Financials

Taiyo Holdings: FYE Mar 2026 and ten years of results (50 metrics)

FYE Mar 2026 · Revenue¥138bnYoY +15.8%

FYE Mar 2026 · Operating profit¥33bnYoY +47.4%

FYE Mar 2026 · Net profit¥24bnYoY +122.7%

FYE Mar 2026 · Equity ratio57.3%YoY +3.7pp

FYE Mar 2026 · Group employees2,561YoY +76

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥48bn	n/a	¥9.2bn	n/a	19.3%	¥6.4bn	Sato Eiji	—
FYE Mar 2018Consolidated	¥52bn	+9.1%	¥11bn	+22.9%	21.7%	¥4.9bn	Sato Eiji	Capital tie-up with DIC; founds Taiyo Pharma
FYE Mar 2019Consolidated	¥59bn	+13.7%	¥8.1bn	−28.6%	13.6%	¥4.4bn	Sato Eiji	—
FYE Mar 2020Consolidated	¥71bn	+18.9%	¥9.1bn	+12.8%	12.9%	¥3.7bn	Sato Eiji	Adds Taiyo Pharma Tech (contract drug manufacturing)
FYE Mar 2021Consolidated	¥81bn	+14.7%	¥14bn	+52.6%	17.2%	¥9.5bn	Sato Eiji	Vietnam production subsidiary
FYE Mar 2022Consolidated	¥98bn	+21.0%	¥18bn	+28.8%	18.3%	¥12bn	Sato Eiji	—
FYE Mar 2023Consolidated	¥97bn	−0.6%	¥16bn	−11.1%	16.4%	¥11bn	Sato Eiji	Moves to the TSE Prime Market
FYE Mar 2024Consolidated	¥105bn	+7.6%	¥18bn	+14.0%	17.4%	¥8.7bn	Sato Eiji	—
FYE Mar 2025Consolidated	¥119bn	+13.6%	¥22bn	+21.2%	18.5%	¥11bn	Sato Eiji	Adopts an audit-committee board
FYE Mar 2026Consolidated	¥138bn	+15.8%	¥33bn	+47.4%	23.6%	¥24bn	Sato Eiji	<strong>Eiji Sato</strong>’s reappointment rejected by shareholders

How it compares

Fujifilm Holdings¥3.36tnFY2025Operating margin 10.4%Nitto Denko¥1.03tnFY2025Operating margin 17.9%Mitsubishi Gas Chemical¥738bnFY2025Operating margin 6.1%

Hitachi ChemicalDelisted 2020

Adeka¥417bnFY2025Operating margin 10.0%

ZEON CORPORATION¥412bnFY2025Operating margin 8.8%

Nippon Shokubai¥400bnFY2025Operating margin 4.4%

LINTEC¥319bnFY2025Operating margin 7.9%

Nissan Chemical¥280bnFY2025Operating margin 22.7%NOF Corporation¥258bnFY2025Operating margin 18.4%

Taiyo Holdings¥138bnFY2025Operating margin 23.6%

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

Where the revenue goes

¥ bn

Cost of sales SG&A Operating profit

Margins

Gross margin Operating margin Ordinary margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥138bn

CAGR · 10 yrs +12.5%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	47.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	52.2	+9.1%	Cons. · Japanese GAAP
FYE Mar 2019	59.4	+13.7%	Cons. · Japanese GAAP
FYE Mar 2020	70.6	+18.9%	Cons. · Japanese GAAP
FYE Mar 2021	81.0	+14.7%	Cons. · Japanese GAAP
FYE Mar 2022	98.0	+21.0%	Cons. · Japanese GAAP
FYE Mar 2023	97.3	−0.6%	Cons. · Japanese GAAP
FYE Mar 2024	105	+7.6%	Cons. · Japanese GAAP
FYE Mar 2025	119	+13.6%	Cons. · Japanese GAAP
FYE Mar 2026	138	+15.8%	Cons. · Japanese GAAP

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 ¥70bn

CAGR · 10 yrs +11.6%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	26.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	27.3	+4.1%	Cons. · Japanese GAAP
FYE Mar 2019	33.0	+21.0%	Cons. · Japanese GAAP
FYE Mar 2020	41.6	+25.8%	Cons. · Japanese GAAP
FYE Mar 2021	46.1	+10.9%	Cons. · Japanese GAAP
FYE Mar 2022	55.1	+19.5%	Cons. · Japanese GAAP
FYE Mar 2023	54.5	−1.0%	Cons. · Japanese GAAP
FYE Mar 2024	55.9	+2.6%	Cons. · Japanese GAAP
FYE Mar 2025	62.8	+12.3%	Cons. · Japanese GAAP
FYE Mar 2026	70.4	+12.0%	Cons. · Japanese GAAP

