Financials

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

FYE Mar 2026 · Revenue¥825bnYoY +4.6%

FYE Mar 2026 · Operating profit¥44bnYoY −18.8%

FYE Mar 2026 · Net profit¥39bnYoY −17.0%

FYE Mar 2026 · Equity ratio60.2%YoY +1.3pp

FYE Mar 2026 · Group employees10,543YoY −374

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥539bn	n/a	¥59bn	n/a	11.0%	¥39bn	Naito Haruo	—
FYE Mar 2018Consolidated	¥600bn	+11.3%	¥77bn	+30.7%	12.9%	¥52bn	Naito Haruo	—
FYE Mar 2019Consolidated	¥643bn	+7.1%	¥86bn	+11.6%	13.4%	¥63bn	Naito Haruo	Worldwide alliance with Merck & Co. on Lenvima
FYE Mar 2020Consolidated	¥696bn	+8.2%	¥126bn	+45.7%	18.0%	¥122bn	Naito Haruo	The G202 discovery research laboratory is established in July
FYE Mar 2021Consolidated	¥646bn	−7.1%	¥52bn	−58.8%	8.0%	¥42bn	Naito Haruo	—
FYE Mar 2022Consolidated	¥756bn	+17.1%	¥54bn	+3.8%	7.1%	¥48bn	Naito Haruo	—
FYE Mar 2023Consolidated	¥744bn	−1.6%	¥40bn	−25.5%	5.4%	¥55bn	Naito Haruo	Lecanemab meets its primary endpoint in September
FYE Mar 2024Consolidated	¥742bn	−0.4%	¥53bn	+33.4%	7.2%	¥42bn	Naito Haruo	Leqembi wins full FDA approval in the United States in July
FYE Mar 2025Consolidated	¥789bn	+6.4%	¥54bn	+1.8%	6.9%	¥46bn	Naito Haruo	—
FYE Mar 2026Consolidated	¥825bn	+4.6%	¥44bn	−18.8%	5.3%	¥39bn	Naito Haruo	—

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 ¥825bn

CAGR · 10 yrs +4.8%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	539	n/a	Cons. · IFRS
FYE Mar 2018	600	+11.3%	Cons. · IFRS
FYE Mar 2019	643	+7.1%	Cons. · IFRS
FYE Mar 2020	696	+8.2%	Cons. · IFRS
FYE Mar 2021	646	−7.1%	Cons. · IFRS
FYE Mar 2022	756	+17.1%	Cons. · IFRS
FYE Mar 2023	744	−1.6%	Cons. · IFRS
FYE Mar 2024	742	−0.4%	Cons. · IFRS
FYE Mar 2025	789	+6.4%	Cons. · IFRS
FYE Mar 2026	825	+4.6%	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 ¥191bn

CAGR · 10 yrs −0.3%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	196	n/a	Cons. · IFRS
FYE Mar 2018	201	+2.7%	Cons. · IFRS
FYE Mar 2019	184	−8.3%	Cons. · IFRS
FYE Mar 2020	176	−4.8%	Cons. · IFRS
FYE Mar 2021	161	−8.2%	Cons. · IFRS
FYE Mar 2022	175	+8.4%	Cons. · IFRS
FYE Mar 2023	178	+1.7%	Cons. · IFRS
FYE Mar 2024	155	−12.7%	Cons. · IFRS
FYE Mar 2025	169	+8.7%	Cons. · IFRS
FYE Mar 2026	191	+13.3%	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 ¥634bn

CAGR · 10 yrs +7.1%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	343	n/a	Cons. · IFRS
FYE Mar 2018	399	+16.2%	Cons. · IFRS
FYE Mar 2019	458	+14.9%	Cons. · IFRS
FYE Mar 2020	520	+13.4%	Cons. · IFRS
FYE Mar 2021	485	−6.8%	Cons. · IFRS
FYE Mar 2022	581	+20.0%	Cons. · IFRS
FYE Mar 2023	567	−2.6%	Cons. · IFRS
FYE Mar 2024	586	+3.5%	Cons. · IFRS
FYE Mar 2025	621	+5.8%	Cons. · IFRS
FYE Mar 2026	634	+2.2%	Cons. · IFRS

