Financials

Nippon Paint Holdings: FYE Dec 2025 and ten years of results (48 metrics)

FYE Dec 2025 · Revenue¥1.77tnYoY +8.3%
FYE Dec 2025 · Operating profit¥257bnYoY +38.1%
FYE Dec 2025 · Net profit¥180bnYoY +42.8%
FYE Dec 2025 · Equity ratio44.4%YoY −6.8pp
FYE Dec 2025 · Group employees38,481YoY −81
Fiscal yearRevenueYoYOperating profitYoYMarginNet profitChief executiveThat year
FYE Dec 2016Consolidated¥470bnn/a¥72bnn/a15.4%¥35bnTando Tetsushi
FYE Dec 2017Consolidated¥605bn+28.7%¥75bn+3.4%12.4%¥37bnTando TetsushiDunn-Edwards acquired for about ¥68.7bn
FYE Dec 2018Consolidated¥628bn+3.7%¥87bn+15.5%13.8%¥34bnTando TetsushiWuthelam takes a majority of the board
FYE Dec 2019Consolidated¥692bn+10.3%¥78bn−9.8%11.3%¥37bnTando TetsushiDulux acquired for about ¥300bn
FYE Dec 2020Consolidated¥773bn+11.6%¥88bn+12.2%11.3%¥44bnTando Tetsushi
FYE Dec 2021Consolidated¥998bn+29.2%¥88bn+0.0%8.8%¥68bnTanaka MasaakiWuthelam subscribes the share issue; Asian ventures wholly acquired
FYE Dec 2022Consolidated¥1.31tn+31.1%¥112bn+27.7%8.5%¥79bnWee Siew KimCromology Holding acquired for ¥150.6bn
FYE Dec 2023Consolidated¥1.44tn+10.2%¥169bn+50.8%11.7%¥118bnWee Siew Kim
FYE Dec 2024Consolidated¥1.64tn+13.6%¥186bn+10.3%11.4%¥126bnWee Siew Kim
FYE Dec 2025Consolidated¥1.77tn+8.3%¥257bn+38.1%14.5%¥180bnWee Siew Kim

How it compares

Nippon Paint Holdings¥1.77tnFY2025Operating margin 14.5%
DIC Corporation¥1.05tnFY2025Operating margin 5.0%Kansai Paint¥590bnFY2025Operating margin 8.4%
artience Co., Ltd.¥350bnFY2025Operating margin 5.9%
CHUGOKU MARINE PAINTS, LTD.¥139bnFY2025Operating margin 12.5%
SK Kaken¥110bnFY2025Operating margin 11.1%

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 Dec 2025 ¥1.77tn
CAGR · 10 yrs +15.9%
Fiscal year Revenue ¥ bn YoY Basis
FYE Dec 2016 470 n/a Cons. · Japanese GAAP
FYE Dec 2017 605 +28.7% Cons. · Japanese GAAP
FYE Dec 2018 628 moved to IFRS Cons. · IFRS
FYE Dec 2019 692 +10.3% Cons. · IFRS
FYE Dec 2020 773 +11.6% Cons. · IFRS
FYE Dec 2021 998 +29.2% Cons. · IFRS
FYE Dec 2022 1,309 +31.1% Cons. · IFRS
FYE Dec 2023 1,443 +10.2% Cons. · IFRS
FYE Dec 2024 1,639 +13.6% Cons. · IFRS
FYE Dec 2025 1,774 +8.3% 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 ¥1.02tn
CAGR · 10 yrs +16.2%
Fiscal year Cost of sales ¥ bn YoY Basis
FYE Dec 2016 265 n/a Cons. · Japanese GAAP
FYE Dec 2017 360 +35.7% Cons. · Japanese GAAP
FYE Dec 2018 386 moved to IFRS Cons. · IFRS
FYE Dec 2019 416 +8.0% Cons. · IFRS
FYE Dec 2020 451 +8.4% Cons. · IFRS
FYE Dec 2021 620 +37.4% Cons. · IFRS
FYE Dec 2022 821 +32.5% Cons. · IFRS
FYE Dec 2023 866 +5.5% Cons. · IFRS
FYE Dec 2024 981 +13.3% Cons. · IFRS
FYE Dec 2025 1,024 +4.4% 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 ¥750bn
CAGR · 10 yrs +15.5%
Fiscal year Gross profit ¥ bn YoY Basis
FYE Dec 2016 205 n/a Cons. · Japanese GAAP
FYE Dec 2017 245 +19.7% Cons. · Japanese GAAP
FYE Dec 2018 242 moved to IFRS Cons. · IFRS
FYE Dec 2019 276 +13.8% Cons. · IFRS
FYE Dec 2020 321 +16.5% Cons. · IFRS
FYE Dec 2021 378 +17.8% Cons. · IFRS
FYE Dec 2022 488 +28.9% Cons. · IFRS
FYE Dec 2023 576 +18.2% Cons. · IFRS
FYE Dec 2024 657 +14.1% Cons. · IFRS
FYE Dec 2025 750 +14.1% 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 Dec 2025 ¥503bn
CAGR · 10 yrs +16.0%
Fiscal year SG&A ¥ bn YoY Basis
FYE Dec 2016 132 n/a Cons. · Japanese GAAP
FYE Dec 2017 170 +28.6% Cons. · Japanese GAAP
FYE Dec 2018 164 moved to IFRS Cons. · IFRS
FYE Dec 2019 190 +16.0% Cons. · IFRS
FYE Dec 2020 235 +23.6% Cons. · IFRS
FYE Dec 2021 294 +25.0% Cons. · IFRS
FYE Dec 2022 383 +30.3% Cons. · IFRS
FYE Dec 2023 420 +9.6% Cons. · IFRS
FYE Dec 2024 481 +14.5% Cons. · IFRS
FYE Dec 2025 503 +4.4% 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 Dec 2025 ¥257bn
CAGR · 10 yrs +15.1%
Fiscal year Operating profit ¥ bn YoY Basis
FYE Dec 2016 72.5 n/a Cons. · Japanese GAAP
FYE Dec 2017 75.0 +3.4% Cons. · Japanese GAAP
FYE Dec 2018 86.5 moved to IFRS Cons. · IFRS
FYE Dec 2019 78.1 −9.8% Cons. · IFRS
FYE Dec 2020 87.6 +12.2% Cons. · IFRS
FYE Dec 2021 87.6 −0.0% Cons. · IFRS
FYE Dec 2022 112 +27.7% Cons. · IFRS
FYE Dec 2023 169 +50.8% Cons. · IFRS
FYE Dec 2024 186 +10.3% Cons. · IFRS
FYE Dec 2025 257 +38.1% Cons. · IFRS
Definition
What the core business earns
Formula
Gross profit − SG&A
Source
Securities report (XBRL)

