Financials

Santen Pharmaceutical: FYE Mar 2026 and ten years of results (41 metrics)

FYE Mar 2026 · Revenue¥292bnYoY −2.8%

FYE Mar 2026 · Operating profit¥48bnYoY +2.0%

FYE Mar 2026 · Net profit¥37bnYoY +3.1%

FYE Mar 2026 · Equity ratio70.4%YoY +0.2pp

FYE Mar 2026 · Group employees3,968YoY +119

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥199bn	n/a	n/a	n/a	n/a	¥22bn	Kurokawa Akira	—
FYE Mar 2018Consolidated	¥225bn	+13.0%	¥39bn	n/a	17.2%	¥35bn	Kurokawa Akira	¥200bn target met three years early; 60-plus countries
FYE Mar 2019Consolidated	¥234bn	+4.0%	¥45bn	+16.6%	19.3%	¥32bn	Kurokawa Akira	—
FYE Mar 2020Consolidated	¥242bn	+3.2%	¥34bn	−25.6%	13.9%	¥24bn	Taniuchi Shigeo	—
FYE Mar 2021Consolidated	¥250bn	+3.3%	¥12bn	−63.7%	4.9%	¥9.3bn	Taniuchi Shigeo	<strong>Santen 2030</strong>; <span class="en-history_money" data-yen="40300000000" data-year="2020">$377.4M (¥40bn)</span> impairment on the US pipeline
FYE Mar 2022Consolidated	¥266bn	+6.7%	¥36bn	+194.5%	13.5%	¥27bn	Taniuchi Shigeo	—
FYE Mar 2023Consolidated	¥279bn	+4.8%	-¥3.1bn	−108.6%	-1.1%	-¥15bn	Taniuchi Shigeo	Operating loss; Taniuchi resigns, <a class="en-history_person" href="/tse/4536/executives/ceo/ito-takeshi/" hreflang="ja">Ito Takeshi</a> becomes CEO
FYE Mar 2024Consolidated	¥302bn	+8.2%	¥39bn	n/a	12.8%	¥27bn	Ito Takeshi	Americas commercial business sold to Harrow Health — the second US exit
FYE Mar 2025Consolidated	¥300bn	−0.6%	¥47bn	+21.6%	15.6%	¥36bn	Ito Takeshi	Noto earthquake damages the Noto plant
FYE Mar 2026Consolidated	¥292bn	−2.8%	¥48bn	+2.0%	16.4%	¥37bn	Ito Takeshi	—

How it compares

Ono Pharmaceutical¥516bnFY2025Operating margin 17.9%

Santen Pharmaceutical¥292bnFY2025Operating margin 16.4%

Sawai Group Holdings¥202bnFY2025Operating margin 7.9%

Tsumura¥193bnFY2025Operating margin 18.3%Nippon Shinyaku¥171bnFY2025Operating margin 20.8%Hisamitsu PharmaceuticalDelisted 2026

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 ¥292bn

CAGR · 10 yrs +4.3%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	199	n/a	Cons. · IFRS
FYE Mar 2018	225	+13.0%	Cons. · IFRS
FYE Mar 2019	234	+4.0%	Cons. · IFRS
FYE Mar 2020	242	+3.2%	Cons. · IFRS
FYE Mar 2021	250	+3.3%	Cons. · IFRS
FYE Mar 2022	266	+6.7%	Cons. · IFRS
FYE Mar 2023	279	+4.8%	Cons. · IFRS
FYE Mar 2024	302	+8.2%	Cons. · IFRS
FYE Mar 2025	300	−0.6%	Cons. · IFRS
FYE Mar 2026	292	−2.8%	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 ¥122bn

CAGR · 9 yrs +4.4%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	86.4	n/a	Cons. · IFRS
FYE Mar 2019	90.8	+5.1%	Cons. · IFRS
FYE Mar 2020	94.8	+4.5%	Cons. · IFRS
FYE Mar 2021	98.2	+3.6%	Cons. · IFRS
FYE Mar 2022	110	+11.7%	Cons. · IFRS
FYE Mar 2023	113	+3.0%	Cons. · IFRS
FYE Mar 2024	123	+9.1%	Cons. · IFRS
FYE Mar 2025	129	+4.6%	Cons. · IFRS
FYE Mar 2026	122	−5.5%	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 ¥170bn

