Financials

Hokuetsu Corporation: FYE Mar 2026 and ten years of results (49 metrics)

FYE Mar 2026 · Revenue¥288bnYoY −5.9%

FYE Mar 2026 · Operating profit¥7.5bnYoY −61.8%

FYE Mar 2026 · Net profit¥7.3bnYoY −53.0%

FYE Mar 2026 · Equity ratio59.9%YoY −3.4pp

FYE Mar 2026 · Group employees3,728YoY +17

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥262bn	n/a	¥13bn	n/a	4.9%	¥10bn	Kishimoto Tetsuo	—
FYE Mar 2018Consolidated	¥269bn	+2.6%	¥11bn	−11.5%	4.2%	¥10bn	Kishimoto Tetsuo	—
FYE Mar 2019Consolidated	¥276bn	+2.5%	¥10bn	−11.2%	3.7%	¥9.2bn	Kishimoto Tetsuo	Trade name changed to Hokuetsu Corporation
FYE Mar 2020Consolidated	¥265bn	−4.1%	¥11bn	+10.6%	4.2%	¥8.1bn	Kishimoto Tetsuo	Business alliance with Mitsubishi Corporation dissolved
FYE Mar 2021Consolidated	¥222bn	−15.9%	¥1.7bn	−84.8%	0.8%	¥14bn	Kishimoto Tetsuo	No. 6 machine at Niigata converted into a containerboard machine
FYE Mar 2022Consolidated	¥262bn	+17.6%	¥20bn	+1102.5%	7.8%	¥21bn	Kishimoto Tetsuo	Oasis, a major shareholder, launches “A Better Hokuetsu”
FYE Mar 2023Consolidated	¥301bn	+15.1%	¥17bn	−15.5%	5.7%	¥8.3bn	Kishimoto Tetsuo	—
FYE Mar 2024Consolidated	¥297bn	−1.4%	¥15bn	−11.7%	5.1%	¥8.4bn	Kishimoto Tetsuo	—
FYE Mar 2025Consolidated	¥306bn	+2.9%	¥20bn	+29.2%	6.5%	¥16bn	Kishimoto Tetsuo	—
FYE Mar 2026Consolidated	¥288bn	−5.9%	¥7.5bn	−61.8%	2.6%	¥7.3bn	Kishimoto Tetsuo	—

How it compares

Oji Holdings¥1.86tnFY2025Operating margin 1.9%

Nippon Paper Industries¥1.19tnFY2025Operating margin 2.1%

Rengo¥1.01tnFY2025Operating margin 3.7%

Daio Paper Corporation¥667bnFY2025Operating margin 3.6%

Honshu Paper Mfg. Co., Ltd.Delisted 1996

Hokuetsu Corporation¥288bnFY2025Operating margin 2.6%

Mitsubishi Paper Mills Limited¥157bnFY2025Operating margin 0.2%

Kanzaki Paper Mfg. Co., Ltd.Delisted 1993

Zapakku¥103bnFY2025Operating margin 7.0%

Settsu Board Mfg. Co., Ltd.Delisted 1999

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 Mar 2026 ¥288bn

CAGR · 10 yrs +1.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	262	n/a	Cons. · Japanese GAAP
FYE Mar 2018	269	+2.6%	Cons. · Japanese GAAP
FYE Mar 2019	276	+2.5%	Cons. · Japanese GAAP
FYE Mar 2020	265	−4.1%	Cons. · Japanese GAAP
FYE Mar 2021	222	−15.9%	Cons. · Japanese GAAP
FYE Mar 2022	262	+17.6%	Cons. · Japanese GAAP
FYE Mar 2023	301	+15.1%	Cons. · Japanese GAAP
FYE Mar 2024	297	−1.4%	Cons. · Japanese GAAP
FYE Mar 2025	306	+2.9%	Cons. · Japanese GAAP
FYE Mar 2026	288	−5.9%	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 Mar 2026 ¥231bn

