Financials

Fujifilm Holdings: FYE Mar 2026 and ten years of results (39 metrics)

FYE Mar 2026 · Revenue¥3.36tnYoY +5.0%

FYE Mar 2026 · Operating profit¥350bnYoY +2.8%

FYE Mar 2026 · Net profit¥277bnYoY +6.0%

FYE Mar 2026 · Equity ratio63.4%YoY −0.4pp

FYE Mar 2026 · Group employees73,526YoY +933

Fiscal year	Revenue	YoY	Operating profit	YoY	Margin	Net profit	Chief executive	That year
FYE Mar 2017Consolidated	¥2.32tn	n/a	¥195bn	n/a	8.4%	¥132bn	Nakajima Shigehiro	—
FYE Mar 2018Consolidated	¥2.43tn	+4.8%	¥198bn	+1.6%	8.1%	¥141bn	Sukeno Kenji	Profit overstatement found at Fuji Xerox units abroad
FYE Mar 2019Consolidated	¥2.43tn	−0.1%	¥213bn	+7.6%	8.8%	¥138bn	Sukeno Kenji	The Xerox combination is halted by a court and then terminated
FYE Mar 2020Consolidated	¥2.32tn	−4.8%	¥173bn	−18.7%	7.5%	¥125bn	Sukeno Kenji	Fuji Xerox made a wholly owned subsidiary for $2.3bn
FYE Mar 2021Consolidated	¥2.19tn	−5.3%	¥236bn	+36.3%	10.8%	¥181bn	Sukeno Kenji	—
FYE Mar 2022Consolidated	¥2.53tn	+15.2%	¥260bn	+10.4%	10.3%	¥211bn	Sukeno Kenji	Hitachi's imaging business consolidated; <a class="en-history_person" href="/tse/4901/executives/ceo/goto-teiichi/" hreflang="ja">Goto Teiichi</a> becomes CEO
FYE Mar 2023Consolidated	¥2.86tn	+13.2%	¥282bn	+8.4%	9.9%	¥219bn	Goto Teiichi	—
FYE Mar 2024Consolidated	¥2.96tn	+3.6%	¥317bn	+12.4%	10.7%	¥244bn	Goto Teiichi	—
FYE Mar 2025Consolidated	¥3.20tn	+7.9%	¥341bn	+7.3%	10.7%	¥261bn	Goto Teiichi	—
FYE Mar 2026Consolidated	¥3.36tn	+5.0%	¥350bn	+2.8%	10.4%	¥277bn	Goto Teiichi	Healthcare sales of ¥1tn reached two years ahead of plan

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%

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

Where the revenue goes

¥ bn

Cost of sales SG&A Other operating costs Operating profit

Margins

Operating margin Net margin

Revenue net sales, operating revenue

FYE Mar 2026 ¥3.36tn

CAGR · 10 yrs +4.2%

Fiscal year	Revenue ¥ bn	YoY	Basis
FYE Mar 2017	2,322	n/a	Cons. · US GAAP
FYE Mar 2018	2,433	+4.8%	Cons. · US GAAP
FYE Mar 2019	2,431	−0.1%	Cons. · US GAAP
FYE Mar 2020	2,315	−4.8%	Cons. · US GAAP
FYE Mar 2021	2,193	−5.3%	Cons. · US GAAP
FYE Mar 2022	2,526	+15.2%	Cons. · US GAAP
FYE Mar 2023	2,859	+13.2%	Cons. · US GAAP
FYE Mar 2024	2,961	+3.6%	Cons. · US GAAP
FYE Mar 2025	3,196	+7.9%	Cons. · US GAAP
FYE Mar 2026	3,357	+5.0%	Cons. · US GAAP

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

Operating profit

FYE Mar 2026 ¥350bn

CAGR · 10 yrs +6.7%

Fiscal year	Operating profit ¥ bn	YoY	Basis
FYE Mar 2017	195	n/a	Cons. · US GAAP
FYE Mar 2018	198	+1.6%	Cons. · US GAAP
FYE Mar 2019	213	+7.6%	Cons. · US GAAP
FYE Mar 2020	173	−18.7%	Cons. · US GAAP
FYE Mar 2021	236	+36.3%	Cons. · US GAAP
FYE Mar 2022	260	+10.4%	Cons. · US GAAP
FYE Mar 2023	282	+8.4%	Cons. · US GAAP
FYE Mar 2024	317	+12.4%	Cons. · US GAAP
FYE Mar 2025	341	+7.3%	Cons. · US GAAP
FYE Mar 2026	350	+2.8%	Cons. · US GAAP

