Financials

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

FYE Mar 2026 · Revenue¥1.13tnYoY +9.2%

FYE Mar 2026 · Operating profit¥176bnYoY +11.8%

FYE Mar 2026 · Net profit¥136bnYoY +16.2%

FYE Mar 2026 · Equity ratio68.5%YoY −6.3pp

FYE Mar 2026 · Group employees31,185YoY +496

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥514bn	n/a	¥77bn	n/a	14.9%	¥54bn	Shintaku Yutaro	Sequent Medical of the United States acquired
FYE Mar 2018Consolidated	¥588bn	+14.3%	¥109bn	+41.8%	18.5%	¥76bn	Shintaku Yutaro	Haemostasis device business bought from St. Jude / Abbott
FYE Mar 2019Consolidated	¥599bn	+2.0%	¥107bn	−1.8%	17.8%	¥79bn	Sato Shinjiro	Essen Technology of China acquired, strengthening production inside China
FYE Mar 2020Consolidated	¥629bn	+4.9%	¥111bn	+3.7%	17.6%	¥85bn	Sato Shinjiro	—
FYE Mar 2021Consolidated	¥614bn	−2.4%	¥98bn	−11.1%	16.0%	¥77bn	Sato Shinjiro	—
FYE Mar 2022Consolidated	¥703bn	+14.6%	¥116bn	+17.9%	16.5%	¥89bn	Sato Shinjiro	—
FYE Mar 2023Consolidated	¥820bn	+16.6%	¥117bn	+1.2%	14.3%	¥89bn	Sato Shinjiro	GS26 medium-term management plan launched
FYE Mar 2024Consolidated	¥922bn	+12.4%	¥140bn	+19.4%	15.2%	¥106bn	Sato Shinjiro	Production policy recast from optimal global siting into three blocs
FYE Mar 2025Consolidated	¥1.04tn	+12.4%	¥158bn	+12.5%	15.2%	¥117bn	Sato Shinjiro	Sixty centres rolled out with Rika
FYE Mar 2026Consolidated	¥1.13tn	+9.2%	¥176bn	+11.8%	15.6%	¥136bn	Samejima Hikaru	—

How it compares

Terumo¥1.13tnFY2025Operating margin 15.6%

Olympus¥1.01tnFY2025Operating margin 9.6%Nipro¥661bnFY2025Operating margin 5.7%

FUKUDA DENSHI¥140bnFY2025Operating margin 19.0%

Asahi Intecc¥120bnFY2025Operating margin 25.1%

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

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥1.13tn

CAGR · 10 yrs +9.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	514	n/a	Cons. · Japanese GAAP
FYE Mar 2018	588	moved to IFRS	Cons. · IFRS
FYE Mar 2019	599	+2.0%	Cons. · IFRS
FYE Mar 2020	629	+4.9%	Cons. · IFRS
FYE Mar 2021	614	−2.4%	Cons. · IFRS
FYE Mar 2022	703	+14.6%	Cons. · IFRS
FYE Mar 2023	820	+16.6%	Cons. · IFRS
FYE Mar 2024	922	+12.4%	Cons. · IFRS
FYE Mar 2025	1,036	+12.4%	Cons. · IFRS
FYE Mar 2026	1,132	+9.2%	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 ¥537bn

CAGR · 10 yrs +9.6%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	236	n/a	Cons. · Japanese GAAP
FYE Mar 2018	268	moved to IFRS	Cons. · IFRS
FYE Mar 2019	273	+1.7%	Cons. · IFRS
FYE Mar 2020	285	+4.4%	Cons. · IFRS
FYE Mar 2021	287	+0.8%	Cons. · IFRS
FYE Mar 2022	334	+16.3%	Cons. · IFRS
FYE Mar 2023	403	+20.6%	Cons. · IFRS
FYE Mar 2024	443	+9.9%	Cons. · IFRS
FYE Mar 2025	476	+7.4%	Cons. · IFRS
FYE Mar 2026	537	+13.0%	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 ¥595bn

