Financials

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

FYE Mar 2026 · Revenue¥400bnYoY −2.3%

FYE Mar 2026 · Operating profit¥18bnYoY −8.0%

FYE Mar 2026 · Net profit¥17bnYoY −3.6%

FYE Mar 2026 · Equity ratio66.7%YoY −2.1pp

FYE Mar 2026 · Group employees4,880YoY +195

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥294bn	n/a	¥21bn	n/a	7.2%	¥19bn	Ikeda Masanori	—
FYE Mar 2018Consolidated	¥314bn	+6.8%	¥26bn	+21.1%	8.2%	¥24bn	Ikeda Masanori	—
FYE Mar 2019Consolidated	¥339bn	+7.9%	¥26bn	+2.2%	7.7%	¥25bn	Goto Yujiro	—
FYE Mar 2020Consolidated	¥302bn	−10.8%	¥13bn	−49.6%	4.4%	¥11bn	Goto Yujiro	Merger with Sanyo Chemical announced (later withdrawn)
FYE Mar 2021Consolidated	¥273bn	−9.6%	-¥16bn	−220.8%	-5.8%	-¥11bn	Goto Yujiro	—
FYE Mar 2022Consolidated	¥369bn	+35.2%	¥29bn	n/a	7.9%	¥24bn	Goto Yujiro	Falls to a net loss of <span class="en-history_money" data-yen="10800000000" data-year="2021">$98.4M (¥11bn)</span>
FYE Mar 2023Consolidated	¥420bn	+13.6%	¥24bn	−19.0%	5.6%	¥19bn	Goto Yujiro	Moves to the Prime Market of the Tokyo Stock Exchange
FYE Mar 2024Consolidated	¥392bn	−6.6%	¥17bn	−29.6%	4.2%	¥11bn	Noda Kazuhiro	—
FYE Mar 2025Consolidated	¥409bn	+4.4%	¥19bn	+15.1%	4.7%	¥17bn	Noda Kazuhiro	—
FYE Mar 2026Consolidated	¥400bn	−2.3%	¥18bn	−8.0%	4.4%	¥17bn	Noda Kazuhiro	—

How it compares

Fujifilm Holdings¥3.36tnFY2025Operating margin 10.4%Nitto Denko¥1.03tnFY2025Operating margin 17.9%Mitsubishi Gas Chemical¥738bnFY2025Operating margin 6.1%

Hitachi ChemicalDelisted 2020

Adeka¥417bnFY2025Operating margin 10.0%

ZEON CORPORATION¥412bnFY2025Operating margin 8.8%

Nippon Shokubai¥400bnFY2025Operating margin 4.4%

LINTEC¥319bnFY2025Operating margin 7.9%

Nissan Chemical¥280bnFY2025Operating margin 22.7%NOF Corporation¥258bnFY2025Operating margin 18.4%

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 Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥400bn

CAGR · 10 yrs +3.5%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	294	n/a	Cons. · Japanese GAAP
FYE Mar 2018	314	+6.8%	Cons. · Japanese GAAP
FYE Mar 2019	339	moved to IFRS	Cons. · IFRS
FYE Mar 2020	302	−10.8%	Cons. · IFRS
FYE Mar 2021	273	−9.6%	Cons. · IFRS
FYE Mar 2022	369	+35.2%	Cons. · IFRS
FYE Mar 2023	420	+13.6%	Cons. · IFRS
FYE Mar 2024	392	−6.6%	Cons. · IFRS
FYE Mar 2025	409	+4.4%	Cons. · IFRS
FYE Mar 2026	400	−2.3%	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 ¥325bn

CAGR · 10 yrs +3.7%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	233	n/a	Cons. · Japanese GAAP
FYE Mar 2018	246	+5.5%	Cons. · Japanese GAAP
FYE Mar 2019	272	moved to IFRS	Cons. · IFRS
FYE Mar 2020	249	−8.7%	Cons. · IFRS
FYE Mar 2021	225	−9.5%	Cons. · IFRS
FYE Mar 2022	292	+29.5%	Cons. · IFRS
FYE Mar 2023	339	+16.3%	Cons. · IFRS
FYE Mar 2024	324	−4.5%	Cons. · IFRS
FYE Mar 2025	339	+4.6%	Cons. · IFRS
FYE Mar 2026	325	−4.1%	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 ¥75bn