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

Net profit profit attributable to owners of the parent

FYE Mar 2026 ¥277bn

CAGR · 10 yrs +8.6%

Fiscal year	Net profit ¥ bn	YoY	Basis
FYE Mar 2017	132	n/a	Cons. · US GAAP
FYE Mar 2018	141	+7.0%	Cons. · US GAAP
FYE Mar 2019	138	−1.8%	Cons. · US GAAP
FYE Mar 2020	125	−9.5%	Cons. · US GAAP
FYE Mar 2021	181	+45.0%	Cons. · US GAAP
FYE Mar 2022	211	+16.5%	Cons. · US GAAP
FYE Mar 2023	219	+3.9%	Cons. · US GAAP
FYE Mar 2024	244	+11.0%	Cons. · US GAAP
FYE Mar 2025	261	+7.2%	Cons. · US GAAP
FYE Mar 2026	277	+6.0%	Cons. · US GAAP

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

Operating margin

FYE Mar 2026 10.4%

Average · 10 yrs 9.5%

Fiscal year	Operating margin %	YoY	Basis
FYE Mar 2017	8.4	n/a	Cons. · US GAAP
FYE Mar 2018	8.1	−0.3pp	Cons. · US GAAP
FYE Mar 2019	8.8	+0.6pp	Cons. · US GAAP
FYE Mar 2020	7.5	−1.3pp	Cons. · US GAAP
FYE Mar 2021	10.8	+3.3pp	Cons. · US GAAP
FYE Mar 2022	10.3	−0.4pp	Cons. · US GAAP
FYE Mar 2023	9.9	−0.4pp	Cons. · US GAAP
FYE Mar 2024	10.7	+0.8pp	Cons. · US GAAP
FYE Mar 2025	10.7	−0.1pp	Cons. · US GAAP
FYE Mar 2026	10.4	−0.2pp	Cons. · US GAAP

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

Net margin

FYE Mar 2026 8.2%

Average · 10 yrs 7.1%

Fiscal year	Net margin %	YoY	Basis
FYE Mar 2017	5.7	n/a	Cons. · US GAAP
FYE Mar 2018	5.8	+0.1pp	Cons. · US GAAP
FYE Mar 2019	5.7	−0.1pp	Cons. · US GAAP
FYE Mar 2020	5.4	−0.3pp	Cons. · US GAAP
FYE Mar 2021	8.3	+2.9pp	Cons. · US GAAP
FYE Mar 2022	8.4	+0.1pp	Cons. · US GAAP
FYE Mar 2023	7.7	−0.7pp	Cons. · US GAAP
FYE Mar 2024	8.2	+0.5pp	Cons. · US GAAP
FYE Mar 2025	8.2	−0.1pp	Cons. · US GAAP
FYE Mar 2026	8.2	+0.1pp	Cons. · US GAAP

Definition: The share of revenue left after everything
Formula: Net profit ÷ 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 ¥6.05tn

CAGR · 10 yrs +6.2%

Fiscal year	Total assets ¥ bn	YoY	Basis
FYE Mar 2017	3,533	n/a	Cons. · US GAAP
FYE Mar 2018	3,493	−1.1%	Cons. · US GAAP
FYE Mar 2019	3,415	−2.2%	Cons. · US GAAP
FYE Mar 2020	3,322	−2.7%	Cons. · US GAAP
FYE Mar 2021	3,549	+6.8%	Cons. · US GAAP
FYE Mar 2022	3,955	+11.4%	Cons. · US GAAP
FYE Mar 2023	4,134	+4.5%	Cons. · US GAAP
FYE Mar 2024	4,783	+15.7%	Cons. · US GAAP
FYE Mar 2025	5,250	+9.8%	Cons. · US GAAP
FYE Mar 2026	6,054	+15.3%	Cons. · US 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 ¥3.84tn