CAGR · 10 yrs +1.1%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	210	n/a	Cons. · Japanese GAAP
FYE Mar 2018	217	+3.4%	Cons. · Japanese GAAP
FYE Mar 2019	225	+3.6%	Cons. · Japanese GAAP
FYE Mar 2020	213	−5.1%	Cons. · Japanese GAAP
FYE Mar 2021	184	−13.7%	Cons. · Japanese GAAP
FYE Mar 2022	200	+9.0%	Cons. · Japanese GAAP
FYE Mar 2023	237	+18.3%	Cons. · Japanese GAAP
FYE Mar 2024	237	−0.1%	Cons. · Japanese GAAP
FYE Mar 2025	237	−0.0%	Cons. · Japanese GAAP
FYE Mar 2026	231	−2.4%	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 Mar 2026 ¥56bn

CAGR · 10 yrs +0.8%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	52.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	52.3	−1.0%	Cons. · Japanese GAAP
FYE Mar 2019	51.1	−2.1%	Cons. · Japanese GAAP
FYE Mar 2020	51.5	+0.7%	Cons. · Japanese GAAP
FYE Mar 2021	38.5	−25.3%	Cons. · Japanese GAAP
FYE Mar 2022	61.1	+58.9%	Cons. · Japanese GAAP
FYE Mar 2023	64.0	+4.7%	Cons. · Japanese GAAP
FYE Mar 2024	60.1	−6.0%	Cons. · Japanese GAAP
FYE Mar 2025	68.8	+14.4%	Cons. · Japanese GAAP
FYE Mar 2026	56.5	−17.9%	Cons. · Japanese GAAP

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

SG&A selling, general and administrative expenses

FYE Mar 2026 ¥49bn

CAGR · 10 yrs +2.3%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	39.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	40.8	+2.4%	Cons. · Japanese GAAP
FYE Mar 2019	41.0	+0.4%	Cons. · Japanese GAAP
FYE Mar 2020	40.3	−1.8%	Cons. · Japanese GAAP
FYE Mar 2021	36.8	−8.7%	Cons. · Japanese GAAP
FYE Mar 2022	40.7	+10.6%	Cons. · Japanese GAAP
FYE Mar 2023	46.7	+14.9%	Cons. · Japanese GAAP
FYE Mar 2024	44.9	−4.0%	Cons. · Japanese GAAP
FYE Mar 2025	49.1	+9.3%	Cons. · Japanese GAAP
FYE Mar 2026	48.9	−0.3%	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 Mar 2026 ¥7.5bn

CAGR · 10 yrs −5.8%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	12.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.4	−11.5%	Cons. · Japanese GAAP
FYE Mar 2019	10.1	−11.2%	Cons. · Japanese GAAP
FYE Mar 2020	11.2	+10.6%	Cons. · Japanese GAAP
FYE Mar 2021	1.7	−84.8%	Cons. · Japanese GAAP
FYE Mar 2022	20.5	+1102.5%	Cons. · Japanese GAAP
FYE Mar 2023	17.3	−15.5%	Cons. · Japanese GAAP
FYE Mar 2024	15.3	−11.7%	Cons. · Japanese GAAP
FYE Mar 2025	19.7	+29.2%	Cons. · Japanese GAAP
FYE Mar 2026	7.5	−61.8%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥6.3bn

CAGR · 10 yrs +1.6%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	5.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.3	−21.0%	Cons. · Japanese GAAP
FYE Mar 2019	5.0	+14.3%	Cons. · Japanese GAAP
FYE Mar 2020	7.3	+47.7%	Cons. · Japanese GAAP
FYE Mar 2021	9.8	+32.9%	Cons. · Japanese GAAP
FYE Mar 2022	10.3	+5.1%	Cons. · Japanese GAAP
FYE Mar 2023	4.8	−53.2%	Cons. · Japanese GAAP
FYE Mar 2024	4.1	−15.4%	Cons. · Japanese GAAP
FYE Mar 2025	3.2	−20.3%	Cons. · Japanese GAAP
FYE Mar 2026	6.3	+96.3%	Cons. · Japanese GAAP

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

Non-operating expenses

FYE Mar 2026 ¥2.6bn

CAGR · 10 yrs −5.5%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	4.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.9	−57.4%	Cons. · Japanese GAAP
FYE Mar 2019	2.1	+12.4%	Cons. · Japanese GAAP
FYE Mar 2020	2.9	+39.0%	Cons. · Japanese GAAP
FYE Mar 2021	1.7	−41.4%	Cons. · Japanese GAAP
FYE Mar 2022	1.2	−29.8%	Cons. · Japanese GAAP
FYE Mar 2023	10.6	+790.8%	Cons. · Japanese GAAP
FYE Mar 2024	1.6	−85.3%	Cons. · Japanese GAAP
FYE Mar 2025	4.2	+168.6%	Cons. · Japanese GAAP
FYE Mar 2026	2.6	−37.8%	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 Mar 2026 ¥11bn

