Financials

Sumitomo Bakelite: FYE Mar 2026 and ten years of results (47 metrics)

FYE Mar 2026 · Revenue¥320bnYoY +5.0%

FYE Mar 2026 · Operating profit¥35bnYoY +43.1%

FYE Mar 2026 · Net profit¥28bnYoY +45.3%

FYE Mar 2026 · Equity ratio71.0%YoY +2.1pp

FYE Mar 2026 · Group employees7,524YoY −457

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥198bn	n/a	¥17bn	n/a	8.5%	¥11bn	Hayashi Shigeru	—
FYE Mar 2018Consolidated	¥212bn	+6.8%	¥19bn	+10.2%	8.8%	¥14bn	Hayashi Shigeru	<a class="en-history_person" href="/tse/4203/executives/ceo/fujiwara-kazuhiko/" hreflang="ja">Fujiwara Kazuhiko</a> becomes president and representative director
FYE Mar 2019Consolidated	¥213bn	+0.6%	¥14bn	−26.9%	6.4%	¥15bn	Hayashi Shigeru	—
FYE Mar 2020Consolidated	¥207bn	−3.0%	¥10bn	−24.3%	5.0%	¥9.0bn	Fujiwara Kazuhiko	A capital and business alliance is struck with Kawasumi Laboratories
FYE Mar 2021Consolidated	¥209bn	+1.2%	¥20bn	+93.6%	9.5%	¥13bn	Fujiwara Kazuhiko	Kawasumi Laboratories is taken wholly owned by tender offer and squeeze-out
FYE Mar 2022Consolidated	¥263bn	+25.9%	¥25bn	+25.0%	9.5%	¥18bn	Fujiwara Kazuhiko	The medical device business is transferred by company split to SB Kawasumi
FYE Mar 2023Consolidated	¥285bn	+8.3%	¥25bn	−0.3%	8.7%	¥20bn	Fujiwara Kazuhiko	—
FYE Mar 2024Consolidated	¥287bn	+0.8%	¥27bn	+9.6%	9.5%	¥22bn	Fujiwara Kazuhiko	—
FYE Mar 2025Consolidated	¥305bn	+6.1%	¥25bn	−8.9%	8.1%	¥19bn	Fujiwara Kazuhiko	—
FYE Mar 2026Consolidated	¥320bn	+5.0%	¥35bn	+43.1%	11.1%	¥28bn	Fujiwara Kazuhiko	Revenue reaches a record ¥304.8bn on generative-AI chip demand

How it compares

Mitsubishi Plastics, Inc.Delisted 2007

Sumitomo Bakelite¥320bnFY2025Operating margin 11.1%

AICA Kogyo Company, Limited¥252bnFY2025Operating margin 11.6%

FP CORPORATION¥240bnFY2025Operating margin 9.0%

NITTA CORPORATION¥92bnFY2025Operating margin 6.4%

Sagami Rubber Industries¥6bnFY2025Operating margin 3.1%

Income statement Revenue, costs, each level of profit and the margins they leave

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥320bn

CAGR · 10 yrs +5.5%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	198	n/a	Cons. · Japanese GAAP
FYE Mar 2018	212	moved to IFRS	Cons. · IFRS
FYE Mar 2019	213	+0.6%	Cons. · IFRS
FYE Mar 2020	207	−3.0%	Cons. · IFRS
FYE Mar 2021	209	+1.2%	Cons. · IFRS
FYE Mar 2022	263	+25.9%	Cons. · IFRS
FYE Mar 2023	285	+8.3%	Cons. · IFRS
FYE Mar 2024	287	+0.8%	Cons. · IFRS
FYE Mar 2025	305	+6.1%	Cons. · IFRS
FYE Mar 2026	320	+5.0%	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 ¥220bn

CAGR · 10 yrs +5.5%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	135	n/a	Cons. · Japanese GAAP
FYE Mar 2018	146	moved to IFRS	Cons. · IFRS
FYE Mar 2019	149	+2.3%	Cons. · IFRS
FYE Mar 2020	146	−2.2%	Cons. · IFRS
FYE Mar 2021	146	−0.2%	Cons. · IFRS
FYE Mar 2022	183	+25.5%	Cons. · IFRS
FYE Mar 2023	204	+11.4%	Cons. · IFRS
FYE Mar 2024	202	−1.0%	Cons. · IFRS
FYE Mar 2025	211	+4.8%	Cons. · IFRS
FYE Mar 2026	220	+4.0%	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 ¥100bn