CAGR · 10 yrs +7.3%

Fiscal year	Equity ¥ bn	YoY	Basis
FYE Mar 2017	2,044	n/a	Cons. · US GAAP
FYE Mar 2018	2,079	+1.7%	Cons. · US GAAP
FYE Mar 2019	2,037	−2.0%	Cons. · US GAAP
FYE Mar 2020	1,953	−4.1%	Cons. · US GAAP
FYE Mar 2021	2,205	+12.9%	Cons. · US GAAP
FYE Mar 2022	2,503	+13.5%	Cons. · US GAAP
FYE Mar 2023	2,763	+10.4%	Cons. · US GAAP
FYE Mar 2024	3,169	+14.7%	Cons. · US GAAP
FYE Mar 2025	3,348	+5.7%	Cons. · US GAAP
FYE Mar 2026	3,840	+14.7%	Cons. · US 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 n/a

CAGR · 9 yrs +2.6%

Fiscal year	Interest-bearing debt ¥ bn	YoY	Basis
FYE Mar 2017	559	n/a	Cons. · US GAAP
FYE Mar 2018	454	−18.7%	Cons. · US GAAP
FYE Mar 2019	524	+15.4%	Cons. · US GAAP
FYE Mar 2020	624	+19.1%	Cons. · US GAAP
FYE Mar 2021	503	−19.4%	Cons. · US GAAP
FYE Mar 2022	447	−11.1%	Cons. · US GAAP
FYE Mar 2023	376	−15.9%	Cons. · US GAAP
FYE Mar 2024	503	+33.7%	Cons. · US GAAP
FYE Mar 2025	686	+36.4%	Cons. · US GAAP
FYE Mar 2026	n/a	n/a	Cons. · US GAAP

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

Short-term borrowings

FYE Mar 2026 n/a

CAGR · 9 yrs +7.1%

Fiscal year	Short-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	124	n/a	Cons. · US GAAP
FYE Mar 2018	41.7	−66.4%	Cons. · US GAAP
FYE Mar 2019	171	+309.3%	Cons. · US GAAP
FYE Mar 2020	121	−29.1%	Cons. · US GAAP
FYE Mar 2021	63.7	−47.3%	Cons. · US GAAP
FYE Mar 2022	200	+214.0%	Cons. · US GAAP
FYE Mar 2023	106	−47.0%	Cons. · US GAAP
FYE Mar 2024	317	+198.9%	Cons. · US GAAP
FYE Mar 2025	215	−32.2%	Cons. · US GAAP
FYE Mar 2026	n/a	n/a	Cons. · US 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 n/a

CAGR · 9 yrs +1.0%

Fiscal year	Long-term borrowings ¥ bn	YoY	Basis
FYE Mar 2017	435	n/a	Cons. · US GAAP
FYE Mar 2018	413	−5.1%	Cons. · US GAAP
FYE Mar 2019	354	−14.3%	Cons. · US GAAP
FYE Mar 2020	503	+42.3%	Cons. · US GAAP
FYE Mar 2021	439	−12.7%	Cons. · US GAAP
FYE Mar 2022	247	−43.8%	Cons. · US GAAP
FYE Mar 2023	270	+9.3%	Cons. · US GAAP
FYE Mar 2024	186	−31.2%	Cons. · US GAAP
FYE Mar 2025	471	+153.5%	Cons. · US GAAP
FYE Mar 2026	n/a	n/a	Cons. · US 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 n/a

CAGR · 9 yrs +9.5%

Fiscal year	Intangible assets ¥ bn	YoY	Basis
FYE Mar 2017	76.4	n/a	Cons. · US GAAP
FYE Mar 2018	127	+66.3%	Cons. · US GAAP
FYE Mar 2019	145	+14.1%	Cons. · US GAAP
FYE Mar 2020	142	−2.0%	Cons. · US GAAP
FYE Mar 2021	128	−9.6%	Cons. · US GAAP
FYE Mar 2022	153	+18.8%	Cons. · US GAAP
FYE Mar 2023	144	−5.5%	Cons. · US GAAP
FYE Mar 2024	178	+23.6%	Cons. · US GAAP
FYE Mar 2025	158	−11.7%	Cons. · US GAAP
FYE Mar 2026	n/a	n/a	Cons. · US GAAP