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 ¥67bn

CAGR · 10 yrs +13.5%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	21.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	24.9	+15.2%	Cons. · Japanese GAAP
FYE Mar 2019	26.3	+5.7%	Cons. · Japanese GAAP
FYE Mar 2020	29.1	+10.3%	Cons. · Japanese GAAP
FYE Mar 2021	34.9	+20.0%	Cons. · Japanese GAAP
FYE Mar 2022	42.9	+22.9%	Cons. · Japanese GAAP
FYE Mar 2023	42.8	−0.2%	Cons. · Japanese GAAP
FYE Mar 2024	48.8	+14.1%	Cons. · Japanese GAAP
FYE Mar 2025	56.2	+15.1%	Cons. · Japanese GAAP
FYE Mar 2026	67.5	+20.1%	Cons. · Japanese GAAP

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 ¥35bn

CAGR · 10 yrs +12.2%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	12.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.6	+9.5%	Cons. · Japanese GAAP
FYE Mar 2019	18.2	+34.2%	Cons. · Japanese GAAP
FYE Mar 2020	19.9	+9.2%	Cons. · Japanese GAAP
FYE Mar 2021	20.9	+5.0%	Cons. · Japanese GAAP
FYE Mar 2022	24.9	+19.1%	Cons. · Japanese GAAP
FYE Mar 2023	26.8	+7.7%	Cons. · Japanese GAAP
FYE Mar 2024	30.6	+14.2%	Cons. · Japanese GAAP
FYE Mar 2025	34.1	+11.4%	Cons. · Japanese GAAP
FYE Mar 2026	35.0	+2.5%	Cons. · Japanese GAAP

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 ¥33bn

CAGR · 10 yrs +15.0%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	9.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.3	+22.9%	Cons. · Japanese GAAP
FYE Mar 2019	8.1	−28.6%	Cons. · Japanese GAAP
FYE Mar 2020	9.1	+12.8%	Cons. · Japanese GAAP
FYE Mar 2021	13.9	+52.6%	Cons. · Japanese GAAP
FYE Mar 2022	18.0	+28.8%	Cons. · Japanese GAAP
FYE Mar 2023	16.0	−11.1%	Cons. · Japanese GAAP
FYE Mar 2024	18.2	+14.0%	Cons. · Japanese GAAP
FYE Mar 2025	22.1	+21.2%	Cons. · Japanese GAAP
FYE Mar 2026	32.5	+47.4%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥1.7bn

CAGR · 10 yrs +24.6%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	0.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.2	−8.5%	Cons. · Japanese GAAP
FYE Mar 2019	0.2	+0.5%	Cons. · Japanese GAAP
FYE Mar 2020	0.2	+11.6%	Cons. · Japanese GAAP
FYE Mar 2021	0.4	+63.8%	Cons. · Japanese GAAP
FYE Mar 2022	0.9	+126.5%	Cons. · Japanese GAAP
FYE Mar 2023	0.6	−38.0%	Cons. · Japanese GAAP
FYE Mar 2024	0.6	+14.5%	Cons. · Japanese GAAP
FYE Mar 2025	1.0	+62.8%	Cons. · Japanese GAAP
FYE Mar 2026	1.7	+64.7%	Cons. · Japanese GAAP

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

Non-operating expenses

FYE Mar 2026 ¥2.0bn

CAGR · 10 yrs +25.7%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.4	+39.1%	Cons. · Japanese GAAP
FYE Mar 2019	0.3	−14.8%	Cons. · Japanese GAAP
FYE Mar 2020	0.5	+59.3%	Cons. · Japanese GAAP
FYE Mar 2021	0.5	+8.2%	Cons. · Japanese GAAP
FYE Mar 2022	0.8	+52.0%	Cons. · Japanese GAAP
FYE Mar 2023	1.1	+35.1%	Cons. · Japanese GAAP
FYE Mar 2024	1.5	+43.6%	Cons. · Japanese GAAP
FYE Mar 2025	1.5	−0.4%	Cons. · Japanese GAAP
FYE Mar 2026	2.0	+30.3%	Cons. · Japanese GAAP