CAGR · 10 yrs +8.8%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	278	n/a	Cons. · Japanese GAAP
FYE Mar 2018	319	moved to IFRS	Cons. · IFRS
FYE Mar 2019	326	+2.2%	Cons. · IFRS
FYE Mar 2020	344	+5.3%	Cons. · IFRS
FYE Mar 2021	327	−5.0%	Cons. · IFRS
FYE Mar 2022	369	+13.1%	Cons. · IFRS
FYE Mar 2023	417	+13.0%	Cons. · IFRS
FYE Mar 2024	479	+14.8%	Cons. · IFRS
FYE Mar 2025	561	+17.0%	Cons. · IFRS
FYE Mar 2026	595	+6.1%	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 ¥410bn

CAGR · 10 yrs +8.2%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	201	n/a	Cons. · Japanese GAAP
FYE Mar 2018	212	moved to IFRS	Cons. · IFRS
FYE Mar 2019	226	+6.6%	Cons. · IFRS
FYE Mar 2020	235	+3.9%	Cons. · IFRS
FYE Mar 2021	229	−2.8%	Cons. · IFRS
FYE Mar 2022	251	+9.8%	Cons. · IFRS
FYE Mar 2023	300	+19.5%	Cons. · IFRS
FYE Mar 2024	345	+15.0%	Cons. · IFRS
FYE Mar 2025	382	+10.6%	Cons. · IFRS
FYE Mar 2026	410	+7.4%	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 ¥176bn

CAGR · 10 yrs +9.7%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	76.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	109	moved to IFRS	Cons. · IFRS
FYE Mar 2019	107	−1.8%	Cons. · IFRS
FYE Mar 2020	111	+3.7%	Cons. · IFRS
FYE Mar 2021	98.4	−11.1%	Cons. · IFRS
FYE Mar 2022	116	+17.9%	Cons. · IFRS
FYE Mar 2023	117	+1.2%	Cons. · IFRS
FYE Mar 2024	140	+19.4%	Cons. · IFRS
FYE Mar 2025	158	+12.5%	Cons. · IFRS
FYE Mar 2026	176	+11.8%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥6.2bn

CAGR · 10 yrs +13.1%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	2.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1.1	moved to IFRS	Cons. · IFRS
FYE Mar 2019	2.1	+93.8%	Cons. · IFRS
FYE Mar 2020	1.7	−20.8%	Cons. · IFRS
FYE Mar 2021	1.7	+3.4%	Cons. · IFRS
FYE Mar 2022	1.1	−38.5%	Cons. · IFRS
FYE Mar 2023	2.6	+149.4%	Cons. · IFRS
FYE Mar 2024	3.5	+33.2%	Cons. · IFRS
FYE Mar 2025	3.6	+2.7%	Cons. · IFRS
FYE Mar 2026	6.2	+72.4%	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 ¥3.3bn

CAGR · 10 yrs −11.7%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	10.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.8	moved to IFRS	Cons. · IFRS
FYE Mar 2019	5.9	+110.5%	Cons. · IFRS
FYE Mar 2020	5.4	−8.6%	Cons. · IFRS
FYE Mar 2021	2.3	−56.5%	Cons. · IFRS
FYE Mar 2022	3.0	+26.7%	Cons. · IFRS
FYE Mar 2023	4.0	+35.6%	Cons. · IFRS
FYE Mar 2024	2.8	−30.9%	Cons. · IFRS
FYE Mar 2025	6.2	+125.1%	Cons. · IFRS
FYE Mar 2026	3.3	−47.4%	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 ¥136bn

CAGR · 10 yrs +10.7%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	54.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	75.6	moved to IFRS	Cons. · IFRS
FYE Mar 2019	79.5	+5.1%	Cons. · IFRS
FYE Mar 2020	85.2	+7.2%	Cons. · IFRS
FYE Mar 2021	77.3	−9.3%	Cons. · IFRS
FYE Mar 2022	88.8	+14.9%	Cons. · IFRS
FYE Mar 2023	89.3	+0.6%	Cons. · IFRS
FYE Mar 2024	106	+19.1%	Cons. · IFRS
FYE Mar 2025	117	+10.0%	Cons. · IFRS
FYE Mar 2026	136	+16.2%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 52.5%

