Financials

Chugai Pharmaceutical: FYE Dec 2025 and ten years of results (46 metrics)

FYE Dec 2025 · Revenue¥1.26tnYoY +7.5%

FYE Dec 2025 · Operating profit¥599bnYoY +10.5%

FYE Dec 2025 · Net profit¥434bnYoY +12.1%

FYE Dec 2025 · Equity ratio82.1%YoY −4.0pp

FYE Dec 2025 · Group employees7,872YoY +94

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥492bn	n/a	¥77bn	n/a	15.6%	¥54bn	Kosaka Tatsuro	—
FYE Dec 2017Consolidated	¥534bn	+8.6%	¥99bn	+28.7%	18.5%	¥73bn	Kosaka Tatsuro	—
FYE Dec 2018Consolidated	¥580bn	+8.5%	¥124bn	+25.7%	21.4%	¥92bn	Kosaka Tatsuro	—
FYE Dec 2019Consolidated	¥686bn	+18.4%	¥211bn	+69.4%	30.7%	¥158bn	Kosaka Tatsuro	—
FYE Dec 2020Consolidated	¥787bn	+14.7%	¥301bn	+43.0%	38.3%	¥215bn	Kosaka Tatsuro	—
FYE Dec 2021Consolidated	¥1,000bn	+27.0%	¥422bn	+40.1%	42.2%	¥303bn	Okuda Osamu	—
FYE Dec 2022Consolidated	¥1.26tn	+26.0%	¥533bn	+26.4%	42.3%	¥374bn	Okuda Osamu	Development and sales functions in China integrated
FYE Dec 2023Consolidated	¥1.11tn	−11.8%	¥439bn	−17.7%	39.5%	¥325bn	Okuda Osamu	Fuji-Gotemba and Kamakura Research Laboratories closed
FYE Dec 2024Consolidated	¥1.17tn	+5.3%	¥542bn	+23.4%	46.3%	¥387bn	Okuda Osamu	—
FYE Dec 2025Consolidated	¥1.26tn	+7.5%	¥599bn	+10.5%	47.6%	¥434bn	Okuda Osamu	—

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 Dec 2025 ¥1.26tn

CAGR · 10 yrs +11.0%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	492	n/a	Cons. · IFRS
FYE Dec 2017	534	+8.6%	Cons. · IFRS
FYE Dec 2018	580	+8.5%	Cons. · IFRS
FYE Dec 2019	686	+18.4%	Cons. · IFRS
FYE Dec 2020	787	+14.7%	Cons. · IFRS
FYE Dec 2021	1,000	+27.0%	Cons. · IFRS
FYE Dec 2022	1,260	+26.0%	Cons. · IFRS
FYE Dec 2023	1,111	−11.8%	Cons. · IFRS
FYE Dec 2024	1,171	+5.3%	Cons. · IFRS
FYE Dec 2025	1,258	+7.5%	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 Dec 2025 ¥364bn

CAGR · 10 yrs +4.3%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	248	n/a	Cons. · IFRS
FYE Dec 2017	254	+2.5%	Cons. · IFRS
FYE Dec 2018	263	+3.4%	Cons. · IFRS
FYE Dec 2019	266	+1.2%	Cons. · IFRS
FYE Dec 2020	273	+2.8%	Cons. · IFRS
FYE Dec 2021	338	+23.7%	Cons. · IFRS
FYE Dec 2022	476	+40.8%	Cons. · IFRS
FYE Dec 2023	413	−13.2%	Cons. · IFRS
FYE Dec 2024	339	−17.9%	Cons. · IFRS
FYE Dec 2025	364	+7.2%	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 Dec 2025 ¥894bn

CAGR · 10 yrs +15.5%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	244	n/a	Cons. · IFRS
FYE Dec 2017	280	+14.8%	Cons. · IFRS
FYE Dec 2018	317	+13.2%	Cons. · IFRS
FYE Dec 2019	420	+32.6%	Cons. · IFRS
FYE Dec 2020	513	+22.2%	Cons. · IFRS
FYE Dec 2021	662	+28.8%	Cons. · IFRS
FYE Dec 2022	783	+18.4%	Cons. · IFRS
FYE Dec 2023	698	−10.9%	Cons. · IFRS
FYE Dec 2024	831	+19.1%	Cons. · IFRS
FYE Dec 2025	894	+7.6%	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 Dec 2025 ¥116bn