CAGR · 9 yrs +2.6%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	139	n/a	Cons. · IFRS
FYE Mar 2019	143	+3.4%	Cons. · IFRS
FYE Mar 2020	147	+2.4%	Cons. · IFRS
FYE Mar 2021	151	+3.2%	Cons. · IFRS
FYE Mar 2022	157	+3.4%	Cons. · IFRS
FYE Mar 2023	166	+6.1%	Cons. · IFRS
FYE Mar 2024	179	+7.6%	Cons. · IFRS
FYE Mar 2025	171	−4.3%	Cons. · IFRS
FYE Mar 2026	170	−0.8%	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 ¥90bn

CAGR · 9 yrs +3.4%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	68.8	n/a	Cons. · IFRS
FYE Mar 2019	71.3	+3.6%	Cons. · IFRS
FYE Mar 2020	73.4	+2.9%	Cons. · IFRS
FYE Mar 2021	79.6	+8.4%	Cons. · IFRS
FYE Mar 2022	84.5	+6.2%	Cons. · IFRS
FYE Mar 2023	96.3	+13.9%	Cons. · IFRS
FYE Mar 2024	91.5	−4.9%	Cons. · IFRS
FYE Mar 2025	88.0	−3.9%	Cons. · IFRS
FYE Mar 2026	89.6	+1.8%	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 Mar 2026 ¥48bn

CAGR · 9 yrs +2.7%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	38.7	n/a	Cons. · IFRS
FYE Mar 2019	45.1	+16.6%	Cons. · IFRS
FYE Mar 2020	33.5	−25.6%	Cons. · IFRS
FYE Mar 2021	12.2	−63.7%	Cons. · IFRS
FYE Mar 2022	35.9	+194.5%	Cons. · IFRS
FYE Mar 2023	-3.1	−108.6%	Cons. · IFRS
FYE Mar 2024	38.5	n/a	Cons. · IFRS
FYE Mar 2025	46.9	+21.6%	Cons. · IFRS
FYE Mar 2026	47.8	+2.0%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥1.6bn

CAGR · 9 yrs +6.3%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	1.0	n/a	Cons. · IFRS
FYE Mar 2019	0.9	−10.3%	Cons. · IFRS
FYE Mar 2020	1.0	+5.4%	Cons. · IFRS
FYE Mar 2021	1.3	+41.7%	Cons. · IFRS
FYE Mar 2022	2.5	+88.9%	Cons. · IFRS
FYE Mar 2023	1.2	−54.7%	Cons. · IFRS
FYE Mar 2024	1.6	+36.3%	Cons. · IFRS
FYE Mar 2025	4.0	+154.6%	Cons. · IFRS
FYE Mar 2026	1.6	−59.0%	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 ¥2.0bn

CAGR · 9 yrs +21.0%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	0.4	n/a	Cons. · IFRS
FYE Mar 2019	2.9	+563.8%	Cons. · IFRS
FYE Mar 2020	2.4	−16.9%	Cons. · IFRS
FYE Mar 2021	1.5	−37.8%	Cons. · IFRS
FYE Mar 2022	1.2	−18.7%	Cons. · IFRS
FYE Mar 2023	1.5	+24.0%	Cons. · IFRS
FYE Mar 2024	2.7	+77.7%	Cons. · IFRS
FYE Mar 2025	2.7	+2.0%	Cons. · IFRS
FYE Mar 2026	2.0	−26.6%	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 ¥37bn

CAGR · 10 yrs +6.2%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	21.7	n/a	Cons. · IFRS
FYE Mar 2018	35.2	+62.2%	Cons. · IFRS
FYE Mar 2019	32.0	−9.3%	Cons. · IFRS
FYE Mar 2020	23.6	−26.1%	Cons. · IFRS
FYE Mar 2021	9.3	−60.6%	Cons. · IFRS
FYE Mar 2022	27.2	+192.3%	Cons. · IFRS
FYE Mar 2023	-14.9	−154.9%	Cons. · IFRS
FYE Mar 2024	26.6	n/a	Cons. · IFRS
FYE Mar 2025	36.3	+36.1%	Cons. · IFRS
FYE Mar 2026	37.4	+3.1%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 58.2%