CAGR · 10 yrs −2.4%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	14.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.9	−1.1%	Cons. · Japanese GAAP
FYE Mar 2019	13.0	−6.4%	Cons. · Japanese GAAP
FYE Mar 2020	15.7	+20.3%	Cons. · Japanese GAAP
FYE Mar 2021	9.8	−37.7%	Cons. · Japanese GAAP
FYE Mar 2022	29.5	+202.5%	Cons. · Japanese GAAP
FYE Mar 2023	11.5	−61.1%	Cons. · Japanese GAAP
FYE Mar 2024	17.8	+54.8%	Cons. · Japanese GAAP
FYE Mar 2025	18.8	+5.6%	Cons. · Japanese GAAP
FYE Mar 2026	11.3	−39.9%	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 Mar 2026 ¥4.5bn

CAGR · 10 yrs +66.2%

Fiscal year	Extraordinary income ¥ bn	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.6	+5597.8%	Cons. · Japanese GAAP
FYE Mar 2019	1.3	−49.7%	Cons. · Japanese GAAP
FYE Mar 2020	6.6	+401.9%	Cons. · Japanese GAAP
FYE Mar 2021	6.6	+0.1%	Cons. · Japanese GAAP
FYE Mar 2022	7.1	+7.4%	Cons. · Japanese GAAP
FYE Mar 2023	3.2	−55.1%	Cons. · Japanese GAAP
FYE Mar 2024	1.1	−67.0%	Cons. · Japanese GAAP
FYE Mar 2025	4.3	+310.5%	Cons. · Japanese GAAP
FYE Mar 2026	4.5	+2.9%	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 Mar 2026 ¥7.3bn

CAGR · 10 yrs −3.8%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	10.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.3	−0.5%	Cons. · Japanese GAAP
FYE Mar 2019	9.2	−11.3%	Cons. · Japanese GAAP
FYE Mar 2020	8.1	−11.8%	Cons. · Japanese GAAP
FYE Mar 2021	14.2	+75.6%	Cons. · Japanese GAAP
FYE Mar 2022	21.2	+49.6%	Cons. · Japanese GAAP
FYE Mar 2023	8.3	−60.7%	Cons. · Japanese GAAP
FYE Mar 2024	8.4	+0.7%	Cons. · Japanese GAAP
FYE Mar 2025	15.5	+85.2%	Cons. · Japanese GAAP
FYE Mar 2026	7.3	−53.0%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 19.6%

Average · 10 yrs 20.2%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	20.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	19.4	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	18.5	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2020	19.5	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2021	17.3	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2022	23.4	+6.1pp	Cons. · Japanese GAAP
FYE Mar 2023	21.3	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2024	20.2	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2025	22.5	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2026	19.6	−2.9pp	Cons. · Japanese GAAP

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

Operating margin

FYE Mar 2026 2.6%

Average · 10 yrs 4.6%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	4.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.2	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	3.7	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	4.2	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2021	0.8	−3.5pp	Cons. · Japanese GAAP
FYE Mar 2022	7.8	+7.1pp	Cons. · Japanese GAAP
FYE Mar 2023	5.7	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2024	5.1	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2025	6.5	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2026	2.6	−3.8pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Mar 2026 3.9%

Average · 10 yrs 5.7%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	5.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.2	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2019	4.7	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	5.9	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2021	4.4	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2022	11.3	+6.9pp	Cons. · Japanese GAAP
FYE Mar 2023	3.8	−7.5pp	Cons. · Japanese GAAP
FYE Mar 2024	6.0	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2025	6.1	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2026	3.9	−2.2pp	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 Mar 2026 2.5%

Average · 10 yrs 4.2%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	4.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.8	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	3.3	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	3.1	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	6.4	+3.3pp	Cons. · Japanese GAAP
FYE Mar 2022	8.1	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2023	2.8	−5.3pp	Cons. · Japanese GAAP
FYE Mar 2024	2.8	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2025	5.1	+2.3pp	Cons. · Japanese GAAP
FYE Mar 2026	2.5	−2.5pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Mar 2026 80.4%