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

SG&A selling, general and administrative expenses

FYE Mar 2026 ¥435bn

CAGR · 10 yrs +4.5%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	292	n/a	Cons. · IFRS
FYE Mar 2018	184	−37.1%	Cons. · IFRS
FYE Mar 2019	228	+24.1%	Cons. · IFRS
FYE Mar 2020	256	+12.3%	Cons. · IFRS
FYE Mar 2021	281	+9.8%	Cons. · IFRS
FYE Mar 2022	366	+30.2%	Cons. · IFRS
FYE Mar 2023	358	−2.2%	Cons. · IFRS
FYE Mar 2024	374	+4.5%	Cons. · IFRS
FYE Mar 2025	408	+9.0%	Cons. · IFRS
FYE Mar 2026	435	+6.7%	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 ¥44bn

CAGR · 10 yrs −3.2%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	59.1	n/a	Cons. · IFRS
FYE Mar 2018	77.2	+30.7%	Cons. · IFRS
FYE Mar 2019	86.2	+11.6%	Cons. · IFRS
FYE Mar 2020	126	+45.7%	Cons. · IFRS
FYE Mar 2021	51.8	−58.8%	Cons. · IFRS
FYE Mar 2022	53.8	+3.8%	Cons. · IFRS
FYE Mar 2023	40.0	−25.5%	Cons. · IFRS
FYE Mar 2024	53.4	+33.4%	Cons. · IFRS
FYE Mar 2025	54.4	+1.8%	Cons. · IFRS
FYE Mar 2026	44.1	−18.8%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥12bn

CAGR · 10 yrs +23.3%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	1.8	n/a	Cons. · IFRS
FYE Mar 2018	2.6	+38.3%	Cons. · IFRS
FYE Mar 2019	4.9	+90.2%	Cons. · IFRS
FYE Mar 2020	4.0	−17.2%	Cons. · IFRS
FYE Mar 2021	2.1	−46.7%	Cons. · IFRS
FYE Mar 2022	2.4	+11.9%	Cons. · IFRS
FYE Mar 2023	7.2	+201.5%	Cons. · IFRS
FYE Mar 2024	10.8	+49.2%	Cons. · IFRS
FYE Mar 2025	10.2	−5.5%	Cons. · IFRS
FYE Mar 2026	12.2	+19.5%	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 ¥5.3bn

CAGR · 10 yrs +5.7%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	3.2	n/a	Cons. · IFRS
FYE Mar 2018	3.0	−8.6%	Cons. · IFRS
FYE Mar 2019	1.6	−47.5%	Cons. · IFRS
FYE Mar 2020	1.5	−6.2%	Cons. · IFRS
FYE Mar 2021	1.4	−7.0%	Cons. · IFRS
FYE Mar 2022	1.7	+24.4%	Cons. · IFRS
FYE Mar 2023	2.3	+33.9%	Cons. · IFRS
FYE Mar 2024	2.4	+5.4%	Cons. · IFRS
FYE Mar 2025	3.5	+47.4%	Cons. · IFRS
FYE Mar 2026	5.3	+51.6%	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 ¥39bn

CAGR · 10 yrs −0.2%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	39.4	n/a	Cons. · IFRS
FYE Mar 2018	51.8	+31.7%	Cons. · IFRS
FYE Mar 2019	63.4	+22.3%	Cons. · IFRS
FYE Mar 2020	122	+92.1%	Cons. · IFRS
FYE Mar 2021	41.9	−65.6%	Cons. · IFRS
FYE Mar 2022	48.0	+14.3%	Cons. · IFRS
FYE Mar 2023	55.4	+15.6%	Cons. · IFRS
FYE Mar 2024	42.4	−23.5%	Cons. · IFRS
FYE Mar 2025	46.4	+9.5%	Cons. · IFRS
FYE Mar 2026	38.6	−17.0%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 76.8%

Average · 10 yrs 73.9%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	63.7	n/a	Cons. · IFRS
FYE Mar 2018	66.5	+2.8pp	Cons. · IFRS
FYE Mar 2019	71.3	+4.8pp	Cons. · IFRS
FYE Mar 2020	74.7	+3.4pp	Cons. · IFRS
FYE Mar 2021	75.0	+0.3pp	Cons. · IFRS
FYE Mar 2022	76.9	+1.9pp	Cons. · IFRS
FYE Mar 2023	76.1	−0.8pp	Cons. · IFRS
FYE Mar 2024	79.1	+2.9pp	Cons. · IFRS
FYE Mar 2025	78.6	−0.4pp	Cons. · IFRS
FYE Mar 2026	76.8	−1.8pp	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 5.3%