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

Ordinary profit keijo rieki

FYE Mar 2026 ¥32bn

CAGR · 10 yrs +14.9%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	9.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.2	+21.7%	Cons. · Japanese GAAP
FYE Mar 2019	8.0	−28.4%	Cons. · Japanese GAAP
FYE Mar 2020	8.9	+11.0%	Cons. · Japanese GAAP
FYE Mar 2021	13.8	+55.3%	Cons. · Japanese GAAP
FYE Mar 2022	18.1	+30.7%	Cons. · Japanese GAAP
FYE Mar 2023	15.5	−14.4%	Cons. · Japanese GAAP
FYE Mar 2024	17.3	+12.0%	Cons. · Japanese GAAP
FYE Mar 2025	21.6	+24.7%	Cons. · Japanese GAAP
FYE Mar 2026	32.2	+49.4%	Cons. · Japanese GAAP

Definition: A level of profit that exists only under Japanese GAAP
Formula: Operating profit + non-operating income − non-operating expenses
Source: Securities report (XBRL)

Extraordinary income

FYE Mar 2026 ¥951m

CAGR · 3 yrs +28.6%

Fiscal year	Extraordinary income ¥ m	YoY	Basis
FYE Mar 2017	575	n/a	Cons. · Japanese GAAP
FYE Mar 2018	40.0	−93.0%	Cons. · Japanese GAAP
FYE Mar 2019	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2020	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2022	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2024	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2025	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2026	951	n/a	Cons. · Japanese GAAP

Definition: One-off gains, such as an asset sale
Formula: Extraordinary income line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥24bn

CAGR · 10 yrs +15.8%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	6.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.9	−24.1%	Cons. · Japanese GAAP
FYE Mar 2019	4.4	−9.5%	Cons. · Japanese GAAP
FYE Mar 2020	3.7	−14.7%	Cons. · Japanese GAAP
FYE Mar 2021	9.5	+154.2%	Cons. · Japanese GAAP
FYE Mar 2022	11.8	+23.9%	Cons. · Japanese GAAP
FYE Mar 2023	11.4	−3.4%	Cons. · Japanese GAAP
FYE Mar 2024	8.7	−24.1%	Cons. · Japanese GAAP
FYE Mar 2025	10.8	+24.6%	Cons. · Japanese GAAP
FYE Mar 2026	24.0	+122.7%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 49.0%

Average · 10 yrs 45.2%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	45.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	47.7	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2019	44.4	−3.4pp	Cons. · Japanese GAAP
FYE Mar 2020	41.1	−3.2pp	Cons. · Japanese GAAP
FYE Mar 2021	43.0	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2022	43.8	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2023	44.0	+0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	46.6	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2025	47.2	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	49.0	+1.8pp	Cons. · Japanese GAAP

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

Operating margin

FYE Mar 2026 23.6%

Average · 10 yrs 17.9%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	19.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21.7	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2019	13.6	−8.1pp	Cons. · Japanese GAAP
FYE Mar 2020	12.9	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2021	17.2	+4.3pp	Cons. · Japanese GAAP
FYE Mar 2022	18.3	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2023	16.4	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2024	17.4	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2025	18.5	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2026	23.6	+5.1pp	Cons. · Japanese GAAP

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

Ordinary margin

FYE Mar 2026 23.4%

Average · 10 yrs 17.6%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	19.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21.4	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2019	13.5	−7.9pp	Cons. · Japanese GAAP
FYE Mar 2020	12.6	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2021	17.1	+4.5pp	Cons. · Japanese GAAP
FYE Mar 2022	18.4	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2023	15.9	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2024	16.5	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2025	18.1	+1.6pp	Cons. · Japanese GAAP
FYE Mar 2026	23.4	+5.3pp	Cons. · Japanese GAAP

Definition: The share of revenue left at the ordinary-profit line
Formula: Ordinary profit ÷ revenue
Source: Securities report (XBRL)

Net margin

FYE Mar 2026 17.4%

Average · 10 yrs 10.6%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	13.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.3	−4.1pp	Cons. · Japanese GAAP
FYE Mar 2019	7.4	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2020	5.3	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2021	11.8	+6.5pp	Cons. · Japanese GAAP
FYE Mar 2022	12.0	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2023	11.7	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2024	8.3	−3.5pp	Cons. · Japanese GAAP
FYE Mar 2025	9.1	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2026	17.4	+8.4pp	Cons. · Japanese GAAP

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

Cost-of-sales ratio

FYE Mar 2026 51.0%

Average · 10 yrs 54.8%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	54.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	52.3	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2019	55.6	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2020	58.9	+3.2pp	Cons. · Japanese GAAP
FYE Mar 2021	57.0	−1.9pp	Cons. · Japanese GAAP
FYE Mar 2022	56.2	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2023	56.0	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2024	53.4	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2025	52.8	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	51.0	−1.8pp	Cons. · Japanese GAAP

