Financials

Nippon Sanso Holdings: FYE Mar 2026 and ten years of results (47 metrics)

FYE Mar 2026 · Revenue¥1.36tnYoY +3.9%

FYE Mar 2026 · Operating profit¥198bnYoY +19.3%

FYE Mar 2026 · Net profit¥124bnYoY +25.4%

FYE Mar 2026 · Equity ratio42.4%YoY +3.5pp

FYE Mar 2026 · Group employees20,411YoY +657

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥582bn	n/a	¥54bn	n/a	9.2%	¥35bn	Ichihara Yujiro	Buys part of Air Liquide's US industrial gas business
FYE Mar 2018Consolidated	¥646bn	+11.1%	¥60bn	+11.5%	9.3%	¥49bn	Ichihara Yujiro	—
FYE Mar 2019Consolidated	¥740bn	+14.6%	¥67bn	+11.7%	9.0%	¥41bn	Ichihara Yujiro	Acquires the entity running Praxair's European business in December
FYE Mar 2020Consolidated	¥850bn	+14.8%	¥94bn	+40.5%	11.0%	¥53bn	Ichihara Yujiro	Buys the US HyCO business of Linde Gas North America
FYE Mar 2021Consolidated	¥818bn	−3.8%	¥89bn	−5.4%	10.9%	¥55bn	Ichihara Yujiro	Company split creates a holding structure in October
FYE Mar 2022Consolidated	¥957bn	+17.0%	¥101bn	+13.9%	10.6%	¥64bn	Ichihara Yujiro	<a class="en-history_person" href="/tse/4091/executives/ceo/hamada-toshihiko/" hreflang="ja">Hamada Toshihiko</a> becomes president and chief executive in June
FYE Mar 2023Consolidated	¥1.19tn	+24.0%	¥120bn	+18.1%	10.1%	¥73bn	Hamada Toshihiko	Kimitsu Sanso Center established with Nippon Steel in September
FYE Mar 2024Consolidated	¥1.26tn	+5.8%	¥172bn	+43.9%	13.7%	¥106bn	Hamada Toshihiko	Investment accelerates around semiconductor fabs and national hydrogen policy
FYE Mar 2025Consolidated	¥1.31tn	+4.2%	¥166bn	−3.6%	12.7%	¥99bn	Hamada Toshihiko	Water electrolysis units running on renewable power start up at European sites
FYE Mar 2026Consolidated	¥1.36tn	+3.9%	¥198bn	+19.3%	14.6%	¥124bn	Hamada Toshihiko	Semiconductor materials and decarbonisation reach about 25% of sales

How it compares

Nippon Sanso Holdings¥1.36tnFY2025Operating margin 14.6%

Air Water¥1.07tnFY2025Operating margin −3.5%

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 ¥1.36tn

CAGR · 10 yrs +9.9%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	582	n/a	Cons. · IFRS
FYE Mar 2018	646	+11.1%	Cons. · IFRS
FYE Mar 2019	740	+14.6%	Cons. · IFRS
FYE Mar 2020	850	+14.8%	Cons. · IFRS
FYE Mar 2021	818	−3.8%	Cons. · IFRS
FYE Mar 2022	957	+17.0%	Cons. · IFRS
FYE Mar 2023	1,187	+24.0%	Cons. · IFRS
FYE Mar 2024	1,255	+5.8%	Cons. · IFRS
FYE Mar 2025	1,308	+4.2%	Cons. · IFRS
FYE Mar 2026	1,360	+3.9%	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 ¥777bn

CAGR · 10 yrs +8.7%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	366	n/a	Cons. · IFRS
FYE Mar 2018	411	+12.5%	Cons. · IFRS
FYE Mar 2019	473	+15.0%	Cons. · IFRS
FYE Mar 2020	523	+10.4%	Cons. · IFRS
FYE Mar 2021	501	−4.2%	Cons. · IFRS
FYE Mar 2022	599	+19.5%	Cons. · IFRS
FYE Mar 2023	748	+25.0%	Cons. · IFRS
FYE Mar 2024	744	−0.5%	Cons. · IFRS
FYE Mar 2025	763	+2.5%	Cons. · IFRS
FYE Mar 2026	777	+1.9%	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 ¥582bn