CAGR · 10 yrs −3.9%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	167	n/a	Cons. · IFRS
FYE Dec 2017	181	+8.5%	Cons. · IFRS
FYE Dec 2018	193	+6.4%	Cons. · IFRS
FYE Dec 2019	210	+8.8%	Cons. · IFRS
FYE Dec 2020	212	+1.3%	Cons. · IFRS
FYE Dec 2021	240	+12.9%	Cons. · IFRS
FYE Dec 2022	100	−58.1%	Cons. · IFRS
FYE Dec 2023	113	+12.0%	Cons. · IFRS
FYE Dec 2024	110	−2.2%	Cons. · IFRS
FYE Dec 2025	116	+5.8%	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 Dec 2025 ¥599bn

CAGR · 10 yrs +25.6%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	76.9	n/a	Cons. · IFRS
FYE Dec 2017	98.9	+28.7%	Cons. · IFRS
FYE Dec 2018	124	+25.7%	Cons. · IFRS
FYE Dec 2019	211	+69.4%	Cons. · IFRS
FYE Dec 2020	301	+43.0%	Cons. · IFRS
FYE Dec 2021	422	+40.1%	Cons. · IFRS
FYE Dec 2022	533	+26.4%	Cons. · IFRS
FYE Dec 2023	439	−17.7%	Cons. · IFRS
FYE Dec 2024	542	+23.4%	Cons. · IFRS
FYE Dec 2025	599	+10.5%	Cons. · IFRS

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

Non-operating expenses

FYE Dec 2025 ¥207m

CAGR · 10 yrs +10.3%

Fiscal year	Non-operating expenses ¥ m	YoY	Basis
FYE Dec 2016	86.0	n/a	Cons. · IFRS
FYE Dec 2017	110	+27.9%	Cons. · IFRS
FYE Dec 2018	111	+0.9%	Cons. · IFRS
FYE Dec 2019	125	+12.6%	Cons. · IFRS
FYE Dec 2020	62.0	−50.4%	Cons. · IFRS
FYE Dec 2021	48.0	−22.6%	Cons. · IFRS
FYE Dec 2022	61.0	+27.1%	Cons. · IFRS
FYE Dec 2023	27.0	−55.7%	Cons. · IFRS
FYE Dec 2024	5.0	−81.5%	Cons. · IFRS
FYE Dec 2025	207	+4040.0%	Cons. · IFRS

Definition: Costs arising outside the core business
Formula: Non-operating expenses line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Dec 2025 ¥434bn

CAGR · 10 yrs +26.2%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	53.6	n/a	Cons. · IFRS
FYE Dec 2017	72.7	+35.7%	Cons. · IFRS
FYE Dec 2018	92.5	+27.2%	Cons. · IFRS
FYE Dec 2019	158	+70.4%	Cons. · IFRS
FYE Dec 2020	215	+36.3%	Cons. · IFRS
FYE Dec 2021	303	+41.1%	Cons. · IFRS
FYE Dec 2022	374	+23.6%	Cons. · IFRS
FYE Dec 2023	325	−13.1%	Cons. · IFRS
FYE Dec 2024	387	+19.0%	Cons. · IFRS
FYE Dec 2025	434	+12.1%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 71.1%

Average · 10 yrs 61.6%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	49.6	n/a	Cons. · IFRS
FYE Dec 2017	52.4	+2.8pp	Cons. · IFRS
FYE Dec 2018	54.7	+2.2pp	Cons. · IFRS
FYE Dec 2019	61.2	+6.6pp	Cons. · IFRS
FYE Dec 2020	65.2	+4.0pp	Cons. · IFRS
FYE Dec 2021	66.2	+0.9pp	Cons. · IFRS
FYE Dec 2022	62.2	−4.0pp	Cons. · IFRS
FYE Dec 2023	62.8	+0.6pp	Cons. · IFRS
FYE Dec 2024	71.0	+8.2pp	Cons. · IFRS
FYE Dec 2025	71.1	+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 Dec 2025 47.6%