Average · 10 yrs 9.5%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	11.0	n/a	Cons. · IFRS
FYE Mar 2018	12.9	+1.9pp	Cons. · IFRS
FYE Mar 2019	13.4	+0.5pp	Cons. · IFRS
FYE Mar 2020	18.0	+4.6pp	Cons. · IFRS
FYE Mar 2021	8.0	−10.0pp	Cons. · IFRS
FYE Mar 2022	7.1	−0.9pp	Cons. · IFRS
FYE Mar 2023	5.4	−1.7pp	Cons. · IFRS
FYE Mar 2024	7.2	+1.8pp	Cons. · IFRS
FYE Mar 2025	6.9	−0.3pp	Cons. · IFRS
FYE Mar 2026	5.3	−1.5pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 4.7%

Average · 10 yrs 8.0%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	7.3	n/a	Cons. · IFRS
FYE Mar 2018	8.6	+1.3pp	Cons. · IFRS
FYE Mar 2019	9.9	+1.2pp	Cons. · IFRS
FYE Mar 2020	17.5	+7.6pp	Cons. · IFRS
FYE Mar 2021	6.5	−11.0pp	Cons. · IFRS
FYE Mar 2022	6.3	−0.2pp	Cons. · IFRS
FYE Mar 2023	7.4	+1.1pp	Cons. · IFRS
FYE Mar 2024	5.7	−1.7pp	Cons. · IFRS
FYE Mar 2025	5.9	+0.2pp	Cons. · IFRS
FYE Mar 2026	4.7	−1.2pp	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 23.2%

Average · 10 yrs 26.1%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	36.3	n/a	Cons. · IFRS
FYE Mar 2018	33.5	−2.8pp	Cons. · IFRS
FYE Mar 2019	28.7	−4.8pp	Cons. · IFRS
FYE Mar 2020	25.3	−3.4pp	Cons. · IFRS
FYE Mar 2021	25.0	−0.3pp	Cons. · IFRS
FYE Mar 2022	23.1	−1.9pp	Cons. · IFRS
FYE Mar 2023	23.9	+0.8pp	Cons. · IFRS
FYE Mar 2024	20.9	−2.9pp	Cons. · IFRS
FYE Mar 2025	21.4	+0.4pp	Cons. · IFRS
FYE Mar 2026	23.2	+1.8pp	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 52.7%

Average · 10 yrs 45.2%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	54.2	n/a	Cons. · IFRS
FYE Mar 2018	30.6	−23.6pp	Cons. · IFRS
FYE Mar 2019	35.5	+4.9pp	Cons. · IFRS
FYE Mar 2020	36.8	+1.3pp	Cons. · IFRS
FYE Mar 2021	43.6	+6.7pp	Cons. · IFRS
FYE Mar 2022	48.5	+4.9pp	Cons. · IFRS
FYE Mar 2023	48.1	−0.3pp	Cons. · IFRS
FYE Mar 2024	50.5	+2.3pp	Cons. · IFRS
FYE Mar 2025	51.7	+1.2pp	Cons. · IFRS
FYE Mar 2026	52.7	+1.1pp	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 ¥1.45tn

CAGR · 10 yrs +3.9%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	1,031	n/a	Cons. · IFRS
FYE Mar 2018	1,049	+1.8%	Cons. · IFRS
FYE Mar 2019	1,072	+2.1%	Cons. · IFRS
FYE Mar 2020	1,062	−0.9%	Cons. · IFRS
FYE Mar 2021	1,088	+2.5%	Cons. · IFRS
FYE Mar 2022	1,239	+13.9%	Cons. · IFRS
FYE Mar 2023	1,263	+1.9%	Cons. · IFRS
FYE Mar 2024	1,394	+10.3%	Cons. · IFRS
FYE Mar 2025	1,387	−0.5%	Cons. · IFRS
FYE Mar 2026	1,449	+4.5%	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 ¥873bn

