Financials

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

FYE Mar 2026 · Revenue¥2.12tnYoY +12.6%

FYE Mar 2026 · Operating profit¥229bnYoY −31.0%

FYE Mar 2026 · Net profit¥260bnYoY −12.1%

FYE Mar 2026 · Equity ratio41.5%YoY −5.4pp

FYE Mar 2026 · Group employees20,171YoY +406

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥955bn	n/a	¥89bn	n/a	9.3%	¥53bn	Nakayama Joji	—
FYE Mar 2018Consolidated	¥960bn	+0.5%	¥76bn	−14.2%	7.9%	¥60bn	Nakayama Joji	<a class="en-history_person" href="/tse/4568/executives/ceo/manabe-sunao/" hreflang="ja">Manabe Sunao</a> becomes president; a mid-term plan targets ¥165 billion of operating profit
FYE Mar 2019Consolidated	¥930bn	−3.2%	¥84bn	+9.7%	9.0%	¥93bn	Manabe Sunao	Revenue of ¥960.1 billion — barely above the level of a decade earlier
FYE Mar 2020Consolidated	¥982bn	+5.6%	¥139bn	+65.8%	14.1%	¥129bn	Manabe Sunao	AstraZeneca alliance on DS-8201 — up to $6.9 billion
FYE Mar 2021Consolidated	¥963bn	−2.0%	¥64bn	−54.0%	6.6%	¥76bn	Manabe Sunao	Enhertu launches in the US (January) and Japan (May)
FYE Mar 2022Consolidated	¥1.04tn	+8.6%	¥73bn	+14.5%	7.0%	¥67bn	Manabe Sunao	—
FYE Mar 2023Consolidated	¥1.28tn	+22.4%	¥121bn	+65.1%	9.4%	¥109bn	Manabe Sunao	Market capitalisation of ~¥6.9 trillion — first among Japanese drugmakers
FYE Mar 2024Consolidated	¥1.60tn	+25.3%	¥212bn	+75.5%	13.2%	¥201bn	Manabe Sunao	Merck & Co. alliance on three DXd ADCs
FYE Mar 2025Consolidated	¥1.89tn	+17.8%	¥332bn	+56.9%	17.6%	¥296bn	Okuzawa Hiroyuki	—
FYE Mar 2026Consolidated	¥2.12tn	+12.6%	¥229bn	−31.0%	10.8%	¥260bn	Okuzawa Hiroyuki	Datroway, the second DXd ADC, approved in Japan, the US and Europe

How it compares

Takeda Pharmaceutical¥4.51tnFY2025Operating margin 0.1%Otsuka Holdings¥2.47tnFY2025Operating margin 19.4%Astellas Pharma¥2.14tnFY2025Operating margin 17.9%

Daiichi Sankyo¥2.12tnFY2025Operating margin 10.8%

Chugai Pharmaceutical¥1.26tnFY2025Operating margin 47.6%Eisai¥825bnFY2025Operating margin 5.3%

Yamanouchi Pharmaceutical Co., Ltd.Dissolved 2005

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

Mitsubishi Tanabe Pharma CorporationDissolved 2020

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

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥2.12tn

CAGR · 10 yrs +9.3%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	955	n/a	Cons. · IFRS
FYE Mar 2018	960	+0.5%	Cons. · IFRS
FYE Mar 2019	930	−3.2%	Cons. · IFRS
FYE Mar 2020	982	+5.6%	Cons. · IFRS
FYE Mar 2021	963	−2.0%	Cons. · IFRS
FYE Mar 2022	1,045	+8.6%	Cons. · IFRS
FYE Mar 2023	1,278	+22.4%	Cons. · IFRS
FYE Mar 2024	1,602	+25.3%	Cons. · IFRS
FYE Mar 2025	1,886	+17.8%	Cons. · IFRS
FYE Mar 2026	2,123	+12.6%	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 ¥669bn

CAGR · 10 yrs +7.5%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	349	n/a	Cons. · IFRS
FYE Mar 2018	346	−1.0%	Cons. · IFRS
FYE Mar 2019	365	+5.4%	Cons. · IFRS
FYE Mar 2020	343	−5.9%	Cons. · IFRS
FYE Mar 2021	338	−1.4%	Cons. · IFRS
FYE Mar 2022	353	+4.4%	Cons. · IFRS
FYE Mar 2023	364	+2.9%	Cons. · IFRS
FYE Mar 2024	415	+14.2%	Cons. · IFRS
FYE Mar 2025	416	+0.1%	Cons. · IFRS
FYE Mar 2026	669	+60.9%	Cons. · IFRS