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 25.4%

Average · 10 yrs 27.3%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	26.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	26.0	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	30.7	+4.7pp	Cons. · Japanese GAAP
FYE Mar 2020	28.2	−2.5pp	Cons. · Japanese GAAP
FYE Mar 2021	25.8	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2022	25.4	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2023	27.6	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2024	29.2	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2025	28.7	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	25.4	−3.3pp	Cons. · Japanese GAAP

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 ¥202bn

CAGR · 10 yrs +9.1%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	92.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	111	+20.7%	Cons. · Japanese GAAP
FYE Mar 2019	106	−5.2%	Cons. · Japanese GAAP
FYE Mar 2020	142	+34.6%	Cons. · Japanese GAAP
FYE Mar 2021	179	+25.9%	Cons. · Japanese GAAP
FYE Mar 2022	189	+5.7%	Cons. · Japanese GAAP
FYE Mar 2023	187	−1.1%	Cons. · Japanese GAAP
FYE Mar 2024	213	+13.6%	Cons. · Japanese GAAP
FYE Mar 2025	192	−9.7%	Cons. · Japanese GAAP
FYE Mar 2026	202	+5.2%	Cons. · Japanese GAAP

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 ¥116bn

CAGR · 10 yrs +5.6%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	71.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	72.7	+2.2%	Cons. · Japanese GAAP
FYE Mar 2019	70.2	−3.4%	Cons. · Japanese GAAP
FYE Mar 2020	69.2	−1.4%	Cons. · Japanese GAAP
FYE Mar 2021	76.1	+10.0%	Cons. · Japanese GAAP
FYE Mar 2022	85.5	+12.2%	Cons. · Japanese GAAP
FYE Mar 2023	92.7	+8.5%	Cons. · Japanese GAAP
FYE Mar 2024	100	+8.3%	Cons. · Japanese GAAP
FYE Mar 2025	103	+2.6%	Cons. · Japanese GAAP
FYE Mar 2026	116	+12.4%	Cons. · Japanese GAAP

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 ¥42bn

CAGR · 10 yrs +19.6%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	8.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	18.1	+114.0%	Cons. · Japanese GAAP
FYE Mar 2019	16.5	−8.9%	Cons. · Japanese GAAP
FYE Mar 2020	50.0	+203.8%	Cons. · Japanese GAAP
FYE Mar 2021	69.8	+39.7%	Cons. · Japanese GAAP
FYE Mar 2022	61.6	−11.8%	Cons. · Japanese GAAP
FYE Mar 2023	58.6	−4.9%	Cons. · Japanese GAAP
FYE Mar 2024	53.0	−9.6%	Cons. · Japanese GAAP
FYE Mar 2025	47.2	−10.9%	Cons. · Japanese GAAP
FYE Mar 2026	42.4	−10.2%	Cons. · Japanese GAAP

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

Short-term borrowings

FYE Mar 2026 ¥1.3bn

CAGR · 10 yrs −0.0%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	1.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.1	+68.4%	Cons. · Japanese GAAP
FYE Mar 2019	4.0	+87.0%	Cons. · Japanese GAAP
FYE Mar 2020	5.2	+28.8%	Cons. · Japanese GAAP
FYE Mar 2021	10.5	+103.1%	Cons. · Japanese GAAP
FYE Mar 2022	13.2	+26.1%	Cons. · Japanese GAAP
FYE Mar 2023	5.4	−59.0%	Cons. · Japanese GAAP
FYE Mar 2024	9.8	+81.1%	Cons. · Japanese GAAP
FYE Mar 2025	0.3	−96.9%	Cons. · Japanese GAAP
FYE Mar 2026	1.3	+317.4%	Cons. · Japanese GAAP

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 ¥41bn

CAGR · 10 yrs +21.4%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	7.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15.9	+122.1%	Cons. · Japanese GAAP
FYE Mar 2019	12.4	−21.9%	Cons. · Japanese GAAP
FYE Mar 2020	44.8	+260.2%	Cons. · Japanese GAAP
FYE Mar 2021	59.3	+32.4%	Cons. · Japanese GAAP
FYE Mar 2022	48.4	−18.5%	Cons. · Japanese GAAP
FYE Mar 2023	53.2	+9.9%	Cons. · Japanese GAAP
FYE Mar 2024	43.1	−18.9%	Cons. · Japanese GAAP
FYE Mar 2025	46.9	+8.7%	Cons. · Japanese GAAP
FYE Mar 2026	41.1	−12.3%	Cons. · Japanese GAAP