CAGR · 10 yrs +2.4%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	60.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	67.5	+11.7%	Cons. · Japanese GAAP
FYE Mar 2019	66.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	53.5	−19.7%	Cons. · IFRS
FYE Mar 2021	48.0	−10.2%	Cons. · IFRS
FYE Mar 2022	77.7	+61.7%	Cons. · IFRS
FYE Mar 2023	80.4	+3.5%	Cons. · IFRS
FYE Mar 2024	68.0	−15.4%	Cons. · IFRS
FYE Mar 2025	70.4	+3.6%	Cons. · IFRS
FYE Mar 2026	74.8	+6.2%	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 ¥58bn

CAGR · 10 yrs +4.3%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	39.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	41.8	+6.4%	Cons. · Japanese GAAP
FYE Mar 2019	40.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	41.9	+2.4%	Cons. · IFRS
FYE Mar 2021	41.5	−1.0%	Cons. · IFRS
FYE Mar 2022	49.0	+18.1%	Cons. · IFRS
FYE Mar 2023	56.8	+16.0%	Cons. · IFRS
FYE Mar 2024	51.2	−9.9%	Cons. · IFRS
FYE Mar 2025	53.3	+4.0%	Cons. · IFRS
FYE Mar 2026	57.6	+8.1%	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 ¥18bn

CAGR · 10 yrs −2.1%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	21.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	25.6	+21.1%	Cons. · Japanese GAAP
FYE Mar 2019	26.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	13.2	−49.6%	Cons. · IFRS
FYE Mar 2021	-15.9	−220.8%	Cons. · IFRS
FYE Mar 2022	29.1	n/a	Cons. · IFRS
FYE Mar 2023	23.5	−19.0%	Cons. · IFRS
FYE Mar 2024	16.6	−29.6%	Cons. · IFRS
FYE Mar 2025	19.1	+15.1%	Cons. · IFRS
FYE Mar 2026	17.5	−8.0%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥3.9bn

CAGR · 10 yrs −4.8%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	6.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.4	−76.9%	Cons. · Japanese GAAP
FYE Mar 2019	1.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1.7	−1.7%	Cons. · IFRS
FYE Mar 2021	1.9	+10.4%	Cons. · IFRS
FYE Mar 2022	1.9	+0.5%	Cons. · IFRS
FYE Mar 2023	1.9	−3.9%	Cons. · IFRS
FYE Mar 2024	2.3	+22.8%	Cons. · IFRS
FYE Mar 2025	2.5	+10.6%	Cons. · IFRS
FYE Mar 2026	3.9	+56.0%	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 ¥1.2bn

CAGR · 10 yrs −8.6%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	2.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.9	−65.7%	Cons. · Japanese GAAP
FYE Mar 2019	0.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	1.8	+96.2%	Cons. · IFRS
FYE Mar 2021	0.4	−79.6%	Cons. · IFRS
FYE Mar 2022	0.7	+84.8%	Cons. · IFRS
FYE Mar 2023	1.1	+66.3%	Cons. · IFRS
FYE Mar 2024	2.1	+88.8%	Cons. · IFRS
FYE Mar 2025	2.4	+11.9%	Cons. · IFRS
FYE Mar 2026	1.2	−51.0%	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 ¥17bn

CAGR · 10 yrs −1.6%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	19.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	24.3	+25.4%	Cons. · Japanese GAAP
FYE Mar 2019	25.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	11.1	−55.6%	Cons. · IFRS
FYE Mar 2021	-10.9	−198.2%	Cons. · IFRS
FYE Mar 2022	23.7	n/a	Cons. · IFRS
FYE Mar 2023	19.4	−18.2%	Cons. · IFRS
FYE Mar 2024	11.0	−43.2%	Cons. · IFRS
FYE Mar 2025	17.4	+58.0%	Cons. · IFRS
FYE Mar 2026	16.8	−3.6%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 18.7%

