Financials

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

FYE Mar 2026 · Revenue¥94bnYoY −7.1%

FYE Mar 2026 · Operating profit¥31bnYoY −4.4%

FYE Mar 2026 · Net profit¥25bnYoY +6.1%

FYE Mar 2026 · Equity ratio84.6%YoY +4.3pp

FYE Mar 2026 · Group employees1,048YoY +88

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥41bn	n/a	¥10bn	n/a	24.9%	¥7.2bn	Takagi Katsuhiro	—
FYE Mar 2018Consolidated	¥46bn	+12.9%	¥11bn	+11.2%	24.5%	¥7.8bn	Takagi Katsuhiro	—
FYE Mar 2019Consolidated	¥56bn	+21.1%	¥16bn	+39.6%	28.3%	¥11bn	Takagi Katsuhiro	Production moves into the new all-digital Oizumi Studio
FYE Mar 2020Consolidated	¥55bn	−1.6%	¥16bn	+2.2%	29.4%	¥11bn	Takagi Katsuhiro	—
FYE Mar 2021Consolidated	¥52bn	−5.9%	¥16bn	−3.7%	30.0%	¥11bn	Takagi Katsuhiro	TOEI ANIMATION ENTERPRISES sets up a Shanghai joint venture
FYE Mar 2022Consolidated	¥57bn	+10.5%	¥18bn	+16.8%	31.8%	¥13bn	Takagi Katsuhiro	—
FYE Mar 2023Consolidated	¥87bn	+53.4%	¥29bn	+58.3%	32.8%	¥21bn	Takagi Katsuhiro	Moves to the TSE Standard Market; operating margin reaches a record 32.7%
FYE Mar 2024Consolidated	¥89bn	+1.4%	¥23bn	−18.5%	26.4%	¥19bn	Takagi Katsuhiro	The Toei Animation Drawing Academy opens
FYE Mar 2025Consolidated	¥101bn	+13.7%	¥32bn	+38.8%	32.2%	¥24bn	Takagi Katsuhiro	Five-for-one split of the ordinary shares
FYE Mar 2026Consolidated	¥94bn	−7.1%	¥31bn	−4.4%	33.1%	¥25bn	Takagi Katsuhiro	Revenue passes ¥100bn; the VISION2030 mid-term plan is drawn up

How it compares

Toho¥361bnFY2025Operating margin 18.8%

TOEI COMPANY, LTD.¥185bnFY2025Operating margin 19.5%

Culture Convenience Club Co., Ltd.Delisted 2011

Avex Inc.¥147bnFY2025Operating margin 2.8%

SHOCHIKU Co., Ltd.¥98bnFY2025Operating margin 6.3%

Toei Animation¥94bnFY2025Operating margin 33.1%

Anycolor¥56bnFY2026Operating margin 36.2%

Kaba¥49bnFY2025Operating margin 14.3%

Yoshimoto Kogyo Co., Ltd.Delisted 2010

HoriPro Inc.Delisted 2012

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 ¥94bn

CAGR · 10 yrs +9.7%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	40.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	46.0	+12.9%	Cons. · Japanese GAAP
FYE Mar 2019	55.7	+21.1%	Cons. · Japanese GAAP
FYE Mar 2020	54.8	−1.6%	Cons. · Japanese GAAP
FYE Mar 2021	51.6	−5.9%	Cons. · Japanese GAAP
FYE Mar 2022	57.0	+10.5%	Cons. · Japanese GAAP
FYE Mar 2023	87.5	+53.4%	Cons. · Japanese GAAP
FYE Mar 2024	88.7	+1.4%	Cons. · Japanese GAAP
FYE Mar 2025	101	+13.7%	Cons. · Japanese GAAP
FYE Mar 2026	93.7	−7.1%	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 ¥44bn

CAGR · 10 yrs +6.5%

Fiscal year	Cost of sales ¥ bn	YoY	Basis
FYE Mar 2017	25.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	28.4	+12.7%	Cons. · Japanese GAAP
FYE Mar 2019	32.9	+15.7%	Cons. · Japanese GAAP
FYE Mar 2020	31.4	−4.6%	Cons. · Japanese GAAP
FYE Mar 2021	28.7	−8.6%	Cons. · Japanese GAAP
FYE Mar 2022	30.3	+5.8%	Cons. · Japanese GAAP
FYE Mar 2023	46.5	+53.3%	Cons. · Japanese GAAP
FYE Mar 2024	51.2	+10.1%	Cons. · Japanese GAAP
FYE Mar 2025	52.4	+2.4%	Cons. · Japanese GAAP
FYE Mar 2026	44.5	−15.2%	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 ¥49bn

