Financials

Astellas Pharma: FYE Mar 2026 and ten years of results (46 metrics)

FYE Mar 2026 · Revenue¥2.14tnYoY +11.9%

FYE Mar 2026 · Operating profit¥383bnYoY +832.4%

FYE Mar 2026 · Net profit¥292bnYoY +474.5%

FYE Mar 2026 · Equity ratio51.2%YoY +5.9pp

FYE Mar 2026 · Group employees14,099YoY +456

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥1.31tn	n/a	n/a	n/a	n/a	¥219bn	Hatanaka Yoshihiko	Record net profit of <span class="en-history_money" data-yen="193600000000" data-year="2016">$1.8B (¥194bn)</span>; XTANDI over 30% of sales
FYE Mar 2018Consolidated	¥1.30tn	−0.9%	¥213bn	n/a	16.4%	¥165bn	Hatanaka Yoshihiko	Acquires Ogeda; <a class="en-history_person" href="/tse/4503/executives/ceo/yasukawa-kenji/" hreflang="ja">Yasukawa Kenji</a> becomes president
FYE Mar 2019Consolidated	¥1.31tn	+0.5%	¥244bn	+14.4%	18.7%	¥222bn	Hatanaka Yoshihiko	Buys Mitobridge and Potenza Therapeutics
FYE Mar 2020Consolidated	¥1.30tn	−0.4%	¥244bn	+0.0%	18.8%	¥195bn	Yasukawa Kenji	—
FYE Mar 2021Consolidated	¥1.25tn	−3.9%	¥136bn	−44.2%	10.9%	¥121bn	Yasukawa Kenji	Acquires Audentes Therapeutics — entry into gene therapy
FYE Mar 2022Consolidated	¥1.30tn	+3.7%	¥156bn	+14.4%	12.0%	¥124bn	Yasukawa Kenji	AT132 stalls on safety and manufacturing; unit renamed Astellas Gene Therapies
FYE Mar 2023Consolidated	¥1.52tn	+17.2%	¥133bn	−14.6%	8.8%	¥99bn	Yasukawa Kenji	<a class="en-history_person" href="/tse/4503/executives/ceo/okamura-naoki/" hreflang="ja">Okamura Naoki</a> becomes president
FYE Mar 2024Consolidated	¥1.60tn	+5.6%	¥26bn	−80.8%	1.6%	¥17bn	Yasukawa Kenji	Acquires IVERIC bio for about <span class="en-history_money" data-yen="800000000000" data-year="2023">$5.7B (¥800bn)</span>
FYE Mar 2025Consolidated	¥1.91tn	+19.2%	¥41bn	+60.8%	2.1%	¥51bn	Okamura Naoki	Impairments cut net profit 82.7% to <span class="en-history_money" data-yen="17000000000" data-year="2024">$112.2M (¥17bn)</span>
FYE Mar 2026Consolidated	¥2.14tn	+11.9%	¥383bn	+832.4%	17.9%	¥292bn	Okamura Naoki	—

How it compares

Takeda Pharmaceutical¥4.51tnFY2025Operating margin 0.1%Otsuka Holdings¥2.47tnFY2025Operating margin 19.4%

Astellas Pharma¥2.14tnFY2025Operating margin 17.9%

Daiichi Sankyo¥2.12tnFY2025Operating margin 10.8%Chugai Pharmaceutical¥1.26tnFY2025Operating margin 47.6%Eisai¥825bnFY2025Operating margin 5.3%

Yamanouchi Pharmaceutical Co., Ltd.Dissolved 2005

Shionogi¥500bnFY2025Operating margin 33.4%Sumitomo Pharma¥453bnFY2025Operating margin 23.7%

Mitsubishi Tanabe Pharma CorporationDissolved 2020

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 ¥2.14tn

CAGR · 10 yrs +5.6%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	1,312	n/a	Cons. · IFRS
FYE Mar 2018	1,300	−0.9%	Cons. · IFRS
FYE Mar 2019	1,306	+0.5%	Cons. · IFRS
FYE Mar 2020	1,301	−0.4%	Cons. · IFRS
FYE Mar 2021	1,250	−3.9%	Cons. · IFRS
FYE Mar 2022	1,296	+3.7%	Cons. · IFRS
FYE Mar 2023	1,519	+17.2%	Cons. · IFRS
FYE Mar 2024	1,604	+5.6%	Cons. · IFRS
FYE Mar 2025	1,912	+19.2%	Cons. · IFRS
FYE Mar 2026	2,139	+11.9%	Cons. · IFRS

