Financials

JustSystems: FYE Mar 2026 and ten years of results (44 metrics)

FYE Mar 2026 · Revenue¥52bnYoY +15.6%

FYE Mar 2026 · Operating profit¥22bnYoY +24.7%

FYE Mar 2026 · Net profit¥15bnYoY +22.4%

FYE Mar 2026 · Equity ratio87.0%YoY +0.2pp

FYE Mar 2026 · Group employees302YoY +5

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥20bn	n/a	¥5.6bn	n/a	27.5%	¥3.4bn	Fukura Tomoaki	—
FYE Mar 2018Consolidated	¥23bn	+13.1%	¥5.0bn	−9.8%	21.9%	¥3.5bn	Sekinada Kyotaro	—
FYE Mar 2019Consolidated	¥29bn	+24.6%	¥7.6bn	+50.8%	26.5%	¥6.2bn	Sekinada Kyotaro	—
FYE Mar 2020Consolidated	¥37bn	+27.4%	¥13bn	+72.2%	35.8%	¥9.3bn	Sekinada Kyotaro	—
FYE Mar 2021Consolidated	¥41bn	+12.8%	¥15bn	+15.2%	36.6%	¥11bn	Sekinada Kyotaro	—
FYE Mar 2022Consolidated	¥42bn	+1.2%	¥17bn	+13.9%	41.2%	¥12bn	Sekinada Kyotaro	—
FYE Mar 2023Consolidated	¥42bn	+0.7%	¥19bn	+10.9%	45.4%	¥13bn	Sekinada Kyotaro	—
FYE Mar 2024Consolidated	¥41bn	−2.3%	¥17bn	−10.5%	41.6%	¥12bn	Sekinada Kyotaro	—
FYE Mar 2025Consolidated	¥45bn	+8.7%	¥18bn	+5.8%	40.5%	¥12bn	Sekinada Kyotaro	—
FYE Mar 2026Consolidated	¥52bn	+15.6%	¥22bn	+24.7%	43.7%	¥15bn	Sekinada Kyotaro	¥18.0bn operating profit; Smile Zemi launches in the US

How it compares

Oracle Japan¥285bnFY2026Operating margin 31.5%Trend Micro¥276bnFY2025Operating margin 20.9%Rakus¥60bnFY2025Operating margin 28.8%Sansan, Inc.¥54bnFY2026Operating margin 15.2%

JustSystems¥52bnFY2025Operating margin 43.7%

OBIC BUSINESS CONSULTANTS CO.,LTD.¥51bnFY2025Operating margin 45.9%

Money Forward¥50bnFY2025Operating margin −5.3%

Mirokujouhousabisu¥46bnFY2024Operating margin 13.6%

Appier Group¥44bnFY2025Operating margin 6.8%

Sofutoweasabisu¥42bnFY2025Operating margin 19.8%

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 ¥52bn

CAGR · 10 yrs +10.9%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	20.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	23.0	+13.1%	Cons. · Japanese GAAP
FYE Mar 2019	28.6	+24.6%	Cons. · Japanese GAAP
FYE Mar 2020	36.5	+27.4%	Cons. · Japanese GAAP
FYE Mar 2021	41.2	+12.8%	Cons. · Japanese GAAP
FYE Mar 2022	41.7	+1.2%	Cons. · Japanese GAAP
FYE Mar 2023	42.0	+0.7%	Cons. · Japanese GAAP
FYE Mar 2024	41.0	−2.3%	Cons. · Japanese GAAP
FYE Mar 2025	44.6	+8.7%	Cons. · Japanese GAAP
FYE Mar 2026	51.5	+15.6%	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 ¥10bn