CAGR · 10 yrs +13.7%

Fiscal year	Gross profit ¥ bn	YoY	Basis
FYE Mar 2017	15.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	17.6	+13.1%	Cons. · Japanese GAAP
FYE Mar 2019	22.8	+29.9%	Cons. · Japanese GAAP
FYE Mar 2020	23.5	+2.7%	Cons. · Japanese GAAP
FYE Mar 2021	22.9	−2.2%	Cons. · Japanese GAAP
FYE Mar 2022	26.7	+16.4%	Cons. · Japanese GAAP
FYE Mar 2023	41.0	+53.5%	Cons. · Japanese GAAP
FYE Mar 2024	37.4	−8.6%	Cons. · Japanese GAAP
FYE Mar 2025	48.4	+29.3%	Cons. · Japanese GAAP
FYE Mar 2026	49.2	+1.6%	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 ¥18bn

CAGR · 10 yrs +14.4%

Fiscal year	SG&A ¥ bn	YoY	Basis
FYE Mar 2017	5.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	6.3	+16.6%	Cons. · Japanese GAAP
FYE Mar 2019	7.1	+12.5%	Cons. · Japanese GAAP
FYE Mar 2020	7.4	+3.8%	Cons. · Japanese GAAP
FYE Mar 2021	7.4	+0.9%	Cons. · Japanese GAAP
FYE Mar 2022	8.6	+15.5%	Cons. · Japanese GAAP
FYE Mar 2023	12.3	+43.2%	Cons. · Japanese GAAP
FYE Mar 2024	14.1	+14.5%	Cons. · Japanese GAAP
FYE Mar 2025	16.0	+13.5%	Cons. · Japanese GAAP
FYE Mar 2026	18.2	+13.7%	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 ¥31bn

CAGR · 10 yrs +13.2%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	10.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.3	+11.2%	Cons. · Japanese GAAP
FYE Mar 2019	15.7	+39.6%	Cons. · Japanese GAAP
FYE Mar 2020	16.1	+2.2%	Cons. · Japanese GAAP
FYE Mar 2021	15.5	−3.7%	Cons. · Japanese GAAP
FYE Mar 2022	18.1	+16.8%	Cons. · Japanese GAAP
FYE Mar 2023	28.7	+58.3%	Cons. · Japanese GAAP
FYE Mar 2024	23.4	−18.5%	Cons. · Japanese GAAP
FYE Mar 2025	32.4	+38.8%	Cons. · Japanese GAAP
FYE Mar 2026	31.0	−4.4%	Cons. · Japanese GAAP

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

Non-operating income

FYE Mar 2026 ¥2.5bn

CAGR · 10 yrs +23.5%

Fiscal year	Non-operating income ¥ bn	YoY	Basis
FYE Mar 2017	0.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.4	+16.9%	Cons. · Japanese GAAP
FYE Mar 2019	0.6	+28.4%	Cons. · Japanese GAAP
FYE Mar 2020	0.5	−7.8%	Cons. · Japanese GAAP
FYE Mar 2021	0.8	+58.9%	Cons. · Japanese GAAP
FYE Mar 2022	0.9	+6.2%	Cons. · Japanese GAAP
FYE Mar 2023	1.7	+92.1%	Cons. · Japanese GAAP
FYE Mar 2024	3.2	+91.6%	Cons. · Japanese GAAP
FYE Mar 2025	1.8	−43.7%	Cons. · Japanese GAAP
FYE Mar 2026	2.5	+38.4%	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 ¥0.0bn

CAGR · 10 yrs −19.4%

Fiscal year	Non-operating expenses ¥ bn	YoY	Basis
FYE Mar 2017	0.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.1	+0.9%	Cons. · Japanese GAAP
FYE Mar 2019	0.0	−80.0%	Cons. · Japanese GAAP
FYE Mar 2020	0.1	+425.0%	Cons. · Japanese GAAP
FYE Mar 2021	0.3	+84.4%	Cons. · Japanese GAAP
FYE Mar 2022	0.1	−46.9%	Cons. · Japanese GAAP
FYE Mar 2023	0.5	+266.7%	Cons. · Japanese GAAP
FYE Mar 2024	0.1	−86.6%	Cons. · Japanese GAAP
FYE Mar 2025	1.0	+1342.3%	Cons. · Japanese GAAP
FYE Mar 2026	0.0	−98.0%	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 ¥33bn