Average · 10 yrs 34.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	15.6	n/a	Cons. · IFRS
FYE Dec 2017	18.5	+2.9pp	Cons. · IFRS
FYE Dec 2018	21.4	+2.9pp	Cons. · IFRS
FYE Dec 2019	30.7	+9.2pp	Cons. · IFRS
FYE Dec 2020	38.3	+7.6pp	Cons. · IFRS
FYE Dec 2021	42.2	+3.9pp	Cons. · IFRS
FYE Dec 2022	42.3	+0.1pp	Cons. · IFRS
FYE Dec 2023	39.5	−2.8pp	Cons. · IFRS
FYE Dec 2024	46.3	+6.8pp	Cons. · IFRS
FYE Dec 2025	47.6	+1.3pp	Cons. · IFRS

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

Net margin

FYE Dec 2025 34.5%

Average · 10 yrs 24.8%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	10.9	n/a	Cons. · IFRS
FYE Dec 2017	13.6	+2.7pp	Cons. · IFRS
FYE Dec 2018	16.0	+2.3pp	Cons. · IFRS
FYE Dec 2019	23.0	+7.0pp	Cons. · IFRS
FYE Dec 2020	27.3	+4.3pp	Cons. · IFRS
FYE Dec 2021	30.3	+3.0pp	Cons. · IFRS
FYE Dec 2022	29.7	−0.6pp	Cons. · IFRS
FYE Dec 2023	29.3	−0.4pp	Cons. · IFRS
FYE Dec 2024	33.1	+3.8pp	Cons. · IFRS
FYE Dec 2025	34.5	+1.4pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Dec 2025 28.9%

Average · 10 yrs 38.4%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	50.4	n/a	Cons. · IFRS
FYE Dec 2017	47.6	−2.8pp	Cons. · IFRS
FYE Dec 2018	45.3	−2.2pp	Cons. · IFRS
FYE Dec 2019	38.8	−6.6pp	Cons. · IFRS
FYE Dec 2020	34.8	−4.0pp	Cons. · IFRS
FYE Dec 2021	33.8	−0.9pp	Cons. · IFRS
FYE Dec 2022	37.8	+4.0pp	Cons. · IFRS
FYE Dec 2023	37.2	−0.6pp	Cons. · IFRS
FYE Dec 2024	29.0	−8.2pp	Cons. · IFRS
FYE Dec 2025	28.9	−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 Dec 2025 9.3%

Average · 10 yrs 21.9%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	33.9	n/a	Cons. · IFRS
FYE Dec 2017	33.9	−0.0pp	Cons. · IFRS
FYE Dec 2018	33.2	−0.7pp	Cons. · IFRS
FYE Dec 2019	30.5	−2.7pp	Cons. · IFRS
FYE Dec 2020	27.0	−3.6pp	Cons. · IFRS
FYE Dec 2021	24.0	−3.0pp	Cons. · IFRS
FYE Dec 2022	8.0	−16.0pp	Cons. · IFRS
FYE Dec 2023	10.1	+2.2pp	Cons. · IFRS
FYE Dec 2024	9.4	−0.7pp	Cons. · IFRS
FYE Dec 2025	9.3	−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 Dec 2025 ¥2.47tn

CAGR · 10 yrs +13.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	806	n/a	Cons. · IFRS
FYE Dec 2017	852	+5.7%	Cons. · IFRS
FYE Dec 2018	920	+7.9%	Cons. · IFRS
FYE Dec 2019	1,059	+15.2%	Cons. · IFRS
FYE Dec 2020	1,235	+16.7%	Cons. · IFRS
FYE Dec 2021	1,539	+24.5%	Cons. · IFRS
FYE Dec 2022	1,870	+21.5%	Cons. · IFRS
FYE Dec 2023	1,933	+3.4%	Cons. · IFRS
FYE Dec 2024	2,208	+14.3%	Cons. · IFRS
FYE Dec 2025	2,469	+11.8%	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 Dec 2025 ¥2.03tn

CAGR · 10 yrs +13.5%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	646	n/a	Cons. · IFRS
FYE Dec 2017	692	+7.2%	Cons. · IFRS
FYE Dec 2018	756	+9.2%	Cons. · IFRS
FYE Dec 2019	854	+13.0%	Cons. · IFRS
FYE Dec 2020	980	+14.8%	Cons. · IFRS
FYE Dec 2021	1,188	+21.2%	Cons. · IFRS
FYE Dec 2022	1,424	+19.9%	Cons. · IFRS
FYE Dec 2023	1,626	+14.1%	Cons. · IFRS
FYE Dec 2024	1,901	+17.0%	Cons. · IFRS
FYE Dec 2025	2,026	+6.5%	Cons. · IFRS