Average · 10 yrs 19.0%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	20.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21.5	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	19.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	17.7	−1.9pp	Cons. · IFRS
FYE Mar 2021	17.6	−0.1pp	Cons. · IFRS
FYE Mar 2022	21.0	+3.5pp	Cons. · IFRS
FYE Mar 2023	19.2	−1.9pp	Cons. · IFRS
FYE Mar 2024	17.3	−1.8pp	Cons. · IFRS
FYE Mar 2025	17.2	−0.1pp	Cons. · IFRS
FYE Mar 2026	18.7	+1.5pp	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 4.4%

Average · 10 yrs 4.8%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	7.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.2	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2019	7.7	moved to IFRS	Cons. · IFRS
FYE Mar 2020	4.4	−3.4pp	Cons. · IFRS
FYE Mar 2021	-5.8	−10.2pp	Cons. · IFRS
FYE Mar 2022	7.9	+13.7pp	Cons. · IFRS
FYE Mar 2023	5.6	−2.3pp	Cons. · IFRS
FYE Mar 2024	4.2	−1.4pp	Cons. · IFRS
FYE Mar 2025	4.7	+0.4pp	Cons. · IFRS
FYE Mar 2026	4.4	−0.3pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 4.2%

Average · 10 yrs 4.4%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	6.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.7	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2019	7.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	3.7	−3.7pp	Cons. · IFRS
FYE Mar 2021	-4.0	−7.7pp	Cons. · IFRS
FYE Mar 2022	6.4	+10.4pp	Cons. · IFRS
FYE Mar 2023	4.6	−1.8pp	Cons. · IFRS
FYE Mar 2024	2.8	−1.8pp	Cons. · IFRS
FYE Mar 2025	4.2	+1.4pp	Cons. · IFRS
FYE Mar 2026	4.2	−0.1pp	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 81.3%

Average · 10 yrs 81.0%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	79.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	78.5	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2019	80.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	82.3	+1.9pp	Cons. · IFRS
FYE Mar 2021	82.4	+0.1pp	Cons. · IFRS
FYE Mar 2022	79.0	−3.5pp	Cons. · IFRS
FYE Mar 2023	80.8	+1.9pp	Cons. · IFRS
FYE Mar 2024	82.7	+1.8pp	Cons. · IFRS
FYE Mar 2025	82.8	+0.1pp	Cons. · IFRS
FYE Mar 2026	81.3	−1.5pp	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 14.4%

Average · 10 yrs 13.5%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	13.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.3	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2019	12.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	13.9	+1.8pp	Cons. · IFRS
FYE Mar 2021	15.2	+1.3pp	Cons. · IFRS
FYE Mar 2022	13.3	−1.9pp	Cons. · IFRS
FYE Mar 2023	13.5	+0.3pp	Cons. · IFRS
FYE Mar 2024	13.1	−0.5pp	Cons. · IFRS
FYE Mar 2025	13.0	−0.1pp	Cons. · IFRS
FYE Mar 2026	14.4	+1.4pp	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 ¥580bn

CAGR · 10 yrs +3.3%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	434	n/a	Cons. · Japanese GAAP
FYE Mar 2018	467	+7.8%	Cons. · Japanese GAAP
FYE Mar 2019	471	moved to IFRS	Cons. · IFRS
FYE Mar 2020	476	+1.0%	Cons. · IFRS
FYE Mar 2021	472	−0.8%	Cons. · IFRS
FYE Mar 2022	518	+9.9%	Cons. · IFRS
FYE Mar 2023	523	+1.0%	Cons. · IFRS
FYE Mar 2024	544	+4.0%	Cons. · IFRS
FYE Mar 2025	544	−0.1%	Cons. · IFRS
FYE Mar 2026	580	+6.7%	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 ¥387bn