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 ¥14bn

CAGR · 10 yrs +13.7%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	4.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21.8	+380.9%	Cons. · Japanese GAAP
FYE Mar 2019	21.4	−1.8%	Cons. · Japanese GAAP
FYE Mar 2020	30.8	+43.5%	Cons. · Japanese GAAP
FYE Mar 2021	34.9	+13.6%	Cons. · Japanese GAAP
FYE Mar 2022	32.1	−8.3%	Cons. · Japanese GAAP
FYE Mar 2023	29.2	−9.0%	Cons. · Japanese GAAP
FYE Mar 2024	25.8	−11.5%	Cons. · Japanese GAAP
FYE Mar 2025	16.3	−36.7%	Cons. · Japanese GAAP
FYE Mar 2026	14.5	−11.5%	Cons. · Japanese GAAP

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

Goodwill

FYE Mar 2026 ¥2.7bn

CAGR · 10 yrs −4.4%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	4.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.7	−83.6%	Cons. · Japanese GAAP
FYE Mar 2019	0.7	+2.5%	Cons. · Japanese GAAP
FYE Mar 2020	6.8	+890.7%	Cons. · Japanese GAAP
FYE Mar 2021	6.4	−6.5%	Cons. · Japanese GAAP
FYE Mar 2022	6.0	−6.7%	Cons. · Japanese GAAP
FYE Mar 2023	5.0	−16.7%	Cons. · Japanese GAAP
FYE Mar 2024	2.9	−41.8%	Cons. · Japanese GAAP
FYE Mar 2025	3.0	+4.7%	Cons. · Japanese GAAP
FYE Mar 2026	2.7	−9.5%	Cons. · Japanese GAAP

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 57.3%

Average · 10 yrs 55.3%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	76.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	65.2	−11.7pp	Cons. · Japanese GAAP
FYE Mar 2019	66.4	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2020	48.7	−17.7pp	Cons. · Japanese GAAP
FYE Mar 2021	42.5	−6.1pp	Cons. · Japanese GAAP
FYE Mar 2022	45.2	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2023	49.5	+4.4pp	Cons. · Japanese GAAP
FYE Mar 2024	47.2	−2.3pp	Cons. · Japanese GAAP
FYE Mar 2025	53.6	+6.4pp	Cons. · Japanese GAAP
FYE Mar 2026	57.3	+3.7pp	Cons. · Japanese GAAP

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 36.6%

Average · 10 yrs 49.5%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	11.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	24.9	+13.0pp	Cons. · Japanese GAAP
FYE Mar 2019	23.4	−1.4pp	Cons. · Japanese GAAP
FYE Mar 2020	72.2	+48.8pp	Cons. · Japanese GAAP
FYE Mar 2021	91.7	+19.5pp	Cons. · Japanese GAAP
FYE Mar 2022	72.1	−19.6pp	Cons. · Japanese GAAP
FYE Mar 2023	63.2	−8.9pp	Cons. · Japanese GAAP
FYE Mar 2024	52.7	−10.4pp	Cons. · Japanese GAAP
FYE Mar 2025	45.8	−6.9pp	Cons. · Japanese GAAP
FYE Mar 2026	36.6	−9.2pp	Cons. · Japanese GAAP

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 20.7%

Average · 10 yrs 10.6%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	9.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.7	−2.3pp	Cons. · Japanese GAAP
FYE Mar 2019	6.3	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2020	5.4	−0.8pp	Cons. · Japanese GAAP
FYE Mar 2021	12.5	+7.1pp	Cons. · Japanese GAAP
FYE Mar 2022	13.8	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2023	12.3	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2024	8.6	−3.7pp	Cons. · Japanese GAAP
FYE Mar 2025	10.5	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2026	20.7	+10.3pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 11.9%

Average · 10 yrs 5.7%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	6.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	4.4	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2019	4.2	−0.2pp	Cons. · Japanese GAAP
FYE Mar 2020	2.6	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2021	5.3	+2.7pp	Cons. · Japanese GAAP
FYE Mar 2022	6.2	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2023	6.1	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2024	4.1	−2.0pp	Cons. · Japanese GAAP
FYE Mar 2025	5.6	+1.5pp	Cons. · Japanese GAAP
FYE Mar 2026	11.9	+6.3pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.68×