Average · 10 yrs 79.8%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	79.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	80.6	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	81.5	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2020	80.5	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2021	82.7	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2022	76.6	−6.1pp	Cons. · Japanese GAAP
FYE Mar 2023	78.7	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2024	79.8	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2025	77.5	−2.3pp	Cons. · Japanese GAAP
FYE Mar 2026	80.4	+2.9pp	Cons. · Japanese GAAP

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

SG&A ratio

FYE Mar 2026 17.0%

Average · 10 yrs 15.6%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	15.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15.2	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	14.9	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	15.2	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	16.5	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2022	15.5	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2023	15.5	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2024	15.1	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2025	16.1	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2026	17.0	+1.0pp	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 Mar 2026 ¥421bn

CAGR · 10 yrs +1.7%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	362	n/a	Cons. · Japanese GAAP
FYE Mar 2018	366	+1.2%	Cons. · Japanese GAAP
FYE Mar 2019	368	+0.4%	Cons. · Japanese GAAP
FYE Mar 2020	345	−6.3%	Cons. · Japanese GAAP
FYE Mar 2021	363	+5.3%	Cons. · Japanese GAAP
FYE Mar 2022	377	+3.8%	Cons. · Japanese GAAP
FYE Mar 2023	388	+3.0%	Cons. · Japanese GAAP
FYE Mar 2024	416	+7.0%	Cons. · Japanese GAAP
FYE Mar 2025	419	+0.8%	Cons. · Japanese GAAP
FYE Mar 2026	421	+0.4%	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 Mar 2026 ¥252bn

CAGR · 10 yrs +3.8%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	180	n/a	Cons. · Japanese GAAP
FYE Mar 2018	191	+6.0%	Cons. · Japanese GAAP
FYE Mar 2019	192	+0.5%	Cons. · Japanese GAAP
FYE Mar 2020	180	−6.2%	Cons. · Japanese GAAP
FYE Mar 2021	195	+8.1%	Cons. · Japanese GAAP
FYE Mar 2022	216	+11.0%	Cons. · Japanese GAAP
FYE Mar 2023	225	+4.1%	Cons. · Japanese GAAP
FYE Mar 2024	252	+11.8%	Cons. · Japanese GAAP
FYE Mar 2025	265	+5.3%	Cons. · Japanese GAAP
FYE Mar 2026	252	−5.0%	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 Mar 2026 ¥56bn

CAGR · 10 yrs −3.3%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	75.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	67.0	−11.1%	Cons. · Japanese GAAP
FYE Mar 2019	69.0	+3.0%	Cons. · Japanese GAAP
FYE Mar 2020	67.8	−1.7%	Cons. · Japanese GAAP
FYE Mar 2021	82.1	+21.1%	Cons. · Japanese GAAP
FYE Mar 2022	74.2	−9.5%	Cons. · Japanese GAAP
FYE Mar 2023	72.0	−3.0%	Cons. · Japanese GAAP
FYE Mar 2024	70.6	−1.9%	Cons. · Japanese GAAP
FYE Mar 2025	62.4	−11.7%	Cons. · Japanese GAAP
FYE Mar 2026	55.9	−10.4%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Mar 2026 ¥8.0bn

CAGR · 10 yrs −15.9%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	37.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	32.9	−12.9%	Cons. · Japanese GAAP
FYE Mar 2019	36.2	+9.8%	Cons. · Japanese GAAP
FYE Mar 2020	26.3	−27.2%	Cons. · Japanese GAAP
FYE Mar 2021	22.9	−12.9%	Cons. · Japanese GAAP
FYE Mar 2022	43.7	+90.8%	Cons. · Japanese GAAP
FYE Mar 2023	27.1	−38.2%	Cons. · Japanese GAAP
FYE Mar 2024	32.9	+21.6%	Cons. · Japanese GAAP
FYE Mar 2025	27.2	−17.4%	Cons. · Japanese GAAP
FYE Mar 2026	8.0	−70.6%	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 Mar 2026 ¥48bn