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

Interest-bearing debt

FYE Dec 2025 n/a

Average · 4 yrs ¥299m

Fiscal year	Interest-bearing debt ¥ m	YoY	Basis
FYE Dec 2016	645	n/a	Cons. · IFRS
FYE Dec 2017	336	−47.9%	Cons. · IFRS
FYE Dec 2018	215	−36.0%	Cons. · IFRS
FYE Dec 2019	0.0	−100.0%	Cons. · IFRS
FYE Dec 2020	n/a	n/a	Cons. · IFRS
FYE Dec 2021	n/a	n/a	Cons. · IFRS
FYE Dec 2022	n/a	n/a	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 n/a

CAGR · 3 yrs −0.7%

Fiscal year	Short-term borrowings ¥ m	YoY	Basis
FYE Dec 2016	135	n/a	Cons. · IFRS
FYE Dec 2017	129	−4.4%	Cons. · IFRS
FYE Dec 2018	133	+3.1%	Cons. · IFRS
FYE Dec 2019	n/a	n/a	Cons. · IFRS
FYE Dec 2020	n/a	n/a	Cons. · IFRS
FYE Dec 2021	n/a	n/a	Cons. · IFRS
FYE Dec 2022	n/a	n/a	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

Definition: Borrowings repayable within a year
Formula: Short-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Long-term borrowings

FYE Dec 2025 n/a

CAGR · 3 yrs −59.9%

Fiscal year	Long-term borrowings ¥ m	YoY	Basis
FYE Dec 2016	510	n/a	Cons. · IFRS
FYE Dec 2017	207	−59.4%	Cons. · IFRS
FYE Dec 2018	82.0	−60.4%	Cons. · IFRS
FYE Dec 2019	n/a	n/a	Cons. · IFRS
FYE Dec 2020	n/a	n/a	Cons. · IFRS
FYE Dec 2021	n/a	n/a	Cons. · IFRS
FYE Dec 2022	n/a	n/a	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

Definition: Borrowings repayable in more than a year
Formula: Long-term borrowings line of the balance sheet
Source: Securities report (XBRL)

Bonds

FYE Dec 2025 n/a

Average · 3 yrs ¥0.0m

Fiscal year	Bonds ¥ m	YoY	Basis
FYE Dec 2016	0.0	n/a	Cons. · IFRS
FYE Dec 2017	0.0	n/a	Cons. · IFRS
FYE Dec 2018	0.0	n/a	Cons. · IFRS
FYE Dec 2019	n/a	n/a	Cons. · IFRS
FYE Dec 2020	n/a	n/a	Cons. · IFRS
FYE Dec 2021	n/a	n/a	Cons. · IFRS
FYE Dec 2022	n/a	n/a	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

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

Intangible assets

FYE Dec 2025 ¥55bn

CAGR · 10 yrs +12.2%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	19.3	n/a	Cons. · IFRS
FYE Dec 2017	21.1	+9.2%	Cons. · IFRS
FYE Dec 2018	22.7	+7.7%	Cons. · IFRS
FYE Dec 2019	23.5	+3.7%	Cons. · IFRS
FYE Dec 2020	23.9	+1.4%	Cons. · IFRS
FYE Dec 2021	22.0	−8.0%	Cons. · IFRS
FYE Dec 2022	25.1	+14.4%	Cons. · IFRS
FYE Dec 2023	19.9	−21.0%	Cons. · IFRS
FYE Dec 2024	17.9	−10.0%	Cons. · IFRS
FYE Dec 2025	54.5	+205.2%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 n/a

Average · 3 yrs ¥0.0m

Fiscal year	Goodwill ¥ m	YoY	Basis
FYE Dec 2016	0.0	n/a	Cons. · IFRS
FYE Dec 2017	0.0	n/a	Cons. · IFRS
FYE Dec 2018	0.0	n/a	Cons. · IFRS
FYE Dec 2019	n/a	n/a	Cons. · IFRS
FYE Dec 2020	n/a	n/a	Cons. · IFRS
FYE Dec 2021	n/a	n/a	Cons. · IFRS
FYE Dec 2022	n/a	n/a	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	n/a	n/a	Cons. · IFRS

Definition: What an acquisition cost above the net assets it brought
Formula: Goodwill line of the balance sheet
Source: Securities report (XBRL)