CAGR · 10 yrs +11.7%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	216	n/a	Cons. · IFRS
FYE Mar 2018	235	+8.7%	Cons. · IFRS
FYE Mar 2019	267	+13.7%	Cons. · IFRS
FYE Mar 2020	328	+22.7%	Cons. · IFRS
FYE Mar 2021	317	−3.1%	Cons. · IFRS
FYE Mar 2022	359	+13.0%	Cons. · IFRS
FYE Mar 2023	439	+22.3%	Cons. · IFRS
FYE Mar 2024	511	+16.5%	Cons. · IFRS
FYE Mar 2025	545	+6.7%	Cons. · IFRS
FYE Mar 2026	582	+6.8%	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 ¥385bn

CAGR · 10 yrs +9.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	165	n/a	Cons. · IFRS
FYE Mar 2018	179	+8.3%	Cons. · IFRS
FYE Mar 2019	205	+14.6%	Cons. · IFRS
FYE Mar 2020	242	+18.2%	Cons. · IFRS
FYE Mar 2021	233	−3.7%	Cons. · IFRS
FYE Mar 2022	259	+11.1%	Cons. · IFRS
FYE Mar 2023	315	+21.6%	Cons. · IFRS
FYE Mar 2024	346	+9.9%	Cons. · IFRS
FYE Mar 2025	359	+3.7%	Cons. · IFRS
FYE Mar 2026	385	+7.2%	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 ¥198bn

CAGR · 10 yrs +15.6%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	53.7	n/a	Cons. · IFRS
FYE Mar 2018	59.9	+11.5%	Cons. · IFRS
FYE Mar 2019	66.9	+11.7%	Cons. · IFRS
FYE Mar 2020	93.9	+40.5%	Cons. · IFRS
FYE Mar 2021	88.8	−5.4%	Cons. · IFRS
FYE Mar 2022	101	+13.9%	Cons. · IFRS
FYE Mar 2023	120	+18.1%	Cons. · IFRS
FYE Mar 2024	172	+43.9%	Cons. · IFRS
FYE Mar 2025	166	−3.6%	Cons. · IFRS
FYE Mar 2026	198	+19.3%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥2.8bn

CAGR · 9 yrs +10.2%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	1.3	n/a	Cons. · IFRS
FYE Mar 2019	2.3	+76.6%	Cons. · IFRS
FYE Mar 2020	1.2	−49.9%	Cons. · IFRS
FYE Mar 2021	1.4	+23.8%	Cons. · IFRS
FYE Mar 2022	2.2	+53.9%	Cons. · IFRS
FYE Mar 2023	2.2	−0.5%	Cons. · IFRS
FYE Mar 2024	4.4	+101.2%	Cons. · IFRS
FYE Mar 2025	3.9	−11.5%	Cons. · IFRS
FYE Mar 2026	2.8	−27.5%	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 ¥24bn

CAGR · 9 yrs +20.8%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	5.3	n/a	Cons. · IFRS
FYE Mar 2019	7.1	+34.4%	Cons. · IFRS
FYE Mar 2020	15.9	+125.3%	Cons. · IFRS
FYE Mar 2021	12.6	−21.2%	Cons. · IFRS
FYE Mar 2022	11.8	−6.4%	Cons. · IFRS
FYE Mar 2023	16.2	+37.7%	Cons. · IFRS
FYE Mar 2024	25.7	+58.7%	Cons. · IFRS
FYE Mar 2025	24.5	−4.6%	Cons. · IFRS
FYE Mar 2026	23.9	−2.5%	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 ¥124bn

CAGR · 10 yrs +15.2%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	34.7	n/a	Cons. · IFRS
FYE Mar 2018	48.9	+40.8%	Cons. · IFRS
FYE Mar 2019	41.3	−15.6%	Cons. · IFRS
FYE Mar 2020	53.3	+29.2%	Cons. · IFRS
FYE Mar 2021	55.2	+3.5%	Cons. · IFRS
FYE Mar 2022	64.1	+16.1%	Cons. · IFRS
FYE Mar 2023	73.1	+14.0%	Cons. · IFRS
FYE Mar 2024	106	+44.9%	Cons. · IFRS
FYE Mar 2025	98.8	−6.7%	Cons. · IFRS
FYE Mar 2026	124	+25.4%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 42.8%