CAGR · 10 yrs +3.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	289	n/a	Cons. · Japanese GAAP
FYE Mar 2018	304	+5.2%	Cons. · Japanese GAAP
FYE Mar 2019	319	moved to IFRS	Cons. · IFRS
FYE Mar 2020	313	−1.8%	Cons. · IFRS
FYE Mar 2021	311	−0.7%	Cons. · IFRS
FYE Mar 2022	337	+8.2%	Cons. · IFRS
FYE Mar 2023	354	+5.3%	Cons. · IFRS
FYE Mar 2024	374	+5.6%	Cons. · IFRS
FYE Mar 2025	374	−0.2%	Cons. · IFRS
FYE Mar 2026	387	+3.5%	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 ¥59bn

CAGR · 10 yrs +5.5%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	36.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	58.0	+59.5%	Cons. · Japanese GAAP
FYE Mar 2019	55.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	56.0	+0.5%	Cons. · IFRS
FYE Mar 2021	52.9	−5.6%	Cons. · IFRS
FYE Mar 2022	52.2	−1.3%	Cons. · IFRS
FYE Mar 2023	50.9	−2.5%	Cons. · IFRS
FYE Mar 2024	39.0	−23.3%	Cons. · IFRS
FYE Mar 2025	41.4	+6.1%	Cons. · IFRS
FYE Mar 2026	58.7	+41.9%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥23bn

CAGR · 10 yrs +9.8%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	10.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.2	−17.4%	Cons. · Japanese GAAP
FYE Mar 2019	20.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	17.2	−17.6%	Cons. · IFRS
FYE Mar 2021	24.0	+39.6%	Cons. · IFRS
FYE Mar 2022	23.6	−1.8%	Cons. · IFRS
FYE Mar 2023	0.0	−100.0%	Cons. · IFRS
FYE Mar 2024	0.0	n/a	Cons. · IFRS
FYE Mar 2025	0.0	n/a	Cons. · IFRS
FYE Mar 2026	23.1	n/a	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 ¥36bn

CAGR · 10 yrs −0.7%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	38.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	39.7	+4.7%	Cons. · Japanese GAAP
FYE Mar 2019	34.9	moved to IFRS	Cons. · IFRS
FYE Mar 2020	38.9	+11.3%	Cons. · IFRS
FYE Mar 2021	28.9	−25.7%	Cons. · IFRS
FYE Mar 2022	0.0	−100.0%	Cons. · IFRS
FYE Mar 2023	0.0	n/a	Cons. · IFRS
FYE Mar 2024	0.0	n/a	Cons. · IFRS
FYE Mar 2025	0.0	n/a	Cons. · IFRS
FYE Mar 2026	35.6	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)

Bonds

FYE Mar 2026 n/a

Average · 9 yrs ¥2.2bn

Fiscal year	Bonds ¥ bn	YoY	Basis
FYE Mar 2017	10.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.0	−0.0%	Cons. · Japanese GAAP
FYE Mar 2019	0.0	moved to IFRS	Cons. · IFRS
FYE Mar 2020	0.0	n/a	Cons. · IFRS
FYE Mar 2021	0.0	n/a	Cons. · IFRS
FYE Mar 2022	0.0	n/a	Cons. · IFRS
FYE Mar 2023	0.0	n/a	Cons. · IFRS
FYE Mar 2024	0.0	n/a	Cons. · IFRS
FYE Mar 2025	0.0	n/a	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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

Intangible assets

FYE Mar 2026 ¥6.0bn

CAGR · 10 yrs +5.0%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	3.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.8	+151.8%	Cons. · Japanese GAAP
FYE Mar 2019	9.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	10.2	+11.3%	Cons. · IFRS
FYE Mar 2021	6.0	−41.5%	Cons. · IFRS
FYE Mar 2022	7.9	+31.8%	Cons. · IFRS
FYE Mar 2023	8.4	+5.9%	Cons. · IFRS
FYE Mar 2024	5.0	−40.7%	Cons. · IFRS
FYE Mar 2025	4.5	−9.3%	Cons. · IFRS
FYE Mar 2026	6.0	+33.8%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥3.5bn