Average · 9 yrs 59.7%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	61.6	n/a	Cons. · IFRS
FYE Mar 2019	61.2	−0.4pp	Cons. · IFRS
FYE Mar 2020	60.7	−0.5pp	Cons. · IFRS
FYE Mar 2021	60.6	−0.1pp	Cons. · IFRS
FYE Mar 2022	58.8	−1.8pp	Cons. · IFRS
FYE Mar 2023	59.5	+0.7pp	Cons. · IFRS
FYE Mar 2024	59.2	−0.3pp	Cons. · IFRS
FYE Mar 2025	57.0	−2.2pp	Cons. · IFRS
FYE Mar 2026	58.2	+1.2pp	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 16.4%

Average · 9 yrs 12.5%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	17.2	n/a	Cons. · IFRS
FYE Mar 2019	19.3	+2.1pp	Cons. · IFRS
FYE Mar 2020	13.9	−5.4pp	Cons. · IFRS
FYE Mar 2021	4.9	−9.0pp	Cons. · IFRS
FYE Mar 2022	13.5	+8.6pp	Cons. · IFRS
FYE Mar 2023	-1.1	−14.6pp	Cons. · IFRS
FYE Mar 2024	12.8	+13.9pp	Cons. · IFRS
FYE Mar 2025	15.6	+2.9pp	Cons. · IFRS
FYE Mar 2026	16.4	+0.8pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 12.8%

Average · 10 yrs 9.2%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	10.9	n/a	Cons. · IFRS
FYE Mar 2018	15.7	+4.8pp	Cons. · IFRS
FYE Mar 2019	13.7	−2.0pp	Cons. · IFRS
FYE Mar 2020	9.8	−3.9pp	Cons. · IFRS
FYE Mar 2021	3.7	−6.0pp	Cons. · IFRS
FYE Mar 2022	10.2	+6.5pp	Cons. · IFRS
FYE Mar 2023	-5.4	−15.6pp	Cons. · IFRS
FYE Mar 2024	8.8	+14.2pp	Cons. · IFRS
FYE Mar 2025	12.1	+3.3pp	Cons. · IFRS
FYE Mar 2026	12.8	+0.7pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Mar 2026 41.8%

Average · 9 yrs 40.3%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	38.4	n/a	Cons. · IFRS
FYE Mar 2019	38.8	+0.4pp	Cons. · IFRS
FYE Mar 2020	39.3	+0.5pp	Cons. · IFRS
FYE Mar 2021	39.4	+0.1pp	Cons. · IFRS
FYE Mar 2022	41.2	+1.8pp	Cons. · IFRS
FYE Mar 2023	40.5	−0.7pp	Cons. · IFRS
FYE Mar 2024	40.8	+0.3pp	Cons. · IFRS
FYE Mar 2025	43.0	+2.2pp	Cons. · IFRS
FYE Mar 2026	41.8	−1.2pp	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 30.7%

Average · 9 yrs 31.1%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	30.6	n/a	Cons. · IFRS
FYE Mar 2019	30.5	−0.1pp	Cons. · IFRS
FYE Mar 2020	30.4	−0.1pp	Cons. · IFRS
FYE Mar 2021	31.9	+1.5pp	Cons. · IFRS
FYE Mar 2022	31.7	−0.1pp	Cons. · IFRS
FYE Mar 2023	34.5	+2.8pp	Cons. · IFRS
FYE Mar 2024	30.3	−4.2pp	Cons. · IFRS
FYE Mar 2025	29.3	−1.0pp	Cons. · IFRS
FYE Mar 2026	30.7	+1.4pp	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

Total assets

FYE Mar 2026 ¥423bn

CAGR · 10 yrs +1.8%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	359	n/a	Cons. · IFRS
FYE Mar 2018	388	+8.2%	Cons. · IFRS
FYE Mar 2019	391	+0.7%	Cons. · IFRS
FYE Mar 2020	409	+4.5%	Cons. · IFRS
FYE Mar 2021	405	−0.9%	Cons. · IFRS
FYE Mar 2022	460	+13.5%	Cons. · IFRS
FYE Mar 2023	421	−8.4%	Cons. · IFRS
FYE Mar 2024	436	+3.4%	Cons. · IFRS
FYE Mar 2025	409	−6.1%	Cons. · IFRS
FYE Mar 2026	423	+3.4%	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 ¥298bn

