Financials

Mitsubishi Chemical Group: FYE Mar 2026 and ten years of results (47 metrics)

FYE Mar 2026 · Revenue¥3.70tnYoY −16.0%

FYE Mar 2026 · Operating profit¥30bnYoY −84.7%

FYE Mar 2026 · Net profit¥12bnYoY −73.7%

FYE Mar 2026 · Equity ratio18.9%YoY −1.4pp

FYE Mar 2026 · Group employees56,678YoY −6,580

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥3.38tn	n/a	¥269bn	n/a	8.0%	¥113bn	Ochi Hitoshi	—
FYE Mar 2018Consolidated	¥3.72tn	+10.3%	¥356bn	+32.4%	9.6%	¥212bn	Ochi Hitoshi	Three chemical companies merge into Mitsubishi Chemical Corporation
FYE Mar 2019Consolidated	¥3.84tn	+3.1%	¥295bn	−17.1%	7.7%	¥170bn	Ochi Hitoshi	—
FYE Mar 2020Consolidated	¥3.58tn	−6.8%	¥144bn	−51.0%	4.0%	¥54bn	Ochi Hitoshi	—
FYE Mar 2021Consolidated	¥3.26tn	−9.0%	¥48bn	−67.1%	1.5%	-¥7.6bn	Ochi Hitoshi	Mitsubishi Tanabe Pharma taken fully private; first loss since 2009
FYE Mar 2022Consolidated	¥3.98tn	+22.1%	¥303bn	+538.1%	7.6%	¥177bn	Ochi Hitoshi	Jean-Marc Gilson becomes president; <em>Forging the Future</em>
FYE Mar 2023Consolidated	¥4.63tn	+16.5%	¥183bn	−39.7%	3.9%	¥96bn	Jean Marc Gilson	Renamed Mitsubishi Chemical Group; specialities strategy set out
FYE Mar 2024Consolidated	¥4.39tn	−5.3%	¥262bn	+43.3%	6.0%	¥120bn	Jean Marc Gilson	<a class="en-history_person" href="/tse/4188/executives/ceo/chikumoto-manabu/" hreflang="ja">Chikumoto Manabu</a> succeeds Gilson
FYE Mar 2025Consolidated	¥4.41tn	+0.5%	¥197bn	−24.9%	4.5%	¥45bn	Jean Marc Gilson	<em>KAITEKI Vision 35</em> and mid-term plan 2029 — "connect"
FYE Mar 2026Consolidated	¥3.70tn	−16.0%	¥30bn	−84.7%	0.8%	¥12bn	Chikumoto Manabu	Mitsubishi Tanabe Pharma sold to Bain Capital for about ¥510bn

How it compares

Mitsubishi Chemical Group¥3.70tnFY2025Operating margin 0.8%

Shin-Etsu Chemical¥2.57tnFY2025Operating margin 24.7%Sumitomo Chemical¥2.33tnFY2025Operating margin 6.5%

Mitsubishi Chemical CorporationDelisted 2005

Mitsui Chemicals¥1.67tnFY2025Operating margin 4.4%Resonac Holdings¥1.35tnFY2025Operating margin 3.5%Sekisui Chemical¥1.31tnFY2025Operating margin 8.1%Tosoh¥1.02tnFY2025Operating margin 9.4%KANEKA CORPORATION¥812bnFY2025Operating margin 4.1%Daicel¥580bnFY2025Operating margin 7.3%

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 ¥3.70tn

CAGR · 10 yrs +1.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	3,376	n/a	Cons. · IFRS
FYE Mar 2018	3,724	+10.3%	Cons. · IFRS
FYE Mar 2019	3,840	+3.1%	Cons. · IFRS
FYE Mar 2020	3,581	−6.8%	Cons. · IFRS
FYE Mar 2021	3,258	−9.0%	Cons. · IFRS
FYE Mar 2022	3,977	+22.1%	Cons. · IFRS
FYE Mar 2023	4,635	+16.5%	Cons. · IFRS
FYE Mar 2024	4,387	−5.3%	Cons. · IFRS
FYE Mar 2025	4,407	+0.5%	Cons. · IFRS
FYE Mar 2026	3,704	−16.0%	Cons. · IFRS