CAGR · 10 yrs +5.3%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	63.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	65.9	moved to IFRS	Cons. · IFRS
FYE Mar 2019	63.7	−3.3%	Cons. · IFRS
FYE Mar 2020	60.6	−4.8%	Cons. · IFRS
FYE Mar 2021	63.4	+4.5%	Cons. · IFRS
FYE Mar 2022	80.4	+26.9%	Cons. · IFRS
FYE Mar 2023	81.4	+1.2%	Cons. · IFRS
FYE Mar 2024	85.7	+5.4%	Cons. · IFRS
FYE Mar 2025	93.6	+9.1%	Cons. · IFRS
FYE Mar 2026	100	+7.0%	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 ¥66bn

CAGR · 10 yrs +4.0%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	46.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	46.6	moved to IFRS	Cons. · IFRS
FYE Mar 2019	46.4	−0.5%	Cons. · IFRS
FYE Mar 2020	46.3	−0.2%	Cons. · IFRS
FYE Mar 2021	46.7	+0.9%	Cons. · IFRS
FYE Mar 2022	53.9	+15.4%	Cons. · IFRS
FYE Mar 2023	55.9	+3.7%	Cons. · IFRS
FYE Mar 2024	58.3	+4.2%	Cons. · IFRS
FYE Mar 2025	62.7	+7.7%	Cons. · IFRS
FYE Mar 2026	65.6	+4.6%	Cons. · IFRS

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Mar 2026 ¥35bn

CAGR · 10 yrs +8.6%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	16.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	18.6	moved to IFRS	Cons. · IFRS
FYE Mar 2019	13.6	−26.9%	Cons. · IFRS
FYE Mar 2020	10.3	−24.3%	Cons. · IFRS
FYE Mar 2021	19.9	+93.6%	Cons. · IFRS
FYE Mar 2022	24.9	+25.0%	Cons. · IFRS
FYE Mar 2023	24.8	−0.3%	Cons. · IFRS
FYE Mar 2024	27.2	+9.6%	Cons. · IFRS
FYE Mar 2025	24.8	−8.9%	Cons. · IFRS
FYE Mar 2026	35.5	+43.1%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥3.8bn

CAGR · 10 yrs +14.7%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	1.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.1	moved to IFRS	Cons. · IFRS
FYE Mar 2019	1.3	+20.7%	Cons. · IFRS
FYE Mar 2020	1.4	+8.7%	Cons. · IFRS
FYE Mar 2021	1.4	−1.8%	Cons. · IFRS
FYE Mar 2022	1.3	−7.3%	Cons. · IFRS
FYE Mar 2023	2.4	+85.0%	Cons. · IFRS
FYE Mar 2024	4.6	+93.1%	Cons. · IFRS
FYE Mar 2025	4.2	−9.9%	Cons. · IFRS
FYE Mar 2026	3.8	−9.5%	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 ¥0.4bn

CAGR · 10 yrs −5.3%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	0.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.2	moved to IFRS	Cons. · IFRS
FYE Mar 2019	0.3	+16.4%	Cons. · IFRS
FYE Mar 2020	0.5	+103.9%	Cons. · IFRS
FYE Mar 2021	5.1	+883.1%	Cons. · IFRS
FYE Mar 2022	0.3	−94.2%	Cons. · IFRS
FYE Mar 2023	0.5	+59.4%	Cons. · IFRS
FYE Mar 2024	0.3	−32.2%	Cons. · IFRS
FYE Mar 2025	0.3	+3.4%	Cons. · IFRS
FYE Mar 2026	0.4	+18.6%	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 ¥28bn

CAGR · 10 yrs +11.4%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	10.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	14.4	moved to IFRS	Cons. · IFRS
FYE Mar 2019	15.1	+4.6%	Cons. · IFRS
FYE Mar 2020	9.0	−40.4%	Cons. · IFRS
FYE Mar 2021	13.2	+46.9%	Cons. · IFRS
FYE Mar 2022	18.3	+38.6%	Cons. · IFRS
FYE Mar 2023	20.3	+10.9%	Cons. · IFRS
FYE Mar 2024	21.8	+7.6%	Cons. · IFRS
FYE Mar 2025	19.3	−11.7%	Cons. · IFRS
FYE Mar 2026	28.0	+45.3%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 31.3%