CAGR · 10 yrs +3.1%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.52	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.47	−9.6%	Cons. · Japanese GAAP
FYE Mar 2019	0.56	+19.9%	Cons. · Japanese GAAP
FYE Mar 2020	0.50	−11.6%	Cons. · Japanese GAAP
FYE Mar 2021	0.45	−8.9%	Cons. · Japanese GAAP
FYE Mar 2022	0.52	+14.4%	Cons. · Japanese GAAP
FYE Mar 2023	0.52	+0.4%	Cons. · Japanese GAAP
FYE Mar 2024	0.49	−5.3%	Cons. · Japanese GAAP
FYE Mar 2025	0.62	+25.8%	Cons. · Japanese GAAP
FYE Mar 2026	0.68	+10.1%	Cons. · Japanese GAAP

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 ¥31bn

CAGR · 10 yrs +14.6%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	9.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	8.1	−10.4%	Cons. · Japanese GAAP
FYE Mar 2019	5.9	−27.1%	Cons. · Japanese GAAP
FYE Mar 2020	13.7	+132.6%	Cons. · Japanese GAAP
FYE Mar 2021	16.3	+18.7%	Cons. · Japanese GAAP
FYE Mar 2022	18.3	+12.2%	Cons. · Japanese GAAP
FYE Mar 2023	22.7	+24.2%	Cons. · Japanese GAAP
FYE Mar 2024	21.2	−6.7%	Cons. · Japanese GAAP
FYE Mar 2025	23.7	+11.7%	Cons. · Japanese GAAP
FYE Mar 2026	30.7	+29.6%	Cons. · Japanese GAAP

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

Investing cash flow

FYE Mar 2026 -¥7.7bn

Average · 10 yrs -¥15bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-1.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-24.2	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-5.5	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-45.9	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-11.6	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-11.3	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-13.2	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-21.1	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-8.3	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-7.7	n/a	Cons. · Japanese GAAP

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

Financing cash flow

FYE Mar 2026 -¥26bn

Average · 10 yrs -¥0.0bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	20.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.3	−44.4%	Cons. · Japanese GAAP
FYE Mar 2019	-12.0	−206.0%	Cons. · Japanese GAAP
FYE Mar 2020	31.6	n/a	Cons. · Japanese GAAP
FYE Mar 2021	19.8	−37.5%	Cons. · Japanese GAAP
FYE Mar 2022	-11.3	−157.1%	Cons. · Japanese GAAP
FYE Mar 2023	-13.9	n/a	Cons. · Japanese GAAP
FYE Mar 2024	9.0	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-29.2	−426.3%	Cons. · Japanese GAAP
FYE Mar 2026	-26.0	n/a	Cons. · Japanese GAAP

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 ¥43bn

CAGR · 10 yrs −1.0%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	46.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	41.8	−10.4%	Cons. · Japanese GAAP
FYE Mar 2019	30.1	−28.0%	Cons. · Japanese GAAP
FYE Mar 2020	29.1	−3.3%	Cons. · Japanese GAAP
FYE Mar 2021	54.3	+86.5%	Cons. · Japanese GAAP
FYE Mar 2022	51.2	−5.8%	Cons. · Japanese GAAP
FYE Mar 2023	47.1	−7.9%	Cons. · Japanese GAAP
FYE Mar 2024	57.7	+22.5%	Cons. · Japanese GAAP
FYE Mar 2025	44.1	−23.6%	Cons. · Japanese GAAP
FYE Mar 2026	42.5	−3.4%	Cons. · Japanese GAAP

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 ¥23bn

CAGR · 10 yrs +12.5%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	8.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-16.1	−301.3%	Cons. · Japanese GAAP
FYE Mar 2019	0.4	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-32.2	−7760.2%	Cons. · Japanese GAAP
FYE Mar 2021	4.7	n/a	Cons. · Japanese GAAP
FYE Mar 2022	7.1	+49.7%	Cons. · Japanese GAAP
FYE Mar 2023	9.6	+35.8%	Cons. · Japanese GAAP
FYE Mar 2024	0.2	−98.4%	Cons. · Japanese GAAP
FYE Mar 2025	15.4	+9839.4%	Cons. · Japanese GAAP
FYE Mar 2026	23.1	+49.8%	Cons. · Japanese GAAP

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 22.3%

Average · 10 yrs 18.8%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	18.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15.5	−3.4pp	Cons. · Japanese GAAP
FYE Mar 2019	9.9	−5.6pp	Cons. · Japanese GAAP
FYE Mar 2020	19.5	+9.5pp	Cons. · Japanese GAAP
FYE Mar 2021	20.1	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2022	18.7	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2023	23.4	+4.7pp	Cons. · Japanese GAAP
FYE Mar 2024	20.3	−3.1pp	Cons. · Japanese GAAP
FYE Mar 2025	19.9	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2026	22.3	+2.4pp	Cons. · Japanese GAAP