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

Cost of sales

FYE Mar 2026 ¥2.63tn

CAGR · 10 yrs +1.2%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	2,367	n/a	Cons. · IFRS
FYE Mar 2018	2,604	+10.0%	Cons. · IFRS
FYE Mar 2019	2,766	+6.2%	Cons. · IFRS
FYE Mar 2020	2,593	−6.2%	Cons. · IFRS
FYE Mar 2021	2,331	−10.1%	Cons. · IFRS
FYE Mar 2022	2,862	+22.8%	Cons. · IFRS
FYE Mar 2023	3,395	+18.6%	Cons. · IFRS
FYE Mar 2024	3,240	−4.6%	Cons. · IFRS
FYE Mar 2025	3,128	−3.5%	Cons. · IFRS
FYE Mar 2026	2,633	−15.8%	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 ¥1.07tn

CAGR · 10 yrs +0.7%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	1,009	n/a	Cons. · IFRS
FYE Mar 2018	1,120	+11.0%	Cons. · IFRS
FYE Mar 2019	1,075	−4.1%	Cons. · IFRS
FYE Mar 2020	987	−8.1%	Cons. · IFRS
FYE Mar 2021	926	−6.2%	Cons. · IFRS
FYE Mar 2022	1,115	+20.3%	Cons. · IFRS
FYE Mar 2023	1,239	+11.2%	Cons. · IFRS
FYE Mar 2024	1,147	−7.5%	Cons. · IFRS
FYE Mar 2025	1,280	+11.6%	Cons. · IFRS
FYE Mar 2026	1,071	−16.3%	Cons. · IFRS

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

SG&A selling, general and administrative expenses

FYE Mar 2026 ¥814bn

CAGR · 10 yrs +1.5%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	715	n/a	Cons. · IFRS
FYE Mar 2018	764	+6.9%	Cons. · IFRS
FYE Mar 2019	777	+1.6%	Cons. · IFRS
FYE Mar 2020	801	+3.0%	Cons. · IFRS
FYE Mar 2021	753	−6.0%	Cons. · IFRS
FYE Mar 2022	854	+13.5%	Cons. · IFRS
FYE Mar 2023	923	+8.0%	Cons. · IFRS
FYE Mar 2024	932	+1.1%	Cons. · IFRS
FYE Mar 2025	970	+4.0%	Cons. · IFRS
FYE Mar 2026	814	−16.1%	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 ¥30bn

CAGR · 10 yrs −21.6%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	269	n/a	Cons. · IFRS
FYE Mar 2018	356	+32.4%	Cons. · IFRS
FYE Mar 2019	295	−17.1%	Cons. · IFRS
FYE Mar 2020	144	−51.0%	Cons. · IFRS
FYE Mar 2021	47.5	−67.1%	Cons. · IFRS
FYE Mar 2022	303	+538.1%	Cons. · IFRS
FYE Mar 2023	183	−39.7%	Cons. · IFRS
FYE Mar 2024	262	+43.3%	Cons. · IFRS
FYE Mar 2025	197	−24.9%	Cons. · IFRS
FYE Mar 2026	30.1	−84.7%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥9.2bn

CAGR · 10 yrs +2.9%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	7.2	n/a	Cons. · IFRS
FYE Mar 2018	8.4	+17.5%	Cons. · IFRS
FYE Mar 2019	10.2	+21.7%	Cons. · IFRS
FYE Mar 2020	7.2	−29.5%	Cons. · IFRS
FYE Mar 2021	8.3	+14.5%	Cons. · IFRS
FYE Mar 2022	9.4	+13.5%	Cons. · IFRS
FYE Mar 2023	16.6	+77.6%	Cons. · IFRS
FYE Mar 2024	23.8	+43.0%	Cons. · IFRS
FYE Mar 2025	9.0	−62.2%	Cons. · IFRS
FYE Mar 2026	9.2	+2.6%	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 ¥39bn

CAGR · 10 yrs +9.2%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	17.4	n/a	Cons. · IFRS
FYE Mar 2018	20.0	+14.9%	Cons. · IFRS
FYE Mar 2019	20.1	+0.5%	Cons. · IFRS
FYE Mar 2020	29.5	+46.5%	Cons. · IFRS
FYE Mar 2021	22.9	−22.5%	Cons. · IFRS
FYE Mar 2022	22.2	−2.9%	Cons. · IFRS
FYE Mar 2023	31.4	+41.4%	Cons. · IFRS
FYE Mar 2024	45.1	+43.6%	Cons. · IFRS
FYE Mar 2025	55.0	+22.0%	Cons. · IFRS
FYE Mar 2026	38.6	−29.8%	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 ¥12bn