Average · 10 yrs 30.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	31.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	31.1	moved to IFRS	Cons. · IFRS
FYE Mar 2019	29.9	−1.2pp	Cons. · IFRS
FYE Mar 2020	29.3	−0.6pp	Cons. · IFRS
FYE Mar 2021	30.3	+1.0pp	Cons. · IFRS
FYE Mar 2022	30.6	+0.2pp	Cons. · IFRS
FYE Mar 2023	28.6	−2.0pp	Cons. · IFRS
FYE Mar 2024	29.8	+1.3pp	Cons. · IFRS
FYE Mar 2025	30.7	+0.9pp	Cons. · IFRS
FYE Mar 2026	31.3	+0.6pp	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 11.1%

Average · 10 yrs 8.5%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	8.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.8	moved to IFRS	Cons. · IFRS
FYE Mar 2019	6.4	−2.4pp	Cons. · IFRS
FYE Mar 2020	5.0	−1.4pp	Cons. · IFRS
FYE Mar 2021	9.5	+4.6pp	Cons. · IFRS
FYE Mar 2022	9.5	−0.1pp	Cons. · IFRS
FYE Mar 2023	8.7	−0.7pp	Cons. · IFRS
FYE Mar 2024	9.5	+0.8pp	Cons. · IFRS
FYE Mar 2025	8.1	−1.3pp	Cons. · IFRS
FYE Mar 2026	11.1	+3.0pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 8.8%

Average · 10 yrs 6.7%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	5.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.8	moved to IFRS	Cons. · IFRS
FYE Mar 2019	7.1	+0.3pp	Cons. · IFRS
FYE Mar 2020	4.3	−2.7pp	Cons. · IFRS
FYE Mar 2021	6.3	+2.0pp	Cons. · IFRS
FYE Mar 2022	7.0	+0.6pp	Cons. · IFRS
FYE Mar 2023	7.1	+0.2pp	Cons. · IFRS
FYE Mar 2024	7.6	+0.5pp	Cons. · IFRS
FYE Mar 2025	6.3	−1.3pp	Cons. · IFRS
FYE Mar 2026	8.8	+2.4pp	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 68.7%

Average · 10 yrs 69.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	68.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	68.9	moved to IFRS	Cons. · IFRS
FYE Mar 2019	70.1	+1.2pp	Cons. · IFRS
FYE Mar 2020	70.7	+0.6pp	Cons. · IFRS
FYE Mar 2021	69.7	−1.0pp	Cons. · IFRS
FYE Mar 2022	69.4	−0.2pp	Cons. · IFRS
FYE Mar 2023	71.4	+2.0pp	Cons. · IFRS
FYE Mar 2024	70.2	−1.3pp	Cons. · IFRS
FYE Mar 2025	69.3	−0.9pp	Cons. · IFRS
FYE Mar 2026	68.7	−0.6pp	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 20.5%

Average · 10 yrs 21.3%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	23.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22.0	moved to IFRS	Cons. · IFRS
FYE Mar 2019	21.8	−0.2pp	Cons. · IFRS
FYE Mar 2020	22.4	+0.6pp	Cons. · IFRS
FYE Mar 2021	22.4	−0.0pp	Cons. · IFRS
FYE Mar 2022	20.5	−1.9pp	Cons. · IFRS
FYE Mar 2023	19.6	−0.9pp	Cons. · IFRS
FYE Mar 2024	20.3	+0.7pp	Cons. · IFRS
FYE Mar 2025	20.6	+0.3pp	Cons. · IFRS
FYE Mar 2026	20.5	−0.1pp	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 ¥484bn

CAGR · 10 yrs +7.0%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	264	n/a	Cons. · Japanese GAAP
FYE Mar 2018	280	moved to IFRS	Cons. · IFRS
FYE Mar 2019	285	+1.8%	Cons. · IFRS
FYE Mar 2020	283	−0.6%	Cons. · IFRS
FYE Mar 2021	346	+22.0%	Cons. · IFRS
FYE Mar 2022	371	+7.3%	Cons. · IFRS
FYE Mar 2023	378	+2.1%	Cons. · IFRS
FYE Mar 2024	441	+16.6%	Cons. · IFRS
FYE Mar 2025	418	−5.3%	Cons. · IFRS
FYE Mar 2026	484	+15.9%	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 ¥344bn