CAGR · 10 yrs −0.1%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	48.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	45.1	−7.2%	Cons. · Japanese GAAP
FYE Mar 2019	43.3	−3.8%	Cons. · Japanese GAAP
FYE Mar 2020	48.5	+11.8%	Cons. · Japanese GAAP
FYE Mar 2021	59.1	+22.0%	Cons. · Japanese GAAP
FYE Mar 2022	33.5	−43.4%	Cons. · Japanese GAAP
FYE Mar 2023	54.9	+64.0%	Cons. · Japanese GAAP
FYE Mar 2024	44.7	−18.6%	Cons. · Japanese GAAP
FYE Mar 2025	35.2	−21.3%	Cons. · Japanese GAAP
FYE Mar 2026	47.9	+36.1%	Cons. · Japanese GAAP

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

Bonds

FYE Mar 2026 n/a

CAGR · 9 yrs −2.3%

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Mar 2017	30.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	30.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2019	30.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2020	30.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2021	30.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2022	20.0	−33.3%	Cons. · Japanese GAAP
FYE Mar 2023	20.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2024	25.0	+25.0%	Cons. · Japanese GAAP
FYE Mar 2025	25.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2026	n/a	n/a	Cons. · Japanese GAAP

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

Intangible assets

FYE Mar 2026 ¥3.6bn

CAGR · 10 yrs +1.4%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	3.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.1	−2.6%	Cons. · Japanese GAAP
FYE Mar 2019	2.9	−6.0%	Cons. · Japanese GAAP
FYE Mar 2020	3.0	+2.6%	Cons. · Japanese GAAP
FYE Mar 2021	2.7	−10.6%	Cons. · Japanese GAAP
FYE Mar 2022	2.4	−9.8%	Cons. · Japanese GAAP
FYE Mar 2023	2.5	+2.5%	Cons. · Japanese GAAP
FYE Mar 2024	2.5	+3.0%	Cons. · Japanese GAAP
FYE Mar 2025	3.2	+27.2%	Cons. · Japanese GAAP
FYE Mar 2026	3.6	+11.5%	Cons. · Japanese GAAP

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

Equity ratio

FYE Mar 2026 59.9%

Average · 10 yrs 55.9%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	49.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	52.2	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2019	52.2	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2020	52.3	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	53.7	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2022	57.4	+3.7pp	Cons. · Japanese GAAP
FYE Mar 2023	58.0	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2024	60.6	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2025	63.3	+2.7pp	Cons. · Japanese GAAP
FYE Mar 2026	59.9	−3.4pp	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 Mar 2026 22.2%

Average · 10 yrs 33.2%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	41.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	35.0	−6.7pp	Cons. · Japanese GAAP
FYE Mar 2019	35.9	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2020	37.6	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2021	42.1	+4.5pp	Cons. · Japanese GAAP
FYE Mar 2022	34.3	−7.8pp	Cons. · Japanese GAAP
FYE Mar 2023	32.0	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2024	28.0	−3.9pp	Cons. · Japanese GAAP
FYE Mar 2025	23.5	−4.5pp	Cons. · Japanese GAAP
FYE Mar 2026	22.2	−1.3pp	Cons. · Japanese GAAP

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

ROE return on equity

FYE Mar 2026 2.9%

Average · 10 yrs 5.3%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	5.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.4	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	4.8	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2020	4.5	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2021	7.3	+2.8pp	Cons. · Japanese GAAP
FYE Mar 2022	9.8	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2023	3.7	−6.1pp	Cons. · Japanese GAAP
FYE Mar 2024	3.3	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2025	5.9	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2026	2.9	−3.0pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 1.7%

Average · 10 yrs 3.0%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	2.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.8	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	2.5	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2020	2.3	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2021	3.9	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2022	5.6	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2023	2.1	−3.5pp	Cons. · Japanese GAAP
FYE Mar 2024	2.0	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2025	3.7	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2026	1.7	−2.0pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.68×

CAGR · 10 yrs −0.6%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.72	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.73	+1.4%	Cons. · Japanese GAAP
FYE Mar 2019	0.75	+2.0%	Cons. · Japanese GAAP
FYE Mar 2020	0.77	+2.4%	Cons. · Japanese GAAP
FYE Mar 2021	0.61	−20.2%	Cons. · Japanese GAAP
FYE Mar 2022	0.69	+13.3%	Cons. · Japanese GAAP
FYE Mar 2023	0.78	+11.7%	Cons. · Japanese GAAP
FYE Mar 2024	0.71	−7.8%	Cons. · Japanese GAAP
FYE Mar 2025	0.73	+2.1%	Cons. · Japanese GAAP
FYE Mar 2026	0.68	−6.3%	Cons. · Japanese GAAP