CAGR · 10 yrs +1.7%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	255	n/a	Cons. · IFRS
FYE Mar 2018	284	+11.4%	Cons. · IFRS
FYE Mar 2019	289	+1.8%	Cons. · IFRS
FYE Mar 2020	303	+4.8%	Cons. · IFRS
FYE Mar 2021	311	+2.5%	Cons. · IFRS
FYE Mar 2022	338	+8.8%	Cons. · IFRS
FYE Mar 2023	295	−12.9%	Cons. · IFRS
FYE Mar 2024	307	+4.1%	Cons. · IFRS
FYE Mar 2025	287	−6.3%	Cons. · IFRS
FYE Mar 2026	298	+3.7%	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)

Intangible assets

FYE Mar 2026 ¥72bn

CAGR · 9 yrs −7.6%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	134	n/a	Cons. · IFRS
FYE Mar 2019	131	−2.5%	Cons. · IFRS
FYE Mar 2020	120	−8.6%	Cons. · IFRS
FYE Mar 2021	116	−3.4%	Cons. · IFRS
FYE Mar 2022	130	+12.4%	Cons. · IFRS
FYE Mar 2023	96.3	−26.0%	Cons. · IFRS
FYE Mar 2024	83.8	−13.0%	Cons. · IFRS
FYE Mar 2025	75.5	−10.0%	Cons. · IFRS
FYE Mar 2026	71.7	−5.0%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥9.4bn

CAGR · 9 yrs −10.3%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	22.3	n/a	Cons. · IFRS
FYE Mar 2019	22.7	+1.9%	Cons. · IFRS
FYE Mar 2020	22.1	−2.6%	Cons. · IFRS
FYE Mar 2021	12.7	−42.6%	Cons. · IFRS
FYE Mar 2022	13.7	+8.0%	Cons. · IFRS
FYE Mar 2023	7.4	−46.2%	Cons. · IFRS
FYE Mar 2024	8.3	+12.4%	Cons. · IFRS
FYE Mar 2025	8.2	−0.7%	Cons. · IFRS
FYE Mar 2026	9.4	+13.6%	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 70.4%

Average · 10 yrs 72.3%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	71.1	n/a	Cons. · IFRS
FYE Mar 2018	73.1	+2.1pp	Cons. · IFRS
FYE Mar 2019	73.9	+0.8pp	Cons. · IFRS
FYE Mar 2020	74.2	+0.2pp	Cons. · IFRS
FYE Mar 2021	76.7	+2.5pp	Cons. · IFRS
FYE Mar 2022	73.5	−3.2pp	Cons. · IFRS
FYE Mar 2023	70.0	−3.5pp	Cons. · IFRS
FYE Mar 2024	70.4	+0.4pp	Cons. · IFRS
FYE Mar 2025	70.2	−0.2pp	Cons. · IFRS
FYE Mar 2026	70.4	+0.2pp	Cons. · IFRS

Definition: How much of the balance sheet is funded without debt
Formula: Equity ÷ total assets
Source: Securities report (XBRL)

ROE return on equity

FYE Mar 2026 12.5%

Average · 10 yrs 8.0%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	8.5	n/a	Cons. · IFRS
FYE Mar 2018	12.4	+3.9pp	Cons. · IFRS
FYE Mar 2019	11.0	−1.4pp	Cons. · IFRS
FYE Mar 2020	7.8	−3.3pp	Cons. · IFRS
FYE Mar 2021	3.0	−4.8pp	Cons. · IFRS
FYE Mar 2022	8.0	+5.1pp	Cons. · IFRS
FYE Mar 2023	-5.1	−13.1pp	Cons. · IFRS
FYE Mar 2024	8.7	+13.8pp	Cons. · IFRS
FYE Mar 2025	12.6	+3.9pp	Cons. · IFRS
FYE Mar 2026	12.5	−0.1pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 8.8%

Average · 10 yrs 5.8%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	6.1	n/a	Cons. · IFRS
FYE Mar 2018	9.1	+3.0pp	Cons. · IFRS
FYE Mar 2019	8.2	−0.9pp	Cons. · IFRS
FYE Mar 2020	5.8	−2.4pp	Cons. · IFRS
FYE Mar 2021	2.3	−3.5pp	Cons. · IFRS
FYE Mar 2022	5.9	+3.6pp	Cons. · IFRS
FYE Mar 2023	-3.5	−9.5pp	Cons. · IFRS
FYE Mar 2024	6.1	+9.7pp	Cons. · IFRS
FYE Mar 2025	8.9	+2.7pp	Cons. · IFRS
FYE Mar 2026	8.8	−0.0pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.69×