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

Net cash

FYE Mar 2026 ¥0.2bn

CAGR · 10 yrs −45.2%

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	38.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	23.7	−37.9%	Cons. · Japanese GAAP
FYE Mar 2019	13.6	−42.5%	Cons. · Japanese GAAP
FYE Mar 2020	-20.9	−252.9%	Cons. · Japanese GAAP
FYE Mar 2021	-15.5	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-10.5	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-11.5	n/a	Cons. · Japanese GAAP
FYE Mar 2024	4.7	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-3.1	−166.7%	Cons. · Japanese GAAP
FYE Mar 2026	0.2	n/a	Cons. · Japanese GAAP

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 ¥583bn

Change · 10 yrs +¥442bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	141	n/a
FYE Mar 2018	132	n/a
FYE Mar 2019	106	n/a
FYE Mar 2020	118	n/a
FYE Mar 2021	175	n/a
FYE Mar 2022	188	n/a
FYE Mar 2023	146	n/a
FYE Mar 2024	198	n/a
FYE Mar 2025	282	n/a
FYE Mar 2026	583	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 4,988¥

Change · 10 yrs +112¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	4,876	n/a
FYE Mar 2018	2,286	n/a
FYE Mar 2019	1,826	n/a
FYE Mar 2020	2,033	n/a
FYE Mar 2021	3,015	n/a
FYE Mar 2022	1,621	n/a
FYE Mar 2023	1,253	n/a
FYE Mar 2024	1,696	n/a
FYE Mar 2025	2,415	n/a
FYE Mar 2026	4,988	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 116,839,616shares

Change · 10 yrs +87,998,516 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	28,841,100	Parent
FYE Mar 2018	57,665,888	Parent
FYE Mar 2019	57,777,972	Parent
FYE Mar 2020	57,939,294	Parent
FYE Mar 2021	57,997,004	Parent
FYE Mar 2022	116,166,256	Parent
FYE Mar 2023	116,371,002	Parent
FYE Mar 2024	116,583,118	Parent
FYE Mar 2025	116,739,010	Parent
FYE Mar 2026	116,839,616	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 215.92¥

Change · 10 yrs −50.54¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	266.46	Cons.
FYE Mar 2018	84.37	Cons.
FYE Mar 2019	76.42	Cons.
FYE Mar 2020	66.01	Cons.
FYE Mar 2021	167.49	Cons.
FYE Mar 2022	104.56	Cons.
FYE Mar 2023	101.86	Cons.
FYE Mar 2024	77.44	Cons.
FYE Mar 2025	96.59	Cons.
FYE Mar 2026	215.92	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 990.63¥

Change · 10 yrs −1,473.35¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	2,463.98	Cons. · Japanese GAAP
FYE Mar 2018	1,260.02	Cons. · Japanese GAAP
FYE Mar 2019	1,214.70	Cons. · Japanese GAAP
FYE Mar 2020	1,194.73	Cons. · Japanese GAAP
FYE Mar 2021	1,312.83	Cons. · Japanese GAAP
FYE Mar 2022	735.71	Cons. · Japanese GAAP
FYE Mar 2023	796.90	Cons. · Japanese GAAP
FYE Mar 2024	861.14	Cons. · Japanese GAAP
FYE Mar 2025	882.09	Cons. · Japanese GAAP
FYE Mar 2026	990.63	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 23.10×

Average · 10 yrs 21.59×

Fiscal year	PER ×	Basis
FYE Mar 2017	18.30	Cons.
FYE Mar 2018	27.10	Cons.
FYE Mar 2019	23.90	Cons.
FYE Mar 2020	30.80	Cons.
FYE Mar 2021	18.00	Cons.
FYE Mar 2022	15.50	Cons.
FYE Mar 2023	12.30	Cons.
FYE Mar 2024	21.90	Cons.
FYE Mar 2025	25.00	Cons.
FYE Mar 2026	23.10	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 4.80×

Average · 10 yrs 2.21×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.97	Cons.
FYE Mar 2018	1.81	Cons.
FYE Mar 2019	1.47	Cons.
FYE Mar 2020	1.67	Cons.
FYE Mar 2021	2.24	Cons.
FYE Mar 2022	2.13	Cons.
FYE Mar 2023	1.51	Cons.
FYE Mar 2024	1.89	Cons.
FYE Mar 2025	2.60	Cons.
FYE Mar 2026	4.80	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 2,561people

Change · 10 yrs +1,312 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	1,249	n/a	Cons.
FYE Mar 2018	1,268	+1.5%	Cons.
FYE Mar 2019	1,614	+27.3%	Cons.
FYE Mar 2020	1,988	+23.2%	Cons.
FYE Mar 2021	2,067	+4.0%	Cons.
FYE Mar 2022	2,137	+3.4%	Cons.
FYE Mar 2023	2,120	−0.8%	Cons.
FYE Mar 2024	2,210	+4.2%	Cons.
FYE Mar 2025	2,485	+12.4%	Cons.
FYE Mar 2026	2,561	+3.1%	Cons.