CAGR · 10 yrs +4.6%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	585	n/a	Cons. · IFRS
FYE Mar 2018	573	−2.0%	Cons. · IFRS
FYE Mar 2019	604	+5.4%	Cons. · IFRS
FYE Mar 2020	654	+8.2%	Cons. · IFRS
FYE Mar 2021	677	+3.6%	Cons. · IFRS
FYE Mar 2022	726	+7.3%	Cons. · IFRS
FYE Mar 2023	777	+7.1%	Cons. · IFRS
FYE Mar 2024	852	+9.6%	Cons. · IFRS
FYE Mar 2025	817	−4.2%	Cons. · IFRS
FYE Mar 2026	873	+6.9%	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 ¥186bn

CAGR · 9 yrs +0.9%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	173	n/a	Cons. · IFRS
FYE Mar 2019	139	−19.8%	Cons. · IFRS
FYE Mar 2020	89.9	−35.2%	Cons. · IFRS
FYE Mar 2021	89.9	−0.1%	Cons. · IFRS
FYE Mar 2022	94.9	+5.6%	Cons. · IFRS
FYE Mar 2023	126	+32.9%	Cons. · IFRS
FYE Mar 2024	159	+26.4%	Cons. · IFRS
FYE Mar 2025	188	+17.6%	Cons. · IFRS
FYE Mar 2026	186	−0.8%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥51bn

CAGR · 8 yrs +17.7%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	16.4	n/a	Cons. · IFRS
FYE Mar 2019	49.0	+198.7%	Cons. · IFRS
FYE Mar 2020	35.0	−28.6%	Cons. · IFRS
FYE Mar 2021	40.0	+14.3%	Cons. · IFRS
FYE Mar 2022	n/a	n/a	Cons. · IFRS
FYE Mar 2023	41.2	n/a	Cons. · IFRS
FYE Mar 2024	24.6	−40.2%	Cons. · IFRS
FYE Mar 2025	87.7	+256.0%	Cons. · IFRS
FYE Mar 2026	51.3	−41.5%	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 ¥135bn

CAGR · 9 yrs −1.9%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	157	n/a	Cons. · IFRS
FYE Mar 2019	89.9	−42.6%	Cons. · IFRS
FYE Mar 2020	54.9	−38.9%	Cons. · IFRS
FYE Mar 2021	49.9	−9.2%	Cons. · IFRS
FYE Mar 2022	94.9	+90.1%	Cons. · IFRS
FYE Mar 2023	84.9	−10.5%	Cons. · IFRS
FYE Mar 2024	135	+58.7%	Cons. · IFRS
FYE Mar 2025	99.8	−25.9%	Cons. · IFRS
FYE Mar 2026	135	+35.0%	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 ¥88bn

CAGR · 9 yrs −2.4%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	107	n/a	Cons. · IFRS
FYE Mar 2019	98.1	−8.7%	Cons. · IFRS
FYE Mar 2020	106	+8.1%	Cons. · IFRS
FYE Mar 2021	106	+0.3%	Cons. · IFRS
FYE Mar 2022	95.5	−10.3%	Cons. · IFRS
FYE Mar 2023	89.2	−6.5%	Cons. · IFRS
FYE Mar 2024	85.5	−4.2%	Cons. · IFRS
FYE Mar 2025	75.3	−12.0%	Cons. · IFRS
FYE Mar 2026	88.1	+17.1%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥259bn

CAGR · 10 yrs +4.5%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	174	n/a	Cons. · IFRS
FYE Mar 2018	165	−5.2%	Cons. · IFRS
FYE Mar 2019	172	+4.4%	Cons. · IFRS
FYE Mar 2020	169	−2.0%	Cons. · IFRS
FYE Mar 2021	172	+1.8%	Cons. · IFRS
FYE Mar 2022	192	+11.6%	Cons. · IFRS
FYE Mar 2023	209	+8.9%	Cons. · IFRS
FYE Mar 2024	236	+13.2%	Cons. · IFRS
FYE Mar 2025	233	−1.2%	Cons. · IFRS
FYE Mar 2026	259	+11.0%	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 60.2%