Non-operating income

FYE Dec 2025 ¥18bn
CAGR · 10 yrs +10.7%
Fiscal year Non-operating income ¥ bn YoY Basis
FYE Dec 2016 7.1 n/a Cons. · Japanese GAAP
FYE Dec 2017 7.0 −1.6% Cons. · Japanese GAAP
FYE Dec 2018 4.4 moved to IFRS Cons. · IFRS
FYE Dec 2019 5.7 +29.7% Cons. · IFRS
FYE Dec 2020 6.2 +7.4% Cons. · IFRS
FYE Dec 2021 4.2 −31.9% Cons. · IFRS
FYE Dec 2022 5.0 +18.9% Cons. · IFRS
FYE Dec 2023 7.0 +39.1% Cons. · IFRS
FYE Dec 2024 11.1 +59.6% Cons. · IFRS
FYE Dec 2025 17.8 +60.4% 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 Dec 2025 ¥27bn
CAGR · 10 yrs +30.6%
Fiscal year Non-operating expenses ¥ bn YoY Basis
FYE Dec 2016 2.5 n/a Cons. · Japanese GAAP
FYE Dec 2017 5.1 +109.1% Cons. · Japanese GAAP
FYE Dec 2018 3.1 moved to IFRS Cons. · IFRS
FYE Dec 2019 5.7 +82.8% Cons. · IFRS
FYE Dec 2020 6.0 +4.3% Cons. · IFRS
FYE Dec 2021 5.9 −0.7% Cons. · IFRS
FYE Dec 2022 11.8 +99.0% Cons. · IFRS
FYE Dec 2023 14.4 +21.9% Cons. · IFRS
FYE Dec 2024 19.8 +37.4% Cons. · IFRS
FYE Dec 2025 27.1 +37.2% 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 ¥180bn
CAGR · 10 yrs +20.0%
Fiscal year Net profit ¥ bn YoY Basis
FYE Dec 2016 34.8 n/a Cons. · Japanese GAAP
FYE Dec 2017 37.1 +6.7% Cons. · Japanese GAAP
FYE Dec 2018 34.2 moved to IFRS Cons. · IFRS
FYE Dec 2019 36.7 +7.4% Cons. · IFRS
FYE Dec 2020 43.9 +19.6% Cons. · IFRS
FYE Dec 2021 67.6 +53.8% Cons. · IFRS
FYE Dec 2022 79.4 +17.5% Cons. · IFRS
FYE Dec 2023 118 +49.2% Cons. · IFRS
FYE Dec 2024 126 +6.3% Cons. · IFRS
FYE Dec 2025 180 +42.8% Cons. · IFRS
Definition
What is left after tax
Formula
Pre-tax profit − income taxes
Source
Securities report (XBRL)

Gross margin

FYE Dec 2025 42.3%
Average · 10 yrs 40.2%
Fiscal year Gross margin % YoY Basis
FYE Dec 2016 43.6 n/a Cons. · Japanese GAAP
FYE Dec 2017 40.5 −3.1pp Cons. · Japanese GAAP
FYE Dec 2018 38.6 moved to IFRS Cons. · IFRS
FYE Dec 2019 39.8 +1.3pp Cons. · IFRS
FYE Dec 2020 41.6 +1.7pp Cons. · IFRS
FYE Dec 2021 37.9 −3.7pp Cons. · IFRS
FYE Dec 2022 37.2 −0.7pp Cons. · IFRS
FYE Dec 2023 39.9 +2.7pp Cons. · IFRS
FYE Dec 2024 40.1 +0.2pp Cons. · IFRS
FYE Dec 2025 42.3 +2.2pp Cons. · IFRS
Definition
The share of revenue left after the cost of sales
Formula
Gross profit ÷ revenue
Source
Securities report (XBRL)