CAGR · 10 yrs −22.2%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	113	n/a	Cons. · IFRS
FYE Mar 2018	212	+87.0%	Cons. · IFRS
FYE Mar 2019	170	−20.0%	Cons. · IFRS
FYE Mar 2020	54.1	−68.1%	Cons. · IFRS
FYE Mar 2021	-7.6	−114.0%	Cons. · IFRS
FYE Mar 2022	177	n/a	Cons. · IFRS
FYE Mar 2023	96.5	−45.6%	Cons. · IFRS
FYE Mar 2024	120	+24.0%	Cons. · IFRS
FYE Mar 2025	45.0	−62.4%	Cons. · IFRS
FYE Mar 2026	11.8	−73.7%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 28.9%

Average · 10 yrs 28.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	29.9	n/a	Cons. · IFRS
FYE Mar 2018	30.1	+0.2pp	Cons. · IFRS
FYE Mar 2019	28.0	−2.1pp	Cons. · IFRS
FYE Mar 2020	27.6	−0.4pp	Cons. · IFRS
FYE Mar 2021	28.4	+0.9pp	Cons. · IFRS
FYE Mar 2022	28.0	−0.4pp	Cons. · IFRS
FYE Mar 2023	26.7	−1.3pp	Cons. · IFRS
FYE Mar 2024	26.1	−0.6pp	Cons. · IFRS
FYE Mar 2025	29.0	+2.9pp	Cons. · IFRS
FYE Mar 2026	28.9	−0.1pp	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 0.8%

Average · 10 yrs 5.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	8.0	n/a	Cons. · IFRS
FYE Mar 2018	9.6	+1.6pp	Cons. · IFRS
FYE Mar 2019	7.7	−1.9pp	Cons. · IFRS
FYE Mar 2020	4.0	−3.6pp	Cons. · IFRS
FYE Mar 2021	1.5	−2.6pp	Cons. · IFRS
FYE Mar 2022	7.6	+6.2pp	Cons. · IFRS
FYE Mar 2023	3.9	−3.7pp	Cons. · IFRS
FYE Mar 2024	6.0	+2.0pp	Cons. · IFRS
FYE Mar 2025	4.5	−1.5pp	Cons. · IFRS
FYE Mar 2026	0.8	−3.7pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 0.3%

Average · 10 yrs 2.5%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	3.4	n/a	Cons. · IFRS
FYE Mar 2018	5.7	+2.3pp	Cons. · IFRS
FYE Mar 2019	4.4	−1.3pp	Cons. · IFRS
FYE Mar 2020	1.5	−2.9pp	Cons. · IFRS
FYE Mar 2021	-0.2	−1.7pp	Cons. · IFRS
FYE Mar 2022	4.5	+4.7pp	Cons. · IFRS
FYE Mar 2023	2.1	−2.4pp	Cons. · IFRS
FYE Mar 2024	2.7	+0.6pp	Cons. · IFRS
FYE Mar 2025	1.0	−1.7pp	Cons. · IFRS
FYE Mar 2026	0.3	−0.7pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Mar 2026 71.1%

Average · 10 yrs 71.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	70.1	n/a	Cons. · IFRS
FYE Mar 2018	69.9	−0.2pp	Cons. · IFRS
FYE Mar 2019	72.0	+2.1pp	Cons. · IFRS
FYE Mar 2020	72.4	+0.4pp	Cons. · IFRS
FYE Mar 2021	71.6	−0.9pp	Cons. · IFRS
FYE Mar 2022	72.0	+0.4pp	Cons. · IFRS
FYE Mar 2023	73.3	+1.3pp	Cons. · IFRS
FYE Mar 2024	73.9	+0.6pp	Cons. · IFRS
FYE Mar 2025	71.0	−2.9pp	Cons. · IFRS
FYE Mar 2026	71.1	+0.1pp	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 22.0%

Average · 10 yrs 21.4%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	21.2	n/a	Cons. · IFRS
FYE Mar 2018	20.5	−0.6pp	Cons. · IFRS
FYE Mar 2019	20.2	−0.3pp	Cons. · IFRS
FYE Mar 2020	22.4	+2.1pp	Cons. · IFRS
FYE Mar 2021	23.1	+0.7pp	Cons. · IFRS
FYE Mar 2022	21.5	−1.6pp	Cons. · IFRS
FYE Mar 2023	19.9	−1.6pp	Cons. · IFRS
FYE Mar 2024	21.3	+1.3pp	Cons. · IFRS
FYE Mar 2025	22.0	+0.8pp	Cons. · IFRS
FYE Mar 2026	22.0	−0.0pp	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 ¥5.88tn