Definition: The cost of what was sold
Formula: Cost of sales line of the income statement
Source: Securities report (XBRL)

Gross profit

FYE Mar 2026 ¥1.45tn

CAGR · 10 yrs +10.2%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	606	n/a	Cons. · IFRS
FYE Mar 2018	614	+1.4%	Cons. · IFRS
FYE Mar 2019	565	−8.0%	Cons. · IFRS
FYE Mar 2020	639	+13.0%	Cons. · IFRS
FYE Mar 2021	624	−2.2%	Cons. · IFRS
FYE Mar 2022	691	+10.8%	Cons. · IFRS
FYE Mar 2023	915	+32.3%	Cons. · IFRS
FYE Mar 2024	1,186	+29.7%	Cons. · IFRS
FYE Mar 2025	1,470	+23.9%	Cons. · IFRS
FYE Mar 2026	1,454	−1.1%	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 ¥781bn

CAGR · 10 yrs +15.4%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	214	n/a	Cons. · IFRS
FYE Mar 2018	302	+40.8%	Cons. · IFRS
FYE Mar 2019	278	−8.0%	Cons. · IFRS
FYE Mar 2020	302	+8.9%	Cons. · IFRS
FYE Mar 2021	333	+10.2%	Cons. · IFRS
FYE Mar 2022	358	+7.6%	Cons. · IFRS
FYE Mar 2023	471	+31.5%	Cons. · IFRS
FYE Mar 2024	637	+35.2%	Cons. · IFRS
FYE Mar 2025	731	+14.8%	Cons. · IFRS
FYE Mar 2026	781	+6.8%	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 ¥229bn

CAGR · 10 yrs +11.1%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	88.9	n/a	Cons. · IFRS
FYE Mar 2018	76.3	−14.2%	Cons. · IFRS
FYE Mar 2019	83.7	+9.7%	Cons. · IFRS
FYE Mar 2020	139	+65.8%	Cons. · IFRS
FYE Mar 2021	63.8	−54.0%	Cons. · IFRS
FYE Mar 2022	73.0	+14.5%	Cons. · IFRS
FYE Mar 2023	121	+65.1%	Cons. · IFRS
FYE Mar 2024	212	+75.5%	Cons. · IFRS
FYE Mar 2025	332	+56.9%	Cons. · IFRS
FYE Mar 2026	229	−31.0%	Cons. · IFRS

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

Non-operating income

FYE Mar 2026 ¥41bn

CAGR · 10 yrs +22.8%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	6.4	n/a	Cons. · IFRS
FYE Mar 2018	8.6	+34.9%	Cons. · IFRS
FYE Mar 2019	8.1	−5.8%	Cons. · IFRS
FYE Mar 2020	9.8	+21.0%	Cons. · IFRS
FYE Mar 2021	12.9	+31.1%	Cons. · IFRS
FYE Mar 2022	6.1	−52.7%	Cons. · IFRS
FYE Mar 2023	14.8	+141.6%	Cons. · IFRS
FYE Mar 2024	31.5	+113.1%	Cons. · IFRS
FYE Mar 2025	34.1	+8.3%	Cons. · IFRS
FYE Mar 2026	40.8	+19.7%	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 ¥8.0bn

CAGR · 10 yrs +0.4%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	7.7	n/a	Cons. · IFRS
FYE Mar 2018	4.2	−45.2%	Cons. · IFRS
FYE Mar 2019	5.9	+39.9%	Cons. · IFRS
FYE Mar 2020	7.8	+32.2%	Cons. · IFRS
FYE Mar 2021	2.8	−64.7%	Cons. · IFRS
FYE Mar 2022	5.8	+108.8%	Cons. · IFRS
FYE Mar 2023	8.5	+47.4%	Cons. · IFRS
FYE Mar 2024	6.0	−28.9%	Cons. · IFRS
FYE Mar 2025	11.9	+96.7%	Cons. · IFRS
FYE Mar 2026	8.0	−32.6%	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 ¥260bn

CAGR · 10 yrs +19.2%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	53.5	n/a	Cons. · IFRS
FYE Mar 2018	60.3	+12.7%	Cons. · IFRS
FYE Mar 2019	93.4	+55.0%	Cons. · IFRS
FYE Mar 2020	129	+38.2%	Cons. · IFRS
FYE Mar 2021	76.0	−41.2%	Cons. · IFRS
FYE Mar 2022	67.0	−11.8%	Cons. · IFRS
FYE Mar 2023	109	+63.0%	Cons. · IFRS
FYE Mar 2024	201	+83.8%	Cons. · IFRS
FYE Mar 2025	296	+47.3%	Cons. · IFRS
FYE Mar 2026	260	−12.1%	Cons. · IFRS