Average · 10 yrs 53.3%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	54.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	54.3	moved to IFRS	Cons. · IFRS
FYE Mar 2019	54.5	+0.1pp	Cons. · IFRS
FYE Mar 2020	54.7	+0.2pp	Cons. · IFRS
FYE Mar 2021	53.2	−1.5pp	Cons. · IFRS
FYE Mar 2022	52.5	−0.7pp	Cons. · IFRS
FYE Mar 2023	50.9	−1.6pp	Cons. · IFRS
FYE Mar 2024	52.0	+1.1pp	Cons. · IFRS
FYE Mar 2025	54.1	+2.1pp	Cons. · IFRS
FYE Mar 2026	52.5	−1.6pp	Cons. · IFRS

Definition: The share of revenue left after the cost of sales
Formula: Gross profit ÷ revenue
Source: Securities report (XBRL)

Operating margin

FYE Mar 2026 15.6%

Average · 10 yrs 16.2%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	14.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	18.5	moved to IFRS	Cons. · IFRS
FYE Mar 2019	17.8	−0.7pp	Cons. · IFRS
FYE Mar 2020	17.6	−0.2pp	Cons. · IFRS
FYE Mar 2021	16.0	−1.6pp	Cons. · IFRS
FYE Mar 2022	16.5	+0.5pp	Cons. · IFRS
FYE Mar 2023	14.3	−2.2pp	Cons. · IFRS
FYE Mar 2024	15.2	+0.9pp	Cons. · IFRS
FYE Mar 2025	15.2	−0.0pp	Cons. · IFRS
FYE Mar 2026	15.6	+0.4pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 12.0%

Average · 10 yrs 12.1%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	10.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	12.9	moved to IFRS	Cons. · IFRS
FYE Mar 2019	13.3	+0.4pp	Cons. · IFRS
FYE Mar 2020	13.5	+0.3pp	Cons. · IFRS
FYE Mar 2021	12.6	−1.0pp	Cons. · IFRS
FYE Mar 2022	12.6	−0.0pp	Cons. · IFRS
FYE Mar 2023	10.9	−1.7pp	Cons. · IFRS
FYE Mar 2024	11.5	+0.6pp	Cons. · IFRS
FYE Mar 2025	11.3	−0.2pp	Cons. · IFRS
FYE Mar 2026	12.0	+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 47.5%

Average · 10 yrs 46.7%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	45.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	45.7	moved to IFRS	Cons. · IFRS
FYE Mar 2019	45.5	−0.1pp	Cons. · IFRS
FYE Mar 2020	45.3	−0.2pp	Cons. · IFRS
FYE Mar 2021	46.8	+1.5pp	Cons. · IFRS
FYE Mar 2022	47.5	+0.7pp	Cons. · IFRS
FYE Mar 2023	49.1	+1.6pp	Cons. · IFRS
FYE Mar 2024	48.0	−1.1pp	Cons. · IFRS
FYE Mar 2025	45.9	−2.1pp	Cons. · IFRS
FYE Mar 2026	47.5	+1.6pp	Cons. · IFRS

Definition: The share of revenue taken by the cost of sales
Formula: Cost of sales ÷ revenue
Source: Securities report (XBRL)

SG&A ratio

FYE Mar 2026 36.2%

Average · 10 yrs 37.0%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	39.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	36.1	moved to IFRS	Cons. · IFRS
FYE Mar 2019	37.8	+1.6pp	Cons. · IFRS
FYE Mar 2020	37.4	−0.4pp	Cons. · IFRS
FYE Mar 2021	37.2	−0.2pp	Cons. · IFRS
FYE Mar 2022	35.7	−1.6pp	Cons. · IFRS
FYE Mar 2023	36.6	+0.9pp	Cons. · IFRS
FYE Mar 2024	37.4	+0.9pp	Cons. · IFRS
FYE Mar 2025	36.8	−0.6pp	Cons. · IFRS
FYE Mar 2026	36.2	−0.6pp	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 ¥2.31tn

CAGR · 10 yrs +9.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	1,021	n/a	Cons. · Japanese GAAP
FYE Mar 2018	1,058	moved to IFRS	Cons. · IFRS
FYE Mar 2019	1,121	+5.9%	Cons. · IFRS
FYE Mar 2020	1,241	+10.8%	Cons. · IFRS
FYE Mar 2021	1,351	+8.8%	Cons. · IFRS
FYE Mar 2022	1,474	+9.1%	Cons. · IFRS
FYE Mar 2023	1,602	+8.7%	Cons. · IFRS
FYE Mar 2024	1,831	+14.3%	Cons. · IFRS
FYE Mar 2025	1,828	−0.2%	Cons. · IFRS
FYE Mar 2026	2,312	+26.5%	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 ¥1.58tn