CAGR · 10 yrs +13.9%

Fiscal year	Ordinary profit ¥ bn	YoY	Basis
FYE Mar 2017	10.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	11.6	+11.6%	Cons. · Japanese GAAP
FYE Mar 2019	16.3	+40.7%	Cons. · Japanese GAAP
FYE Mar 2020	16.5	+1.2%	Cons. · Japanese GAAP
FYE Mar 2021	16.0	−2.5%	Cons. · Japanese GAAP
FYE Mar 2022	18.8	+17.3%	Cons. · Japanese GAAP
FYE Mar 2023	29.8	+58.3%	Cons. · Japanese GAAP
FYE Mar 2024	26.5	−11.2%	Cons. · Japanese GAAP
FYE Mar 2025	33.2	+25.5%	Cons. · Japanese GAAP
FYE Mar 2026	33.5	+0.8%	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 ¥744m

CAGR · 6 yrs +23.3%

Fiscal year	Extraordinary income ¥ m	YoY	Basis
FYE Mar 2017	261	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2019	29.0	n/a	Cons. · Japanese GAAP
FYE Mar 2020	2.0	−93.1%	Cons. · Japanese GAAP
FYE Mar 2021	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2022	1.0	n/a	Cons. · Japanese GAAP
FYE Mar 2023	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2024	253	n/a	Cons. · Japanese GAAP
FYE Mar 2025	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2026	744	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)

Extraordinary loss

FYE Mar 2026 n/a

CAGR · 4 yrs +1.2%

Fiscal year	Extraordinary loss ¥ m	YoY	Basis
FYE Mar 2017	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2018	n/a	n/a	Cons. · Japanese GAAP
FYE Mar 2019	197	n/a	Cons. · Japanese GAAP
FYE Mar 2020	31.0	−84.3%	Cons. · Japanese GAAP
FYE Mar 2021	46.0	+48.4%	Cons. · Japanese GAAP
FYE Mar 2022	204	+343.5%	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	n/a	n/a	Cons. · Japanese GAAP

Definition: One-off losses, such as an impairment or a restructuring charge
Formula: Extraordinary loss line of the income statement
Source: Securities report (XBRL)

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥25bn

CAGR · 10 yrs +14.9%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	7.2	n/a	Cons. · Japanese GAAP
FYE Mar 2018	7.8	+8.9%	Cons. · Japanese GAAP
FYE Mar 2019	11.4	+45.0%	Cons. · Japanese GAAP
FYE Mar 2020	11.4	+0.5%	Cons. · Japanese GAAP
FYE Mar 2021	11.1	−3.2%	Cons. · Japanese GAAP
FYE Mar 2022	12.8	+15.8%	Cons. · Japanese GAAP
FYE Mar 2023	20.9	+63.0%	Cons. · Japanese GAAP
FYE Mar 2024	18.8	−10.1%	Cons. · Japanese GAAP
FYE Mar 2025	23.6	+25.7%	Cons. · Japanese GAAP
FYE Mar 2026	25.1	+6.1%	Cons. · Japanese GAAP

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

Gross margin

FYE Mar 2026 52.5%

Average · 10 yrs 44.1%

Fiscal year	Gross margin %	YoY	Basis
FYE Mar 2017	38.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	38.2	+0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	41.0	+2.8pp	Cons. · Japanese GAAP
FYE Mar 2020	42.8	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2021	44.5	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2022	46.8	+2.4pp	Cons. · Japanese GAAP
FYE Mar 2023	46.8	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2024	42.2	−4.6pp	Cons. · Japanese GAAP
FYE Mar 2025	48.0	+5.8pp	Cons. · Japanese GAAP
FYE Mar 2026	52.5	+4.5pp	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 33.1%

Average · 10 yrs 29.3%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	24.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	24.5	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	28.3	+3.8pp	Cons. · Japanese GAAP
FYE Mar 2020	29.4	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2021	30.0	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2022	31.8	+1.7pp	Cons. · Japanese GAAP
FYE Mar 2023	32.8	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2024	26.4	−6.4pp	Cons. · Japanese GAAP
FYE Mar 2025	32.2	+5.8pp	Cons. · Japanese GAAP
FYE Mar 2026	33.1	+1.0pp	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 35.7%