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

Gross margin

FYE Mar 2026 68.5%

Average · 10 yrs 67.6%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	63.4	n/a	Cons. · IFRS
FYE Mar 2018	64.0	+0.5pp	Cons. · IFRS
FYE Mar 2019	60.8	−3.2pp	Cons. · IFRS
FYE Mar 2020	65.0	+4.3pp	Cons. · IFRS
FYE Mar 2021	64.9	−0.2pp	Cons. · IFRS
FYE Mar 2022	66.2	+1.3pp	Cons. · IFRS
FYE Mar 2023	71.6	+5.4pp	Cons. · IFRS
FYE Mar 2024	74.1	+2.5pp	Cons. · IFRS
FYE Mar 2025	78.0	+3.9pp	Cons. · IFRS
FYE Mar 2026	68.5	−9.5pp	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 10.8%

Average · 10 yrs 10.5%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	9.3	n/a	Cons. · IFRS
FYE Mar 2018	7.9	−1.4pp	Cons. · IFRS
FYE Mar 2019	9.0	+1.1pp	Cons. · IFRS
FYE Mar 2020	14.1	+5.1pp	Cons. · IFRS
FYE Mar 2021	6.6	−7.5pp	Cons. · IFRS
FYE Mar 2022	7.0	+0.4pp	Cons. · IFRS
FYE Mar 2023	9.4	+2.4pp	Cons. · IFRS
FYE Mar 2024	13.2	+3.8pp	Cons. · IFRS
FYE Mar 2025	17.6	+4.4pp	Cons. · IFRS
FYE Mar 2026	10.8	−6.8pp	Cons. · IFRS

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

Net margin

FYE Mar 2026 12.2%

Average · 10 yrs 9.8%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	5.6	n/a	Cons. · IFRS
FYE Mar 2018	6.3	+0.7pp	Cons. · IFRS
FYE Mar 2019	10.0	+3.8pp	Cons. · IFRS
FYE Mar 2020	13.1	+3.1pp	Cons. · IFRS
FYE Mar 2021	7.9	−5.3pp	Cons. · IFRS
FYE Mar 2022	6.4	−1.5pp	Cons. · IFRS
FYE Mar 2023	8.5	+2.1pp	Cons. · IFRS
FYE Mar 2024	12.5	+4.0pp	Cons. · IFRS
FYE Mar 2025	15.7	+3.1pp	Cons. · IFRS
FYE Mar 2026	12.2	−3.4pp	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 31.5%

Average · 10 yrs 32.4%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	36.6	n/a	Cons. · IFRS
FYE Mar 2018	36.0	−0.5pp	Cons. · IFRS
FYE Mar 2019	39.2	+3.2pp	Cons. · IFRS
FYE Mar 2020	35.0	−4.3pp	Cons. · IFRS
FYE Mar 2021	35.1	+0.2pp	Cons. · IFRS
FYE Mar 2022	33.8	−1.3pp	Cons. · IFRS
FYE Mar 2023	28.4	−5.4pp	Cons. · IFRS
FYE Mar 2024	25.9	−2.5pp	Cons. · IFRS
FYE Mar 2025	22.0	−3.9pp	Cons. · IFRS
FYE Mar 2026	31.5	+9.5pp	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 36.8%

Average · 10 yrs 33.6%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	22.4	n/a	Cons. · IFRS
FYE Mar 2018	31.4	+9.0pp	Cons. · IFRS
FYE Mar 2019	29.9	−1.6pp	Cons. · IFRS
FYE Mar 2020	30.8	+0.9pp	Cons. · IFRS
FYE Mar 2021	34.6	+3.8pp	Cons. · IFRS
FYE Mar 2022	34.3	−0.3pp	Cons. · IFRS
FYE Mar 2023	36.9	+2.6pp	Cons. · IFRS
FYE Mar 2024	39.8	+2.9pp	Cons. · IFRS
FYE Mar 2025	38.8	−1.0pp	Cons. · IFRS
FYE Mar 2026	36.8	−2.0pp	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 ¥4.01tn