Operating margin

FYE Dec 2025 14.5%
Average · 10 yrs 11.9%
Fiscal year Operating margin % YoY Basis
FYE Dec 2016 15.4 n/a Cons. · Japanese GAAP
FYE Dec 2017 12.4 −3.0pp Cons. · Japanese GAAP
FYE Dec 2018 13.8 moved to IFRS Cons. · IFRS
FYE Dec 2019 11.3 −2.5pp Cons. · IFRS
FYE Dec 2020 11.3 +0.1pp Cons. · IFRS
FYE Dec 2021 8.8 −2.6pp Cons. · IFRS
FYE Dec 2022 8.5 −0.2pp Cons. · IFRS
FYE Dec 2023 11.7 +3.2pp Cons. · IFRS
FYE Dec 2024 11.4 −0.3pp Cons. · IFRS
FYE Dec 2025 14.5 +3.1pp Cons. · IFRS
Definition
The share of revenue the core business keeps
Formula
Operating profit ÷ revenue
Source
Securities report (XBRL)

Net margin

FYE Dec 2025 10.1%
Average · 10 yrs 6.9%
Fiscal year Net margin % YoY Basis
FYE Dec 2016 7.4 n/a Cons. · Japanese GAAP
FYE Dec 2017 6.1 −1.3pp Cons. · Japanese GAAP
FYE Dec 2018 5.4 moved to IFRS Cons. · IFRS
FYE Dec 2019 5.3 −0.1pp Cons. · IFRS
FYE Dec 2020 5.7 +0.4pp Cons. · IFRS
FYE Dec 2021 6.8 +1.1pp Cons. · IFRS
FYE Dec 2022 6.1 −0.7pp Cons. · IFRS
FYE Dec 2023 8.2 +2.1pp Cons. · IFRS
FYE Dec 2024 7.7 −0.5pp Cons. · IFRS
FYE Dec 2025 10.1 +2.5pp 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 57.7%
Average · 10 yrs 59.8%
Fiscal year Cost-of-sales ratio % YoY Basis
FYE Dec 2016 56.4 n/a Cons. · Japanese GAAP
FYE Dec 2017 59.5 +3.1pp Cons. · Japanese GAAP
FYE Dec 2018 61.4 moved to IFRS Cons. · IFRS
FYE Dec 2019 60.2 −1.3pp Cons. · IFRS
FYE Dec 2020 58.4 −1.7pp Cons. · IFRS
FYE Dec 2021 62.1 +3.7pp Cons. · IFRS
FYE Dec 2022 62.8 +0.7pp Cons. · IFRS
FYE Dec 2023 60.1 −2.7pp Cons. · IFRS
FYE Dec 2024 59.9 −0.2pp Cons. · IFRS
FYE Dec 2025 57.7 −2.2pp Cons. · IFRS
Definition
The share of revenue taken by the cost of sales
Formula
Cost of sales ÷ revenue
Source
Securities report (XBRL)

SG&A ratio

FYE Dec 2025 28.3%
Average · 10 yrs 28.6%
Fiscal year SG&A ratio % YoY Basis
FYE Dec 2016 28.2 n/a Cons. · Japanese GAAP
FYE Dec 2017 28.1 −0.0pp Cons. · Japanese GAAP
FYE Dec 2018 26.2 moved to IFRS Cons. · IFRS
FYE Dec 2019 27.5 +1.4pp Cons. · IFRS
FYE Dec 2020 30.5 +3.0pp Cons. · IFRS
FYE Dec 2021 29.5 −1.0pp Cons. · IFRS
FYE Dec 2022 29.3 −0.2pp Cons. · IFRS
FYE Dec 2023 29.1 −0.2pp Cons. · IFRS
FYE Dec 2024 29.4 +0.2pp Cons. · IFRS
FYE Dec 2025 28.3 −1.0pp 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 Dec 2025 ¥4.02tn
CAGR · 10 yrs +19.2%
Fiscal year Total assets ¥ bn YoY Basis
FYE Dec 2016 828 n/a Cons. · Japanese GAAP
FYE Dec 2017 921 +11.2% Cons. · Japanese GAAP
FYE Dec 2018 936 moved to IFRS Cons. · IFRS
FYE Dec 2019 1,479 +58.0% Cons. · IFRS
FYE Dec 2020 1,615 +9.2% Cons. · IFRS
FYE Dec 2021 1,955 +21.1% Cons. · IFRS
FYE Dec 2022 2,442 +24.9% Cons. · IFRS
FYE Dec 2023 2,713 +11.1% Cons. · IFRS
FYE Dec 2024 3,069 +13.1% Cons. · IFRS
FYE Dec 2025 4,018 +30.9% 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 Dec 2025 ¥1.78tn
CAGR · 10 yrs +15.9%
Fiscal year Equity ¥ bn YoY Basis
FYE Dec 2016 473 n/a Cons. · Japanese GAAP
FYE Dec 2017 504 +6.6% Cons. · Japanese GAAP
FYE Dec 2018 501 moved to IFRS Cons. · IFRS
FYE Dec 2019 418 −16.6% Cons. · IFRS
FYE Dec 2020 436 +4.4% Cons. · IFRS
FYE Dec 2021 950 +117.9% Cons. · IFRS
FYE Dec 2022 1,142 +20.2% Cons. · IFRS
FYE Dec 2023 1,349 +18.1% Cons. · IFRS
FYE Dec 2024 1,572 +16.5% Cons. · IFRS
FYE Dec 2025 1,785 +13.6% 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 ¥1.42tn
CAGR · 10 yrs +51.9%
Fiscal year Interest-bearing debt ¥ bn YoY Basis
FYE Dec 2016 33.0 n/a Cons. · Japanese GAAP
FYE Dec 2017 50.0 +51.5% Cons. · Japanese GAAP
FYE Dec 2018 89.5 moved to IFRS Cons. · IFRS
FYE Dec 2019 442 +394.3% Cons. · IFRS
FYE Dec 2020 536 +21.2% Cons. · IFRS
FYE Dec 2021 523 −2.4% Cons. · IFRS
FYE Dec 2022 722 +38.1% Cons. · IFRS
FYE Dec 2023 740 +2.5% Cons. · IFRS
FYE Dec 2024 760 +2.7% Cons. · IFRS
FYE Dec 2025 1,422 +87.1% Cons. · IFRS
Definition
Borrowings the company pays interest on
Formula
Loans + bonds + lease obligations
Source
Securities report (XBRL)