Average · 10 yrs ¥1.7bn

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	0.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.4	n/a	Cons. · Japanese GAAP
FYE Mar 2019	4.4	moved to IFRS	Cons. · IFRS
FYE Mar 2020	4.3	−1.3%	Cons. · IFRS
FYE Mar 2021	0.0	−100.0%	Cons. · IFRS
FYE Mar 2022	0.0	n/a	Cons. · IFRS
FYE Mar 2023	0.0	n/a	Cons. · IFRS
FYE Mar 2024	0.0	n/a	Cons. · IFRS
FYE Mar 2025	0.0	n/a	Cons. · IFRS
FYE Mar 2026	3.5	n/a	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 66.7%

Average · 10 yrs 66.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	66.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	65.0	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2019	67.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	65.9	−1.9pp	Cons. · IFRS
FYE Mar 2021	65.9	+0.1pp	Cons. · IFRS
FYE Mar 2022	65.0	−1.0pp	Cons. · IFRS
FYE Mar 2023	67.7	+2.8pp	Cons. · IFRS
FYE Mar 2024	68.8	+1.1pp	Cons. · IFRS
FYE Mar 2025	68.7	−0.1pp	Cons. · IFRS
FYE Mar 2026	66.7	−2.1pp	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 15.2%

Average · 10 yrs 15.1%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	12.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	19.1	+6.5pp	Cons. · Japanese GAAP
FYE Mar 2019	17.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	17.9	+0.4pp	Cons. · IFRS
FYE Mar 2021	17.0	−0.9pp	Cons. · IFRS
FYE Mar 2022	15.5	−1.5pp	Cons. · IFRS
FYE Mar 2023	14.4	−1.1pp	Cons. · IFRS
FYE Mar 2024	10.4	−3.9pp	Cons. · IFRS
FYE Mar 2025	11.1	+0.7pp	Cons. · IFRS
FYE Mar 2026	15.2	+4.1pp	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 4.3%

Average · 10 yrs 4.7%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	6.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.0	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2019	7.8	moved to IFRS	Cons. · IFRS
FYE Mar 2020	3.5	−4.3pp	Cons. · IFRS
FYE Mar 2021	-3.5	−7.0pp	Cons. · IFRS
FYE Mar 2022	7.0	+10.6pp	Cons. · IFRS
FYE Mar 2023	5.5	−1.6pp	Cons. · IFRS
FYE Mar 2024	2.9	−2.5pp	Cons. · IFRS
FYE Mar 2025	4.7	+1.7pp	Cons. · IFRS
FYE Mar 2026	4.3	−0.3pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 2.9%

Average · 10 yrs 3.1%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	4.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.2	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2019	5.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	2.3	−3.0pp	Cons. · IFRS
FYE Mar 2021	-2.3	−4.6pp	Cons. · IFRS
FYE Mar 2022	4.6	+6.9pp	Cons. · IFRS
FYE Mar 2023	3.7	−0.9pp	Cons. · IFRS
FYE Mar 2024	2.0	−1.7pp	Cons. · IFRS
FYE Mar 2025	3.2	+1.2pp	Cons. · IFRS
FYE Mar 2026	2.9	−0.3pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.69×

CAGR · 10 yrs +0.2%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.68	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.67	−0.9%	Cons. · Japanese GAAP
FYE Mar 2019	0.72	moved to IFRS	Cons. · IFRS
FYE Mar 2020	0.64	−11.7%	Cons. · IFRS
FYE Mar 2021	0.58	−8.8%	Cons. · IFRS
FYE Mar 2022	0.71	+23.1%	Cons. · IFRS
FYE Mar 2023	0.80	+12.5%	Cons. · IFRS
FYE Mar 2024	0.72	−10.1%	Cons. · IFRS
FYE Mar 2025	0.75	+4.5%	Cons. · IFRS
FYE Mar 2026	0.69	−8.5%	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 ¥54bn

