Financials

Otsuka Holdings: FYE Dec 2025 and ten years of results (47 metrics)

FYE Dec 2025 · Revenue¥2.47tnYoY +6.0%

FYE Dec 2025 · Operating profit¥479bnYoY +48.2%

FYE Dec 2025 · Net profit¥363bnYoY +5.8%

FYE Dec 2025 · Equity ratio70.7%YoY −1.2pp

FYE Dec 2025 · Group employees37,758YoY +2,420

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Dec 2016Consolidated	¥1.21tn	n/a	¥101bn	n/a	8.3%	¥86bn	Higuchi Tatsuo	—
FYE Dec 2017Consolidated	¥1.24tn	+2.1%	¥104bn	+3.0%	8.4%	¥112bn	Higuchi Tatsuo	—
FYE Dec 2018Consolidated	¥1.29tn	+4.2%	¥108bn	+4.0%	8.4%	¥82bn	Higuchi Tatsuo	—
FYE Dec 2019Consolidated	¥1.40tn	+8.1%	¥177bn	+63.0%	12.6%	¥127bn	Higuchi Tatsuo	—
FYE Dec 2020Consolidated	¥1.42tn	+1.9%	¥199bn	+12.5%	14.0%	¥148bn	Higuchi Tatsuo	—
FYE Dec 2021Consolidated	¥1.50tn	+5.3%	¥154bn	−22.2%	10.3%	¥125bn	Higuchi Tatsuo	—
FYE Dec 2022Consolidated	¥1.74tn	+16.0%	¥150bn	−2.7%	8.6%	¥134bn	Higuchi Tatsuo	Group revenue <span class="en-history_money" data-yen="1737900000000" data-year="2022">$13.2B (¥1.74tn)</span>; impairments <span class="en-history_money" data-yen="41500000000" data-year="2022">$315.9M (¥42bn)</span>
FYE Dec 2023Consolidated	¥2.02tn	+16.1%	¥140bn	−7.1%	6.9%	¥122bn	Higuchi Tatsuo	Lonsurf gains a US colorectal combination indication; impairments <span class="en-history_money" data-yen="172400000000" data-year="2023">$1.2B (¥172bn)</span>
FYE Dec 2024Consolidated	¥2.33tn	+15.4%	¥324bn	+131.8%	13.9%	¥343bn	Higuchi Tatsuo	R&D <span class="en-history_money" data-yen="314200000000" data-year="2024">$2.1B (¥314bn)</span>; nutraceuticals about <span class="en-history_money" data-yen="557000000000" data-year="2024">$3.7B (¥557bn)</span>
FYE Dec 2025Consolidated	¥2.47tn	+6.0%	¥479bn	+48.2%	19.4%	¥363bn	Higuchi Tatsuo	Otsuka ICU Medical LLC — the founding business enters the United States

How it compares

Takeda Pharmaceutical¥4.51tnFY2025Operating margin 0.1%

Otsuka Holdings¥2.47tnFY2025Operating margin 19.4%

Astellas Pharma¥2.14tnFY2025Operating margin 17.9%Daiichi Sankyo¥2.12tnFY2025Operating margin 10.8%Chugai Pharmaceutical¥1.26tnFY2025Operating margin 47.6%Eisai¥825bnFY2025Operating margin 5.3%

Yamanouchi Pharmaceutical Co., Ltd.Dissolved 2005

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

Mitsubishi Tanabe Pharma CorporationDissolved 2020

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

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Gross margin Operating margin Net margin

Revenue net sales, operating revenue

FYE Dec 2025 ¥2.47tn

CAGR · 10 yrs +8.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Dec 2016	1,214	n/a	Cons. · IFRS
FYE Dec 2017	1,240	+2.1%	Cons. · IFRS
FYE Dec 2018	1,292	+4.2%	Cons. · IFRS
FYE Dec 2019	1,396	+8.1%	Cons. · IFRS
FYE Dec 2020	1,423	+1.9%	Cons. · IFRS
FYE Dec 2021	1,498	+5.3%	Cons. · IFRS
FYE Dec 2022	1,738	+16.0%	Cons. · IFRS
FYE Dec 2023	2,019	+16.1%	Cons. · IFRS
FYE Dec 2024	2,330	+15.4%	Cons. · IFRS
FYE Dec 2025	2,469	+6.0%	Cons. · IFRS

Definition: Everything the company took in from its own business
Formula: Revenue line of the income statement
Source: Securities report (XBRL)

Cost of sales

FYE Dec 2025 ¥699bn

CAGR · 10 yrs +6.2%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Dec 2016	406	n/a	Cons. · IFRS
FYE Dec 2017	422	+4.0%	Cons. · IFRS
FYE Dec 2018	442	+4.6%	Cons. · IFRS
FYE Dec 2019	451	+2.1%	Cons. · IFRS
FYE Dec 2020	440	−2.6%	Cons. · IFRS
FYE Dec 2021	495	+12.6%	Cons. · IFRS
FYE Dec 2022	570	+15.0%	Cons. · IFRS
FYE Dec 2023	611	+7.3%	Cons. · IFRS
FYE Dec 2024	660	+8.1%	Cons. · IFRS
FYE Dec 2025	699	+5.9%	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 Dec 2025 ¥1.77tn