CAGR · 10 yrs +2.4%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.55	n/a	Cons. · IFRS
FYE Mar 2018	0.58	+4.4%	Cons. · IFRS
FYE Mar 2019	0.60	+3.3%	Cons. · IFRS
FYE Mar 2020	0.59	−1.2%	Cons. · IFRS
FYE Mar 2021	0.62	+4.2%	Cons. · IFRS
FYE Mar 2022	0.58	−6.0%	Cons. · IFRS
FYE Mar 2023	0.66	+14.5%	Cons. · IFRS
FYE Mar 2024	0.69	+4.6%	Cons. · IFRS
FYE Mar 2025	0.73	+5.8%	Cons. · IFRS
FYE Mar 2026	0.69	−6.0%	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

Operating cash flow

FYE Mar 2026 ¥44bn

CAGR · 10 yrs +16.7%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	10.8	n/a	Cons. · IFRS
FYE Mar 2018	42.8	+295.1%	Cons. · IFRS
FYE Mar 2019	32.9	−23.2%	Cons. · IFRS
FYE Mar 2020	39.9	+21.4%	Cons. · IFRS
FYE Mar 2021	38.8	−2.9%	Cons. · IFRS
FYE Mar 2022	46.0	+18.6%	Cons. · IFRS
FYE Mar 2023	37.1	−19.3%	Cons. · IFRS
FYE Mar 2024	72.6	+95.6%	Cons. · IFRS
FYE Mar 2025	60.9	−16.1%	Cons. · IFRS
FYE Mar 2026	43.5	−28.6%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥13bn

Average · 10 yrs -¥19bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-28.2	n/a	Cons. · IFRS
FYE Mar 2018	-8.3	n/a	Cons. · IFRS
FYE Mar 2019	-2.9	n/a	Cons. · IFRS
FYE Mar 2020	-5.2	n/a	Cons. · IFRS
FYE Mar 2021	-53.4	n/a	Cons. · IFRS
FYE Mar 2022	-35.2	n/a	Cons. · IFRS
FYE Mar 2023	-26.8	n/a	Cons. · IFRS
FYE Mar 2024	-6.1	n/a	Cons. · IFRS
FYE Mar 2025	-8.2	n/a	Cons. · IFRS
FYE Mar 2026	-13.0	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 -¥49bn

Average · 10 yrs -¥27bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-28.7	n/a	Cons. · IFRS
FYE Mar 2018	-17.6	n/a	Cons. · IFRS
FYE Mar 2019	-28.1	n/a	Cons. · IFRS
FYE Mar 2020	-12.7	n/a	Cons. · IFRS
FYE Mar 2021	-16.7	n/a	Cons. · IFRS
FYE Mar 2022	5.6	n/a	Cons. · IFRS
FYE Mar 2023	-37.2	−769.8%	Cons. · IFRS
FYE Mar 2024	-34.0	n/a	Cons. · IFRS
FYE Mar 2025	-53.3	n/a	Cons. · IFRS
FYE Mar 2026	-49.3	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 ¥81bn

CAGR · 10 yrs +5.0%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	52.3	n/a	Cons. · IFRS
FYE Mar 2018	69.3	+32.5%	Cons. · IFRS
FYE Mar 2019	70.8	+2.2%	Cons. · IFRS
FYE Mar 2020	91.4	+29.1%	Cons. · IFRS
FYE Mar 2021	62.9	−31.2%	Cons. · IFRS
FYE Mar 2022	83.0	+32.0%	Cons. · IFRS
FYE Mar 2023	57.9	−30.2%	Cons. · IFRS
FYE Mar 2024	94.6	+63.3%	Cons. · IFRS
FYE Mar 2025	93.0	−1.7%	Cons. · IFRS
FYE Mar 2026	80.9	−13.0%	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 Mar 2026 ¥31bn

Average · 10 yrs ¥24bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-17.4	n/a	Cons. · IFRS
FYE Mar 2018	34.6	n/a	Cons. · IFRS
FYE Mar 2019	30.0	−13.4%	Cons. · IFRS
FYE Mar 2020	34.8	+16.1%	Cons. · IFRS
FYE Mar 2021	-14.5	−141.8%	Cons. · IFRS
FYE Mar 2022	10.9	n/a	Cons. · IFRS
FYE Mar 2023	10.4	−4.6%	Cons. · IFRS
FYE Mar 2024	66.5	+541.3%	Cons. · IFRS
FYE Mar 2025	52.7	−20.7%	Cons. · IFRS
FYE Mar 2026	30.5	−42.1%	Cons. · IFRS