CAGR · 10 yrs +4.0%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	37.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	38.8	+3.6%	Cons. · Japanese GAAP
FYE Mar 2019	31.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	37.5	+20.1%	Cons. · IFRS
FYE Mar 2021	35.3	−5.9%	Cons. · IFRS
FYE Mar 2022	35.1	−0.6%	Cons. · IFRS
FYE Mar 2023	41.4	+18.2%	Cons. · IFRS
FYE Mar 2024	57.9	+39.6%	Cons. · IFRS
FYE Mar 2025	47.0	−18.8%	Cons. · IFRS
FYE Mar 2026	53.5	+14.0%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥48bn

Average · 10 yrs -¥31bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-44.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-27.5	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-27.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-32.8	n/a	Cons. · IFRS
FYE Mar 2021	-30.6	n/a	Cons. · IFRS
FYE Mar 2022	-23.2	n/a	Cons. · IFRS
FYE Mar 2023	-26.0	n/a	Cons. · IFRS
FYE Mar 2024	-15.7	n/a	Cons. · IFRS
FYE Mar 2025	-30.5	n/a	Cons. · IFRS
FYE Mar 2026	-48.3	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 -¥9.8bn

Average · 10 yrs -¥13bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-3.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-9.8	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-9.6	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-7.9	n/a	Cons. · IFRS
FYE Mar 2021	-12.8	n/a	Cons. · IFRS
FYE Mar 2022	-10.8	n/a	Cons. · IFRS
FYE Mar 2023	-17.3	n/a	Cons. · IFRS
FYE Mar 2024	-28.4	n/a	Cons. · IFRS
FYE Mar 2025	-16.8	n/a	Cons. · IFRS
FYE Mar 2026	-9.8	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 ¥52bn

CAGR · 10 yrs +0.0%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	51.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	51.6	−0.2%	Cons. · Japanese GAAP
FYE Mar 2019	46.3	moved to IFRS	Cons. · IFRS
FYE Mar 2020	47.4	+2.5%	Cons. · IFRS
FYE Mar 2021	36.3	−23.4%	Cons. · IFRS
FYE Mar 2022	39.4	+8.3%	Cons. · IFRS
FYE Mar 2023	39.0	−0.8%	Cons. · IFRS
FYE Mar 2024	55.1	+41.2%	Cons. · IFRS
FYE Mar 2025	54.6	−1.0%	Cons. · IFRS
FYE Mar 2026	51.8	−5.0%	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 ¥5.2bn

Average · 10 yrs ¥11bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-7.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.3	n/a	Cons. · Japanese GAAP
FYE Mar 2019	4.1	moved to IFRS	Cons. · IFRS
FYE Mar 2020	4.7	+15.3%	Cons. · IFRS
FYE Mar 2021	4.7	−0.8%	Cons. · IFRS
FYE Mar 2022	11.9	+155.7%	Cons. · IFRS
FYE Mar 2023	15.5	+30.0%	Cons. · IFRS
FYE Mar 2024	42.2	+172.7%	Cons. · IFRS
FYE Mar 2025	16.5	−61.0%	Cons. · IFRS
FYE Mar 2026	5.2	−68.3%	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 13.4%

Average · 10 yrs 11.9%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	12.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12.4	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	9.2	moved to IFRS	Cons. · IFRS
FYE Mar 2020	12.4	+3.2pp	Cons. · IFRS
FYE Mar 2021	12.9	+0.5pp	Cons. · IFRS
FYE Mar 2022	9.5	−3.4pp	Cons. · IFRS
FYE Mar 2023	9.9	+0.4pp	Cons. · IFRS
FYE Mar 2024	14.8	+4.9pp	Cons. · IFRS
FYE Mar 2025	11.5	−3.3pp	Cons. · IFRS
FYE Mar 2026	13.4	+1.9pp	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 -¥6.9bn