CAGR · 10 yrs +7.4%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	5.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.9	+47.1%	Cons. · Japanese GAAP
FYE Mar 2019	9.3	+16.7%	Cons. · Japanese GAAP
FYE Mar 2020	9.6	+3.5%	Cons. · Japanese GAAP
FYE Mar 2021	11.3	+17.3%	Cons. · Japanese GAAP
FYE Mar 2022	9.8	−13.0%	Cons. · Japanese GAAP
FYE Mar 2023	8.8	−10.4%	Cons. · Japanese GAAP
FYE Mar 2024	8.6	−2.5%	Cons. · Japanese GAAP
FYE Mar 2025	9.8	+14.3%	Cons. · Japanese GAAP
FYE Mar 2026	10.2	+4.7%	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 ¥41bn

CAGR · 10 yrs +12.0%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	14.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15.0	+0.8%	Cons. · Japanese GAAP
FYE Mar 2019	19.4	+28.7%	Cons. · Japanese GAAP
FYE Mar 2020	26.9	+38.9%	Cons. · Japanese GAAP
FYE Mar 2021	29.9	+11.2%	Cons. · Japanese GAAP
FYE Mar 2022	31.9	+6.6%	Cons. · Japanese GAAP
FYE Mar 2023	33.2	+4.1%	Cons. · Japanese GAAP
FYE Mar 2024	32.4	−2.2%	Cons. · Japanese GAAP
FYE Mar 2025	34.8	+7.2%	Cons. · Japanese GAAP
FYE Mar 2026	41.3	+18.7%	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 ¥19bn

CAGR · 10 yrs +8.1%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	9.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.0	+7.1%	Cons. · Japanese GAAP
FYE Mar 2019	11.8	+17.6%	Cons. · Japanese GAAP
FYE Mar 2020	13.8	+17.4%	Cons. · Japanese GAAP
FYE Mar 2021	14.8	+7.4%	Cons. · Japanese GAAP
FYE Mar 2022	14.7	−0.8%	Cons. · Japanese GAAP
FYE Mar 2023	14.1	−3.9%	Cons. · Japanese GAAP
FYE Mar 2024	15.4	+8.8%	Cons. · Japanese GAAP
FYE Mar 2025	16.7	+8.8%	Cons. · Japanese GAAP
FYE Mar 2026	18.8	+12.2%	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 ¥22bn

CAGR · 10 yrs +16.7%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	5.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.0	−9.8%	Cons. · Japanese GAAP
FYE Mar 2019	7.6	+50.8%	Cons. · Japanese GAAP
FYE Mar 2020	13.1	+72.2%	Cons. · Japanese GAAP
FYE Mar 2021	15.1	+15.2%	Cons. · Japanese GAAP
FYE Mar 2022	17.2	+13.9%	Cons. · Japanese GAAP
FYE Mar 2023	19.0	+10.9%	Cons. · Japanese GAAP
FYE Mar 2024	17.0	−10.5%	Cons. · Japanese GAAP
FYE Mar 2025	18.0	+5.8%	Cons. · Japanese GAAP
FYE Mar 2026	22.5	+24.7%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥630m

CAGR · 10 yrs +11.3%

Fiscal year	Non-operating income ¥ m	YoY	Basis
FYE Mar 2017	240	n/a	Cons. · Japanese GAAP
FYE Mar 2018	196	−18.1%	Cons. · Japanese GAAP
FYE Mar 2019	114	−42.0%	Cons. · Japanese GAAP
FYE Mar 2020	92.0	−19.2%	Cons. · Japanese GAAP
FYE Mar 2021	156	+69.6%	Cons. · Japanese GAAP
FYE Mar 2022	167	+7.1%	Cons. · Japanese GAAP
FYE Mar 2023	195	+16.8%	Cons. · Japanese GAAP
FYE Mar 2024	354	+81.5%	Cons. · Japanese GAAP
FYE Mar 2025	193	−45.5%	Cons. · Japanese GAAP
FYE Mar 2026	630	+226.4%	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 ¥20.0m