Equity ratio

FYE Dec 2025 82.1%

Average · 10 yrs 80.9%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	80.1	n/a	Cons. · IFRS
FYE Dec 2017	81.2	+1.1pp	Cons. · IFRS
FYE Dec 2018	82.2	+1.0pp	Cons. · IFRS
FYE Dec 2019	80.6	−1.6pp	Cons. · IFRS
FYE Dec 2020	79.3	−1.3pp	Cons. · IFRS
FYE Dec 2021	77.2	−2.1pp	Cons. · IFRS
FYE Dec 2022	76.2	−1.0pp	Cons. · IFRS
FYE Dec 2023	84.1	+7.9pp	Cons. · IFRS
FYE Dec 2024	86.1	+2.0pp	Cons. · IFRS
FYE Dec 2025	82.1	−4.0pp	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 Dec 2025 n/a

Average · 4 yrs 0.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	0.1	n/a	Cons. · IFRS
FYE Dec 2017	0.0	−0.1pp	Cons. · IFRS
FYE Dec 2018	0.0	−0.0pp	Cons. · IFRS
FYE Dec 2019	0.0	−0.0pp	Cons. · IFRS
FYE Dec 2020	n/a	n/a	Cons. · IFRS
FYE Dec 2021	n/a	n/a	Cons. · IFRS
FYE Dec 2022	n/a	n/a	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	n/a	n/a	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 Dec 2025 21.4%

Average · 10 yrs 18.5%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	8.3	n/a	Cons. · IFRS
FYE Dec 2017	10.5	+2.2pp	Cons. · IFRS
FYE Dec 2018	12.2	+1.7pp	Cons. · IFRS
FYE Dec 2019	18.4	+6.2pp	Cons. · IFRS
FYE Dec 2020	21.9	+3.5pp	Cons. · IFRS
FYE Dec 2021	25.5	+3.6pp	Cons. · IFRS
FYE Dec 2022	26.3	+0.8pp	Cons. · IFRS
FYE Dec 2023	20.0	−6.3pp	Cons. · IFRS
FYE Dec 2024	20.4	+0.3pp	Cons. · IFRS
FYE Dec 2025	21.4	+1.1pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 17.6%

Average · 10 yrs 14.9%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	6.6	n/a	Cons. · IFRS
FYE Dec 2017	8.5	+1.9pp	Cons. · IFRS
FYE Dec 2018	10.1	+1.5pp	Cons. · IFRS
FYE Dec 2019	14.9	+4.8pp	Cons. · IFRS
FYE Dec 2020	17.4	+2.5pp	Cons. · IFRS
FYE Dec 2021	19.7	+2.3pp	Cons. · IFRS
FYE Dec 2022	20.0	+0.3pp	Cons. · IFRS
FYE Dec 2023	16.8	−3.2pp	Cons. · IFRS
FYE Dec 2024	17.5	+0.7pp	Cons. · IFRS
FYE Dec 2025	17.6	−0.0pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.51×

CAGR · 10 yrs −2.0%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.61	n/a	Cons. · IFRS
FYE Dec 2017	0.63	+2.7%	Cons. · IFRS
FYE Dec 2018	0.63	+0.6%	Cons. · IFRS
FYE Dec 2019	0.65	+2.8%	Cons. · IFRS
FYE Dec 2020	0.64	−1.7%	Cons. · IFRS
FYE Dec 2021	0.65	+2.0%	Cons. · IFRS
FYE Dec 2022	0.67	+3.7%	Cons. · IFRS
FYE Dec 2023	0.58	−14.7%	Cons. · IFRS
FYE Dec 2024	0.53	−7.8%	Cons. · IFRS
FYE Dec 2025	0.51	−3.9%	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 Dec 2025 ¥386bn

CAGR · 10 yrs +29.1%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	38.8	n/a	Cons. · IFRS
FYE Dec 2017	108	+177.5%	Cons. · IFRS
FYE Dec 2018	119	+10.6%	Cons. · IFRS
FYE Dec 2019	207	+73.5%	Cons. · IFRS
FYE Dec 2020	205	−0.8%	Cons. · IFRS
FYE Dec 2021	280	+36.4%	Cons. · IFRS
FYE Dec 2022	244	−12.9%	Cons. · IFRS
FYE Dec 2023	410	+68.3%	Cons. · IFRS
FYE Dec 2024	448	+9.2%	Cons. · IFRS
FYE Dec 2025	386	−13.7%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥201bn