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

Cost of sales

FYE Mar 2026 ¥408bn

CAGR · 9 yrs +4.2%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	294	n/a	Cons. · IFRS
FYE Mar 2019	292	−0.7%	Cons. · IFRS
FYE Mar 2020	277	−5.2%	Cons. · IFRS
FYE Mar 2021	246	−11.1%	Cons. · IFRS
FYE Mar 2022	253	+2.8%	Cons. · IFRS
FYE Mar 2023	288	+14.0%	Cons. · IFRS
FYE Mar 2024	292	+1.4%	Cons. · IFRS
FYE Mar 2025	349	+19.4%	Cons. · IFRS
FYE Mar 2026	408	+17.0%	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 ¥1.73tn

CAGR · 9 yrs +7.0%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	1,006	n/a	Cons. · IFRS
FYE Mar 2019	1,014	+0.8%	Cons. · IFRS
FYE Mar 2020	1,024	+1.0%	Cons. · IFRS
FYE Mar 2021	1,003	−2.0%	Cons. · IFRS
FYE Mar 2022	1,043	+4.0%	Cons. · IFRS
FYE Mar 2023	1,230	+17.9%	Cons. · IFRS
FYE Mar 2024	1,311	+6.6%	Cons. · IFRS
FYE Mar 2025	1,563	+19.2%	Cons. · IFRS
FYE Mar 2026	1,731	+10.7%	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 ¥860bn

CAGR · 9 yrs +7.6%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	478	n/a	Cons. · IFRS
FYE Mar 2019	490	+2.5%	Cons. · IFRS
FYE Mar 2020	499	+1.8%	Cons. · IFRS
FYE Mar 2021	504	+1.0%	Cons. · IFRS
FYE Mar 2022	549	+8.8%	Cons. · IFRS
FYE Mar 2023	630	+14.8%	Cons. · IFRS
FYE Mar 2024	740	+17.4%	Cons. · IFRS
FYE Mar 2025	843	+13.9%	Cons. · IFRS
FYE Mar 2026	860	+2.0%	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 ¥383bn

CAGR · 9 yrs +7.6%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	213	n/a	Cons. · IFRS
FYE Mar 2019	244	+14.4%	Cons. · IFRS
FYE Mar 2020	244	−0.0%	Cons. · IFRS
FYE Mar 2021	136	−44.2%	Cons. · IFRS
FYE Mar 2022	156	+14.4%	Cons. · IFRS
FYE Mar 2023	133	−14.6%	Cons. · IFRS
FYE Mar 2024	25.5	−80.8%	Cons. · IFRS
FYE Mar 2025	41.0	+60.8%	Cons. · IFRS
FYE Mar 2026	383	+832.4%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥8.0bn

CAGR · 9 yrs +2.4%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	6.6	n/a	Cons. · IFRS
FYE Mar 2019	6.4	−4.2%	Cons. · IFRS
FYE Mar 2020	4.4	−31.4%	Cons. · IFRS
FYE Mar 2021	11.6	+166.1%	Cons. · IFRS
FYE Mar 2022	6.1	−47.0%	Cons. · IFRS
FYE Mar 2023	8.1	+31.9%	Cons. · IFRS
FYE Mar 2024	11.5	+41.2%	Cons. · IFRS
FYE Mar 2025	7.9	−31.3%	Cons. · IFRS
FYE Mar 2026	8.0	+1.9%	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 ¥14bn

CAGR · 9 yrs +29.5%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	1.8	n/a	Cons. · IFRS
FYE Mar 2019	1.3	−26.9%	Cons. · IFRS
FYE Mar 2020	3.0	+130.7%	Cons. · IFRS
FYE Mar 2021	2.3	−22.3%	Cons. · IFRS
FYE Mar 2022	4.9	+111.9%	Cons. · IFRS
FYE Mar 2023	8.8	+77.4%	Cons. · IFRS
FYE Mar 2024	12.0	+36.7%	Cons. · IFRS
FYE Mar 2025	17.7	+47.2%	Cons. · IFRS
FYE Mar 2026	14.1	−20.4%	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 ¥292bn