Average · 10 yrs -¥2.8bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	15.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-6.4	−141.5%	Cons. · Japanese GAAP
FYE Mar 2019	-9.5	moved to IFRS	Cons. · IFRS
FYE Mar 2020	-8.6	n/a	Cons. · IFRS
FYE Mar 2021	-16.5	n/a	Cons. · IFRS
FYE Mar 2022	-12.8	n/a	Cons. · IFRS
FYE Mar 2023	-11.9	n/a	Cons. · IFRS
FYE Mar 2024	16.1	n/a	Cons. · IFRS
FYE Mar 2025	13.2	−18.2%	Cons. · IFRS
FYE Mar 2026	-6.9	−152.5%	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 ¥340bn

Change · 9 yrs +¥31bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	308	n/a
FYE Mar 2018	294	n/a
FYE Mar 2019	295	n/a
FYE Mar 2020	202	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	218	n/a
FYE Mar 2023	215	n/a
FYE Mar 2024	229	n/a
FYE Mar 2025	272	n/a
FYE Mar 2026	340	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 2,265¥

Change · 9 yrs −5,293¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	7,558	n/a
FYE Mar 2018	7,210	n/a
FYE Mar 2019	7,236	n/a
FYE Mar 2020	4,952	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	5,354	n/a
FYE Mar 2023	5,273	n/a
FYE Mar 2024	5,864	n/a
FYE Mar 2025	1,743	n/a
FYE Mar 2026	2,265	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 150,000,000shares

Change · 10 yrs +109,200,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	40,800,000	Parent
FYE Mar 2018	40,800,000	Parent
FYE Mar 2019	40,800,000	Parent
FYE Mar 2020	40,800,000	Parent
FYE Mar 2021	40,800,000	Parent
FYE Mar 2022	40,800,000	Parent
FYE Mar 2023	40,800,000	Parent
FYE Mar 2024	39,000,000	Parent
FYE Mar 2025	156,000,000	Parent
FYE Mar 2026	150,000,000	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 112.15¥

Change · 10 yrs −366.21¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	478.36	Cons.
FYE Mar 2018	567.71	Cons.
FYE Mar 2019	598.05	Cons.
FYE Mar 2020	69.55	Cons.
FYE Mar 2021	-68.33	Cons.
FYE Mar 2022	148.72	Cons.
FYE Mar 2023	122.07	Cons.
FYE Mar 2024	70.48	Cons.
FYE Mar 2025	113.90	Cons.
FYE Mar 2026	112.15	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 2,578.07¥

Change · 10 yrs −4,497.20¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	7,075.27	Cons. · Japanese GAAP
FYE Mar 2018	7,442.33	Cons. · Japanese GAAP
FYE Mar 2019	7,822.35	Cons. · IFRS
FYE Mar 2020	7,678.65	Cons. · IFRS
FYE Mar 2021	7,623.06	Cons. · IFRS
FYE Mar 2022	8,251.00	Cons. · IFRS
FYE Mar 2023	8,687.84	Cons. · IFRS
FYE Mar 2024	9,598.31	Cons. · IFRS
FYE Mar 2025	2,394.38	Cons. · IFRS
FYE Mar 2026	2,578.07	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 20.20×

Average · 9 yrs 14.94×

Fiscal year	PER ×	Basis
FYE Mar 2017	15.80	Cons.
FYE Mar 2018	12.70	Cons.
FYE Mar 2019	12.10	Cons.
FYE Mar 2020	17.80	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	9.00	Cons.
FYE Mar 2023	10.80	Cons.
FYE Mar 2024	20.80	Cons.
FYE Mar 2025	15.30	Cons.
FYE Mar 2026	20.20	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 0.84×

Average · 9 yrs 0.75×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.04	Cons.
FYE Mar 2018	0.93	Cons.
FYE Mar 2019	0.89	Cons.
FYE Mar 2020	0.62	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	0.62	Cons.
FYE Mar 2023	0.57	Cons.
FYE Mar 2024	0.59	Cons.
FYE Mar 2025	0.69	Cons.
FYE Mar 2026	0.84	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 4,880people