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

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

The three cash flows

¥ bn

Operating CF Investing CF Financing CF

Cash against debt

¥ bn

Cash and equivalents Interest-bearing debt Net cash

Operating cash flow

FYE Mar 2026 ¥10bn

CAGR · 10 yrs −10.9%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	28.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	19.7	−31.7%	Cons. · Japanese GAAP
FYE Mar 2019	21.6	+9.5%	Cons. · Japanese GAAP
FYE Mar 2020	44.0	+103.3%	Cons. · Japanese GAAP
FYE Mar 2021	23.8	−46.0%	Cons. · Japanese GAAP
FYE Mar 2022	20.2	−15.0%	Cons. · Japanese GAAP
FYE Mar 2023	1.7	−91.4%	Cons. · Japanese GAAP
FYE Mar 2024	22.3	+1178.4%	Cons. · Japanese GAAP
FYE Mar 2025	40.9	+83.4%	Cons. · Japanese GAAP
FYE Mar 2026	10.2	−75.1%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Mar 2026 -¥3.3bn

Average · 10 yrs -¥14bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-13.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-14.2	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-19.3	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-20.2	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-19.6	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-1.6	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-12.8	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-15.5	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-18.8	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-3.3	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 Mar 2026 -¥6.3bn

Average · 10 yrs -¥8.9bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-14.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-10.6	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-0.9	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-17.3	n/a	Cons. · Japanese GAAP
FYE Mar 2021	4.4	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-19.2	−540.3%	Cons. · Japanese GAAP
FYE Mar 2023	-2.1	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-3.8	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-19.1	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-6.3	n/a	Cons. · Japanese GAAP

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

Cash and equivalents

FYE Mar 2026 ¥26bn

CAGR · 10 yrs +3.6%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	19.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	14.3	−25.9%	Cons. · Japanese GAAP
FYE Mar 2019	15.2	+6.4%	Cons. · Japanese GAAP
FYE Mar 2020	21.4	+40.7%	Cons. · Japanese GAAP
FYE Mar 2021	29.8	+39.6%	Cons. · Japanese GAAP
FYE Mar 2022	30.3	+1.4%	Cons. · Japanese GAAP
FYE Mar 2023	18.1	−40.3%	Cons. · Japanese GAAP
FYE Mar 2024	22.1	+22.6%	Cons. · Japanese GAAP
FYE Mar 2025	25.1	+13.6%	Cons. · Japanese GAAP
FYE Mar 2026	26.4	+5.1%	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 Mar 2026 ¥6.9bn

CAGR · 10 yrs −8.4%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	15.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.6	−63.4%	Cons. · Japanese GAAP
FYE Mar 2019	2.4	−57.9%	Cons. · Japanese GAAP
FYE Mar 2020	23.8	+910.8%	Cons. · Japanese GAAP
FYE Mar 2021	4.2	−82.4%	Cons. · Japanese GAAP
FYE Mar 2022	18.5	+343.0%	Cons. · Japanese GAAP
FYE Mar 2023	-11.0	−159.4%	Cons. · Japanese GAAP
FYE Mar 2024	6.8	n/a	Cons. · Japanese GAAP
FYE Mar 2025	22.1	+224.0%	Cons. · Japanese GAAP
FYE Mar 2026	6.9	−68.7%	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 Mar 2026 3.5%

Average · 10 yrs 8.6%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	11.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.3	−3.7pp	Cons. · Japanese GAAP
FYE Mar 2019	7.8	+0.5pp	Cons. · Japanese GAAP
FYE Mar 2020	16.6	+8.8pp	Cons. · Japanese GAAP
FYE Mar 2021	10.7	−5.9pp	Cons. · Japanese GAAP
FYE Mar 2022	7.7	−3.0pp	Cons. · Japanese GAAP
FYE Mar 2023	0.6	−7.1pp	Cons. · Japanese GAAP
FYE Mar 2024	7.5	+6.9pp	Cons. · Japanese GAAP
FYE Mar 2025	13.4	+5.9pp	Cons. · Japanese GAAP
FYE Mar 2026	3.5	−9.8pp	Cons. · Japanese GAAP