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

Goodwill

FYE Mar 2026 n/a

CAGR · 9 yrs +8.3%

Fiscal year	Goodwill ¥ bn	YoY	Basis
FYE Mar 2017	500	n/a	Cons. · US GAAP
FYE Mar 2018	592	+18.4%	Cons. · US GAAP
FYE Mar 2019	656	+10.8%	Cons. · US GAAP
FYE Mar 2020	687	+4.8%	Cons. · US GAAP
FYE Mar 2021	804	+17.0%	Cons. · US GAAP
FYE Mar 2022	824	+2.5%	Cons. · US GAAP
FYE Mar 2023	858	+4.2%	Cons. · US GAAP
FYE Mar 2024	954	+11.1%	Cons. · US GAAP
FYE Mar 2025	948	−0.6%	Cons. · US GAAP
FYE Mar 2026	n/a	n/a	Cons. · US 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 63.4%

Average · 10 yrs 62.2%

Fiscal year	Equity ratio %	YoY	Basis
FYE Mar 2017	57.8	n/a	Cons. · US GAAP
FYE Mar 2018	59.5	+1.7pp	Cons. · US GAAP
FYE Mar 2019	59.7	+0.1pp	Cons. · US GAAP
FYE Mar 2020	58.8	−0.8pp	Cons. · US GAAP
FYE Mar 2021	62.1	+3.3pp	Cons. · US GAAP
FYE Mar 2022	63.3	+1.2pp	Cons. · US GAAP
FYE Mar 2023	66.8	+3.6pp	Cons. · US GAAP
FYE Mar 2024	66.3	−0.6pp	Cons. · US GAAP
FYE Mar 2025	63.8	−2.5pp	Cons. · US GAAP
FYE Mar 2026	63.4	−0.4pp	Cons. · US 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 n/a

Average · 9 yrs 21.9%

Fiscal year	Debt-to-equity ratio %	YoY	Basis
FYE Mar 2017	27.3	n/a	Cons. · US GAAP
FYE Mar 2018	21.8	−5.5pp	Cons. · US GAAP
FYE Mar 2019	25.7	+3.9pp	Cons. · US GAAP
FYE Mar 2020	32.0	+6.2pp	Cons. · US GAAP
FYE Mar 2021	22.8	−9.1pp	Cons. · US GAAP
FYE Mar 2022	17.9	−5.0pp	Cons. · US GAAP
FYE Mar 2023	13.6	−4.3pp	Cons. · US GAAP
FYE Mar 2024	15.9	+2.3pp	Cons. · US GAAP
FYE Mar 2025	20.5	+4.6pp	Cons. · US GAAP
FYE Mar 2026	n/a	n/a	Cons. · US 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 7.2%

Average · 10 yrs 7.4%

Fiscal year	ROE %	YoY	Basis
FYE Mar 2017	6.4	n/a	Cons. · US GAAP
FYE Mar 2018	6.8	+0.3pp	Cons. · US GAAP
FYE Mar 2019	6.8	−0.0pp	Cons. · US GAAP
FYE Mar 2020	6.4	−0.4pp	Cons. · US GAAP
FYE Mar 2021	8.2	+1.8pp	Cons. · US GAAP
FYE Mar 2022	8.4	+0.2pp	Cons. · US GAAP
FYE Mar 2023	7.9	−0.5pp	Cons. · US GAAP
FYE Mar 2024	7.7	−0.3pp	Cons. · US GAAP
FYE Mar 2025	7.8	+0.1pp	Cons. · US GAAP
FYE Mar 2026	7.2	−0.6pp	Cons. · US GAAP

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

ROA return on assets

FYE Mar 2026 4.6%

Average · 10 yrs 4.6%

Fiscal year	ROA %	YoY	Basis
FYE Mar 2017	3.7	n/a	Cons. · US GAAP
FYE Mar 2018	4.0	+0.3pp	Cons. · US GAAP
FYE Mar 2019	4.0	−0.0pp	Cons. · US GAAP
FYE Mar 2020	3.8	−0.3pp	Cons. · US GAAP
FYE Mar 2021	5.1	+1.3pp	Cons. · US GAAP
FYE Mar 2022	5.3	+0.2pp	Cons. · US GAAP
FYE Mar 2023	5.3	−0.0pp	Cons. · US GAAP
FYE Mar 2024	5.1	−0.2pp	Cons. · US GAAP
FYE Mar 2025	5.0	−0.1pp	Cons. · US GAAP
FYE Mar 2026	4.6	−0.4pp	Cons. · US GAAP