Average · 10 yrs 38.7%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	37.1	n/a	Cons. · IFRS
FYE Mar 2018	36.3	−0.8pp	Cons. · IFRS
FYE Mar 2019	36.1	−0.3pp	Cons. · IFRS
FYE Mar 2020	38.5	+2.5pp	Cons. · IFRS
FYE Mar 2021	38.8	+0.3pp	Cons. · IFRS
FYE Mar 2022	37.5	−1.3pp	Cons. · IFRS
FYE Mar 2023	37.0	−0.5pp	Cons. · IFRS
FYE Mar 2024	40.7	+3.7pp	Cons. · IFRS
FYE Mar 2025	41.7	+1.0pp	Cons. · IFRS
FYE Mar 2026	42.8	+1.1pp	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 14.6%

Average · 10 yrs 11.1%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	9.2	n/a	Cons. · IFRS
FYE Mar 2018	9.3	−0.0pp	Cons. · IFRS
FYE Mar 2019	9.0	−0.2pp	Cons. · IFRS
FYE Mar 2020	11.0	+2.0pp	Cons. · IFRS
FYE Mar 2021	10.9	−0.2pp	Cons. · IFRS
FYE Mar 2022	10.6	−0.3pp	Cons. · IFRS
FYE Mar 2023	10.1	−0.5pp	Cons. · IFRS
FYE Mar 2024	13.7	+3.6pp	Cons. · IFRS
FYE Mar 2025	12.7	−1.0pp	Cons. · IFRS
FYE Mar 2026	14.6	+1.9pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 9.1%

Average · 10 yrs 7.0%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	6.0	n/a	Cons. · IFRS
FYE Mar 2018	7.6	+1.6pp	Cons. · IFRS
FYE Mar 2019	5.6	−2.0pp	Cons. · IFRS
FYE Mar 2020	6.3	+0.7pp	Cons. · IFRS
FYE Mar 2021	6.7	+0.5pp	Cons. · IFRS
FYE Mar 2022	6.7	−0.1pp	Cons. · IFRS
FYE Mar 2023	6.2	−0.5pp	Cons. · IFRS
FYE Mar 2024	8.4	+2.3pp	Cons. · IFRS
FYE Mar 2025	7.6	−0.9pp	Cons. · IFRS
FYE Mar 2026	9.1	+1.6pp	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 57.2%

Average · 10 yrs 61.3%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	62.9	n/a	Cons. · IFRS
FYE Mar 2018	63.7	+0.8pp	Cons. · IFRS
FYE Mar 2019	63.9	+0.3pp	Cons. · IFRS
FYE Mar 2020	61.5	−2.5pp	Cons. · IFRS
FYE Mar 2021	61.2	−0.3pp	Cons. · IFRS
FYE Mar 2022	62.5	+1.3pp	Cons. · IFRS
FYE Mar 2023	63.0	+0.5pp	Cons. · IFRS
FYE Mar 2024	59.3	−3.8pp	Cons. · IFRS
FYE Mar 2025	58.3	−1.0pp	Cons. · IFRS
FYE Mar 2026	57.2	−1.1pp	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 28.3%

Average · 10 yrs 27.8%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	28.4	n/a	Cons. · IFRS
FYE Mar 2018	27.7	−0.7pp	Cons. · IFRS
FYE Mar 2019	27.7	−0.0pp	Cons. · IFRS
FYE Mar 2020	28.5	+0.8pp	Cons. · IFRS
FYE Mar 2021	28.5	−0.0pp	Cons. · IFRS
FYE Mar 2022	27.1	−1.4pp	Cons. · IFRS
FYE Mar 2023	26.6	−0.5pp	Cons. · IFRS
FYE Mar 2024	27.6	+1.0pp	Cons. · IFRS
FYE Mar 2025	27.5	−0.1pp	Cons. · IFRS
FYE Mar 2026	28.3	+0.9pp	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 ¥2.77tn

CAGR · 10 yrs +13.1%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	914	n/a	Cons. · IFRS
FYE Mar 2018	931	+1.8%	Cons. · IFRS
FYE Mar 2019	1,771	+90.2%	Cons. · IFRS
FYE Mar 2020	1,752	−1.1%	Cons. · IFRS
FYE Mar 2021	1,836	+4.8%	Cons. · IFRS
FYE Mar 2022	1,977	+7.7%	Cons. · IFRS
FYE Mar 2023	2,159	+9.2%	Cons. · IFRS
FYE Mar 2024	2,409	+11.6%	Cons. · IFRS
FYE Mar 2025	2,418	+0.4%	Cons. · IFRS
FYE Mar 2026	2,768	+14.5%	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 ¥1.17tn