CAGR · 10 yrs +3.2%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	219	n/a	Cons. · IFRS
FYE Mar 2018	165	−24.7%	Cons. · IFRS
FYE Mar 2019	222	+35.0%	Cons. · IFRS
FYE Mar 2020	195	−12.1%	Cons. · IFRS
FYE Mar 2021	121	−38.3%	Cons. · IFRS
FYE Mar 2022	124	+2.9%	Cons. · IFRS
FYE Mar 2023	98.7	−20.4%	Cons. · IFRS
FYE Mar 2024	17.0	−82.7%	Cons. · IFRS
FYE Mar 2025	50.7	+197.7%	Cons. · IFRS
FYE Mar 2026	292	+474.5%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 80.9%

Average · 9 yrs 80.0%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	77.4	n/a	Cons. · IFRS
FYE Mar 2019	77.6	+0.3pp	Cons. · IFRS
FYE Mar 2020	78.7	+1.1pp	Cons. · IFRS
FYE Mar 2021	80.3	+1.6pp	Cons. · IFRS
FYE Mar 2022	80.5	+0.2pp	Cons. · IFRS
FYE Mar 2023	81.0	+0.5pp	Cons. · IFRS
FYE Mar 2024	81.8	+0.7pp	Cons. · IFRS
FYE Mar 2025	81.7	−0.0pp	Cons. · IFRS
FYE Mar 2026	80.9	−0.8pp	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 17.9%

Average · 9 yrs 11.9%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	16.4	n/a	Cons. · IFRS
FYE Mar 2019	18.7	+2.3pp	Cons. · IFRS
FYE Mar 2020	18.8	+0.1pp	Cons. · IFRS
FYE Mar 2021	10.9	−7.9pp	Cons. · IFRS
FYE Mar 2022	12.0	+1.1pp	Cons. · IFRS
FYE Mar 2023	8.8	−3.3pp	Cons. · IFRS
FYE Mar 2024	1.6	−7.2pp	Cons. · IFRS
FYE Mar 2025	2.1	+0.6pp	Cons. · IFRS
FYE Mar 2026	17.9	+15.7pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 13.6%

Average · 10 yrs 10.4%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	16.7	n/a	Cons. · IFRS
FYE Mar 2018	12.7	−4.0pp	Cons. · IFRS
FYE Mar 2019	17.0	+4.3pp	Cons. · IFRS
FYE Mar 2020	15.0	−2.0pp	Cons. · IFRS
FYE Mar 2021	9.7	−5.4pp	Cons. · IFRS
FYE Mar 2022	9.6	−0.1pp	Cons. · IFRS
FYE Mar 2023	6.5	−3.1pp	Cons. · IFRS
FYE Mar 2024	1.1	−5.4pp	Cons. · IFRS
FYE Mar 2025	2.7	+1.6pp	Cons. · IFRS
FYE Mar 2026	13.6	+11.0pp	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 19.1%

Average · 9 yrs 20.0%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	22.6	n/a	Cons. · IFRS
FYE Mar 2019	22.4	−0.3pp	Cons. · IFRS
FYE Mar 2020	21.3	−1.1pp	Cons. · IFRS
FYE Mar 2021	19.7	−1.6pp	Cons. · IFRS
FYE Mar 2022	19.5	−0.2pp	Cons. · IFRS
FYE Mar 2023	19.0	−0.5pp	Cons. · IFRS
FYE Mar 2024	18.2	−0.7pp	Cons. · IFRS
FYE Mar 2025	18.3	−0.0pp	Cons. · IFRS
FYE Mar 2026	19.1	+0.8pp	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 40.2%

Average · 9 yrs 40.8%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	36.8	n/a	Cons. · IFRS
FYE Mar 2019	37.5	+0.7pp	Cons. · IFRS
FYE Mar 2020	38.4	+0.9pp	Cons. · IFRS
FYE Mar 2021	40.4	+2.0pp	Cons. · IFRS
FYE Mar 2022	42.3	+2.0pp	Cons. · IFRS
FYE Mar 2023	41.5	−0.8pp	Cons. · IFRS
FYE Mar 2024	46.2	+4.6pp	Cons. · IFRS
FYE Mar 2025	44.1	−2.1pp	Cons. · IFRS
FYE Mar 2026	40.2	−3.9pp	Cons. · IFRS