CAGR · 10 yrs +13.9%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	489	n/a	Cons. · Japanese GAAP
FYE Mar 2018	536	moved to IFRS	Cons. · IFRS
FYE Mar 2019	698	+30.3%	Cons. · IFRS
FYE Mar 2020	755	+8.1%	Cons. · IFRS
FYE Mar 2021	857	+13.5%	Cons. · IFRS
FYE Mar 2022	1,012	+18.2%	Cons. · IFRS
FYE Mar 2023	1,111	+9.8%	Cons. · IFRS
FYE Mar 2024	1,327	+19.4%	Cons. · IFRS
FYE Mar 2025	1,369	+3.1%	Cons. · IFRS
FYE Mar 2026	1,585	+15.8%	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 ¥380bn

CAGR · 10 yrs +7.4%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	201	n/a	Cons. · Japanese GAAP
FYE Mar 2018	336	moved to IFRS	Cons. · IFRS
FYE Mar 2019	225	−33.0%	Cons. · IFRS
FYE Mar 2020	246	+9.4%	Cons. · IFRS
FYE Mar 2021	261	+5.8%	Cons. · IFRS
FYE Mar 2022	226	−13.3%	Cons. · IFRS
FYE Mar 2023	232	+2.6%	Cons. · IFRS
FYE Mar 2024	232	−0.0%	Cons. · IFRS
FYE Mar 2025	175	−24.6%	Cons. · IFRS
FYE Mar 2026	380	+117.2%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥280bn

CAGR · 9 yrs +11.2%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	120	n/a	Cons. · Japanese GAAP
FYE Mar 2018	47.4	moved to IFRS	Cons. · IFRS
FYE Mar 2019	n/a	n/a	Cons. · IFRS
FYE Mar 2020	50.3	n/a	Cons. · IFRS
FYE Mar 2021	42.1	−16.4%	Cons. · IFRS
FYE Mar 2022	1.1	−97.3%	Cons. · IFRS
FYE Mar 2023	11.2	+901.2%	Cons. · IFRS
FYE Mar 2024	157	+1297.8%	Cons. · IFRS
FYE Mar 2025	15.0	−90.4%	Cons. · IFRS
FYE Mar 2026	280	+1765.9%	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 ¥100bn

CAGR · 10 yrs +1.4%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	88.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	289	moved to IFRS	Cons. · IFRS
FYE Mar 2019	225	−22.0%	Cons. · IFRS
FYE Mar 2020	196	−13.0%	Cons. · IFRS
FYE Mar 2021	218	+11.6%	Cons. · IFRS
FYE Mar 2022	225	+2.9%	Cons. · IFRS
FYE Mar 2023	221	−1.9%	Cons. · IFRS
FYE Mar 2024	75.0	−66.0%	Cons. · IFRS
FYE Mar 2025	160	+113.2%	Cons. · IFRS
FYE Mar 2026	99.9	−37.5%	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 ¥332bn

CAGR · 10 yrs −3.4%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	455	n/a	Cons. · Japanese GAAP
FYE Mar 2018	443	moved to IFRS	Cons. · IFRS
FYE Mar 2019	469	+5.9%	Cons. · IFRS
FYE Mar 2020	462	−1.6%	Cons. · IFRS
FYE Mar 2021	472	+2.2%	Cons. · IFRS
FYE Mar 2022	515	+9.1%	Cons. · IFRS
FYE Mar 2023	538	+4.5%	Cons. · IFRS
FYE Mar 2024	588	+9.3%	Cons. · IFRS
FYE Mar 2025	545	−7.3%	Cons. · IFRS
FYE Mar 2026	332	−39.1%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥471bn

CAGR · 10 yrs +9.0%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	217	n/a	Cons. · Japanese GAAP
FYE Mar 2018	208	moved to IFRS	Cons. · IFRS
FYE Mar 2019	224	+7.8%	Cons. · IFRS
FYE Mar 2020	220	−2.0%	Cons. · IFRS
FYE Mar 2021	227	+3.2%	Cons. · IFRS
FYE Mar 2022	251	+10.6%	Cons. · IFRS
FYE Mar 2023	268	+6.8%	Cons. · IFRS
FYE Mar 2024	302	+12.9%	Cons. · IFRS
FYE Mar 2025	293	−3.0%	Cons. · IFRS
FYE Mar 2026	471	+60.7%	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 68.5%