Average · 10 yrs 59.2%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	56.7	n/a	Cons. · IFRS
FYE Mar 2018	54.6	−2.1pp	Cons. · IFRS
FYE Mar 2019	56.4	+1.8pp	Cons. · IFRS
FYE Mar 2020	61.5	+5.1pp	Cons. · IFRS
FYE Mar 2021	62.2	+0.6pp	Cons. · IFRS
FYE Mar 2022	58.6	−3.6pp	Cons. · IFRS
FYE Mar 2023	61.5	+2.9pp	Cons. · IFRS
FYE Mar 2024	61.1	−0.4pp	Cons. · IFRS
FYE Mar 2025	58.9	−2.2pp	Cons. · IFRS
FYE Mar 2026	60.2	+1.3pp	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 21.3%

Average · 9 yrs 19.2%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	30.2	n/a	Cons. · IFRS
FYE Mar 2019	23.0	−7.2pp	Cons. · IFRS
FYE Mar 2020	13.8	−9.2pp	Cons. · IFRS
FYE Mar 2021	13.3	−0.5pp	Cons. · IFRS
FYE Mar 2022	13.1	−0.2pp	Cons. · IFRS
FYE Mar 2023	16.2	+3.2pp	Cons. · IFRS
FYE Mar 2024	18.7	+2.5pp	Cons. · IFRS
FYE Mar 2025	23.0	+4.3pp	Cons. · IFRS
FYE Mar 2026	21.3	−1.6pp	Cons. · IFRS

Definition: Borrowings measured against the company's own capital
Formula: Interest-bearing debt ÷ equity
Source: Securities report (XBRL)

ROE return on equity

FYE Mar 2026 4.4%

Average · 10 yrs 8.0%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	6.7	n/a	Cons. · IFRS
FYE Mar 2018	9.0	+2.3pp	Cons. · IFRS
FYE Mar 2019	10.5	+1.4pp	Cons. · IFRS
FYE Mar 2020	18.6	+8.1pp	Cons. · IFRS
FYE Mar 2021	6.2	−12.4pp	Cons. · IFRS
FYE Mar 2022	6.6	+0.4pp	Cons. · IFRS
FYE Mar 2023	7.1	+0.5pp	Cons. · IFRS
FYE Mar 2024	5.0	−2.2pp	Cons. · IFRS
FYE Mar 2025	5.7	+0.7pp	Cons. · IFRS
FYE Mar 2026	4.4	−1.3pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 2.7%

Average · 10 yrs 4.7%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	3.8	n/a	Cons. · IFRS
FYE Mar 2018	4.9	+1.1pp	Cons. · IFRS
FYE Mar 2019	5.9	+1.0pp	Cons. · IFRS
FYE Mar 2020	11.5	+5.5pp	Cons. · IFRS
FYE Mar 2021	3.9	−7.6pp	Cons. · IFRS
FYE Mar 2022	3.9	−0.0pp	Cons. · IFRS
FYE Mar 2023	4.4	+0.5pp	Cons. · IFRS
FYE Mar 2024	3.0	−1.3pp	Cons. · IFRS
FYE Mar 2025	3.3	+0.3pp	Cons. · IFRS
FYE Mar 2026	2.7	−0.7pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.57×

CAGR · 10 yrs +1.0%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.52	n/a	Cons. · IFRS
FYE Mar 2018	0.57	+9.4%	Cons. · IFRS
FYE Mar 2019	0.60	+4.9%	Cons. · IFRS
FYE Mar 2020	0.65	+9.2%	Cons. · IFRS
FYE Mar 2021	0.59	−9.4%	Cons. · IFRS
FYE Mar 2022	0.61	+2.8%	Cons. · IFRS
FYE Mar 2023	0.59	−3.4%	Cons. · IFRS
FYE Mar 2024	0.53	−9.7%	Cons. · IFRS
FYE Mar 2025	0.57	+7.0%	Cons. · IFRS
FYE Mar 2026	0.57	−0.0%	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 ¥61bn

CAGR · 10 yrs −2.3%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	75.9	n/a	Cons. · IFRS
FYE Mar 2018	150	+97.3%	Cons. · IFRS
FYE Mar 2019	104	−30.7%	Cons. · IFRS
FYE Mar 2020	103	−0.9%	Cons. · IFRS
FYE Mar 2021	73.1	−28.9%	Cons. · IFRS
FYE Mar 2022	118	+60.9%	Cons. · IFRS
FYE Mar 2023	-1.8	−101.5%	Cons. · IFRS
FYE Mar 2024	56.0	n/a	Cons. · IFRS
FYE Mar 2025	30.1	−46.2%	Cons. · IFRS
FYE Mar 2026	61.3	+103.6%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥42bn