Definition: The share of revenue taken by selling and administrative costs
Formula: SG&A ÷ revenue
Source: Securities report (XBRL)

Balance sheet Assets, debt and equity, and what they say about financial strength

What the balance sheet is made of

¥ bn

Equity Liabilities and non-controlling interests

Financial strength

Equity ratio Debt-to-equity

Total assets

FYE Mar 2026 ¥3.57tn

CAGR · 10 yrs +7.8%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	1,814	n/a	Cons. · IFRS
FYE Mar 2018	1,858	+2.4%	Cons. · IFRS
FYE Mar 2019	1,898	+2.1%	Cons. · IFRS
FYE Mar 2020	2,315	+22.0%	Cons. · IFRS
FYE Mar 2021	2,274	−1.8%	Cons. · IFRS
FYE Mar 2022	2,332	+2.6%	Cons. · IFRS
FYE Mar 2023	2,457	+5.3%	Cons. · IFRS
FYE Mar 2024	3,570	+45.3%	Cons. · IFRS
FYE Mar 2025	3,340	−6.4%	Cons. · IFRS
FYE Mar 2026	3,567	+6.8%	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 ¥1.83tn

CAGR · 10 yrs +4.1%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	1,272	n/a	Cons. · IFRS
FYE Mar 2018	1,268	−0.3%	Cons. · IFRS
FYE Mar 2019	1,258	−0.8%	Cons. · IFRS
FYE Mar 2020	1,289	+2.4%	Cons. · IFRS
FYE Mar 2021	1,386	+7.5%	Cons. · IFRS
FYE Mar 2022	1,460	+5.4%	Cons. · IFRS
FYE Mar 2023	1,508	+3.3%	Cons. · IFRS
FYE Mar 2024	1,596	+5.8%	Cons. · IFRS
FYE Mar 2025	1,513	−5.2%	Cons. · IFRS
FYE Mar 2026	1,827	+20.7%	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 ¥566bn

CAGR · 4 yrs +65.4%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	n/a	n/a	Cons. · IFRS
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	125	n/a	Cons. · IFRS
FYE Mar 2024	920	+636.0%	Cons. · IFRS
FYE Mar 2025	831	−9.6%	Cons. · IFRS
FYE Mar 2026	566	−31.9%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥246bn

CAGR · 4 yrs +48.6%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	n/a	n/a	Cons. · IFRS
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	75.0	n/a	Cons. · IFRS
FYE Mar 2024	472	+529.7%	Cons. · IFRS
FYE Mar 2025	267	−43.6%	Cons. · IFRS
FYE Mar 2026	246	−7.7%	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 ¥320bn

CAGR · 4 yrs +85.7%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	n/a	n/a	Cons. · IFRS
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	50.0	n/a	Cons. · IFRS
FYE Mar 2024	448	+795.5%	Cons. · IFRS
FYE Mar 2025	565	+26.2%	Cons. · IFRS
FYE Mar 2026	320	−43.4%	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 ¥997bn

CAGR · 9 yrs +11.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	417	n/a	Cons. · IFRS
FYE Mar 2019	430	+3.1%	Cons. · IFRS
FYE Mar 2020	725	+68.7%	Cons. · IFRS
FYE Mar 2021	651	−10.1%	Cons. · IFRS
FYE Mar 2022	623	−4.3%	Cons. · IFRS
FYE Mar 2023	562	−9.8%	Cons. · IFRS
FYE Mar 2024	1,454	+158.5%	Cons. · IFRS
FYE Mar 2025	1,124	−22.7%	Cons. · IFRS
FYE Mar 2026	997	−11.3%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥441bn

CAGR · 10 yrs +10.8%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	175	n/a	Cons. · IFRS
FYE Mar 2018	213	+21.5%	Cons. · IFRS
FYE Mar 2019	226	+6.1%	Cons. · IFRS
FYE Mar 2020	278	+23.2%	Cons. · IFRS
FYE Mar 2021	284	+2.1%	Cons. · IFRS
FYE Mar 2022	303	+6.7%	Cons. · IFRS
FYE Mar 2023	328	+8.4%	Cons. · IFRS
FYE Mar 2024	419	+27.5%	Cons. · IFRS
FYE Mar 2025	415	−0.8%	Cons. · IFRS
FYE Mar 2026	441	+6.3%	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 51.2%