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

Asset turnover

FYE Mar 2026 0.55×

CAGR · 10 yrs −1.9%

Fiscal year	Asset turnover ×	YoY	Basis
FYE Mar 2017	0.66	n/a	Cons. · US GAAP
FYE Mar 2018	0.70	+6.0%	Cons. · US GAAP
FYE Mar 2019	0.71	+2.2%	Cons. · US GAAP
FYE Mar 2020	0.70	−2.1%	Cons. · US GAAP
FYE Mar 2021	0.62	−11.4%	Cons. · US GAAP
FYE Mar 2022	0.64	+3.4%	Cons. · US GAAP
FYE Mar 2023	0.69	+8.3%	Cons. · US GAAP
FYE Mar 2024	0.62	−10.5%	Cons. · US GAAP
FYE Mar 2025	0.61	−1.7%	Cons. · US GAAP
FYE Mar 2026	0.55	−8.9%	Cons. · US 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 ¥411bn

CAGR · 10 yrs +4.0%

Fiscal year	Operating cash flow ¥ bn	YoY	Basis
FYE Mar 2017	289	n/a	Cons. · US GAAP
FYE Mar 2018	261	−9.5%	Cons. · US GAAP
FYE Mar 2019	249	−4.5%	Cons. · US GAAP
FYE Mar 2020	256	+2.5%	Cons. · US GAAP
FYE Mar 2021	421	+64.6%	Cons. · US GAAP
FYE Mar 2022	324	−23.0%	Cons. · US GAAP
FYE Mar 2023	210	−35.0%	Cons. · US GAAP
FYE Mar 2024	408	+93.8%	Cons. · US GAAP
FYE Mar 2025	428	+5.0%	Cons. · US GAAP
FYE Mar 2026	411	−4.1%	Cons. · US GAAP

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

Investing cash flow

FYE Mar 2026 -¥555bn

Average · 10 yrs -¥306bn

Fiscal year	Investing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	-116	n/a	Cons. · US GAAP
FYE Mar 2018	-112	n/a	Cons. · US GAAP
FYE Mar 2019	-209	n/a	Cons. · US GAAP
FYE Mar 2020	-245	n/a	Cons. · US GAAP
FYE Mar 2021	-279	n/a	Cons. · US GAAP
FYE Mar 2022	-154	n/a	Cons. · US GAAP
FYE Mar 2023	-323	n/a	Cons. · US GAAP
FYE Mar 2024	-527	n/a	Cons. · US GAAP
FYE Mar 2025	-542	n/a	Cons. · US GAAP
FYE Mar 2026	-555	n/a	Cons. · US 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 ¥120bn

CAGR · 10 yrs +0.9%

Fiscal year	Financing cash flow ¥ bn	YoY	Basis
FYE Mar 2017	111	n/a	Cons. · US GAAP
FYE Mar 2018	-259	−332.7%	Cons. · US GAAP
FYE Mar 2019	-154	n/a	Cons. · US GAAP
FYE Mar 2020	-251	n/a	Cons. · US GAAP
FYE Mar 2021	-163	n/a	Cons. · US GAAP
FYE Mar 2022	-105	n/a	Cons. · US GAAP
FYE Mar 2023	-124	n/a	Cons. · US GAAP
FYE Mar 2024	-0.5	n/a	Cons. · US GAAP
FYE Mar 2025	109	n/a	Cons. · US GAAP
FYE Mar 2026	120	+10.4%	Cons. · US 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 ¥171bn

CAGR · 10 yrs −16.6%

Fiscal year	Cash and equivalents ¥ bn	YoY	Basis
FYE Mar 2017	876	n/a	Cons. · US GAAP
FYE Mar 2018	768	−12.3%	Cons. · US GAAP
FYE Mar 2019	655	−14.8%	Cons. · US GAAP
FYE Mar 2020	396	−39.5%	Cons. · US GAAP
FYE Mar 2021	395	−0.3%	Cons. · US GAAP
FYE Mar 2022	486	+23.2%	Cons. · US GAAP
FYE Mar 2023	269	−44.8%	Cons. · US GAAP
FYE Mar 2024	180	−33.1%	Cons. · US GAAP
FYE Mar 2025	172	−4.2%	Cons. · US GAAP
FYE Mar 2026	171	−0.9%	Cons. · US 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 -¥144bn