Average · 10 yrs -¥103bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-10.1	n/a	Cons. · IFRS
FYE Dec 2017	-36.7	n/a	Cons. · IFRS
FYE Dec 2018	-74.1	n/a	Cons. · IFRS
FYE Dec 2019	-81.7	n/a	Cons. · IFRS
FYE Dec 2020	-98.3	n/a	Cons. · IFRS
FYE Dec 2021	-119	n/a	Cons. · IFRS
FYE Dec 2022	-145	n/a	Cons. · IFRS
FYE Dec 2023	-37.3	n/a	Cons. · IFRS
FYE Dec 2024	-227	n/a	Cons. · IFRS
FYE Dec 2025	-201	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 Dec 2025 -¥308bn

Average · 10 yrs -¥111bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-33.4	n/a	Cons. · IFRS
FYE Dec 2017	-29.6	n/a	Cons. · IFRS
FYE Dec 2018	-35.0	n/a	Cons. · IFRS
FYE Dec 2019	-66.9	n/a	Cons. · IFRS
FYE Dec 2020	-99.5	n/a	Cons. · IFRS
FYE Dec 2021	-107	n/a	Cons. · IFRS
FYE Dec 2022	-146	n/a	Cons. · IFRS
FYE Dec 2023	-139	n/a	Cons. · IFRS
FYE Dec 2024	-141	n/a	Cons. · IFRS
FYE Dec 2025	-308	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 Dec 2025 ¥427bn

CAGR · 10 yrs +18.1%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	95.4	n/a	Cons. · IFRS
FYE Dec 2017	139	+45.8%	Cons. · IFRS
FYE Dec 2018	147	+5.6%	Cons. · IFRS
FYE Dec 2019	204	+38.9%	Cons. · IFRS
FYE Dec 2020	212	+4.1%	Cons. · IFRS
FYE Dec 2021	268	+26.1%	Cons. · IFRS
FYE Dec 2022	222	−17.0%	Cons. · IFRS
FYE Dec 2023	459	+106.5%	Cons. · IFRS
FYE Dec 2024	540	+17.8%	Cons. · IFRS
FYE Dec 2025	427	−21.0%	Cons. · IFRS

Definition: Cash on hand at the year end
Formula: Closing balance in the cash flow statement
Source: Securities report (XBRL)

Free cash flow

FYE Dec 2025 ¥185bn

CAGR · 10 yrs +23.0%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	28.7	n/a	Cons. · IFRS
FYE Dec 2017	70.9	+147.2%	Cons. · IFRS
FYE Dec 2018	45.0	−36.5%	Cons. · IFRS
FYE Dec 2019	125	+177.5%	Cons. · IFRS
FYE Dec 2020	107	−14.6%	Cons. · IFRS
FYE Dec 2021	161	+50.6%	Cons. · IFRS
FYE Dec 2022	98.1	−38.9%	Cons. · IFRS
FYE Dec 2023	373	+279.8%	Cons. · IFRS
FYE Dec 2024	220	−40.9%	Cons. · IFRS
FYE Dec 2025	185	−16.0%	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 Dec 2025 30.7%

Average · 10 yrs 25.8%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	7.9	n/a	Cons. · IFRS
FYE Dec 2017	20.1	+12.3pp	Cons. · IFRS
FYE Dec 2018	20.5	+0.4pp	Cons. · IFRS
FYE Dec 2019	30.1	+9.6pp	Cons. · IFRS
FYE Dec 2020	26.1	−4.1pp	Cons. · IFRS
FYE Dec 2021	28.0	+1.9pp	Cons. · IFRS
FYE Dec 2022	19.3	−8.6pp	Cons. · IFRS
FYE Dec 2023	36.9	+17.6pp	Cons. · IFRS
FYE Dec 2024	38.2	+1.4pp	Cons. · IFRS
FYE Dec 2025	30.7	−7.5pp	Cons. · IFRS

Definition: How much of the revenue turned into cash
Formula: Operating cash flow ÷ revenue
Source: Securities report (XBRL)

Net cash

FYE Dec 2025 n/a

CAGR · 4 yrs +29.1%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	94.7	n/a	Cons. · IFRS
FYE Dec 2017	139	+46.5%	Cons. · IFRS
FYE Dec 2018	147	+5.7%	Cons. · IFRS
FYE Dec 2019	204	+39.1%	Cons. · IFRS
FYE Dec 2020	n/a	n/a	Cons. · IFRS
FYE Dec 2021	n/a	n/a	Cons. · IFRS
FYE Dec 2022	n/a	n/a	Cons. · IFRS
FYE Dec 2023	n/a	n/a	Cons. · IFRS
FYE Dec 2024	n/a	n/a	Cons. · IFRS
FYE Dec 2025	n/a	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 Dec 2025 ¥13.8tn