CAGR · 10 yrs +8.5%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	1,915	n/a	Cons. · IFRS
FYE Mar 2018	1,898	−0.9%	Cons. · IFRS
FYE Mar 2019	2,088	+10.0%	Cons. · IFRS
FYE Mar 2020	2,106	+0.8%	Cons. · IFRS
FYE Mar 2021	2,085	−1.0%	Cons. · IFRS
FYE Mar 2022	2,221	+6.5%	Cons. · IFRS
FYE Mar 2023	2,509	+12.9%	Cons. · IFRS
FYE Mar 2024	3,461	+38.0%	Cons. · IFRS
FYE Mar 2025	3,456	−0.1%	Cons. · IFRS
FYE Mar 2026	4,005	+15.9%	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 ¥1.66tn

CAGR · 10 yrs +3.9%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	1,176	n/a	Cons. · IFRS
FYE Mar 2018	1,133	−3.7%	Cons. · IFRS
FYE Mar 2019	1,250	+10.3%	Cons. · IFRS
FYE Mar 2020	1,305	+4.5%	Cons. · IFRS
FYE Mar 2021	1,272	−2.6%	Cons. · IFRS
FYE Mar 2022	1,351	+6.2%	Cons. · IFRS
FYE Mar 2023	1,446	+7.0%	Cons. · IFRS
FYE Mar 2024	1,688	+16.7%	Cons. · IFRS
FYE Mar 2025	1,623	−3.8%	Cons. · IFRS
FYE Mar 2026	1,664	+2.5%	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 Mar 2026 ¥300bn

CAGR · 10 yrs +0.8%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	281	n/a	Cons. · IFRS
FYE Mar 2018	281	−0.0%	Cons. · IFRS
FYE Mar 2019	261	−7.1%	Cons. · IFRS
FYE Mar 2020	224	−14.0%	Cons. · IFRS
FYE Mar 2021	184	−18.0%	Cons. · IFRS
FYE Mar 2022	163	−11.1%	Cons. · IFRS
FYE Mar 2023	143	−12.5%	Cons. · IFRS
FYE Mar 2024	102	−28.9%	Cons. · IFRS
FYE Mar 2025	101	−0.4%	Cons. · IFRS
FYE Mar 2026	300	+196.5%	Cons. · IFRS

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

Short-term borrowings

FYE Mar 2026 ¥0.4bn

CAGR · 9 yrs −38.6%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	20.0	n/a	Cons. · IFRS
FYE Mar 2019	40.0	+100.0%	Cons. · IFRS
FYE Mar 2020	40.4	+1.0%	Cons. · IFRS
FYE Mar 2021	20.4	−49.5%	Cons. · IFRS
FYE Mar 2022	20.4	−0.0%	Cons. · IFRS
FYE Mar 2023	41.4	+103.0%	Cons. · IFRS
FYE Mar 2024	0.4	−99.0%	Cons. · IFRS
FYE Mar 2025	0.4	−0.0%	Cons. · IFRS
FYE Mar 2026	0.4	+1.3%	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 ¥300bn

CAGR · 10 yrs +0.8%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	281	n/a	Cons. · IFRS
FYE Mar 2018	261	−7.1%	Cons. · IFRS
FYE Mar 2019	221	−15.3%	Cons. · IFRS
FYE Mar 2020	184	−16.7%	Cons. · IFRS
FYE Mar 2021	163	−11.1%	Cons. · IFRS
FYE Mar 2022	143	−12.5%	Cons. · IFRS
FYE Mar 2023	102	−28.9%	Cons. · IFRS
FYE Mar 2024	101	−0.4%	Cons. · IFRS
FYE Mar 2025	101	−0.4%	Cons. · IFRS
FYE Mar 2026	300	+197.3%	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 ¥241bn

CAGR · 9 yrs +4.2%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · IFRS
FYE Mar 2018	174	n/a	Cons. · IFRS
FYE Mar 2019	169	−2.3%	Cons. · IFRS
FYE Mar 2020	172	+1.8%	Cons. · IFRS
FYE Mar 2021	173	+0.2%	Cons. · IFRS
FYE Mar 2022	164	−5.2%	Cons. · IFRS
FYE Mar 2023	160	−2.6%	Cons. · IFRS
FYE Mar 2024	168	+5.4%	Cons. · IFRS
FYE Mar 2025	236	+40.1%	Cons. · IFRS
FYE Mar 2026	241	+2.2%	Cons. · IFRS