CAGR · 10 yrs +3.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	4,295	n/a	Cons. · IFRS
FYE Mar 2018	4,701	+9.5%	Cons. · IFRS
FYE Mar 2019	5,573	+18.5%	Cons. · IFRS
FYE Mar 2020	5,132	−7.9%	Cons. · IFRS
FYE Mar 2021	5,287	+3.0%	Cons. · IFRS
FYE Mar 2022	5,574	+5.4%	Cons. · IFRS
FYE Mar 2023	5,774	+3.6%	Cons. · IFRS
FYE Mar 2024	6,105	+5.7%	Cons. · IFRS
FYE Mar 2025	5,895	−3.4%	Cons. · IFRS
FYE Mar 2026	5,877	−0.3%	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 ¥1.11tn

CAGR · 10 yrs −4.0%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	1,608	n/a	Cons. · IFRS
FYE Mar 2018	652	−59.5%	Cons. · IFRS
FYE Mar 2019	730	+12.0%	Cons. · IFRS
FYE Mar 2020	890	+21.9%	Cons. · IFRS
FYE Mar 2021	902	+1.3%	Cons. · IFRS
FYE Mar 2022	1,072	+18.9%	Cons. · IFRS
FYE Mar 2023	1,141	+6.4%	Cons. · IFRS
FYE Mar 2024	1,251	+9.7%	Cons. · IFRS
FYE Mar 2025	1,197	−4.4%	Cons. · IFRS
FYE Mar 2026	1,109	−7.3%	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 ¥1.89tn

CAGR · 10 yrs +1.2%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	1,694	n/a	Cons. · IFRS
FYE Mar 2018	1,606	−5.2%	Cons. · IFRS
FYE Mar 2019	2,247	+39.9%	Cons. · IFRS
FYE Mar 2020	2,283	+1.6%	Cons. · IFRS
FYE Mar 2021	2,350	+2.9%	Cons. · IFRS
FYE Mar 2022	2,160	−8.1%	Cons. · IFRS
FYE Mar 2023	2,244	+3.9%	Cons. · IFRS
FYE Mar 2024	2,201	−1.9%	Cons. · IFRS
FYE Mar 2025	2,041	−7.3%	Cons. · IFRS
FYE Mar 2026	1,891	−7.4%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥387bn

CAGR · 10 yrs −4.4%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	578	n/a	Cons. · IFRS
FYE Mar 2018	581	+0.5%	Cons. · IFRS
FYE Mar 2019	1,109	+90.9%	Cons. · IFRS
FYE Mar 2020	727	−34.4%	Cons. · IFRS
FYE Mar 2021	653	−10.2%	Cons. · IFRS
FYE Mar 2022	411	−37.1%	Cons. · IFRS
FYE Mar 2023	601	+46.3%	Cons. · IFRS
FYE Mar 2024	605	+0.6%	Cons. · IFRS
FYE Mar 2025	428	−29.3%	Cons. · IFRS
FYE Mar 2026	387	−9.6%	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 ¥1.50tn

CAGR · 10 yrs +3.4%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	1,116	n/a	Cons. · IFRS
FYE Mar 2018	1,025	−8.1%	Cons. · IFRS
FYE Mar 2019	1,138	+11.0%	Cons. · IFRS
FYE Mar 2020	1,556	+36.7%	Cons. · IFRS
FYE Mar 2021	1,696	+9.0%	Cons. · IFRS
FYE Mar 2022	1,749	+3.1%	Cons. · IFRS
FYE Mar 2023	1,642	−6.1%	Cons. · IFRS
FYE Mar 2024	1,596	−2.8%	Cons. · IFRS
FYE Mar 2025	1,613	+1.1%	Cons. · IFRS
FYE Mar 2026	1,503	−6.8%	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 ¥378bn

CAGR · 9 yrs +0.8%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	355	n/a	Cons. · IFRS
FYE Mar 2019	569	+60.2%	Cons. · IFRS
FYE Mar 2020	511	−10.2%	Cons. · IFRS
FYE Mar 2021	455	−10.8%	Cons. · IFRS
FYE Mar 2022	449	−1.4%	Cons. · IFRS
FYE Mar 2023	459	+2.3%	Cons. · IFRS
FYE Mar 2024	481	+4.8%	Cons. · IFRS
FYE Mar 2025	442	−8.1%	Cons. · IFRS
FYE Mar 2026	378	−14.6%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥891bn