CAGR · 10 yrs +8.5%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	165	n/a	Cons. · Japanese GAAP
FYE Mar 2018	177	moved to IFRS	Cons. · IFRS
FYE Mar 2019	177	+0.2%	Cons. · IFRS
FYE Mar 2020	175	−1.1%	Cons. · IFRS
FYE Mar 2021	198	+13.2%	Cons. · IFRS
FYE Mar 2022	227	+14.7%	Cons. · IFRS
FYE Mar 2023	253	+11.3%	Cons. · IFRS
FYE Mar 2024	299	+18.0%	Cons. · IFRS
FYE Mar 2025	288	−3.6%	Cons. · IFRS
FYE Mar 2026	344	+19.4%	Cons. · IFRS

Definition: The part of the funding that never has to be repaid
Formula: Net assets line of the balance sheet
Source: Securities report (XBRL)

Interest-bearing debt

FYE Mar 2026 ¥27bn

CAGR · 10 yrs −3.8%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	38.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	43.7	moved to IFRS	Cons. · IFRS
FYE Mar 2019	45.4	+3.9%	Cons. · IFRS
FYE Mar 2020	45.6	+0.5%	Cons. · IFRS
FYE Mar 2021	71.9	+57.5%	Cons. · IFRS
FYE Mar 2022	58.6	−18.4%	Cons. · IFRS
FYE Mar 2023	43.2	−26.3%	Cons. · IFRS
FYE Mar 2024	48.5	+12.2%	Cons. · IFRS
FYE Mar 2025	30.7	−36.8%	Cons. · IFRS
FYE Mar 2026	27.4	−10.8%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥20bn

CAGR · 10 yrs +16.4%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	5.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.4	moved to IFRS	Cons. · IFRS
FYE Mar 2019	18.5	+77.7%	Cons. · IFRS
FYE Mar 2020	24.4	+31.7%	Cons. · IFRS
FYE Mar 2021	46.4	+90.2%	Cons. · IFRS
FYE Mar 2022	35.2	−24.2%	Cons. · IFRS
FYE Mar 2023	21.8	−37.9%	Cons. · IFRS
FYE Mar 2024	33.1	+51.4%	Cons. · IFRS
FYE Mar 2025	17.4	−47.3%	Cons. · IFRS
FYE Mar 2026	20.1	+15.3%	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 ¥7.3bn

CAGR · 10 yrs −15.6%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	33.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	33.3	moved to IFRS	Cons. · IFRS
FYE Mar 2019	26.9	−19.2%	Cons. · IFRS
FYE Mar 2020	21.3	−21.0%	Cons. · IFRS
FYE Mar 2021	25.5	+20.0%	Cons. · IFRS
FYE Mar 2022	23.5	−8.0%	Cons. · IFRS
FYE Mar 2023	21.4	−8.8%	Cons. · IFRS
FYE Mar 2024	15.5	−27.7%	Cons. · IFRS
FYE Mar 2025	13.3	−14.2%	Cons. · IFRS
FYE Mar 2026	7.3	−45.1%	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 n/a

CAGR · 7 yrs −45.2%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	24.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	moved to IFRS	Cons. · IFRS
FYE Mar 2019	n/a	n/a	Cons. · IFRS
FYE Mar 2020	0.3	n/a	Cons. · IFRS
FYE Mar 2021	1.5	+342.2%	Cons. · IFRS
FYE Mar 2022	1.2	−15.6%	Cons. · IFRS
FYE Mar 2023	1.2	−3.5%	Cons. · IFRS
FYE Mar 2024	1.1	−9.5%	Cons. · IFRS
FYE Mar 2025	0.7	−37.7%	Cons. · IFRS
FYE Mar 2026	n/a	n/a	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥3.2bn

CAGR · 10 yrs −19.7%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	23.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.8	moved to IFRS	Cons. · IFRS
FYE Mar 2019	2.6	−46.8%	Cons. · IFRS
FYE Mar 2020	2.2	−13.8%	Cons. · IFRS
FYE Mar 2021	1.2	−45.7%	Cons. · IFRS
FYE Mar 2022	1.3	+5.3%	Cons. · IFRS
FYE Mar 2023	1.3	+6.6%	Cons. · IFRS
FYE Mar 2024	1.5	+12.0%	Cons. · IFRS
FYE Mar 2025	1.5	−0.7%	Cons. · IFRS
FYE Mar 2026	3.2	+115.3%	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 71.0%