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

Goodwill

FYE Mar 2026 ¥97bn

CAGR · 10 yrs +2.4%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	78.4	n/a	Cons. · IFRS
FYE Mar 2018	75.5	−3.8%	Cons. · IFRS
FYE Mar 2019	77.9	+3.1%	Cons. · IFRS
FYE Mar 2020	76.8	−1.4%	Cons. · IFRS
FYE Mar 2021	77.7	+1.2%	Cons. · IFRS
FYE Mar 2022	83.6	+7.5%	Cons. · IFRS
FYE Mar 2023	98.3	+17.7%	Cons. · IFRS
FYE Mar 2024	108	+10.3%	Cons. · IFRS
FYE Mar 2025	108	−0.1%	Cons. · IFRS
FYE Mar 2026	97.4	−10.2%	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 41.5%

Average · 10 yrs 56.0%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	61.4	n/a	Cons. · IFRS
FYE Mar 2018	59.7	−1.7pp	Cons. · IFRS
FYE Mar 2019	59.8	+0.1pp	Cons. · IFRS
FYE Mar 2020	62.0	+2.1pp	Cons. · IFRS
FYE Mar 2021	61.0	−1.0pp	Cons. · IFRS
FYE Mar 2022	60.8	−0.2pp	Cons. · IFRS
FYE Mar 2023	57.6	−3.2pp	Cons. · IFRS
FYE Mar 2024	48.8	−8.9pp	Cons. · IFRS
FYE Mar 2025	47.0	−1.8pp	Cons. · IFRS
FYE Mar 2026	41.5	−5.4pp	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 18.1%

Average · 10 yrs 15.3%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	23.9	n/a	Cons. · IFRS
FYE Mar 2018	24.8	+0.9pp	Cons. · IFRS
FYE Mar 2019	20.9	−3.9pp	Cons. · IFRS
FYE Mar 2020	17.2	−3.7pp	Cons. · IFRS
FYE Mar 2021	14.5	−2.7pp	Cons. · IFRS
FYE Mar 2022	12.1	−2.4pp	Cons. · IFRS
FYE Mar 2023	9.9	−2.2pp	Cons. · IFRS
FYE Mar 2024	6.0	−3.9pp	Cons. · IFRS
FYE Mar 2025	6.2	+0.2pp	Cons. · IFRS
FYE Mar 2026	18.1	+11.8pp	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 15.6%

Average · 10 yrs 9.1%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	4.5	n/a	Cons. · IFRS
FYE Mar 2018	5.3	+0.8pp	Cons. · IFRS
FYE Mar 2019	7.5	+2.2pp	Cons. · IFRS
FYE Mar 2020	9.9	+2.4pp	Cons. · IFRS
FYE Mar 2021	6.0	−3.9pp	Cons. · IFRS
FYE Mar 2022	5.0	−1.0pp	Cons. · IFRS
FYE Mar 2023	7.6	+2.6pp	Cons. · IFRS
FYE Mar 2024	11.9	+4.3pp	Cons. · IFRS
FYE Mar 2025	18.2	+6.3pp	Cons. · IFRS
FYE Mar 2026	15.6	−2.6pp	Cons. · IFRS

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

ROA return on assets

FYE Mar 2026 6.5%

Average · 10 yrs 4.8%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	2.8	n/a	Cons. · IFRS
FYE Mar 2018	3.2	+0.4pp	Cons. · IFRS
FYE Mar 2019	4.5	+1.3pp	Cons. · IFRS
FYE Mar 2020	6.1	+1.7pp	Cons. · IFRS
FYE Mar 2021	3.6	−2.5pp	Cons. · IFRS
FYE Mar 2022	3.0	−0.6pp	Cons. · IFRS
FYE Mar 2023	4.4	+1.3pp	Cons. · IFRS
FYE Mar 2024	5.8	+1.4pp	Cons. · IFRS
FYE Mar 2025	8.6	+2.8pp	Cons. · IFRS
FYE Mar 2026	6.5	−2.1pp	Cons. · IFRS

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

Asset turnover

FYE Mar 2026 0.53×

CAGR · 10 yrs +0.7%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.50	n/a	Cons. · IFRS
FYE Mar 2018	0.51	+1.4%	Cons. · IFRS
FYE Mar 2019	0.45	−12.0%	Cons. · IFRS
FYE Mar 2020	0.47	+4.7%	Cons. · IFRS
FYE Mar 2021	0.46	−1.0%	Cons. · IFRS
FYE Mar 2022	0.47	+1.9%	Cons. · IFRS
FYE Mar 2023	0.51	+8.3%	Cons. · IFRS
FYE Mar 2024	0.46	−9.2%	Cons. · IFRS
FYE Mar 2025	0.55	+17.9%	Cons. · IFRS
FYE Mar 2026	0.53	−2.9%	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 Mar 2026 ¥78bn