Average · 10 yrs 58.7%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	70.1	n/a	Cons. · IFRS
FYE Mar 2018	68.3	−1.9pp	Cons. · IFRS
FYE Mar 2019	66.3	−1.9pp	Cons. · IFRS
FYE Mar 2020	55.7	−10.6pp	Cons. · IFRS
FYE Mar 2021	61.0	+5.3pp	Cons. · IFRS
FYE Mar 2022	62.6	+1.6pp	Cons. · IFRS
FYE Mar 2023	61.4	−1.2pp	Cons. · IFRS
FYE Mar 2024	44.7	−16.7pp	Cons. · IFRS
FYE Mar 2025	45.3	+0.6pp	Cons. · IFRS
FYE Mar 2026	51.2	+5.9pp	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 31.0%

Average · 4 yrs 38.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	n/a	n/a	Cons. · IFRS
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	8.3	n/a	Cons. · IFRS
FYE Mar 2024	57.6	+49.4pp	Cons. · IFRS
FYE Mar 2025	54.9	−2.7pp	Cons. · IFRS
FYE Mar 2026	31.0	−24.0pp	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 16.0%

Average · 10 yrs 10.7%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	17.2	n/a	Cons. · IFRS
FYE Mar 2018	13.0	−4.2pp	Cons. · IFRS
FYE Mar 2019	17.7	+4.7pp	Cons. · IFRS
FYE Mar 2020	15.2	−2.5pp	Cons. · IFRS
FYE Mar 2021	8.7	−6.5pp	Cons. · IFRS
FYE Mar 2022	8.5	−0.2pp	Cons. · IFRS
FYE Mar 2023	6.5	−2.0pp	Cons. · IFRS
FYE Mar 2024	1.1	−5.5pp	Cons. · IFRS
FYE Mar 2025	3.4	+2.3pp	Cons. · IFRS
FYE Mar 2026	16.0	+12.6pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 8.2%

Average · 10 yrs 6.6%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	12.1	n/a	Cons. · IFRS
FYE Mar 2018	8.9	−3.2pp	Cons. · IFRS
FYE Mar 2019	11.7	+2.9pp	Cons. · IFRS
FYE Mar 2020	8.4	−3.3pp	Cons. · IFRS
FYE Mar 2021	5.3	−3.1pp	Cons. · IFRS
FYE Mar 2022	5.3	−0.0pp	Cons. · IFRS
FYE Mar 2023	4.0	−1.3pp	Cons. · IFRS
FYE Mar 2024	0.5	−3.5pp	Cons. · IFRS
FYE Mar 2025	1.5	+1.0pp	Cons. · IFRS
FYE Mar 2026	8.2	+6.7pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.60×

CAGR · 10 yrs −2.1%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.72	n/a	Cons. · IFRS
FYE Mar 2018	0.70	−3.2%	Cons. · IFRS
FYE Mar 2019	0.69	−1.6%	Cons. · IFRS
FYE Mar 2020	0.56	−18.4%	Cons. · IFRS
FYE Mar 2021	0.55	−2.2%	Cons. · IFRS
FYE Mar 2022	0.56	+1.1%	Cons. · IFRS
FYE Mar 2023	0.62	+11.2%	Cons. · IFRS
FYE Mar 2024	0.45	−27.3%	Cons. · IFRS
FYE Mar 2025	0.57	+27.5%	Cons. · IFRS
FYE Mar 2026	0.60	+4.7%	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 ¥560bn

CAGR · 10 yrs +10.1%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	236	n/a	Cons. · IFRS
FYE Mar 2018	313	+32.7%	Cons. · IFRS
FYE Mar 2019	259	−17.3%	Cons. · IFRS
FYE Mar 2020	222	−14.2%	Cons. · IFRS
FYE Mar 2021	307	+38.2%	Cons. · IFRS
FYE Mar 2022	257	−16.1%	Cons. · IFRS
FYE Mar 2023	328	+27.3%	Cons. · IFRS
FYE Mar 2024	172	−47.4%	Cons. · IFRS
FYE Mar 2025	195	+12.8%	Cons. · IFRS
FYE Mar 2026	560	+188.0%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥67bn