Average · 10 yrs 64.3%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	62.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	63.1	moved to IFRS	Cons. · IFRS
FYE Mar 2019	62.1	−1.0pp	Cons. · IFRS
FYE Mar 2020	61.8	−0.3pp	Cons. · IFRS
FYE Mar 2021	57.3	−4.5pp	Cons. · IFRS
FYE Mar 2022	61.3	+4.0pp	Cons. · IFRS
FYE Mar 2023	66.9	+5.5pp	Cons. · IFRS
FYE Mar 2024	67.7	+0.8pp	Cons. · IFRS
FYE Mar 2025	68.9	+1.2pp	Cons. · IFRS
FYE Mar 2026	71.0	+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 8.0%

Average · 10 yrs 21.4%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	23.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	24.7	moved to IFRS	Cons. · IFRS
FYE Mar 2019	25.6	+0.9pp	Cons. · IFRS
FYE Mar 2020	26.1	+0.4pp	Cons. · IFRS
FYE Mar 2021	36.2	+10.2pp	Cons. · IFRS
FYE Mar 2022	25.8	−10.5pp	Cons. · IFRS
FYE Mar 2023	17.1	−8.7pp	Cons. · IFRS
FYE Mar 2024	16.3	−0.8pp	Cons. · IFRS
FYE Mar 2025	10.7	−5.6pp	Cons. · IFRS
FYE Mar 2026	8.0	−2.7pp	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 8.2%

Average · 10 yrs 7.3%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	6.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.2	moved to IFRS	Cons. · IFRS
FYE Mar 2019	8.5	+0.4pp	Cons. · IFRS
FYE Mar 2020	5.1	−3.4pp	Cons. · IFRS
FYE Mar 2021	6.7	+1.5pp	Cons. · IFRS
FYE Mar 2022	8.0	+1.4pp	Cons. · IFRS
FYE Mar 2023	8.0	−0.0pp	Cons. · IFRS
FYE Mar 2024	7.3	−0.7pp	Cons. · IFRS
FYE Mar 2025	6.7	−0.6pp	Cons. · IFRS
FYE Mar 2026	8.2	+1.5pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 5.8%

Average · 10 yrs 4.7%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	4.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.2	moved to IFRS	Cons. · IFRS
FYE Mar 2019	5.3	+0.1pp	Cons. · IFRS
FYE Mar 2020	3.2	−2.1pp	Cons. · IFRS
FYE Mar 2021	3.8	+0.6pp	Cons. · IFRS
FYE Mar 2022	4.9	+1.1pp	Cons. · IFRS
FYE Mar 2023	5.4	+0.4pp	Cons. · IFRS
FYE Mar 2024	4.9	−0.4pp	Cons. · IFRS
FYE Mar 2025	4.6	−0.3pp	Cons. · IFRS
FYE Mar 2026	5.8	+1.2pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.66×

CAGR · 10 yrs −1.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.75	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.76	moved to IFRS	Cons. · IFRS
FYE Mar 2019	0.75	−1.2%	Cons. · IFRS
FYE Mar 2020	0.73	−2.4%	Cons. · IFRS
FYE Mar 2021	0.60	−17.1%	Cons. · IFRS
FYE Mar 2022	0.71	+17.4%	Cons. · IFRS
FYE Mar 2023	0.75	+6.1%	Cons. · IFRS
FYE Mar 2024	0.65	−13.5%	Cons. · IFRS
FYE Mar 2025	0.73	+12.0%	Cons. · IFRS
FYE Mar 2026	0.66	−9.4%	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 ¥35bn

CAGR · 10 yrs +4.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	23.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22.0	moved to IFRS	Cons. · IFRS
FYE Mar 2019	20.2	−8.4%	Cons. · IFRS
FYE Mar 2020	22.2	+10.0%	Cons. · IFRS
FYE Mar 2021	27.4	+23.4%	Cons. · IFRS
FYE Mar 2022	27.9	+1.9%	Cons. · IFRS
FYE Mar 2023	23.6	−15.4%	Cons. · IFRS
FYE Mar 2024	40.2	+70.3%	Cons. · IFRS
FYE Mar 2025	43.7	+8.7%	Cons. · IFRS
FYE Mar 2026	35.0	−19.9%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥7.9bn