CAGR · 10 yrs +12.3%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	313	n/a	Cons. · IFRS
FYE Mar 2018	324	+3.6%	Cons. · IFRS
FYE Mar 2019	649	+100.1%	Cons. · IFRS
FYE Mar 2020	617	−4.9%	Cons. · IFRS
FYE Mar 2021	672	+8.9%	Cons. · IFRS
FYE Mar 2022	705	+5.0%	Cons. · IFRS
FYE Mar 2023	728	+3.2%	Cons. · IFRS
FYE Mar 2024	833	+14.5%	Cons. · IFRS
FYE Mar 2025	828	−0.6%	Cons. · IFRS
FYE Mar 2026	891	+7.7%	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 18.9%

Average · 10 yrs 19.7%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	37.4	n/a	Cons. · IFRS
FYE Mar 2018	13.9	−23.6pp	Cons. · IFRS
FYE Mar 2019	13.1	−0.8pp	Cons. · IFRS
FYE Mar 2020	17.3	+4.2pp	Cons. · IFRS
FYE Mar 2021	17.1	−0.3pp	Cons. · IFRS
FYE Mar 2022	19.2	+2.2pp	Cons. · IFRS
FYE Mar 2023	19.8	+0.5pp	Cons. · IFRS
FYE Mar 2024	20.5	+0.7pp	Cons. · IFRS
FYE Mar 2025	20.3	−0.2pp	Cons. · IFRS
FYE Mar 2026	18.9	−1.4pp	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 170.5%

Average · 10 yrs 209.2%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	105.3	n/a	Cons. · IFRS
FYE Mar 2018	246.3	+141.0pp	Cons. · IFRS
FYE Mar 2019	307.8	+61.4pp	Cons. · IFRS
FYE Mar 2020	256.7	−51.1pp	Cons. · IFRS
FYE Mar 2021	260.6	+4.0pp	Cons. · IFRS
FYE Mar 2022	201.5	−59.1pp	Cons. · IFRS
FYE Mar 2023	196.7	−4.9pp	Cons. · IFRS
FYE Mar 2024	175.9	−20.8pp	Cons. · IFRS
FYE Mar 2025	170.6	−5.3pp	Cons. · IFRS
FYE Mar 2026	170.5	−0.0pp	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 1.1%

Average · 10 yrs 10.7%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	7.0	n/a	Cons. · IFRS
FYE Mar 2018	32.5	+25.4pp	Cons. · IFRS
FYE Mar 2019	23.2	−9.3pp	Cons. · IFRS
FYE Mar 2020	6.1	−17.1pp	Cons. · IFRS
FYE Mar 2021	-0.8	−6.9pp	Cons. · IFRS
FYE Mar 2022	16.5	+17.4pp	Cons. · IFRS
FYE Mar 2023	8.5	−8.1pp	Cons. · IFRS
FYE Mar 2024	9.6	+1.1pp	Cons. · IFRS
FYE Mar 2025	3.8	−5.8pp	Cons. · IFRS
FYE Mar 2026	1.1	−2.7pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 0.2%

Average · 10 yrs 1.9%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	2.6	n/a	Cons. · IFRS
FYE Mar 2018	4.5	+1.9pp	Cons. · IFRS
FYE Mar 2019	3.0	−1.5pp	Cons. · IFRS
FYE Mar 2020	1.1	−2.0pp	Cons. · IFRS
FYE Mar 2021	-0.1	−1.2pp	Cons. · IFRS
FYE Mar 2022	3.2	+3.3pp	Cons. · IFRS
FYE Mar 2023	1.7	−1.5pp	Cons. · IFRS
FYE Mar 2024	2.0	+0.3pp	Cons. · IFRS
FYE Mar 2025	0.8	−1.2pp	Cons. · IFRS
FYE Mar 2026	0.2	−0.6pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.63×

CAGR · 10 yrs −2.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.79	n/a	Cons. · IFRS
FYE Mar 2018	0.79	+0.8%	Cons. · IFRS
FYE Mar 2019	0.69	−13.0%	Cons. · IFRS
FYE Mar 2020	0.70	+1.2%	Cons. · IFRS
FYE Mar 2021	0.62	−11.7%	Cons. · IFRS
FYE Mar 2022	0.71	+15.8%	Cons. · IFRS
FYE Mar 2023	0.80	+12.5%	Cons. · IFRS
FYE Mar 2024	0.72	−10.5%	Cons. · IFRS
FYE Mar 2025	0.75	+4.0%	Cons. · IFRS
FYE Mar 2026	0.63	−15.7%	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 ¥436bn