Definition: What is left once the business has paid for its own investment
Formula: Operating cash flow + investing cash flow
Source: Securities report (XBRL)

Operating cash flow margin

FYE Mar 2026 14.9%

Average · 10 yrs 16.1%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	5.4	n/a	Cons. · IFRS
FYE Mar 2018	19.0	+13.6pp	Cons. · IFRS
FYE Mar 2019	14.1	−5.0pp	Cons. · IFRS
FYE Mar 2020	16.5	+2.5pp	Cons. · IFRS
FYE Mar 2021	15.5	−1.0pp	Cons. · IFRS
FYE Mar 2022	17.3	+1.7pp	Cons. · IFRS
FYE Mar 2023	13.3	−4.0pp	Cons. · IFRS
FYE Mar 2024	24.1	+10.7pp	Cons. · IFRS
FYE Mar 2025	20.3	−3.7pp	Cons. · IFRS
FYE Mar 2026	14.9	−5.4pp	Cons. · IFRS

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

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

Market capitalisation

FYE Mar 2026 ¥577bn

Change · 9 yrs −¥77bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	654	n/a
FYE Mar 2018	699	n/a
FYE Mar 2019	660	n/a
FYE Mar 2020	743	n/a
FYE Mar 2021	610	n/a
FYE Mar 2022	491	n/a
FYE Mar 2023	n/a	n/a
FYE Mar 2024	560	n/a
FYE Mar 2025	484	n/a
FYE Mar 2026	577	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 1,790¥

Change · 9 yrs +180¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	1,610	n/a
FYE Mar 2018	1,717	n/a
FYE Mar 2019	1,652	n/a
FYE Mar 2020	1,858	n/a
FYE Mar 2021	1,524	n/a
FYE Mar 2022	1,225	n/a
FYE Mar 2023	n/a	n/a
FYE Mar 2024	1,539	n/a
FYE Mar 2025	1,414	n/a
FYE Mar 2026	1,790	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 322,282,000shares

Change · 10 yrs −83,891,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	406,173,000	Parent
FYE Mar 2018	406,848,000	Parent
FYE Mar 2019	399,782,000	Parent
FYE Mar 2020	400,028,000	Parent
FYE Mar 2021	400,369,000	Parent
FYE Mar 2022	400,695,000	Parent
FYE Mar 2023	375,886,000	Parent
FYE Mar 2024	363,996,000	Parent
FYE Mar 2025	342,056,000	Parent
FYE Mar 2026	322,282,000	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 114.04¥

Change · 10 yrs +61.08¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	52.96	Cons.
FYE Mar 2018	86.73	Cons.
FYE Mar 2019	78.67	Cons.
FYE Mar 2020	59.16	Cons.
FYE Mar 2021	23.30	Cons.
FYE Mar 2022	68.07	Cons.
FYE Mar 2023	-38.60	Cons.
FYE Mar 2024	72.59	Cons.
FYE Mar 2025	103.98	Cons.
FYE Mar 2026	114.04	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 924.54¥

Change · 10 yrs +296.45¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	628.08	Cons. · IFRS
FYE Mar 2018	698.27	Cons. · IFRS
FYE Mar 2019	723.46	Cons. · IFRS
FYE Mar 2020	757.87	Cons. · IFRS
FYE Mar 2021	776.07	Cons. · IFRS
FYE Mar 2022	843.87	Cons. · IFRS
FYE Mar 2023	783.91	Cons. · IFRS
FYE Mar 2024	842.70	Cons. · IFRS
FYE Mar 2025	839.93	Cons. · IFRS
FYE Mar 2026	924.54	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 15.70×

Average · 9 yrs 26.28×

Fiscal year	PER ×	Basis
FYE Mar 2017	30.40	Cons.
FYE Mar 2018	19.80	Cons.
FYE Mar 2019	21.00	Cons.
FYE Mar 2020	31.40	Cons.
FYE Mar 2021	65.40	Cons.
FYE Mar 2022	18.00	Cons.
FYE Mar 2023	n/a	Cons.
FYE Mar 2024	21.20	Cons.
FYE Mar 2025	13.60	Cons.
FYE Mar 2026	15.70	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 1.94×