CAGR · 10 yrs +9.4%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Dec 2016	789	n/a	Cons. · IFRS
FYE Dec 2017	817	+3.6%	Cons. · IFRS
FYE Dec 2018	850	+4.0%	Cons. · IFRS
FYE Dec 2019	945	+11.1%	Cons. · IFRS
FYE Dec 2020	983	+4.0%	Cons. · IFRS
FYE Dec 2021	1,003	+2.1%	Cons. · IFRS
FYE Dec 2022	1,168	+16.5%	Cons. · IFRS
FYE Dec 2023	1,407	+20.4%	Cons. · IFRS
FYE Dec 2024	1,669	+18.6%	Cons. · IFRS
FYE Dec 2025	1,770	+6.0%	Cons. · IFRS

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

SG&A selling, general and administrative expenses

FYE Dec 2025 ¥1.00tn

CAGR · 10 yrs +7.2%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Dec 2016	536	n/a	Cons. · IFRS
FYE Dec 2017	559	+4.3%	Cons. · IFRS
FYE Dec 2018	553	−1.0%	Cons. · IFRS
FYE Dec 2019	558	+0.9%	Cons. · IFRS
FYE Dec 2020	562	+0.9%	Cons. · IFRS
FYE Dec 2021	622	+10.6%	Cons. · IFRS
FYE Dec 2022	724	+16.4%	Cons. · IFRS
FYE Dec 2023	807	+11.5%	Cons. · IFRS
FYE Dec 2024	958	+18.7%	Cons. · IFRS
FYE Dec 2025	1,005	+4.8%	Cons. · IFRS

Definition: The cost of selling and of running the company
Formula: SG&A line of the income statement
Source: Securities report (XBRL)

Operating profit

FYE Dec 2025 ¥479bn

CAGR · 10 yrs +18.9%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Dec 2016	101	n/a	Cons. · IFRS
FYE Dec 2017	104	+3.0%	Cons. · IFRS
FYE Dec 2018	108	+4.0%	Cons. · IFRS
FYE Dec 2019	177	+63.0%	Cons. · IFRS
FYE Dec 2020	199	+12.5%	Cons. · IFRS
FYE Dec 2021	154	−22.2%	Cons. · IFRS
FYE Dec 2022	150	−2.7%	Cons. · IFRS
FYE Dec 2023	140	−7.1%	Cons. · IFRS
FYE Dec 2024	324	+131.8%	Cons. · IFRS
FYE Dec 2025	479	+48.2%	Cons. · IFRS

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

Non-operating income

FYE Dec 2025 ¥16bn

CAGR · 10 yrs +17.0%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Dec 2016	3.8	n/a	Cons. · IFRS
FYE Dec 2017	4.3	+11.9%	Cons. · IFRS
FYE Dec 2018	9.2	+115.0%	Cons. · IFRS
FYE Dec 2019	4.4	−51.7%	Cons. · IFRS
FYE Dec 2020	3.7	−17.4%	Cons. · IFRS
FYE Dec 2021	14.0	+281.9%	Cons. · IFRS
FYE Dec 2022	28.7	+105.2%	Cons. · IFRS
FYE Dec 2023	9.6	−66.7%	Cons. · IFRS
FYE Dec 2024	21.1	+120.4%	Cons. · IFRS
FYE Dec 2025	15.7	−25.5%	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 Dec 2025 ¥27bn

CAGR · 10 yrs +8.4%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Dec 2016	13.1	n/a	Cons. · IFRS
FYE Dec 2017	5.1	−61.4%	Cons. · IFRS
FYE Dec 2018	8.0	+57.6%	Cons. · IFRS
FYE Dec 2019	7.5	−6.0%	Cons. · IFRS
FYE Dec 2020	12.3	+63.4%	Cons. · IFRS
FYE Dec 2021	4.8	−60.5%	Cons. · IFRS
FYE Dec 2022	6.1	+25.3%	Cons. · IFRS
FYE Dec 2023	6.5	+7.6%	Cons. · IFRS
FYE Dec 2024	8.8	+34.8%	Cons. · IFRS
FYE Dec 2025	27.0	+207.5%	Cons. · IFRS

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

Net profit profit attributable to owners of the parent

FYE Dec 2025 ¥363bn

CAGR · 10 yrs +17.4%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Dec 2016	85.8	n/a	Cons. · IFRS
FYE Dec 2017	112	+31.1%	Cons. · IFRS
FYE Dec 2018	82.5	−26.7%	Cons. · IFRS
FYE Dec 2019	127	+54.1%	Cons. · IFRS
FYE Dec 2020	148	+16.5%	Cons. · IFRS
FYE Dec 2021	125	−15.3%	Cons. · IFRS
FYE Dec 2022	134	+6.7%	Cons. · IFRS
FYE Dec 2023	122	−9.2%	Cons. · IFRS
FYE Dec 2024	343	+182.1%	Cons. · IFRS
FYE Dec 2025	363	+5.8%	Cons. · IFRS