Average · 10 yrs 30.6%

Fiscal year	Ordinary margin %	YoY	Basis
FYE Mar 2017	25.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	25.1	−0.3pp	Cons. · Japanese GAAP
FYE Mar 2019	29.2	+4.1pp	Cons. · Japanese GAAP
FYE Mar 2020	30.0	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2021	31.1	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2022	33.0	+1.9pp	Cons. · Japanese GAAP
FYE Mar 2023	34.1	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2024	29.8	−4.2pp	Cons. · Japanese GAAP
FYE Mar 2025	32.9	+3.1pp	Cons. · Japanese GAAP
FYE Mar 2026	35.7	+2.8pp	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 26.8%

Average · 10 yrs 21.5%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	17.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	17.1	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	20.4	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2020	20.9	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	21.4	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2022	22.5	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2023	23.9	+1.4pp	Cons. · Japanese GAAP
FYE Mar 2024	21.2	−2.7pp	Cons. · Japanese GAAP
FYE Mar 2025	23.4	+2.2pp	Cons. · Japanese GAAP
FYE Mar 2026	26.8	+3.3pp	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 47.5%

Average · 10 yrs 55.9%

Fiscal year	Cost-of-sales ratio %	YoY	Basis
FYE Mar 2017	61.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	61.8	−0.1pp	Cons. · Japanese GAAP
FYE Mar 2019	59.0	−2.8pp	Cons. · Japanese GAAP
FYE Mar 2020	57.2	−1.8pp	Cons. · Japanese GAAP
FYE Mar 2021	55.5	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2022	53.2	−2.4pp	Cons. · Japanese GAAP
FYE Mar 2023	53.2	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2024	57.8	+4.6pp	Cons. · Japanese GAAP
FYE Mar 2025	52.0	−5.8pp	Cons. · Japanese GAAP
FYE Mar 2026	47.5	−4.5pp	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 19.4%

Average · 10 yrs 14.8%

Fiscal year	SG&A ratio %	YoY	Basis
FYE Mar 2017	13.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.7	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2019	12.7	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2020	13.4	+0.7pp	Cons. · Japanese GAAP
FYE Mar 2021	14.4	+1.0pp	Cons. · Japanese GAAP
FYE Mar 2022	15.1	+0.6pp	Cons. · Japanese GAAP
FYE Mar 2023	14.1	−1.0pp	Cons. · Japanese GAAP
FYE Mar 2024	15.9	+1.8pp	Cons. · Japanese GAAP
FYE Mar 2025	15.9	−0.0pp	Cons. · Japanese GAAP
FYE Mar 2026	19.4	+3.6pp	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 ¥202bn

CAGR · 10 yrs +13.3%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	66.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	75.8	+14.8%	Cons. · Japanese GAAP
FYE Mar 2019	88.5	+16.8%	Cons. · Japanese GAAP
FYE Mar 2020	94.0	+6.2%	Cons. · Japanese GAAP
FYE Mar 2021	105	+12.2%	Cons. · Japanese GAAP
FYE Mar 2022	127	+20.3%	Cons. · Japanese GAAP
FYE Mar 2023	151	+18.6%	Cons. · Japanese GAAP
FYE Mar 2024	163	+8.1%	Cons. · Japanese GAAP
FYE Mar 2025	191	+17.4%	Cons. · Japanese GAAP
FYE Mar 2026	202	+5.9%	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 ¥171bn

CAGR · 10 yrs +14.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	51.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	58.0	+12.6%	Cons. · Japanese GAAP
FYE Mar 2019	67.2	+15.8%	Cons. · Japanese GAAP
FYE Mar 2020	74.7	+11.1%	Cons. · Japanese GAAP
FYE Mar 2021	85.1	+14.0%	Cons. · Japanese GAAP
FYE Mar 2022	96.0	+12.8%	Cons. · Japanese GAAP
FYE Mar 2023	115	+19.2%	Cons. · Japanese GAAP
FYE Mar 2024	132	+15.0%	Cons. · Japanese GAAP
FYE Mar 2025	153	+16.3%	Cons. · Japanese GAAP
FYE Mar 2026	171	+11.6%	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 ¥1.4bn