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

Parent-company employees

FYE Mar 2026 176people

Change · 10 yrs +91 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	85	n/a	Parent
FYE Mar 2018	81	−4.7%	Parent
FYE Mar 2019	107	+32.1%	Parent
FYE Mar 2020	112	+4.7%	Parent
FYE Mar 2021	133	+18.8%	Parent
FYE Mar 2022	154	+15.8%	Parent
FYE Mar 2023	143	−7.1%	Parent
FYE Mar 2024	156	+9.1%	Parent
FYE Mar 2025	171	+9.6%	Parent
FYE Mar 2026	176	+2.9%	Parent

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

Average annual pay parent company

FYE Mar 2026 ¥9.8m

Change · 8 yrs +¥2.0m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	7.8	n/a	Parent
FYE Mar 2020	8.1	+3.0%	Parent
FYE Mar 2021	8.1	+0.9%	Parent
FYE Mar 2022	8.3	+2.1%	Parent
FYE Mar 2023	8.3	−0.2%	Parent
FYE Mar 2024	9.1	+9.5%	Parent
FYE Mar 2025	9.2	+1.9%	Parent
FYE Mar 2026	9.8	+6.4%	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 37.5years

Change · 8 yrs −2.5 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	40.0	n/a	Parent
FYE Mar 2020	40.1	+0.3%	Parent
FYE Mar 2021	40.3	+0.5%	Parent
FYE Mar 2022	39.6	−1.7%	Parent
FYE Mar 2023	40.2	+1.5%	Parent
FYE Mar 2024	39.9	−0.7%	Parent
FYE Mar 2025	38.8	−2.8%	Parent
FYE Mar 2026	37.5	−3.4%	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 8.6years

Change · 8 yrs −1.2 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	9.8	n/a	Parent
FYE Mar 2020	10.1	+3.1%	Parent
FYE Mar 2021	8.9	−11.9%	Parent
FYE Mar 2022	9.4	+5.6%	Parent
FYE Mar 2023	10.2	+8.5%	Parent
FYE Mar 2024	10.4	+2.0%	Parent
FYE Mar 2025	8.9	−14.4%	Parent
FYE Mar 2026	8.6	−3.4%	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 Mar 2026 339people

Change · 3 yrs +67 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	n/a	n/a	n/a
FYE Mar 2018	n/a	n/a	n/a
FYE Mar 2019	n/a	n/a	n/a
FYE Mar 2020	n/a	n/a	n/a
FYE Mar 2021	n/a	n/a	n/a
FYE Mar 2022	n/a	n/a	n/a
FYE Mar 2023	n/a	n/a	n/a
FYE Mar 2024	272	n/a	n/a
FYE Mar 2025	305	+12.1%	n/a
FYE Mar 2026	339	+11.1%	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 Mar 2026 ¥53.8m

Change · 10 yrs +¥15.5m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	38.3	n/a	Cons.
FYE Mar 2018	41.2	+7.5%	Cons.
FYE Mar 2019	36.8	−10.7%	Cons.
FYE Mar 2020	35.5	−3.5%	Cons.
FYE Mar 2021	39.2	+10.3%	Cons.
FYE Mar 2022	45.8	+17.0%	Cons.
FYE Mar 2023	45.9	+0.2%	Cons.
FYE Mar 2024	47.4	+3.3%	Cons.
FYE Mar 2025	47.9	+1.0%	Cons.
FYE Mar 2026	53.8	+12.4%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥12.7m

Change · 10 yrs +¥5.3m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	7.4	n/a	Cons.
FYE Mar 2018	8.9	+21.1%	Cons.
FYE Mar 2019	5.0	−43.9%	Cons.
FYE Mar 2020	4.6	−8.4%	Cons.
FYE Mar 2021	6.7	+46.8%	Cons.
FYE Mar 2022	8.4	+24.6%	Cons.
FYE Mar 2023	7.5	−10.3%	Cons.
FYE Mar 2024	8.2	+9.3%	Cons.
FYE Mar 2025	8.9	+7.8%	Cons.
FYE Mar 2026	12.7	+43.0%	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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