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

Gross margin

FYE Dec 2025 71.7%

Average · 10 yrs 68.1%

Fiscal year	Gross margin %	YoY	Basis
FYE Dec 2016	65.0	n/a	Cons. · IFRS
FYE Dec 2017	65.9	+0.9pp	Cons. · IFRS
FYE Dec 2018	65.8	−0.1pp	Cons. · IFRS
FYE Dec 2019	67.7	+1.9pp	Cons. · IFRS
FYE Dec 2020	69.1	+1.4pp	Cons. · IFRS
FYE Dec 2021	67.0	−2.1pp	Cons. · IFRS
FYE Dec 2022	67.2	+0.3pp	Cons. · IFRS
FYE Dec 2023	69.7	+2.5pp	Cons. · IFRS
FYE Dec 2024	71.7	+1.9pp	Cons. · IFRS
FYE Dec 2025	71.7	−0.0pp	Cons. · IFRS

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

Operating margin

FYE Dec 2025 19.4%

Average · 10 yrs 11.1%

Fiscal year	Operating margin %	YoY	Basis
FYE Dec 2016	8.3	n/a	Cons. · IFRS
FYE Dec 2017	8.4	+0.1pp	Cons. · IFRS
FYE Dec 2018	8.4	−0.0pp	Cons. · IFRS
FYE Dec 2019	12.6	+4.3pp	Cons. · IFRS
FYE Dec 2020	14.0	+1.3pp	Cons. · IFRS
FYE Dec 2021	10.3	−3.6pp	Cons. · IFRS
FYE Dec 2022	8.6	−1.7pp	Cons. · IFRS
FYE Dec 2023	6.9	−1.7pp	Cons. · IFRS
FYE Dec 2024	13.9	+7.0pp	Cons. · IFRS
FYE Dec 2025	19.4	+5.5pp	Cons. · IFRS

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

Net margin

FYE Dec 2025 14.7%

Average · 10 yrs 9.4%

Fiscal year	Net margin %	YoY	Basis
FYE Dec 2016	7.1	n/a	Cons. · IFRS
FYE Dec 2017	9.1	+2.0pp	Cons. · IFRS
FYE Dec 2018	6.4	−2.7pp	Cons. · IFRS
FYE Dec 2019	9.1	+2.7pp	Cons. · IFRS
FYE Dec 2020	10.4	+1.3pp	Cons. · IFRS
FYE Dec 2021	8.4	−2.0pp	Cons. · IFRS
FYE Dec 2022	7.7	−0.7pp	Cons. · IFRS
FYE Dec 2023	6.0	−1.7pp	Cons. · IFRS
FYE Dec 2024	14.7	+8.7pp	Cons. · IFRS
FYE Dec 2025	14.7	−0.0pp	Cons. · IFRS

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

Cost-of-sales ratio

FYE Dec 2025 28.3%

Average · 10 yrs 31.8%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Dec 2016	33.5	n/a	Cons. · IFRS
FYE Dec 2017	34.1	+0.6pp	Cons. · IFRS
FYE Dec 2018	34.2	+0.1pp	Cons. · IFRS
FYE Dec 2019	32.3	−1.9pp	Cons. · IFRS
FYE Dec 2020	30.9	−1.4pp	Cons. · IFRS
FYE Dec 2021	33.0	+2.1pp	Cons. · IFRS
FYE Dec 2022	32.8	−0.3pp	Cons. · IFRS
FYE Dec 2023	30.3	−2.5pp	Cons. · IFRS
FYE Dec 2024	28.3	−1.9pp	Cons. · IFRS
FYE Dec 2025	28.3	−0.0pp	Cons. · IFRS

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

SG&A ratio

FYE Dec 2025 40.7%

Average · 10 yrs 41.6%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Dec 2016	44.1	n/a	Cons. · IFRS
FYE Dec 2017	45.1	+0.9pp	Cons. · IFRS
FYE Dec 2018	42.8	−2.3pp	Cons. · IFRS
FYE Dec 2019	39.9	−2.9pp	Cons. · IFRS
FYE Dec 2020	39.5	−0.4pp	Cons. · IFRS
FYE Dec 2021	41.5	+2.0pp	Cons. · IFRS
FYE Dec 2022	41.7	+0.1pp	Cons. · IFRS
FYE Dec 2023	40.0	−1.7pp	Cons. · IFRS
FYE Dec 2024	41.1	+1.1pp	Cons. · IFRS
FYE Dec 2025	40.7	−0.4pp	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 Debt-to-equity

Total assets

FYE Dec 2025 ¥4.20tn

CAGR · 10 yrs +6.3%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Dec 2016	2,414	n/a	Cons. · IFRS
FYE Dec 2017	2,480	+2.7%	Cons. · IFRS
FYE Dec 2018	2,477	−0.1%	Cons. · IFRS
FYE Dec 2019	2,581	+4.2%	Cons. · IFRS
FYE Dec 2020	2,628	+1.8%	Cons. · IFRS
FYE Dec 2021	2,821	+7.3%	Cons. · IFRS
FYE Dec 2022	3,103	+10.0%	Cons. · IFRS
FYE Dec 2023	3,361	+8.3%	Cons. · IFRS
FYE Dec 2024	3,739	+11.2%	Cons. · IFRS
FYE Dec 2025	4,198	+12.3%	Cons. · IFRS

Definition: Everything the company holds
Formula: Total assets line of the balance sheet
Source: Securities report (XBRL)