Change · 10 yrs +719 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	4,161	n/a	Cons.
FYE Mar 2018	4,219	+1.4%	Cons.
FYE Mar 2019	4,454	+5.6%	Cons.
FYE Mar 2020	4,510	+1.3%	Cons.
FYE Mar 2021	4,555	+1.0%	Cons.
FYE Mar 2022	4,526	−0.6%	Cons.
FYE Mar 2023	4,574	+1.1%	Cons.
FYE Mar 2024	4,607	+0.7%	Cons.
FYE Mar 2025	4,685	+1.7%	Cons.
FYE Mar 2026	4,880	+4.2%	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 2,573people

Change · 10 yrs +366 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	2,207	n/a	Parent
FYE Mar 2018	2,253	+2.1%	Parent
FYE Mar 2019	2,306	+2.4%	Parent
FYE Mar 2020	2,353	+2.0%	Parent
FYE Mar 2021	2,391	+1.6%	Parent
FYE Mar 2022	2,412	+0.9%	Parent
FYE Mar 2023	2,443	+1.3%	Parent
FYE Mar 2024	2,491	+2.0%	Parent
FYE Mar 2025	2,541	+2.0%	Parent
FYE Mar 2026	2,573	+1.3%	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 859万円

Change · 10 yrs +53万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	806	n/a	Parent
FYE Mar 2018	778	−3.5%	Parent
FYE Mar 2019	797	+2.5%	Parent
FYE Mar 2020	810	+1.6%	Parent
FYE Mar 2021	766	−5.5%	Parent
FYE Mar 2022	760	−0.8%	Parent
FYE Mar 2023	783	+3.0%	Parent
FYE Mar 2024	818	+4.5%	Parent
FYE Mar 2025	811	−0.8%	Parent
FYE Mar 2026	859	+5.9%	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 39.4years

Change · 8 yrs +1.4 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	38.0	n/a	Parent
FYE Mar 2020	38.3	+0.7%	Parent
FYE Mar 2021	38.5	+0.5%	Parent
FYE Mar 2022	38.7	+0.5%	Parent
FYE Mar 2023	38.8	+0.4%	Parent
FYE Mar 2024	39.0	+0.5%	Parent
FYE Mar 2025	39.2	+0.5%	Parent
FYE Mar 2026	39.4	+0.5%	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 16.6years

Change · 10 yrs +0.6 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	16.1	n/a	Parent
FYE Mar 2018	16.0	−0.4%	Parent
FYE Mar 2019	16.1	+0.4%	Parent
FYE Mar 2020	16.2	+1.1%	Parent
FYE Mar 2021	16.4	+1.0%	Parent
FYE Mar 2022	16.5	+0.8%	Parent
FYE Mar 2023	16.0	−3.2%	Parent
FYE Mar 2024	16.5	+3.1%	Parent
FYE Mar 2025	16.5	−0.0%	Parent
FYE Mar 2026	16.6	+0.6%	Parent

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

Revenue per employee

FYE Mar 2026 ¥81.9m

Change · 10 yrs +¥11.3m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	70.6	n/a	Cons.
FYE Mar 2018	74.4	+5.3%	Cons.
FYE Mar 2019	76.1	n/a	Cons.
FYE Mar 2020	67.0	−11.9%	Cons.
FYE Mar 2021	60.0	−10.5%	Cons.
FYE Mar 2022	81.6	+36.1%	Cons.
FYE Mar 2023	91.7	+12.4%	Cons.
FYE Mar 2024	85.1	−7.2%	Cons.
FYE Mar 2025	87.4	+2.7%	Cons.
FYE Mar 2026	81.9	−6.2%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥3.6m

Change · 10 yrs −¥1.5m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	5.1	n/a	Cons.
FYE Mar 2018	6.1	+19.4%	Cons.
FYE Mar 2019	5.9	n/a	Cons.
FYE Mar 2020	2.9	−50.3%	Cons.
FYE Mar 2021	-3.5	−219.6%	Cons.
FYE Mar 2022	6.4	n/a	Cons.
FYE Mar 2023	5.1	−19.9%	Cons.
FYE Mar 2024	3.6	−30.1%	Cons.
FYE Mar 2025	4.1	+13.2%	Cons.
FYE Mar 2026	3.6	−11.7%	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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