CAGR · 10 yrs +17.4%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.5	+46.4%	Cons. · Japanese GAAP
FYE Mar 2019	0.5	−6.2%	Cons. · Japanese GAAP
FYE Mar 2020	0.5	−2.6%	Cons. · Japanese GAAP
FYE Mar 2021	0.5	+16.1%	Cons. · Japanese GAAP
FYE Mar 2022	0.6	+20.1%	Cons. · Japanese GAAP
FYE Mar 2023	1.2	+87.0%	Cons. · Japanese GAAP
FYE Mar 2024	1.3	+11.6%	Cons. · Japanese GAAP
FYE Mar 2025	1.3	−3.0%	Cons. · Japanese GAAP
FYE Mar 2026	1.4	+12.0%	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 84.6%

Average · 10 yrs 78.8%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	78.1	n/a	Cons. · Japanese GAAP
FYE Mar 2018	76.6	−1.5pp	Cons. · Japanese GAAP
FYE Mar 2019	75.9	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2020	79.4	+3.5pp	Cons. · Japanese GAAP
FYE Mar 2021	80.7	+1.3pp	Cons. · Japanese GAAP
FYE Mar 2022	75.7	−5.0pp	Cons. · Japanese GAAP
FYE Mar 2023	76.1	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2024	80.9	+4.9pp	Cons. · Japanese GAAP
FYE Mar 2025	80.2	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2026	84.6	+4.3pp	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 14.7%

Average · 10 yrs 14.9%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	14.0	n/a	Cons. · Japanese GAAP
FYE Mar 2018	13.5	−0.5pp	Cons. · Japanese GAAP
FYE Mar 2019	16.9	+3.4pp	Cons. · Japanese GAAP
FYE Mar 2020	15.3	−1.6pp	Cons. · Japanese GAAP
FYE Mar 2021	13.0	−2.3pp	Cons. · Japanese GAAP
FYE Mar 2022	13.3	+0.3pp	Cons. · Japanese GAAP
FYE Mar 2023	18.3	+4.9pp	Cons. · Japanese GAAP
FYE Mar 2024	14.3	−4.0pp	Cons. · Japanese GAAP
FYE Mar 2025	15.4	+1.2pp	Cons. · Japanese GAAP
FYE Mar 2026	14.7	−0.8pp	Cons. · Japanese GAAP

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

ROA return on assets

FYE Mar 2026 12.4%

Average · 10 yrs 11.7%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	10.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.4	−0.6pp	Cons. · Japanese GAAP
FYE Mar 2019	12.9	+2.5pp	Cons. · Japanese GAAP
FYE Mar 2020	12.2	−0.7pp	Cons. · Japanese GAAP
FYE Mar 2021	10.5	−1.7pp	Cons. · Japanese GAAP
FYE Mar 2022	10.1	−0.4pp	Cons. · Japanese GAAP
FYE Mar 2023	13.9	+3.8pp	Cons. · Japanese GAAP
FYE Mar 2024	11.5	−2.3pp	Cons. · Japanese GAAP
FYE Mar 2025	12.4	+0.8pp	Cons. · Japanese GAAP
FYE Mar 2026	12.4	−0.0pp	Cons. · Japanese GAAP

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

Asset turnover

FYE Mar 2026 0.46×

CAGR · 10 yrs −3.1%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.62	n/a	Cons. · Japanese GAAP
FYE Mar 2018	0.61	−1.7%	Cons. · Japanese GAAP
FYE Mar 2019	0.63	+3.7%	Cons. · Japanese GAAP
FYE Mar 2020	0.58	−7.4%	Cons. · Japanese GAAP
FYE Mar 2021	0.49	−16.1%	Cons. · Japanese GAAP
FYE Mar 2022	0.45	−8.1%	Cons. · Japanese GAAP
FYE Mar 2023	0.58	+29.3%	Cons. · Japanese GAAP
FYE Mar 2024	0.54	−6.2%	Cons. · Japanese GAAP
FYE Mar 2025	0.53	−3.1%	Cons. · Japanese GAAP
FYE Mar 2026	0.46	−12.3%	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 ¥17bn