Average · 10 yrs -¥186bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-73.4	n/a	Cons. · IFRS
FYE Mar 2018	-122	n/a	Cons. · IFRS
FYE Mar 2019	-41.8	n/a	Cons. · IFRS
FYE Mar 2020	-390	n/a	Cons. · IFRS
FYE Mar 2021	-81.9	n/a	Cons. · IFRS
FYE Mar 2022	-62.4	n/a	Cons. · IFRS
FYE Mar 2023	-84.5	n/a	Cons. · IFRS
FYE Mar 2024	-846	n/a	Cons. · IFRS
FYE Mar 2025	-89.4	n/a	Cons. · IFRS
FYE Mar 2026	-66.7	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 -¥405bn

Average · 10 yrs -¥112bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-166	n/a	Cons. · IFRS
FYE Mar 2018	-203	n/a	Cons. · IFRS
FYE Mar 2019	-234	n/a	Cons. · IFRS
FYE Mar 2020	181	n/a	Cons. · IFRS
FYE Mar 2021	-229	−226.7%	Cons. · IFRS
FYE Mar 2022	-216	n/a	Cons. · IFRS
FYE Mar 2023	-196	n/a	Cons. · IFRS
FYE Mar 2024	614	n/a	Cons. · IFRS
FYE Mar 2025	-261	−142.6%	Cons. · IFRS
FYE Mar 2026	-405	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 ¥282bn

CAGR · 10 yrs −2.1%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	341	n/a	Cons. · IFRS
FYE Mar 2018	332	−2.7%	Cons. · IFRS
FYE Mar 2019	311	−6.2%	Cons. · IFRS
FYE Mar 2020	318	+2.4%	Cons. · IFRS
FYE Mar 2021	326	+2.4%	Cons. · IFRS
FYE Mar 2022	316	−3.1%	Cons. · IFRS
FYE Mar 2023	377	+19.3%	Cons. · IFRS
FYE Mar 2024	336	−10.9%	Cons. · IFRS
FYE Mar 2025	188	−43.9%	Cons. · IFRS
FYE Mar 2026	282	+49.5%	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 ¥493bn

CAGR · 10 yrs +13.2%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	162	n/a	Cons. · IFRS
FYE Mar 2018	191	+17.6%	Cons. · IFRS
FYE Mar 2019	217	+13.7%	Cons. · IFRS
FYE Mar 2020	-168	−177.4%	Cons. · IFRS
FYE Mar 2021	225	n/a	Cons. · IFRS
FYE Mar 2022	195	−13.3%	Cons. · IFRS
FYE Mar 2023	243	+24.7%	Cons. · IFRS
FYE Mar 2024	-673	−376.8%	Cons. · IFRS
FYE Mar 2025	105	n/a	Cons. · IFRS
FYE Mar 2026	493	+369.6%	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 26.2%

Average · 10 yrs 19.2%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	18.0	n/a	Cons. · IFRS
FYE Mar 2018	24.0	+6.1pp	Cons. · IFRS
FYE Mar 2019	19.8	−4.2pp	Cons. · IFRS
FYE Mar 2020	17.1	−2.7pp	Cons. · IFRS
FYE Mar 2021	24.6	+7.5pp	Cons. · IFRS
FYE Mar 2022	19.9	−4.7pp	Cons. · IFRS
FYE Mar 2023	21.6	+1.7pp	Cons. · IFRS
FYE Mar 2024	10.8	−10.8pp	Cons. · IFRS
FYE Mar 2025	10.2	−0.6pp	Cons. · IFRS
FYE Mar 2026	26.2	+16.0pp	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 -¥284bn

Average · 4 yrs -¥315bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	n/a	n/a	Cons. · IFRS
FYE Mar 2019	n/a	n/a	Cons. · IFRS
FYE Mar 2020	n/a	n/a	Cons. · IFRS
FYE Mar 2021	n/a	n/a	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	252	n/a	Cons. · IFRS
FYE Mar 2024	-584	−332.0%	Cons. · IFRS
FYE Mar 2025	-643	n/a	Cons. · IFRS
FYE Mar 2026	-284	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 ¥4.57tn