CAGR · 10 yrs −6.1%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	136	n/a	Cons. · IFRS
FYE Mar 2018	108	−20.4%	Cons. · IFRS
FYE Mar 2019	92.0	−15.1%	Cons. · IFRS
FYE Mar 2020	197	+113.6%	Cons. · IFRS
FYE Mar 2021	192	−2.2%	Cons. · IFRS
FYE Mar 2022	139	−27.6%	Cons. · IFRS
FYE Mar 2023	115	−17.7%	Cons. · IFRS
FYE Mar 2024	599	+423.3%	Cons. · IFRS
FYE Mar 2025	53.8	−91.0%	Cons. · IFRS
FYE Mar 2026	77.7	+44.2%	Cons. · IFRS

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

Investing cash flow

FYE Mar 2026 -¥148bn

Average · 10 yrs -¥23bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-96.8	n/a	Cons. · IFRS
FYE Mar 2018	109	n/a	Cons. · IFRS
FYE Mar 2019	-143	−231.3%	Cons. · IFRS
FYE Mar 2020	81.7	n/a	Cons. · IFRS
FYE Mar 2021	-39.2	−148.1%	Cons. · IFRS
FYE Mar 2022	212	n/a	Cons. · IFRS
FYE Mar 2023	-258	−221.4%	Cons. · IFRS
FYE Mar 2024	-283	n/a	Cons. · IFRS
FYE Mar 2025	334	n/a	Cons. · IFRS
FYE Mar 2026	-148	−144.4%	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 -¥98bn

Average · 10 yrs -¥125bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-15.0	n/a	Cons. · IFRS
FYE Mar 2018	-102	n/a	Cons. · IFRS
FYE Mar 2019	-66.2	n/a	Cons. · IFRS
FYE Mar 2020	-91.6	n/a	Cons. · IFRS
FYE Mar 2021	-202	n/a	Cons. · IFRS
FYE Mar 2022	-86.2	n/a	Cons. · IFRS
FYE Mar 2023	-89.6	n/a	Cons. · IFRS
FYE Mar 2024	-124	n/a	Cons. · IFRS
FYE Mar 2025	-378	n/a	Cons. · IFRS
FYE Mar 2026	-97.9	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 ¥450bn

CAGR · 10 yrs +6.9%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	246	n/a	Cons. · IFRS
FYE Mar 2018	358	+45.4%	Cons. · IFRS
FYE Mar 2019	243	−32.0%	Cons. · IFRS
FYE Mar 2020	424	+74.5%	Cons. · IFRS
FYE Mar 2021	381	−10.3%	Cons. · IFRS
FYE Mar 2022	662	+74.1%	Cons. · IFRS
FYE Mar 2023	442	−33.3%	Cons. · IFRS
FYE Mar 2024	647	+46.4%	Cons. · IFRS
FYE Mar 2025	640	−1.1%	Cons. · IFRS
FYE Mar 2026	450	−29.7%	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 -¥71bn

Average · 10 yrs ¥148bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	39.4	n/a	Cons. · IFRS
FYE Mar 2018	217	+450.2%	Cons. · IFRS
FYE Mar 2019	-50.5	−123.3%	Cons. · IFRS
FYE Mar 2020	278	n/a	Cons. · IFRS
FYE Mar 2021	153	−45.0%	Cons. · IFRS
FYE Mar 2022	352	+129.8%	Cons. · IFRS
FYE Mar 2023	-143	−140.8%	Cons. · IFRS
FYE Mar 2024	317	n/a	Cons. · IFRS
FYE Mar 2025	388	+22.5%	Cons. · IFRS
FYE Mar 2026	-70.6	−118.2%	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 3.7%

Average · 10 yrs 14.2%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	14.3	n/a	Cons. · IFRS
FYE Mar 2018	11.3	−3.0pp	Cons. · IFRS
FYE Mar 2019	9.9	−1.4pp	Cons. · IFRS
FYE Mar 2020	20.0	+10.1pp	Cons. · IFRS
FYE Mar 2021	20.0	−0.1pp	Cons. · IFRS
FYE Mar 2022	13.3	−6.6pp	Cons. · IFRS
FYE Mar 2023	9.0	−4.4pp	Cons. · IFRS
FYE Mar 2024	37.4	+28.5pp	Cons. · IFRS
FYE Mar 2025	2.9	−34.6pp	Cons. · IFRS
FYE Mar 2026	3.7	+0.8pp	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 ¥149bn