Short-term borrowings

FYE Dec 2025 ¥124bn
CAGR · 10 yrs +17.3%
Fiscal year Short-term borrowings ¥ bn YoY Basis
FYE Dec 2016 29.5 n/a Cons. · Japanese GAAP
FYE Dec 2017 18.3 −38.2% Cons. · Japanese GAAP
FYE Dec 2018 51.6 moved to IFRS Cons. · IFRS
FYE Dec 2019 384 +644.5% Cons. · IFRS
FYE Dec 2020 68.1 −82.3% Cons. · IFRS
FYE Dec 2021 65.1 −4.4% Cons. · IFRS
FYE Dec 2022 96.0 +47.4% Cons. · IFRS
FYE Dec 2023 56.0 −41.7% Cons. · IFRS
FYE Dec 2024 146 +161.6% Cons. · IFRS
FYE Dec 2025 124 −15.2% 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 ¥1.30tn
CAGR · 10 yrs +88.1%
Fiscal year Long-term borrowings ¥ bn YoY Basis
FYE Dec 2016 4.4 n/a Cons. · Japanese GAAP
FYE Dec 2017 38.8 +781.5% Cons. · Japanese GAAP
FYE Dec 2018 37.9 moved to IFRS Cons. · IFRS
FYE Dec 2019 58.1 +53.5% Cons. · IFRS
FYE Dec 2020 468 +704.2% Cons. · IFRS
FYE Dec 2021 458 −2.1% Cons. · IFRS
FYE Dec 2022 626 +36.7% Cons. · IFRS
FYE Dec 2023 684 +9.2% Cons. · IFRS
FYE Dec 2024 614 −10.3% Cons. · IFRS
FYE Dec 2025 1,298 +111.5% Cons. · IFRS
Definition
Borrowings repayable in more than a year
Formula
Long-term borrowings line of the balance sheet
Source
Securities report (XBRL)

Bonds

FYE Dec 2025 ¥0.0m
Average · 10 yrs ¥0.0m
Fiscal year Bonds ¥ m YoY Basis
FYE Dec 2016 0.0 n/a Cons. · Japanese GAAP
FYE Dec 2017 0.0 n/a Cons. · Japanese GAAP
FYE Dec 2018 0.0 moved to IFRS Cons. · IFRS
FYE Dec 2019 0.0 n/a Cons. · IFRS
FYE Dec 2020 0.0 n/a Cons. · IFRS
FYE Dec 2021 0.0 n/a Cons. · IFRS
FYE Dec 2022 0.0 n/a Cons. · IFRS
FYE Dec 2023 0.0 n/a Cons. · IFRS
FYE Dec 2024 0.0 n/a Cons. · IFRS
FYE Dec 2025 0.0 n/a Cons. · IFRS
Definition
Bonds outstanding
Formula
Bonds line of the balance sheet
Source
Securities report (XBRL)

Intangible assets

FYE Dec 2025 n/a
CAGR · 4 yrs −3.6%
Fiscal year Intangible assets ¥ bn YoY Basis
FYE Dec 2016 258 n/a Cons. · Japanese GAAP
FYE Dec 2017 313 +21.5% Cons. · Japanese GAAP
FYE Dec 2018 95.5 moved to IFRS Cons. · IFRS
FYE Dec 2019 231 +141.9% Cons. · IFRS
FYE Dec 2020 n/a n/a Cons. · IFRS
FYE Dec 2021 n/a n/a Cons. · IFRS
FYE Dec 2022 n/a n/a Cons. · IFRS
FYE Dec 2023 n/a n/a Cons. · IFRS
FYE Dec 2024 n/a n/a Cons. · IFRS
FYE Dec 2025 n/a n/a Cons. · IFRS
Definition
Assets with no physical form
Formula
Intangible assets line of the balance sheet
Source
Securities report (XBRL)