Average · 10 yrs -¥13bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-8.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-11.7	moved to IFRS	Cons. · IFRS
FYE Mar 2019	-15.6	n/a	Cons. · IFRS
FYE Mar 2020	-10.4	n/a	Cons. · IFRS
FYE Mar 2021	-15.0	n/a	Cons. · IFRS
FYE Mar 2022	-10.5	n/a	Cons. · IFRS
FYE Mar 2023	-15.6	n/a	Cons. · IFRS
FYE Mar 2024	-21.1	n/a	Cons. · IFRS
FYE Mar 2025	-15.6	n/a	Cons. · IFRS
FYE Mar 2026	-7.9	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 -¥14bn

Average · 10 yrs -¥10bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-10.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-2.5	moved to IFRS	Cons. · IFRS
FYE Mar 2019	-2.2	n/a	Cons. · IFRS
FYE Mar 2020	-4.0	n/a	Cons. · IFRS
FYE Mar 2021	21.8	n/a	Cons. · IFRS
FYE Mar 2022	-19.3	−188.7%	Cons. · IFRS
FYE Mar 2023	-23.0	n/a	Cons. · IFRS
FYE Mar 2024	-6.3	n/a	Cons. · IFRS
FYE Mar 2025	-44.9	n/a	Cons. · IFRS
FYE Mar 2026	-13.6	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 ¥125bn

CAGR · 10 yrs +10.8%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	49.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	56.6	moved to IFRS	Cons. · IFRS
FYE Mar 2019	59.6	+5.4%	Cons. · IFRS
FYE Mar 2020	65.8	+10.3%	Cons. · IFRS
FYE Mar 2021	103	+56.9%	Cons. · IFRS
FYE Mar 2022	109	+5.9%	Cons. · IFRS
FYE Mar 2023	99.6	−8.8%	Cons. · IFRS
FYE Mar 2024	122	+22.1%	Cons. · IFRS
FYE Mar 2025	104	−14.9%	Cons. · IFRS
FYE Mar 2026	125	+20.5%	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 ¥27bn

CAGR · 10 yrs +6.4%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	15.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.3	moved to IFRS	Cons. · IFRS
FYE Mar 2019	4.6	−55.6%	Cons. · IFRS
FYE Mar 2020	11.8	+158.6%	Cons. · IFRS
FYE Mar 2021	12.4	+4.9%	Cons. · IFRS
FYE Mar 2022	17.5	+40.6%	Cons. · IFRS
FYE Mar 2023	8.0	−54.3%	Cons. · IFRS
FYE Mar 2024	19.1	+139.6%	Cons. · IFRS
FYE Mar 2025	28.1	+47.2%	Cons. · IFRS
FYE Mar 2026	27.1	−3.7%	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 10.9%

Average · 10 yrs 11.4%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	11.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.4	moved to IFRS	Cons. · IFRS
FYE Mar 2019	9.5	−0.9pp	Cons. · IFRS
FYE Mar 2020	10.7	+1.3pp	Cons. · IFRS
FYE Mar 2021	13.1	+2.4pp	Cons. · IFRS
FYE Mar 2022	10.6	−2.5pp	Cons. · IFRS
FYE Mar 2023	8.3	−2.3pp	Cons. · IFRS
FYE Mar 2024	14.0	+5.7pp	Cons. · IFRS
FYE Mar 2025	14.3	+0.3pp	Cons. · IFRS
FYE Mar 2026	10.9	−3.4pp	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 ¥97bn

CAGR · 10 yrs +27.6%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	10.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12.9	moved to IFRS	Cons. · IFRS
FYE Mar 2019	14.2	+10.7%	Cons. · IFRS
FYE Mar 2020	20.1	+41.5%	Cons. · IFRS
FYE Mar 2021	31.3	+55.4%	Cons. · IFRS
FYE Mar 2022	50.6	+61.6%	Cons. · IFRS
FYE Mar 2023	56.4	+11.5%	Cons. · IFRS
FYE Mar 2024	73.1	+29.7%	Cons. · IFRS
FYE Mar 2025	72.9	−0.4%	Cons. · IFRS
FYE Mar 2026	97.4	+33.7%	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 ¥426bn

