Cons. · IFRS
FYE Mar 2025	317	+14.8%	Cons. · IFRS
FYE Mar 2026	345	+9.0%	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 Mar 2026 ¥269bn

CAGR · 9 yrs +7.8%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	148	n/a	Cons. · US GAAP
FYE Mar 2019	163	moved to IFRS	Cons. · IFRS
FYE Mar 2020	172	+5.2%	Cons. · IFRS
FYE Mar 2021	173	+0.5%	Cons. · IFRS
FYE Mar 2022	175	+1.2%	Cons. · IFRS
FYE Mar 2023	195	+11.5%	Cons. · IFRS
FYE Mar 2024	212	+8.9%	Cons. · IFRS
FYE Mar 2025	248	+17.1%	Cons. · IFRS
FYE Mar 2026	269	+8.4%	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 Mar 2026 ¥76bn

CAGR · 9 yrs +13.1%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	28.4	n/a	Cons. · US GAAP
FYE Mar 2019	29.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	32.6	+12.5%	Cons. · IFRS
FYE Mar 2021	40.3	+23.6%	Cons. · IFRS
FYE Mar 2022	51.6	+28.2%	Cons. · IFRS
FYE Mar 2023	57.9	+12.2%	Cons. · IFRS
FYE Mar 2024	63.9	+10.3%	Cons. · IFRS
FYE Mar 2025	68.4	+7.1%	Cons. · IFRS
FYE Mar 2026	76.2	+11.4%	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 Mar 2026 ¥42bn

CAGR · 9 yrs +8.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	21.5	n/a	Cons. · US GAAP
FYE Mar 2019	22.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	24.1	+6.3%	Cons. · IFRS
FYE Mar 2021	25.5	+5.9%	Cons. · IFRS
FYE Mar 2022	28.0	+9.7%	Cons. · IFRS
FYE Mar 2023	30.9	+10.5%	Cons. · IFRS
FYE Mar 2024	34.8	+12.5%	Cons. · IFRS
FYE Mar 2025	38.3	+10.2%	Cons. · IFRS
FYE Mar 2026	42.4	+10.8%	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 Mar 2026 ¥35bn

CAGR · 10 yrs +23.7%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	5.1	n/a	Cons. · US GAAP
FYE Mar 2018	7.8	+52.7%	Cons. · US GAAP
FYE Mar 2019	4.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	8.2	+67.4%	Cons. · IFRS
FYE Mar 2021	14.2	+73.2%	Cons. · IFRS
FYE Mar 2022	23.5	+65.3%	Cons. · IFRS
FYE Mar 2023	27.2	+15.6%	Cons. · IFRS
FYE Mar 2024	29.0	+6.6%	Cons. · IFRS
FYE Mar 2025	30.1	+3.7%	Cons. · IFRS
FYE Mar 2026	34.8	+15.7%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥2.3bn

CAGR · 9 yrs +24.1%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	0.4	n/a	Cons. · US GAAP
FYE Mar 2019	0.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	0.3	−38.6%	Cons. · IFRS
FYE Mar 2021	0.8	+121.8%	Cons. · IFRS
FYE Mar 2022	3.5	+351.6%	Cons. · IFRS
FYE Mar 2023	0.8	−75.9%	Cons. · IFRS
FYE Mar 2024	1.0	+20.7%	Cons. · IFRS
FYE Mar 2025	0.6	−43.1%	Cons. · IFRS
FYE Mar 2026	2.3	+294.3%	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 Mar 2026 ¥1.4bn

CAGR · 9 yrs +15.7%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	0.4	n/a	Cons. · US GAAP
FYE Mar 2019	0.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	0.6	+41.4%	Cons. · IFRS
FYE Mar 2021	0.6	−4.7%	Cons. · IFRS
FYE Mar 2022	0.6	−4.4%	Cons. · IFRS
FYE Mar 2023	0.6	−0.7%	Cons. · IFRS
FYE Mar 2024	0.6	+17.6%	Cons. · IFRS
FYE Mar 2025	1.1	+67.3%	Cons. · IFRS
FYE Mar 2026	1.4	+29.5%	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 Mar 2026 ¥24bn