Average · 10 yrs ¥19bn

Fiscal year	FCF ¥ bn	YoY	Basis
FYE Mar 2017	172	n/a	Cons. · US GAAP
FYE Mar 2018	149	−13.3%	Cons. · US GAAP
FYE Mar 2019	40.8	−72.7%	Cons. · US GAAP
FYE Mar 2020	10.8	−73.5%	Cons. · US GAAP
FYE Mar 2021	141	+1207.9%	Cons. · US GAAP
FYE Mar 2022	170	+20.4%	Cons. · US GAAP
FYE Mar 2023	-113	−166.2%	Cons. · US GAAP
FYE Mar 2024	-119	n/a	Cons. · US GAAP
FYE Mar 2025	-114	n/a	Cons. · US GAAP
FYE Mar 2026	-144	n/a	Cons. · US 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 12.2%

Average · 10 yrs 12.3%

Fiscal year	OCF margin %	YoY	Basis
FYE Mar 2017	12.4	n/a	Cons. · US GAAP
FYE Mar 2018	10.7	−1.7pp	Cons. · US GAAP
FYE Mar 2019	10.3	−0.5pp	Cons. · US GAAP
FYE Mar 2020	11.0	+0.8pp	Cons. · US GAAP
FYE Mar 2021	19.2	+8.2pp	Cons. · US GAAP
FYE Mar 2022	12.8	−6.4pp	Cons. · US GAAP
FYE Mar 2023	7.4	−5.5pp	Cons. · US GAAP
FYE Mar 2024	13.8	+6.4pp	Cons. · US GAAP
FYE Mar 2025	13.4	−0.4pp	Cons. · US GAAP
FYE Mar 2026	12.2	−1.2pp	Cons. · US GAAP

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

Net cash

FYE Mar 2026 n/a

Average · 9 yrs -¥53bn

Fiscal year	Net cash ¥ bn	YoY	Basis
FYE Mar 2017	317	n/a	Cons. · US GAAP
FYE Mar 2018	314	−1.0%	Cons. · US GAAP
FYE Mar 2019	131	−58.4%	Cons. · US GAAP
FYE Mar 2020	-228	−274.6%	Cons. · US GAAP
FYE Mar 2021	-108	n/a	Cons. · US GAAP
FYE Mar 2022	39.1	n/a	Cons. · US GAAP
FYE Mar 2023	-108	−374.8%	Cons. · US GAAP
FYE Mar 2024	-323	n/a	Cons. · US GAAP
FYE Mar 2025	-514	n/a	Cons. · US GAAP
FYE Mar 2026	n/a	n/a	Cons. · US 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 ¥3.68tn

Change · 10 yrs +¥1.44tn

Fiscal year	Market capitalisation ¥ bn	Basis
FYE Mar 2017	2,241	n/a
FYE Mar 2018	2,192	n/a
FYE Mar 2019	2,590	n/a
FYE Mar 2020	935	n/a
FYE Mar 2021	1,127	n/a
FYE Mar 2022	1,285	n/a
FYE Mar 2023	2,768	n/a
FYE Mar 2024	4,202	n/a
FYE Mar 2025	3,531	n/a
FYE Mar 2026	3,685	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 2,962¥

Change · 10 yrs −1,393¥

Fiscal year	Share price ¥	Basis
FYE Mar 2017	4,355	n/a
FYE Mar 2018	4,259	n/a
FYE Mar 2019	5,033	n/a
FYE Mar 2020	1,817	n/a
FYE Mar 2021	2,191	n/a
FYE Mar 2022	2,496	n/a
FYE Mar 2023	6,676	n/a
FYE Mar 2024	10,135	n/a
FYE Mar 2025	2,838	n/a
FYE Mar 2026	2,962	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 1,243,877,000shares