CAGR · 10 yrs +7.9%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	8.5	n/a	Cons. · Japanese GAAP
FYE Mar 2018	10.1	+18.8%	Cons. · Japanese GAAP
FYE Mar 2019	10.5	+3.7%	Cons. · Japanese GAAP
FYE Mar 2020	10.6	+0.5%	Cons. · Japanese GAAP
FYE Mar 2021	8.1	−23.8%	Cons. · Japanese GAAP
FYE Mar 2022	15.1	+87.2%	Cons. · Japanese GAAP
FYE Mar 2023	15.3	+1.3%	Cons. · Japanese GAAP
FYE Mar 2024	16.3	+6.7%	Cons. · Japanese GAAP
FYE Mar 2025	27.2	+66.8%	Cons. · Japanese GAAP
FYE Mar 2026	17.0	−37.6%	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 ¥1.0bn

Average · 10 yrs -¥4.0bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-0.8	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-6.6	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-3.9	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-1.1	n/a	Cons. · Japanese GAAP
FYE Mar 2021	0.3	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-15.4	−5264.1%	Cons. · Japanese GAAP
FYE Mar 2023	-3.0	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-4.5	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-5.5	n/a	Cons. · Japanese GAAP
FYE Mar 2026	1.0	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 -¥9.2bn

Average · 10 yrs -¥4.1bn

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-1.4	n/a	Cons. · Japanese GAAP
FYE Mar 2018	-1.9	n/a	Cons. · Japanese GAAP
FYE Mar 2019	-2.1	n/a	Cons. · Japanese GAAP
FYE Mar 2020	-3.2	n/a	Cons. · Japanese GAAP
FYE Mar 2021	-2.9	n/a	Cons. · Japanese GAAP
FYE Mar 2022	-2.5	n/a	Cons. · Japanese GAAP
FYE Mar 2023	-4.5	n/a	Cons. · Japanese GAAP
FYE Mar 2024	-6.4	n/a	Cons. · Japanese GAAP
FYE Mar 2025	-6.4	n/a	Cons. · Japanese GAAP
FYE Mar 2026	-9.2	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 ¥76bn

CAGR · 10 yrs +15.7%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	20.6	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22.0	+7.0%	Cons. · Japanese GAAP
FYE Mar 2019	26.3	+19.3%	Cons. · Japanese GAAP
FYE Mar 2020	32.4	+23.2%	Cons. · Japanese GAAP
FYE Mar 2021	38.1	+17.6%	Cons. · Japanese GAAP
FYE Mar 2022	36.1	−5.2%	Cons. · Japanese GAAP
FYE Mar 2023	44.9	+24.3%	Cons. · Japanese GAAP
FYE Mar 2024	52.1	+16.1%	Cons. · Japanese GAAP
FYE Mar 2025	66.8	+28.2%	Cons. · Japanese GAAP
FYE Mar 2026	76.4	+14.4%	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 ¥18bn

CAGR · 10 yrs +9.8%

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	7.7	n/a	Cons. · Japanese GAAP
FYE Mar 2018	3.5	−54.4%	Cons. · Japanese GAAP
FYE Mar 2019	6.6	+87.9%	Cons. · Japanese GAAP
FYE Mar 2020	9.4	+42.4%	Cons. · Japanese GAAP
FYE Mar 2021	8.3	−11.5%	Cons. · Japanese GAAP
FYE Mar 2022	-0.3	−103.9%	Cons. · Japanese GAAP
FYE Mar 2023	12.3	n/a	Cons. · Japanese GAAP
FYE Mar 2024	11.7	−4.6%	Cons. · Japanese GAAP
FYE Mar 2025	21.6	+84.1%	Cons. · Japanese GAAP
FYE Mar 2026	17.9	−17.0%	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 18.1%

Average · 10 yrs 20.4%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	20.9	n/a	Cons. · Japanese GAAP
FYE Mar 2018	22.0	+1.1pp	Cons. · Japanese GAAP
FYE Mar 2019	18.9	−3.2pp	Cons. · Japanese GAAP
FYE Mar 2020	19.3	+0.4pp	Cons. · Japanese GAAP
FYE Mar 2021	15.6	−3.7pp	Cons. · Japanese GAAP
FYE Mar 2022	26.4	+10.8pp	Cons. · Japanese GAAP
FYE Mar 2023	17.4	−9.0pp	Cons. · Japanese GAAP
FYE Mar 2024	18.4	+0.9pp	Cons. · Japanese GAAP
FYE Mar 2025	26.9	+8.6pp	Cons. · Japanese GAAP
FYE Mar 2026	18.1	−8.8pp	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 ¥545bn