CAGR · 10 yrs −10.6%

Fiscal year	Non-operating expenses ¥ m	YoY	Basis
FYE Mar 2017	54.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	50.0	−8.9%	Cons. · Japanese GAAP
FYE Mar 2019	18.0	−63.9%	Cons. · Japanese GAAP
FYE Mar 2020	71.0	+293.6%	Cons. · Japanese GAAP
FYE Mar 2021	23.0	−67.6%	Cons. · Japanese GAAP
FYE Mar 2022	16.0	−30.4%	Cons. · Japanese GAAP
FYE Mar 2023	12.0	−25.0%	Cons. · Japanese GAAP
FYE Mar 2024	11.0	−8.3%	Cons. · Japanese GAAP
FYE Mar 2025	68.0	+518.2%	Cons. · Japanese GAAP
FYE Mar 2026	20.0	−70.6%	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 ¥23bn

CAGR · 10 yrs +18.9%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	4.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	5.2	+6.3%	Cons. · Japanese GAAP
FYE Mar 2019	7.7	+48.4%	Cons. · Japanese GAAP
FYE Mar 2020	13.1	+70.3%	Cons. · Japanese GAAP
FYE Mar 2021	15.2	+16.0%	Cons. · Japanese GAAP
FYE Mar 2022	17.3	+13.9%	Cons. · Japanese GAAP
FYE Mar 2023	19.2	+11.0%	Cons. · Japanese GAAP
FYE Mar 2024	17.4	−9.5%	Cons. · Japanese GAAP
FYE Mar 2025	18.2	+4.5%	Cons. · Japanese GAAP
FYE Mar 2026	23.1	+27.2%	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 n/a

CAGR · 5 yrs +9.8%

Fiscal year	Extraordinary income ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.3	n/a	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	1.0	n/a	Cons. · Japanese GAAP
FYE Mar 2022	2.0	+100.0%	Cons. · Japanese GAAP
FYE Mar 2023	1.0	−50.0%	Cons. · Japanese GAAP
FYE Mar 2024	15.0	+1400.0%	Cons. · Japanese GAAP
FYE Mar 2025	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2026	n/a	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 ¥15bn

CAGR · 10 yrs +18.1%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	3.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.5	+4.6%	Cons. · Japanese GAAP
FYE Mar 2019	6.2	+76.5%	Cons. · Japanese GAAP
FYE Mar 2020	9.3	+49.5%	Cons. · Japanese GAAP
FYE Mar 2021	11.0	+18.0%	Cons. · Japanese GAAP
FYE Mar 2022	12.2	+11.0%	Cons. · Japanese GAAP
FYE Mar 2023	13.4	+10.2%	Cons. · Japanese GAAP
FYE Mar 2024	11.6	−13.2%	Cons. · Japanese GAAP
FYE Mar 2025	12.3	+5.9%	Cons. · Japanese GAAP
FYE Mar 2026	15.1	+22.4%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 80.1%

Average · 10 yrs 74.6%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	73.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	65.4	−8.0pp	Cons. · Japanese GAAP
FYE Mar 2019	67.6	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2020	73.7	+6.1pp	Cons. · Japanese GAAP
FYE Mar 2021	72.6	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2022	76.5	+3.9pp	Cons. · Japanese GAAP
FYE Mar 2023	79.1	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2024	79.1	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2025	78.0	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2026	80.1	+2.1pp	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 43.7%

Average · 10 yrs 36.1%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	27.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	21.9	−5.6pp	Cons. · Japanese GAAP
FYE Mar 2019	26.5	+4.6pp	Cons. · Japanese GAAP
FYE Mar 2020	35.8	+9.3pp	Cons. · Japanese GAAP
FYE Mar 2021	36.6	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2022	41.2	+4.6pp	Cons. · Japanese GAAP
FYE Mar 2023	45.4	+4.2pp	Cons. · Japanese GAAP
FYE Mar 2024	41.6	−3.8pp	Cons. · Japanese GAAP
FYE Mar 2025	40.5	−1.1pp	Cons. · Japanese GAAP
FYE Mar 2026	43.7	+3.2pp	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 44.8%