CAGR · 10 yrs +25.3%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	3.2	n/a	Cons. · US GAAP
FYE Mar 2018	4.4	+39.7%	Cons. · US GAAP
FYE Mar 2019	3.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	4.0	+13.8%	Cons. · IFRS
FYE Mar 2021	9.7	+142.4%	Cons. · IFRS
FYE Mar 2022	15.7	+61.4%	Cons. · IFRS
FYE Mar 2023	18.9	+20.3%	Cons. · IFRS
FYE Mar 2024	19.8	+5.2%	Cons. · IFRS
FYE Mar 2025	19.9	+0.5%	Cons. · IFRS
FYE Mar 2026	24.2	+21.3%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 22.1%

Average · 9 yrs 19.8%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	16.1	n/a	Cons. · US GAAP
FYE Mar 2019	15.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	15.9	+0.9pp	Cons. · IFRS
FYE Mar 2021	18.9	+3.0pp	Cons. · IFRS
FYE Mar 2022	22.8	+3.9pp	Cons. · IFRS
FYE Mar 2023	22.9	+0.1pp	Cons. · IFRS
FYE Mar 2024	23.1	+0.2pp	Cons. · IFRS
FYE Mar 2025	21.6	−1.5pp	Cons. · IFRS
FYE Mar 2026	22.1	+0.5pp	Cons. · IFRS

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

Operating margin

FYE Mar 2026 10.1%

Average · 10 yrs 7.2%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	3.3	n/a	Cons. · US GAAP
FYE Mar 2018	4.4	+1.2pp	Cons. · US GAAP
FYE Mar 2019	2.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	4.0	+1.5pp	Cons. · IFRS
FYE Mar 2021	6.7	+2.7pp	Cons. · IFRS
FYE Mar 2022	10.4	+3.7pp	Cons. · IFRS
FYE Mar 2023	10.8	+0.4pp	Cons. · IFRS
FYE Mar 2024	10.5	−0.3pp	Cons. · IFRS
FYE Mar 2025	9.5	−1.0pp	Cons. · IFRS
FYE Mar 2026	10.1	+0.6pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 7.0%

Average · 10 yrs 4.8%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	2.0	n/a	Cons. · US GAAP
FYE Mar 2018	2.5	+0.5pp	Cons. · US GAAP
FYE Mar 2019	1.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	2.0	+0.1pp	Cons. · IFRS
FYE Mar 2021	4.6	+2.6pp	Cons. · IFRS
FYE Mar 2022	6.9	+2.4pp	Cons. · IFRS
FYE Mar 2023	7.5	+0.5pp	Cons. · IFRS
FYE Mar 2024	7.2	−0.3pp	Cons. · IFRS
FYE Mar 2025	6.3	−0.9pp	Cons. · IFRS
FYE Mar 2026	7.0	+0.7pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Mar 2026 77.9%

Average · 9 yrs 80.2%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	83.9	n/a	Cons. · US GAAP
FYE Mar 2019	84.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	84.1	−0.9pp	Cons. · IFRS
FYE Mar 2021	81.1	−3.0pp	Cons. · IFRS
FYE Mar 2022	77.2	−3.9pp	Cons. · IFRS
FYE Mar 2023	77.1	−0.1pp	Cons. · IFRS
FYE Mar 2024	76.9	−0.2pp	Cons. · IFRS
FYE Mar 2025	78.4	+1.5pp	Cons. · IFRS
FYE Mar 2026	77.9	−0.5pp	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 Mar 2026 12.3%

Average · 9 yrs 12.1%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	12.2	n/a	Cons. · US GAAP
FYE Mar 2019	11.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	11.8	−0.0pp	Cons. · IFRS
FYE Mar 2021	12.0	+0.2pp	Cons. · IFRS
FYE Mar 2022	12.4	+0.4pp	Cons. · IFRS
FYE Mar 2023	12.2	−0.1pp	Cons. · IFRS
FYE Mar 2024	12.6	+0.4pp	Cons. · IFRS
FYE Mar 2025	12.1	−0.5pp	Cons. · IFRS
FYE Mar 2026	12.3	+0.2pp	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 Mar 2026 ¥347bn