Change · 10 yrs +¥259bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	166	n/a
FYE Mar 2018	234	n/a
FYE Mar 2019	197	n/a
FYE Mar 2020	114	n/a
FYE Mar 2021	224	n/a
FYE Mar 2022	247	n/a
FYE Mar 2023	257	n/a
FYE Mar 2024	434	n/a
FYE Mar 2025	311	n/a
FYE Mar 2026	426	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 4,825¥

Change · 10 yrs +4,153¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	671	n/a
FYE Mar 2018	942	n/a
FYE Mar 2019	3,974	n/a
FYE Mar 2020	2,292	n/a
FYE Mar 2021	4,515	n/a
FYE Mar 2022	4,977	n/a
FYE Mar 2023	5,174	n/a
FYE Mar 2024	9,253	n/a
FYE Mar 2025	3,322	n/a
FYE Mar 2026	4,825	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 88,249,856shares

Change · 10 yrs −159,702,538 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	247,952,394	Parent
FYE Mar 2018	247,952,394	Parent
FYE Mar 2019	49,590,478	Parent
FYE Mar 2020	49,590,478	Parent
FYE Mar 2021	49,590,478	Parent
FYE Mar 2022	49,590,478	Parent
FYE Mar 2023	49,590,478	Parent
FYE Mar 2024	46,878,978	Parent
FYE Mar 2025	93,757,956	Parent
FYE Mar 2026	88,249,856	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 319.52¥

Change · 10 yrs +279.07¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	40.45	Cons.
FYE Mar 2018	320.36	Cons.
FYE Mar 2019	320.51	Cons.
FYE Mar 2020	95.48	Cons.
FYE Mar 2021	140.23	Cons.
FYE Mar 2022	194.43	Cons.
FYE Mar 2023	215.59	Cons.
FYE Mar 2024	233.66	Cons.
FYE Mar 2025	208.91	Cons.
FYE Mar 2026	319.52	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 3,894.93¥

Change · 10 yrs +3,228.05¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	666.88	Cons. · Japanese GAAP
FYE Mar 2018	712.60	Cons. · IFRS
FYE Mar 2019	3,569.27	Cons. · IFRS
FYE Mar 2020	3,531.36	Cons. · IFRS
FYE Mar 2021	3,998.13	Cons. · IFRS
FYE Mar 2022	4,586.20	Cons. · IFRS
FYE Mar 2023	5,102.29	Cons. · IFRS
FYE Mar 2024	6,369.49	Cons. · IFRS
FYE Mar 2025	3,069.35	Cons. · IFRS
FYE Mar 2026	3,894.93	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 15.10×

Average · 10 yrs 14.74×

Fiscal year	PER ×	Basis
FYE Mar 2017	16.60	Cons.
FYE Mar 2018	14.70	Cons.
FYE Mar 2019	12.40	Cons.
FYE Mar 2020	12.00	Cons.
FYE Mar 2021	16.10	Cons.
FYE Mar 2022	12.80	Cons.
FYE Mar 2023	12.00	Cons.
FYE Mar 2024	19.80	Cons.
FYE Mar 2025	15.90	Cons.
FYE Mar 2026	15.10	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 1.22×

Average · 10 yrs 1.07×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.02	Cons.
FYE Mar 2018	1.32	Cons.
FYE Mar 2019	1.05	Cons.
FYE Mar 2020	0.61	Cons.
FYE Mar 2021	1.06	Cons.
FYE Mar 2022	1.02	Cons.
FYE Mar 2023	0.95	Cons.
FYE Mar 2024	1.43	Cons.
FYE Mar 2025	1.00	Cons.
FYE Mar 2026	1.22	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 7,524people

Change · 10 yrs +1,566 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	5,958	n/a	Cons.
FYE Mar 2018	5,708	−4.2%	Cons.
FYE Mar 2019	5,898	+3.3%	Cons.
FYE Mar 2020	5,969	+1.2%	Cons.
FYE Mar 2021	7,937	+33.0%	Cons.
FYE Mar 2022	7,916	−0.3%	Cons.
FYE Mar 2023	8,044	+1.6%	Cons.
FYE Mar 2024	7,953	−1.1%	Cons.
FYE Mar 2025	7,981	+0.4%	Cons.
FYE Mar 2026	7,524	−5.7%	Cons.