CAGR · 10 yrs +13.9%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	365	n/a	Cons. · IFRS
FYE Mar 2018	361	−1.1%	Cons. · IFRS
FYE Mar 2019	377	+4.6%	Cons. · IFRS
FYE Mar 2020	378	+0.2%	Cons. · IFRS
FYE Mar 2021	482	+27.6%	Cons. · IFRS
FYE Mar 2022	596	+23.6%	Cons. · IFRS
FYE Mar 2023	691	+15.8%	Cons. · IFRS
FYE Mar 2024	883	+27.8%	Cons. · IFRS
FYE Mar 2025	940	+6.5%	Cons. · IFRS
FYE Mar 2026	1,174	+24.9%	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 Mar 2026 ¥882bn

CAGR · 9 yrs +13.5%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	321	n/a	Cons. · IFRS
FYE Mar 2019	1,000	+211.5%	Cons. · IFRS
FYE Mar 2020	963	−3.8%	Cons. · IFRS
FYE Mar 2021	913	−5.2%	Cons. · IFRS
FYE Mar 2022	890	−2.4%	Cons. · IFRS
FYE Mar 2023	900	+1.1%	Cons. · IFRS
FYE Mar 2024	890	−1.1%	Cons. · IFRS
FYE Mar 2025	851	−4.5%	Cons. · IFRS
FYE Mar 2026	882	+3.7%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥151bn

CAGR · 9 yrs +7.1%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	87.4	n/a	Cons. · IFRS
FYE Mar 2019	534	+511.1%	Cons. · IFRS
FYE Mar 2020	155	−71.0%	Cons. · IFRS
FYE Mar 2021	132	−15.0%	Cons. · IFRS
FYE Mar 2022	111	−16.0%	Cons. · IFRS
FYE Mar 2023	141	+27.1%	Cons. · IFRS
FYE Mar 2024	166	+18.3%	Cons. · IFRS
FYE Mar 2025	92.6	−44.3%	Cons. · IFRS
FYE Mar 2026	151	+63.1%	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 ¥731bn

CAGR · 9 yrs +15.3%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	234	n/a	Cons. · IFRS
FYE Mar 2019	466	+99.5%	Cons. · IFRS
FYE Mar 2020	808	+73.2%	Cons. · IFRS
FYE Mar 2021	781	−3.3%	Cons. · IFRS
FYE Mar 2022	780	−0.1%	Cons. · IFRS
FYE Mar 2023	759	−2.6%	Cons. · IFRS
FYE Mar 2024	724	−4.7%	Cons. · IFRS
FYE Mar 2025	758	+4.7%	Cons. · IFRS
FYE Mar 2026	731	−3.6%	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 ¥276bn

CAGR · 9 yrs +25.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	44.9	n/a	Cons. · IFRS
FYE Mar 2019	254	+465.1%	Cons. · IFRS
FYE Mar 2020	232	−8.6%	Cons. · IFRS
FYE Mar 2021	238	+2.4%	Cons. · IFRS
FYE Mar 2022	241	+1.5%	Cons. · IFRS
FYE Mar 2023	242	+0.4%	Cons. · IFRS
FYE Mar 2024	252	+4.1%	Cons. · IFRS
FYE Mar 2025	241	−4.5%	Cons. · IFRS
FYE Mar 2026	276	+14.7%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥685bn

CAGR · 9 yrs +24.4%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	119	n/a	Cons. · IFRS
FYE Mar 2019	438	+267.2%	Cons. · IFRS
FYE Mar 2020	419	−4.2%	Cons. · IFRS
FYE Mar 2021	455	+8.5%	Cons. · IFRS
FYE Mar 2022	485	+6.6%	Cons. · IFRS
FYE Mar 2023	514	+5.9%	Cons. · IFRS
FYE Mar 2024	576	+12.1%	Cons. · IFRS
FYE Mar 2025	575	−0.1%	Cons. · IFRS
FYE Mar 2026	685	+19.1%	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 42.4%