Average · 10 yrs 36.2%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	24.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22.5	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2019	26.9	+4.3pp	Cons. · Japanese GAAP
FYE Mar 2020	35.9	+9.0pp	Cons. · Japanese GAAP
FYE Mar 2021	36.9	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2022	41.5	+4.6pp	Cons. · Japanese GAAP
FYE Mar 2023	45.8	+4.3pp	Cons. · Japanese GAAP
FYE Mar 2024	42.4	−3.4pp	Cons. · Japanese GAAP
FYE Mar 2025	40.8	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2026	44.8	+4.1pp	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 29.3%

Average · 10 yrs 25.2%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	16.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	15.3	−1.2pp	Cons. · Japanese GAAP
FYE Mar 2019	21.7	+6.4pp	Cons. · Japanese GAAP
FYE Mar 2020	25.4	+3.8pp	Cons. · Japanese GAAP
FYE Mar 2021	26.6	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2022	29.2	+2.6pp	Cons. · Japanese GAAP
FYE Mar 2023	31.9	+2.8pp	Cons. · Japanese GAAP
FYE Mar 2024	28.4	−3.6pp	Cons. · Japanese GAAP
FYE Mar 2025	27.7	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2026	29.3	+1.6pp	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 19.9%

Average · 10 yrs 25.4%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	26.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	34.6	+8.0pp	Cons. · Japanese GAAP
FYE Mar 2019	32.4	−2.2pp	Cons. · Japanese GAAP
FYE Mar 2020	26.3	−6.1pp	Cons. · Japanese GAAP
FYE Mar 2021	27.4	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2022	23.5	−3.9pp	Cons. · Japanese GAAP
FYE Mar 2023	20.9	−2.6pp	Cons. · Japanese GAAP
FYE Mar 2024	20.9	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2025	22.0	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2026	19.9	−2.1pp	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 36.5%

Average · 10 yrs 38.5%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	45.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	43.5	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2019	41.1	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2020	37.8	−3.2pp	Cons. · Japanese GAAP
FYE Mar 2021	36.0	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2022	35.3	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2023	33.7	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2024	37.5	+3.8pp	Cons. · Japanese GAAP
FYE Mar 2025	37.6	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2026	36.5	−1.1pp	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

Total assets

FYE Mar 2026 ¥136bn

CAGR · 10 yrs +14.0%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	42.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	47.2	+12.5%	Cons. · Japanese GAAP
FYE Mar 2019	50.0	+6.0%	Cons. · Japanese GAAP
FYE Mar 2020	64.2	+28.3%	Cons. · Japanese GAAP
FYE Mar 2021	75.4	+17.5%	Cons. · Japanese GAAP
FYE Mar 2022	86.2	+14.4%	Cons. · Japanese GAAP
FYE Mar 2023	99.5	+15.3%	Cons. · Japanese GAAP
FYE Mar 2024	109	+9.7%	Cons. · Japanese GAAP
FYE Mar 2025	121	+10.9%	Cons. · Japanese GAAP
FYE Mar 2026	136	+12.7%	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 ¥119bn

CAGR · 10 yrs +15.2%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	33.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	36.3	+9.4%	Cons. · Japanese GAAP
FYE Mar 2019	42.1	+16.0%	Cons. · Japanese GAAP
FYE Mar 2020	50.8	+20.5%	Cons. · Japanese GAAP
FYE Mar 2021	61.1	+20.2%	Cons. · Japanese GAAP
FYE Mar 2022	71.3	+16.7%	Cons. · Japanese GAAP
FYE Mar 2023	83.7	+17.4%	Cons. · Japanese GAAP
FYE Mar 2024	94.0	+12.3%	Cons. · Japanese GAAP
FYE Mar 2025	105	+11.7%	Cons. · Japanese GAAP
FYE Mar 2026	119	+13.0%	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)