Equity net assets, shareholders' equity

FYE Dec 2025 ¥2.97tn

CAGR · 10 yrs +6.6%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Dec 2016	1,666	n/a	Cons. · IFRS
FYE Dec 2017	1,793	+7.6%	Cons. · IFRS
FYE Dec 2018	1,677	−6.5%	Cons. · IFRS
FYE Dec 2019	1,737	+3.6%	Cons. · IFRS
FYE Dec 2020	1,821	+4.8%	Cons. · IFRS
FYE Dec 2021	1,977	+8.5%	Cons. · IFRS
FYE Dec 2022	2,188	+10.7%	Cons. · IFRS
FYE Dec 2023	2,351	+7.4%	Cons. · IFRS
FYE Dec 2024	2,689	+14.4%	Cons. · IFRS
FYE Dec 2025	2,967	+10.3%	Cons. · IFRS

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

Interest-bearing debt

FYE Dec 2025 ¥127bn

CAGR · 10 yrs −9.6%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Dec 2016	315	n/a	Cons. · IFRS
FYE Dec 2017	241	−23.3%	Cons. · IFRS
FYE Dec 2018	206	−14.7%	Cons. · IFRS
FYE Dec 2019	187	−9.4%	Cons. · IFRS
FYE Dec 2020	153	−17.8%	Cons. · IFRS
FYE Dec 2021	136	−11.5%	Cons. · IFRS
FYE Dec 2022	120	−11.4%	Cons. · IFRS
FYE Dec 2023	139	+15.3%	Cons. · IFRS
FYE Dec 2024	94.6	−31.7%	Cons. · IFRS
FYE Dec 2025	127	+34.2%	Cons. · IFRS

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

Short-term borrowings

FYE Dec 2025 ¥39bn

CAGR · 10 yrs −7.7%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	80.5	n/a	Cons. · IFRS
FYE Dec 2017	64.5	−19.9%	Cons. · IFRS
FYE Dec 2018	65.9	+2.2%	Cons. · IFRS
FYE Dec 2019	50.0	−24.1%	Cons. · IFRS
FYE Dec 2020	28.7	−42.7%	Cons. · IFRS
FYE Dec 2021	32.9	+14.6%	Cons. · IFRS
FYE Dec 2022	26.4	−19.6%	Cons. · IFRS
FYE Dec 2023	69.4	+162.6%	Cons. · IFRS
FYE Dec 2024	7.4	−89.4%	Cons. · IFRS
FYE Dec 2025	39.2	+432.7%	Cons. · IFRS

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

Long-term borrowings

FYE Dec 2025 ¥88bn

CAGR · 10 yrs −10.3%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Dec 2016	234	n/a	Cons. · IFRS
FYE Dec 2017	177	−24.5%	Cons. · IFRS
FYE Dec 2018	140	−20.9%	Cons. · IFRS
FYE Dec 2019	136	−2.5%	Cons. · IFRS
FYE Dec 2020	125	−8.7%	Cons. · IFRS
FYE Dec 2021	103	−17.5%	Cons. · IFRS
FYE Dec 2022	93.8	−8.7%	Cons. · IFRS
FYE Dec 2023	69.2	−26.2%	Cons. · IFRS
FYE Dec 2024	87.3	+26.1%	Cons. · IFRS
FYE Dec 2025	87.9	+0.7%	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 Dec 2025 ¥574bn

CAGR · 8 yrs +2.4%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Dec 2016	n/a	n/a	Cons. · IFRS
FYE Dec 2017	n/a	n/a	Cons. · IFRS
FYE Dec 2018	488	n/a	Cons. · IFRS
FYE Dec 2019	479	−1.9%	Cons. · IFRS
FYE Dec 2020	457	−4.5%	Cons. · IFRS
FYE Dec 2021	523	+14.3%	Cons. · IFRS
FYE Dec 2022	580	+10.9%	Cons. · IFRS
FYE Dec 2023	491	−15.3%	Cons. · IFRS
FYE Dec 2024	544	+10.9%	Cons. · IFRS
FYE Dec 2025	574	+5.5%	Cons. · IFRS

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

Goodwill

FYE Dec 2025 ¥510bn

CAGR · 10 yrs +8.5%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Dec 2016	245	n/a	Cons. · IFRS
FYE Dec 2017	249	+1.9%	Cons. · IFRS
FYE Dec 2018	281	+12.6%	Cons. · IFRS
FYE Dec 2019	275	−2.2%	Cons. · IFRS
FYE Dec 2020	263	−4.3%	Cons. · IFRS
FYE Dec 2021	296	+12.5%	Cons. · IFRS
FYE Dec 2022	335	+13.4%	Cons. · IFRS
FYE Dec 2023	379	+13.0%	Cons. · IFRS
FYE Dec 2024	449	+18.6%	Cons. · IFRS
FYE Dec 2025	510	+13.5%	Cons. · IFRS