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

Net cash

FYE Mar 2026 -¥29bn

Average · 10 yrs -¥47bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-56.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-52.7	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-53.8	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-46.4	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-52.2	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-44.0	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-53.9	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-48.5	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-37.2	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-29.5	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 Mar 2026 ¥149bn

Change · 10 yrs −¥13bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	162	n/a
FYE Mar 2018	144	n/a
FYE Mar 2019	135	n/a
FYE Mar 2020	76.0	n/a
FYE Mar 2021	97.5	n/a
FYE Mar 2022	131	n/a
FYE Mar 2023	167	n/a
FYE Mar 2024	362	n/a
FYE Mar 2025	230	n/a
FYE Mar 2026	149	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 914¥

Change · 10 yrs +138¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	776	n/a
FYE Mar 2018	686	n/a
FYE Mar 2019	647	n/a
FYE Mar 2020	404	n/a
FYE Mar 2021	518	n/a
FYE Mar 2022	695	n/a
FYE Mar 2023	887	n/a
FYE Mar 2024	1,924	n/a
FYE Mar 2025	1,222	n/a
FYE Mar 2026	914	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 163,053,000shares

Change · 10 yrs −46,210,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	209,263,000	Parent
FYE Mar 2018	209,263,000	Parent
FYE Mar 2019	209,263,000	Parent
FYE Mar 2020	188,053,000	Parent
FYE Mar 2021	188,053,000	Parent
FYE Mar 2022	188,053,000	Parent
FYE Mar 2023	188,053,000	Parent
FYE Mar 2024	188,053,000	Parent
FYE Mar 2025	188,053,000	Parent
FYE Mar 2026	163,053,000	Parent

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

EPS earnings per share

FYE Mar 2026 43.59¥

Change · 10 yrs −11.50¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	55.09	Cons.
FYE Mar 2018	54.68	Cons.
FYE Mar 2019	48.44	Cons.
FYE Mar 2020	43.45	Cons.
FYE Mar 2021	84.40	Cons.
FYE Mar 2022	126.22	Cons.
FYE Mar 2023	49.54	Cons.
FYE Mar 2024	49.89	Cons.
FYE Mar 2025	92.34	Cons.
FYE Mar 2026	43.59	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 1,544.83¥

Change · 10 yrs +682.59¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	862.24	Cons. · Japanese GAAP
FYE Mar 2018	914.05	Cons. · Japanese GAAP
FYE Mar 2019	918.51	Cons. · Japanese GAAP
FYE Mar 2020	958.59	Cons. · Japanese GAAP
FYE Mar 2021	1,035.90	Cons. · Japanese GAAP
FYE Mar 2022	1,150.37	Cons. · Japanese GAAP
FYE Mar 2023	1,198.07	Cons. · Japanese GAAP
FYE Mar 2024	1,338.92	Cons. · Japanese GAAP
FYE Mar 2025	1,409.86	Cons. · Japanese GAAP
FYE Mar 2026	1,544.83	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 20.97×

Average · 10 yrs 15.16×

Fiscal year	PER ×	Basis
FYE Mar 2017	14.09	Cons.
FYE Mar 2018	12.55	Cons.
FYE Mar 2019	13.36	Cons.
FYE Mar 2020	9.30	Cons.
FYE Mar 2021	6.14	Cons.
FYE Mar 2022	5.51	Cons.
FYE Mar 2023	17.91	Cons.
FYE Mar 2024	38.56	Cons.
FYE Mar 2025	13.23	Cons.
FYE Mar 2026	20.97	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 0.58×

Average · 10 yrs 0.68×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.81	Cons.
FYE Mar 2018	0.68	Cons.
FYE Mar 2019	0.64	Cons.
FYE Mar 2020	0.38	Cons.
FYE Mar 2021	0.45	Cons.
FYE Mar 2022	0.54	Cons.
FYE Mar 2023	0.66	Cons.
FYE Mar 2024	1.29	Cons.
FYE Mar 2025	0.78	Cons.
FYE Mar 2026	0.58	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 3,728people