Intangible assets

FYE Mar 2026 ¥3.8bn

CAGR · 10 yrs +7.0%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	2.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	2.8	+35.0%	Cons. · Japanese GAAP
FYE Mar 2019	2.7	−2.1%	Cons. · Japanese GAAP
FYE Mar 2020	2.6	−4.1%	Cons. · Japanese GAAP
FYE Mar 2021	2.8	+5.9%	Cons. · Japanese GAAP
FYE Mar 2022	3.0	+8.0%	Cons. · Japanese GAAP
FYE Mar 2023	3.6	+18.7%	Cons. · Japanese GAAP
FYE Mar 2024	4.0	+11.0%	Cons. · Japanese GAAP
FYE Mar 2025	4.6	+15.2%	Cons. · Japanese GAAP
FYE Mar 2026	3.8	−16.6%	Cons. · Japanese GAAP

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

Equity ratio

FYE Mar 2026 87.0%

Average · 10 yrs 82.7%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	79.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	77.0	−2.1pp	Cons. · Japanese GAAP
FYE Mar 2019	84.2	+7.3pp	Cons. · Japanese GAAP
FYE Mar 2020	79.1	−5.1pp	Cons. · Japanese GAAP
FYE Mar 2021	81.0	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2022	82.7	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2023	84.1	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2024	86.2	+2.0pp	Cons. · Japanese GAAP
FYE Mar 2025	86.8	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	87.0	+0.2pp	Cons. · Japanese GAAP

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

ROE return on equity

FYE Mar 2026 12.7%

Average · 10 yrs 14.1%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	10.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	9.7	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	14.7	+5.1pp	Cons. · Japanese GAAP
FYE Mar 2020	18.3	+3.5pp	Cons. · Japanese GAAP
FYE Mar 2021	17.9	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2022	17.1	−0.9pp	Cons. · Japanese GAAP
FYE Mar 2023	16.0	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2024	12.4	−3.6pp	Cons. · Japanese GAAP
FYE Mar 2025	11.7	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2026	12.7	+1.0pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 11.1%

Average · 10 yrs 11.6%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	8.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.5	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	12.4	+5.0pp	Cons. · Japanese GAAP
FYE Mar 2020	14.5	+2.1pp	Cons. · Japanese GAAP
FYE Mar 2021	14.5	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2022	14.1	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2023	13.5	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2024	10.7	−2.8pp	Cons. · Japanese GAAP
FYE Mar 2025	10.2	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2026	11.1	+0.9pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.38×

CAGR · 10 yrs −2.7%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.48	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.49	+0.6%	Cons. · Japanese GAAP
FYE Mar 2019	0.57	+17.6%	Cons. · Japanese GAAP
FYE Mar 2020	0.57	−0.7%	Cons. · Japanese GAAP
FYE Mar 2021	0.55	−4.0%	Cons. · Japanese GAAP
FYE Mar 2022	0.48	−11.5%	Cons. · Japanese GAAP
FYE Mar 2023	0.42	−12.7%	Cons. · Japanese GAAP
FYE Mar 2024	0.38	−10.9%	Cons. · Japanese GAAP
FYE Mar 2025	0.37	−2.0%	Cons. · Japanese GAAP
FYE Mar 2026	0.38	+2.6%	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

Operating cash flow

FYE Mar 2026 ¥20bn

CAGR · 10 yrs +17.0%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	4.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.0	+25.1%	Cons. · Japanese GAAP
FYE Mar 2019	5.0	−15.6%	Cons. · Japanese GAAP
FYE Mar 2020	16.1	+219.3%	Cons. · Japanese GAAP
FYE Mar 2021	13.0	−19.2%	Cons. · Japanese GAAP
FYE Mar 2022	14.1	+8.4%	Cons. · Japanese GAAP
FYE Mar 2023	16.8	+19.3%	Cons. · Japanese GAAP
FYE Mar 2024	13.1	−22.3%	Cons. · Japanese GAAP
FYE Mar 2025	15.0	+15.1%	Cons. · Japanese GAAP
FYE Mar 2026	19.6	+30.6%	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 -¥14bn