Average · 10 yrs -¥21bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-28.6	n/a	Cons. · IFRS
FYE Mar 2018	17.0	n/a	Cons. · IFRS
FYE Mar 2019	-7.9	−146.5%	Cons. · IFRS
FYE Mar 2020	-27.6	n/a	Cons. · IFRS
FYE Mar 2021	-36.1	n/a	Cons. · IFRS
FYE Mar 2022	-28.8	n/a	Cons. · IFRS
FYE Mar 2023	-22.7	n/a	Cons. · IFRS
FYE Mar 2024	-25.3	n/a	Cons. · IFRS
FYE Mar 2025	-10.1	n/a	Cons. · IFRS
FYE Mar 2026	-41.8	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 -¥61bn

Average · 10 yrs -¥57bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-35.4	n/a	Cons. · IFRS
FYE Mar 2018	-81.9	n/a	Cons. · IFRS
FYE Mar 2019	-79.2	n/a	Cons. · IFRS
FYE Mar 2020	-104	n/a	Cons. · IFRS
FYE Mar 2021	-55.9	n/a	Cons. · IFRS
FYE Mar 2022	-49.0	n/a	Cons. · IFRS
FYE Mar 2023	-24.5	n/a	Cons. · IFRS
FYE Mar 2024	-22.7	n/a	Cons. · IFRS
FYE Mar 2025	-57.8	n/a	Cons. · IFRS
FYE Mar 2026	-61.1	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 ¥245bn

CAGR · 10 yrs +3.1%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	187	n/a	Cons. · IFRS
FYE Mar 2018	271	+44.8%	Cons. · IFRS
FYE Mar 2019	292	+7.9%	Cons. · IFRS
FYE Mar 2020	254	−12.9%	Cons. · IFRS
FYE Mar 2021	249	−2.2%	Cons. · IFRS
FYE Mar 2022	310	+24.5%	Cons. · IFRS
FYE Mar 2023	267	−13.7%	Cons. · IFRS
FYE Mar 2024	305	+14.0%	Cons. · IFRS
FYE Mar 2025	266	−12.8%	Cons. · IFRS
FYE Mar 2026	245	−7.6%	Cons. · IFRS

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

Free cash flow

FYE Mar 2026 ¥20bn

CAGR · 10 yrs −9.4%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	47.3	n/a	Cons. · IFRS
FYE Mar 2018	167	+252.7%	Cons. · IFRS
FYE Mar 2019	95.8	−42.5%	Cons. · IFRS
FYE Mar 2020	75.2	−21.5%	Cons. · IFRS
FYE Mar 2021	37.0	−50.8%	Cons. · IFRS
FYE Mar 2022	88.7	+140.0%	Cons. · IFRS
FYE Mar 2023	-24.5	−127.6%	Cons. · IFRS
FYE Mar 2024	30.7	n/a	Cons. · IFRS
FYE Mar 2025	20.0	−34.7%	Cons. · IFRS
FYE Mar 2026	19.5	−2.5%	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 7.4%

Average · 10 yrs 11.5%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	14.1	n/a	Cons. · IFRS
FYE Mar 2018	24.9	+10.9pp	Cons. · IFRS
FYE Mar 2019	16.1	−8.8pp	Cons. · IFRS
FYE Mar 2020	14.8	−1.4pp	Cons. · IFRS
FYE Mar 2021	11.3	−3.5pp	Cons. · IFRS
FYE Mar 2022	15.5	+4.2pp	Cons. · IFRS
FYE Mar 2023	-0.2	−15.8pp	Cons. · IFRS
FYE Mar 2024	7.5	+7.8pp	Cons. · IFRS
FYE Mar 2025	3.8	−3.7pp	Cons. · IFRS
FYE Mar 2026	7.4	+3.6pp	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 ¥59bn

CAGR · 9 yrs −6.0%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	97.4	n/a	Cons. · IFRS
FYE Mar 2019	153	+57.1%	Cons. · IFRS
FYE Mar 2020	164	+7.4%	Cons. · IFRS
FYE Mar 2021	159	−3.3%	Cons. · IFRS
FYE Mar 2022	215	+35.2%	Cons. · IFRS
FYE Mar 2023	141	−34.2%	Cons. · IFRS
FYE Mar 2024	145	+2.9%	Cons. · IFRS
FYE Mar 2025	78.0	−46.3%	Cons. · IFRS
FYE Mar 2026	59.3	−24.0%	Cons. · IFRS