Average · 10 yrs 32.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	39.9	n/a	Cons. · IFRS
FYE Mar 2018	38.8	−1.1pp	Cons. · IFRS
FYE Mar 2019	21.3	−17.4pp	Cons. · IFRS
FYE Mar 2020	21.6	+0.3pp	Cons. · IFRS
FYE Mar 2021	26.3	+4.7pp	Cons. · IFRS
FYE Mar 2022	30.2	+3.9pp	Cons. · IFRS
FYE Mar 2023	32.0	+1.8pp	Cons. · IFRS
FYE Mar 2024	36.6	+4.7pp	Cons. · IFRS
FYE Mar 2025	38.9	+2.2pp	Cons. · IFRS
FYE Mar 2026	42.4	+3.5pp	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 75.1%

Average · 9 yrs 149.3%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	89.0	n/a	Cons. · IFRS
FYE Mar 2019	265.0	+176.1pp	Cons. · IFRS
FYE Mar 2020	254.7	−10.4pp	Cons. · IFRS
FYE Mar 2021	189.2	−65.5pp	Cons. · IFRS
FYE Mar 2022	149.3	−39.9pp	Cons. · IFRS
FYE Mar 2023	130.3	−19.0pp	Cons. · IFRS
FYE Mar 2024	100.8	−29.5pp	Cons. · IFRS
FYE Mar 2025	90.5	−10.4pp	Cons. · IFRS
FYE Mar 2026	75.1	−15.4pp	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 10.6%

Average · 10 yrs 11.4%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	9.5	n/a	Cons. · IFRS
FYE Mar 2018	13.6	+4.0pp	Cons. · IFRS
FYE Mar 2019	10.9	−2.6pp	Cons. · IFRS
FYE Mar 2020	14.1	+3.2pp	Cons. · IFRS
FYE Mar 2021	11.4	−2.7pp	Cons. · IFRS
FYE Mar 2022	10.8	−0.7pp	Cons. · IFRS
FYE Mar 2023	10.6	−0.2pp	Cons. · IFRS
FYE Mar 2024	12.0	+1.4pp	Cons. · IFRS
FYE Mar 2025	10.5	−1.5pp	Cons. · IFRS
FYE Mar 2026	10.6	−0.0pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 4.5%

Average · 10 yrs 3.7%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	3.8	n/a	Cons. · IFRS
FYE Mar 2018	5.3	+1.5pp	Cons. · IFRS
FYE Mar 2019	2.3	−2.9pp	Cons. · IFRS
FYE Mar 2020	3.0	+0.7pp	Cons. · IFRS
FYE Mar 2021	3.0	−0.0pp	Cons. · IFRS
FYE Mar 2022	3.2	+0.2pp	Cons. · IFRS
FYE Mar 2023	3.4	+0.1pp	Cons. · IFRS
FYE Mar 2024	4.4	+1.0pp	Cons. · IFRS
FYE Mar 2025	4.1	−0.3pp	Cons. · IFRS
FYE Mar 2026	4.5	+0.4pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.49×

CAGR · 10 yrs −2.8%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.64	n/a	Cons. · IFRS
FYE Mar 2018	0.69	+9.1%	Cons. · IFRS
FYE Mar 2019	0.42	−39.8%	Cons. · IFRS
FYE Mar 2020	0.49	+16.1%	Cons. · IFRS
FYE Mar 2021	0.45	−8.2%	Cons. · IFRS
FYE Mar 2022	0.48	+8.7%	Cons. · IFRS
FYE Mar 2023	0.55	+13.5%	Cons. · IFRS
FYE Mar 2024	0.52	−5.2%	Cons. · IFRS
FYE Mar 2025	0.54	+3.8%	Cons. · IFRS
FYE Mar 2026	0.49	−9.2%	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 ¥273bn

CAGR · 10 yrs +15.4%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	75.3	n/a	Cons. · IFRS
FYE Mar 2018	83.2	+10.5%	Cons. · IFRS
FYE Mar 2019	98.7	+18.6%	Cons. · IFRS
FYE Mar 2020	150	+52.1%	Cons. · IFRS
FYE Mar 2021	149	−0.6%	Cons. · IFRS
FYE Mar 2022	149	−0.3%	Cons. · IFRS
FYE Mar 2023	188	+26.4%	Cons. · IFRS
FYE Mar 2024	216	+14.9%	Cons. · IFRS
FYE Mar 2025	235	+8.9%	Cons. · IFRS
FYE Mar 2026	273	+15.9%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥203bn