Average · 10 yrs -¥5.3bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	1.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-2.4	−310.1%	Cons. · Japanese GAAP
FYE Mar 2019	2.9	n/a	Cons. · Japanese GAAP
FYE Mar 2020	4.3	+48.0%	Cons. · Japanese GAAP
FYE Mar 2021	-3.8	−189.7%	Cons. · Japanese GAAP
FYE Mar 2022	-2.0	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-3.9	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-8.6	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-27.1	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-13.8	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 -¥1.5bn

Average · 10 yrs -¥0.9bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-0.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-0.4	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-0.4	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-0.6	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-0.6	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-1.0	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-1.0	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-1.3	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-1.3	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-1.5	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 ¥65bn

CAGR · 10 yrs +25.2%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	8.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.7	+37.1%	Cons. · Japanese GAAP
FYE Mar 2019	19.3	+64.1%	Cons. · Japanese GAAP
FYE Mar 2020	38.9	+102.2%	Cons. · Japanese GAAP
FYE Mar 2021	47.5	+22.0%	Cons. · Japanese GAAP
FYE Mar 2022	58.5	+23.3%	Cons. · Japanese GAAP
FYE Mar 2023	70.5	+20.4%	Cons. · Japanese GAAP
FYE Mar 2024	74.1	+5.1%	Cons. · Japanese GAAP
FYE Mar 2025	60.6	−18.2%	Cons. · Japanese GAAP
FYE Mar 2026	64.9	+7.2%	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 ¥5.8bn

CAGR · 10 yrs −0.2%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	5.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.6	−39.6%	Cons. · Japanese GAAP
FYE Mar 2019	7.9	+121.7%	Cons. · Japanese GAAP
FYE Mar 2020	20.3	+157.1%	Cons. · Japanese GAAP
FYE Mar 2021	9.2	−54.8%	Cons. · Japanese GAAP
FYE Mar 2022	12.1	+31.4%	Cons. · Japanese GAAP
FYE Mar 2023	13.0	+7.4%	Cons. · Japanese GAAP
FYE Mar 2024	4.5	−65.3%	Cons. · Japanese GAAP
FYE Mar 2025	-12.1	−369.8%	Cons. · Japanese GAAP
FYE Mar 2026	5.8	n/a	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 38.1%

Average · 10 yrs 32.0%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	23.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	25.9	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2019	17.6	−8.4pp	Cons. · Japanese GAAP
FYE Mar 2020	44.0	+26.5pp	Cons. · Japanese GAAP
FYE Mar 2021	31.6	−12.5pp	Cons. · Japanese GAAP
FYE Mar 2022	33.8	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2023	40.1	+6.3pp	Cons. · Japanese GAAP
FYE Mar 2024	31.8	−8.2pp	Cons. · Japanese GAAP
FYE Mar 2025	33.7	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2026	38.1	+4.4pp	Cons. · Japanese GAAP

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

Shares and share price Shares outstanding, price, market capitalisation and the valuation multiples

Market capitalisation

FYE Mar 2026 ¥225bn

Change · 10 yrs +¥136bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	88.5	n/a
FYE Mar 2018	166	n/a
FYE Mar 2019	181	n/a
FYE Mar 2020	316	n/a
FYE Mar 2021	389	n/a
FYE Mar 2022	372	n/a
FYE Mar 2023	225	n/a
FYE Mar 2024	171	n/a
FYE Mar 2025	217	n/a
FYE Mar 2026	225	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 3,501¥

Change · 10 yrs +2,123¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	1,378	n/a
FYE Mar 2018	2,592	n/a
FYE Mar 2019	2,824	n/a
FYE Mar 2020	4,917	n/a
FYE Mar 2021	6,057	n/a
FYE Mar 2022	5,796	n/a
FYE Mar 2023	3,506	n/a
FYE Mar 2024	2,663	n/a
FYE Mar 2025	3,378	n/a
FYE Mar 2026	3,501	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 64,224,800shares