Change · 10 yrs +¥1.42tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	3,149	n/a
FYE Mar 2018	3,339	n/a
FYE Mar 2019	3,280	n/a
FYE Mar 2020	3,102	n/a
FYE Mar 2021	3,167	n/a
FYE Mar 2022	3,510	n/a
FYE Mar 2023	3,406	n/a
FYE Mar 2024	2,976	n/a
FYE Mar 2025	2,617	n/a
FYE Mar 2026	4,566	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 2,523¥

Change · 10 yrs +1,061¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	1,462	n/a
FYE Mar 2018	1,614	n/a
FYE Mar 2019	1,657	n/a
FYE Mar 2020	1,666	n/a
FYE Mar 2021	1,701	n/a
FYE Mar 2022	1,912	n/a
FYE Mar 2023	1,882	n/a
FYE Mar 2024	1,644	n/a
FYE Mar 2025	1,446	n/a
FYE Mar 2026	2,523	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 1,809,663,000shares

Change · 10 yrs −344,160,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	2,153,823,000	Parent
FYE Mar 2018	2,068,823,000	Parent
FYE Mar 2019	1,979,823,000	Parent
FYE Mar 2020	1,861,787,000	Parent
FYE Mar 2021	1,861,787,000	Parent
FYE Mar 2022	1,835,852,000	Parent
FYE Mar 2023	1,809,663,000	Parent
FYE Mar 2024	1,809,663,000	Parent
FYE Mar 2025	1,809,663,000	Parent
FYE Mar 2026	1,809,663,000	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 162.77¥

Change · 10 yrs +59.08¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	103.69	Cons.
FYE Mar 2018	81.11	Cons.
FYE Mar 2019	115.05	Cons.
FYE Mar 2020	104.15	Cons.
FYE Mar 2021	64.93	Cons.
FYE Mar 2022	67.08	Cons.
FYE Mar 2023	54.24	Cons.
FYE Mar 2024	9.51	Cons.
FYE Mar 2025	28.35	Cons.
FYE Mar 2026	162.77	Cons.

Definition: Net profit for each share
Formula: Net profit ÷ average shares outstanding
Source: Securities report (XBRL)

BPS book value per share

FYE Mar 2026 1,009.69¥

Change · 10 yrs +419.20¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	590.49	Cons. · IFRS
FYE Mar 2018	613.05	Cons. · IFRS
FYE Mar 2019	635.61	Cons. · IFRS
FYE Mar 2020	692.44	Cons. · IFRS
FYE Mar 2021	744.51	Cons. · IFRS
FYE Mar 2022	795.44	Cons. · IFRS
FYE Mar 2023	833.28	Cons. · IFRS
FYE Mar 2024	881.93	Cons. · IFRS
FYE Mar 2025	836.21	Cons. · IFRS
FYE Mar 2026	1,009.69	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 15.50×

Average · 10 yrs 39.32×

Fiscal year	PER ×	Basis
FYE Mar 2017	14.10	Cons.
FYE Mar 2018	19.90	Cons.
FYE Mar 2019	14.40	Cons.
FYE Mar 2020	16.00	Cons.
FYE Mar 2021	26.20	Cons.
FYE Mar 2022	28.50	Cons.
FYE Mar 2023	34.70	Cons.
FYE Mar 2024	172.90	Cons.
FYE Mar 2025	51.00	Cons.
FYE Mar 2026	15.50	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 2.47×

Average · 10 yrs 2.27×

Fiscal year	PBR ×	Basis
FYE Mar 2017	2.37	Cons.
FYE Mar 2018	2.51	Cons.
FYE Mar 2019	2.48	Cons.
FYE Mar 2020	2.40	Cons.
FYE Mar 2021	2.27	Cons.
FYE Mar 2022	2.39	Cons.
FYE Mar 2023	2.24	Cons.
FYE Mar 2024	1.85	Cons.
FYE Mar 2025	1.71	Cons.
FYE Mar 2026	2.47	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 14,099people

Change · 10 yrs −3,103 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	17,202	n/a	Cons.
FYE Mar 2018	16,617	−3.4%	Cons.
FYE Mar 2019	16,243	−2.3%	Cons.
FYE Mar 2020	15,883	−2.2%	Cons.
FYE Mar 2021	15,455	−2.7%	Cons.
FYE Mar 2022	14,522	−6.0%	Cons.
FYE Mar 2023	14,484	−0.3%	Cons.
FYE Mar 2024	14,754	+1.9%	Cons.
FYE Mar 2025	13,643	−7.5%	Cons.
FYE Mar 2026	14,099	+3.3%	Cons.