CAGR · 10 yrs +3.0%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	333	n/a	Cons. · IFRS
FYE Mar 2018	398	+19.4%	Cons. · IFRS
FYE Mar 2019	416	+4.4%	Cons. · IFRS
FYE Mar 2020	452	+8.8%	Cons. · IFRS
FYE Mar 2021	467	+3.3%	Cons. · IFRS
FYE Mar 2022	347	−25.7%	Cons. · IFRS
FYE Mar 2023	355	+2.4%	Cons. · IFRS
FYE Mar 2024	465	+31.0%	Cons. · IFRS
FYE Mar 2025	553	+18.9%	Cons. · IFRS
FYE Mar 2026	436	−21.1%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 ¥124bn

Average · 10 yrs -¥257bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-265	n/a	Cons. · IFRS
FYE Mar 2018	-336	n/a	Cons. · IFRS
FYE Mar 2019	-895	n/a	Cons. · IFRS
FYE Mar 2020	-87.6	n/a	Cons. · IFRS
FYE Mar 2021	-217	n/a	Cons. · IFRS
FYE Mar 2022	-129	n/a	Cons. · IFRS
FYE Mar 2023	-248	n/a	Cons. · IFRS
FYE Mar 2024	-246	n/a	Cons. · IFRS
FYE Mar 2025	-275	n/a	Cons. · IFRS
FYE Mar 2026	124	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 -¥375bn

Average · 10 yrs -¥145bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	40.1	n/a	Cons. · IFRS
FYE Mar 2018	-151	−475.3%	Cons. · IFRS
FYE Mar 2019	519	n/a	Cons. · IFRS
FYE Mar 2020	-451	−186.8%	Cons. · IFRS
FYE Mar 2021	-143	n/a	Cons. · IFRS
FYE Mar 2022	-336	n/a	Cons. · IFRS
FYE Mar 2023	-60.8	n/a	Cons. · IFRS
FYE Mar 2024	-242	n/a	Cons. · IFRS
FYE Mar 2025	-247	n/a	Cons. · IFRS
FYE Mar 2026	-375	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 ¥527bn

CAGR · 10 yrs +4.3%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	360	n/a	Cons. · IFRS
FYE Mar 2018	278	−22.9%	Cons. · IFRS
FYE Mar 2019	322	+15.8%	Cons. · IFRS
FYE Mar 2020	228	−29.0%	Cons. · IFRS
FYE Mar 2021	350	+53.2%	Cons. · IFRS
FYE Mar 2022	246	−29.7%	Cons. · IFRS
FYE Mar 2023	297	+20.9%	Cons. · IFRS
FYE Mar 2024	295	−0.8%	Cons. · IFRS
FYE Mar 2025	326	+10.6%	Cons. · IFRS
FYE Mar 2026	527	+61.6%	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 ¥561bn

CAGR · 10 yrs +26.3%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	68.6	n/a	Cons. · IFRS
FYE Mar 2018	62.0	−9.6%	Cons. · IFRS
FYE Mar 2019	-479	−873.3%	Cons. · IFRS
FYE Mar 2020	364	n/a	Cons. · IFRS
FYE Mar 2021	250	−31.4%	Cons. · IFRS
FYE Mar 2022	218	−12.8%	Cons. · IFRS
FYE Mar 2023	108	−50.7%	Cons. · IFRS
FYE Mar 2024	219	+103.7%	Cons. · IFRS
FYE Mar 2025	277	+26.6%	Cons. · IFRS
FYE Mar 2026	561	+102.1%	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 11.8%

Average · 10 yrs 11.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	9.9	n/a	Cons. · IFRS
FYE Mar 2018	10.7	+0.8pp	Cons. · IFRS
FYE Mar 2019	10.8	+0.1pp	Cons. · IFRS
FYE Mar 2020	12.6	+1.8pp	Cons. · IFRS
FYE Mar 2021	14.3	+1.7pp	Cons. · IFRS
FYE Mar 2022	8.7	−5.6pp	Cons. · IFRS
FYE Mar 2023	7.7	−1.1pp	Cons. · IFRS
FYE Mar 2024	10.6	+2.9pp	Cons. · IFRS
FYE Mar 2025	12.5	+1.9pp	Cons. · IFRS
FYE Mar 2026	11.8	−0.8pp	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 -¥1.36tn