Average · 10 yrs ¥245bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	-34.5	n/a	Cons. · IFRS
FYE Mar 2018	77.1	n/a	Cons. · IFRS
FYE Mar 2019	-17.4	−122.6%	Cons. · IFRS
FYE Mar 2020	200	n/a	Cons. · IFRS
FYE Mar 2021	197	−1.6%	Cons. · IFRS
FYE Mar 2022	499	+153.7%	Cons. · IFRS
FYE Mar 2023	299	−40.1%	Cons. · IFRS
FYE Mar 2024	545	+82.5%	Cons. · IFRS
FYE Mar 2025	539	−1.3%	Cons. · IFRS
FYE Mar 2026	149	−72.3%	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 ¥5.24tn

Change · 10 yrs +¥3.46tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	1,778	n/a
FYE Mar 2018	2,499	n/a
FYE Mar 2019	3,620	n/a
FYE Mar 2020	5,268	n/a
FYE Mar 2021	6,857	n/a
FYE Mar 2022	5,218	n/a
FYE Mar 2023	9,393	n/a
FYE Mar 2024	9,295	n/a
FYE Mar 2025	6,696	n/a
FYE Mar 2026	5,241	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 2,767¥

Change · 10 yrs +259¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	2,508	n/a
FYE Mar 2018	3,525	n/a
FYE Mar 2019	5,105	n/a
FYE Mar 2020	7,430	n/a
FYE Mar 2021	3,224	n/a
FYE Mar 2022	2,680	n/a
FYE Mar 2023	4,825	n/a
FYE Mar 2024	4,774	n/a
FYE Mar 2025	3,509	n/a
FYE Mar 2026	2,767	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 1,894,350,000shares

Change · 10 yrs +1,185,339,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	709,011,000	Parent
FYE Mar 2018	709,011,000	Parent
FYE Mar 2019	709,011,000	Parent
FYE Mar 2020	709,011,000	Parent
FYE Mar 2021	2,127,034,000	Parent
FYE Mar 2022	1,947,034,000	Parent
FYE Mar 2023	1,947,034,000	Parent
FYE Mar 2024	1,947,034,000	Parent
FYE Mar 2025	1,908,322,000	Parent
FYE Mar 2026	1,894,350,000	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 140.44¥

Change · 10 yrs +113.90¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	26.54	Cons.
FYE Mar 2018	30.44	Cons.
FYE Mar 2019	48.07	Cons.
FYE Mar 2020	66.40	Cons.
FYE Mar 2021	39.17	Cons.
FYE Mar 2022	34.94	Cons.
FYE Mar 2023	56.96	Cons.
FYE Mar 2024	104.69	Cons.
FYE Mar 2025	155.96	Cons.
FYE Mar 2026	140.44	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 878.50¥

Change · 10 yrs −780.01¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	1,658.50	Cons. · IFRS
FYE Mar 2018	1,597.89	Cons. · IFRS
FYE Mar 2019	1,762.43	Cons. · IFRS
FYE Mar 2020	1,841.08	Cons. · IFRS
FYE Mar 2021	598.04	Cons. · IFRS
FYE Mar 2022	693.81	Cons. · IFRS
FYE Mar 2023	742.59	Cons. · IFRS
FYE Mar 2024	866.83	Cons. · IFRS
FYE Mar 2025	850.70	Cons. · IFRS
FYE Mar 2026	878.50	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Mar 2026 19.70×

Average · 10 yrs 47.43×

Fiscal year	PER ×	Basis
FYE Mar 2017	31.50	Cons.
FYE Mar 2018	38.60	Cons.
FYE Mar 2019	35.40	Cons.
FYE Mar 2020	37.30	Cons.
FYE Mar 2021	82.30	Cons.
FYE Mar 2022	76.70	Cons.
FYE Mar 2023	84.70	Cons.
FYE Mar 2024	45.60	Cons.
FYE Mar 2025	22.50	Cons.
FYE Mar 2026	19.70	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 3.03×

Average · 10 yrs 3.73×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.41	Cons.
FYE Mar 2018	2.02	Cons.
FYE Mar 2019	2.65	Cons.
FYE Mar 2020	3.69	Cons.
FYE Mar 2021	4.86	Cons.
FYE Mar 2022	3.80	Cons.
FYE Mar 2023	6.40	Cons.
FYE Mar 2024	5.42	Cons.
FYE Mar 2025	4.03	Cons.
FYE Mar 2026	3.03	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 20,171people