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

Parent-company employees

FYE Mar 2026 4,081people

Change · 10 yrs −1,105 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	5,186	n/a	Parent
FYE Mar 2018	5,123	−1.2%	Parent
FYE Mar 2019	5,034	−1.7%	Parent
FYE Mar 2020	4,560	−9.4%	Parent
FYE Mar 2021	4,647	+1.9%	Parent
FYE Mar 2022	3,943	−15.1%	Parent
FYE Mar 2023	4,867	+23.4%	Parent
FYE Mar 2024	4,806	−1.3%	Parent
FYE Mar 2025	4,105	−14.6%	Parent
FYE Mar 2026	4,081	−0.6%	Parent

Definition: Employees of the filing company itself
Formula: Parent-only headcount, from the employee section of the filing
Source: Securities report (XBRL)

Average annual pay parent company

FYE Mar 2026 ¥11.3m

Change · 10 yrs +¥0.6m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	10.7	n/a	Parent
FYE Mar 2018	10.8	+0.6%	Parent
FYE Mar 2019	10.7	−0.7%	Parent
FYE Mar 2020	10.9	+1.6%	Parent
FYE Mar 2021	10.5	−3.4%	Parent
FYE Mar 2022	10.6	+1.2%	Parent
FYE Mar 2023	10.6	−0.2%	Parent
FYE Mar 2024	11.1	+4.6%	Parent
FYE Mar 2025	10.5	−5.8%	Parent
FYE Mar 2026	11.3	+8.2%	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 42.5years

Change · 8 yrs −1.0 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	43.5	n/a	Parent
FYE Mar 2020	42.9	−1.4%	Parent
FYE Mar 2021	43.0	+0.2%	Parent
FYE Mar 2022	42.3	−1.6%	Parent
FYE Mar 2023	42.4	+0.2%	Parent
FYE Mar 2024	42.7	+0.7%	Parent
FYE Mar 2025	42.3	−0.9%	Parent
FYE Mar 2026	42.5	+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 15.4years

Change · 10 yrs −1.9 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	17.3	n/a	Parent
FYE Mar 2018	17.8	+2.9%	Parent
FYE Mar 2019	17.9	+0.6%	Parent
FYE Mar 2020	17.3	−3.4%	Parent
FYE Mar 2021	17.1	−1.2%	Parent
FYE Mar 2022	16.2	−5.3%	Parent
FYE Mar 2023	16.2	−0.0%	Parent
FYE Mar 2024	16.5	+1.9%	Parent
FYE Mar 2025	15.7	−4.8%	Parent
FYE Mar 2026	15.4	−1.9%	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)

Revenue per employee

FYE Mar 2026 ¥152m

Change · 10 yrs +¥75.5m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	76.3	n/a	Cons.
FYE Mar 2018	78.3	+2.6%	Cons.
FYE Mar 2019	80.4	+2.8%	Cons.
FYE Mar 2020	81.9	+1.8%	Cons.
FYE Mar 2021	80.8	−1.3%	Cons.
FYE Mar 2022	89.3	+10.4%	Cons.
FYE Mar 2023	105	+17.5%	Cons.
FYE Mar 2024	109	+3.7%	Cons.
FYE Mar 2025	140	+29.0%	Cons.
FYE Mar 2026	152	+8.2%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥27.1m

Change · 9 yrs +¥14.3m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons.
FYE Mar 2018	12.8	n/a	Cons.
FYE Mar 2019	15.0	+17.0%	Cons.
FYE Mar 2020	15.4	+2.3%	Cons.
FYE Mar 2021	8.8	−42.7%	Cons.
FYE Mar 2022	10.7	+21.8%	Cons.
FYE Mar 2023	9.2	−14.3%	Cons.
FYE Mar 2024	1.7	−81.2%	Cons.
FYE Mar 2025	3.0	+73.9%	Cons.
FYE Mar 2026	27.1	+802.2%	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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