Change · 10 yrs +729,251,000 shares

Fiscal year	Shares outstanding shares	Basis
FYE Mar 2017	514,626,000	Parent
FYE Mar 2018	514,626,000	Parent
FYE Mar 2019	514,626,000	Parent
FYE Mar 2020	514,626,000	Parent
FYE Mar 2021	514,626,000	Parent
FYE Mar 2022	514,626,000	Parent
FYE Mar 2023	414,626,000	Parent
FYE Mar 2024	414,625,000	Parent
FYE Mar 2025	1,243,877,000	Parent
FYE Mar 2026	1,243,877,000	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 229.65¥

Change · 10 yrs −66.62¥

Fiscal year	EPS ¥	Basis
FYE Mar 2017	296.27	Cons.
FYE Mar 2018	322.62	Cons.
FYE Mar 2019	326.81	Cons.
FYE Mar 2020	102.06	Cons.
FYE Mar 2021	151.09	Cons.
FYE Mar 2022	175.78	Cons.
FYE Mar 2023	182.40	Cons.
FYE Mar 2024	202.29	Cons.
FYE Mar 2025	216.67	Cons.
FYE Mar 2026	229.65	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 3,086.76¥

Change · 10 yrs −884.20¥

Fiscal year	BPS ¥	Basis
FYE Mar 2017	3,970.96	Cons. · US GAAP
FYE Mar 2018	4,040.09	Cons. · US GAAP
FYE Mar 2019	3,958.14	Cons. · US GAAP
FYE Mar 2020	3,795.48	Cons. · US GAAP
FYE Mar 2021	4,283.82	Cons. · US GAAP
FYE Mar 2022	4,863.06	Cons. · US GAAP
FYE Mar 2023	6,664.19	Cons. · US GAAP
FYE Mar 2024	7,643.65	Cons. · US GAAP
FYE Mar 2025	2,691.97	Cons. · US GAAP
FYE Mar 2026	3,086.76	Cons. · US GAAP

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

PER price-to-earnings ratio

FYE Mar 2026 12.90×

Average · 10 yrs 14.47×

Fiscal year	PER ×	Basis
FYE Mar 2017	14.70	Cons.
FYE Mar 2018	13.20	Cons.
FYE Mar 2019	15.40	Cons.
FYE Mar 2020	17.80	Cons.
FYE Mar 2021	14.50	Cons.
FYE Mar 2022	14.20	Cons.
FYE Mar 2023	12.20	Cons.
FYE Mar 2024	16.70	Cons.
FYE Mar 2025	13.10	Cons.
FYE Mar 2026	12.90	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 0.93×

Average · 10 yrs 1.05×

Fiscal year	PBR ×	Basis
FYE Mar 2017	0.93	Cons.
FYE Mar 2018	0.88	Cons.
FYE Mar 2019	1.01	Cons.
FYE Mar 2020	1.12	Cons.
FYE Mar 2021	1.19	Cons.
FYE Mar 2022	1.20	Cons.
FYE Mar 2023	0.97	Cons.
FYE Mar 2024	1.28	Cons.
FYE Mar 2025	1.02	Cons.
FYE Mar 2026	0.93	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 73,526people

Change · 10 yrs −4,975 people

Fiscal year	Group employees people	YoY	Basis
FYE Mar 2017	78,501	n/a	Cons.
FYE Mar 2018	77,739	−1.0%	Cons.
FYE Mar 2019	72,332	−7.0%	Cons.
FYE Mar 2020	73,906	+2.2%	Cons.
FYE Mar 2021	73,275	−0.9%	Cons.
FYE Mar 2022	75,474	+3.0%	Cons.
FYE Mar 2023	73,878	−2.1%	Cons.
FYE Mar 2024	72,254	−2.2%	Cons.
FYE Mar 2025	72,593	+0.5%	Cons.
FYE Mar 2026	73,526	+1.3%	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 1,198people

Change · 10 yrs +1,086 people

Fiscal year	Parent-company employees people	YoY	Basis
FYE Mar 2017	112	n/a	Parent
FYE Mar 2018	220	+96.4%	Parent
FYE Mar 2019	233	+5.9%	Parent
FYE Mar 2020	228	−2.1%	Parent
FYE Mar 2021	633	+177.6%	Parent
FYE Mar 2022	815	+28.8%	Parent
FYE Mar 2023	811	−0.5%	Parent
FYE Mar 2024	821	+1.2%	Parent
FYE Mar 2025	1,198	+45.9%	Parent
FYE Mar 2026	1,198	−0.0%	Parent