Average · 9 yrs 2.06×

Fiscal year	PBR ×	Basis
FYE Mar 2017	2.56	Cons.
FYE Mar 2018	2.44	Cons.
FYE Mar 2019	2.27	Cons.
FYE Mar 2020	2.45	Cons.
FYE Mar 2021	1.96	Cons.
FYE Mar 2022	1.45	Cons.
FYE Mar 2023	n/a	Cons.
FYE Mar 2024	1.82	Cons.
FYE Mar 2025	1.69	Cons.
FYE Mar 2026	1.94	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 3,968people

Change · 10 yrs +301 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	3,667	n/a	Cons.
FYE Mar 2018	3,805	+3.8%	Cons.
FYE Mar 2019	4,073	+7.0%	Cons.
FYE Mar 2020	4,108	+0.9%	Cons.
FYE Mar 2021	4,229	+2.9%	Cons.
FYE Mar 2022	4,318	+2.1%	Cons.
FYE Mar 2023	4,144	−4.0%	Cons.
FYE Mar 2024	3,744	−9.7%	Cons.
FYE Mar 2025	3,849	+2.8%	Cons.
FYE Mar 2026	3,968	+3.1%	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 1,884people

Change · 10 yrs +40 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	1,844	n/a	Parent
FYE Mar 2018	1,859	+0.8%	Parent
FYE Mar 2019	1,812	−2.5%	Parent
FYE Mar 2020	1,840	+1.5%	Parent
FYE Mar 2021	1,872	+1.7%	Parent
FYE Mar 2022	1,842	−1.6%	Parent
FYE Mar 2023	1,807	−1.9%	Parent
FYE Mar 2024	1,676	−7.2%	Parent
FYE Mar 2025	1,756	+4.8%	Parent
FYE Mar 2026	1,884	+7.3%	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 ¥9.0m

Change · 8 yrs +¥0.8m

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	8.2	n/a	Parent
FYE Mar 2020	8.2	+0.3%	Parent
FYE Mar 2021	8.3	+0.6%	Parent
FYE Mar 2022	8.5	+2.9%	Parent
FYE Mar 2023	9.0	+6.0%	Parent
FYE Mar 2024	8.7	−3.2%	Parent
FYE Mar 2025	9.3	+6.1%	Parent
FYE Mar 2026	9.0	−2.5%	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 43.0years

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	42.0	n/a	Parent
FYE Mar 2020	42.0	−0.0%	Parent
FYE Mar 2021	43.0	+2.4%	Parent
FYE Mar 2022	43.0	−0.0%	Parent
FYE Mar 2023	44.0	+2.3%	Parent
FYE Mar 2024	43.0	−2.3%	Parent
FYE Mar 2025	43.0	−0.0%	Parent
FYE Mar 2026	43.0	−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 Mar 2026 15.0years

Change · 8 yrs −0.0 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	15.0	n/a	Parent
FYE Mar 2020	15.0	−0.0%	Parent
FYE Mar 2021	16.0	+6.7%	Parent
FYE Mar 2022	16.0	−0.0%	Parent
FYE Mar 2023	17.0	+6.3%	Parent
FYE Mar 2024	16.0	−5.9%	Parent
FYE Mar 2025	16.0	−0.0%	Parent
FYE Mar 2026	15.0	−6.2%	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 ¥73.5m

Change · 10 yrs +¥19.2m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	54.3	n/a	Cons.
FYE Mar 2018	59.1	+8.9%	Cons.
FYE Mar 2019	57.5	−2.8%	Cons.
FYE Mar 2020	58.8	+2.3%	Cons.
FYE Mar 2021	59.0	+0.4%	Cons.
FYE Mar 2022	61.7	+4.5%	Cons.
FYE Mar 2023	67.3	+9.2%	Cons.
FYE Mar 2024	80.7	+19.8%	Cons.
FYE Mar 2025	77.9	−3.4%	Cons.
FYE Mar 2026	73.5	−5.7%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥12.0m

Change · 9 yrs +¥1.9m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons.
FYE Mar 2018	10.2	n/a	Cons.
FYE Mar 2019	11.1	+8.9%	Cons.
FYE Mar 2020	8.2	−26.3%	Cons.
FYE Mar 2021	2.9	−64.7%	Cons.
FYE Mar 2022	8.3	+188.4%	Cons.
FYE Mar 2023	-0.7	−109.0%	Cons.
FYE Mar 2024	10.3	n/a	Cons.
FYE Mar 2025	12.2	+18.3%	Cons.
FYE Mar 2026	12.0	−1.1%	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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