Change · 10 yrs −1,041 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	4,769	n/a	Cons.
FYE Mar 2018	4,779	+0.2%	Cons.
FYE Mar 2019	4,714	−1.4%	Cons.
FYE Mar 2020	4,688	−0.6%	Cons.
FYE Mar 2021	4,545	−3.1%	Cons.
FYE Mar 2022	4,270	−6.1%	Cons.
FYE Mar 2023	4,163	−2.5%	Cons.
FYE Mar 2024	3,749	−9.9%	Cons.
FYE Mar 2025	3,711	−1.0%	Cons.
FYE Mar 2026	3,728	+0.5%	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 Mar 2026 1,479people

Change · 10 yrs −65 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	1,544	n/a	Parent
FYE Mar 2018	1,581	+2.4%	Parent
FYE Mar 2019	1,615	+2.2%	Parent
FYE Mar 2020	1,633	+1.1%	Parent
FYE Mar 2021	1,606	−1.7%	Parent
FYE Mar 2022	1,537	−4.3%	Parent
FYE Mar 2023	1,503	−2.2%	Parent
FYE Mar 2024	1,481	−1.5%	Parent
FYE Mar 2025	1,472	−0.6%	Parent
FYE Mar 2026	1,479	+0.5%	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 633万円

Change · 10 yrs +53万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	580	n/a	Parent
FYE Mar 2018	559	−3.7%	Parent
FYE Mar 2019	544	−2.7%	Parent
FYE Mar 2020	549	+1.0%	Parent
FYE Mar 2021	534	−2.9%	Parent
FYE Mar 2022	557	+4.4%	Parent
FYE Mar 2023	578	+3.8%	Parent
FYE Mar 2024	560	−3.2%	Parent
FYE Mar 2025	613	+9.5%	Parent
FYE Mar 2026	633	+3.3%	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 45.0years

Change · 8 yrs +3.0 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	42.0	n/a	Parent
FYE Mar 2020	42.0	−0.0%	Parent
FYE Mar 2021	42.0	−0.0%	Parent
FYE Mar 2022	43.0	+2.4%	Parent
FYE Mar 2023	44.0	+2.3%	Parent
FYE Mar 2024	44.0	−0.0%	Parent
FYE Mar 2025	45.0	+2.3%	Parent
FYE Mar 2026	45.0	−0.0%	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 Mar 2026 22.0years

Change · 10 yrs +3.9 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	18.1	n/a	Parent
FYE Mar 2018	18.1	−0.0%	Parent
FYE Mar 2019	18.0	−0.6%	Parent
FYE Mar 2020	19.0	+5.6%	Parent
FYE Mar 2021	19.0	−0.0%	Parent
FYE Mar 2022	21.0	+10.5%	Parent
FYE Mar 2023	21.0	−0.0%	Parent
FYE Mar 2024	22.0	+4.8%	Parent
FYE Mar 2025	22.0	−0.0%	Parent
FYE Mar 2026	22.0	−0.0%	Parent

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

Revenue per employee

FYE Mar 2026 ¥77.2m

Change · 10 yrs +¥22.2m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	55.0	n/a	Cons.
FYE Mar 2018	56.3	+2.3%	Cons.
FYE Mar 2019	58.5	+3.9%	Cons.
FYE Mar 2020	56.4	−3.5%	Cons.
FYE Mar 2021	48.9	−13.3%	Cons.
FYE Mar 2022	61.3	+25.2%	Cons.
FYE Mar 2023	72.4	+18.1%	Cons.
FYE Mar 2024	79.2	+9.5%	Cons.
FYE Mar 2025	82.4	+4.0%	Cons.
FYE Mar 2026	77.2	−6.3%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥2.0m

Change · 10 yrs −¥0.7m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	2.7	n/a	Cons.
FYE Mar 2018	2.4	−11.7%	Cons.
FYE Mar 2019	2.1	−10.0%	Cons.
FYE Mar 2020	2.4	+11.3%	Cons.
FYE Mar 2021	0.4	−84.3%	Cons.
FYE Mar 2022	4.8	+1180.0%	Cons.
FYE Mar 2023	4.2	−13.3%	Cons.
FYE Mar 2024	4.1	−1.9%	Cons.
FYE Mar 2025	5.3	+30.5%	Cons.
FYE Mar 2026	2.0	−62.0%	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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