Change · 10 yrs +¥452bn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	93.2	n/a
FYE Mar 2018	147	n/a
FYE Mar 2019	229	n/a
FYE Mar 2020	212	n/a
FYE Mar 2021	498	n/a
FYE Mar 2022	427	n/a
FYE Mar 2023	553	n/a
FYE Mar 2024	651	n/a
FYE Mar 2025	651	n/a
FYE Mar 2026	545	n/a

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

Share price year-end close

FYE Mar 2026 2,594¥

Change · 10 yrs −4,064¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	6,659	n/a
FYE Mar 2018	10,516	n/a
FYE Mar 2019	5,459	n/a
FYE Mar 2020	5,050	n/a
FYE Mar 2021	11,850	n/a
FYE Mar 2022	10,168	n/a
FYE Mar 2023	13,161	n/a
FYE Mar 2024	15,499	n/a
FYE Mar 2025	3,101	n/a
FYE Mar 2026	2,594	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 210,000,000shares

Change · 10 yrs +196,000,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	14,000,000	Parent
FYE Mar 2018	14,000,000	Parent
FYE Mar 2019	42,000,000	Parent
FYE Mar 2020	42,000,000	Parent
FYE Mar 2021	42,000,000	Parent
FYE Mar 2022	42,000,000	Parent
FYE Mar 2023	42,000,000	Parent
FYE Mar 2024	42,000,000	Parent
FYE Mar 2025	210,000,000	Parent
FYE Mar 2026	210,000,000	Parent

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

EPS earnings per share

FYE Mar 2026 122.67¥

Change · 10 yrs −53.35¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	176.02	Cons.
FYE Mar 2018	191.76	Cons.
FYE Mar 2019	277.95	Cons.
FYE Mar 2020	55.92	Cons.
FYE Mar 2021	54.12	Cons.
FYE Mar 2022	62.69	Cons.
FYE Mar 2023	102.22	Cons.
FYE Mar 2024	91.93	Cons.
FYE Mar 2025	115.52	Cons.
FYE Mar 2026	122.67	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 814.47¥

Change · 10 yrs −2,867.60¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	3,682.07	Cons. · Japanese GAAP
FYE Mar 2018	4,145.29	Cons. · Japanese GAAP
FYE Mar 2019	1,600.10	Cons. · Japanese GAAP
FYE Mar 2020	1,778.38	Cons. · Japanese GAAP
FYE Mar 2021	2,026.67	Cons. · Japanese GAAP
FYE Mar 2022	2,286.76	Cons. · Japanese GAAP
FYE Mar 2023	2,726.24	Cons. · Japanese GAAP
FYE Mar 2024	3,136.02	Cons. · Japanese GAAP
FYE Mar 2025	729.51	Cons. · Japanese GAAP
FYE Mar 2026	814.47	Cons. · Japanese GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 21.15×

Average · 10 yrs 25.23×

Fiscal year	PER ×	Basis
FYE Mar 2017	12.61	Cons.
FYE Mar 2018	18.28	Cons.
FYE Mar 2019	19.64	Cons.
FYE Mar 2020	18.06	Cons.
FYE Mar 2021	43.79	Cons.
FYE Mar 2022	32.44	Cons.
FYE Mar 2023	25.75	Cons.
FYE Mar 2024	33.72	Cons.
FYE Mar 2025	26.84	Cons.
FYE Mar 2026	21.15	Cons.

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

PBR price-to-book ratio

FYE Mar 2026 3.10×

Average · 10 yrs 3.71×

Fiscal year	PBR ×	Basis
FYE Mar 2017	1.76	Cons.
FYE Mar 2018	2.47	Cons.
FYE Mar 2019	3.32	Cons.
FYE Mar 2020	2.76	Cons.
FYE Mar 2021	5.69	Cons.
FYE Mar 2022	4.33	Cons.
FYE Mar 2023	4.70	Cons.
FYE Mar 2024	4.81	Cons.
FYE Mar 2025	4.14	Cons.
FYE Mar 2026	3.10	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 1,048people