Average · 10 yrs -¥1.75tn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-1,334	n/a	Cons. · IFRS
FYE Mar 2018	-1,328	n/a	Cons. · IFRS
FYE Mar 2019	-1,925	n/a	Cons. · IFRS
FYE Mar 2020	-2,055	n/a	Cons. · IFRS
FYE Mar 2021	-2,000	n/a	Cons. · IFRS
FYE Mar 2022	-1,914	n/a	Cons. · IFRS
FYE Mar 2023	-1,947	n/a	Cons. · IFRS
FYE Mar 2024	-1,906	n/a	Cons. · IFRS
FYE Mar 2025	-1,715	n/a	Cons. · IFRS
FYE Mar 2026	-1,363	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 ¥1.30tn

Change · 9 yrs −¥6.0bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	1,302	n/a
FYE Mar 2018	1,551	n/a
FYE Mar 2019	1,167	n/a
FYE Mar 2020	969	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	1,240	n/a
FYE Mar 2023	1,186	n/a
FYE Mar 2024	1,380	n/a
FYE Mar 2025	1,110	n/a
FYE Mar 2026	1,296	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 899¥

Change · 9 yrs +35¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	865	n/a
FYE Mar 2018	1,030	n/a
FYE Mar 2019	775	n/a
FYE Mar 2020	644	n/a
FYE Mar 2021	n/a	n/a
FYE Mar 2022	823	n/a
FYE Mar 2023	787	n/a
FYE Mar 2024	916	n/a
FYE Mar 2025	737	n/a
FYE Mar 2026	899	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 1,441,467,000shares

Change · 10 yrs −64,821,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	1,506,288,000	Parent
FYE Mar 2018	1,506,288,000	Parent
FYE Mar 2019	1,506,288,000	Parent
FYE Mar 2020	1,506,288,000	Parent
FYE Mar 2021	1,506,288,000	Parent
FYE Mar 2022	1,506,288,000	Parent
FYE Mar 2023	1,506,288,000	Parent
FYE Mar 2024	1,506,288,000	Parent
FYE Mar 2025	1,506,288,000	Parent
FYE Mar 2026	1,441,467,000	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 8.63¥

Change · 10 yrs −98.10¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	106.73	Cons.
FYE Mar 2018	147.14	Cons.
FYE Mar 2019	119.22	Cons.
FYE Mar 2020	38.08	Cons.
FYE Mar 2021	-5.32	Cons.
FYE Mar 2022	124.68	Cons.
FYE Mar 2023	67.85	Cons.
FYE Mar 2024	84.07	Cons.
FYE Mar 2025	31.64	Cons.
FYE Mar 2026	8.63	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 769.13¥

Change · 10 yrs −298.61¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,067.74	Cons. · IFRS
FYE Mar 2018	432.86	Cons. · IFRS
FYE Mar 2019	484.66	Cons. · IFRS
FYE Mar 2020	590.60	Cons. · IFRS
FYE Mar 2021	598.51	Cons. · IFRS
FYE Mar 2022	711.57	Cons. · IFRS
FYE Mar 2023	757.44	Cons. · IFRS
FYE Mar 2024	830.78	Cons. · IFRS
FYE Mar 2025	794.38	Cons. · IFRS
FYE Mar 2026	769.13	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 104.20×

Average · 9 yrs 21.68×

Fiscal year	PER ×	Basis
FYE Mar 2017	8.10	Cons.
FYE Mar 2018	7.00	Cons.
FYE Mar 2019	6.50	Cons.
FYE Mar 2020	16.90	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	6.60	Cons.
FYE Mar 2023	11.60	Cons.
FYE Mar 2024	10.90	Cons.
FYE Mar 2025	23.30	Cons.
FYE Mar 2026	104.20	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 0.69×

Average · 9 yrs 0.82×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.14	Cons.
FYE Mar 2018	1.15	Cons.
FYE Mar 2019	0.80	Cons.
FYE Mar 2020	0.78	Cons.
FYE Mar 2021	n/a	Cons.
FYE Mar 2022	0.80	Cons.
FYE Mar 2023	0.72	Cons.
FYE Mar 2024	0.74	Cons.
FYE Mar 2025	0.60	Cons.
FYE Mar 2026	0.69	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 56,678people

Change · 10 yrs −12,613 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	69,291	n/a	Cons.
FYE Mar 2018	69,230	−0.1%	Cons.
FYE Mar 2019	72,020	+4.0%	Cons.
FYE Mar 2020	69,609	−3.3%	Cons.
FYE Mar 2021	69,607	−0.0%	Cons.
FYE Mar 2022	69,784	+0.3%	Cons.
FYE Mar 2023	68,639	−1.6%	Cons.
FYE Mar 2024	66,358	−3.3%	Cons.
FYE Mar 2025	63,258	−4.7%	Cons.
FYE Mar 2026	56,678	−10.4%	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 27people