CAGR · 10 yrs +10.8%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	138	n/a	Cons. · US GAAP
FYE Mar 2018	155	+12.5%	Cons. · US GAAP
FYE Mar 2019	167	moved to IFRS	Cons. · IFRS
FYE Mar 2020	207	+23.5%	Cons. · IFRS
FYE Mar 2021	221	+6.9%	Cons. · IFRS
FYE Mar 2022	232	+5.0%	Cons. · IFRS
FYE Mar 2023	246	+6.3%	Cons. · IFRS
FYE Mar 2024	274	+11.1%	Cons. · IFRS
FYE Mar 2025	312	+14.1%	Cons. · IFRS
FYE Mar 2026	347	+11.0%	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 Mar 2026 ¥157bn

CAGR · 10 yrs +9.7%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	68.0	n/a	Cons. · US GAAP
FYE Mar 2018	73.8	+8.5%	Cons. · US GAAP
FYE Mar 2019	75.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	78.1	+3.5%	Cons. · IFRS
FYE Mar 2021	88.9	+13.9%	Cons. · IFRS
FYE Mar 2022	102	+15.2%	Cons. · IFRS
FYE Mar 2023	117	+14.3%	Cons. · IFRS
FYE Mar 2024	124	+6.3%	Cons. · IFRS
FYE Mar 2025	139	+11.9%	Cons. · IFRS
FYE Mar 2026	157	+12.4%	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 Mar 2026 ¥36bn

CAGR · 9 yrs +4.6%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	24.8	n/a	Cons. · US GAAP
FYE Mar 2019	26.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	27.8	+3.7%	Cons. · IFRS
FYE Mar 2021	25.6	−7.9%	Cons. · IFRS
FYE Mar 2022	21.9	−14.4%	Cons. · IFRS
FYE Mar 2023	20.4	−6.6%	Cons. · IFRS
FYE Mar 2024	30.2	+47.7%	Cons. · IFRS
FYE Mar 2025	33.6	+11.4%	Cons. · IFRS
FYE Mar 2026	35.6	+5.8%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥36bn

CAGR · 8 yrs +15.8%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	n/a	n/a	Cons. · US GAAP
FYE Mar 2019	12.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	15.6	+22.2%	Cons. · IFRS
FYE Mar 2021	18.6	+19.1%	Cons. · IFRS
FYE Mar 2022	16.4	−11.8%	Cons. · IFRS
FYE Mar 2023	16.8	+2.8%	Cons. · IFRS
FYE Mar 2024	30.1	+79.1%	Cons. · IFRS
FYE Mar 2025	33.6	+11.6%	Cons. · IFRS
FYE Mar 2026	35.6	+5.8%	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 Mar 2026 n/a

CAGR · 6 yrs −68.0%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	n/a	n/a	Cons. · US GAAP
FYE Mar 2019	14.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	12.2	−13.1%	Cons. · IFRS
FYE Mar 2021	7.0	−42.5%	Cons. · IFRS
FYE Mar 2022	5.5	−21.4%	Cons. · IFRS
FYE Mar 2023	3.6	−34.5%	Cons. · IFRS
FYE Mar 2024	0.0	−98.7%	Cons. · IFRS
FYE Mar 2025	n/a	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	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 Mar 2026 ¥23bn

CAGR · 9 yrs +3.1%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	17.8	n/a	Cons. · US GAAP
FYE Mar 2019	18.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	18.3	−2.9%	Cons. · IFRS
FYE Mar 2021	17.0	−7.3%	Cons. · IFRS
FYE Mar 2022	16.4	−3.1%	Cons. · IFRS
FYE Mar 2023	16.6	+1.2%	Cons. · IFRS
FYE Mar 2024	18.4	+10.5%	Cons. · IFRS
FYE Mar 2025	21.0	+14.5%	Cons. · IFRS
FYE Mar 2026	22.7	+7.8%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥11bn

CAGR · 9 yrs +7.4%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	6.1	n/a	Cons. · US GAAP
FYE Mar 2019	6.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	6.1	−0.0%	Cons. · IFRS
FYE Mar 2021	6.1	−0.0%	Cons. · IFRS
FYE Mar 2022	9.5	+55.8%	Cons. · IFRS
FYE Mar 2023	9.9	+4.0%	Cons. · IFRS
FYE Mar 2024	10.3	+4.8%	Cons. · IFRS
FYE Mar 2025	10.3	−0.2%	Cons. · IFRS
FYE Mar 2026	10.8	+4.5%	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 Mar 2026 45.1%