Change · 10 yrs −0 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	64,224,800	Parent
FYE Mar 2018	64,224,800	Parent
FYE Mar 2019	64,224,800	Parent
FYE Mar 2020	64,224,800	Parent
FYE Mar 2021	64,224,800	Parent
FYE Mar 2022	64,224,800	Parent
FYE Mar 2023	64,224,800	Parent
FYE Mar 2024	64,224,800	Parent
FYE Mar 2025	64,224,800	Parent
FYE Mar 2026	64,224,800	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 234.99¥

Change · 10 yrs +182.60¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	52.39	Cons.
FYE Mar 2018	54.79	Cons.
FYE Mar 2019	96.70	Cons.
FYE Mar 2020	144.61	Cons.
FYE Mar 2021	170.62	Cons.
FYE Mar 2022	189.42	Cons.
FYE Mar 2023	208.67	Cons.
FYE Mar 2024	181.19	Cons.
FYE Mar 2025	191.94	Cons.
FYE Mar 2026	234.99	Cons.

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

BPS book value per share

FYE Mar 2026 1,848.01¥

Change · 10 yrs +1,330.81¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	517.20	Cons. · Japanese GAAP
FYE Mar 2018	565.90	Cons. · Japanese GAAP
FYE Mar 2019	656.27	Cons. · Japanese GAAP
FYE Mar 2020	791.00	Cons. · Japanese GAAP
FYE Mar 2021	950.94	Cons. · Japanese GAAP
FYE Mar 2022	1,110.16	Cons. · Japanese GAAP
FYE Mar 2023	1,302.88	Cons. · Japanese GAAP
FYE Mar 2024	1,463.66	Cons. · Japanese GAAP
FYE Mar 2025	1,635.27	Cons. · Japanese GAAP
FYE Mar 2026	1,848.01	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 14.90×

Average · 10 yrs 26.69×

Fiscal year	PER ×	Basis
FYE Mar 2017	26.30	Cons.
FYE Mar 2018	47.30	Cons.
FYE Mar 2019	29.20	Cons.
FYE Mar 2020	34.00	Cons.
FYE Mar 2021	35.50	Cons.
FYE Mar 2022	30.60	Cons.
FYE Mar 2023	16.80	Cons.
FYE Mar 2024	14.70	Cons.
FYE Mar 2025	17.60	Cons.
FYE Mar 2026	14.90	Cons.

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

PBR price-to-book ratio

FYE Mar 2026 1.89×

Average · 10 yrs 3.78×

Fiscal year	PBR ×	Basis
FYE Mar 2017	2.66	Cons.
FYE Mar 2018	4.58	Cons.
FYE Mar 2019	4.30	Cons.
FYE Mar 2020	6.22	Cons.
FYE Mar 2021	6.37	Cons.
FYE Mar 2022	5.22	Cons.
FYE Mar 2023	2.69	Cons.
FYE Mar 2024	1.82	Cons.
FYE Mar 2025	2.07	Cons.
FYE Mar 2026	1.89	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 302people

Change · 10 yrs −44 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	346	n/a	Cons.
FYE Mar 2018	337	−2.6%	Cons.
FYE Mar 2019	331	−1.8%	Cons.
FYE Mar 2020	339	+2.4%	Cons.
FYE Mar 2021	343	+1.2%	Cons.
FYE Mar 2022	321	−6.4%	Cons.
FYE Mar 2023	313	−2.5%	Cons.
FYE Mar 2024	303	−3.2%	Cons.
FYE Mar 2025	297	−2.0%	Cons.
FYE Mar 2026	302	+1.7%	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 293people