Goodwill

FYE Dec 2025 ¥1.47tn
CAGR · 10 yrs +27.4%
Fiscal year Goodwill ¥ bn YoY Basis
FYE Dec 2016 166 n/a Cons. · Japanese GAAP
FYE Dec 2017 197 +18.4% Cons. · Japanese GAAP
FYE Dec 2018 204 moved to IFRS Cons. · IFRS
FYE Dec 2019 427 +109.6% Cons. · IFRS
FYE Dec 2020 424 −0.7% Cons. · IFRS
FYE Dec 2021 653 +53.9% Cons. · IFRS
FYE Dec 2022 826 +26.5% Cons. · IFRS
FYE Dec 2023 898 +8.7% Cons. · IFRS
FYE Dec 2024 969 +7.9% Cons. · IFRS
FYE Dec 2025 1,469 +51.6% Cons. · IFRS
Definition
What an acquisition cost above the net assets it brought
Formula
Goodwill line of the balance sheet
Source
Securities report (XBRL)

Equity ratio

FYE Dec 2025 44.4%
Average · 10 yrs 46.2%
Fiscal year Equity ratio % YoY Basis
FYE Dec 2016 57.2 n/a Cons. · Japanese GAAP
FYE Dec 2017 54.8 −2.4pp Cons. · Japanese GAAP
FYE Dec 2018 53.5 moved to IFRS Cons. · IFRS
FYE Dec 2019 28.3 −25.3pp Cons. · IFRS
FYE Dec 2020 27.0 −1.2pp Cons. · IFRS
FYE Dec 2021 48.6 +21.6pp Cons. · IFRS
FYE Dec 2022 46.8 −1.8pp Cons. · IFRS
FYE Dec 2023 49.7 +2.9pp Cons. · IFRS
FYE Dec 2024 51.2 +1.5pp Cons. · IFRS
FYE Dec 2025 44.4 −6.8pp 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 79.7%
Average · 10 yrs 56.5%
Fiscal year Debt-to-equity ratio % YoY Basis
FYE Dec 2016 7.0 n/a Cons. · Japanese GAAP
FYE Dec 2017 9.9 +2.9pp Cons. · Japanese GAAP
FYE Dec 2018 17.9 moved to IFRS Cons. · IFRS
FYE Dec 2019 105.8 +88.0pp Cons. · IFRS
FYE Dec 2020 122.8 +17.0pp Cons. · IFRS
FYE Dec 2021 55.0 −67.8pp Cons. · IFRS
FYE Dec 2022 63.2 +8.2pp Cons. · IFRS
FYE Dec 2023 54.9 −8.4pp Cons. · IFRS
FYE Dec 2024 48.4 −6.5pp Cons. · IFRS
FYE Dec 2025 79.7 +31.3pp 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 10.1%
Average · 10 yrs 8.1%
Fiscal year ROE % YoY Basis
FYE Dec 2016 7.3 n/a Cons. · Japanese GAAP
FYE Dec 2017 7.4 −0.0pp Cons. · Japanese GAAP
FYE Dec 2018 6.8 moved to IFRS Cons. · IFRS
FYE Dec 2019 8.8 +2.0pp Cons. · IFRS
FYE Dec 2020 10.1 +1.3pp Cons. · IFRS
FYE Dec 2021 7.1 −3.0pp Cons. · IFRS
FYE Dec 2022 7.0 −0.2pp Cons. · IFRS
FYE Dec 2023 8.8 +1.8pp Cons. · IFRS
FYE Dec 2024 8.0 −0.8pp Cons. · IFRS
FYE Dec 2025 10.1 +2.1pp Cons. · IFRS
Definition
What the shareholders' capital earns
Formula
Net profit ÷ equity
Source
Securities report (XBRL)

ROA return on assets

FYE Dec 2025 4.5%
Average · 10 yrs 3.7%
Fiscal year ROA % YoY Basis
FYE Dec 2016 4.2 n/a Cons. · Japanese GAAP
FYE Dec 2017 4.0 −0.2pp Cons. · Japanese GAAP
FYE Dec 2018 3.7 moved to IFRS Cons. · IFRS
FYE Dec 2019 2.5 −1.2pp Cons. · IFRS
FYE Dec 2020 2.7 +0.2pp Cons. · IFRS
FYE Dec 2021 3.5 +0.7pp Cons. · IFRS
FYE Dec 2022 3.3 −0.2pp Cons. · IFRS
FYE Dec 2023 4.4 +1.1pp Cons. · IFRS
FYE Dec 2024 4.1 −0.3pp Cons. · IFRS
FYE Dec 2025 4.5 +0.4pp Cons. · IFRS
Definition
What the whole balance sheet earns
Formula
Net profit ÷ total assets
Source
Securities report (XBRL)