Change · 10 yrs +¥12.0tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	1,878	n/a
FYE Dec 2017	3,230	n/a
FYE Dec 2018	3,570	n/a
FYE Dec 2019	5,642	n/a
FYE Dec 2020	9,241	n/a
FYE Dec 2021	6,272	n/a
FYE Dec 2022	5,657	n/a
FYE Dec 2023	8,969	n/a
FYE Dec 2024	11,750	n/a
FYE Dec 2025	13,842	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 Dec 2025 8,244¥

Change · 10 yrs +4,889¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	3,355	n/a
FYE Dec 2017	5,770	n/a
FYE Dec 2018	6,379	n/a
FYE Dec 2019	10,081	n/a
FYE Dec 2020	5,503	n/a
FYE Dec 2021	3,736	n/a
FYE Dec 2022	3,369	n/a
FYE Dec 2023	5,341	n/a
FYE Dec 2024	6,998	n/a
FYE Dec 2025	8,244	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 Dec 2025 1,679,057,667shares

Change · 10 yrs +1,119,371,778 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	559,685,889	Parent
FYE Dec 2017	559,685,889	Parent
FYE Dec 2018	559,685,889	Parent
FYE Dec 2019	559,685,889	Parent
FYE Dec 2020	1,679,057,667	Parent
FYE Dec 2021	1,679,057,667	Parent
FYE Dec 2022	1,679,057,667	Parent
FYE Dec 2023	1,679,057,667	Parent
FYE Dec 2024	1,679,057,667	Parent
FYE Dec 2025	1,679,057,667	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 Dec 2025 263.73¥

Change · 10 yrs +231.02¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	32.71	Cons.
FYE Dec 2017	44.35	Cons.
FYE Dec 2018	56.36	Cons.
FYE Dec 2019	95.95	Cons.
FYE Dec 2020	130.66	Cons.
FYE Dec 2021	184.29	Cons.
FYE Dec 2022	227.64	Cons.
FYE Dec 2023	197.83	Cons.
FYE Dec 2024	235.39	Cons.
FYE Dec 2025	263.73	Cons.

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

BPS book value per share

FYE Dec 2025 1,206.47¥

Change · 10 yrs +53.13¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	1,153.34	Cons. · IFRS
FYE Dec 2017	1,236.27	Cons. · IFRS
FYE Dec 2018	1,350.51	Cons. · IFRS
FYE Dec 2019	1,525.83	Cons. · IFRS
FYE Dec 2020	583.66	Cons. · IFRS
FYE Dec 2021	707.55	Cons. · IFRS
FYE Dec 2022	848.33	Cons. · IFRS
FYE Dec 2023	968.15	Cons. · IFRS
FYE Dec 2024	1,132.48	Cons. · IFRS
FYE Dec 2025	1,206.47	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 31.26×

Average · 10 yrs 31.55×

Fiscal year	PER ×	Basis
FYE Dec 2016	34.19	Cons.
FYE Dec 2017	43.37	Cons.
FYE Dec 2018	37.73	Cons.
FYE Dec 2019	35.02	Cons.
FYE Dec 2020	42.12	Cons.
FYE Dec 2021	20.27	Cons.
FYE Dec 2022	14.80	Cons.
FYE Dec 2023	27.00	Cons.
FYE Dec 2024	29.73	Cons.
FYE Dec 2025	31.26	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 Dec 2025 6.70×

Average · 10 yrs 5.49×

Fiscal year	PBR ×	Basis
FYE Dec 2016	2.84	Cons.
FYE Dec 2017	4.56	Cons.
FYE Dec 2018	4.62	Cons.
FYE Dec 2019	6.46	Cons.
FYE Dec 2020	9.23	Cons.
FYE Dec 2021	5.17	Cons.
FYE Dec 2022	3.89	Cons.
FYE Dec 2023	5.41	Cons.
FYE Dec 2024	6.06	Cons.
FYE Dec 2025	6.70	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 Dec 2025 7,872people

Change · 10 yrs +627 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	7,245	n/a	Cons.
FYE Dec 2017	7,372	+1.8%	Cons.
FYE Dec 2018	7,432	+0.8%	Cons.
FYE Dec 2019	7,394	−0.5%	Cons.
FYE Dec 2020	7,555	+2.2%	Cons.
FYE Dec 2021	7,664	+1.4%	Cons.
FYE Dec 2022	7,771	+1.4%	Cons.
FYE Dec 2023	7,604	−2.1%	Cons.
FYE Dec 2024	7,778	+2.3%	Cons.
FYE Dec 2025	7,872	+1.2%	Cons.