Average · 10 yrs 44.7%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	49.3	n/a	Cons. · US GAAP
FYE Mar 2018	47.6	−1.7pp	Cons. · US GAAP
FYE Mar 2019	45.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	37.8	−7.3pp	Cons. · IFRS
FYE Mar 2021	40.3	+2.5pp	Cons. · IFRS
FYE Mar 2022	44.2	+3.9pp	Cons. · IFRS
FYE Mar 2023	47.5	+3.3pp	Cons. · IFRS
FYE Mar 2024	45.5	−2.0pp	Cons. · IFRS
FYE Mar 2025	44.6	−0.9pp	Cons. · IFRS
FYE Mar 2026	45.1	+0.5pp	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 Mar 2026 22.7%

Average · 9 yrs 27.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	33.5	n/a	Cons. · US GAAP
FYE Mar 2019	35.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	35.5	+0.1pp	Cons. · IFRS
FYE Mar 2021	28.7	−6.8pp	Cons. · IFRS
FYE Mar 2022	21.4	−7.4pp	Cons. · IFRS
FYE Mar 2023	17.5	−3.9pp	Cons. · IFRS
FYE Mar 2024	24.2	+6.8pp	Cons. · IFRS
FYE Mar 2025	24.1	−0.1pp	Cons. · IFRS
FYE Mar 2026	22.7	−1.4pp	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 Mar 2026 15.5%

Average · 10 yrs 10.8%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	4.7	n/a	Cons. · US GAAP
FYE Mar 2018	6.0	+1.3pp	Cons. · US GAAP
FYE Mar 2019	4.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	5.1	+0.5pp	Cons. · IFRS
FYE Mar 2021	10.9	+5.8pp	Cons. · IFRS
FYE Mar 2022	15.3	+4.4pp	Cons. · IFRS
FYE Mar 2023	16.1	+0.8pp	Cons. · IFRS
FYE Mar 2024	15.9	−0.2pp	Cons. · IFRS
FYE Mar 2025	14.3	−1.6pp	Cons. · IFRS
FYE Mar 2026	15.5	+1.1pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 7.0%

Average · 10 yrs 4.9%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	2.3	n/a	Cons. · US GAAP
FYE Mar 2018	2.9	+0.6pp	Cons. · US GAAP
FYE Mar 2019	2.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1.9	−0.2pp	Cons. · IFRS
FYE Mar 2021	4.4	+2.5pp	Cons. · IFRS
FYE Mar 2022	6.8	+2.4pp	Cons. · IFRS
FYE Mar 2023	7.7	+0.9pp	Cons. · IFRS
FYE Mar 2024	7.2	−0.4pp	Cons. · IFRS
FYE Mar 2025	6.4	−0.9pp	Cons. · IFRS
FYE Mar 2026	7.0	+0.6pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 1.00×

CAGR · 10 yrs −1.5%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	1.14	n/a	Cons. · US GAAP
FYE Mar 2018	1.14	−0.7%	Cons. · US GAAP
FYE Mar 2019	1.15	moved to IFRS	Cons. · IFRS
FYE Mar 2020	0.99	−13.9%	Cons. · IFRS
FYE Mar 2021	0.96	−2.6%	Cons. · IFRS
FYE Mar 2022	0.98	+1.2%	Cons. · IFRS
FYE Mar 2023	1.03	+5.1%	Cons. · IFRS
FYE Mar 2024	1.01	−1.7%	Cons. · IFRS
FYE Mar 2025	1.01	+0.5%	Cons. · IFRS
FYE Mar 2026	1.00	−1.8%	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 Mar 2026 ¥50bn

CAGR · 10 yrs +23.8%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	7.4	n/a	Cons. · US GAAP
FYE Mar 2018	14.7	+99.0%	Cons. · US GAAP
FYE Mar 2019	25.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	33.4	+32.8%	Cons. · IFRS
FYE Mar 2021	40.5	+21.4%	Cons. · IFRS
FYE Mar 2022	43.6	+7.5%	Cons. · IFRS
FYE Mar 2023	38.5	−11.6%	Cons. · IFRS
FYE Mar 2024	40.8	+5.8%	Cons. · IFRS
FYE Mar 2025	28.5	−30.0%	Cons. · IFRS
FYE Mar 2026	50.5	+76.9%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥26bn