Average · 10 yrs -¥172bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-147	n/a	Cons. · IFRS
FYE Mar 2018	-52.1	n/a	Cons. · IFRS
FYE Mar 2019	-755	n/a	Cons. · IFRS
FYE Mar 2020	-62.6	n/a	Cons. · IFRS
FYE Mar 2021	-59.7	n/a	Cons. · IFRS
FYE Mar 2022	-70.9	n/a	Cons. · IFRS
FYE Mar 2023	-98.1	n/a	Cons. · IFRS
FYE Mar 2024	-125	n/a	Cons. · IFRS
FYE Mar 2025	-143	n/a	Cons. · IFRS
FYE Mar 2026	-203	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 -¥59bn

Average · 10 yrs ¥18bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	80.1	n/a	Cons. · IFRS
FYE Mar 2018	-39.9	−149.7%	Cons. · IFRS
FYE Mar 2019	665	n/a	Cons. · IFRS
FYE Mar 2020	-46.2	−107.0%	Cons. · IFRS
FYE Mar 2021	-103	n/a	Cons. · IFRS
FYE Mar 2022	-77.9	n/a	Cons. · IFRS
FYE Mar 2023	-54.4	n/a	Cons. · IFRS
FYE Mar 2024	-110	n/a	Cons. · IFRS
FYE Mar 2025	-73.3	n/a	Cons. · IFRS
FYE Mar 2026	-59.2	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 Mar 2026 ¥165bn

CAGR · 10 yrs +13.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	52.9	n/a	Cons. · IFRS
FYE Mar 2018	47.8	−9.7%	Cons. · IFRS
FYE Mar 2019	59.6	+24.7%	Cons. · IFRS
FYE Mar 2020	100	+67.7%	Cons. · IFRS
FYE Mar 2021	91.1	−8.9%	Cons. · IFRS
FYE Mar 2022	93.7	+2.9%	Cons. · IFRS
FYE Mar 2023	132	+41.1%	Cons. · IFRS
FYE Mar 2024	126	−4.6%	Cons. · IFRS
FYE Mar 2025	145	+14.6%	Cons. · IFRS
FYE Mar 2026	165	+14.4%	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 ¥70bn

Average · 10 yrs -¥9.9bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-71.8	n/a	Cons. · IFRS
FYE Mar 2018	31.1	n/a	Cons. · IFRS
FYE Mar 2019	-656	−2209.5%	Cons. · IFRS
FYE Mar 2020	87.5	n/a	Cons. · IFRS
FYE Mar 2021	89.5	+2.4%	Cons. · IFRS
FYE Mar 2022	77.9	−13.0%	Cons. · IFRS
FYE Mar 2023	89.9	+15.4%	Cons. · IFRS
FYE Mar 2024	91.3	+1.6%	Cons. · IFRS
FYE Mar 2025	92.2	+1.0%	Cons. · IFRS
FYE Mar 2026	69.8	−24.3%	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 20.0%

Average · 10 yrs 16.2%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	12.9	n/a	Cons. · IFRS
FYE Mar 2018	12.9	−0.1pp	Cons. · IFRS
FYE Mar 2019	13.3	+0.5pp	Cons. · IFRS
FYE Mar 2020	17.7	+4.3pp	Cons. · IFRS
FYE Mar 2021	18.2	+0.6pp	Cons. · IFRS
FYE Mar 2022	15.5	−2.7pp	Cons. · IFRS
FYE Mar 2023	15.8	+0.3pp	Cons. · IFRS
FYE Mar 2024	17.2	+1.4pp	Cons. · IFRS
FYE Mar 2025	18.0	+0.8pp	Cons. · IFRS
FYE Mar 2026	20.0	+2.1pp	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 -¥717bn