Average · 10 yrs 63.9%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	47.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	50.6	moved to IFRS	Cons. · IFRS
FYE Mar 2019	62.3	+11.6pp	Cons. · IFRS
FYE Mar 2020	60.8	−1.5pp	Cons. · IFRS
FYE Mar 2021	63.4	+2.6pp	Cons. · IFRS
FYE Mar 2022	68.7	+5.3pp	Cons. · IFRS
FYE Mar 2023	69.3	+0.7pp	Cons. · IFRS
FYE Mar 2024	72.5	+3.1pp	Cons. · IFRS
FYE Mar 2025	74.8	+2.4pp	Cons. · IFRS
FYE Mar 2026	68.5	−6.3pp	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 24.0%

Average · 10 yrs 29.6%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	41.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	62.8	moved to IFRS	Cons. · IFRS
FYE Mar 2019	32.3	−30.5pp	Cons. · IFRS
FYE Mar 2020	32.6	+0.4pp	Cons. · IFRS
FYE Mar 2021	30.4	−2.2pp	Cons. · IFRS
FYE Mar 2022	22.3	−8.1pp	Cons. · IFRS
FYE Mar 2023	20.9	−1.4pp	Cons. · IFRS
FYE Mar 2024	17.5	−3.4pp	Cons. · IFRS
FYE Mar 2025	12.8	−4.7pp	Cons. · IFRS
FYE Mar 2026	24.0	+11.2pp	Cons. · IFRS

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

ROE return on equity

FYE Mar 2026 8.6%

Average · 10 yrs 9.9%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	11.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	14.1	moved to IFRS	Cons. · IFRS
FYE Mar 2019	11.4	−2.7pp	Cons. · IFRS
FYE Mar 2020	11.3	−0.1pp	Cons. · IFRS
FYE Mar 2021	9.0	−2.3pp	Cons. · IFRS
FYE Mar 2022	8.8	−0.2pp	Cons. · IFRS
FYE Mar 2023	8.0	−0.7pp	Cons. · IFRS
FYE Mar 2024	8.0	−0.0pp	Cons. · IFRS
FYE Mar 2025	8.5	+0.5pp	Cons. · IFRS
FYE Mar 2026	8.6	−0.0pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 5.9%

Average · 10 yrs 6.2%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	5.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.1	moved to IFRS	Cons. · IFRS
FYE Mar 2019	7.1	−0.1pp	Cons. · IFRS
FYE Mar 2020	6.9	−0.2pp	Cons. · IFRS
FYE Mar 2021	5.7	−1.1pp	Cons. · IFRS
FYE Mar 2022	6.0	+0.3pp	Cons. · IFRS
FYE Mar 2023	5.6	−0.5pp	Cons. · IFRS
FYE Mar 2024	5.8	+0.2pp	Cons. · IFRS
FYE Mar 2025	6.4	+0.6pp	Cons. · IFRS
FYE Mar 2026	5.9	−0.5pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.49×

CAGR · 10 yrs −0.3%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.50	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.56	moved to IFRS	Cons. · IFRS
FYE Mar 2019	0.53	−3.7%	Cons. · IFRS
FYE Mar 2020	0.51	−5.3%	Cons. · IFRS
FYE Mar 2021	0.45	−10.3%	Cons. · IFRS
FYE Mar 2022	0.48	+5.0%	Cons. · IFRS
FYE Mar 2023	0.51	+7.3%	Cons. · IFRS
FYE Mar 2024	0.50	−1.7%	Cons. · IFRS
FYE Mar 2025	0.57	+12.6%	Cons. · IFRS
FYE Mar 2026	0.49	−13.6%	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 ¥231bn