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

Equity ratio

FYE Dec 2025 70.7%

Average · 10 yrs 69.9%

Fiscal year	Equity ratio %	YoY	Basis
FYE Dec 2016	69.0	n/a	Cons. · IFRS
FYE Dec 2017	72.3	+3.3pp	Cons. · IFRS
FYE Dec 2018	67.7	−4.6pp	Cons. · IFRS
FYE Dec 2019	67.3	−0.4pp	Cons. · IFRS
FYE Dec 2020	69.3	+2.0pp	Cons. · IFRS
FYE Dec 2021	70.1	+0.8pp	Cons. · IFRS
FYE Dec 2022	70.5	+0.4pp	Cons. · IFRS
FYE Dec 2023	69.9	−0.6pp	Cons. · IFRS
FYE Dec 2024	71.9	+2.0pp	Cons. · IFRS
FYE Dec 2025	70.7	−1.2pp	Cons. · IFRS

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

Debt-to-equity ratio D/E ratio

FYE Dec 2025 4.3%

Average · 10 yrs 9.0%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Dec 2016	18.9	n/a	Cons. · IFRS
FYE Dec 2017	13.5	−5.4pp	Cons. · IFRS
FYE Dec 2018	12.3	−1.2pp	Cons. · IFRS
FYE Dec 2019	10.7	−1.5pp	Cons. · IFRS
FYE Dec 2020	8.4	−2.3pp	Cons. · IFRS
FYE Dec 2021	6.9	−1.6pp	Cons. · IFRS
FYE Dec 2022	5.5	−1.4pp	Cons. · IFRS
FYE Dec 2023	5.9	+0.4pp	Cons. · IFRS
FYE Dec 2024	3.5	−2.4pp	Cons. · IFRS
FYE Dec 2025	4.3	+0.8pp	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 Dec 2025 12.2%

Average · 10 yrs 7.4%

Fiscal year	ROE %	YoY	Basis
FYE Dec 2016	5.1	n/a	Cons. · IFRS
FYE Dec 2017	6.3	+1.1pp	Cons. · IFRS
FYE Dec 2018	4.9	−1.4pp	Cons. · IFRS
FYE Dec 2019	7.3	+2.4pp	Cons. · IFRS
FYE Dec 2020	8.1	+0.8pp	Cons. · IFRS
FYE Dec 2021	6.3	−1.8pp	Cons. · IFRS
FYE Dec 2022	6.1	−0.2pp	Cons. · IFRS
FYE Dec 2023	5.2	−0.9pp	Cons. · IFRS
FYE Dec 2024	12.8	+7.6pp	Cons. · IFRS
FYE Dec 2025	12.2	−0.5pp	Cons. · IFRS

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

ROA return on assets

FYE Dec 2025 8.7%

Average · 10 yrs 5.2%

Fiscal year	ROA %	YoY	Basis
FYE Dec 2016	3.6	n/a	Cons. · IFRS
FYE Dec 2017	4.5	+1.0pp	Cons. · IFRS
FYE Dec 2018	3.3	−1.2pp	Cons. · IFRS
FYE Dec 2019	4.9	+1.6pp	Cons. · IFRS
FYE Dec 2020	5.6	+0.7pp	Cons. · IFRS
FYE Dec 2021	4.4	−1.2pp	Cons. · IFRS
FYE Dec 2022	4.3	−0.1pp	Cons. · IFRS
FYE Dec 2023	3.6	−0.7pp	Cons. · IFRS
FYE Dec 2024	9.2	+5.6pp	Cons. · IFRS
FYE Dec 2025	8.7	−0.5pp	Cons. · IFRS

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

Asset turnover

FYE Dec 2025 0.59×

CAGR · 10 yrs +1.8%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Dec 2016	0.50	n/a	Cons. · IFRS
FYE Dec 2017	0.50	−0.6%	Cons. · IFRS
FYE Dec 2018	0.52	+4.3%	Cons. · IFRS
FYE Dec 2019	0.54	+3.7%	Cons. · IFRS
FYE Dec 2020	0.54	+0.1%	Cons. · IFRS
FYE Dec 2021	0.53	−1.9%	Cons. · IFRS
FYE Dec 2022	0.56	+5.5%	Cons. · IFRS
FYE Dec 2023	0.60	+7.2%	Cons. · IFRS
FYE Dec 2024	0.62	+3.8%	Cons. · IFRS
FYE Dec 2025	0.59	−5.6%	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 Dec 2025 ¥404bn

CAGR · 10 yrs +13.9%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Dec 2016	126	n/a	Cons. · IFRS
FYE Dec 2017	103	−18.1%	Cons. · IFRS
FYE Dec 2018	136	+32.1%	Cons. · IFRS
FYE Dec 2019	193	+41.8%	Cons. · IFRS
FYE Dec 2020	233	+20.9%	Cons. · IFRS
FYE Dec 2021	229	−1.7%	Cons. · IFRS
FYE Dec 2022	212	−7.4%	Cons. · IFRS
FYE Dec 2023	283	+33.7%	Cons. · IFRS
FYE Dec 2024	355	+25.2%	Cons. · IFRS
FYE Dec 2025	404	+13.8%	Cons. · IFRS

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

Investing cash flow

FYE Dec 2025 -¥162bn

Average · 10 yrs -¥120bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-119	n/a	Cons. · IFRS
FYE Dec 2017	-40.1	n/a	Cons. · IFRS
FYE Dec 2018	-93.3	n/a	Cons. · IFRS
FYE Dec 2019	-52.3	n/a	Cons. · IFRS
FYE Dec 2020	-99.9	n/a	Cons. · IFRS
FYE Dec 2021	-95.3	n/a	Cons. · IFRS
FYE Dec 2022	-81.6	n/a	Cons. · IFRS
FYE Dec 2023	-191	n/a	Cons. · IFRS
FYE Dec 2024	-266	n/a	Cons. · IFRS
FYE Dec 2025	-162	n/a	Cons. · IFRS