Asset turnover

FYE Dec 2025 0.44×
CAGR · 10 yrs −2.8%
Fiscal year Asset turnover × YoY Basis
FYE Dec 2016 0.57 n/a Cons. · Japanese GAAP
FYE Dec 2017 0.66 +15.8% Cons. · Japanese GAAP
FYE Dec 2018 0.67 moved to IFRS Cons. · IFRS
FYE Dec 2019 0.47 −30.2% Cons. · IFRS
FYE Dec 2020 0.48 +2.2% Cons. · IFRS
FYE Dec 2021 0.51 +6.7% Cons. · IFRS
FYE Dec 2022 0.54 +5.0% Cons. · IFRS
FYE Dec 2023 0.53 −0.8% Cons. · IFRS
FYE Dec 2024 0.53 +0.4% Cons. · IFRS
FYE Dec 2025 0.44 −17.3% 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 ¥188bn
CAGR · 10 yrs +10.3%
Fiscal year Operating cash flow ¥ bn YoY Basis
FYE Dec 2016 77.9 n/a Cons. · Japanese GAAP
FYE Dec 2017 79.3 +1.7% Cons. · Japanese GAAP
FYE Dec 2018 59.2 moved to IFRS Cons. · IFRS
FYE Dec 2019 92.1 +55.6% Cons. · IFRS
FYE Dec 2020 87.6 −4.8% Cons. · IFRS
FYE Dec 2021 67.4 −23.1% Cons. · IFRS
FYE Dec 2022 112 +66.6% Cons. · IFRS
FYE Dec 2023 190 +68.9% Cons. · IFRS
FYE Dec 2024 167 −11.8% Cons. · IFRS
FYE Dec 2025 188 +12.0% Cons. · IFRS
Definition
Cash the business itself generated
Formula
Cash flow from operating activities
Source
Securities report (XBRL)

Investing cash flow

FYE Dec 2025 -¥322bn
Average · 10 yrs -¥142bn
Fiscal year Investing cash flow ¥ bn YoY Basis
FYE Dec 2016 -42.7 n/a Cons. · Japanese GAAP
FYE Dec 2017 -101 n/a Cons. · Japanese GAAP
FYE Dec 2018 -37.4 moved to IFRS Cons. · IFRS
FYE Dec 2019 -353 n/a Cons. · IFRS
FYE Dec 2020 -35.4 n/a Cons. · IFRS
FYE Dec 2021 -102 n/a Cons. · IFRS
FYE Dec 2022 -165 n/a Cons. · IFRS
FYE Dec 2023 -116 n/a Cons. · IFRS
FYE Dec 2024 -148 n/a Cons. · IFRS
FYE Dec 2025 -322 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 ¥255bn
Average · 10 yrs ¥57bn
Fiscal year Financing cash flow ¥ bn YoY Basis
FYE Dec 2016 -8.6 n/a Cons. · Japanese GAAP
FYE Dec 2017 -11.4 n/a Cons. · Japanese GAAP
FYE Dec 2018 8.6 moved to IFRS Cons. · IFRS
FYE Dec 2019 254 +2842.7% Cons. · IFRS
FYE Dec 2020 60.9 −76.0% Cons. · IFRS
FYE Dec 2021 -62.3 −202.4% Cons. · IFRS
FYE Dec 2022 146 n/a Cons. · IFRS
FYE Dec 2023 -38.7 −126.5% Cons. · IFRS
FYE Dec 2024 -37.4 n/a Cons. · IFRS
FYE Dec 2025 255 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 ¥424bn
CAGR · 10 yrs +13.6%
Fiscal year Cash and equivalents ¥ bn YoY Basis
FYE Dec 2016 135 n/a Cons. · Japanese GAAP
FYE Dec 2017 101 −25.2% Cons. · Japanese GAAP
FYE Dec 2018 128 moved to IFRS Cons. · IFRS
FYE Dec 2019 123 −4.0% Cons. · IFRS
FYE Dec 2020 232 +88.3% Cons. · IFRS
FYE Dec 2021 139 −40.2% Cons. · IFRS
FYE Dec 2022 243 +74.8% Cons. · IFRS
FYE Dec 2023 290 +19.4% Cons. · IFRS
FYE Dec 2024 288 −0.5% Cons. · IFRS
FYE Dec 2025 424 +47.2% 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 -¥134bn
Average · 10 yrs -¥30bn
Fiscal year FCF ¥ bn YoY Basis
FYE Dec 2016 35.2 n/a Cons. · Japanese GAAP
FYE Dec 2017 -21.4 −160.8% Cons. · Japanese GAAP
FYE Dec 2018 21.8 moved to IFRS Cons. · IFRS
FYE Dec 2019 -261 −1294.6% Cons. · IFRS
FYE Dec 2020 52.2 n/a Cons. · IFRS
FYE Dec 2021 -34.9 −166.9% Cons. · IFRS
FYE Dec 2022 -52.8 n/a Cons. · IFRS
FYE Dec 2023 73.8 n/a Cons. · IFRS
FYE Dec 2024 19.3 −73.8% Cons. · IFRS