CAGR · 10 yrs +12.4%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	80.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	112	moved to IFRS	Cons. · IFRS
FYE Mar 2019	93.6	−16.8%	Cons. · IFRS
FYE Mar 2020	117	+25.6%	Cons. · IFRS
FYE Mar 2021	121	+3.4%	Cons. · IFRS
FYE Mar 2022	141	+16.4%	Cons. · IFRS
FYE Mar 2023	118	−16.9%	Cons. · IFRS
FYE Mar 2024	146	+24.5%	Cons. · IFRS
FYE Mar 2025	211	+44.1%	Cons. · IFRS
FYE Mar 2026	231	+9.5%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥344bn

Average · 10 yrs -¥111bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-181	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-42.2	moved to IFRS	Cons. · IFRS
FYE Mar 2019	-74.8	n/a	Cons. · IFRS
FYE Mar 2020	-84.7	n/a	Cons. · IFRS
FYE Mar 2021	-85.3	n/a	Cons. · IFRS
FYE Mar 2022	-78.5	n/a	Cons. · IFRS
FYE Mar 2023	-59.1	n/a	Cons. · IFRS
FYE Mar 2024	-81.5	n/a	Cons. · IFRS
FYE Mar 2025	-82.5	n/a	Cons. · IFRS
FYE Mar 2026	-344	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 ¥156bn

CAGR · 10 yrs +11.0%

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	60.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-3.9	moved to IFRS	Cons. · IFRS
FYE Mar 2019	-67.5	n/a	Cons. · IFRS
FYE Mar 2020	14.0	n/a	Cons. · IFRS
FYE Mar 2021	-7.4	−153.1%	Cons. · IFRS
FYE Mar 2022	-70.9	n/a	Cons. · IFRS
FYE Mar 2023	-86.6	n/a	Cons. · IFRS
FYE Mar 2024	-62.1	n/a	Cons. · IFRS
FYE Mar 2025	-109	n/a	Cons. · IFRS
FYE Mar 2026	156	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 ¥280bn

CAGR · 10 yrs +11.5%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	105	n/a	Cons. · Japanese GAAP
FYE Mar 2018	168	moved to IFRS	Cons. · IFRS
FYE Mar 2019	123	−26.7%	Cons. · IFRS
FYE Mar 2020	167	+35.7%	Cons. · IFRS
FYE Mar 2021	201	+20.3%	Cons. · IFRS
FYE Mar 2022	205	+2.2%	Cons. · IFRS
FYE Mar 2023	187	−8.7%	Cons. · IFRS
FYE Mar 2024	205	+9.4%	Cons. · IFRS
FYE Mar 2025	222	+8.3%	Cons. · IFRS
FYE Mar 2026	280	+26.4%	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 -¥113bn

Average · 10 yrs ¥26bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	-101	n/a	Cons. · Japanese GAAP
FYE Mar 2018	70.2	moved to IFRS	Cons. · IFRS
FYE Mar 2019	18.8	−73.2%	Cons. · IFRS
FYE Mar 2020	32.8	+74.5%	Cons. · IFRS
FYE Mar 2021	36.2	+10.4%	Cons. · IFRS
FYE Mar 2022	63.0	+74.2%	Cons. · IFRS
FYE Mar 2023	58.4	−7.3%	Cons. · IFRS
FYE Mar 2024	64.9	+11.0%	Cons. · IFRS
FYE Mar 2025	128	+97.8%	Cons. · IFRS
FYE Mar 2026	-113	−188.3%	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 20.4%

Average · 10 yrs 18.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	15.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	19.1	moved to IFRS	Cons. · IFRS
FYE Mar 2019	15.6	−3.5pp	Cons. · IFRS
FYE Mar 2020	18.7	+3.1pp	Cons. · IFRS
FYE Mar 2021	19.8	+1.1pp	Cons. · IFRS
FYE Mar 2022	20.1	+0.3pp	Cons. · IFRS
FYE Mar 2023	14.3	−5.8pp	Cons. · IFRS
FYE Mar 2024	15.9	+1.5pp	Cons. · IFRS
FYE Mar 2025	20.3	+4.5pp	Cons. · IFRS
FYE Mar 2026	20.4	+0.1pp	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 -¥99bn