Definition: Cash spent on, or released by, investment
Formula: Cash flow from investing activities
Source: Securities report (XBRL)

Financing cash flow

FYE Dec 2025 -¥137bn

Average · 10 yrs -¥105bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Dec 2016	-92.8	n/a	Cons. · IFRS
FYE Dec 2017	-94.5	n/a	Cons. · IFRS
FYE Dec 2018	-89.2	n/a	Cons. · IFRS
FYE Dec 2019	-89.3	n/a	Cons. · IFRS
FYE Dec 2020	-105	n/a	Cons. · IFRS
FYE Dec 2021	-95.8	n/a	Cons. · IFRS
FYE Dec 2022	-95.5	n/a	Cons. · IFRS
FYE Dec 2023	-60.3	n/a	Cons. · IFRS
FYE Dec 2024	-189	n/a	Cons. · IFRS
FYE Dec 2025	-137	n/a	Cons. · IFRS

Definition: Cash raised from, or returned to, lenders and shareholders
Formula: Cash flow from financing activities
Source: Securities report (XBRL)

Cash and equivalents

FYE Dec 2025 ¥535bn

CAGR · 10 yrs +4.2%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Dec 2016	370	n/a	Cons. · IFRS
FYE Dec 2017	337	−9.0%	Cons. · IFRS
FYE Dec 2018	285	−15.3%	Cons. · IFRS
FYE Dec 2019	334	+17.2%	Cons. · IFRS
FYE Dec 2020	357	+6.8%	Cons. · IFRS
FYE Dec 2021	411	+15.1%	Cons. · IFRS
FYE Dec 2022	472	+14.8%	Cons. · IFRS
FYE Dec 2023	513	+8.8%	Cons. · IFRS
FYE Dec 2024	426	−17.0%	Cons. · IFRS
FYE Dec 2025	535	+25.5%	Cons. · IFRS

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

Free cash flow

FYE Dec 2025 ¥242bn

CAGR · 10 yrs +49.1%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Dec 2016	6.6	n/a	Cons. · IFRS
FYE Dec 2017	62.8	+846.5%	Cons. · IFRS
FYE Dec 2018	42.5	−32.3%	Cons. · IFRS
FYE Dec 2019	140	+230.4%	Cons. · IFRS
FYE Dec 2020	133	−5.3%	Cons. · IFRS
FYE Dec 2021	134	+0.5%	Cons. · IFRS
FYE Dec 2022	130	−2.5%	Cons. · IFRS
FYE Dec 2023	92.7	−28.8%	Cons. · IFRS
FYE Dec 2024	88.8	−4.2%	Cons. · IFRS
FYE Dec 2025	242	+172.4%	Cons. · IFRS

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

Operating cash flow margin

FYE Dec 2025 16.3%

Average · 10 yrs 13.2%

Fiscal year	OCF margin %	YoY	Basis
FYE Dec 2016	10.3	n/a	Cons. · IFRS
FYE Dec 2017	8.3	−2.0pp	Cons. · IFRS
FYE Dec 2018	10.5	+2.2pp	Cons. · IFRS
FYE Dec 2019	13.8	+3.3pp	Cons. · IFRS
FYE Dec 2020	16.4	+2.6pp	Cons. · IFRS
FYE Dec 2021	15.3	−1.1pp	Cons. · IFRS
FYE Dec 2022	12.2	−3.1pp	Cons. · IFRS
FYE Dec 2023	14.0	+1.8pp	Cons. · IFRS
FYE Dec 2024	15.2	+1.2pp	Cons. · IFRS
FYE Dec 2025	16.3	+1.1pp	Cons. · IFRS

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

Net cash

FYE Dec 2025 ¥408bn

CAGR · 10 yrs +24.9%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Dec 2016	55.0	n/a	Cons. · IFRS
FYE Dec 2017	95.2	+73.2%	Cons. · IFRS
FYE Dec 2018	79.1	−16.9%	Cons. · IFRS
FYE Dec 2019	148	+86.4%	Cons. · IFRS
FYE Dec 2020	204	+38.0%	Cons. · IFRS
FYE Dec 2021	275	+35.1%	Cons. · IFRS
FYE Dec 2022	351	+27.8%	Cons. · IFRS
FYE Dec 2023	375	+6.6%	Cons. · IFRS
FYE Dec 2024	332	−11.5%	Cons. · IFRS
FYE Dec 2025	408	+23.0%	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 Dec 2025 ¥4.84tn

Change · 10 yrs +¥2.00tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Dec 2016	2,840	n/a
FYE Dec 2017	2,756	n/a
FYE Dec 2018	2,505	n/a
FYE Dec 2019	2,721	n/a
FYE Dec 2020	2,468	n/a
FYE Dec 2021	2,323	n/a
FYE Dec 2022	2,396	n/a
FYE Dec 2023	2,950	n/a
FYE Dec 2024	4,758	n/a
FYE Dec 2025	4,836	n/a