Average · 10 yrs -¥15bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-7.4	n/a	Cons. · US GAAP
FYE Mar 2018	-14.3	n/a	Cons. · US GAAP
FYE Mar 2019	-8.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-7.3	n/a	Cons. · IFRS
FYE Mar 2021	-13.2	n/a	Cons. · IFRS
FYE Mar 2022	-11.8	n/a	Cons. · IFRS
FYE Mar 2023	-18.4	n/a	Cons. · IFRS
FYE Mar 2024	-17.9	n/a	Cons. · IFRS
FYE Mar 2025	-21.7	n/a	Cons. · IFRS
FYE Mar 2026	-26.3	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 Mar 2026 -¥19bn

Average · 10 yrs -¥16bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	2.5	n/a	Cons. · US GAAP
FYE Mar 2018	-0.7	−128.8%	Cons. · US GAAP
FYE Mar 2019	-5.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-19.4	n/a	Cons. · IFRS
FYE Mar 2021	-23.6	n/a	Cons. · IFRS
FYE Mar 2022	-27.3	n/a	Cons. · IFRS
FYE Mar 2023	-25.7	n/a	Cons. · IFRS
FYE Mar 2024	-20.8	n/a	Cons. · IFRS
FYE Mar 2025	-19.7	n/a	Cons. · IFRS
FYE Mar 2026	-19.1	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 Mar 2026 ¥38bn

CAGR · 10 yrs +6.4%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	22.0	n/a	Cons. · US GAAP
FYE Mar 2018	21.3	−2.9%	Cons. · US GAAP
FYE Mar 2019	32.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	38.7	+21.0%	Cons. · IFRS
FYE Mar 2021	42.5	+9.8%	Cons. · IFRS
FYE Mar 2022	47.4	+11.6%	Cons. · IFRS
FYE Mar 2023	42.5	−10.4%	Cons. · IFRS
FYE Mar 2024	45.5	+7.1%	Cons. · IFRS
FYE Mar 2025	32.5	−28.5%	Cons. · IFRS
FYE Mar 2026	38.4	+18.0%	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 Mar 2026 ¥24bn

Average · 10 yrs ¥18bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-0.0	n/a	Cons. · US GAAP
FYE Mar 2018	0.4	n/a	Cons. · US GAAP
FYE Mar 2019	16.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	26.1	+58.7%	Cons. · IFRS
FYE Mar 2021	27.3	+4.6%	Cons. · IFRS
FYE Mar 2022	31.7	+16.1%	Cons. · IFRS
FYE Mar 2023	20.1	−36.5%	Cons. · IFRS
FYE Mar 2024	22.9	+13.5%	Cons. · IFRS
FYE Mar 2025	6.8	−70.3%	Cons. · IFRS
FYE Mar 2026	24.1	+256.0%	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 Mar 2026 14.6%

Average · 10 yrs 13.4%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	4.7	n/a	Cons. · US GAAP
FYE Mar 2018	8.3	+3.7pp	Cons. · US GAAP
FYE Mar 2019	13.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	16.3	+3.3pp	Cons. · IFRS
FYE Mar 2021	19.0	+2.7pp	Cons. · IFRS
FYE Mar 2022	19.3	+0.2pp	Cons. · IFRS
FYE Mar 2023	15.2	−4.0pp	Cons. · IFRS
FYE Mar 2024	14.8	−0.5pp	Cons. · IFRS
FYE Mar 2025	9.0	−5.8pp	Cons. · IFRS
FYE Mar 2026	14.6	+5.6pp	Cons. · IFRS

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

Net cash

FYE Mar 2026 ¥2.8bn

Average · 9 yrs ¥10bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · US GAAP
FYE Mar 2018	-3.4	n/a	Cons. · US GAAP
FYE Mar 2019	5.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	10.9	+109.7%	Cons. · IFRS
FYE Mar 2021	16.9	+54.8%	Cons. · IFRS
FYE Mar 2022	25.5	+50.9%	Cons. · IFRS
FYE Mar 2023	22.0	−13.6%	Cons. · IFRS
FYE Mar 2024	15.3	−30.6%	Cons. · IFRS
FYE Mar 2025	-1.1	−107.1%	Cons. · IFRS
FYE Mar 2026	2.8	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 Mar 2026 ¥448bn