FYE Dec 2025 -134 −796.9% 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 10.6%
Average · 10 yrs 11.3%
Fiscal year OCF margin % YoY Basis
FYE Dec 2016 16.6 n/a Cons. · Japanese GAAP
FYE Dec 2017 13.1 −3.5pp Cons. · Japanese GAAP
FYE Dec 2018 9.4 moved to IFRS Cons. · IFRS
FYE Dec 2019 13.3 +3.9pp Cons. · IFRS
FYE Dec 2020 11.3 −2.0pp Cons. · IFRS
FYE Dec 2021 6.8 −4.6pp Cons. · IFRS
FYE Dec 2022 8.6 +1.8pp Cons. · IFRS
FYE Dec 2023 13.2 +4.6pp Cons. · IFRS
FYE Dec 2024 10.2 −2.9pp Cons. · IFRS
FYE Dec 2025 10.6 +0.4pp 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 -¥998bn
Average · 10 yrs -¥321bn
Fiscal year Net cash ¥ bn YoY Basis
FYE Dec 2016 102 n/a Cons. · Japanese GAAP
FYE Dec 2017 50.5 −50.2% Cons. · Japanese GAAP
FYE Dec 2018 39.0 moved to IFRS Cons. · IFRS
FYE Dec 2019 -319 −918.1% Cons. · IFRS
FYE Dec 2020 -304 n/a Cons. · IFRS
FYE Dec 2021 -384 n/a Cons. · IFRS
FYE Dec 2022 -479 n/a Cons. · IFRS
FYE Dec 2023 -450 n/a Cons. · IFRS
FYE Dec 2024 -472 n/a Cons. · IFRS
FYE Dec 2025 -998 n/a 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 ¥2.49tn
Change · 10 yrs +¥1.45tn
Fiscal year Market capitalisation ¥ bn Basis
FYE Dec 2016 1,036 n/a
FYE Dec 2017 929 n/a
FYE Dec 2018 979 n/a
FYE Dec 2019 1,837 n/a
FYE Dec 2020 3,689 n/a
FYE Dec 2021 2,970 n/a
FYE Dec 2022 2,461 n/a
FYE Dec 2023 2,703 n/a
FYE Dec 2024 2,427 n/a
FYE Dec 2025 2,490 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 1,050¥
Change · 10 yrs −2,135¥
Fiscal year Share price ¥ Basis
FYE Dec 2016 3,185 n/a
FYE Dec 2017 2,854 n/a
FYE Dec 2018 3,009 n/a
FYE Dec 2019 5,645 n/a
FYE Dec 2020 11,335 n/a
FYE Dec 2021 1,253 n/a
FYE Dec 2022 1,038 n/a
FYE Dec 2023 1,140 n/a
FYE Dec 2024 1,024 n/a
FYE Dec 2025 1,050 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 2,370,512,000shares
Change · 10 yrs +2,045,110,000 shares
Fiscal year Shares outstanding shares Basis
FYE Dec 2016 325,402,000 Parent
FYE Dec 2017 325,402,000 Parent
FYE Dec 2018 325,402,000 Parent
FYE Dec 2019 325,402,000 Parent
FYE Dec 2020 325,402,000 Parent
FYE Dec 2021 2,370,512,000 Parent
FYE Dec 2022 2,370,512,000 Parent
FYE Dec 2023 2,370,512,000 Parent
FYE Dec 2024 2,370,512,000 Parent
FYE Dec 2025 2,370,512,000 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 Dec 2025 76.66¥
Change · 10 yrs −31.82¥
Fiscal year EPS ¥ Basis
FYE Dec 2016 108.48 Cons.
FYE Dec 2017 30.75 Cons.
FYE Dec 2018 28.28 Cons.
FYE Dec 2019 22.90 Cons.
FYE Dec 2020 27.38 Cons.
FYE Dec 2021 29.41 Cons.
FYE Dec 2022 33.82 Cons.
FYE Dec 2023 50.45 Cons.
FYE Dec 2024 53.60 Cons.
FYE Dec 2025 76.66 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 752.85¥
Change · 10 yrs −702.03¥
Fiscal year BPS ¥ Basis
FYE Dec 2016 1,454.89 Cons. · Japanese GAAP
FYE Dec 2017 1,550.31 Cons. · Japanese GAAP
FYE Dec 2018 1,540.24 Cons. · IFRS
FYE Dec 2019 1,284.15 Cons. · IFRS
FYE Dec 2020 1,340.46 Cons. · IFRS
FYE Dec 2021 400.90 Cons. · IFRS
FYE Dec 2022 481.88 Cons. · IFRS
FYE Dec 2023 568.87 Cons. · IFRS
FYE Dec 2024 662.98 Cons. · IFRS
FYE Dec 2025 752.85 Cons. · IFRS
Definition
Equity behind each share
Formula
Equity ÷ shares outstanding
Source
Securities report (XBRL)