Definition: Cash on hand once the borrowings are paid off
Formula: Cash and equivalents − interest-bearing debt
Source: Securities report (XBRL)

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Mar 2026 ¥1.42tn

Change · 10 yrs −¥289bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	1,709	n/a
FYE Mar 2018	2,011	n/a
FYE Mar 2019	1,843	n/a
FYE Mar 2020	2,352	n/a
FYE Mar 2021	2,200	n/a
FYE Mar 2022	1,682	n/a
FYE Mar 2023	2,226	n/a
FYE Mar 2024	1,843	n/a
FYE Mar 2025	1,209	n/a
FYE Mar 2026	1,421	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 4,871¥

Change · 10 yrs −893¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	5,764	n/a
FYE Mar 2018	6,782	n/a
FYE Mar 2019	6,213	n/a
FYE Mar 2020	7,931	n/a
FYE Mar 2021	7,419	n/a
FYE Mar 2022	5,670	n/a
FYE Mar 2023	7,504	n/a
FYE Mar 2024	6,216	n/a
FYE Mar 2025	4,145	n/a
FYE Mar 2026	4,871	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 291,649,000shares

Change · 10 yrs −4,917,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	296,566,000	Parent
FYE Mar 2018	296,566,000	Parent
FYE Mar 2019	296,566,000	Parent
FYE Mar 2020	296,566,000	Parent
FYE Mar 2021	296,566,000	Parent
FYE Mar 2022	296,566,000	Parent
FYE Mar 2023	296,566,000	Parent
FYE Mar 2024	296,566,000	Parent
FYE Mar 2025	291,649,000	Parent
FYE Mar 2026	291,649,000	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 136.78¥

Change · 10 yrs −0.85¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	137.63	Cons.
FYE Mar 2018	181.18	Cons.
FYE Mar 2019	221.34	Cons.
FYE Mar 2020	425.01	Cons.
FYE Mar 2021	146.34	Cons.
FYE Mar 2022	167.27	Cons.
FYE Mar 2023	193.31	Cons.
FYE Mar 2024	147.86	Cons.
FYE Mar 2025	163.76	Cons.
FYE Mar 2026	136.78	Cons.

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

BPS book value per share

FYE Mar 2026 2,992.85¥

Change · 10 yrs +1,021.52¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,971.33	Cons. · IFRS
FYE Mar 2018	1,932.34	Cons. · IFRS
FYE Mar 2019	2,037.52	Cons. · IFRS
FYE Mar 2020	2,203.97	Cons. · IFRS
FYE Mar 2021	2,282.26	Cons. · IFRS
FYE Mar 2022	2,448.39	Cons. · IFRS
FYE Mar 2023	2,621.16	Cons. · IFRS
FYE Mar 2024	2,873.74	Cons. · IFRS
FYE Mar 2025	2,800.85	Cons. · IFRS
FYE Mar 2026	2,992.85	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 35.61×

Average · 10 yrs 35.24×

Fiscal year	PER ×	Basis
FYE Mar 2017	41.88	Cons.
FYE Mar 2018	37.43	Cons.
FYE Mar 2019	28.07	Cons.
FYE Mar 2020	18.66	Cons.
FYE Mar 2021	50.70	Cons.
FYE Mar 2022	33.90	Cons.
FYE Mar 2023	38.82	Cons.
FYE Mar 2024	42.04	Cons.
FYE Mar 2025	25.31	Cons.
FYE Mar 2026	35.61	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 1.53×

Average · 10 yrs 2.51×

Fiscal year	PBR ×	Basis
FYE Mar 2017	2.82	Cons.
FYE Mar 2018	3.27	Cons.
FYE Mar 2019	2.83	Cons.
FYE Mar 2020	3.35	Cons.
FYE Mar 2021	3.03	Cons.
FYE Mar 2022	2.17	Cons.
FYE Mar 2023	2.69	Cons.
FYE Mar 2024	2.04	Cons.
FYE Mar 2025	1.39	Cons.
FYE Mar 2026	1.53	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 10,543people

Change · 10 yrs +91 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	10,452	n/a	Cons.
FYE Mar 2018	10,456	−0.0%	Cons.
FYE Mar 2019	10,683	+2.2%	Cons.
FYE Mar 2020	10,998	+2.9%	Cons.
FYE Mar 2021	11,237	+2.2%	Cons.
FYE Mar 2022	11,322	+0.8%	Cons.
FYE Mar 2023	11,076	−2.2%	Cons.
FYE Mar 2024	11,067	−0.1%	Cons.
FYE Mar 2025	10,917	−1.4%	Cons.
FYE Mar 2026	10,543	−3.4%	Cons.