Average · 10 yrs -¥65bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-95.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-168	moved to IFRS	Cons. · IFRS
FYE Mar 2019	-102	n/a	Cons. · IFRS
FYE Mar 2020	-79.3	n/a	Cons. · IFRS
FYE Mar 2021	-59.8	n/a	Cons. · IFRS
FYE Mar 2022	-20.7	n/a	Cons. · IFRS
FYE Mar 2023	-44.6	n/a	Cons. · IFRS
FYE Mar 2024	-27.0	n/a	Cons. · IFRS
FYE Mar 2025	47.0	n/a	Cons. · IFRS
FYE Mar 2026	-99.3	−311.1%	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 ¥3.12tn

Change · 10 yrs +¥1.65tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	1,468	n/a
FYE Mar 2018	1,061	n/a
FYE Mar 2019	2,567	n/a
FYE Mar 2020	2,825	n/a
FYE Mar 2021	3,037	n/a
FYE Mar 2022	2,828	n/a
FYE Mar 2023	2,672	n/a
FYE Mar 2024	4,068	n/a
FYE Mar 2025	4,141	n/a
FYE Mar 2026	3,121	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 2,108¥

Change · 10 yrs −1,758¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	3,866	n/a
FYE Mar 2018	2,795	n/a
FYE Mar 2019	6,759	n/a
FYE Mar 2020	3,720	n/a
FYE Mar 2021	3,999	n/a
FYE Mar 2022	3,724	n/a
FYE Mar 2023	3,574	n/a
FYE Mar 2024	5,458	n/a
FYE Mar 2025	2,797	n/a
FYE Mar 2026	2,108	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 1,480,559,000shares

Change · 10 yrs +1,100,799,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	379,760,000	Parent
FYE Mar 2018	379,760,000	Parent
FYE Mar 2019	379,760,000	Parent
FYE Mar 2020	759,521,000	Parent
FYE Mar 2021	759,521,000	Parent
FYE Mar 2022	759,521,000	Parent
FYE Mar 2023	747,682,000	Parent
FYE Mar 2024	745,348,000	Parent
FYE Mar 2025	1,480,559,000	Parent
FYE Mar 2026	1,480,559,000	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 92.14¥

Change · 10 yrs +15.98¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	76.16	Cons.
FYE Mar 2018	129.56	Cons.
FYE Mar 2019	108.70	Cons.
FYE Mar 2020	56.98	Cons.
FYE Mar 2021	51.16	Cons.
FYE Mar 2022	58.72	Cons.
FYE Mar 2023	59.50	Cons.
FYE Mar 2024	71.50	Cons.
FYE Mar 2025	79.01	Cons.
FYE Mar 2026	92.14	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 1,070.21¥

Change · 10 yrs −218.64¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,288.85	Cons. · Japanese GAAP
FYE Mar 2018	1,410.88	Cons. · IFRS
FYE Mar 2019	1,837.89	Cons. · IFRS
FYE Mar 2020	993.71	Cons. · IFRS
FYE Mar 2021	1,127.90	Cons. · IFRS
FYE Mar 2022	1,332.83	Cons. · IFRS
FYE Mar 2023	1,486.01	Cons. · IFRS
FYE Mar 2024	1,780.50	Cons. · IFRS
FYE Mar 2025	924.34	Cons. · IFRS
FYE Mar 2026	1,070.21	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 22.88×

Average · 10 yrs 30.79×

Fiscal year	PER ×	Basis
FYE Mar 2017	25.38	Cons.
FYE Mar 2018	21.57	Cons.
FYE Mar 2019	31.09	Cons.
FYE Mar 2020	32.64	Cons.
FYE Mar 2021	39.08	Cons.
FYE Mar 2022	31.71	Cons.
FYE Mar 2023	30.03	Cons.
FYE Mar 2024	38.17	Cons.
FYE Mar 2025	35.40	Cons.
FYE Mar 2026	22.88	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 1.96×

Average · 10 yrs 3.04×

Fiscal year	PBR ×	Basis
FYE Mar 2017	2.77	Cons.
FYE Mar 2018	3.59	Cons.
FYE Mar 2019	3.60	Cons.
FYE Mar 2020	3.71	Cons.
FYE Mar 2021	3.53	Cons.
FYE Mar 2022	2.78	Cons.
FYE Mar 2023	2.39	Cons.
FYE Mar 2024	3.05	Cons.
FYE Mar 2025	3.01	Cons.
FYE Mar 2026	1.96	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 31,185people