Change · 10 yrs −43 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	336	n/a	Parent
FYE Mar 2018	328	−2.4%	Parent
FYE Mar 2019	321	−2.1%	Parent
FYE Mar 2020	333	+3.7%	Parent
FYE Mar 2021	338	+1.5%	Parent
FYE Mar 2022	316	−6.5%	Parent
FYE Mar 2023	308	−2.5%	Parent
FYE Mar 2024	296	−3.9%	Parent
FYE Mar 2025	289	−2.4%	Parent
FYE Mar 2026	293	+1.4%	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 Mar 2026 1,650万円

Change · 8 yrs +679万円

Fiscal year	Average annual pay 万円	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	971	n/a	Parent
FYE Mar 2020	1,145	+18.0%	Parent
FYE Mar 2021	1,198	+4.6%	Parent
FYE Mar 2022	1,309	+9.3%	Parent
FYE Mar 2023	1,439	+9.9%	Parent
FYE Mar 2024	1,428	−0.7%	Parent
FYE Mar 2025	1,432	+0.3%	Parent
FYE Mar 2026	1,650	+15.2%	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 38.8years

Change · 8 yrs −1.0 years

Fiscal year	Average age years	YoY	Basis
FYE Mar 2017	n/a	n/a	Parent
FYE Mar 2018	n/a	n/a	Parent
FYE Mar 2019	39.8	n/a	Parent
FYE Mar 2020	39.0	−2.0%	Parent
FYE Mar 2021	38.7	−0.8%	Parent
FYE Mar 2022	39.3	+1.6%	Parent
FYE Mar 2023	39.6	+0.8%	Parent
FYE Mar 2024	38.9	−1.8%	Parent
FYE Mar 2025	39.0	+0.3%	Parent
FYE Mar 2026	38.8	−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 Mar 2026 13.5years

Change · 8 yrs −0.1 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	13.6	n/a	Parent
FYE Mar 2020	13.2	−2.9%	Parent
FYE Mar 2021	13.1	−0.8%	Parent
FYE Mar 2022	13.7	+4.6%	Parent
FYE Mar 2023	14.0	+2.2%	Parent
FYE Mar 2024	13.7	−2.1%	Parent
FYE Mar 2025	13.8	+0.7%	Parent
FYE Mar 2026	13.5	−2.2%	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 124people

Change · 10 yrs −28 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	152	n/a	n/a
FYE Mar 2018	137	−9.9%	n/a
FYE Mar 2019	123	−10.2%	n/a
FYE Mar 2020	113	−8.1%	n/a
FYE Mar 2021	110	−2.7%	n/a
FYE Mar 2022	97	−11.8%	n/a
FYE Mar 2023	102	+5.2%	n/a
FYE Mar 2024	107	+4.9%	n/a
FYE Mar 2025	116	+8.4%	n/a
FYE Mar 2026	124	+6.9%	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 ¥171m

Change · 10 yrs +¥112m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	58.8	n/a	Cons.
FYE Mar 2018	68.2	+16.1%	Cons.
FYE Mar 2019	86.5	+26.9%	Cons.
FYE Mar 2020	108	+24.4%	Cons.
FYE Mar 2021	120	+11.5%	Cons.
FYE Mar 2022	130	+8.2%	Cons.
FYE Mar 2023	134	+3.2%	Cons.
FYE Mar 2024	135	+0.9%	Cons.
FYE Mar 2025	150	+10.9%	Cons.
FYE Mar 2026	171	+13.7%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥74.5m

Change · 10 yrs +¥58.3m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	16.1	n/a	Cons.
FYE Mar 2018	14.9	−7.4%	Cons.
FYE Mar 2019	23.0	+53.6%	Cons.
FYE Mar 2020	38.6	+68.1%	Cons.
FYE Mar 2021	43.9	+13.8%	Cons.
FYE Mar 2022	53.5	+21.7%	Cons.
FYE Mar 2023	60.8	+13.7%	Cons.
FYE Mar 2024	56.2	−7.5%	Cons.
FYE Mar 2025	60.7	+8.0%	Cons.
FYE Mar 2026	74.5	+22.7%	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.

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