Average · 9 yrs -¥739bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	-273	n/a	Cons. · IFRS
FYE Mar 2019	-941	n/a	Cons. · IFRS
FYE Mar 2020	-863	n/a	Cons. · IFRS
FYE Mar 2021	-822	n/a	Cons. · IFRS
FYE Mar 2022	-797	n/a	Cons. · IFRS
FYE Mar 2023	-768	n/a	Cons. · IFRS
FYE Mar 2024	-764	n/a	Cons. · IFRS
FYE Mar 2025	-706	n/a	Cons. · IFRS
FYE Mar 2026	-717	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 ¥2.40tn

Change · 10 yrs +¥1.83tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	564	n/a
FYE Mar 2018	698	n/a
FYE Mar 2019	730	n/a
FYE Mar 2020	693	n/a
FYE Mar 2021	911	n/a
FYE Mar 2022	1,010	n/a
FYE Mar 2023	1,032	n/a
FYE Mar 2024	2,057	n/a
FYE Mar 2025	1,955	n/a
FYE Mar 2026	2,396	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 5,533¥

Change · 10 yrs +4,230¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	1,302	n/a
FYE Mar 2018	1,611	n/a
FYE Mar 2019	1,686	n/a
FYE Mar 2020	1,601	n/a
FYE Mar 2021	2,104	n/a
FYE Mar 2022	2,332	n/a
FYE Mar 2023	2,382	n/a
FYE Mar 2024	4,749	n/a
FYE Mar 2025	4,514	n/a
FYE Mar 2026	5,533	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 433,092,000shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	433,092,000	Parent
FYE Mar 2018	433,092,000	Parent
FYE Mar 2019	433,092,000	Parent
FYE Mar 2020	433,092,000	Parent
FYE Mar 2021	433,092,000	Parent
FYE Mar 2022	433,092,000	Parent
FYE Mar 2023	433,092,000	Parent
FYE Mar 2024	433,092,000	Parent
FYE Mar 2025	433,092,000	Parent
FYE Mar 2026	433,092,000	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 286.22¥

Change · 10 yrs +205.94¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	80.28	Cons.
FYE Mar 2018	113.04	Cons.
FYE Mar 2019	95.42	Cons.
FYE Mar 2020	123.26	Cons.
FYE Mar 2021	127.59	Cons.
FYE Mar 2022	148.13	Cons.
FYE Mar 2023	168.85	Cons.
FYE Mar 2024	244.66	Cons.
FYE Mar 2025	228.20	Cons.
FYE Mar 2026	286.22	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 2,710.84¥

Change · 10 yrs +1,868.44¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	842.41	Cons. · IFRS
FYE Mar 2018	833.18	Cons. · IFRS
FYE Mar 2019	871.30	Cons. · IFRS
FYE Mar 2020	872.78	Cons. · IFRS
FYE Mar 2021	1,113.92	Cons. · IFRS
FYE Mar 2022	1,376.82	Cons. · IFRS
FYE Mar 2023	1,594.65	Cons. · IFRS
FYE Mar 2024	2,038.48	Cons. · IFRS
FYE Mar 2025	2,170.38	Cons. · IFRS
FYE Mar 2026	2,710.84	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 19.33×

Average · 10 yrs 16.60×

Fiscal year	PER ×	Basis
FYE Mar 2017	16.22	Cons.
FYE Mar 2018	14.25	Cons.
FYE Mar 2019	17.67	Cons.
FYE Mar 2020	12.99	Cons.
FYE Mar 2021	16.49	Cons.
FYE Mar 2022	15.74	Cons.
FYE Mar 2023	14.11	Cons.
FYE Mar 2024	19.41	Cons.
FYE Mar 2025	19.78	Cons.
FYE Mar 2026	19.33	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 1.97×

Average · 10 yrs 1.79×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.60	Cons.
FYE Mar 2018	1.80	Cons.
FYE Mar 2019	1.79	Cons.
FYE Mar 2020	1.69	Cons.
FYE Mar 2021	1.77	Cons.
FYE Mar 2022	1.60	Cons.
FYE Mar 2023	1.42	Cons.
FYE Mar 2024	2.25	Cons.
FYE Mar 2025	1.99	Cons.
FYE Mar 2026	1.97	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 20,411people