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

Parent-company employees

FYE Mar 2026 1,684people

Change · 10 yrs −67 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	1,751	n/a	Parent
FYE Mar 2018	1,676	−4.3%	Parent
FYE Mar 2019	1,632	−2.6%	Parent
FYE Mar 2020	1,624	−0.5%	Parent
FYE Mar 2021	1,612	−0.7%	Parent
FYE Mar 2022	1,538	−4.6%	Parent
FYE Mar 2023	1,594	+3.6%	Parent
FYE Mar 2024	1,633	+2.4%	Parent
FYE Mar 2025	1,659	+1.6%	Parent
FYE Mar 2026	1,684	+1.5%	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 ¥8.2m

Change · 8 yrs +¥0.2m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	8.0	n/a	Parent
FYE Mar 2020	7.8	−2.1%	Parent
FYE Mar 2021	7.5	−3.2%	Parent
FYE Mar 2022	8.0	+5.4%	Parent
FYE Mar 2023	8.0	+0.8%	Parent
FYE Mar 2024	8.0	−0.4%	Parent
FYE Mar 2025	7.9	−0.5%	Parent
FYE Mar 2026	8.2	+2.9%	Parent

Definition: Average total annual compensation, bonuses included
Formula: Average annual pay, from the employee section of the filing
Source: Securities report (XBRL)

Average age

FYE Mar 2026 46.7years

Change · 8 yrs +1.1 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	45.6	n/a	Parent
FYE Mar 2020	46.0	+0.9%	Parent
FYE Mar 2021	46.5	+1.1%	Parent
FYE Mar 2022	46.9	+0.9%	Parent
FYE Mar 2023	47.1	+0.4%	Parent
FYE Mar 2024	47.3	+0.4%	Parent
FYE Mar 2025	45.9	−3.0%	Parent
FYE Mar 2026	46.7	+1.7%	Parent

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

Average length of service

FYE Mar 2026 22.0years

Change · 8 yrs +0.3 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	21.7	n/a	Parent
FYE Mar 2020	22.2	+2.3%	Parent
FYE Mar 2021	22.0	−0.9%	Parent
FYE Mar 2022	22.9	+4.1%	Parent
FYE Mar 2023	23.1	+0.9%	Parent
FYE Mar 2024	23.3	+0.9%	Parent
FYE Mar 2025	21.9	−6.0%	Parent
FYE Mar 2026	22.0	+0.5%	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 837people

Change · 10 yrs +273 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	564	n/a	n/a
FYE Mar 2018	654	+16.0%	n/a
FYE Mar 2019	637	−2.6%	n/a
FYE Mar 2020	624	−2.0%	n/a
FYE Mar 2021	761	+22.0%	n/a
FYE Mar 2022	975	+28.1%	n/a
FYE Mar 2023	1,005	+3.1%	n/a
FYE Mar 2024	840	−16.4%	n/a
FYE Mar 2025	845	+0.6%	n/a
FYE Mar 2026	837	−0.9%	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 ¥42.5m

Change · 10 yrs +¥9.2m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	33.3	n/a	Cons.
FYE Mar 2018	37.1	n/a	Cons.
FYE Mar 2019	36.1	−2.6%	Cons.
FYE Mar 2020	34.6	−4.1%	Cons.
FYE Mar 2021	26.3	−23.9%	Cons.
FYE Mar 2022	33.2	+26.2%	Cons.
FYE Mar 2023	35.4	+6.6%	Cons.
FYE Mar 2024	36.1	+2.0%	Cons.
FYE Mar 2025	38.2	+5.7%	Cons.
FYE Mar 2026	42.5	+11.3%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥4.7m

Change · 10 yrs +¥1.9m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	2.8	n/a	Cons.
FYE Mar 2018	3.3	n/a	Cons.
FYE Mar 2019	2.3	−29.3%	Cons.
FYE Mar 2020	1.7	−25.2%	Cons.
FYE Mar 2021	2.5	+45.6%	Cons.
FYE Mar 2022	3.1	+25.3%	Cons.
FYE Mar 2023	3.1	−1.8%	Cons.
FYE Mar 2024	3.4	+10.8%	Cons.
FYE Mar 2025	3.1	−9.2%	Cons.
FYE Mar 2026	4.7	+51.8%	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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