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

Average annual pay parent company

FYE Mar 2026 ¥10.9m

Change · 10 yrs +¥0.4m

Fiscal year	Average annual pay ¥ m	YoY	Basis
FYE Mar 2017	10.5	n/a	Parent
FYE Mar 2018	9.7	−7.2%	Parent
FYE Mar 2019	10.0	+2.7%	Parent
FYE Mar 2020	10.0	+0.5%	Parent
FYE Mar 2021	9.7	−3.3%	Parent
FYE Mar 2022	10.2	+4.8%	Parent
FYE Mar 2023	10.3	+1.5%	Parent
FYE Mar 2024	10.7	+4.0%	Parent
FYE Mar 2025	11.2	+4.7%	Parent
FYE Mar 2026	10.9	−3.4%	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 43.3years

Change · 8 yrs +0.6 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	42.7	n/a	Parent
FYE Mar 2020	42.7	−0.0%	Parent
FYE Mar 2021	45.5	+6.6%	Parent
FYE Mar 2022	45.8	+0.7%	Parent
FYE Mar 2023	46.8	+2.2%	Parent
FYE Mar 2024	45.7	−2.4%	Parent
FYE Mar 2025	43.5	−4.8%	Parent
FYE Mar 2026	43.3	−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 17.2years

Change · 10 yrs −0.5 years

Fiscal year	Average length of service years	YoY	Basis
FYE Mar 2017	17.7	n/a	Parent
FYE Mar 2018	17.8	+0.6%	Parent
FYE Mar 2019	17.8	−0.0%	Parent
FYE Mar 2020	17.2	−3.4%	Parent
FYE Mar 2021	18.1	+5.2%	Parent
FYE Mar 2022	20.8	+14.9%	Parent
FYE Mar 2023	20.2	−2.9%	Parent
FYE Mar 2024	19.3	−4.5%	Parent
FYE Mar 2025	17.5	−9.3%	Parent
FYE Mar 2026	17.2	−1.7%	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 9,224people

Change · 10 yrs −965 people

Fiscal year	Temporary employees people	YoY	Basis
FYE Mar 2017	10,189	n/a	n/a
FYE Mar 2018	10,653	+4.6%	n/a
FYE Mar 2019	10,509	−1.4%	n/a
FYE Mar 2020	10,081	−4.1%	n/a
FYE Mar 2021	9,731	−3.5%	n/a
FYE Mar 2022	9,564	−1.7%	n/a
FYE Mar 2023	9,635	+0.7%	n/a
FYE Mar 2024	9,436	−2.1%	n/a
FYE Mar 2025	9,309	−1.3%	n/a
FYE Mar 2026	9,224	−0.9%	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 ¥45.7m

Change · 10 yrs +¥16.1m

Fiscal year	Revenue per employee ¥ m	YoY	Basis
FYE Mar 2017	29.6	n/a	Cons.
FYE Mar 2018	31.3	+5.8%	Cons.
FYE Mar 2019	33.6	+7.4%	Cons.
FYE Mar 2020	31.3	−6.8%	Cons.
FYE Mar 2021	29.9	−4.5%	Cons.
FYE Mar 2022	33.5	+11.8%	Cons.
FYE Mar 2023	38.7	+15.6%	Cons.
FYE Mar 2024	41.0	+5.9%	Cons.
FYE Mar 2025	44.0	+7.4%	Cons.
FYE Mar 2026	45.7	+3.7%	Cons.

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

Operating profit per employee

FYE Mar 2026 ¥4.8m

Change · 10 yrs +¥2.3m

Fiscal year	OP per employee ¥ m	YoY	Basis
FYE Mar 2017	2.5	n/a	Cons.
FYE Mar 2018	2.5	+2.6%	Cons.
FYE Mar 2019	2.9	+15.6%	Cons.
FYE Mar 2020	2.3	−20.4%	Cons.
FYE Mar 2021	3.2	+37.5%	Cons.
FYE Mar 2022	3.5	+7.2%	Cons.
FYE Mar 2023	3.8	+10.7%	Cons.
FYE Mar 2024	4.4	+15.0%	Cons.
FYE Mar 2025	4.7	+6.8%	Cons.
FYE Mar 2026	4.8	+1.5%	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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