Change · 10 yrs +4,551 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	15,860	n/a	Cons.
FYE Mar 2018	16,746	+5.6%	Cons.
FYE Mar 2019	19,229	+14.8%	Cons.
FYE Mar 2020	19,719	+2.5%	Cons.
FYE Mar 2021	19,357	−1.8%	Cons.
FYE Mar 2022	19,398	+0.2%	Cons.
FYE Mar 2023	19,579	+0.9%	Cons.
FYE Mar 2024	19,533	−0.2%	Cons.
FYE Mar 2025	19,754	+1.1%	Cons.
FYE Mar 2026	20,411	+3.3%	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 108people

Change · 10 yrs −1,123 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	1,231	n/a	Parent
FYE Mar 2018	1,370	+11.3%	Parent
FYE Mar 2019	1,428	+4.2%	Parent
FYE Mar 2020	1,471	+3.0%	Parent
FYE Mar 2021	81	−94.5%	Parent
FYE Mar 2022	86	+6.2%	Parent
FYE Mar 2023	88	+2.3%	Parent
FYE Mar 2024	91	+3.4%	Parent
FYE Mar 2025	112	+23.1%	Parent
FYE Mar 2026	108	−3.6%	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 1,064万円

Change · 8 yrs +216万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	848	n/a	Parent
FYE Mar 2020	822	−3.1%	Parent
FYE Mar 2021	960	+16.8%	Parent
FYE Mar 2022	987	+2.7%	Parent
FYE Mar 2023	977	−1.0%	Parent
FYE Mar 2024	980	+0.4%	Parent
FYE Mar 2025	1,032	+5.3%	Parent
FYE Mar 2026	1,064	+3.2%	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 43.0years

Change · 8 yrs +1.0 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	43.0	+2.4%	Parent
FYE Mar 2021	44.0	+2.3%	Parent
FYE Mar 2022	44.0	−0.0%	Parent
FYE Mar 2023	44.0	−0.0%	Parent
FYE Mar 2024	44.0	−0.0%	Parent
FYE Mar 2025	43.0	−2.3%	Parent
FYE Mar 2026	43.0	−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 16.0years

Change · 8 yrs −0.0 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	16.0	n/a	Parent
FYE Mar 2020	16.0	−0.0%	Parent
FYE Mar 2021	16.0	−0.0%	Parent
FYE Mar 2022	17.0	+6.3%	Parent
FYE Mar 2023	17.0	−0.0%	Parent
FYE Mar 2024	17.0	−0.0%	Parent
FYE Mar 2025	16.0	−5.9%	Parent
FYE Mar 2026	16.0	−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)

Temporary employees

FYE Mar 2026 2,373people

Change · 10 yrs −108 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	2,481	n/a	n/a
FYE Mar 2018	2,522	+1.7%	n/a
FYE Mar 2019	2,417	−4.2%	n/a
FYE Mar 2020	2,514	+4.0%	n/a
FYE Mar 2021	2,683	+6.7%	n/a
FYE Mar 2022	2,718	+1.3%	n/a
FYE Mar 2023	2,621	−3.6%	n/a
FYE Mar 2024	2,352	−10.3%	n/a
FYE Mar 2025	2,448	+4.1%	n/a
FYE Mar 2026	2,373	−3.1%	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 ¥66.6m

Change · 10 yrs +¥29.9m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	36.7	n/a	Cons.
FYE Mar 2018	38.6	+5.2%	Cons.
FYE Mar 2019	38.5	−0.2%	Cons.
FYE Mar 2020	43.1	+12.0%	Cons.
FYE Mar 2021	42.3	−2.0%	Cons.
FYE Mar 2022	49.3	+16.7%	Cons.
FYE Mar 2023	60.6	+22.8%	Cons.
FYE Mar 2024	64.3	+6.0%	Cons.
FYE Mar 2025	66.2	+3.1%	Cons.
FYE Mar 2026	66.6	+0.6%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥9.7m

Change · 10 yrs +¥6.3m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	3.4	n/a	Cons.
FYE Mar 2018	3.6	+5.6%	Cons.
FYE Mar 2019	3.5	−2.7%	Cons.
FYE Mar 2020	4.8	+37.0%	Cons.
FYE Mar 2021	4.6	−3.6%	Cons.
FYE Mar 2022	5.2	+13.6%	Cons.
FYE Mar 2023	6.1	+17.0%	Cons.
FYE Mar 2024	8.8	+44.3%	Cons.
FYE Mar 2025	8.4	−4.6%	Cons.
FYE Mar 2026	9.7	+15.4%	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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