Change · 10 yrs +403 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	645	n/a	Cons.
FYE Mar 2018	695	+7.8%	Cons.
FYE Mar 2019	755	+8.6%	Cons.
FYE Mar 2020	769	+1.9%	Cons.
FYE Mar 2021	819	+6.5%	Cons.
FYE Mar 2022	856	+4.5%	Cons.
FYE Mar 2023	900	+5.1%	Cons.
FYE Mar 2024	911	+1.2%	Cons.
FYE Mar 2025	960	+5.4%	Cons.
FYE Mar 2026	1,048	+9.2%	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 Mar 2026 758people

Change · 10 yrs +356 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	402	n/a	Parent
FYE Mar 2018	436	+8.5%	Parent
FYE Mar 2019	485	+11.2%	Parent
FYE Mar 2020	497	+2.5%	Parent
FYE Mar 2021	526	+5.8%	Parent
FYE Mar 2022	582	+10.6%	Parent
FYE Mar 2023	616	+5.8%	Parent
FYE Mar 2024	641	+4.1%	Parent
FYE Mar 2025	696	+8.6%	Parent
FYE Mar 2026	758	+8.9%	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 ¥8.6m

Change · 8 yrs +¥1.0m

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	7.5	n/a	Parent
FYE Mar 2020	7.6	+1.4%	Parent
FYE Mar 2021	7.6	−0.6%	Parent
FYE Mar 2022	7.8	+2.7%	Parent
FYE Mar 2023	8.0	+3.1%	Parent
FYE Mar 2024	8.1	+1.3%	Parent
FYE Mar 2025	8.3	+1.7%	Parent
FYE Mar 2026	8.6	+3.3%	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 39.0years

Change · 8 yrs −0.0 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	39.0	n/a	Parent
FYE Mar 2020	39.0	−0.0%	Parent
FYE Mar 2021	40.0	+2.6%	Parent
FYE Mar 2022	39.0	−2.5%	Parent
FYE Mar 2023	39.0	−0.0%	Parent
FYE Mar 2024	39.0	−0.0%	Parent
FYE Mar 2025	39.0	−0.0%	Parent
FYE Mar 2026	39.0	−0.0%	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 9.0years

Change · 8 yrs −0.0 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	9.0	n/a	Parent
FYE Mar 2020	10.0	+11.1%	Parent
FYE Mar 2021	10.0	−0.0%	Parent
FYE Mar 2022	9.0	−10.0%	Parent
FYE Mar 2023	9.0	−0.0%	Parent
FYE Mar 2024	10.0	+11.1%	Parent
FYE Mar 2025	8.0	−20.0%	Parent
FYE Mar 2026	9.0	+12.5%	Parent

Definition: How long the average employee has been with the company
Formula: Average years of service, from the employee section of the filing
Source: Securities report (XBRL)

Revenue per employee

FYE Mar 2026 ¥89.4m

Change · 10 yrs +¥26.2m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	63.2	n/a	Cons.
FYE Mar 2018	66.2	+4.8%	Cons.
FYE Mar 2019	73.8	+11.5%	Cons.
FYE Mar 2020	71.3	−3.4%	Cons.
FYE Mar 2021	63.0	−11.6%	Cons.
FYE Mar 2022	66.6	+5.7%	Cons.
FYE Mar 2023	97.2	+45.9%	Cons.
FYE Mar 2024	97.3	+0.1%	Cons.
FYE Mar 2025	105	+7.9%	Cons.
FYE Mar 2026	89.4	−14.9%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥29.6m

Change · 10 yrs +¥13.9m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	15.7	n/a	Cons.
FYE Mar 2018	16.2	+3.2%	Cons.
FYE Mar 2019	20.8	+28.5%	Cons.
FYE Mar 2020	20.9	+0.4%	Cons.
FYE Mar 2021	18.9	−9.6%	Cons.
FYE Mar 2022	21.2	+11.7%	Cons.
FYE Mar 2023	31.9	+50.6%	Cons.
FYE Mar 2024	25.6	−19.5%	Cons.
FYE Mar 2025	33.8	+31.7%	Cons.
FYE Mar 2026	29.6	−12.4%	Cons.

Definition: What each employee accounts for in operating profit
Formula: Operating profit ÷ group employees
Source: Securities report (XBRL)

Disclaimer

Figures are reproduced as filed and are not restated: a change of accounting standard or of consolidation basis moves the series without anything happening to the business. Where that happened, the table says so in place of the year-on-year figure.
Ratios and per-employee figures are computed from the filed lines rather than taken from the filing, and use year-end balances rather than averages.

Accuracy, liability, reuse and privacy — the full disclaimer →

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