Change · 10 yrs +8,744 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	22,441	n/a	Cons.
FYE Mar 2018	23,319	+3.9%	Cons.
FYE Mar 2019	25,378	+8.8%	Cons.
FYE Mar 2020	26,438	+4.2%	Cons.
FYE Mar 2021	26,482	+0.2%	Cons.
FYE Mar 2022	28,294	+6.8%	Cons.
FYE Mar 2023	30,207	+6.8%	Cons.
FYE Mar 2024	30,591	+1.3%	Cons.
FYE Mar 2025	30,689	+0.3%	Cons.
FYE Mar 2026	31,185	+1.6%	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 5,736people

Change · 10 yrs +1,003 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	4,733	n/a	Parent
FYE Mar 2018	4,781	+1.0%	Parent
FYE Mar 2019	4,908	+2.7%	Parent
FYE Mar 2020	5,087	+3.6%	Parent
FYE Mar 2021	5,247	+3.1%	Parent
FYE Mar 2022	5,377	+2.5%	Parent
FYE Mar 2023	5,457	+1.5%	Parent
FYE Mar 2024	5,554	+1.8%	Parent
FYE Mar 2025	5,633	+1.4%	Parent
FYE Mar 2026	5,736	+1.8%	Parent

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

Average annual pay parent company

FYE Mar 2026 ¥8.2m

Change · 10 yrs +¥0.8m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	7.4	n/a	Parent
FYE Mar 2018	7.4	+0.3%	Parent
FYE Mar 2019	7.5	+1.3%	Parent
FYE Mar 2020	7.5	−0.5%	Parent
FYE Mar 2021	7.4	−0.7%	Parent
FYE Mar 2022	7.4	−1.0%	Parent
FYE Mar 2023	7.7	+3.9%	Parent
FYE Mar 2024	7.6	−1.3%	Parent
FYE Mar 2025	7.8	+3.0%	Parent
FYE Mar 2026	8.2	+5.5%	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 40.3years

Change · 8 yrs −1.2 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	41.5	n/a	Parent
FYE Mar 2020	41.4	−0.2%	Parent
FYE Mar 2021	40.5	−2.2%	Parent
FYE Mar 2022	40.9	+1.0%	Parent
FYE Mar 2023	40.5	−1.0%	Parent
FYE Mar 2024	40.3	−0.5%	Parent
FYE Mar 2025	40.3	−0.0%	Parent
FYE Mar 2026	40.3	−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 15.6years

Change · 10 yrs −2.8 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	18.4	n/a	Parent
FYE Mar 2018	18.4	−0.0%	Parent
FYE Mar 2019	18.1	−1.6%	Parent
FYE Mar 2020	17.8	−1.7%	Parent
FYE Mar 2021	17.2	−3.4%	Parent
FYE Mar 2022	16.9	−1.7%	Parent
FYE Mar 2023	16.3	−3.6%	Parent
FYE Mar 2024	15.9	−2.5%	Parent
FYE Mar 2025	15.7	−1.3%	Parent
FYE Mar 2026	15.6	−0.6%	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 ¥36.3m

Change · 10 yrs +¥13.4m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	22.9	n/a	Cons.
FYE Mar 2018	25.2	n/a	Cons.
FYE Mar 2019	23.6	−6.3%	Cons.
FYE Mar 2020	23.8	+0.7%	Cons.
FYE Mar 2021	23.2	−2.6%	Cons.
FYE Mar 2022	24.9	+7.2%	Cons.
FYE Mar 2023	27.2	+9.2%	Cons.
FYE Mar 2024	30.1	+11.0%	Cons.
FYE Mar 2025	33.8	+12.0%	Cons.
FYE Mar 2026	36.3	+7.5%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥5.7m

Change · 10 yrs +¥2.2m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	3.4	n/a	Cons.
FYE Mar 2018	4.7	n/a	Cons.
FYE Mar 2019	4.2	−9.7%	Cons.
FYE Mar 2020	4.2	−0.4%	Cons.
FYE Mar 2021	3.7	−11.2%	Cons.
FYE Mar 2022	4.1	+10.3%	Cons.
FYE Mar 2023	3.9	−5.2%	Cons.
FYE Mar 2024	4.6	+17.9%	Cons.
FYE Mar 2025	5.1	+12.2%	Cons.
FYE Mar 2026	5.7	+10.1%	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.

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