Change · 10 yrs +¥354bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	94.0	n/a
FYE Mar 2018	101	n/a
FYE Mar 2019	105	n/a
FYE Mar 2020	166	n/a
FYE Mar 2021	243	n/a
FYE Mar 2022	385	n/a
FYE Mar 2023	515	n/a
FYE Mar 2024	520	n/a
FYE Mar 2025	477	n/a
FYE Mar 2026	448	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 Mar 2026 2,444¥

Change · 10 yrs +432¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,011	n/a
FYE Mar 2018	2,160	n/a
FYE Mar 2019	2,242	n/a
FYE Mar 2020	3,546	n/a
FYE Mar 2021	2,595	n/a
FYE Mar 2022	4,113	n/a
FYE Mar 2023	2,755	n/a
FYE Mar 2024	2,840	n/a
FYE Mar 2025	2,603	n/a
FYE Mar 2026	2,444	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 Mar 2026 183,448,852shares

Change · 10 yrs +136,737,452 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	46,711,400	Parent
FYE Mar 2018	46,713,800	Parent
FYE Mar 2019	46,721,400	Parent
FYE Mar 2020	46,734,600	Parent
FYE Mar 2021	93,469,200	Parent
FYE Mar 2022	93,534,800	Parent
FYE Mar 2023	187,069,600	Parent
FYE Mar 2024	183,141,100	Parent
FYE Mar 2025	183,184,884	Parent
FYE Mar 2026	183,448,852	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 Mar 2026 136.51¥

Change · 10 yrs +101.83¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	34.68	Cons.
FYE Mar 2018	49.08	Cons.
FYE Mar 2019	19.53	Cons.
FYE Mar 2020	22.22	Cons.
FYE Mar 2021	53.84	Cons.
FYE Mar 2022	86.78	Cons.
FYE Mar 2023	104.34	Cons.
FYE Mar 2024	111.81	Cons.
FYE Mar 2025	112.68	Cons.
FYE Mar 2026	136.51	Cons.

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

BPS book value per share

FYE Mar 2026 853.33¥

Change · 10 yrs −603.19¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,456.53	Cons. · US GAAP
FYE Mar 2018	1,580.05	Cons. · US GAAP
FYE Mar 2019	1,614.31	Cons. · IFRS
FYE Mar 2020	1,671.02	Cons. · IFRS
FYE Mar 2021	951.55	Cons. · IFRS
FYE Mar 2022	1,095.15	Cons. · IFRS
FYE Mar 2023	625.74	Cons. · IFRS
FYE Mar 2024	679.64	Cons. · IFRS
FYE Mar 2025	760.32	Cons. · IFRS
FYE Mar 2026	853.33	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 17.90×

Average · 10 yrs 26.02×

Fiscal year	PER ×	Basis
FYE Mar 2017	29.00	Cons.
FYE Mar 2018	22.00	Cons.
FYE Mar 2019	28.70	Cons.
FYE Mar 2020	39.90	Cons.
FYE Mar 2021	24.10	Cons.
FYE Mar 2022	23.70	Cons.
FYE Mar 2023	26.40	Cons.
FYE Mar 2024	25.40	Cons.
FYE Mar 2025	23.10	Cons.
FYE Mar 2026	17.90	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 Mar 2026 2.74×

Average · 10 yrs 2.64×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.33	Cons.
FYE Mar 2018	1.31	Cons.
FYE Mar 2019	1.32	Cons.
FYE Mar 2020	2.02	Cons.
FYE Mar 2021	2.60	Cons.
FYE Mar 2022	3.59	Cons.
FYE Mar 2023	4.21	Cons.
FYE Mar 2024	3.99	Cons.
FYE Mar 2025	3.27	Cons.
FYE Mar 2026	2.74	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 Mar 2026 5,533people

Change · 10 yrs +2,429 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	3,104	n/a	Cons.
FYE Mar 2018	3,203	+3.2%	Cons.
FYE Mar 2019	3,353	+4.7%	Cons.
FYE Mar 2020	3,583	+6.9%	Cons.
FYE Mar 2021	3,805	+6.2%	Cons.
FYE Mar 2022	4,147	+9.0%	Cons.
FYE Mar 2023	4,451	+7.3%	Cons.
FYE Mar 2024	4,803	+7.9%	Cons.
FYE Mar 2025	5,221	+8.7%	Cons.
FYE Mar 2026	5,533	+6.0%	Cons.