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

Parent-company employees

FYE Dec 2025 5,104people

Change · 10 yrs +154 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	4,950	n/a	Parent
FYE Dec 2017	4,979	+0.6%	Parent
FYE Dec 2018	5,037	+1.2%	Parent
FYE Dec 2019	4,848	−3.8%	Parent
FYE Dec 2020	4,876	+0.6%	Parent
FYE Dec 2021	5,044	+3.4%	Parent
FYE Dec 2022	5,103	+1.2%	Parent
FYE Dec 2023	4,903	−3.9%	Parent
FYE Dec 2024	5,026	+2.5%	Parent
FYE Dec 2025	5,104	+1.6%	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 Dec 2025 ¥13.5m

Change · 10 yrs +¥4.0m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Dec 2016	9.5	n/a	Parent
FYE Dec 2017	9.5	−0.1%	Parent
FYE Dec 2018	9.8	+3.2%	Parent
FYE Dec 2019	10.2	+3.4%	Parent
FYE Dec 2020	11.0	+8.1%	Parent
FYE Dec 2021	11.6	+5.1%	Parent
FYE Dec 2022	12.1	+5.1%	Parent
FYE Dec 2023	12.0	−1.3%	Parent
FYE Dec 2024	12.1	+0.8%	Parent
FYE Dec 2025	13.5	+11.9%	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 Dec 2025 42.0years

Change · 7 yrs −1.0 years

Fiscal year	Average age years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	43.0	n/a	Parent
FYE Dec 2020	43.0	−0.0%	Parent
FYE Dec 2021	43.0	−0.0%	Parent
FYE Dec 2022	43.0	−0.0%	Parent
FYE Dec 2023	42.0	−2.3%	Parent
FYE Dec 2024	42.0	−0.0%	Parent
FYE Dec 2025	42.0	−0.0%	Parent

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

Average length of service

FYE Dec 2025 15.0years

Change · 10 yrs −1.5 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	16.5	n/a	Parent
FYE Dec 2017	16.7	+1.2%	Parent
FYE Dec 2018	16.9	+1.2%	Parent
FYE Dec 2019	16.0	−5.3%	Parent
FYE Dec 2020	16.0	−0.0%	Parent
FYE Dec 2021	16.0	−0.0%	Parent
FYE Dec 2022	16.0	−0.0%	Parent
FYE Dec 2023	15.0	−6.2%	Parent
FYE Dec 2024	15.0	−0.0%	Parent
FYE Dec 2025	15.0	−0.0%	Parent

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

Revenue per employee

FYE Dec 2025 ¥160m

Change · 10 yrs +¥91.9m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	67.9	n/a	Cons.
FYE Dec 2017	72.5	+6.8%	Cons.
FYE Dec 2018	78.0	+7.7%	Cons.
FYE Dec 2019	92.8	+19.0%	Cons.
FYE Dec 2020	104	+12.2%	Cons.
FYE Dec 2021	130	+25.2%	Cons.
FYE Dec 2022	162	+24.3%	Cons.
FYE Dec 2023	146	−9.9%	Cons.
FYE Dec 2024	151	+3.0%	Cons.
FYE Dec 2025	160	+6.2%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥76.1m

Change · 10 yrs +¥65.5m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	10.6	n/a	Cons.
FYE Dec 2017	13.4	+26.5%	Cons.
FYE Dec 2018	16.7	+24.6%	Cons.
FYE Dec 2019	28.5	+70.3%	Cons.
FYE Dec 2020	39.9	+40.0%	Cons.
FYE Dec 2021	55.0	+38.1%	Cons.
FYE Dec 2022	68.6	+24.7%	Cons.
FYE Dec 2023	57.8	−15.8%	Cons.
FYE Dec 2024	69.7	+20.7%	Cons.
FYE Dec 2025	76.1	+9.2%	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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