Change · 10 yrs −88 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	115	n/a	Parent
FYE Mar 2018	158	+37.4%	Parent
FYE Mar 2019	149	−5.7%	Parent
FYE Mar 2020	166	+11.4%	Parent
FYE Mar 2021	201	+21.1%	Parent
FYE Mar 2022	223	+10.9%	Parent
FYE Mar 2023	430	+92.8%	Parent
FYE Mar 2024	501	+16.5%	Parent
FYE Mar 2025	414	−17.4%	Parent
FYE Mar 2026	27	−93.5%	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 ¥11.9m

Change · 10 yrs +¥0.4m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	11.5	n/a	Parent
FYE Mar 2018	14.4	+25.7%	Parent
FYE Mar 2019	17.4	+20.7%	Parent
FYE Mar 2020	11.7	−32.9%	Parent
FYE Mar 2021	10.1	−13.3%	Parent
FYE Mar 2022	9.5	−6.1%	Parent
FYE Mar 2023	10.5	+10.1%	Parent
FYE Mar 2024	9.7	−6.9%	Parent
FYE Mar 2025	10.6	+8.9%	Parent
FYE Mar 2026	11.9	+12.2%	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 50.2years

Change · 8 yrs +2.8 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	47.4	n/a	Parent
FYE Mar 2020	47.5	+0.2%	Parent
FYE Mar 2021	45.6	−4.0%	Parent
FYE Mar 2022	46.3	+1.5%	Parent
FYE Mar 2023	46.5	+0.4%	Parent
FYE Mar 2024	46.2	−0.6%	Parent
FYE Mar 2025	47.6	+3.0%	Parent
FYE Mar 2026	50.2	+5.5%	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 24.3years

Change · 10 yrs +2.7 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	21.6	n/a	Parent
FYE Mar 2018	18.3	−15.3%	Parent
FYE Mar 2019	19.1	+4.4%	Parent
FYE Mar 2020	19.4	+1.6%	Parent
FYE Mar 2021	17.6	−9.3%	Parent
FYE Mar 2022	18.5	+5.1%	Parent
FYE Mar 2023	19.0	+2.7%	Parent
FYE Mar 2024	18.4	−3.2%	Parent
FYE Mar 2025	19.3	+4.9%	Parent
FYE Mar 2026	24.3	+25.9%	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 4,551people

Change · 10 yrs −2,327 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	6,878	n/a	n/a
FYE Mar 2018	7,428	+8.0%	n/a
FYE Mar 2019	7,558	+1.8%	n/a
FYE Mar 2020	6,753	−10.7%	n/a
FYE Mar 2021	6,031	−10.7%	n/a
FYE Mar 2022	6,297	+4.4%	n/a
FYE Mar 2023	5,993	−4.8%	n/a
FYE Mar 2024	5,389	−10.1%	n/a
FYE Mar 2025	4,663	−13.5%	n/a
FYE Mar 2026	4,551	−2.4%	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 ¥65.4m

Change · 10 yrs +¥16.6m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	48.7	n/a	Cons.
FYE Mar 2018	53.8	+10.4%	Cons.
FYE Mar 2019	53.3	−0.9%	Cons.
FYE Mar 2020	51.4	−3.5%	Cons.
FYE Mar 2021	46.8	−9.0%	Cons.
FYE Mar 2022	57.0	+21.8%	Cons.
FYE Mar 2023	67.5	+18.5%	Cons.
FYE Mar 2024	66.1	−2.1%	Cons.
FYE Mar 2025	69.7	+5.4%	Cons.
FYE Mar 2026	65.4	−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 ¥0.5m

Change · 10 yrs −¥3.3m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	3.9	n/a	Cons.
FYE Mar 2018	5.1	+32.5%	Cons.
FYE Mar 2019	4.1	−20.3%	Cons.
FYE Mar 2020	2.1	−49.4%	Cons.
FYE Mar 2021	0.7	−67.1%	Cons.
FYE Mar 2022	4.3	+536.4%	Cons.
FYE Mar 2023	2.7	−38.7%	Cons.
FYE Mar 2024	3.9	+48.2%	Cons.
FYE Mar 2025	3.1	−21.2%	Cons.
FYE Mar 2026	0.5	−82.9%	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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