Change · 10 yrs +5,501 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	14,670	n/a	Cons.
FYE Mar 2018	14,446	−1.5%	Cons.
FYE Mar 2019	14,887	+3.1%	Cons.
FYE Mar 2020	15,348	+3.1%	Cons.
FYE Mar 2021	16,033	+4.5%	Cons.
FYE Mar 2022	16,458	+2.7%	Cons.
FYE Mar 2023	17,435	+5.9%	Cons.
FYE Mar 2024	18,726	+7.4%	Cons.
FYE Mar 2025	19,765	+5.5%	Cons.
FYE Mar 2026	20,171	+2.1%	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 8,009people

Change · 10 yrs +2,699 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	5,310	n/a	Parent
FYE Mar 2018	5,357	+0.9%	Parent
FYE Mar 2019	5,515	+2.9%	Parent
FYE Mar 2020	5,600	+1.5%	Parent
FYE Mar 2021	5,703	+1.8%	Parent
FYE Mar 2022	5,725	+0.4%	Parent
FYE Mar 2023	5,756	+0.5%	Parent
FYE Mar 2024	5,817	+1.1%	Parent
FYE Mar 2025	6,252	+7.5%	Parent
FYE Mar 2026	8,009	+28.1%	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 ¥11.0m

Change · 10 yrs −¥0.4m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	11.3	n/a	Parent
FYE Mar 2018	11.0	−2.6%	Parent
FYE Mar 2019	11.0	−0.5%	Parent
FYE Mar 2020	11.3	+2.6%	Parent
FYE Mar 2021	11.2	−0.9%	Parent
FYE Mar 2022	10.9	−2.0%	Parent
FYE Mar 2023	11.2	+2.3%	Parent
FYE Mar 2024	11.1	−0.6%	Parent
FYE Mar 2025	11.1	+0.1%	Parent
FYE Mar 2026	11.0	−1.5%	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 45.0years

Change · 8 yrs +2.0 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	43.0	n/a	Parent
FYE Mar 2020	42.9	−0.2%	Parent
FYE Mar 2021	44.4	+3.5%	Parent
FYE Mar 2022	44.8	+0.9%	Parent
FYE Mar 2023	45.3	+1.1%	Parent
FYE Mar 2024	45.5	+0.4%	Parent
FYE Mar 2025	46.0	+1.1%	Parent
FYE Mar 2026	45.0	−2.2%	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 19.9years

Change · 10 yrs +1.1 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	18.8	n/a	Parent
FYE Mar 2018	18.5	−1.6%	Parent
FYE Mar 2019	18.9	+2.2%	Parent
FYE Mar 2020	18.6	−1.6%	Parent
FYE Mar 2021	19.6	+5.4%	Parent
FYE Mar 2022	20.0	+2.0%	Parent
FYE Mar 2023	20.3	+1.5%	Parent
FYE Mar 2024	20.3	−0.0%	Parent
FYE Mar 2025	20.3	−0.0%	Parent
FYE Mar 2026	19.9	−2.0%	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 ¥105m

Change · 10 yrs +¥40.1m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	65.1	n/a	Cons.
FYE Mar 2018	66.5	+2.1%	Cons.
FYE Mar 2019	62.5	−6.0%	Cons.
FYE Mar 2020	64.0	+2.4%	Cons.
FYE Mar 2021	60.0	−6.2%	Cons.
FYE Mar 2022	63.5	+5.8%	Cons.
FYE Mar 2023	73.3	+15.5%	Cons.
FYE Mar 2024	85.5	+16.6%	Cons.
FYE Mar 2025	95.4	+11.6%	Cons.
FYE Mar 2026	105	+10.3%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥11.4m

Change · 10 yrs +¥5.3m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	6.1	n/a	Cons.
FYE Mar 2018	5.3	−12.9%	Cons.
FYE Mar 2019	5.6	+6.5%	Cons.
FYE Mar 2020	9.0	+60.8%	Cons.
FYE Mar 2021	4.0	−56.0%	Cons.
FYE Mar 2022	4.4	+11.5%	Cons.
FYE Mar 2023	6.9	+55.9%	Cons.
FYE Mar 2024	11.3	+63.4%	Cons.
FYE Mar 2025	16.8	+48.6%	Cons.
FYE Mar 2026	11.4	−32.4%	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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