Definition: What the market says the company is worth
Formula: Year-end share price × shares outstanding
Source: Securities report (XBRL)

Share price year-end close

FYE Dec 2025 8,906¥

Change · 10 yrs +3,815¥

Fiscal year	Share price ¥	Basis
FYE Dec 2016	5,090	n/a
FYE Dec 2017	4,941	n/a
FYE Dec 2018	4,491	n/a
FYE Dec 2019	4,879	n/a
FYE Dec 2020	4,425	n/a
FYE Dec 2021	4,164	n/a
FYE Dec 2022	4,294	n/a
FYE Dec 2023	5,289	n/a
FYE Dec 2024	8,619	n/a
FYE Dec 2025	8,906	n/a

Definition: The closing price on the last day of the fiscal year
Formula: Year-end closing price
Source: Securities report (XBRL)

Shares outstanding

FYE Dec 2025 542,988,917shares

Change · 10 yrs −14,846,700 shares

Fiscal year	Shares outstanding shares	Basis
FYE Dec 2016	557,835,617	Parent
FYE Dec 2017	557,835,617	Parent
FYE Dec 2018	557,835,617	Parent
FYE Dec 2019	557,835,617	Parent
FYE Dec 2020	557,835,617	Parent
FYE Dec 2021	557,835,617	Parent
FYE Dec 2022	557,835,617	Parent
FYE Dec 2023	557,835,617	Parent
FYE Dec 2024	552,024,717	Parent
FYE Dec 2025	542,988,917	Parent

Definition: How many shares exist
Formula: Shares issued, from the key figures of the filing
Source: Securities report (XBRL)

EPS earnings per share

FYE Dec 2025 685.06¥

Change · 10 yrs +514.24¥

Fiscal year	EPS ¥	Basis
FYE Dec 2016	170.82	Cons.
FYE Dec 2017	207.60	Cons.
FYE Dec 2018	152.24	Cons.
FYE Dec 2019	234.55	Cons.
FYE Dec 2020	273.15	Cons.
FYE Dec 2021	231.32	Cons.
FYE Dec 2022	246.80	Cons.
FYE Dec 2023	224.10	Cons.
FYE Dec 2024	633.76	Cons.
FYE Dec 2025	685.06	Cons.

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

BPS book value per share

FYE Dec 2025 5,464.43¥

Change · 10 yrs +2,477.93¥

Fiscal year	BPS ¥	Basis
FYE Dec 2016	2,986.50	Cons. · IFRS
FYE Dec 2017	3,214.71	Cons. · IFRS
FYE Dec 2018	3,005.78	Cons. · IFRS
FYE Dec 2019	3,114.01	Cons. · IFRS
FYE Dec 2020	3,264.97	Cons. · IFRS
FYE Dec 2021	3,543.69	Cons. · IFRS
FYE Dec 2022	3,922.56	Cons. · IFRS
FYE Dec 2023	4,214.59	Cons. · IFRS
FYE Dec 2024	4,871.15	Cons. · IFRS
FYE Dec 2025	5,464.43	Cons. · IFRS

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

PER price-to-earnings ratio

FYE Dec 2025 13.00×

Average · 10 yrs 20.57×

Fiscal year	PER ×	Basis
FYE Dec 2016	29.80	Cons.
FYE Dec 2017	23.80	Cons.
FYE Dec 2018	29.50	Cons.
FYE Dec 2019	20.80	Cons.
FYE Dec 2020	16.20	Cons.
FYE Dec 2021	18.00	Cons.
FYE Dec 2022	17.40	Cons.
FYE Dec 2023	23.60	Cons.
FYE Dec 2024	13.60	Cons.
FYE Dec 2025	13.00	Cons.

Definition: How many years of earnings the price stands for
Formula: Year-end price ÷ EPS
Source: Securities report (XBRL)

PBR price-to-book ratio

FYE Dec 2025 1.55×

Average · 10 yrs 1.39×

Fiscal year	PBR ×	Basis
FYE Dec 2016	1.61	Cons.
FYE Dec 2017	1.49	Cons.
FYE Dec 2018	1.43	Cons.
FYE Dec 2019	1.50	Cons.
FYE Dec 2020	1.30	Cons.
FYE Dec 2021	1.12	Cons.
FYE Dec 2022	1.05	Cons.
FYE Dec 2023	1.20	Cons.
FYE Dec 2024	1.69	Cons.
FYE Dec 2025	1.55	Cons.

Definition: The price measured against the book value behind it
Formula: Year-end price ÷ BPS
Source: Securities report (XBRL)

Workforce and productivity Headcount, pay and what each employee accounts for

Group employees

FYE Dec 2025 37,758people

Change · 10 yrs +5,971 people

Fiscal year	Group employees people	YoY	Basis
FYE Dec 2016	31,787	n/a	Cons.
FYE Dec 2017	32,817	+3.2%	Cons.
FYE Dec 2018	32,935	+0.4%	Cons.
FYE Dec 2019	32,992	+0.2%	Cons.
FYE Dec 2020	33,151	+0.5%	Cons.
FYE Dec 2021	33,226	+0.2%	Cons.
FYE Dec 2022	33,482	+0.8%	Cons.
FYE Dec 2023	34,388	+2.7%	Cons.
FYE Dec 2024	35,338	+2.8%	Cons.
FYE Dec 2025	37,758	+6.8%	Cons.