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

Parent-company employees

FYE Mar 2026 3,174people

Change · 10 yrs +1,309 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	1,865	n/a	Parent
FYE Mar 2018	1,904	+2.1%	Parent
FYE Mar 2019	1,955	+2.7%	Parent
FYE Mar 2020	2,068	+5.8%	Parent
FYE Mar 2021	2,214	+7.1%	Parent
FYE Mar 2022	2,344	+5.9%	Parent
FYE Mar 2023	2,475	+5.6%	Parent
FYE Mar 2024	2,680	+8.3%	Parent
FYE Mar 2025	2,971	+10.9%	Parent
FYE Mar 2026	3,174	+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 Mar 2026 ¥7.5m

Change · 8 yrs +¥0.8m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	6.7	n/a	Parent
FYE Mar 2020	7.0	+4.3%	Parent
FYE Mar 2021	7.2	+2.9%	Parent
FYE Mar 2022	7.4	+2.7%	Parent
FYE Mar 2023	7.4	+0.4%	Parent
FYE Mar 2024	7.4	−0.4%	Parent
FYE Mar 2025	7.3	−1.7%	Parent
FYE Mar 2026	7.5	+2.9%	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 Mar 2026 37.5years

Change · 8 yrs −0.1 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	37.6	n/a	Parent
FYE Mar 2020	36.9	−1.9%	Parent
FYE Mar 2021	37.4	+1.4%	Parent
FYE Mar 2022	37.7	+0.8%	Parent
FYE Mar 2023	37.9	+0.5%	Parent
FYE Mar 2024	37.6	−0.8%	Parent
FYE Mar 2025	37.4	−0.5%	Parent
FYE Mar 2026	37.5	+0.3%	Parent

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

Average length of service

FYE Mar 2026 9.3years

Change · 8 yrs +0.8 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	8.5	n/a	Parent
FYE Mar 2020	8.1	−4.7%	Parent
FYE Mar 2021	8.8	+8.6%	Parent
FYE Mar 2022	9.1	+3.4%	Parent
FYE Mar 2023	9.3	+2.2%	Parent
FYE Mar 2024	9.2	−1.1%	Parent
FYE Mar 2025	9.0	−2.2%	Parent
FYE Mar 2026	9.3	+3.3%	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 Mar 2026 90people

Change · 10 yrs +41 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	49	n/a	n/a
FYE Mar 2018	49	−0.0%	n/a
FYE Mar 2019	49	−0.0%	n/a
FYE Mar 2020	53	+8.2%	n/a
FYE Mar 2021	44	−17.0%	n/a
FYE Mar 2022	51	+15.9%	n/a
FYE Mar 2023	53	+3.9%	n/a
FYE Mar 2024	66	+24.5%	n/a
FYE Mar 2025	73	+10.6%	n/a
FYE Mar 2026	90	+23.3%	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 Mar 2026 ¥62.4m

Change · 10 yrs +¥11.6m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	50.8	n/a	Cons.
FYE Mar 2018	55.0	+8.2%	Cons.
FYE Mar 2019	57.4	n/a	Cons.
FYE Mar 2020	57.1	−0.6%	Cons.
FYE Mar 2021	56.0	−1.9%	Cons.
FYE Mar 2022	54.6	−2.5%	Cons.
FYE Mar 2023	56.8	+4.0%	Cons.
FYE Mar 2024	57.5	+1.2%	Cons.
FYE Mar 2025	60.7	+5.6%	Cons.
FYE Mar 2026	62.4	+2.9%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥6.3m

Change · 10 yrs +¥4.6m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	1.7	n/a	Cons.
FYE Mar 2018	2.4	+48.0%	Cons.
FYE Mar 2019	1.5	n/a	Cons.
FYE Mar 2020	2.3	+56.7%	Cons.
FYE Mar 2021	3.7	+63.1%	Cons.
FYE Mar 2022	5.7	+51.6%	Cons.
FYE Mar 2023	6.1	+7.7%	Cons.
FYE Mar 2024	6.0	−1.2%	Cons.
FYE Mar 2025	5.8	−4.6%	Cons.
FYE Mar 2026	6.3	+9.2%	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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