PER price-to-earnings ratio

FYE Dec 2025 13.70×
Average · 10 yrs 34.00×
Fiscal year PER × Basis
FYE Dec 2016 29.36 Cons.
FYE Dec 2017 23.20 Cons.
FYE Dec 2018 26.60 Cons.
FYE Dec 2019 49.30 Cons.
FYE Dec 2020 82.80 Cons.
FYE Dec 2021 42.60 Cons.
FYE Dec 2022 30.70 Cons.
FYE Dec 2023 22.60 Cons.
FYE Dec 2024 19.10 Cons.
FYE Dec 2025 13.70 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 Dec 2025 1.36×
Average · 10 yrs 2.65×
Fiscal year PBR × Basis
FYE Dec 2016 2.18 Cons.
FYE Dec 2017 2.24 Cons.
FYE Dec 2018 2.32 Cons.
FYE Dec 2019 3.27 Cons.
FYE Dec 2020 6.41 Cons.
FYE Dec 2021 3.07 Cons.
FYE Dec 2022 2.12 Cons.
FYE Dec 2023 1.97 Cons.
FYE Dec 2024 1.51 Cons.
FYE Dec 2025 1.36 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 38,481people
Change · 10 yrs +21,609 people
Fiscal year Group employees people YoY Basis
FYE Dec 2016 16,872 n/a Cons.
FYE Dec 2017 20,257 +20.1% Cons.
FYE Dec 2018 20,244 −0.1% Cons.
FYE Dec 2019 25,970 +28.3% Cons.
FYE Dec 2020 27,318 +5.2% Cons.
FYE Dec 2021 30,247 +10.7% Cons.
FYE Dec 2022 33,763 +11.6% Cons.
FYE Dec 2023 34,393 +1.9% Cons.
FYE Dec 2024 38,562 +12.1% Cons.
FYE Dec 2025 38,481 −0.2% 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 49people
Change · 10 yrs −175 people
Fiscal year Parent-company employees people YoY Basis
FYE Dec 2016 224 n/a Parent
FYE Dec 2017 230 +2.7% Parent
FYE Dec 2018 210 −8.7% Parent
FYE Dec 2019 243 +15.7% Parent
FYE Dec 2020 342 +40.7% Parent
FYE Dec 2021 404 +18.1% Parent
FYE Dec 2022 51 −87.4% Parent
FYE Dec 2023 54 +5.9% Parent
FYE Dec 2024 50 −7.4% Parent
FYE Dec 2025 49 −2.0% 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 ¥10.4m
Change · 10 yrs +¥2.4m
Fiscal year Average annual pay ¥ m YoY Basis
FYE Dec 2016 8.1 n/a Parent
FYE Dec 2017 7.8 −3.7% Parent
FYE Dec 2018 8.1 +3.6% Parent
FYE Dec 2019 7.8 −3.6% Parent
FYE Dec 2020 8.3 +7.1% Parent
FYE Dec 2021 9.0 +7.9% Parent
FYE Dec 2022 10.7 +19.4% Parent
FYE Dec 2023 9.8 −8.9% Parent
FYE Dec 2024 10.8 +10.9% Parent
FYE Dec 2025 10.4 −3.6% 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 42.6years
Change · 7 yrs −0.4 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 43.0 n/a Parent
FYE Dec 2020 42.7 −0.7% Parent
FYE Dec 2021 43.6 +2.1% Parent
FYE Dec 2022 41.1 −5.7% Parent
FYE Dec 2023 41.8 +1.7% Parent
FYE Dec 2024 42.4 +1.4% Parent
FYE Dec 2025 42.6 +0.5% 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 11.3years
Change · 10 yrs −5.0 years
Fiscal year Average length of service years YoY Basis
FYE Dec 2016 16.3 n/a Parent
FYE Dec 2017 15.6 −4.3% Parent
FYE Dec 2018 16.2 +3.8% Parent
FYE Dec 2019 14.6 −9.9% Parent
FYE Dec 2020 13.4 −8.2% Parent
FYE Dec 2021 11.6 −13.4% Parent
FYE Dec 2022 8.5 −26.7% Parent
FYE Dec 2023 10.6 +24.7% Parent
FYE Dec 2024 10.8 +1.9% Parent
FYE Dec 2025 11.3 +4.6% 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)

Temporary employees

FYE Dec 2025 9,528people
Change · 5 yrs +2,685 people
Fiscal year Temporary employees people YoY Basis
FYE Dec 2016 n/a n/a n/a
FYE Dec 2017 n/a n/a n/a
FYE Dec 2018 n/a n/a n/a
FYE Dec 2019 n/a n/a n/a
FYE Dec 2020 n/a n/a n/a
FYE Dec 2021 6,843 n/a n/a
FYE Dec 2022 7,367 +7.7% n/a
FYE Dec 2023 8,030 +9.0% n/a
FYE Dec 2024 9,095 +13.3% n/a
FYE Dec 2025 9,528 +4.8% 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 ¥46.1m
Change · 10 yrs +¥18.2m
Fiscal year Revenue per employee ¥ m YoY Basis
FYE Dec 2016 27.9 n/a Cons.
FYE Dec 2017 29.9 +7.2% Cons.
FYE Dec 2018 31.0 n/a Cons.
FYE Dec 2019 26.6 −14.1% Cons.
FYE Dec 2020 28.3 +6.1% Cons.
FYE Dec 2021 33.0 +16.7% Cons.
FYE Dec 2022 38.8 +17.5% Cons.
FYE Dec 2023 41.9 +8.2% Cons.
FYE Dec 2024 42.5 +1.3% Cons.
FYE Dec 2025 46.1 +8.5% Cons.
Definition
What each employee accounts for in revenue
Formula
Revenue ÷ group employees
Source
Securities report (XBRL)

Operating profit per employee

FYE Dec 2025 ¥6.7m
Change · 10 yrs +¥2.4m
Fiscal year OP per employee ¥ m YoY Basis
FYE Dec 2016 4.3 n/a Cons.
FYE Dec 2017 3.7 −13.9% Cons.
FYE Dec 2018 4.3 n/a Cons.
FYE Dec 2019 3.0 −29.7% Cons.
FYE Dec 2020 3.2 +6.7% Cons.
FYE Dec 2021 2.9 −9.7% Cons.
FYE Dec 2022 3.3 +14.4% Cons.
FYE Dec 2023 4.9 +48.1% Cons.
FYE Dec 2024 4.8 −1.6% Cons.
FYE Dec 2025 6.7 +38.4% Cons.
Definition
What each employee accounts for in operating profit
Formula
Operating profit ÷ group employees
Source
Securities report (XBRL)

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