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

Parent-company employees

FYE Dec 2025 224people

Change · 10 yrs +137 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Dec 2016	87	n/a	Parent
FYE Dec 2017	86	−1.1%	Parent
FYE Dec 2018	94	+9.3%	Parent
FYE Dec 2019	104	+10.6%	Parent
FYE Dec 2020	111	+6.7%	Parent
FYE Dec 2021	137	+23.4%	Parent
FYE Dec 2022	147	+7.3%	Parent
FYE Dec 2023	151	+2.7%	Parent
FYE Dec 2024	183	+21.2%	Parent
FYE Dec 2025	224	+22.4%	Parent

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

Average annual pay parent company

FYE Dec 2025 1,000万円

Change · 10 yrs −78万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Dec 2016	1,079	n/a	Parent
FYE Dec 2017	1,076	−0.2%	Parent
FYE Dec 2018	1,055	−2.0%	Parent
FYE Dec 2019	1,032	−2.2%	Parent
FYE Dec 2020	992	−3.9%	Parent
FYE Dec 2021	1,045	+5.3%	Parent
FYE Dec 2022	1,041	−0.3%	Parent
FYE Dec 2023	1,046	+0.5%	Parent
FYE Dec 2024	1,063	+1.7%	Parent
FYE Dec 2025	1,000	−5.9%	Parent

Definition: Average total annual compensation, bonuses included
Formula: Average annual pay, from the employee section of the filing
Source: Securities report (XBRL)

Average age

FYE Dec 2025 46.9years

Change · 7 yrs +3.1 years

Fiscal year	Average age years	YoY	Basis
FYE Dec 2016	n/a	n/a	Parent
FYE Dec 2017	n/a	n/a	Parent
FYE Dec 2018	n/a	n/a	Parent
FYE Dec 2019	43.8	n/a	Parent
FYE Dec 2020	44.1	+0.7%	Parent
FYE Dec 2021	43.8	−0.7%	Parent
FYE Dec 2022	43.6	−0.5%	Parent
FYE Dec 2023	44.1	+1.1%	Parent
FYE Dec 2024	44.4	+0.7%	Parent
FYE Dec 2025	46.9	+5.6%	Parent

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

Average length of service

FYE Dec 2025 3.3years

Change · 10 yrs −0.4 years

Fiscal year	Average length of service years	YoY	Basis
FYE Dec 2016	3.7	n/a	Parent
FYE Dec 2017	3.5	−5.4%	Parent
FYE Dec 2018	3.3	−5.7%	Parent
FYE Dec 2019	2.9	−12.1%	Parent
FYE Dec 2020	3.6	+24.1%	Parent
FYE Dec 2021	3.7	+2.8%	Parent
FYE Dec 2022	4.1	+10.8%	Parent
FYE Dec 2023	4.5	+9.8%	Parent
FYE Dec 2024	3.2	−28.9%	Parent
FYE Dec 2025	3.3	+3.1%	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)

Temporary employees

FYE Dec 2025 5,275people

Change · 10 yrs +622 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Dec 2016	4,653	n/a	n/a
FYE Dec 2017	4,367	−6.1%	n/a
FYE Dec 2018	4,063	−7.0%	n/a
FYE Dec 2019	4,845	+19.2%	n/a
FYE Dec 2020	5,069	+4.6%	n/a
FYE Dec 2021	4,984	−1.7%	n/a
FYE Dec 2022	5,386	+8.1%	n/a
FYE Dec 2023	5,160	−4.2%	n/a
FYE Dec 2024	5,072	−1.7%	n/a
FYE Dec 2025	5,275	+4.0%	n/a

Definition: Average number of temporary and part-time staff over the year
Formula: Average temporary headcount, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Dec 2025 ¥65.4m

Change · 10 yrs +¥27.2m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Dec 2016	38.2	n/a	Cons.
FYE Dec 2017	37.8	−1.1%	Cons.
FYE Dec 2018	39.2	+3.8%	Cons.
FYE Dec 2019	42.3	+7.9%	Cons.
FYE Dec 2020	42.9	+1.4%	Cons.
FYE Dec 2021	45.1	+5.1%	Cons.
FYE Dec 2022	51.9	+15.1%	Cons.
FYE Dec 2023	58.7	+13.1%	Cons.
FYE Dec 2024	65.9	+12.3%	Cons.
FYE Dec 2025	65.4	−0.8%	Cons.

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

Operating profit per employee

FYE Dec 2025 ¥12.7m

Change · 10 yrs +¥9.5m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Dec 2016	3.2	n/a	Cons.
FYE Dec 2017	3.2	−0.2%	Cons.
FYE Dec 2018	3.3	+3.6%	Cons.
FYE Dec 2019	5.4	+62.8%	Cons.
FYE Dec 2020	6.0	+11.9%	Cons.
FYE Dec 2021	4.6	−22.4%	Cons.
FYE Dec 2022	4.5	−3.4%	Cons.
FYE Dec 2023	4.1	−9.6%	Cons.
FYE Dec 2024	9.2	+125.5%	Cons.
FYE Dec 2025	12.7	+38.7%	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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