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

Parent-company employees

FYE Mar 2026 2,979people

Change · 10 yrs −267 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	3,246	n/a	Parent
FYE Mar 2018	3,172	−2.3%	Parent
FYE Mar 2019	3,140	−1.0%	Parent
FYE Mar 2020	2,953	−6.0%	Parent
FYE Mar 2021	3,005	+1.8%	Parent
FYE Mar 2022	3,034	+1.0%	Parent
FYE Mar 2023	3,043	+0.3%	Parent
FYE Mar 2024	2,984	−1.9%	Parent
FYE Mar 2025	2,998	+0.5%	Parent
FYE Mar 2026	2,979	−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 ¥11.2m

Change · 10 yrs +¥0.8m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	10.4	n/a	Parent
FYE Mar 2018	10.4	+0.6%	Parent
FYE Mar 2019	11.0	+5.2%	Parent
FYE Mar 2020	10.4	−5.7%	Parent
FYE Mar 2021	10.4	+0.5%	Parent
FYE Mar 2022	9.2	−11.7%	Parent
FYE Mar 2023	10.5	+14.1%	Parent
FYE Mar 2024	10.5	+0.3%	Parent
FYE Mar 2025	10.6	+0.2%	Parent
FYE Mar 2026	11.2	+6.4%	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 44.5years

Change · 8 yrs −0.7 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	45.2	n/a	Parent
FYE Mar 2020	44.4	−1.8%	Parent
FYE Mar 2021	43.9	−1.1%	Parent
FYE Mar 2022	43.0	−2.1%	Parent
FYE Mar 2023	43.6	+1.4%	Parent
FYE Mar 2024	44.2	+1.4%	Parent
FYE Mar 2025	44.6	+0.9%	Parent
FYE Mar 2026	44.5	−0.2%	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 18.5years

Change · 10 yrs −1.4 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	19.9	n/a	Parent
FYE Mar 2018	20.2	+1.5%	Parent
FYE Mar 2019	20.6	+2.0%	Parent
FYE Mar 2020	19.4	−5.8%	Parent
FYE Mar 2021	18.5	−4.6%	Parent
FYE Mar 2022	17.4	−5.9%	Parent
FYE Mar 2023	17.9	+2.9%	Parent
FYE Mar 2024	18.5	+3.4%	Parent
FYE Mar 2025	18.5	−0.0%	Parent
FYE Mar 2026	18.5	−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 Mar 2026 ¥78.3m

Change · 10 yrs +¥26.7m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	51.6	n/a	Cons.
FYE Mar 2018	57.4	+11.3%	Cons.
FYE Mar 2019	60.2	+4.9%	Cons.
FYE Mar 2020	63.2	+5.1%	Cons.
FYE Mar 2021	57.5	−9.1%	Cons.
FYE Mar 2022	66.8	+16.2%	Cons.
FYE Mar 2023	67.2	+0.6%	Cons.
FYE Mar 2024	67.0	−0.3%	Cons.
FYE Mar 2025	72.3	+7.9%	Cons.
FYE Mar 2026	78.3	+8.3%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥4.2m

Change · 10 yrs −¥1.5m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	5.7	n/a	Cons.
FYE Mar 2018	7.4	+30.7%	Cons.
FYE Mar 2019	8.1	+9.2%	Cons.
FYE Mar 2020	11.4	+41.5%	Cons.
FYE Mar 2021	4.6	−59.6%	Cons.
FYE Mar 2022	4.7	+3.1%	Cons.
FYE Mar 2023	3.6	−23.9%	Cons.
FYE Mar 2024	4.8	+33.5%	Cons.
FYE Mar 2025	5.0	+3.2%	Cons.
FYE Mar 2026	4.2	−16.0%	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.

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